Industry News

RHB Bank has adjusted its inflation projections for Singapore in 2025, anticipating a decrease in both headline and core inflation rates. The bank now expects the full-year headline inflation to be 1.6%, down from its previous estimate of 2.3%, and core inflation to be 1.1%, revised from 1.8%. This adjustment comes amidst a resilient economic outlook and moderate inflationary pressures, suggesting that the Monetary Authority of Singapore (MAS) is likely to maintain its current policy settings in the upcoming Monetary Policy Committee meeting in April.

In February, Singapore’s Consumer Price Index (CPI) eased to 0.9% year-on-year, a slight decrease from 1.2% in January. This figure was marginally below RHB’s and Bloomberg’s forecasts of 1.0% year-on-year. Core inflation also saw a reduction, dropping to 0.6% year-on-year from 0.8% in January.

Barnabas Gan, Acting Group Chief Economist and Head of Market Research at RHB Bank, highlighted these findings in the bank’s latest Global Economics and Market Strategy Report. The report underscores the expectation that Singapore’s inflationary environment will remain stable, allowing MAS to keep its current monetary policy stance.

The revised outlook reflects a cautious optimism about Singapore’s economic resilience, with inflationary pressures appearing to be under control. This stability could provide a conducive environment for continued economic growth in the region.
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Manulife Singapore has launched its Signature Indexed Income plan, a pioneering product combining Indexed Universal Life (IUL) insurance with customisable income payout features. This innovative plan is designed to cater to the financial needs of affluent and high-net-worth individuals (HNWIs) by offering market-linked returns, downside protection, and seamless wealth transfer.

The plan provides protection against market fluctuations with a 0% floor rate and Surrender Value Floor feature, ensuring stability even during downturns. It links payouts to the S&P 500 Index, potentially offering higher returns compared to traditional income plans. The Automatic Premium Spread (APS) option allows premiums to be spread over 12 months, providing more stable returns.

Thomas Lee, Chief Product Officer of Manulife Singapore, stated, “With Signature Indexed Income, we are pioneering a solution for Affluents and HNWIs seeking alternative income streams and portfolio diversification.” The plan’s flexibility allows policyholders to adjust premium allocations and choose when to start receiving income payouts, tailoring it to their specific financial goals.

A study commissioned by Manulife Singapore revealed that 73% of HNWIs are interested in an indexed universal life plan with monthly income payouts and flexible features. The plan also facilitates legacy planning, enabling policyholders to transfer ownership, change the insured life, and nominate beneficiaries.

Rena Lim, Head of High Net Worth and Financial Advisory at Manulife Singapore, highlighted the plan’s appeal for those seeking a balanced approach to wealth management, combining growth potential, income generation, and protection. With its innovative structure, Signature Indexed Income is set to redefine income planning for affluent clients in Singapore.
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The Korea Agro-Fisheries and Food Trade Corporation (aT) recently hosted an exclusive culinary masterclass in Singapore, showcasing the excellence of Korean produce. Held at The Butchers Dining, the event featured a live cooking demonstration and tasting session, attended by South Korea’s Minister of Agriculture, Food and Rural Affairs, Song MiRyung, and the Ambassador of the Republic of Korea to Singapore, Hong JinWook. The event celebrated premium Korean rice and fruits, aiming to introduce Singaporean consumers to the unique textures and flavours of these products.

Korean cuisine is renowned for its bold flavours and health benefits, largely due to its use of fresh, nutrient-rich ingredients and traditional fermentation techniques. Signature dishes such as bibimbap and tteokbokki were highlighted, with Korean rice praised for its chewy texture and nutritional value. The event also showcased premium Korean fruits like Shine Muscat grapes and strawberries, known for their sweetness and antioxidant content.

A standout feature was the introduction of 12 traditional Korean liquors, specially airlifted for the event, showcasing the diversity of Korean brews. Culinary instructor Kim Hyuna led the cooking demonstration, preparing dishes like bibimbap and nurungji ice cream, paired with traditional Korean wines.

Minister Song MiRyung expressed hope that Singaporeans would appreciate these exceptional ingredients, reinforcing aT’s commitment to promoting Korean produce in Singapore. The event coincided with the 50th anniversary of diplomatic relations between South Korea and Singapore, marking a significant milestone in cultural exchange.
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The Singapore Department of Statistics has reported a 0.8% increase in the Consumer Price Index (CPI) for February 2025 compared to the previous month.

This marks a 0.9% rise from the same period last year, reflecting ongoing inflationary pressures in the economy.

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ST Engineering, Singtel, and local banks have propelled the Straits Times Index (STI) to a 2.3% increase, closing at 3,926.45 last week. This rise occurred despite uncertain trading conditions on Wall Street. ST Engineering’s shares soared by 6.6% to S$6.62, significantly contributing to the STI’s performance.

The US Federal Reserve’s decision to maintain interest rates, with expectations that tariff-induced inflation will be temporary, provided some stability. Meanwhile, US major indices ended a four-week losing streak with modest gains.

Analysts have responded positively to ST Engineering’s performance, upgrading their target prices to above S$7. This optimism reflects confidence in the company’s future growth prospects.

However, challenges remain on the horizon. ESR-REIT’s sponsor, ESR Group, has warned of a potential $730 million (US$730 million) loss due to asset and project revaluations. Additionally, whilst Singapore’s non-oil domestic exports (NODX) rose by 7.6% in February, the ongoing impact of tariffs imposed by former US President Donald Trump poses potential hurdles.

As the market continues to navigate these dynamics, investors are advised to stay informed through weekly updates and technical analysis provided by the Securities Investors Association (Singapore). These insights aim to equip investors with the knowledge needed to make informed decisions in the evolving market landscape.
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American Express and Singapore Airlines have unveiled enhanced benefits for their joint Business Credit Card, aimed at providing small and medium enterprises (SMEs) with improved travel rewards and redemption options. Starting 23 April 2025, cardholders will enjoy a higher conversion limit of 150,000 HighFlyer points to KrisFlyer miles, up from the previous cap of 100,000 miles. Additionally, SMEs can now redeem 100,000 HighFlyer points for KrisFlyer Elite Gold status, a reduction from the standard 125,000 points requirement.

The updated card also offers a welcome bonus of 10,000 HighFlyer points for new businesses completing their first flight booking through the Singapore Airlines HighFlyer portal. Furthermore, cardholders can accelerate their KrisFlyer Elite Gold status upgrade for one corporate traveller with a minimum spend of $11,000 (S$15,000) on eligible Singapore Airlines and Scoot flights within the first year.

Other benefits include a bonus of 6,000 HighFlyer points upon annual membership renewal and an earn rate of up to 8 HighFlyer points per $0.73 (S$1) spent on Singapore Airlines or Scoot flights. Cardholders will also continue to enjoy existing perks such as 0% interest on instalments over six months for Singapore Airlines flights, Accor Plus membership, and Hertz Gold status.

Marlin Brown, Singapore Country Manager for American Express, expressed excitement about the refreshed card, stating it offers “greater rewards, travel benefits, and financial flexibility” to support business growth. Ng Yung Han, Vice President of Global and Corporate Sales at Singapore Airlines, highlighted the collaboration’s success in delivering enhanced benefits to customers.

The card’s annual fee will be $292 (S$400), inclusive of GST, effective from 23 April 2025.
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Singapore’s job market is showing signs of recovery, with a 3% month-on-month increase in hiring activity in February 2025, according to the latest foundit Insights Tracker report. Despite a 5% annual decline, the Advertising, Public Relations & Media sector, along with the Education sector, led the growth with a 7% increase. The report, published by foundit, highlights a resurgence in hiring activity, driven by digital marketing efforts and a focus on workforce upskilling.

The report reveals that the Software, Hardware, and Telecom roles saw the highest growth at 2% month-on-month, reflecting the ongoing demand for tech talent amid digital transformation initiatives. The Legal sector recorded the strongest annual growth, with a 19% year-on-year increase, indicating a rising need for legal professionals due to evolving regulatory landscapes and corporate expansions.

V Suresh, CEO of foundit, commented, “The February 2025 foundit Insights Tracker signals a promising recovery in Singapore’s job market. The robust expansion of sectors such as Advertising, Media, and Education underscores shifting industry priorities and workforce evolution.”

Other sectors also showed positive trends, with the Engineering, Construction, and Real Estate sector experiencing a 6% month-on-month growth, and the Retail, Trade, and Logistics sector seeing a 5% increase. However, sectors like Oil and Gas, Import/Export, and Consumer Goods/FMCG remained stagnant with no month-on-month change.

The foundit Insights Tracker provides a comprehensive analysis of online job posting activity, offering a snapshot of recruitment trends across Singapore. As the job market stabilises, the emphasis on upskilling and adaptability remains crucial for future-ready talent.
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The latest report from Edmund Tie & Company (ETC) highlights a nuanced landscape for Singapore’s luxury home market in the second half of 2024. Whilst the number of transactions for luxury landed homes fell from 43 in the first half to 36 in the second, the total transaction value rose to $750m (S$1.02b) from $625m (S$0.85b). This suggests a shift towards higher-value deals, particularly in the Good Class Bungalow (GCB) segment, which saw sales jump by 126.6% compared to 2023.

Luxury detached houses remained the dominant force, accounting for 75% of landed home transactions. The average transaction quantum for these homes reached $25.1m (S$34.16m), the highest in five years. Notably, a GCB in Tanglin Hill set a record with a land rate of $4,550 (S$6,197) per square foot.

In contrast, the non-landed luxury home segment experienced a slight decline in both transaction volume and value, with 16 transactions totalling $160m (S$216.9m), down from $197m (S$267.6m) in the first half. Despite this, developments like Ardmore Park and Park Nova continued to attract interest, with Park Nova achieving near-record prices.

Foreign demand for luxury homes showed a slight increase in volume but a decrease in transaction value, reflecting a preference for prime locations. Non-permanent residents remained largely absent due to high Additional Buyer’s Stamp Duty (ABSD) barriers.

Looking ahead, ETC anticipates continued momentum in the luxury home sector, bolstered by economic activity and potential interest rate cuts in 2025. The GCB market is expected to see increased investor confidence, whilst new Singapore Permanent Residents could drive activity in the non-landed segment.
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DBS Chief Investment Office has identified Treasury Inflation-Protected Securities (TIPS) as a promising investment option in the current economic climate marked by geopolitical tensions and inflationary pressures. TIPS, government-backed securities with maturities of 5, 10, and 30 years, adjust their principal and coupon payments in line with inflation, offering a hedge against stagnant growth and rising prices.

The report from DBS highlights that TIPS have previously underperformed during the inflation spike of 2022 due to negative real yields. However, with the US Federal Reserve now cutting rates, real yields have stabilised, presenting a more favourable environment for TIPS. “Unless the Fed makes a complete u-turn and hikes rates again, the biggest headwind for TIPS is largely behind us,” the report states.

DBS also points out that breakeven inflation rates have consistently underestimated actual inflation, suggesting that TIPS could offer valuable optionality in uncertain times. The bank notes that TIPS yields and gold, both inflation hedges, have diverged since 2022 due to geopolitical events, but expects this decoupling to be temporary.

The report concludes that ultra-long duration TIPS are particularly attractive due to the steep yield curve, providing adequate compensation for investors. Given the US’s debt sustainability concerns, TIPS offer a unique advantage as their principal adjusts with inflation, making them a robust choice for those seeking to protect against stagflation.
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