Industry News

Singapore’s core and headline inflation rates remained unchanged in June 2025, standing at 0.6% and 0.8% year-on-year, respectively, according to recent data. These figures, slightly below Bloomberg’s consensus estimates, indicate a stabilisation in price pressures across most major components of the Consumer Price Index (CPI), except for retail and other goods which saw some upward movement.

Private transport costs experienced a notable increase, with inflation rising to 2.0% year-on-year, reversing a three-month decline. This surge was driven by higher Certificate of Entitlement (COE) premiums, which saw Category A and B prices rise by 1.2% and 3.2%, respectively. Analysts suggest this rebound is due to consumers re-entering the market after a previous dip in prices.

The Monetary Authority of Singapore (MAS) is expected to adopt a more dovish stance in its upcoming policy meeting, influenced by the easing core inflation. The MAS noted that global crude oil prices have softened, and food commodity prices are expected to remain stable. Despite global trade tensions, the impact on Singapore’s import prices is likely to be minimal due to disinflationary pressures from weaker global demand.

Looking ahead, the MAS may adjust its policy to support economic growth amidst external uncertainties. The current forecast for the Consumer Price Index (CPI) remains at 1.0% for 2025, reflecting a broader trend of moderating price pressures.
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Food Empire Holdings (FEH) presented its strategic outlook at a Singapore Exchange event on 23 July, highlighting its plans to reduce reliance on the Russian market and expand in Southeast Asia. The company is navigating challenges such as competition and raw material costs, whilst also being seen as a potential acquisition target for Chinese firms seeking international expansion.

FEH’s management addressed key concerns, noting that food products are generally not subject to sanctions, and the company has measures in place to ensure compliance with international regulations. The competition in Russia’s 3-in-1 coffee mix market primarily comes from local and Western brands, with no significant Chinese competitors currently. FEH’s strategic positioning in Russia, the Commonwealth Independent States (CIS), Vietnam, and its manufacturing presence in India and Malaysia make it an attractive prospect for mergers and acquisitions.

The company is also benefiting from easing raw material prices, which have contributed to margin expansion. FEH’s efforts to grow its business align with the Monetary Authority of Singapore’s (MAS) S$5 billion Equity Market Development Programme (EMDP), which could enhance its valuation.

Despite a potential $20 million (US$20 million) non-cash revaluation loss, analysts view any share price weakness as an opportunity to invest in FEH. The company’s projected earnings per share growth of 10.3% from FY24 to FY27 supports a positive outlook. Re-rating catalysts include improved operating margins and a resolution to the Russia-Ukraine conflict, whilst risks involve geopolitical tensions and currency fluctuations.

Overall, FEH’s strategic initiatives and market positioning suggest promising growth prospects, bolstered by supportive market conditions and strategic investments.
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Changi Airport commenced its SG60 celebrations with a charity walk and a spectacular light-up along Airport Boulevard. The event, attended by over 1,200 participants, was inaugurated by Acting Minister for Transport and Senior Minister of State for Finance Jeffrey Siow. The charity walk raised more than $220,000, thanks to contributions from registration fees, public donations, and matching funds from the Changi Foundation and SG Gives. The funds will support programmes for youth-at-risk and children with special needs.

The SG60 light-up, launched by the Acting Minister, features iconic Singapore landmarks along Airport Boulevard, including Gardens by the Bay and the Merlion, adorned with over 100 kilometres of LED lights. This display, celebrating ’60 Years of Homecoming’, will remain until the end of the year, greeting travellers and visitors alike.

Participants of the charity walk enjoyed a two-kilometre scenic route from Terminal 2, complete with interactive trivia and nostalgic treats like iced gem biscuits. The walk concluded at Terminal 4, where finishers received commemorative medallions and SG60 plush keychains. An optional extension to the Jurassic Mile offered a whimsical end to the evening with dino-themed light installations.

Changi Airport will continue its SG60 festivities with events such as the SG60 Homecoming Concert on 1 August, featuring local musical talents, and a live screening of the National Day Parade on 9 August. Visitors can also explore horticultural displays, including a seven-metre Vanda Miss Joaquim centrepiece at Terminal 3. These celebrations aim to engage the community and honour Singapore’s 60th birthday.
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RSM Singapore, a leading professional services firm, has announced the establishment of the RSM Endowment Scholarship Fund, committing $4 million to support nine local tertiary institutions. This initiative aims to provide students from less privileged backgrounds with improved access to education. Additionally, the firm will donate $900,000 to the Community Chest over three years, participating in the SG Gives Enhanced Matching Programme, which will see the government match 1.5 times the donation.

The announcement was made during RSM Singapore’s 40th Anniversary Charity Walk and Carnival at Southside, Sentosa, attended by Desmond Lee, Minister for Education and Minister-in-Charge of Social Services Integration. RSM Singapore’s Chairman, Kaka Singh, and CEO, Chio Kian Huat, were present alongside senior management. Chio emphasised the importance of education and societal contribution, stating, “Progress carries with it the responsibility to uplift those who may be left behind.”

The nine institutions benefiting from the scholarship fund include Nanyang Polytechnic, Singapore Management University, and the National University of Singapore, among others. Jack Lim, Managing Director of the Community Chest, received the first tranche of $400,000.

In addition to the endowment, RSM Singapore raised an extra $400,000 through a dollar-for-dollar fundraising initiative involving clients, staff, and business associates. Approximately 1,500 participants attended the charity event, underscoring the firm’s commitment to fostering a compassionate society.
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Over 4,000 residents embarked on their lifelong learning journeys at the SkillsFuture Festival Central 2025, held at Bishan Junction 8. Organised by the Central Singapore Community Development Council in collaboration with SkillsFuture Singapore and Lifelong Learning Singapore, the festival is part of the nationwide SkillsFuture movement, celebrating its 10th anniversary this year.

The event spotlighted upskilling opportunities in the digital economy, focusing on artificial intelligence, cybersecurity, and cloud computing. These areas are crucial as they transform sectors and demand expertise in threat detection, data analytics, and AI applications. The festival featured 18 partners, including Institutes of Higher Learning, public agencies, and corporates, offering activities, demonstrations, and educational excursions.

Participants engaged in learning journeys, exploring sustainability, digitalisation, and electrification technology. The Skills Marketplace provided interactive booths where attendees could test cybersecurity skills and explore AI applications. Career coaches from the Employment and Employability Institute and skills ambassadors from Lifelong Learning Singapore guided attendees in identifying skill gaps and training needs.

Mid-career individuals explored booths by training providers, learning about the SkillsFuture Career Transition Programme, which offers subsidised courses, and the SkillsFuture LevelUp Programme, providing additional credit for course fees. Onsite job interviews offered direct access to hiring companies, with over 20 vacancies available in roles such as Mobile Application Test Engineer and Software Developer.

Denise Phua, Mayor of Central Singapore District, emphasised the festival’s role in empowering residents to self-drive their learning and explore new career paths. The event underscores Singapore’s commitment to lifelong learning and adapting to future trends in technology.
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Searches for stock-related queries in Singapore have surged following former US President Donald Trump’s announcement of a new tariff deadline on 1 August. Notably, searches for “is Trump good for the stock market” increased by 170% in the past month. Whilst Tesla’s stock faced scrutiny as searches for “should I sell Tesla stock now” skyrocketed by over 5,000%, following Trump’s public dismissal of Elon Musk’s political ambitions.

Nvidia emerged as the most searched stock in Singapore, with 276,600 monthly searches, reflecting its global prominence after becoming the first company to reach a $4 trillion market value. Tesla followed closely, with 192,600 searches, despite a recent dip in its share price due to the Trump-Musk feud. Palantir, a software provider to US military and intelligence agencies, ranked third with 57,340 searches, having recently joined the ranks of the 20 most valuable US companies.

Meta and Alibaba completed the top five most searched stocks in Singapore, drawing 56,170 and 45,750 monthly searches, respectively. Meta’s recent $14.3 billion investment in Scale AI highlights its commitment to advancing artificial general intelligence.

Adam Nasli from BrokerChooser explained that stock market participation varies globally due to factors like financial infrastructure and economic development. The US leads with 55% of its population invested in the stock market, followed by Canada and Australia. In contrast, countries with lower participation rates face barriers such as limited financial literacy and cultural perceptions of risk.

As trade tensions continue, these search trends underscore the shifting interests and concerns of investors in Singapore and beyond.
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Singtel’s regional data centre arm, Nxera, alongside its industry partners, has announced plans to train and hire over 500 individuals for data centre-related and digital roles. This initiative is designed to bolster Singapore’s ambitions in artificial intelligence (AI) development. The announcement was made during Nxera’s inaugural Sustainable AI Data Centre Career Day, held in conjunction with the SkillsFuture Festival 2025.

The event, which highlighted the growing demand for skilled professionals in the AI sector, was attended by Tan Kiat How, Senior Minister of State, Ministry of Digital Development and Information. Tan, who is also the adviser of the TechSkills Accelerator (TeSA) for ITE and Polytechnics Alliance (TIP Alliance), underscored the importance of such initiatives in preparing the workforce for future technological advancements.

Nxera’s commitment to training and hiring is a significant step towards addressing the skills gap in the rapidly evolving digital landscape. By focusing on data centre-related roles, the initiative aims to support the infrastructure necessary for AI development, which is crucial for Singapore’s digital economy.

The collaboration between Nxera and its partners reflects a strategic effort to enhance the talent pool in the tech industry, ensuring that Singapore remains at the forefront of AI innovation. As the demand for AI capabilities continues to rise, such initiatives are expected to play a pivotal role in shaping the future workforce.

With the successful launch of this programme, Nxera and its partners are poised to make a substantial impact on the AI sector, fostering growth and innovation in Singapore’s digital landscape.
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Singapore’s industrial production (IP) remained steady in June, marking an 8% year-on-year increase, according to a report by UOB Global Economics and Markets Research. This growth comes despite a flat month-on-month seasonally adjusted performance, following a revised 1% increase in May. The report highlights that the overall manufacturing growth for the first half of 2025 is expected to maintain a 5% year-on-year increase, aligning with advance estimates.

Pharmaceuticals played a significant role in this growth, with output surging by 43.7% in June, up from 14% in May. This spike is attributed to potential front-loading ahead of anticipated US tariffs on pharmaceutical imports. However, excluding biomedical output, industrial production contracted by 0.8% month-on-month in June.

The electronics sector faced challenges, with a 1.6% month-on-month decline in June, continuing a downward trend from May. The sector’s performance was particularly impacted by weaknesses in semiconductors. Conversely, precision engineering showed promise, with a 15.3% month-on-month increase, driven by machinery, systems, and precision modules.

UOB’s report also noted that Singapore’s GDP growth of 4.2% year-on-year in the first half of 2025 was bolstered by export front-loading and manufacturing activities, anticipating further US tariffs. However, the report warns of potential growth weakening in the second half of the year due to these tariffs, which could affect trade-related services more than manufacturing.
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DayOne Data Centres has commenced construction on its inaugural hyperscale data centre in Singapore, located at 21 Jalan Buroh. The 20-megawatt (MW) facility, set to be operational by 2026, will be AI-ready and powered by up to 100% renewable energy. It is poised to be the first in Singapore to trial on-site Solid Oxide Fuel Cell (SOFC) power generation, marking a significant step towards hydrogen-based energy solutions.

The development is supported by a Power Purchase Agreement with Sembcorp Power, ensuring the facility’s operations are fully covered by renewable energy. Additionally, DayOne has partnered with the National University of Singapore (NUS) for research and development under the Sustainable Tropical Data Centre Testbed Phase 2.0 initiative. This collaboration aims to advance data centre innovation, focusing on efficiency and sustainability in tropical climates.

Jamie Khoo, CEO of DayOne Data Centres, stated, “Our SG1 facility is an important milestone and a contribution to the nation’s ambition of being an AI-ready, sustainable digital economy. Backed by strong public-private collaboration, we’re building infrastructure that is purpose-built for AI workloads, cloud computing, and innovation.”

The facility will incorporate advanced cooling technologies and aims to achieve both LEED Platinum and BCA Green Mark Platinum certifications. This aligns with Singapore’s broader goals to expand data centre capacity and support its National AI Strategy 2.0.

DayOne’s initiative is part of a larger strategy to support digital transformation across Southeast Asia, reinforcing its commitment to sustainable and innovative digital infrastructure.
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ServiceNow has announced the launch of agentic workforce management, a groundbreaking extension of its AI agent orchestration platform. This new strategy allows employees and AI agents to work together seamlessly and securely, aiming to accelerate AI’s impact on business operations. The initiative is designed to transform IT operations, customer support, security, and software deployment by integrating AI agents into teams, enabling them to autonomously complete tasks whilst being overseen by human managers.

The introduction of agentic workforce management comes amid a decline in AI spending in digitally advanced markets such as Singapore, Japan, Australia, and India. ServiceNow’s approach seeks to bridge the gap between AI ambition and execution by ensuring that AI agents are not just task-oriented but can operate across the enterprise, learning and adapting under human guidance.

Key benefits of the agentic workforce include automating 97% of software provisioning requests and reducing IT service desk volume by 40%. Additionally, customer support cases are resolved 50% faster, showcasing the potential for improved productivity and efficiency. Jacqui Canney, chief people and AI enablement officer at ServiceNow, emphasised the importance of designing work with AI at the centre, stating, “When we design work with AI and put people at the centre, we create momentum that drives real business impact.”

ServiceNow’s single-platform model distinguishes it from competitors by allowing AI agents to function autonomously across the business, rather than in isolated silos. This integrated approach ensures that AI agents can learn from past experiences and handle new tasks within established guidelines. The company’s AI Control Tower complements this by providing governance and oversight, ensuring ethical and compliant use of AI.

As organisations increasingly adopt AI-enabled work practices, ServiceNow’s agentic workforce management offers a model for integrating AI agents with human teams to unlock higher-value work and drive innovation.
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