Industry News

OCBC has clarified its position regarding a recent media report suggesting potential privatisation and delisting of Great Eastern Holdings (GEH) shares. The bank emphasised that it has no plans to convert its Class C Non-Voting shares into ordinary shares, a move that would jeopardise GEH’s free float status. This clarification comes ahead of a crucial vote on 8 July 2025, which could impact GEH shareholders’ decisions.

OCBC’s decision to hold onto the Class C Non-Voting shares was made at GEH’s request to help the company meet its Free Float requirement and resume trading. The bank stated that converting these shares would cause GEH to lose its free float again, which is not in their strategic interest.

The bank’s long-term goal remains the delisting of GEH, a process that began with a Voluntary General Offer (VGO) in 2024. OCBC currently holds a 93.72% economic interest in GEH, up from 88.44% before the VGO. Despite the upcoming vote, OCBC has reiterated that its exit offer is final, with no plans for another offer in the foreseeable future.

The exit offer, valued at $0.66b (S$0.9b), is contingent upon at least 75% of GEH shareholders approving the delisting resolution at an extraordinary general meeting. Should the resolution fail, OCBC will support GEH in restoring its free float through a 1-for-1 bonus issue of new shares.
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Stoneweg European Business Trust has announced a €50 million investment in the Stoneweg Icona data-centre fund, marking a significant step into Europe’s burgeoning hyperscale data centre market. The investment, made through the Stoneweg Europe Stapled Trust, provides early exposure to four data centre development sites across Ireland, Spain, Italy, and Denmark.

The projects, covering 225 hectares, have secured 1,116 MW of power, with the potential to expand to 1,679 MW. These assets are projected to achieve a Gross Development Value of €29.5 billion over 15 years, positioning the platform to become Europe’s largest data centre operator by power capacity. The phased development is expected to have minimal impact on SERT’s distribution, with significant cash distributions anticipated upon the fund’s redemption.

Simon Garing, CEO and Executive Director of the Manager, stated, “We are pleased to announce this landmark investment: SERT is well positioned alongside our Sponsor in a unique and high-quality development fund at the forefront of Europe’s rapidly expanding data centre market.”

Max-Hervé George, Chairman and Co-CEO of SWI Group, added, “Our IDC platform drives the development of data centres in Europe’s most strategic locations – powering the future of AI and cloud computing with flexible capital and deep local expertise.”

This strategic investment aligns with SERT’s 2020 strategy to diversify into high-growth infrastructure assets, complementing its existing data centre holdings in Denmark and Poland. The investment is expected to enhance SERT’s portfolio value and attract stronger investor interest, supporting premium valuation multiples in line with market trends.
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The recent escalation in the Israel-Iran conflict has led to a significant rise in Brent crude oil prices, now ranging between US$75-80 per barrel, according to UOB Global Economics and Markets Research. This increase could have substantial implications for Singapore’s core and headline inflation, with potential further escalation pushing prices above US$100 per barrel.

UOB’s analysis indicates that approximately 7.7% of Singapore’s Consumer Price Index (CPI) basket is directly affected by oil and gas prices, impacting sectors such as electricity, gas, and transport services. The research suggests that for every US$1 increase in Brent crude oil prices, year-on-year core inflation could rise by 5-6 basis points.

The report outlines three potential scenarios for Singapore’s inflation trajectory. The baseline scenario, which assumes a gradual de-escalation of tensions, predicts crude oil prices averaging US$80 per barrel in the second half of 2025, normalising to US$70 in the first half of 2026. Under this scenario, core inflation is expected to rise to 0.8% in 2025 and 1.6% in 2026.

In a further escalation scenario, where oil prices reach US$90 per barrel, core inflation could rise to 2.2% by the first quarter of 2026. An adverse scenario, with prices spiking to US$100 per barrel, could see core inflation surge to 2.6% in early 2026.

UOB notes that the Monetary Authority of Singapore (MAS) may maintain its core inflation forecast range at 0.5-1.5% for 2025, given the current economic outlook and potential inflationary pressures from rising oil prices.
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RHB Bank has announced that it will maintain its 2025 full-year headline and core inflation forecasts for Singapore at 1.6% and 1.1%, respectively. This decision comes despite a recent easing in inflationary pressures within the city-state. The bank’s Group Chief Economist and Head of Market Research, Barnabas Gan, highlighted that the Monetary Authority of Singapore (MAS) is likely to retain its current policy stance during the upcoming July Monetary Policy Committee meeting.

Singapore’s headline Consumer Price Index (CPI) eased to 0.8% year-on-year, aligning with both Bloomberg consensus and RHB’s projections. Meanwhile, the core CPI saw a slight decrease, ticking down to 0.6% year-on-year from a 0.7% rise in April. These figures suggest a stabilisation in inflation, yet uncertainties in the global economic outlook persist.

Gan noted that rising volatility might prompt MAS to consider widening its policy band to ±3.0% from the current ±2.0%, whilst maintaining a +0.5% appreciation slope in the second half of 2025. This approach aims to provide flexibility in response to potential economic shifts.

The report underscores the cautious stance taken by RHB Bank amidst ongoing global economic challenges, reflecting a broader trend of vigilance in monetary policy as economies navigate post-pandemic recovery. As the situation evolves, the bank’s forecasts and MAS’s policy decisions will be closely monitored for any adjustments.
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The National Healthcare Group, a key player in Singapore’s public healthcare sector since 2000, will officially rebrand as “NHG Health” on 1 July 2025. This change underscores the group’s commitment to a more integrated, patient-centred approach to healthcare, aligning with its role as the Regional Health Manager for Central and North Singapore.

The new identity will be implemented across all NHG Health institutions, including Tan Tock Seng Hospital, Khoo Teck Puat Hospital, Woodlands Health, Yishun Community Hospital, NHG Polyclinics, the Institute of Mental Health, National Skin Centre, and the National Centre for Infectious Diseases. This unified branding aims to enhance collaboration among these institutions and streamline access to a broader range of services, ultimately improving health outcomes for the community.

The transition to NHG Health marks a significant milestone in the group’s 25-year journey of delivering quality healthcare. The rebranding is part of NHG Health’s mission to empower patients and residents to manage their health more effectively, ensuring that healthcare is not only accessible and efficient but also engaging.

NHG Health’s commitment extends beyond clinical care, as it collaborates with academic and industry partners to advance medical education, research, and healthcare innovation in Singapore. This initiative is crucial in addressing the population’s needs and building healthier, resilient communities.

The rebranding reflects NHG Health’s dedication to adding years of healthy life to the community, reinforcing its role as a leader in public healthcare.
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The National Heart Centre Singapore (NHCS) has made a groundbreaking advancement in cardiac care by performing Southeast Asia’s first PASCAL transcatheter valve repair. This minimally invasive procedure offers a new lease on life for patients with severe mitral valve regurgitation, who were previously considered too high-risk for traditional surgery.

Mrs Ong, a 77-year-old retired teacher, was among the first to benefit from this innovative treatment. Diagnosed with severe mitral valve regurgitation, a condition where the heart valve fails to close tightly, Mrs Ong faced significant health challenges. The PASCAL procedure, performed in February 2025, allowed her to return home the next day and resume her daily activities with minimal discomfort.

This development is particularly significant for Singapore’s ageing population, where approximately 3% of those over 70 suffer from moderate-to-severe mitral regurgitation. The PASCAL procedure, which involves a small incision in the leg and the use of a specialised device to repair the valve, offers a safer and less invasive alternative to open-heart surgery.

Assistant Professor Wong Ningyan, part of the multidisciplinary team at NHCS, highlighted the benefits: “The PASCAL device’s innovative design allows us to repair damaged heart valves with precision and control, all through a small incision.”

NHCS continues to expand its suite of advanced cardiac treatments, reinforcing its position as a leader in heart valve management in Asia. Professor Yeo Khung Keong, CEO of NHCS, emphasised the centre’s commitment to personalised care, stating, “This advancement could mean the difference between continued suffering and a significantly improved quality of life.”
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Palo Alto Networks has unveiled its State of Generative AI 2025 report, revealing an extraordinary 890% increase in Generative AI (GenAI) traffic across Asia-Pacific and Japan in 2024. This surge is attributed to the swift adoption of GenAI tools, such as writing assistants and coding platforms, which are enhancing productivity but also expanding the attack surface for enterprises. The report highlights the pressing need for robust security measures as organisations struggle to keep pace with this rapid technological integration.

The report identifies several key risks associated with the widespread use of GenAI. Notably, data loss prevention incidents linked to GenAI have more than doubled, now constituting 14% of all data security incidents. The emergence of “Shadow AI”—unauthorised and unsanctioned GenAI use—poses significant challenges for IT and security teams, creating blind spots in data flow management. Furthermore, the technology and manufacturing sectors, which account for 39% of AI coding transactions, face heightened risks due to their reliance on proprietary intellectual property.

In Singapore, the top GenAI applications include Microsoft Power Apps, Grammarly, and OpenAI/ChatGPT. As the nation strengthens its position as a leader in AI governance, the report underscores the importance of balancing innovation with security. Tom Scully, Director and Principal Architect for Government and Critical Industries at Palo Alto Networks, emphasised the need for proactive oversight and adaptive security controls to mitigate risks associated with high-risk GenAI applications.

The report also offers recommendations for businesses to safely leverage GenAI, including establishing comprehensive oversight of app usage, safeguarding sensitive data, and implementing Zero Trust security architectures. As enterprises continue to embrace GenAI, the focus must remain on securing these technologies to ensure they contribute positively to business operations without compromising security or public trust.
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The Singapore Department of Statistics has reported a 0.7% rise in the Consumer Price Index (CPI) for May 2025 compared to April, marking a 0.8% increase from the same month last year.
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Vista, the leading private aviation group, has spotlighted Singapore’s emergence as Southeast Asia’s premier luxury destination during an exclusive panel event. The discussion, featuring insights from VistaJet, Knight Frank, and Sanlorenzo Asia Pacific, highlighted the growing demand for private aviation, luxury real estate, and superyachts among the region’s ultra-high-net-worth individuals (UHNWIs).

The panel revealed that Southeast Asia is expected to account for nearly half of the global UHNWI growth by 2028. This surge is reflected in Vista’s operations, with a 10% increase in Memberships across the region and a remarkable 100% year-on-year rise in XO flight traffic in Singapore. Amy Yang from Vista noted, “Singapore has consistently ranked among the top destinations for Vista’s clientele,” attributing this to its blend of Asian cultures and status as an international business hub.

Christine Li of Knight Frank shared that Asia Pacific is projected to account for 47.5% of the global UHNW population growth between 2025 and 2028. She highlighted significant property transactions in Singapore, such as the $520 million (US$520 million) purchase of the 21 Collyer Quay office building, underscoring the city’s appeal to sophisticated investors.

Ewa Stachurska from Sanlorenzo Asia Pacific pointed out Singapore’s emergence as a yachting hub, with 4,000 boats and yachts stationed in the city. This reflects a broader shift towards luxury purchases that offer both immediate enjoyment and long-term value.

Singapore’s status as a luxury hub is further evidenced by a 362% increase in flight traffic during the Taylor Swift Eras Tour and a 168% surge during the Singapore Grand Prix. As the region’s luxury ecosystem continues to evolve, Singapore remains at its centre, attracting both established and emerging affluent travellers.
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The National Volunteer and Philanthropy Centre (NVPC) has introduced the Flexi Volunteering Programme (FVP) at the SG60 Connect! Series event, held on 19 June 2025. This initiative seeks to involve 60 corporate partners in a bid to promote corporate volunteerism through manageable, bite-sized commitments. The programme aligns with NVPC’s Company of Good strategy, encouraging businesses to integrate purpose with profit.

The FVP’s inaugural run will see participating companies paired with 10 community partners, each completing at least two volunteering sessions and contributing 60 hours of service, aiming for a collective 3,600 hours. This builds on Project V, a pilot initiative launched in 2023 by NVPC and the National Council of Social Service, which matched companies with social service agencies requiring ongoing support.

Lin Sufei, Director of Corporate & Industry Partnerships at NVPC, highlighted the programme’s significance, stating, “As Singapore marks its 60 years of independence, we are reminded of the values that have shaped our nation: resilience and care for others.”

The launch coincides with the National Day Parade 2025’s #GiveAsOneSG campaign, which promotes 60 days of giving to celebrate SG60. Colonel Chong Shi Hao, Chairman of the NDP 2025 Executive Committee, expressed hopes that the campaign will encourage Singaporeans to view giving back as a tradition akin to other National Day customs.

The SG60 Connect! Series event attracted 200 representatives from 100 companies, fostering connections between purpose-driven organisations and community partners. As Singapore celebrates 60 years of nationhood, the FVP offers a structured pathway for companies to engage in meaningful volunteerism, reinforcing a culture of giving back.
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