Industry News

Eneco Energy Limited has announced the acquisition of five new logistics contracts through its subsidiary, Richland Logistics Services, with a total annual value of approximately $2.97m (S$4.05m). These contracts, set to commence in 2025, have service durations ranging from two to three years, with two offering extension options. One notable contract includes a 100% green distribution model, deploying five electric vehicle lorries across Singapore.

Richland Logistics, with over 30 years of experience in airport cargo services and integrated logistics, continues to strengthen its position in the industry. The company serves a diverse group of blue-chip clients, leveraging its expertise to deliver tailored logistics solutions. Executive Director Ang Jun Long highlighted the significance of these contracts, stating, “Our new logistics contracts wins reflect our established track record in delivering reliable, efficient, and tailored logistics solutions that meet the evolving needs of our customers.”

The focus on sustainable logistics is a key aspect of Eneco’s strategy, with the company aiming to enhance operational efficiency and expand its value propositions. Ang further emphasised the role of clean energy solutions and advanced logistics systems in fostering client confidence and long-term partnerships.

These contracts not only bolster Eneco’s reputation as a trusted logistics partner but also underscore its commitment to operational excellence and green innovation. As the company accelerates the organic growth of its logistics division, these developments are set to contribute significantly to its future success.
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Inflation rates in Singapore and Malaysia have shown a notable decline. In March, Singapore’s headline inflation remained stable at 0.9% year on year, slightly below the anticipated 1%. Core inflation in Singapore dropped to 0.5%, marking its lowest level since February 2021. Meanwhile, Malaysia’s consumer price index increased by only 1.4% year on year, the lowest in over four years.

The easing of inflation in Singapore is attributed to reduced price pressures in accommodation and transportation, although a slight rise in food inflation prevented a further drop in headline inflation, according to a recent analysis by Moody’s Analytics.

Falling global commodity prices, particularly Brent crude oil, which recently fell below $65 per barrel, are expected to keep inflation subdued throughout 2025. Moody’s Analytics projects Singapore’s full-year inflation for 2025 to be 0.9%, with core inflation comfortably within the Monetary Authority of Singapore’s target of below 2%.

In Malaysia, the moderation in inflation is largely due to a slowdown in housing and utilities inflation, which has been easing for three consecutive months. However, potential risks remain as the government plans to roll back fuel subsidies and increase electricity tariffs. Unpredictable weather could also impact food inflation. Despite these risks, Moody’s Analytics expects headline inflation in Malaysia to rise in the latter half of 2025.

These developments indicate a positive trend in managing inflationary pressures in both countries, with potential implications for future monetary policy adjustments.
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Singapore-headquartered CDNetworks, a leading network provider in the Asia-Pacific region, is strengthening its support for global enterprises aiming to enter emerging markets such as Latin America, South and Southeast Asia, the Middle East, and Africa. The company announced on 24 April 2025 that it is offering a comprehensive suite of ready-to-market solutions designed to address common challenges like inconsistent network performance and security risks.

With over 2,800 Content Delivery Network (CDN) Points of Presence (PoPs) and more than 40 scrubbing centres across 70 countries, CDNetworks ensures full network coverage in these key regions. This extensive infrastructure allows enterprises to deliver low-latency, reliable, and secure digital experiences to local users, facilitating smoother market entry and growth.

The company’s offerings include a complete range of solutions for cloud security, web and network performance, media delivery, and edge computing. These are tailored to optimise content delivery, enhance security, and improve overall performance for enterprises in emerging markets. Additionally, CDNetworks has established strategic partnerships with leading Internet Service Providers (ISPs) in these regions to better meet local market demands.

Antony Li, APAC Head of Sales at CDNetworks, stated, “Emerging markets are an exciting frontier, but they come with their own set of challenges. We’re confident that our solutions will help global enterprises navigate these challenges, ensuring their operations remain as adaptable and resilient as the markets they are entering.”

CDNetworks continues to provide end-to-end technical assistance, reducing complexity for enterprises during market entry whilst maintaining high-performance operations. This initiative underscores the company’s commitment to supporting business innovation and expansion in rapidly growing regions.
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Singapore-headquartered Nexif Ratch Energy has reached a significant milestone in its 80MW Ben Tre Wind Power Plant project by signing amended Power Purchase Agreements (PPAs) with Vietnam Electricity (EVN) on 18 April 2025. This development positions the project as one of the first transitional wind energy initiatives in Vietnam to secure a PPA, following the expiration of the Feed-in Tariff regime in October 2021. The Vietnamese government has been proactive in establishing a new pricing mechanism to attract long-term private investment in renewable energy.

The successful negotiations with EVN, including its subsidiary Electricity Power Trading Company (EPTC), highlight strong cooperation among key stakeholders. This achievement is pivotal as Vietnam continues to enhance its regulatory framework and accelerate its transition to cleaner energy sources. The government has revised its Power Development Plan 8 (PDP8), setting ambitious targets for renewable energy, including an additional 16.1GW of wind and 27.9GW of solar capacity by 2030.

Surender Singh, Chairman of Nexif Ratch Energy, praised the Vietnamese government’s efforts, stating, “Structural changes in the energy sector require a strong and coordinated approach between government regulators and importantly investors.” Cyril Dissescou, CEO of Nexif Ratch Energy, expressed pride in the team’s persistence, noting the importance of partnerships in achieving this milestone.

With the amended PPAs signed, the project is advancing towards financial close, with construction slated to begin in the second half of 2025. This progress underscores Nexif Ratch Energy’s commitment to supporting Vietnam’s energy transition and contributing to a greener future.
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The latest report from PropNex reveals that Singapore’s shophouse market experienced a slowdown in Q1 2025, with only 19 transactions totalling S$100m—a 43% decrease from the previous quarter.

This decline is attributed to a mismatch in price expectations between buyers and sellers, coupled with market uncertainties stemming from a potential trade war and slower economic growth. The US’s recent tariffs on Canada, Mexico, and China have further complicated the global economic landscape, impacting investment interest.

Despite the downturn, certain districts showed resilience. District 8 (Little India) and District 19 (Serangoon Garden, Hougang, Punggol) led the sales with five deals each, valued at S$24m and S$19m, respectively. The top transaction was a shophouse in the Telok Ayer Conservation Area, sold for S$14.8m in January.

Leasing activity remained robust, with 836 rental contracts worth S$9.1m signed, although this marked a slight decline from the previous quarter. The median rental rate increased marginally by 0.3% to S$6.47 per square foot per month.

Looking ahead, PropNex suggests that shophouse hospitality assets may see renewed interest due to Singapore’s thriving tourism sector. However, the looming threat of a trade war and high overhead costs could pressure retailers and F&B operators, potentially affecting their ability to absorb higher rents. PropNex maintains that Singapore remains an attractive real estate investment destination, citing its stable political environment and strong infrastructure.
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A recent report by CyberArk, a leader in identity security, has highlighted a critical cybersecurity gap in Singapore, revealing that 72% of organisations lack identity security controls for artificial intelligence (AI). The 2025 Identity Security Landscape report underscores the growing challenge posed by machine identities, which now outnumber human identities by 86 to 1, many of which have privileged access.

The report also indicates that 69% of Singapore’s security professionals believe business efficiency is prioritised over robust cybersecurity, raising concerns about resilience as AI adoption accelerates. Clarence Hinton, CyberArk’s Chief Strategy Officer, stated, “The race to embed AI into environments has inadvertently created a new set of identity security risks centred around the access of unmanaged and unsecured machine identities.”

Key findings from the report include that 81% of Singapore respondents experienced identity-centric breaches due to phishing attacks in the past year. Additionally, AI and large language models are expected to drive the creation of the greatest number of new identities with privileged access by 2025. Lim Teck Wee, Area Vice President, ASEAN, CyberArk, noted, “With 72% of Singapore organisations lacking controls for AI-driven identities, it is no longer just about securing people — it is about securing every identity.”

The report suggests that organisations need to adopt a proactive, identity-first approach to cybersecurity to maintain trust and resilience. As AI becomes more embedded in business operations, the need for enhanced identity security measures becomes increasingly urgent.
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Manulife Singapore and Manulife Investments have announced a major enhancement to their digital platform, Manulife iFUNDS, making it the first in Singapore to integrate unit trust (UT) and investment-linked plan (ILP) management. This development, unveiled on 24 April 2025, allows Manulife financial consultants to view and manage customer holdings in a single interface, streamlining wealth management services.

Since its inception in 2018, Manulife iFUNDS has provided digital tools and insights to financial consultants, enabling them to offer timely and personalised advice. The platform’s latest upgrade responds to findings from the 2024 Manulife Asia Care Survey, which highlighted financial freedom and passive income generation as top priorities for Singaporeans. By integrating insurance and investment expertise, Manulife aims to enhance holistic financial planning.

The enhanced platform allows consultants to advise on investment opportunities, calculate dividends, and use advanced simulation tools like What-If Analysis. Customers can also track their portfolios by asset class, country, and fund through improved dashboard features.

Khoo Poh Huat, Chief Distribution Officer at Manulife Singapore, stated, “By integrating UT and ILP management into a single platform, we are transforming how our financial consultants serve their customers.” Hui-Jian Koh, CEO of Manulife Investments Singapore, added, “Digital solutions are essential to providing timely investment insights.”

This enhancement sets a new standard in digital wealth advisory, bridging technology and human advisory services. For more details on Manulife iFUNDS, visit their website.
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Singapore’s office market experienced a mixed start to 2025, with demand remaining subdued as tenants faced budget constraints, according to Savills Singapore’s latest report. Despite this, the average monthly rents for CBD Grade A offices rose by 0.4% quarter-on-quarter to S$9.83 per square foot, marking the fourth consecutive quarter of rental growth.

The report highlights that the vacancy rate for CBD Grade A offices improved slightly by 0.3 percentage points to 7.7%, reversing a trend of rising vacancies over the previous three quarters. This improvement was echoed across offices of all grades, suggesting a stabilisation in the market.

Investment activity in the office sector was notably low, with only one block transaction completed in the first quarter. Although the value of strata transactions was higher, it was insufficient to significantly impact overall investment figures. Alan Cheong, Executive Director of Research & Consultancy at Savills Singapore, noted, “Although multinational tenants are likely to adopt a conservative approach in an uncertain world, premium grade offices with very low vacancies may still see rental growth.”

Looking ahead, Savills maintains a cautious outlook for the remainder of 2025, forecasting that overall Grade A CBD office rents will remain flat. However, premium AAA-grade buildings, with their low vacancy levels, may achieve a modest 2% year-on-year increase.

The report underscores the resilience of Singapore’s office market amidst global uncertainties, with landlords holding firm on rents due to high occupancy levels. As trade negotiations with the US are in early stages, the fluidity of tariffs remains a factor to watch.
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Verizon Business has unveiled its 18th annual Data Breach Investigations Report, revealing that system intrusions now account for 80% of data breaches in the Asia Pacific region, a significant increase from 38% the previous year.

The report, which analysed over 22,000 security incidents across 139 countries, underscores the escalating cyber threats facing both private and public sectors in Singapore and beyond.

The report highlights that espionage-motivated breaches are also on the rise, posing a direct threat to Singapore’s strategic sectors, including finance, technology, and biotechnology. This comes as the nation braces for increased digital and political scrutiny. The findings are based on data from global security agencies, including the Cyber Security Agency of Singapore, the US Secret Service, and Cyber Security Australia.

Verizon’s report serves as a stark reminder of the vulnerabilities organisations face, particularly with the growing reliance on third-party vendors. “The role that third-party relationships play in how and why breaches occur is noteworthy,” the report states, emphasising the need for robust cybersecurity measures.

As Singapore and the wider APAC region prepare for a period of heightened digital activity, the report provides a comprehensive overview of the cyber risks that organisations must navigate. With system intrusions and vulnerability exploitation on the rise, the report calls for increased vigilance and collaboration to bolster cybersecurity defences.

In conclusion, the 2025 Data Breach Investigations Report paints a concerning picture of the current cyber threat landscape, urging organisations to prioritise security measures to protect against the growing tide of system intrusions and espionage activities.
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Singapore’s core inflation rate has once again fallen below expectations, registering a year-on-year increase of just 0.5% in March 2025, according to UOB Global Economics and Markets Research. This figure is lower than both Bloomberg’s median estimate and UOB’s own forecast of 0.7%. The report highlights significant contractions in key Consumer Price Index (CPI) categories, including information and communication, household durables and services, and recreation, sport, and culture.

The report notes that inflation pervasiveness, which measures the share of items in the CPI basket with year-on-year inflation above 2%, has decreased to 26.8% in March from 31.2% in February. This decline suggests early signs of broad-based deflationary pressures, with approximately 38% of items experiencing a year-on-year price drop.

UOB has revised its full-year 2025 average core inflation forecast down to 0.7% from 1.0%, and its headline inflation forecast to 1.0% from 1.3%. Factors influencing these adjustments include softer sequential price increases in several CPI categories, a 10% water price hike effective from 1 April 2025, and a decline in electricity tariffs expected in the third quarter.

The report also discusses the potential for monetary policy adjustments. UOB suggests that economic growth is likely to fall below potential in 2025, with a GDP forecast of 1.5%. This could lead to a more accommodative Singapore Dollar Nominal Effective Exchange Rate (S$NEER) to cushion growth risks. The report indicates a 20% probability of an off-cycle flattening of the S$NEER slope before the scheduled July 2025 Monetary Policy Statement, which could result in looser monetary conditions.
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