Industry News

Singapore Exchange has experienced a significant rise in its share value, nearly 50% over the past year, driven by increased derivatives trading volumes amid global uncertainty. However, recent statistics from May 2025 reveal a deceleration in this momentum. The surge in trading was initially fuelled by volatility, particularly in foreign exchange futures, which saw a 50% year-on-year increase following US tariff announcements in April 2025. Despite this, equity derivatives and iron ore futures have seen a decline since the US election.

The slowdown in derivatives trading is noteworthy as it suggests that the volatility-driven growth may have reached its peak. Whilst foreign exchange futures remain robust due to geopolitical uncertainties, cash equity trading volumes are expected to decline by approximately 10% in fiscal 2025, influenced by China’s economic slowdown. Despite this, revenue may see a slight increase due to higher per-trade pricing.

Morningstar has adjusted its fair value estimate for Singapore Exchange, increasing it by 3% to S$14, reflecting the time value of money. The market appears to share a similar outlook, with shares trading close to this fair value. This adjustment underscores the importance of derivatives trading to Singapore Exchange’s overall performance, even as the pace of growth moderates.

In conclusion, whilst Singapore Exchange continues to benefit from strong foreign exchange futures trading, the cooling of other derivatives and cash equity trading highlights the challenges ahead. The company’s ability to adapt to these changes will be crucial in maintaining its market position.
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Singapore-headquartered Peak Energy, a leading renewable energy developer in Asia, has announced the acquisition of a 48 MW ready-to-build solar portfolio in Japan. This strategic move, completed on 17 June 2025, will see the projects come online progressively between 2026 and 2028, incorporating battery storage to enhance climate impact and cost savings for customers.

The newly acquired sites, located across various regions including Tokyo and Tohoku, are expected to generate nearly 60 GWh of zero-carbon electricity annually. This output is equivalent to the power consumption of approximately 15,000 households and will help avoid nearly 27,000 tonnes of CO₂ emissions each year, akin to removing about 9,000 cars from the roads.

Electricity generated from these solar plants will be sold to corporate clients through long-term power purchase agreements (PPAs), with fixed prices from the outset, ensuring customers are protected from electricity tariff fluctuations. Selected sites will also feature battery energy storage systems, allowing for extended use of renewable energy into the night.

This acquisition marks another milestone in Peak Energy’s rapid expansion in Japan, following its earlier acquisition of 11 MW of ready-to-build high-voltage solar sites in 2025. The company also co-owns a 28 MW solar plant in Kyushu and offers a range of energy services to corporate power users in Japan.

Gavin Adda, CEO of Peak Energy, stated, “This acquisition further cements our position in Japan, where we are now uniquely positioned to serve large power consumers with cheap, clean energy at the scale they require and within the timeframe they need to meet their climate objectives.”

Peak Energy is committed to delivering clean, affordable, and reliable power solutions across Asia, with over 200 MW of solar projects and 298 MWh of battery storage capacity in operation or under construction.
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Rex International Holding Limited has announced its production figures for May 2025, revealing a total output of 10,874 barrels of oil equivalent per day (boepd) from its operations in Norway and Oman. This update highlights the company’s ongoing activities in these regions.

In Norway, Lime Petroleum AS, a subsidiary of Rex, reported a combined production of 9,159 boepd from the Brage and Yme Fields. Lime Petroleum holds a 33.8434% interest in the Brage Field, operated by OKEA ASA, and a 25% interest in the Yme Field, operated by Repsol Norge AS. The Yme Field’s gas production is utilised for operational purposes and re-injected to enhance oil recovery. The company noted that both scheduled and unscheduled shut-ins occurred during May, which are typical in the course of operations, and drilling activities continue at the Brage Field.

Meanwhile, in Oman, Masirah Oil Limited, another subsidiary of Rex, reported an average production of 1,715 stock tank barrels per day (stb/d) from the Yumna Field in offshore Block 50. A planned maintenance shutdown was completed ahead of schedule, within three days, at the end of the month. Masirah Oil holds a 100% interest in Block 50.

These production updates underscore Rex International’s strategic operations in key oil-producing regions, with ongoing efforts to optimise output and maintain operational efficiency. The company’s use of its proprietary Rex Virtual Drilling technology continues to play a crucial role in de-risking exploration and development activities.
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Sustainable Fitch has issued a Second-Party Opinion on the Impact Investment Exchange’s (IIX) Women’s Livelihood Bond (WLB) Series framework, declaring it fully aligned with the International Capital Market Association’s Green Bond Principles, Social Bond Principles, and Sustainability Bond Guidelines. The opinion, rated as ‘Excellent’, also marks Sustainable Fitch’s inaugural evaluation against the Orange Bond Principles, developed by the Orange Movement.

IIX, a Singapore-based impact investment management firm, focuses on providing financial solutions to underserved communities. The WLB Series targets low-income women in South Asia, Southeast Asia, and Sub-Saharan Africa, offering loans in sectors such as clean energy, sustainable agriculture, and affordable housing. The framework’s proceeds are allocated across seven categories, including water, sanitation, and hygiene loans, as well as microfinance and micro-insurance products.

Sustainable Fitch anticipates that these projects will significantly enhance environmental and social outcomes, such as employment generation and improved access to financial services for underserved women. The evaluation underscores the framework’s potential to increase renewable energy use and improve sanitation facilities.

The endorsement by Sustainable Fitch not only validates IIX’s commitment to sustainable finance but also sets a precedent for future evaluations under the Orange Bond Principles. This development is expected to bolster confidence in impact investments aimed at fostering social and environmental progress.
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ABB has entered into a new five-year service agreement with StarDream Cruises, covering maintenance and lifecycle support for the luxury cruise ships Star Navigator and Genting Dream. This collaboration marks a significant milestone as ABB celebrates the 25th anniversary of its Marine & Ports division’s operations in Singapore.

The agreement ensures that both vessels, measuring 269 and 335 metres respectively, will receive 24/7 technical support from ABB. Star Navigator is scheduled for two drydocking projects, whilst Genting Dream will undergo one during this period. This partnership comes at a time when Asia’s cruise market is experiencing robust growth, contributing 16.7% to the global cruise market in 2024 and generating revenues of $1.48 billion, with projections to reach $3.23 billion by 2030.

Rickard Cignozzi, Vice President of Technical Operations at StarDream Cruises, expressed confidence in ABB’s services, stating, “ABB’s commitment to innovation and service excellence has consistently supported our own.” Juha Koskela, President of ABB’s Marine & Ports division, highlighted the enduring relationship, noting, “This renewed partnership with StarDream Cruises is more than just a service agreement. It’s a celebration of a relationship that began 25 years ago here in Singapore.”

Both ships are equipped with ABB’s Remote Diagnostic System and Propulsion Control System. Genting Dream also features ABB Ability™ OptimE, an automated marine software toolset for optimising propulsion unit performance. This agreement underscores ABB’s continued success in Asia and its commitment to supporting the cruise industry’s growth and technological advancement.
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In a recent survey conducted by Randstad, the world’s largest talent agency, 41% of Singaporean respondents expressed a desire to change jobs to improve their work-life balance. This finding is part of the 2025 Employer Brand Research, which surveyed 2,522 working adults in Singapore. The study highlights that alongside work-life balance, 36% of respondents are motivated by the need for higher salaries due to rising living costs.

The research, independently conducted by Kantar, also indicates a decline in job-switching intentions. Between July and December 2024, 17% of respondents changed jobs, a 2-point decrease from the previous year. Furthermore, only 31% plan to switch jobs in the first half of 2025, marking a 3-point decline year-on-year.

David Blasco, Country Director at Randstad Singapore, emphasised the importance of employee retention, stating, “Employers need to pay attention to their employees’ growth, well-being and happiness to reduce these push factors.”

Sector-specific data reveals that tech and finance professionals are the most likely to consider job changes in 2025, with 43% of tech talent and 37% of finance professionals planning to switch. However, the tech sector is facing a tougher job market, with only 11% of tech workers securing new positions between July and December 2024, down from 16% the previous year.

The full results of the 2025 Employer Brand Research will be released on 25 June 2025, offering further insights into employee motivations and engagement factors.
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Patients and caregivers visiting the National University Health System (NUHS) hospitals can now access real-time emergency department wait times through the newly enhanced NUHS App. This digital feature, launched on 23 March 2025, allows users to check estimated wait times at the National University Hospital (NUH), Ng Teng Fong General Hospital, and Alexandra Hospital before arrival, with updates every 30 minutes.

The app’s enhancements aim to reduce uncertainty and improve patient flow by allowing individuals to complete health declarations in advance. This streamlines the triage process and helps identify high-risk patients promptly. Adjunct Professor Malcolm Mahadevan, Group Chief of Emergency Medicine at NUHS, stated, “Providing transparency about wait times helps to support hospital operations by improving patient flow and managing expectations.”

In addition to wait times, the app offers resources for non-emergency conditions, including access to the NurseFirst helpline, staffed by triage nurses from Woodlands Health. This service directs patients to appropriate care based on their symptoms. Users can also locate nearby GPFirst and PaedsENGAGE clinics within a 2km radius, enhancing access to primary care.

The NUHS App, developed with Synapxe, has over 840,000 unique users and is part of a broader initiative to leverage digital tools for better healthcare navigation. As the Ministry of Health plans to consolidate public healthcare apps by 2027, NUHS will continue to refine its digital offerings, contributing to the development of a unified platform.
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The SPDR Gold Shares ETF has emerged as the leading exchange-traded fund (ETF) in Singapore for the first half of 2025, with net inflows reaching S$309m by 13 June. This marks the highest inflow among Singapore-listed ETFs, surpassing the Nikko AM SGD Investment Grade Corporate Bond ETF, which saw S$115m in net inflows. The SPDR Gold Shares ETF, available in both USD and SGD, has gained significant traction, particularly with young investors.

The ETF’s appeal is partly due to its role as a safe haven amid global economic uncertainties. Robin Tsui, State Street Global Advisors APAC Gold Strategist, noted, “Gold’s rise in early 2025 has reaffirmed its role as a low-volatility, portfolio-diversifying safe haven amid widening macroeconomic and geopolitical uncertainty.” Tsui projects a medium-term bullish outlook for gold, with prices potentially reaching $3,100–$3,500 (US$3,100–US$3,500) per ounce.

The SPDR Gold Shares ETF has delivered a 31% total return in USD terms for the year to 13 June, although the depreciation of USD/SGD has reduced this gain to 23% in SGD terms. The ETF’s structure allows for the creation of units through authorised participants, with each unit initially representing 1/10th of an ounce of gold.

Investors interested in learning more about gold’s strategic role in diversified portfolios can attend a free webinar hosted by SGX Academy on 26 June. The session will explore gold’s characteristics as an investment instrument and its potential to manage risk and enhance returns. As the ETF market continues to evolve, gold remains a pivotal asset for investors seeking stability amidst economic fluctuations.
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Singlife, a prominent financial services company, has announced its support for customers impacted by the abrupt cessation of Jetstar Asia’s operations. The insurer will provide full reimbursement for Jetstar Asia tickets to policyholders who purchased its single trip and annual travel insurance plans before 8:00 a.m. on 11 June 2025, if refunds are not available from the airline. Additionally, eligible customers can claim non-refundable expenses such as accommodation, transport, and entertainment, subject to policy terms.

The decision comes as a response to the stress and uncertainty faced by travellers due to the airline’s sudden shutdown. Alvino Kor, Senior Vice President of General Insurance at Singlife, stated, “We understand the stress and uncertainty caused by the sudden halt of Jetstar Asia’s services. Whilst the shutdown of an airline is not usually covered under our standard travel insurance policies, we believe it is important to step up and support our customers through this disruption.”

This initiative underscores Singlife’s commitment to customer support, complementing its existing offerings like flexible trip cancellation and coverage for air turbulence injuries. Affected customers are encouraged to contact Singlife’s Customer Service for assistance, with claims assessed according to policy limits and conditions.

Singlife, formed from the merger of Aviva Singapore and Singlife in 2022, continues to be a key player in the insurance sector, offering a wide range of products and maintaining a strong digital presence. The company is a wholly owned subsidiary of Sumitomo Life, one of Japan’s largest life insurance firms.
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Macquarie Capital has released its latest analysis on the Singapore equities market, spotlighting the potential impact of the Monetary Authority of Singapore’s (MAS) recently announced $5 billion Equity Market Development Programme (EQDP). The programme, set to be implemented in the third quarter of 2025, aims to invigorate investment in small to mid-cap stocks, broadening investor participation beyond the large-cap focus.

The EQDP will see MAS investing in strategies managed by Singapore-based asset managers, with an emphasis on local equities. Macquarie has identified a selection of small-mid cap stocks that meet the likely criteria for EQDP mandates, using their Quant Alpha model. These stocks include ComfortDelGro (CD), First Resources (FR), IFAST Corporation, Parkway Life REIT (PREIT), and Singapore Technologies Engineering (STH). Additionally, Macquarie’s top large-cap picks include OCBC, Sembcorp Industries (SCI), Singapore Technologies Engineering (STE), CapitaLand Ascendas REIT (CLAR), and Dairy Farm International (DFI).

Jayden Vantarakis, Head of ASEAN Equity Research at Macquarie Capital, noted that the EQDP is part of a broader effort by the Equities Market Review Group to enhance the competitiveness of Singapore’s equities market. The programme is expected to attract additional private capital, potentially increasing the total investment beyond the initial $5 billion allocation.

Macquarie’s analysis also indicates that mandates under the EQDP may include up to 40% of ASEAN stocks outside Singapore, further diversifying investment opportunities. Despite the current underperformance of small-mid caps compared to the Straits Times Index, the infusion of capital through the EQDP could shift market dynamics, potentially improving the relative performance of these stocks.
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