Regional News

Singapore-headquartered Temasek Financial (I) Limited, a subsidiary of Temasek Holdings, has announced the launch of two new US dollar-denominated bonds. The offering includes a 2-year fixed rate bond and a 2-year floating rate bond, both issued under Temasek’s $25 billion Guaranteed Global Medium Term Note Programme. These bonds are unconditionally guaranteed by Temasek, which holds a top-tier credit rating of “Aaa” from Moody’s and “AAA” from S&P Global Ratings.

The proceeds from these bonds will be utilised by Temasek and its investment holding companies to support their regular business operations. The bonds are set to be listed on the Singapore Exchange Securities Trading Limited, although the exchange has not endorsed the merits of the bonds or the issuing entities.

Citi, Bank of America, Morgan Stanley, and Societe Generale are acting as joint bookrunners for this transaction. The bonds are being offered to qualified institutional buyers in the US under Rule 144A and to non-US persons under Regulation S.

This strategic move by Temasek aims to bolster its financial flexibility and support ongoing investments. The issuance reflects Temasek’s robust financial standing and its commitment to maintaining a strong presence in global financial markets.
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Goh Cheng Liang, the visionary founder of Wuthelam Group and a respected philanthropist, passed away peacefully on 12 August at the age of 98, surrounded by his family. Known for transforming his Pigeon Brand paint business into a global conglomerate, Goh’s entrepreneurial journey began in 1949 and led to a significant partnership with Nippon Paint, where Wuthelam Group now holds a nearly 60% stake.

Goh’s philanthropic efforts were as notable as his business achievements. He established the Goh Foundation in 1995, with the late President Wee Kim Wee’s assistance, to support medical research and educational opportunities. His contributions include the establishment of the National Cancer Centre in Singapore and the Goh Cheng Liang Proton Therapy Centre, which provides advanced cancer treatment. The Foundation also supported children’s cancer research at institutions like KK Women’s and Children’s Hospital and National University Hospital.

Beyond Singapore, Goh extended his philanthropy to China, funding infrastructure projects in his ancestral village, Dawu Village, to improve living conditions. His son, Goh Hup Jin, described him as “a beacon of kindness and strength,” highlighting his father’s teachings of compassion and humility.

Goh is survived by his three children, eight grandchildren, and one great-grandchild. His legacy of business acumen and generosity continues to inspire those who knew him.
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Singaporeans are increasingly embracing AI technology, with a new Adobe survey revealing that 37% of the population now regularly uses AI assistants. The study, conducted in March 2025, highlights a shift towards agentic AI—systems capable of autonomous decision-making and task execution. This evolution is reshaping consumer habits in areas such as online shopping, travel planning, and personal finance.

The survey, which involved over 500 respondents, found that 78% of Singaporeans are turning to AI instead of traditional search methods. Furthermore, 54% plan to use AI for online shopping by 2025. Shashank Sharma, Senior Director of Digital Experience for Southeast Asia and Korea at Adobe, noted, “Singapore is at the forefront of the agentic AI revolution in Southeast Asia.”

Agentic AI is not only transforming consumer behaviour but also workplace practices. Six in 10 AI users have applied the technology at work, with nearly 30% using it daily. Adobe’s initiatives, such as the AI Assistant in Adobe Acrobat, aim to enhance productivity by enabling users to create custom agents for tasks like document analysis and research.

The report also indicates a strong interest in AI-driven experiences, with 91% of Singaporeans drawn to applications that complete tasks autonomously. Sharma emphasised the potential for businesses to leverage AI-powered touchpoints, stating, “This represents both an opportunity and an imperative to reimagine how they engage with customers.”

As AI continues to evolve, its integration into daily life is expected to deepen, offering new opportunities for both consumers and businesses in Singapore.
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Singapore’s retail market is experiencing a two-speed dynamic, according to Savills Singapore. In Q2 2025, islandwide retail vacancy rose by 0.3 percentage points to 7.1%, primarily due to weaker demand in the Central Region, where vacancy increased by 0.6 percentage points to 8.2%. This contrasts with the Suburban Area, where stable footfall and spending on essentials kept the vacancy rate steady at 5.2%.

Alan Cheong, Executive Director of Research & Consultancy at Savills Singapore, noted, “Margins for many retailers are falling or even turning negative, with weaker demand particularly evident in the Central Region. However, suburban malls with strong connectivity and large local catchments are proving more resilient.” He added that the limited supply pipeline over the next two years could support occupancy and rents, although the performance gap between prime and weaker malls is expected to widen.

Retail sales, excluding motor vehicles, weakened in May and June, with less than half of the categories showing year-on-year gains. Food and beverage sales ended the quarter with a 0.4% decline compared to the previous year. Despite this, Savills reported a slight uplift in rents, with Orchard Area malls seeing a 0.5% increase and suburban malls a 0.4% rise in Q2 2025.

Looking ahead, the supply of new retail space is set to moderate, with completions estimated at 570,000 square feet in 2025, down from 679,000 square feet in 2024. This reduction in supply is expected to continue until larger projects, such as the Marina Bay Sands expansion, are completed towards the end of the decade. Sulian Tan-Wijaya, Executive Director of Retail & Lifestyle at Savills Singapore, remarked that the limited supply in the city centre has kept occupancy rates healthy, despite soft retail sales.
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Singapore’s life insurance industry has achieved a record-high performance in the first half of 2025, with total weighted new business premiums reaching S$2.99 billion, marking a 7.7% increase compared to the same period last year. This growth was primarily driven by annual premium policies, which saw a significant 22% year-on-year rise, according to the Life Insurance Association, Singapore (LIA Singapore).

Investment-linked policies (ILPs) have been a major contributor to this growth, with premiums increasing by 31.3% year-on-year, from S$975 million in 1H 2024 to S$1.28 billion in 1H 2025. ILPs accounted for 43% of total new business in the first half of the year. LIA Singapore President Wong Sze Keed noted, “The continued growth in annual premium policies and ILPs demonstrates Singaporeans’ focus on long-term financial planning and security.”

Despite a decline in single premium policies by 21.3%, the overall industry performance remains robust. The total sum assured rose by 1.7% year-on-year to S$71.4 billion, although the number of policies decreased by 18.6%, suggesting a shift towards fewer but more comprehensive policies.

Integrated Shield Plans (IPs) continue to be a critical component of health insurance, with approximately 69,000 new IPs taken up in 1H 2025. The life insurance sector paid out S$6.35 billion in claims during this period, a 42.1% decrease from the previous year.

Looking ahead, Wong emphasised the industry’s commitment to enhancing financial literacy and simplifying claims processes to better serve Singaporeans. As the nation celebrates 60 years of independence, the focus remains on building a trusted and transparent life insurance landscape.
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Delfi Limited, a chocolate confectionery company listed on the SGX Mainboard, has announced its financial results for the first half of 2025, revealing a net sales figure of $259.6 million. This marks a 0.5% decrease compared to the same period in 2024, primarily due to a weaker performance in Indonesia, which was partially offset by growth in regional markets.

The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) fell by 26% year-on-year to $24.3 million. Delfi attributed this decline to the depreciation of the Indonesian Rupiah, increased promotional spending, and reduced margins from agency brands. Despite these challenges, the company reported a rise in net cash generated from operations, reaching $57.6 million, an increase of $20 million from the previous year.

Delfi’s board has declared an interim dividend of 1.00 US cents (1.28 Singapore cents) per share, representing a 50% payout of the profit after tax and minority interest (PATMI) reported in the first half of 2025. The dividend is set to be paid on 12 September 2025.

Looking ahead, Delfi anticipates a challenging operating environment for the remainder of 2025 and into 2026, citing geopolitical tensions, macroeconomic headwinds, and persistent inflationary pressures. The company also highlighted the impact of high cocoa bean prices on industry earnings. Despite these hurdles, Delfi remains committed to its strategic priorities, including brand growth and product innovation, supported by its strong brand equity and robust balance sheet.
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CapitaLand Investment Limited (CLI), a global real asset manager, has signed a Memorandum of Understanding (MoU) with the Maharashtra Government to invest over $2.3 billion (INR19,200 crores) by 2030. This significant investment aims to bolster CLI’s growth in Mumbai and Pune, focusing on business parks, data centres, logistics, and industrial sectors.

The announcement coincided with the launch of CLI’s first data centre in India, located in Navi Mumbai. The event was attended by Singapore’s Deputy Prime Minister, Gan Kim Yong, and Maharashtra’s Chief Minister, Devendra Fadnavis. CLI’s presence in Maharashtra began in 2013 with the International Tech Park Pune, Hinjawadi, developed in partnership with the Maharashtra Industrial Development Corporation.

Over the past decade, CLI has invested over $340 million (INR6,800 crores) in Mumbai and Pune across 10 assets. The new investment is part of CLI’s broader strategy to increase its funds under management in India from over $5.7 billion (S$8 billion) to $10.7 billion (S$15 billion) by 2028. Sanjeev Dasgupta, CEO of CLI India, emphasised Maharashtra’s strong economic fundamentals and its role as a key partner in CLI’s growth journey.

CLI currently operates five business parks in Maharashtra, with plans to expand by an additional 4.5 million sq ft. Its data centre strategy includes four centres across major Indian cities, with a total power capacity of 244 megawatts. Additionally, CLI’s logistics and industrial portfolio in Mumbai and Pune spans 5.3 million sq ft, with further developments planned to meet the growing demand from e-commerce and manufacturing sectors.

With over three decades of experience in India, CLI continues to leverage its global expertise and local partnerships to deliver sustainable projects, reinforcing Maharashtra’s position as a hub for innovation and infrastructure development.
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Sea Ltd has reported impressive second-quarter results, with revenue reaching $5.3 billion, surpassing market expectations. The company’s adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at $829 million, whilst net income soared to $414 million from $79.9 million in the same period last year.

The standout performer was Shopee, Sea’s e-commerce platform, which continued to benefit from its effective monetisation strategy, particularly in advertising. Gross merchandise value (GMV) increased to $29.8 billion, achieved without the heavy subsidies that characterised previous years.

Meanwhile, Sea’s fintech arm, Monee, demonstrated aggressive yet controlled expansion by doubling its loan book to $6.9 billion whilst maintaining a low level of bad loans. This balance between growth and prudence is rare in the fintech sector and is likely to enhance the company’s valuation.

Garena, Sea’s digital entertainment division, also showed a strong performance, largely due to the enduring popularity of its mobile game, Free Fire. This success has led to an upgrade in Sea’s full-year outlook.

Market Analyst Zavier Wong from eToro commented, “For investors, this quarter proves Sea is learning how to compound without overreaching.” He noted that whilst the tariff delay between the US and China may not directly impact Sea’s core markets, it provides a stable backdrop for the company’s strong execution.

Looking ahead, if Sea Ltd continues on this trajectory, the focus will shift from its ability to deliver profits to the potential scale of those profits.
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Winking Studios, a leading global AAA game art outsourcing studio, has announced a significant 27.3% rise in revenue for the first half of 2025, reaching $19.4 million. This growth is largely attributed to the company’s strategic mergers and acquisitions (M&A), including its largest acquisition to date of Shanghai Mineloader Digital Technology Co., Ltd. in April 2025. The acquisition has expanded Winking Studios’ capabilities in AAA console game art production and strengthened its presence in Western markets.

The company’s financial health remains strong, with cash and cash equivalents totalling $27.1 million and no debt as of 30 June 2025. This financial stability supports Winking Studios’ ongoing M&A strategy, which includes plans for further expansion in Western markets and establishing a UK office for long-term growth.

Johnny Jan, Executive Director and CEO of Winking Studios, stated, “We are pleased to report healthy revenue growth in the first half of 2025, reflecting robust demand and the successful execution of our core M&A strategy.”

Looking ahead, Winking Studios aims to scale up in Southeast Asia and launch Vertic Studios, a new high-end art production brand, in the second half of 2025. The company has also reported a growing project pipeline with leading game developers, with indicative artist bookings of at least $49.4 million over the next 24 months.

With a focus on operational excellence and a strong balance sheet, Winking Studios is well-positioned for continued growth in FY2025, aiming to create long-term value for its stakeholders.
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The Singapore Governance and Transparency Index (SGTI) 2025 has crowned SATS as the top performer in the General Category, whilst CapitaLand Ascott Trust leads the Real Estate Investment Trust (REIT) and Business Trust Category. The annual index, conducted by CPA Australia, the Centre for Governance and Sustainability at the National University of Singapore Business School, and the Singapore Institute of Directors, evaluates Singapore Exchange-listed companies on corporate governance and disclosure practices.

The SGTI 2025 assessed 467 companies and 42 REITs and business trusts, using a “BREAD” framework focusing on Board Responsibilities, Rights of Shareholders, ESG and Stakeholders, Accountability and Audit, and Disclosure and Transparency. SATS topped the General Category, followed by Keppel and Singapore Telecommunications. In the REIT and Business Trust Category, CapitaLand Ascott Trust was followed by CapitaLand Ascendas REIT and CapitaLand Integrated Commercial Trust.

Greg Unsworth, Singapore Divisional President of CPA Australia, highlighted the index’s role in promoting transparency and accountability, stating, “The SGTI continues to set the benchmark for governance excellence.” The index plans to evolve by incorporating financial indicators into its assessment framework, aiming to provide a more comprehensive view of corporate performance.

Professor Lawrence Loh from the National University of Singapore Business School noted, “Corporate governance is the cornerstone of trust and sustainable value creation.” The SGTI’s future enhancements will include broader measures to ensure organisations remain accountable and aligned with stakeholder expectations.
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