Regional News

CSE Global Limited, a global systems integrator, announced it secured S$211.3 million in new orders for the second quarter ending 30 June 2025. This marks a year-on-year growth of 3.8%, despite significant currency fluctuations impacting the US Dollar and Australian dollar. On a constant currency basis, the order intake would have shown a 7.8% increase.

The company, which specialises in electrification, communications, and automation solutions, reported that its electrification segment accounted for the majority of the order intake. This segment secured S$94.8 million, representing 44.9% of the total orders, driven by demand from the data centre market. The communications segment also saw significant growth, with a 17.6% increase year-on-year, securing S$72.4 million in new orders. This included a major contract for engineering design and maintenance of communications networks for a data centre.

Lim Boon Kheng, Group Managing Director and CEO of CSE Global, stated, “To optimise working capital efficiency, we are focused on strategically building our order book in the data centre and infrastructure sectors, and will reduce emphasis on water and wastewater sectors in the United States of America.”

The Group concluded the first half of 2025 with an order book of S$573.8 million. These developments are not expected to materially impact the Group’s net tangible assets per share or earnings per share for the current financial year.
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LHN Energy Resources has launched a solar carport at Goldhill Plaza, Singapore, marking a significant step towards integrating renewable energy into urban spaces. This initiative, in collaboration with LHN Parking, aims to optimise underutilised areas by converting open-air car parks into dual-function sites that generate clean energy whilst offering shaded parking.

In Singapore, where space is a premium, finding suitable locations for solar installations can be challenging. Rooftop spaces are often limited, and large-scale solar farms are impractical in densely populated areas. The solar carport at Goldhill Plaza addresses these issues by utilising the car park to produce renewable energy, thereby reducing reliance on traditional energy sources and cutting operational costs.

The project aligns with Singapore’s commitment to green energy, demonstrating how multifunctional infrastructure can contribute to urban sustainability goals. “This project supports businesses by reducing energy expenses,” LHN Energy stated, highlighting its role in promoting eco-friendly solutions.

Looking ahead, LHN Energy plans to expand its solar carport installations across Singapore. This expansion is part of a broader strategy to reshape urban infrastructure and support the nation’s transition to a low-carbon economy. By integrating energy generation with urban design, future projects aim to optimise land use and meet growing demands for sustainable property upgrades.

LHN Energy, established in 2018, has evolved from electricity retail to a comprehensive renewable energy provider, offering tailored solutions for commercial, industrial, and residential sectors. The company remains committed to advancing Singapore’s sustainability goals through innovative energy solutions.
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Beng Kuang Marine Limited has announced a revenue of S$50.79 million for the first half of 2025, alongside a gross profit of S$19.42 million. The company, which operates in the offshore and marine sectors, has seen its net cash from operating activities rise to S$10.01 million, despite facing foreign exchange losses amounting to S$1.19 million.

The company’s transition to an asset-light, service-oriented business model has been pivotal, with its Infrastructure Engineering (IE) division contributing S$41.17 million and the Corrosion Prevention (CP) division adding S$9.59 million to the overall revenue. This strategic shift has helped improve the gross profit margin to 38.2%, up from 35.5% in the same period last year.

Beng Kuang’s CEO, Yong Jiunn Run, expressed cautious optimism about the company’s performance amidst economic and geopolitical uncertainties. “Our first-half results underscore the robustness and resilience of our asset-light, service-oriented business model,” he stated.

The company has also strengthened its balance sheet, with cash and cash equivalents increasing to S$25.13 million and total equity rising to S$33.08 million as of 30 June 2025. Looking forward, Beng Kuang aims to sustain its business momentum in the second half of the year, leveraging emerging growth opportunities in the offshore and marine sectors.
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Orchard Hotel Singapore is celebrating Singapore’s 60th birthday with a series of exclusive dining promotions at The Orchard Cafe and Bar Intermezzo. Until 31 August 2025, diners can enjoy a 60% discount on the second diner for the Singalicious SG60 Buffet, featuring a lavish spread of fresh seafood, premium roasts, and nostalgic local dishes. The buffet, prepared in a Halal-certified kitchen, includes interactive features such as Chef Live Stations and a Lok Lok Station, offering a unique twist on local favourites.

The buffet highlights include Snow Crab, Boston Lobster, Steamed Oysters, Australian Wagyu Beef Striploin, and the iconic Singapore Chilli Crab with Fried Mantou. Lunch is priced at $88 (£70) from Sunday to Thursday and $98 (£78) from Friday to Saturday, whilst dinner costs $102 (£81) and $112 (£89), respectively.

In addition to the buffet, Bar Intermezzo offers an SG60 High Tea experience, featuring a 15-piece afternoon tea for two at just $60 (£48). Available daily from 1:00pm to 5:00pm, the high tea includes refined bites such as Lemongrass-Infused Boston Lobster Roll and Black Pepper Crabmeat Tart with Cucumber Pickles.

Executive Chef Thenesh of Orchard Hotel Singapore stated, “Through food, we celebrate Singapore’s journey — 60 years of unity, flavour, and shared memories. This SG60 tribute is our way of bringing communities together at one of Singapore’s dining icons, making everyone feel at home.”

These promotions offer a unique opportunity for diners to indulge in Singapore’s culinary heritage whilst celebrating the nation’s milestone anniversary.
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United Overseas Bank (UOB) has announced a 3% year-on-year increase in its operating profit for the first half of 2025, reaching S$4.0 billion. This growth was primarily driven by a significant rise in fee income across various sectors. However, the bank’s net profit saw a 3% decline to S$2.8 billion, attributed to pre-emptive general allowances set aside in response to macroeconomic uncertainties.

The bank declared an interim dividend of 85 pence per ordinary share, maintaining a payout ratio of approximately 50%. Additionally, a special dividend of 50 pence will be distributed to shareholders as part of a capital distribution package announced earlier this year.

UOB’s net interest income remained stable, with loan volume growth offsetting the impact of lower benchmark rates. The bank’s non-interest income showed positive momentum, with net fee income rising 11% across wealth management, loan-related, and credit card services. Despite some challenges in trading and liquidity management, customer-related treasury flows supported a 1% increase in other non-interest income.

The cost-to-income ratio improved to 43.5% from 44.4% a year ago, reflecting tighter cost management. Asset quality remained stable, with a non-performing loan ratio of 1.6%, whilst credit costs stood at 34 basis points.

UOB’s Deputy Chairman and CEO, Wee Ee Cheong, highlighted the bank’s robust fee growth and resilient asset quality, stating, “Our regional franchise has gained significant scale following the Citigroup acquisition, expanding our customer base across ASEAN to more than 8.4 million.”

Looking ahead, UOB remains optimistic about ASEAN’s growth prospects, driven by regional integration and trade diversification. The bank is committed to supporting clients through uncertainties and investing in sustainable growth capabilities.
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MetaComp, a Singapore-based digital asset platform, has announced the distribution of Ripple USD (RLUSD), a USD-denominated stablecoin issued by Standard Custody & Trust Company, a subsidiary of Ripple Labs. This strategic move aims to enhance MetaComp’s StableX platform, a programmable foreign exchange and cross-border infrastructure powered by stablecoins, by providing institutional access to RLUSD.

The integration of RLUSD into StableX is set to reinforce its position as one of Asia’s most comprehensive stablecoin and FX liquidity hubs. The platform supports 31 currencies, enabling fast, transparent, and cost-effective cross-border transactions. Eddie Hui, Co-President and Chief Operating Officer of MetaComp, stated, “We are proud to support RLUSD as a dealer and to bring it onto StableX, enabling faster, smarter, and more cost-effective cross-border payments for merchants and settlement for institutions.”

RLUSD, designed to maintain a constant value of one US dollar, is issued on the XRP Ledger and Ethereum blockchains. It is fully backed by a segregated reserve of cash and cash equivalents, ensuring real-time compliant payments and easy fiat-to-stablecoin conversions. Standard Custody, the issuer of RLUSD, adheres to stringent safety and soundness standards set by the New York Department of Financial Services (NYDFS).

MetaComp, licensed by the Monetary Authority of Singapore, operates on a platform-to-business-to-client model, offering a suite of digital finance capabilities. The launch of RLUSD on MetaComp’s platforms is expected to significantly enhance cross-border payment solutions across the Asia-Pacific region and beyond.
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Singapore’s Deputy Prime Minister and Minister for Trade and Industry, Gan Kim Yong, has been appointed as Honorary Co-Chair of Bloomberg New Economy’s advisory board. This announcement comes as the global platform prepares for its flagship conference, the New Economy Forum, set to take place in Singapore from 19 to 21 November 2025. Gan will co-chair the board alongside Gina Raimondo and Mario Draghi.

Joining the advisory board are Merit Janow, a Professor of Practice and former Dean at Columbia University’s School of International and Public Affairs; Takeshi Niinami, CEO of Suntory Holdings; and Eyal Ofer, Chairman of Ofer Global. Gan’s extensive experience in public service and the private sector is expected to bring valuable insights into international trade, economic policy, and finance.

The upcoming New Economy Forum will explore the theme “Thriving in an Age of Extremes,” focusing on key global challenges such as technological disruption, supply chain reorientation, geopolitical realignment, energy transition, financial dynamism, climate risk, and breakthrough medicines and therapies. “The environment for global trade, investment, and innovation has changed so dramatically and so quickly, no company or country can afford to rely on old assumptions,” said Erik Schatzker, Editorial Director of Bloomberg New Economy.

The forum’s founding partners include Envision, HSBC, and Tata Sons, with PwC as a presenting partner. Singapore continues its role as the host country partner, reinforcing its position as a central hub for global economic discussions.
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Cushman & Wakefield has announced the sale of 100H Pasir Panjang Road, a premium freehold Business 1 light industrial property, for $70 million (S$96 million). The property, strategically located in Pasir Panjang, Singapore, is being marketed through an Expression of Interest campaign, closing on 9 September 2025.

The site spans 2,970.8 square metres and boasts a gross floor area of 7,591.14 square metres. It is positioned within a key innovation corridor and near the future Greater Southern Waterfront, promising significant urban development. The building features modern specifications, including floor-to-floor heights of 5 to 6 metres, a contemporary façade, and ample parking, making it attractive to both end-users and investors.

Despite being zoned for Business 1 use, the property offers design standards comparable to Grade A office buildings. It currently enjoys a 97% occupancy rate, providing a stable rental income stream. Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield, highlighted the property’s “rare freehold tenure, strategic location with strong growth potential, high-quality specifications, and stable rental income.”

The property benefits from excellent connectivity, being close to Pasir Panjang and Labrador Park MRT stations, and major roads like the West Coast Highway and Ayer Rajah Expressway. It is also near commercial and research hubs such as Mapletree Business City and the National University of Singapore.

This sale presents a unique investment opportunity in a rapidly developing area, with potential for future repositioning or redevelopment.
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Timah Partners, Singapore’s pioneering permanent holding company, has announced Kelvin Ho as the inaugural candidate in its CEO Succession Programme (CSP). This marks a significant step in addressing Southeast Asia’s SME succession crisis. Ho, a former senior executive at the Economic Development Board (EDB), brings nearly two decades of leadership experience to the programme, which aims to cultivate a new generation of business leaders for enduring SMEs.

Timah Partners’ CSP is the first of its kind in Southeast Asia, offering a structured pathway for entrepreneurial operators. The programme includes stages such as mergers and acquisitions (M&A) exposure, apprenticeship under a seasoned CEO, and eventual full operational leadership. Candidates benefit from competitive compensation, equity ownership, and support from a world-class advisory group, ensuring a smooth transition to SME leadership.

Dennis Chua, Founder and CEO of Timah Partners, stated, “Kelvin embodies the grounded, values-driven, long-term oriented leadership that SMEs in Singapore want and need.” Ho’s appointment follows Timah Partners’ successful $50 million Series A funding round in June 2025, backed by notable investors and founders of iconic holding companies.

Timah Partners’ unique approach contrasts with traditional private equity models by focusing on long-term stewardship rather than short-term financial gains. The firm acquires high-quality B2B businesses with predictable revenues, aiming to consolidate fragmented markets. Ho’s role in the CSP is expected to set a precedent for future candidates, reinforcing Timah’s commitment to sustainable business growth and leadership development in the region.
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Gold has experienced a remarkable year, with prices soaring approximately 27% year-to-date, according to eToro Market Analyst Zavier Wong. The precious metal reached a peak of $3,438 per ounce in late July, briefly hitting an intraday high of $3,500 in April. This surge in gold prices has significantly outpaced the S&P 500, which has seen a 7% increase over the same period.

Global demand for gold rose by 3% year-on-year in the second quarter of 2025, reaching 1,249 tonnes, with a record value of $1,325 billion. In Singapore, demand mirrored this trend, with 2.2 tonnes of gold bars and coins purchased locally, marking a 37% increase from the previous year. Wong noted that whilst demand has settled into a more sustainable rhythm, it remains strong.

Family offices are increasingly opting to store gold in Singapore, as global risks prompt ultra-wealthy investors to favour physical assets closer to home. This shift reflects a broader trend of moving away from traditional Swiss vaults to the safety of Singapore’s freeports.

Economic indicators, such as softer US job data and a rise in the unemployment rate to 4.2%, have heightened expectations of a September rate cut by the Federal Reserve. Wong explained that if rates are cut, the opportunity cost of holding non-yielding assets like gold decreases, potentially boosting gold prices further.

However, jewellery demand has not kept pace, with global volumes down 14% from last year. In Singapore, jewellery demand fell by 8%, as rising prices shifted gold’s role from accessory to asset.

Looking ahead, gold is expected to maintain its status as a strategic portfolio asset, with financial conditions pointing towards lower rates and continued central bank purchases, particularly in Asia and emerging markets. Despite potential risks, such as a rebound in US data or a delayed Fed pivot, Wong believes that momentum and safe-haven interest will continue to support gold’s appeal.
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