Regional News

Singapore’s salary budgets are projected to remain stable at 4% in 2026, according to the latest Salary Budget Planning Report by WTW, a global advisory and broking firm. This trend continues from 2024, reflecting a cautious approach by companies amidst ongoing global economic uncertainties.

The report highlights that whilst two out of five organisations in Singapore have reduced their salary budgets due to anticipated recession and cost management concerns, 15% expect higher increases driven by tight labour markets and inflationary pressures. Gary Goh, Rewards Data Intelligence Practice Leader at WTW, noted, “Employers are becoming more strategic in how they distribute compensation, prioritising investments and defining the results they aim to achieve.”

In addition to salary stability, 82% of companies in Singapore plan to maintain their headcount over the next year, marking a 10% increase from 2024. Of the remaining organisations, 12% intend to increase their workforce, whilst only 6% plan reductions. Employers are also adjusting compensation programmes to address rising operating costs and competitive labour pressures, with actions such as targeted salary increases and retention bonuses.

Shai Ganu, Managing Director at WTW, emphasised the importance of adapting to economic shifts, stating, “Employers are concerned about losing critical talent, with change management and employee experience being significant issues.” The survey also revealed a shift towards intra-Asia resilience, with companies exploring new markets within Asia and diversifying supply chains.

Overall, the trends in Singapore and the broader Asia Pacific region reflect a balanced approach to workforce management, maintaining stability whilst addressing emerging challenges in the labour market.
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Prudential PLC, a prominent player in the insurance sector, is experiencing a notable undervaluation of its non-Indian operations, according to CGS International’s latest equity research report. Despite Prudential’s Indian business accounting for only 3% of its new business profits and 6% of net profits in the fiscal year 2024, a substantial 29% of the company’s market capitalisation is tied to its Indian associates. This discrepancy is highlighted in the report dated 21 July 2025.

The report underscores that Prudential’s share price has surged by 58% year-to-date in 2025, yet the market continues to undervalue its operations outside India. CGS International maintains an “Add” rating for Prudential, reiterating its target price of HKD142.00, positioning it as the top pick in its sector.

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CGS International Securities Singapore Pte Ltd has successfully facilitated the listing of Lum Chang Creations Limited on the Singapore Exchange’s Catalist Board, raising S$12.25m. The initial public offering (IPO) was priced at S$0.25 per share, with CGS International acting as the Sole Underwriter and Placement Agent. This move underscores CGS International’s expanding influence in Asia’s capital markets.

The IPO attracted substantial interest from institutional investors, including Lion Global Investors Limited and Nikko Asset Management Asia Limited, highlighting confidence in Lum Chang Creations’ growth potential. Jason Saw, Group Head of Investment Banking at CGS International, remarked, “We are proud to have supported Lum Chang Creations in their public market debut as it expands its regional footprint and deepen capabilities in the built environment sector.”

Lum Chang Creations, a subsidiary of Lum Chang Holdings, is renowned for its expertise in urban revitalisation in Singapore. The funds raised will be channelled towards accelerating regional growth, expanding the company’s project pipeline in the high-end residential sector, exploring acquisitions, and bolstering working capital.

This listing is part of a series of successful equity offerings led by CGS International, reinforcing its role in shaping the dynamic capital markets landscape in Asia. The firm continues to build a strong track record by supporting prominent issuers across various sectors and geographies.
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The newly launched Otto Place Executive Condominium (EC) in Tengah’s Plantation Close has made a significant impact on its first day of sales, with 351 out of 600 units sold. This represents approximately 59% of the total units available, with an average price of $1,700 per square foot. The project, launched on 19 July, follows the earlier release of Aurelle of Tampines EC in March 2025.

Unit prices at Otto Place range from $1.41m for a 3-bedroom deluxe to $2.18m for a 4-bedroom luxury plus study. PropNex CEO Kelvin Fong noted that about 75% of buyers opted for the Deferred Payment Scheme, making the purchase more accessible. Fong commented, “ECs remain a top favourite amongst homebuyers, owing to their relatively more affordable pricing compared with other new private condo projects.”

The popularity of ECs is underscored by the price difference between these and other private homes. In the first half of 2025, the median price for 99-year leasehold non-landed private homes was $2,343 psf, compared to $1,756 psf for new ECs. The second-timer buyer quota was quickly reached, indicating strong demand, and further sales are anticipated when bookings reopen for second-timers.

With only 18 unsold EC units in the market by the end of June 2025, and Otto Place likely being the last EC launch of the year, interest remains high. The project’s proximity to future MRT stations and the Jurong Lake District adds to its appeal, particularly for families and HDB upgraders.
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Food Empire Holdings is set to achieve a 22% increase in its target share price to S$2.40, according to a report by UOB Kay Hian. The company, known for its instant beverage products, is expected to deliver core earnings of $27m (US$27m) in the first half of 2025, marking a 14% year-on-year growth. This optimism is driven by the company’s strong brand equity and strategic expansions in emerging markets.

Food Empire Holdings is expanding its manufacturing capabilities with four new facilities in Malaysia, Kazakhstan, Vietnam, and India, expected to be operational by 2028. These expansions are aimed at capitalising on the growing demand for instant coffee, particularly in high-growth markets like Russia and Kazakhstan, where the company already holds significant market shares. The company is also set to benefit from favourable market conditions, including falling coffee prices and a strengthening Russian Rouble.

A key development is the supplemental agreement for its $40m (US$40m) redeemable equity note, which will eliminate earnings volatility from the third quarter of 2025. Despite a one-off fair value loss of around $20m (US$20m) in the first half of 2025, the company views this as a non-recurring event, presenting a potential buying opportunity for investors.

UOB Kay Hian maintains a “Buy” recommendation for Food Empire Holdings, citing its robust financial performance and strategic market positioning. The company’s focus on brand building and market leadership in Asia is expected to drive continued growth, with a projected net profit of $54m (US$54m) for 2025.

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MoneyHero Group, a prominent personal finance and digital insurance brokerage platform in Greater Southeast Asia, has announced its return to compliance with Nasdaq’s minimum bid price requirement. The company received a formal notice from Nasdaq on 17 July, confirming that its ordinary shares have maintained a closing bid price of at least $1.00 for 10 consecutive business days, from 2 July to 16 July. This marks a significant recovery after MoneyHero was previously notified on 7 April that it had fallen below the required threshold.

The compliance notice effectively closes the matter, allowing MoneyHero to continue its operations on the Nasdaq Stock Market without the risk of delisting. This development is crucial for the company, which operates across Singapore, Hong Kong, Taiwan, and the Philippines, and boasts a diverse brand portfolio including MoneyHero, SingSaver, Money101, Moneymax, and Seedly.

MoneyHero’s platform attracted approximately 5.7 million monthly unique users in the first quarter of 2025, supported by over 260 commercial partnerships. The company’s backers include notable figures such as Peter Thiel, co-founder of PayPal, and Richard Li, founder of Pacific Century Group.

This compliance milestone underscores MoneyHero’s resilience and strategic positioning in the competitive fintech landscape of the Asia-Pacific region. As the company continues to expand its influence, maintaining its Nasdaq listing is pivotal for its growth and investor confidence.
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ST Engineering has announced the divestment of its 51% stake in SPTel for $148m, a strategic move expected to close in the fourth quarter of 2025. This transaction will result in a one-off gain of approximately $83m, which the company plans to use for debt reduction and to slightly boost its earnings. The divestment aligns with ST Engineering’s strategy to focus on its core services, supported by a robust orderbook and increasing defence spending, according to an RHB research note.

The company’s decision to divest non-core assets is part of a broader strategy to streamline operations and enhance financial performance. The proceeds from the sale are anticipated to provide a modest uplift to earnings, whilst also contributing to debt reduction. Analyst Shekhar Jaiswal has reiterated a “BUY” recommendation for ST Engineering, with a new target price of SGD8.70, reflecting a 4% upside and a forecasted yield of approximately 2% for the financial year 2026.

ST Engineering’s strong orderbook, bolstered by structural tailwinds such as rising defence expenditure, ensures solid revenue visibility. Despite the divestment, the company’s long-term forecasts remain below its targets, indicating potential upside risks. The strategic focus on core services is expected to drive sustainable growth, positioning ST Engineering favourably in the market.

In summary, ST Engineering’s divestment of its stake in SPTel is a calculated move to optimise its asset portfolio and strengthen its financial position, with potential for future growth driven by its core business areas.
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SKINARMA has launched its JAGER collection, a versatile range of bags designed for everyday explorers who require gear that matches their dynamic lifestyle. Crafted with durability and functionality in mind, the collection features five bags that seamlessly blend classic styling with modern features, suitable for city streets and off-grid adventures.

The JAGER collection introduces water-resistant ripstop nylon bags, available in various sizes and colours. Each bag is designed to withstand everyday wear whilst keeping essentials protected. The collection’s standout piece, the Foldtop Backpack, accommodates a 14-inch laptop and offers ample space for daily necessities. Its fold-top closure and utility loops provide quick access and added protection, making it ideal for travel, work, or outdoor activities.

Other notable items include the Zip Utility Tote, which offers spaciousness without bulk, and the CargoPocket Crossbody, compact yet flexible with dual compartments and utility loops. The Clutch Bag and 14-inch Laptop Sleeve round out the collection, offering lightweight, easy-to-carry options with practical features.

Darren Tan, Lead Principal Designer at SKINARMA, stated, “We put careful thought into all aspects—the exterior material, combination of pockets and compartments, and even small details like zip-closures—to meet the traditional needs of everyday carry items whilst still standing out in a bold and distinct way.”

The JAGER collection is available on SKINARMA’s website, offering a fresh take on practical, functional carry gear. SKINARMA, a Singapore-based brand, continues to redefine the intersection of fashion, technology, and art since its inception in 2018.
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Canon Singapore has successfully concluded the 19th edition of the Canon PhotoMarathon 2025, a prominent event in Singapore’s photography calendar. Held on 19 July at Fountain Square@Clarke Quay, the event attracted over 600 photography enthusiasts who competed under the theme “One Click, One Vibe.” Participants were challenged to capture images across three mystery themes—Home, Vintage, and Vibe(s)—with each theme revealed at intervals throughout the day.

The competition offered a total prize pool of approximately $50,000 in Canon products, encouraging participants to race across Singapore, conceptualising and submitting their photos within a two-hour window per theme. Andrew Koh, Senior Vice President and Head of Singapore Operations at Canon Singapore, highlighted the event’s role in promoting creativity and technical excellence, stating, “Canon PhotoMarathon has grown from a competition into a vibrant showcase of creativity, diversity and technical excellence that fuels the photography community in Singapore.”

Canon continued its partnership with APSN, a social service agency supporting individuals with mild intellectual disabilities, by inviting APSN students to participate in the student categories. This collaboration reflects Canon’s philosophy of kyosei—living and working together for the common good.

The event not only celebrated the art of photography but also fostered inclusivity and community spirit. Muhammad Faris, CCA Arts Coordinator at APSN Delta Senior School, remarked, “The Canon PhotoMarathon reflects our school’s values and motivates students to believe in themselves.”

Beyond the competition, Canon Singapore offers workshops and guided shoots to nurture the local photography scene, providing opportunities for photographers to enhance their skills and creativity.
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Singapore Airlines (SIA) has successfully raised $3m through its SG60 SIA Cares 2025 fundraising campaign, aimed at supporting more than 1,600 children and youth with disabilities and developmental needs across Singapore. As part of the SG60 celebrations, SIA hosted its third SIA Cares Open House, which for the first time spanned two days, on 19 and 20 July.

The event welcomed nearly 900 guests, including youth-at-risk and individuals from disadvantaged backgrounds, along with their caregivers, from 33 social service agencies. The guests were given an exclusive tour of the SIA Training Centre, where they interacted with pilots, cabin crew, and engineers, and explored flight simulators and safety training facilities.

The Open House is part of the broader SIA Cares Around the World campaign, which involves over 1,000 SIA staff from 60 cities engaging in community activities. SIA CEO Goh Choon Phong expressed pride in the initiative, stating, “Opening our doors to almost 900 guests, and bringing them on an exclusive behind-the-scenes tour, allows us to engage and share the wonders of aviation with them.”

The campaign highlights SIA’s commitment to community support, with corporate partners joining the effort. The event also featured a heritage showcase and interactive installations celebrating Singapore’s nation-building journey. Participants enjoyed in-flight meals and various activities, underscoring SIA’s dedication to giving back to the communities that have supported the airline.
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