Industry News

Eminent macroeconomist Professor Alan M. Taylor has been appointed as the MAS Distinguished Term Professor in Economics and Finance at the National University of Singapore (NUS) from 12 to 16 January 2026. This appointment is a collaboration between NUS and the Monetary Authority of Singapore (MAS), with Professor Taylor hosted by the Department of Economics at NUS and the Economic Policy Group of MAS.

Currently a Professor of International and Public Affairs at Columbia University, Professor Taylor is also an external member of the Monetary Policy Committee at the Bank of England and a research associate at both the National Bureau of Economic Research and the Centre for Economic Policy Research. His work, particularly on international trade, finance, and macroeconomics, has been widely published in leading journals.

Professor Lionel Wee, Dean of NUS Faculty of Arts and Social Sciences, remarked on the privilege of hosting Professor Taylor, noting his significant contributions to reshaping views on economic history and macro-finance. Edward Robinson, Deputy Managing Director and Chief Economist at MAS, highlighted Taylor’s pioneering research on exchange rate behaviour and financial crises, which is particularly relevant as policymakers navigate post-pandemic monetary policy challenges.

During his tenure, Professor Taylor will deliver a public lecture at NUS on 14 January titled “Driving over the peak — or a false summit?” This lecture will explore the concept of “peak trade” and its implications for monetary policy. Additionally, he will engage in discussions with NUS faculty and deliver a talk at MAS, addressing international economics and monetary policy issues.

The MAS Term Professorship, established in 2009, aims to enhance Singapore’s financial and economics research landscape by inviting distinguished scholars to contribute to the academic community.

ING has announced a leadership transition in its shipping sector, with Stephen Fewster, the current Global Lead, set to leave the bank at the end of Q2 2026. Fewster, who has had a distinguished career spanning over 40 years in banking and international shipping finance, will serve as Executive Chair of the Shipping team during the transition. He plans to continue his career in non-executive roles within the shipping industry.

Effective 1 January 2026, Gerbrand Vroegop, currently Head of Transport & Logistics APAC, will assume the role of Global Lead of the Shipping Sector. Vroegop, based in Singapore, has been with ING since 1999 and brings extensive international experience from his time in London and Rotterdam. Robartus Krol will take over as Head of Transport & Logistics UK, having built a career in London and the Netherlands, and is recognised for his global relationships with shipowners.

Fewster expressed confidence in the new leadership, stating, “After 23 rewarding years at ING, I’m proud to leave the shipping business in strong hands and I’m confident it will continue to thrive. With Vroegop and Krol at the helm, our long-standing strategy and commitment to clients remain firmly in place.”

ING continues to support the Transport & Logistics sector, with Michele Monterosso leading from July 2025. The bank maintains dedicated teams across six sub-sectors, including Shipping, Aviation, and Automotive, with major hubs in cities such as Amsterdam, London, and Singapore.

The Monetary Authority of Singapore (MAS) has announced proposed amendments to the Securities and Futures Act 2001 and draft regulations to facilitate dual listings on the Global Listing Board (GLB). The GLB, a collaboration between Singapore Exchange (SGX) and Nasdaq, was unveiled in November 2025. The changes aim to simplify the dual listing process by allowing a single prospectus, aligning initial public offering (IPO) timelines between the US and Singapore, and permitting certain US-style practices.

The proposed regulations are designed to make the listing process more efficient for issuers seeking dual listings. Key measures include requiring the Singapore prospectus to align with US requirements and shortening the registration process in Singapore to match US IPO timelines. Additionally, safe harbour provisions will be introduced to facilitate forward-looking statements, share repurchases, and pre-determined trades, provided specific conditions are met.

MAS’s amendments also offer flexibility for adopting similar frameworks for jurisdictions with comparable disclosure standards. This initiative aims to enhance cross-border investment opportunities by providing companies with a market capitalisation of S$2b and above a streamlined pathway to access capital and liquidity across the US and Asia.

Furthermore, MAS proposes allowing issuers to engage retail investors earlier in the IPO process, supporting bookbuilding efforts and giving investors more time to understand offers. This change will enable issuers on the GLB to synchronise their engagement with retail investors in both the US and Singapore.

MAS and SGX will retain authority over all listings and prospectus registrations in Singapore, ensuring compliance with disclosure requirements and addressing market misconduct. Feedback on the proposals is invited until 8 February 2026.

Attika Group has announced the acquisition of two new interior fit-out contracts valued at approximately S$38m, significantly bolstering its order book through 2027. The major contract, worth S$36m, involves a 20-storey commercial office project covering around 371,350 square feet.

The new contracts are expected to strengthen Attika Group’s revenue visibility, building on recent successes in data centre and public sector projects. Steven Tan, Managing Director and Executive Chairman of Attika Group, stated, “The award of the commercial building fit-out contract reflects the confidence our clients have in Attika’s project management expertise and track record in executing high-quality commercial interior works.”

Attika Group’s strategic focus on high-growth sectors such as data centres and large-scale commercial offices is a deliberate move to ensure sustained growth. As the company progresses into 2026, these contract wins are anticipated to provide strong revenue visibility and reinforce its commitment to excellence. Tan added, “We remain focused on disciplined execution to deliver value to our stakeholders.”

The scale of the new development further cements Attika Group’s position in the premium commercial segment, highlighting its capability to manage large-scale projects effectively. With these new contracts, the company continues to build a diversified foundation for future growth, ensuring its stakeholders benefit from its strategic initiatives.

Singapore car buyers are increasingly opting for internal combustion engine (ICE) vehicles over electric vehicles (EVs), according to the EY 2025 Mobility Consumer Index. The survey, which included around 300 Singaporean respondents, revealed that 32% now plan to purchase ICE vehicles, up from 26% in 2024. This mirrors a global trend, with 50% of car buyers worldwide showing a preference for ICE vehicles.

The shift away from EVs is attributed to several factors, including concerns over charging infrastructure and the high cost of battery replacements. In Singapore, 56% of respondents cited issues with public charger quality and interoperability, whilst 42% pointed to expensive battery replacements as significant deterrents. Additionally, 40% highlighted the lack of charging infrastructure as a barrier.

Sriram Changali, EY-Parthenon Asean and Singapore Industrials Leader, noted, “The cooling of EV enthusiasm suggests that consumers are taking a more cautious, practical view of ownership, weighing real-world considerations such as charging reliability and interoperability, and total cost of ownership.”

Despite the shift, EVs remain the preferred choice overall. However, the high cost of connected services and limited comfort with advanced autonomous capabilities continue to pose challenges. Only a third of Singapore respondents feel comfortable with Level 3 or above autonomous features, citing accident risk and technology failure as top concerns.

Dealerships continue to play a crucial role in the car-buying process, with 49% of Singaporeans preferring in-person purchases. Changali emphasised the importance of dealerships in guiding consumers through the transition to EVs, stating, “By providing clear information and hands-on experience, they can help consumers build confidence in new technologies.”

Rex International Holding Limited has announced its production figures for December 2025, revealing a total output of 7,959 barrels of oil equivalent per day (boepd) across its operations in Norway, Oman, and Germany. This update highlights the company’s ongoing activities and production capabilities in these regions.

In Norway, Lime Petroleum AS, a subsidiary of Rex, reported a combined production of 6,873 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 month saw both scheduled and unscheduled shut-ins, which are typical in such operations.

In Oman, Masirah Oil Limited, another subsidiary, announced an average production of 1,032 stock tank barrels per day (stb/d) from the Yumna Field in Block 50. Masirah Oil holds full operational control and a 100% interest in this block.

Meanwhile, in Germany, Lime Resources Germany GmbH reported a combined production of 54 barrels of oil per day (bopd) from the Schwarzbach and Lauben Fields. Lime Resources holds a 100% interest in the Schwarzbach Field and a 50% interest in the Lauben Field, with the latter operated by ONEO GmbH & Co.KG.

These figures underscore Rex International’s diverse portfolio and its strategic operations across multiple regions. The company continues to leverage its proprietary technology to optimise exploration and production activities, ensuring steady output despite operational challenges.

The Singapore office market is set to remain resilient in 2026, driven by stable demand and limited supply, according to Knight Frank’s Q4 2025 report. Occupancy rates in the Central Business District (CBD) reached 94.9%, with prime office rents rising to S$11.49 per square foot per month. Despite economic uncertainties, demand for high-quality office spaces remains robust, with most buildings near full occupancy.

Rents for prime office spaces in the Raffles Place and Marina Bay precincts increased by 0.7% quarter-on-quarter, marking a 1.1% rise for the year. Occupancy levels in these areas rose to 95.7%, up 1.0 percentage points from the previous quarter. Tridiana Ong, Head of Occupier Strategy and Solutions at Knight Frank Singapore, noted that small and mid-sized occupiers could find value in spaces vacated by larger corporates downsizing, though these opportunities are quickly taken.

Landlords currently hold a slight advantage as many occupiers opt for lease renewals to avoid fresh capital expenditure. Larger occupiers, particularly in technology and professional services, are choosing to stay put due to limited quality alternatives. Meanwhile, co-working operators are expanding cautiously, with new centres set to open in 2026.

Looking ahead, the market is expected to maintain stability with moderate rental growth of 3% to 5% annually. Occupancy rates are likely to remain strong as Singapore continues to be viewed as a pro-business hub in Southeast Asia. However, global economic shifts and potential large sublease releases remain factors to monitor.

Primech Holdings, a technology-driven facilities services and robotics company, has announced a $4m strategic investment from WELLE Environmental Group. This significant capital injection aims to accelerate Primech’s development in autonomous robotics and AI-powered cleaning systems, as well as expand its global facilities operations.

The investment underscores market confidence in Primech’s long-term growth strategy, particularly its role at the intersection of robotics and technology-enabled services. Primech plans to use the funds to enhance its robotics research and development, strengthen production capabilities, and further commercialise its flagship autonomous restroom cleaning robot, Hytron.

Ken Ho, Chairman and CEO of Primech Holdings, stated, “This investment validates the momentum we are building across autonomous robotics and intelligent facilities operations. Partnering with WELLE strengthens our ability to scale faster, deploy more broadly, and execute on the growing demand for AI-powered automation in real-world environments.”

The collaboration between Primech and WELLE is set to deepen, building on previous cooperation initiatives in robotics and intelligent operations. By combining Primech’s expertise in autonomous robotics with WELLE’s environmental technology, the partnership aims to accelerate intelligent automation and sustainable infrastructure solutions across industrial and commercial markets.

Proceeds from the investment will also support Primech’s core facilities management business, bolstering working capital and operational readiness. This strategic alignment positions Primech to meet the increasing demand for innovative and sustainable solutions in the facilities management sector.

Price Forbes has announced the appointment of Dick Heath as the head of Reinsurance and Wholesale in Singapore, effective immediately. Heath, who will report directly to Philip Johnson, CEO of Price Forbes Asia Pacific, is tasked with enhancing the company’s reinsurance and wholesale offerings to capitalise on growth opportunities in the rapidly expanding sector.

Heath’s appointment is part of Price Forbes Singapore’s strategic focus on its three centres of excellence: Reinsurance & Wholesale, Speciality & Retail, and Marine, Credit & Political Risk. This structure is designed to provide dedicated attention to each area whilst supporting the company’s ongoing expansion.

With over 40 years of experience in broking and underwriting, Heath has spent the last 12 years in the Singapore market. He joins Price Forbes from Gallagher, where he was CEO, Asia, and played a significant role in expanding the firm’s presence in the region.

Johnson expressed enthusiasm about Heath’s addition, stating, “We are delighted to welcome Dick to Price Forbes. His calibre, leadership skills and reputation speak for themselves.” Heath echoed this sentiment, saying, “I’m extremely pleased to join Price Forbes Singapore at a time of such rapid development for both Price Forbes and the APAC market.”

Price Forbes, the largest independent speciality broker in the London Market, continues to strengthen its presence in Asia, aiming to deliver a market-leading culture and growth. Heath’s leadership is expected to be pivotal in achieving these objectives.

Mitsui O.S.K. Lines (MOL) has announced its investment in the development of an automated logistics facility in Singapore, named OMEGA 1 Singapore. This initiative is part of MOL’s involvement in the CapitaLand SEA Logistics Fund (CSLF), managed by CapitaLand Investment. The facility, located in the Jurong Industrial Estate, is set to feature cutting-edge technologies such as robotics and automated storage systems, aiming to revolutionise traditional logistics operations.

The OMEGA 1 Singapore facility will incorporate environmentally friendly design features and aims to achieve the Green Mark GoldPlus certification, recognising its commitment to sustainability. Strategically positioned with access to major expressways and close proximity to key ports, the facility is expected to enhance domestic logistics efficiency and support regional trade integration.

Upon completion in 2028, the facility will be fully leased to Ally Logistic Property, a leader in smart logistics infrastructure. The project aligns with MOL’s BLUE ACTION 2035 management plan, which focuses on expanding its logistics and industrial business to ensure stable profitability.

The facility will span approximately 71,000 square metres and include a five-storey warehouse with advanced automated systems. The estimated project cost is S$260m. MOL’s investment reflects its strategy to diversify and strengthen its business portfolio, particularly in the logistics infrastructure sector, as part of its regional strategy for Southeast Asia and Oceania.