Industry News

Award-winning consultant Judd Labarthe, founder of Singapore-based consultancy Planner At Large LLP, has launched his début book, Swimming Downstream: How To Stop Struggling & Start Winning With Marketing That Actually Works. Published by Marshall Cavendish Business, the book challenges conventional marketing wisdom by offering practical, evidence-based guidance.

Labarthe argues that many marketing strategies are based on flawed assumptions, leading businesses to make avoidable mistakes. “Successful marketing is more accessible than most businesspeople realise,” Labarthe said, highlighting the importance of aligning with evidence-based marketing currents rather than following misguided trends.

Swimming Downstream provides a framework for success, drawing from marketing science, real-life case studies, and Labarthe’s extensive experience. The book aims to help brand and business owners recognise and harness the true drivers of marketing success, whilst avoiding common pitfalls. It also serves as a resource for marketing professionals and students, offering alternatives to conventional wisdom.

Labarthe’s consultancy, Planner At Large LLP, applies these principles to help clients grow their businesses by focusing on building fame and distinctiveness. “Marketing is much more than logos and package designs,” Labarthe explained. “It’s how a business competes.”

Swimming Downstream is available on Amazon, Google Play, and in major bookshops. The book has received early praise for its analytical approach and practical guidance, with industry experts commending its ability to rethink marketing for long-term success.
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The Ministry of Finance has responded to the Auditor-General’s Report for FY2024/25, which issued an unmodified audit opinion on the Government Financial Statements, confirming that public funds are properly accounted for. The Ministry emphasised the importance of the Auditor-General’s Office (AGO) audits in maintaining public trust and accountability, and committed to addressing any identified lapses.

The report identified three key areas requiring attention: contract management and procurement, revenue management, and irregularities in records. In response, the Government plans to enhance procurement practices by sharing lessons across agencies and updating training programmes to improve officers’ capabilities. Agencies will also tighten revenue management processes and address any irregularities, with potential police involvement if necessary.

Additionally, the report suggested improvements in IT controls and data analytics. The Government has already enhanced its IT audit approach and is focusing on privileged account management. Efforts are underway to encourage better use of data analytics for verification checks in government schemes.

A thematic audit on Research, Innovation and Enterprise (RIE) 2025 grants managed by A*STAR and the National Research Foundation highlighted good practices but also areas for improvement, such as policy deviation approvals and conflict of interest management. The agencies involved have acknowledged these findings and are implementing new measures.

The Ministry of Finance reiterated its commitment to upholding high standards of governance and accountability, ensuring continuous improvement in managing public resources to better serve Singapore and its citizens.
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Far East Hospitality has announced that its Managing Director, Arthur Kiong, will retire on 31 December 2025. Kiong, who has been pivotal in the company’s growth, will transition to a consultant role from 1 January to 30 April 2026 to ensure a smooth leadership change. Mark Rohner, currently Deputy Managing Director, will take over as Managing Director from 1 January 2026.

Kiong, a veteran with nearly 14 years at Far East Hospitality, has been instrumental in expanding the brand’s footprint and establishing its Singapore-Inspired Hospitality ethos. Under his leadership, the company has received numerous accolades, including seven hotels being named Best of the Best in Singapore at the TripAdvisor Travellers’ Choice Awards. Kiong’s tenure also saw the strategic expansion into Japan, with five hotels opening in as many years.

Rohner, who joined the company in 2024, has been driving operational excellence and was key in the group’s recent growth in Japan. With over 25 years in the hospitality industry, he is poised to build on the strong foundation laid by Kiong. “I am honoured to succeed Arthur and look forward to further strengthening our operating capabilities and expanding our presence beyond Singapore,” Rohner stated.

This transition marks a continuation of Far East Hospitality’s commitment to its brand values and ambitions, with plans to enhance its portfolio and deliver exceptional experiences to guests and partners regionally.
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S&P Global Ratings has assigned a ‘BBB+’ long-term issue rating to a Tier 2 subordinated corporate bond proposed by Nanshan Life Pte. Ltd., a Singapore-based company. The rating reflects an unconditional and irrevocable guarantee provided by its parent company, Taiwan-based Nan Shan Life Insurance Co. Ltd., which holds an ‘A-‘ rating with a stable outlook.

The guarantee ensures that Nan Shan Life will cover principal and interest payments if Nanshan Life Pte. Ltd. defaults. This assurance aligns the bond’s rating with other subordinated obligations issued by Nan Shan Life. The bond, which qualifies as Tier 2 capital for Nan Shan Life, will be consolidated under the parent company’s balance sheet, with no significant impact on its financial structure.

The bond has a maturity of 15.5 years and may be redeemed at the issuer’s discretion within three months up to the reset date in 10.5 years. Notably, the bond does not include step-up or interest deferral terms. Proceeds from the issuance will primarily enhance Nan Shan Life’s regulatory capital adequacy ratio.

Any substantial changes to the bond’s terms could affect its rating. This issuance underscores Nan Shan Life’s commitment to maintaining robust financial health and supporting its subsidiary’s financial obligations.
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The Chinatown Mid-Autumn Festival 2025 in Singapore is set to celebrate 60 years of heritage, progress, and togetherness with a vibrant array of activities from 7 September to 20 October. Organised by the Chinatown Festival Committee, the event will feature captivating street light-ups, cultural programmes, and community activities, reflecting Singapore’s multiculturalism and progress since independence.

The festival’s theme, “60 Glorious Years Celebrating Mid-Autumn in Singapore,” underscores the nation’s journey and unity. The Official Street Light-Up and Opening Ceremony will be held on 18 September at Kreta Ayer Square, officiated by Josephine Teo, Minister for Digital Development and Information, alongside other advisers. Teo remarked, “It is heartening to see Chinatown’s streets lit with joy and meaning.”

A striking 8-metre-tall centrepiece featuring the number 60, rabbits, mooncakes, and orchids will be a focal point, symbolising resilience and progress. The festival will also include a canopy of lotus flowers and fans on New Bridge Road and Eu Tong Sen Street, and glowing moon palaces on Upper Cross Street.

Beyond the light displays, the festival will host a range of activities, including a festive fair, a lantern design competition, and a mass lantern walk. These events aim to engage both locals and visitors, offering an immersive experience of Singapore’s rich traditions. The festival concludes on 20 October, inviting everyone to partake in the celebrations and reflect on the nation’s journey.
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Suntec REIT has announced a favourable ruling from the Australian tax authorities, allowing it to continue benefiting from a concessionary withholding tax rate. This development is expected to enhance the real estate investment trust’s distribution per unit (DPU) by approximately 4% in the first half of 2025, RHB said in a note. The announcement comes amidst a backdrop of declining domestic interest rates, which have reduced Suntec REIT’s finance costs by 6% during the same period.

The tax concession is a significant advantage for Suntec REIT, which is already trading at a substantial 35% discount to its book value. This discount, combined with the high-quality nature of its portfolio, positions Suntec REIT as a potential candidate for mergers and acquisitions or internalisation. The RHB’s analyst, Vijay Natarajan, has reiterated a “BUY” recommendation, raising the target price from SGD1.35 to SGD1.48, indicating a 13% upside potential.

The strategic positioning of Suntec REIT, coupled with the recent tax ruling, underscores its potential for growth and stability in the current market. The trust’s ability to maintain a competitive edge through financial efficiencies and strategic tax advantages highlights its resilience and attractiveness to investors. As the market continues to evolve, Suntec REIT’s proactive measures and robust portfolio are likely to sustain its performance and investor interest.
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LexisNexis Risk Solutions, in partnership with the Singapore FinTech Association, has released a White Paper exploring the evolving landscape of cross-border payments in the Asia-Pacific (APAC) region. The document identifies key opportunities and strategies to achieve a seamless payments ecosystem, focusing on regulatory challenges and technological advancements.

The White Paper reveals that 77% of surveyed organisations prefer API-based validation systems to enhance payment processing efficiency. Additionally, 67% of respondents emphasise the importance of real-time payment data validation at the customer input stage to prevent errors and reduce operational costs. Speed remains a top priority for customers, with 33% of organisations ranking it as their primary concern.

Regulatory compliance emerges as the most significant challenge, cited by 31% of participants. The paper stresses the need for harmonised regulatory frameworks to address complexities and reduce compliance costs. It also highlights the transformative potential of technologies such as blockchain, central bank digital currencies (CBDCs), and mobile payments, whilst cautioning that their adoption must be carefully managed to mitigate risks.

The White Paper outlines eight strategic pillars aimed at addressing fragmented systems, regulatory complexities, and promoting financial inclusion. These insights provide a roadmap for industry stakeholders to navigate the dynamic cross-border payments landscape in APAC.

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Singapore is reaffirming its role as a global energy hub amidst the challenges of transitioning to a low-carbon economy, as highlighted by Senior Minister of State for Trade and Industry, Low Yen Ling, at the Asia Pacific Petroleum Conference (APPEC) 2025. The event, held on 8 September, attracted over 1,200 delegates from 46 countries, marking it as the most attended edition to date.

The conference’s theme, “Navigating Trade, Technology and Transition,” underscores the current turbulence in the global energy sector, driven by geopolitical tensions and the shift towards sustainable energy. Low emphasised Singapore’s commitment to supporting companies through the “3Ts”—Trade, Technology, and Transition.

In the realm of trade, Singapore remains a preferred hub, with energy trade growing from $1.44 trillion (US$1.44 trillion) to $1.67 trillion (US$1.67 trillion) between 2023 and 2024. The city-state also welcomed six new firms into its Global Traders Programme, including Yulong Petrochemical.

Technology is reshaping the industry, with firms incorporating artificial intelligence (AI) into operations. Enterprise Singapore supports these advancements, exemplified by BHP Group Limited’s establishment of a regional AI hub in May 2025. Additionally, AI Singapore’s 100 Experiments initiative aids firms like Four Elements Capital in leveraging machine learning for trading insights.

As Singapore transitions to a low-carbon future, it is expanding its production of sustainable products and biofuels. The city-state hosts the world’s largest sustainable aviation fuel facility and is developing alternative maritime fuels, with ammonia expected to play a significant role by 2050.

The conference highlighted Singapore’s strategic position in carbon services and trading, with over 150 firms now operating in this sector. Major players like Shell and BP have established local carbon trading teams, reinforcing Singapore’s leadership in the energy transition.
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BRC Asia, a steel mesh manufacturer, has been upgraded to a “Buy” rating by UOB Kay Hian, with a new target price of S$4.69, reflecting a 15.8% upside. This upgrade follows BRC Asia’s strategic acquisition of a 55% stake in Southern Steel Mesh, expanding its footprint in Malaysia and enhancing its regional presence. The company, which holds a dominant 55-60% market share in Singapore, is poised to benefit from increased construction activity and a robust orderbook.

BRC Asia’s recent acquisition of Southern Steel Mesh, which operates four manufacturing plants in Malaysia, provides a strategic foothold in the region. This move diversifies BRC’s revenue streams and enhances its scale in Southeast Asia. The acquisition aligns with the company’s strategy to upgrade operations and compete with other leading steel manufacturers.

The company’s record S$2b orderbook, bolstered by major contracts such as the Changi Airport Terminal 5 project, provides strong earnings visibility over the next few years. This orderbook is 35% higher than BRC’s FY24 revenue and is expected to be completed within three years, aligning with the ongoing construction upcycle.

Singapore’s construction sector is experiencing significant growth, with a 5.5% year-on-year expansion in Q1 2025. This growth is driven by public and private sector projects, including major infrastructure spending and a robust housing pipeline. The government’s allocation of S$19.6b for infrastructure in Budget 2025 further supports this trend.

BRC Asia’s strong market position, coupled with its strategic expansion and robust orderbook, positions it well for sustained growth. The company’s FY26 dividend yield of 5.3% adds to its attractiveness for investors.
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The Monetary Authority of Singapore (MAS) has announced that the Green Investments Partnership (GIP), a blended finance fund under the Financing Asia’s Transition Partnership (FAST-P) initiative, has achieved its first close with US$510 million in committed capital. This capital, sourced from a mix of global and regional private, public, and philanthropic institutions, will be channelled into green and sustainable infrastructure projects across Southeast and South Asia.

The GIP is supported by a diverse group of investors, including the Australian Government, International Finance Corporation, Dutch Entrepreneurial Development Bank, HSBC, Temasek, and British International Investment. The European Commission also backs the initiative through its Global Gateway programme. Pentagreen Capital, a platform established by HSBC and Temasek, will manage the fund, focusing on sectors such as renewable energy, electric vehicle infrastructure, and sustainable transport.

Launched in 2023, FAST-P aims to address the climate finance gap in Asia by leveraging innovative blended and tiered capital structures. The initiative seeks to de-risk infrastructure investments, thereby attracting international investors to projects that have traditionally been seen as risky. Gillian Tan, MAS’s Assistant Managing Director, highlighted the significance of this milestone, stating, “Pentagreen has brought together a diverse group of partners to de-risk and finance marginally bankable green infrastructure projects in the region.”

The FAST-P initiative includes two other partnerships: the Industrial Transformation infrastructure debt programme and the Energy Transition Acceleration Finance partnership, both of which aim to further support Asia’s green transition.
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