Industry News

Singapore’s job market continues to demonstrate resilience despite a fifth consecutive month of declining job postings, according to the latest data from Indeed’s Hiring Lab. The report highlights a significant increase in demand for technical roles, particularly in civil engineering, which saw a 19% rise in job postings over the past three months. This surge is attributed to large-scale public infrastructure projects, such as Changi Airport Terminal 5.

Whilst the overall market cooled with a 0.9% month-on-month decline in May, job postings remain 40% above their February 2020 baseline. Other sectors experiencing growth include childcare, with a 13% increase, sports at 12%, and data analytics at 5.6%. However, healthcare-related roles such as pharmacy, veterinary, and physician/surgeon positions saw notable declines, with pharmacy postings dropping by 45%.

Senior Economist Callam Pickering commented, “The pace of job decline has moderated. With a low unemployment rate of 2.1%, employers are still grappling with skill shortages despite cooling hiring.”

The report also notes shifts in job market dynamics since last year. Management roles have increased slightly, whilst education roles have grown from 4.3% to 4.7% of total postings. Conversely, software development roles have decreased by 1.2 percentage points.

Despite these fluctuations, the demand across most sectors remains robust compared to pre-pandemic levels. However, geopolitical and economic uncertainties could impact future job creation, as businesses face challenges in planning ahead.
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In the first half of 2025, Food Empire, Yangzijiang Financial, Centurion Corporation, BRC Asia, and Wee Hur Holdings emerged as the top performers in the FTSE ST Small Cap Index. This index, comprising 42 constituents, achieved a 4.9% total return, outpacing the FTSE Asia Pacific Small Cap Index’s 2.7% return. The index also recorded a net institutional inflow of S$31 million, with significant contributions from Yangzijiang Financial Holding, Centurion Corporation, and Wee Hur Holdings.

Food Empire Holdings made headlines by debuting on the 2025 Fortune Southeast Asia 500 list, thanks to a 12% revenue growth in FY24, reaching $476 million (US$476 million). The company remains optimistic about sustaining growth, driven by brand investments and expansion in high-growth Asian markets. Its stock maintains an 18% return on equity (ROE), with its price-to-earnings ratio doubling to 14x in 2025.

Yangzijiang Financial Holding saw a surge in trading volumes, with its average daily turnover (ADT) rising to S$15.9 million from S$2.4 million in 2024. BRC Asia, maintaining a 21% ROE, reported a 9% increase in net profit for 1H25 compared to 1H24.

The FTSE ST Small Cap Index, with a market capitalisation of S$33 billion, will retain its 42 constituents following the quarterly rebalancing effective after 20 June. The index’s performance highlights the strength of Singapore’s small-cap stocks in a competitive regional landscape.
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DBS and the Australian Trade and Investment Commission (Austrade) have signed a Memorandum of Understanding (MOU) to facilitate Australian companies and investors’ expansion into Southeast Asia. Announced during the 10th anniversary of DBS Australia, this first-of-its-kind agreement between Austrade and a Singapore bank seeks to enhance investment links with Southeast Asia, including Singapore, Indonesia, Malaysia, and Vietnam.

The MOU aligns with Australia’s Southeast Asia Economic Strategy, which aims to increase two-way trade and investment by 2040. With Southeast Asia projected to become the world’s fourth-largest economy by 2040, the agreement offers a strategic framework for Australian businesses to tap into this burgeoning market.

Under the MOU, DBS and Austrade will provide essential resources such as market insights and regulatory guidance. They will also facilitate connections with regional partners and industry leaders. DBS plans to leverage its expertise to offer advisory services, including market entry strategies and financial planning. An investor roundtable is scheduled for Q3 2025 in Sydney to showcase regional investment opportunities.

Austrade CEO Paul Grimes highlighted the region’s expanding middle class and demand for digital and sustainable development as key opportunities for Australian businesses. DBS CEO Tan Su Shan noted the bank’s decade-long commitment to supporting Australian economic priorities and emphasised the potential of Australia-Southeast Asia connectivity.

DBS established its Australia branch in 2015 to support business growth and facilitate investment flows between Australia and Asia. The bank has played a significant role in supporting Australia’s energy transition and digital infrastructure growth, as well as outbound investments by Australian businesses.
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Seatrium Limited has announced a significant partnership with Solvang ASA, a Norwegian shipping company, to install and retrofit full-scale Carbon Capture and Storage (CCS) systems on Solvang’s fleet. The agreement was formalised during the Nor-Shipping 2025 event in Oslo, marking a pivotal step in both companies’ commitment to sustainable maritime solutions.

This collaboration builds on the successful delivery of the Clipper Eris in February 2025, the world’s first full-scale retrofit of a 7MW CCS system, which Seatrium executed with turnkey Engineering, Procurement, and Construction solutions. Solvang’s new series of Very Large Gas Carriers, specifically configured for CCS, will be the first candidates for this retrofit, with project commencement expected in late 2026.

Alvin Gan, Executive Vice President of Seatrium Repairs and Upgrades, expressed the company’s dedication to advancing sustainable maritime solutions, stating, “This partnership demonstrates our commitment to advance sustainable solutions in the maritime decarbonisation journey.” Tor Ask, Fleet Director of Solvang ASA, added, “Seatrium’s proven capabilities, demonstrated by the Clipper Eris retrofit, give us full confidence that this collaboration will bring tremendous value.”

Seatrium has a strong track record in providing green technologies for the maritime industry, having delivered over 584 sustainability-linked solutions since 2015. This partnership further strengthens the decade-long relationship between Seatrium and Solvang ASA, highlighting their shared vision for a lower-carbon future.
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Eaton, an intelligent power management company, has announced a partnership with Fengsheng Electric to distribute its single-phase Uninterruptible Power Supply (UPS) solutions in Singapore. This strategic move aims to bolster Eaton’s distribution network and expand its reach into residential, commercial, and industrial sectors, complementing its existing IT market presence.

The partnership comes as Singapore continues its push towards becoming a smart nation, necessitating reliable power infrastructure. Brian Neo, Country Manager, Singapore, Eaton’s Electrical Sector, highlighted the importance of this collaboration: “Through our collaboration with Fengsheng Electric, we’re enabling more businesses in Singapore to future-proof their power systems and operate with confidence without the worry of costly downtime.”

Fengsheng Electric’s Managing Director, Richard Lim, expressed enthusiasm about the partnership, stating, “We are thrilled to partner with Eaton, a recognised leader in power management solutions. Eaton’s industry-leading UPS solutions are a strong addition to our existing portfolio.”

Eaton has also launched its next-generation 9PX Gen2 UPS, designed to meet modern business and IT power protection demands. With up to 97% efficiency, the 9PX Gen2 aims to reduce operating costs and provide reliable power protection, particularly in the rapidly expanding edge computing and small data centre landscapes across Asia. Choo Chee Kiang, General Manager for Eaton’s Electrical Sector in Singapore, Indonesia, and Malaysia, noted, “The enhanced 9PX Gen2 delivers improved performance and efficiency, ensuring peace of mind for always-on uninterrupted operations.”

The single-phase UPS market in the Asia-Oceania region is projected to reach $100 million by 2025, with an annual growth rate of 10%. This partnership and product launch position Eaton to capitalise on the growing demand for efficient power solutions in the region.
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Novo Holdings has reported significant progress in its Asian investments throughout 2024, focusing on healthcare, life sciences, and planetary health. The company, which manages the assets of the Novo Nordisk Foundation, has expanded its presence in key markets, including Singapore, Shanghai, and soon Mumbai. This expansion is part of Novo Holdings’ strategy to foster long-term partnerships that yield both financial returns and societal benefits.

Key achievements in 2024 include Novo Holdings’ largest-ever investment in Asia with India’s Manipal Hospitals, a leader in affordable healthcare. Additionally, the company made its first planetary health investment in Asia by supporting AgNext Technologies in India, which uses artificial intelligence (AI) to improve food quality and safety. The opening of an expanded office in Shanghai further underscores Novo Holdings’ commitment to the region.

The company’s Year in Review also highlights milestones such as FDA clearance for Qureai’s lung nodule detection tool and strategic acquisitions by Manipal Hospitals and Medi Assist. Amit Kakar, Managing Partner and Head of Asia at Novo Holdings, stated, “In 2024, we advanced our mission of investing in innovation that improves lives through strengthening healthcare systems, advancing AI in diagnostics, and enabling more sustainable food production.”

Looking forward, Novo Holdings aims to continue expanding its regional platform and deepening partnerships to drive impactful solutions at the intersection of health science and sustainability. The full review is available on Novo Holdings’ website.
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The International Conference on Cohesive Societies (ICCS) is set to return for its third edition from 24 to 26 June 2025 in Singapore, followed by the Young Leaders Programme (YLP) from 26 to 28 June. Organised by the S Rajaratnam School of International Studies (RSIS) and supported by the Ministry of Culture, Community and Youth (MCCY), the event will bring together over 1,000 thought leaders, policymakers, and young leaders from more than 50 countries to discuss fostering cohesive and resilient multicultural societies.

Themed “Cohesive Societies, Resilient Futures,” the conference will feature plenaries, workshops, and breakout sessions focusing on social cohesion through three pillars: Unpacking Multiculturalism, Navigating Uncertainty, and Forging Societal Resilience. Discussions will cover topics such as conflict mediation, navigating polarisation, and building societal resilience. Preliminary findings from the Southeast Asian Social Cohesion Radar 2025 edition will also be presented.

President of Singapore, Tharman Shanmugaratnam, will deliver the opening address, with Malaysia’s Sultan of Perak, Sultan Nazrin Muizzuddin Shah, and Singapore’s Minister for Law, Edwin Tong, providing keynote speeches on subsequent days. More than 60 global thought leaders, including Indonesia’s Minister of Religious Affairs, Prof Dr Nasaruddin Umar, and former Mayor of Rotterdam, Ahmed Aboutaleb, will speak at the event.

The YLP will engage over 100 emerging leaders in initiatives addressing real-world issues like unconscious bias and AI ethics in faith communities, whilst honing skills in critical thinking and mediation.
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Prudential Singapore has announced a substantial $880,000 community investment to commemorate Singapore’s 60th birthday and its relocation to Labrador Tower. This initiative aims to uplift local communities by providing household essentials to over 1,100 ComLink families, contributing to the Prudential Longevity Pledge, and establishing community edible gardens.

The investment aligns with the SG60 theme of “Building Our Singapore Together,” focusing on creating a resilient and inclusive society. The household essentials hampers, which include items like hand soap and dishwashing liquid, will be distributed to families near Prudential’s new office. Additionally, the cash donation to the Prudential Longevity Pledge will support KidSTART Singapore’s programme, which promotes healthy eating habits among young children.

Prudential’s CEO, Chan San San, emphasised the company’s longstanding connection with Singapore, stating, “As Singapore marks its 60th year of independence and Prudential moves to its new office at Labrador Tower, we want to celebrate by investing in the wellbeing of our community.”

The move to Labrador Tower consolidates Prudential’s corporate and agency teams, fostering collaboration among its 1,200 corporate employees and 5,400 financial representatives. The new office supports hybrid work with various spaces designed for different work requirements, enhancing teamwork and customer service.

Prudential’s commitment to sustainability is further demonstrated by the upcoming launch of the “Healthy Harvest” initiative, which will establish community edible gardens to promote environmental responsibility and healthy eating. More details on this initiative will be shared later this year.
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T’way Air, South Korea’s leading low-cost carrier, has announced the addition of a new Singapore-Jeju route to its network, complementing its existing Singapore-Incheon service. Starting 16 August 2025, the airline will operate five weekly flights on the Boeing 737 Max 8, increasing to daily service from 2 September to 26 October 2025.

The new service aims to cater to the growing demand for travel between Singapore and Jeju, a popular tourist destination known for its scenic landscapes. The flight will depart Singapore at 2:15 am, arriving in Jeju at 9:20 am. The return flight will leave Jeju at 7:50 pm, landing in Singapore at 12:45 am the following day.

To celebrate the launch, T’way Air is offering promotional fares starting at $142 (SGD 195) for travel between 16 August and 25 October 2025. Additionally, passengers can avail themselves of limited-time vouchers, including a $36 (SGD 50) Early Bird Voucher for bookings over $292 (SGD 400) and a $14 (SGD 20) Off Voucher for bookings over $146 (SGD 200). These offers are available until 30 June 2025.

T’way Air, established in 2010 and headquartered in Daegu, South Korea, currently serves 50 destinations worldwide. The airline continues to expand its global network, providing affordable and reliable air travel across East Asia, Southeast Asia, Central Asia, Oceania, and Europe. For more details on flight schedules and booking, visit twayair.com.
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MSD has announced the commencement of the MOBILISE-1 Phase 3 clinical trial in Singapore to assess the safety, immunogenicity, and efficacy of V181, a single-dose investigational vaccine for dengue. This trial marks a significant step in MSD’s clinical development programme, targeting all four dengue virus serotypes, irrespective of prior exposure. Recruitment has begun, with the first participants enrolling in Singapore.

The trial is crucial as dengue poses a serious public health threat, affecting nearly half of the world’s population. Dr. Paula Annunziato, senior vice president of infectious diseases and vaccines at MSD Research Laboratories, highlighted the importance of this milestone, stating, “If successful, V181 could provide an important single-dose option for at-risk populations.”

The study will involve approximately 12,000 healthy individuals aged 2 to 17 across more than 30 sites in dengue-endemic regions, including Southeast Asian countries like Indonesia, Malaysia, and Thailand. The primary focus is on the vaccine’s safety and efficacy in preventing symptomatic virologically confirmed dengue.

Dr. Abdullahi Sheriff, Managing Director of MSD in Singapore, Malaysia, and Brunei, expressed gratitude towards Singapore’s scientific community for their partnership. He emphasised the trial’s significance in addressing the unmet healthcare needs in dengue-prone areas.

The trial’s progress is promising, with Singapore’s robust clinical research infrastructure providing an ideal environment for such pivotal studies. Dr. Zhong Youjia from the National University Hospital noted that V181 could significantly enhance dengue prevention, especially among children.

MSD’s commitment to combating dengue extends globally, with plans for further trials in regions where the disease is prevalent. The outcome of this trial could potentially transform dengue prevention strategies worldwide.
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