Industry News

PSB Academy, a leading private education institution in Singapore, has announced the launch of its Beyond60 initiative, a S$2.1 million programme aimed at funding education scholarships for 30 recipients. The scholarships will be awarded through partnerships with the Singapore Centre for Social Enterprise (raiSE), United Women Singapore, and Care Corner Singapore, focusing on social enterprises, women in STEM, and youths-at-risk.

The scholarships, part of the SG60 “Building Our Singapore Together” theme, will cover educational programmes ranging from six months to four years. Derrick Chang, CEO of PSB Academy, emphasised the importance of providing equal opportunities for Singaporeans to progress, stating, “We must ensure that prosperity extends to more members of the community.”

The initiative aims to strengthen the capabilities of leaders within the social enterprise sector, provide young women with opportunities in STEM, and support at-risk youths in achieving their academic goals. Alfie Othman, CEO of raiSE, highlighted the strategic investment in human capital, whilst Tan Ching Ne, President of United Women Singapore, noted the importance of equipping young women to thrive in underrepresented fields.

Scholarships will be awarded in multiple tranches, with courses commencing as early as the second half of this year and as late as December 2026. Applications are open until 31 December 2025. PSB Academy plans to host public engagement activities to promote inclusivity and accessibility in education.
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UNIQLO’s bi-annual Thank You Festival is set to return from 23 to 29 May, offering a week of appreciation to its loyal customers in Singapore.

The festival will feature limited offers on LifeWear essentials, new UT launches, and exclusive novelty items, alongside local food-themed UTme! designs by Singaporean artists Tiffany Lovage and Kenneth Seow.

The festival highlights include special collections such as the Doraemon x Louvre UT collection and the Summer 2025 UNIQLO x Anya Hindmarch “T-SHIRT SHOP”. Customers can also enjoy limited offers on summer essentials featuring Japanese technology like AIRism and Ultra Stretch.

In addition to fashion, UNIQLO is offering exclusive perks during the festival. Shoppers spending a minimum of S$100 in-store or online will receive a limited-edition lunch bag. Those visiting the Orchard Central Global Flagship and Jewel Changi Airport stores can customise a mixed rice keychain with a S$100 purchase. Furthermore, a S$10 voucher is available for customers using DBS or POSB cards with a minimum spend of S$100.

Paulene Ong, Marketing Director of UNIQLO Singapore, expressed the brand’s gratitude, stating, “The Thank You Festival, or Kanshasai in Japanese, is our heartfelt tradition to express gratitude to our community.”

UNIQLO also continues its commitment to community support through the Project Neighbours Helping Neighbours initiative, encouraging customers to donate pre-loved clothing. This initiative has redistributed over 30,000 pieces of clothing to more than 3,000 beneficiaries across Singapore.

The Thank You Festival not only celebrates UNIQLO’s appreciation for its customers but also highlights its dedication to community engagement and sustainability.
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Singapore’s core inflation is expected to remain subdued in April, according to a report by UOB Global Economics and Markets Research. The upcoming Consumer Price Index (CPI) release on 23 May is projected to show a sequential rise in core inflation by 0.2-0.3% month-on-month, translating to an estimated 0.5% year-on-year, unchanged from the previous month.

The subdued inflation outlook is attributed to several factors. Imported inflation is likely to remain contained due to benign external price pressures, as indicated by UOB’s import-weighted inflation index. Additionally, the Singapore dollar nominal effective exchange rate (S$NEER) has been elevated above the midpoint of the policy band, further tempering inflation pressures.

A notable factor in the inflation forecast is the 10% increase in water prices effective from 1 April 2025, which is expected to contribute to stronger inflation in the utilities and other fuels component. However, electricity tariffs are set to remain unchanged for the second quarter of 2025.

Airfares, which have a 1.29% weight in the CPI basket, are expected to show weaker momentum. This is partly due to discounts offered by a domestic airline carrier, as well as a broader deflationary trend in airfares observed in February and March. This trend is mirrored in the US CPI and is possibly driven by cheaper fuel prices and softer global demand for travel amidst a challenging macroeconomic environment.

The report highlights that the average price of Brent crude oil has declined from S$75 ($75) per barrel in February to S$66 ($66) in April, which may indicate weakened consumer sentiment and reduced travel demand globally.
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The National University Heart Centre Singapore (NUHCS) has become the first in Asia to recruit patients for a pioneering clinical trial aimed at treating transthyretin amyloid cardiomyopathy (ATTRCM), a rare and potentially fatal heart disease. The trial, known as MAGNITUDE, explores a novel gene editing therapy that could alter patients’ DNA to slow the production of harmful proteins causing the disease.

ATTRCM affects around 150 individuals in Singapore, including Chua Ah Hai, a 62-year-old participant in the trial. The disease is characterised by the build-up of misfolded proteins in the heart and other organs, leading to symptoms such as numbness, lethargy, and dizziness. If untreated, it can result in heart failure.

Assistant Professor Lin Weiqin, Clinical Director of the Heart Failure and Cardiomyopathy Programme at NUHCS, is spearheading the Singapore arm of this international study. The trial investigates the impact of the gene editing research medicine Nexiguran Ziclumeran (NTLA-2001) on ATTRCM. “If successful, it will be the first DNA altering treatment used in adult cardiology,” Lin stated.

The trial’s first Asian participant received the therapy in September 2024, with four more patients, including Chua, joining since. Early results have shown promising reductions in the abnormal protein with minimal side effects. NUHCS continues to recruit patients aged 18 to 90 who meet specific criteria, including a history of heart failure due to ATTRCM.

NUHCS, a leading heart centre in Singapore, is renowned for its expertise in treating complex cardiovascular diseases and is actively involved in cutting-edge research to improve patient outcomes.
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S&P Global Ratings has assigned a ‘BBB+’ long-term issue rating to the Singapore dollar-denominated subordinated notes proposed by Prudential Funding (Asia) Plc, a finance company under the Prudential insurance group. These notes are part of Prudential’s extensive $10 billion medium-term note (MTN) programme, with Prudential PLC acting as the guarantor.

The notes, which include loss absorption features, are designed to qualify as regulatory capital under the Hong Kong Insurance Authority’s groupwide supervision framework. This means they can be used by Prudential’s regulated entities to absorb losses whilst maintaining operational stability. Despite their hybrid nature, the notes do not receive equity content recognition due to their tenor being under 10 years, but they are fully considered in the group’s capital adequacy assessment.

The rating is two notches below Prudential PLC’s long-term issuer credit rating, reflecting the notes’ subordination and payment risks associated with mandatory deferral features. The final terms and conditions are still under review, but the notes are expected to support Prudential’s financial leverage, which is projected to remain close to 20% over the next two years.

Prudential maintains a strong regulatory solvency record, with a total groupwide supervision coverage ratio of 203% as of 31 December 2024. The notes can be called in whole between 9.75 and 10 years after issuance, subject to regulatory approval. This issuance underscores Prudential’s strategic approach to managing its capital structure and regulatory requirements.
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Singapore’s new home sales in April 2025 experienced a decline for the second consecutive month, with 663 private homes sold, marking a 9.1% decrease from March’s 729 units. This downturn comes as buying sentiment remains cautious due to ongoing global trade frictions and geopolitical tensions, according to Tricia Song, CBRE Head of Research for Singapore and Southeast Asia.

April’s sales bring the total number of new homes sold in 2025 to 4,038 units. Despite the decline, the number of units sold in April more than doubled compared to the same month last year, which saw only 301 units sold. The top-selling project was One Marina Gardens, which sold 384 units at a median price of $2,948 per square foot (psf), representing 41% of its total units.

The Rest of Central Region (RCR) led the market segment in April, accounting for 83.1% of developer sales, largely due to the launches of One Marina Gardens and Bloomsbury Residences. The Outside Central Region (OCR) followed with 14.3% of sales, whilst the Core Central Region (CCR) underperformed with just 2.6% of sales.

Looking ahead, CBRE Research anticipates a slowdown in new home sales for the remainder of 2025, projecting a total of 7,000 to 8,000 units sold for the year. This forecast reflects the potential for developers to delay launches amid economic uncertainty. Private home prices rose by 0.8% quarter-on-quarter in Q1 2025, with a full-year increase of 3-4% expected, contingent on economic conditions.
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PSB Academy, a leading private education institution in Singapore, has announced the launch of its $2.1m Beyond60 initiative, aimed at providing full scholarships to 30 deserving individuals. These scholarships, awarded in collaboration with the Singapore Centre for Social Enterprise (raiSE), United Women Singapore, and Care Corner Singapore, are part of a broader effort to promote inclusivity and equal educational opportunities.

The initiative aligns with Singapore’s 60th anniversary theme of “Building Our Singapore Together,” focusing on shared values such as resilience and openness. The scholarships will cover educational programmes ranging from six months to four years, depending on the course selected. Recipients will be chosen by the partner organisations, with the first batch of scholarships commencing in the second half of this year and continuing until December 2026.

Derrick Chang, CEO of PSB Academy, stated, “We will together identify well-deserving individuals to receive these scholarships—individuals who may otherwise not have the resources to pursue further education.”

The scholarships aim to empower leaders within the social enterprise sector, support young women in STEM fields, and provide alternative educational pathways for at-risk youths. Alfie Othman, CEO of raiSE, emphasised the importance of equipping social enterprise leaders with the skills needed for sustainable development, whilst Tan Ching Ne, President of United Women Singapore, highlighted the initiative’s role in closing the gender gap in STEM.

Applications for the scholarships are open until 31 December 2025. PSB Academy plans to host a celebration later this year to officially award the scholarships and will organise public engagement activities to promote inclusivity in education.
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Singapore-based Motul, a leader in innovative lubricants, has unveiled its latest product, NGEN Hybrid, in the Asia Pacific region. This new addition to Motul’s sustainable NGEN range is specifically designed for Hybrid Electric Vehicles (HEVs) and Plug-in Hybrid Electric Vehicles (PHEVs). As hybrid vehicle adoption rises across the region, NGEN Hybrid aims to meet the unique demands of hybrid engines, offering superior protection and long-term engine health without compromising on performance or sustainability.

Carlo Savoca, Chief Marketing Officer of Motul Asia Pacific, highlighted the importance of this development: “With the growing adoption of hybrid vehicles, it’s essential to have lubricants specifically designed to meet the unique demands of these engines. Hybrid cars need hybrid oil, and NGEN Hybrid supports optimal fuel efficiency, engine protection, and long-term reliability.”

The launch aligns with the rapid growth of hybrid vehicles in Asia Pacific, where the market is projected to grow at a compound annual growth rate of 18% from 2024 to 2030, according to MarkNtel Advisors. This growth is driven by consumer demand for fuel-efficient and environmentally friendly mobility solutions, as well as government incentives supporting low-emission vehicles.

NGEN Hybrid is engineered to address the distinct conditions of hybrid powertrains, such as frequent engine restarts and transitions between electric and petrol modes. It promises up to 8.1% better fuel economy compared to regular oils and offers 60% greater protection in Low-Speed Pre-Ignition tests. Additionally, it is formulated with 10% regenerated base oils and packaged in recyclable bottles, reflecting Motul’s commitment to sustainability.

Motul’s NGEN Hybrid is available in viscosities of SAE 0W-16 and SAE 0W-20, catering to the evolving needs of hybrid vehicle drivers.
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Singapore-based ChemOne Group is set to revolutionise the petrochemical industry with its Pengerang Energy Complex (PEC) in Malaysia, thanks to its adoption of Honeywell UOP’s LD Parex technology. This innovation is expected to reduce operating expenses by up to 40% and capital expenses by up to 20% when the plant becomes operational.

Alwyn Bowden, CEO of Pengerang Energy Complex Sdn Bhd, highlighted the shift in the global refining industry from fuel to petrochemicals, stating, “Refineries have been under increasing pressure to adapt and power profitability and efficiency.” The PEC will be the first plant outside China to utilise this advanced technology, which is projected to save $120 per metric tonne of paraxylene produced.

Paraxylene, a key component in polyester and plastics, is in high demand, particularly in China, which accounts for 60% of global consumption. With global demand expected to grow by 5.32% annually, generating $52.92b by 2031, PEC aims to meet this demand whilst reducing its carbon footprint.

The UOP LD Parex technology employs an advanced adsorptive separation process, replacing heavy desorbents with a more efficient light desorbent, toluene. This change simplifies fractionation units, significantly cutting both CapEx and OpEx. The technology also supports ChemOne’s sustainability goals by minimising emissions and utility consumption.

In the coming months, PEC plans to finalise project financing and begin construction in Pengerang, Johor, Malaysia, marking a significant step forward in sustainable petrochemical production.
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Kimly Limited, one of Singapore’s largest traditional coffeeshop operators, has announced a net profit of S$14.8m for the first half of the financial year 2025, ending 31 March. This represents a 15.6% decrease from the previous year, amidst a challenging environment marked by rising costs and manpower shortages. The company’s revenue saw a marginal increase of 0.5% to S$159.3m, driven primarily by its Outlet Management division.

The food and beverage industry continues to grapple with increased rental, raw material, and utility costs, alongside stringent foreign worker policies and rising wages. Despite these hurdles, Kimly remains committed to growth, having entered a joint venture in February 2025 to manage a short-term lease for a coffeeshop in Toa Payoh, and acquiring another in Serangoon Central, which began operations in April.

The company’s Directors stated, “These initiatives are in line with our continued efforts to expand our network in high-footfall, strategically located areas.” The Group’s strategy includes investing in research and development and enhancing central kitchen capabilities to boost efficiency and innovation.

Kimly’s Food Retail Division experienced a revenue decline of S$1.4m, attributed to the closure of underperforming stalls and outlets. However, this was partially offset by the opening of new stalls and outlets. The company declared an interim dividend of 1.00 Singapore cent per share, reflecting its commitment to shareholder value despite economic pressures.

Looking ahead, Kimly plans to closely monitor the evolving business landscape and adapt its strategies to maintain competitiveness and resilience in the face of ongoing geopolitical and inflationary challenges.
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