Industry News

UOB Asset Management (UOBAM) is urging investors to consider a shift towards Asian markets in the third quarter of 2025, as outlined in its upcoming Quarterly Investment Strategy. The firm highlights the nearly equal likelihood of three potential US economic outcomes: recession, continued growth, and stagflation. In light of these uncertainties, UOBAM recommends a neutral investment stance and regional diversification, particularly for those with portfolios heavily weighted in the US.

Anthony Raza, Head of UOBAM Multi-Asset Strategy, noted that the focus in Q2 was on President Trump’s unpredictable trade policies. However, in Q3, the attention is expected to pivot towards their impact on the US economy, with inflation and employment data being closely monitored for signs of recession. “So far, the data is inconclusive and could go either way in the coming months,” Raza stated.

The revaluation of Asian markets is already underway, with the region experiencing a more than 10% increase this year, compared to the US’s S&P 500 index’s 2% rise. Despite concerns over tariffs affecting China, UOBAM’s Group CIO, Chong Jiun Yeh, expressed optimism about the resilience of Chinese companies. Yeh highlighted Asia’s self-sustaining nature, robust domestic consumption, and the benefits of a weakening US dollar, which is currently at a three-year low.

UOBAM, a subsidiary of United Overseas Bank Limited, manages $376 billion in client assets and has a significant presence across Asia. The firm continues to be recognised for its digital innovation and sustainable investing initiatives.
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SIGEP Asia, the prominent trade show for the gelato, pastry, bakery, coffee, tea, pizza, chocolate, foodservice, and nightlife sectors, is set to return to Singapore’s Sands Expo & Convention Centre from 16 to 18 July 2025. The event will feature over 12,000 trade visitors and more than 350 brands from over 30 countries, offering a platform for industry professionals to engage in curated experiences and strategic networking.

Organised by IEG Asia, SIGEP Asia will be co-located with Speciality Food & Drinks Asia, Speciality Coffee & Tea Asia, and Restaurant Asia. This year’s edition promises an expanded line-up of immersive zones, live showcases, and networking opportunities. Highlights include an edible art installation by Singaporean chocolatier Janice Wong, live culinary demonstrations, and the Singapore National Coffee Championship 2025.

Janice Wong’s 9-metre chocolate art installation, created in collaboration with Valrhona, will be a focal point at the Chocolate Pavilion. “To bring this vision to life through a chocolate wall art installation viewed by thousands is truly a dream,” Wong stated. The installation will feature handcrafted bonbons, offering an interactive experience for attendees.

The Tech & Innovation Pavilion will showcase cutting-edge foodtech innovations, including robotics, AI, and IoT solutions. Visitors can explore hands-on applications of these technologies, enhancing their understanding of the latest advancements in the industry.

The event will also host the first-ever Asian Selections of the Panettone World Cup, with top competitors advancing to the 2026 finals in Milan. Additionally, the Singapore National Coffee Championship will spotlight local talent, with winners representing Singapore at the World Coffee Championships 2026.

SIGEP Asia 2025 aims to elevate Southeast Asia’s culinary scene, fostering strategic alliances and showcasing the latest industry trends and innovations.
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Singapore’s construction sector is poised for significant growth, driven by major infrastructure projects such as Changi Airport Terminal 5 (T5), Tuas Mega Port, and the Marina Bay Sands expansion. These developments, coupled with falling material and labour costs, are expected to enhance profitability for contractors, according to a recent sector update.

Changi Airport Group has awarded contracts worth $4.2 billion (S$5.75 billion) for T5, marking a key milestone in Singapore’s infrastructure development. The contracts include a $728 million (S$999 million) deal with a Penta-Ocean-Koh Brothers joint venture for underground tunnels, a $2.8 billion (S$3.8 billion) substructure package with a China Communications Construction Company-Obayashi joint venture, and a $693 million (S$950 million) airside infrastructure package with Hwa Seng Builder.

The ongoing investment in large-scale projects provides a steady stream of opportunities for Singaporean companies. The T5 expansion alone accounts for $3.5 billion (S$4.75 billion) of the estimated $9.1 billion (S$12.5 billion) in awarded contracts. Additionally, the Tuas Mega Port and Marina Bay Sands expansion represent investments of $14.6 billion (S$20 billion) and $7.6 billion (S$10.4 billion), respectively.

Sustainability is also a key focus, with the Singapore government promoting initiatives like the Green Mark Certification Scheme and the Singapore Green Plan 2030. These initiatives encourage innovation and sustainability, offering companies a competitive edge and access to funding.

Material costs are forecast to decline by 1-13% year-on-year in Q2 2025, easing margin pressures for construction firms. Labour inflation has also decreased to 1.5% in 2024 from 9% in 2023, further supporting the sector’s positive outlook.

The construction sector’s growth is underpinned by stronger infrastructure spending and supportive green policies, maintaining an “OVERWEIGHT” rating. Key beneficiaries include companies like Hong Leong Asia and Tiong Woon Corporation Holdings, which are well-positioned to capitalise on the sector’s momentum.
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The Association of Chartered Certified Accountants (ACCA) has announced a major redesign of its flagship ACCA Qualification, set to launch in mid-2027. This overhaul aims to equip accountants with the skills needed to navigate a rapidly changing landscape, focusing on areas such as AI-driven innovation, sustainability, and business strategy. The redesign aligns with Singapore’s national priorities, including SkillsFuture’s Digital Workplace 2.0 and the Accountancy Workforce Review’s emphasis on tech-enabled roles.

The revamped qualification will feature AI-enhanced learning journeys and a new Data Science Professional exam, addressing the growing demand for AI and analytics literacy in finance roles. Helen Brand, ACCA’s chief executive, highlighted the evolving role of accountants as “key drivers of sustainable business” and “promoters of social value.” The changes are designed to prepare accountants for a world of shifting opportunities and challenges.

In Singapore, the redesign supports the integration of environmental, social, and governance (ESG) factors into business strategy, driven by new sustainability reporting rules from the Singapore Exchange (SGX). Reza Ali, ACCA’s director of innovation in learning and assessment, noted that the qualification remains “rigorous, relevant, and future-focused,” with a strong emphasis on employability.

The new qualification will include Employability Modules at each level, offering simulated work experiences in digital technology, ethics, and business management. Enhanced awards and designations will recognise student achievements, allowing them to demonstrate their skills to employers. ACCA continues to collaborate with local partners to ensure a smooth transition for current and new students, maintaining its commitment to inclusion and opportunity.
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Neal’s Yard Remedies has launched a new certified vegan version of its Wild Rose Beauty Balm in Singapore, marking the 20th anniversary of this iconic skincare product. Known for its multi-use versatility, the balm now features an upgraded formula that includes seven certified organic plant oils, butters, and waxes, offering enhanced sustainability and skincare benefits.

The Wild Rose Beauty Balm, a product sold every three minutes globally, is designed to cleanse, hydrate, and soften all skin types whilst supporting the skin’s natural barrier. The new vegan formula includes ingredients such as pumpkin seed oil for elasticity, rosehip seed oil for hydration, and borage oil for soothing dry skin. Shea nut butter, candelilla wax, sumac berry wax, and jojoba seed oil further enhance the balm’s nourishing properties.

Priced at $88 for a 50g jar, the balm is available online and at the Neal’s Yard Remedies store in Takashimaya Shopping Centre. The product’s packaging aligns with the brand’s commitment to sustainability, featuring a fully recyclable glass jar and a cap designed for efficient recycling.

Founded over 44 years ago in London, Neal’s Yard Remedies continues to blend science with aromatherapy and apothecary traditions, ensuring its products are both potent and sustainable. The launch of the vegan Wild Rose Beauty Balm reinforces the brand’s dedication to using nature’s finest ingredients for skincare.
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MoneyMax Financial Services, a prominent player in the pawnbroking and luxury goods market, has reported a record profit after tax of $30.4m (S$41.6m) for the financial year 2024, marking a 65.4% increase from the previous year. This significant growth is attributed to the company’s core business segments, which include pawnbroking, retail and trading of gold and luxury items, and secured lending for automotive and property financing in Singapore.

The company, which operates over 100 stores across Singapore and Malaysia, is considering further expansion in these markets. MoneyMax differentiates itself from competitors by focusing on the pawnbroking and pre-owned luxury goods sectors, offering unique services that cater to a diverse clientele.

The “10 in 10” series by MoneyMax provides insights into the company’s strategies and objectives through a series of Q&As with management. This initiative aims to shed light on the company’s business objectives, key revenue drivers, and the broader industry landscape, offering a comprehensive view beyond traditional financial metrics.

As MoneyMax continues to expand its footprint, the company remains committed to modernising its operations and enhancing customer experience. The future looks promising for MoneyMax as it leverages its strengths in the pawnbroking and luxury goods markets to drive further growth.
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Emerging Travel Group, a global travel tech company, has appointed Astrid Kastberg as the new Managing Director of RateHawk, its B2B booking system for travel professionals. Based in Dubai, Kastberg will lead the expansion of RateHawk’s business strategy, managing a global team to support over 110,000 retail partners and more than 1,100 API partners across 120 countries.

Emerging Travel Group, which employs over 3,600 people globally, achieved a gross transaction value of $3.7 billion in 2024, with RateHawk as a major growth driver. The company operates in 80 countries, with offices in key cities including Dubai, Singapore, and London. RateHawk offers a comprehensive range of travel services, including hotel bookings, flight tickets, and car rentals, supported by a user-friendly API and 24/7 customer service.

Kastberg brings decades of experience in travel management and technology, having previously served as General Manager at Yalago, where she spearheaded international expansion efforts. Her appointment comes as RateHawk continues to experience significant growth, with its net booking value increasing by 1.8 times and a 67% rise in global bookings compared to the previous year.

Ilya Kravtsov, Chief Commercial Officer of Emerging Travel Group, remarked, “This newly introduced senior role marks a significant step in RateHawk’s continued global expansion and organisational development. Astrid is uniquely equipped to build on the momentum the team has already created and take it to the next level.”

Kastberg expressed her enthusiasm, stating, “I’m thrilled to join the ambitious team at Emerging Travel Group at such a pivotal moment. Together with the talented RateHawk team, we share a strong commitment to innovation and customer value.”

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The Singapore International Jewellery Expo (SIJE) 2025 is set to celebrate its 20th anniversary from 10 to 13 July at the Sands Expo & Convention Centre, Marina Bay Sands. This milestone event will be the largest in its history, featuring over 320 brands from more than 25 countries, spread across three expansive halls. The exhibition will cover over 10,000 square metres, showcasing a diverse range of jewellery from rare heritage pieces to contemporary designs.

SIJE 2025 will officially open on 10 July with a ceremony that includes the Singapore Jewellery Design Awards (SJDA) presentation, a fashion runway showcase, and a programme designed for approximately 15,000 trade buyers and jewellery enthusiasts. The event will feature seven distinct Communities, offering curated experiences for all jewellery lovers.

Highlights include the Brilliante Jewellery Design Competition, celebrating Singapore’s 60th year of independence, and the Italian Pavilion, which will display exceptional Italian craftsmanship. Additionally, the Trendvision Jewellery + Forecasting Roadshow, led by Paola De Luca, will provide insights into future luxury and jewellery trends.

Visitors can participate in the 20th Anniversary Draw for a chance to win a Colombian Emerald Ring worth $19,000 (S$25,999), alongside other luxury prizes. The event also offers exclusive shopping rewards and lifestyle perks, including hotel and dining discounts for registered attendees.

Admission to SIJE 2025 is complimentary, with pre-registration available online. As Southeast Asia’s jewellery market continues to grow, with projected revenues surpassing $9.4 billion in 2025, SIJE remains a pivotal platform for industry innovation and cultural exchange.
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Cat Paradise Singapore has announced the launch of a new cat sitting service, offering in-home care by trained professionals for cat owners across the city. This service aims to support pet owners who require assistance whilst away from home, enhancing the centre’s comprehensive feline care offerings.

The launch coincides with a significant milestone for Cat Paradise, which has successfully facilitated the adoption of over 150 rescued cats through its cageless adoption centre. This unique adoption model allows potential adopters to interact with cats in a homely, cage-free environment, reducing the likelihood of mismatches and returned adoptions.

The centre’s adoption process is thorough, ensuring that each cat is placed in a stable and caring environment. Prospective adopters are guided through responsible pet ownership, screened for home readiness, and required to sign adoption contracts. Adoption donations contribute to covering medical and upkeep costs, supporting the centre’s ongoing rescue efforts.

In addition to adoption services, Cat Paradise offers cat boarding facilities, with many adopted cats returning to board, reflecting the strong relationships between adopters and the centre. The organisation has also partnered with online pet retailer ExpressPetSupplies.sg, which donates a portion of its proceeds to fund care for more cats.

The new cat sitting service complements Cat Paradise’s existing offerings, aligning with its mission to provide consistent, long-term support for feline welfare. For more information on their services, visit their website.
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London Corporate Partner Damian Adams has been awarded a Member of the Most Excellent Order of the British Empire (MBE) in the King’s Birthday 2025 Honours List. This accolade recognises his significant contributions to the British Chamber of Commerce in Singapore, where he has served for more than two decades.

Adams has held numerous key roles within the Chamber, including Chair of BritPack, Chair of the Energy & Utilities Business Group, and Vice-President. His leadership was pivotal during his presidency from 2022 to mid-2024. At Watson Farley & Williams (WFW), Adams specialises in corporate transactions in maritime, energy, and infrastructure sectors. He joined WFW in 1997 and spent over 24 years in Singapore before returning to London in 2024.

The British Chamber of Commerce in Singapore, established in 1954, supports UK business interests in the region. Since his return to London, Adams has continued to serve as a Board member and acts as the Chamber’s UK representative, aiding businesses expanding into Singapore and Southeast Asia.

WFW Managing Partner Lindsey Keeble expressed delight at Adams’ recognition, stating, “His commitment to Anglo-Singapore relations, corporate and commercial expertise and effective leadership are evident in all his endeavours.” Adams himself remarked, “I am deeply honoured to receive an MBE. I extend my heartfelt thanks to everyone I have worked with in the Chamber.”

The King’s Birthday Honours List celebrates individuals who have rendered exceptional service to the UK globally, acknowledging their dedication and contributions to British communities and interests worldwide.
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