France's SBF 120 newcomer OVH reports 9.3% Q3 revenue growth
The company, which joined France's SBF 120 index in June, said its Public Cloud offering grew 17 per cent, with new customer acquisition rising 12 per cent. Its Private Cloud segment also expanded, reporting a 25 per cent increase in new customers during the quarter.
OVH reaffirmed its full-year guidance.
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CNA
21 hours ago
- CNA
‘I miss the excitement': PS Cafe's Peter Teo returns to F&B scene with new bistro in Holland Village
While retirement ushers in a slower pace in life and well-earned rest for many, Peter Teo, co-founder of Singapore's beloved PS Cafe, found himself grappling with a missing sense of purpose. In 2022, Teo and his longtime partners Philip Chin and Richard Chamberlain, sold their remaining stakes in PSGourmet, the parent company of PS Cafe, to investment firm Sun Venture. 'We'd built what we built over more than 25 years. [We felt it was time] to get new blood into the business, with a new vision to take it to the next stage,' Teo said of the exit. By then, PS Cafe had multiple outlets across Singapore and had even expanded abroad. The group's portfolio had also diversified to include contemporary Japanese restaurant Jypsy and Anglo-Chinese eatery Chopsuey Cafe. With the business at that scale, the trio felt it was no longer the right fit for where they were in their lives. 'It was about doing the right thing by PS Cafe and responsibly passing it on to people with the energy to further grow the business,' said Teo. Retirement saw Teo spending more time in New Zealand, where his sister and family live. 'It was a different pace of life, where people are not on their phones all the time and they talk to you on the street. It was a bit more relaxing, and the weather can be lovely.' But in a true case of 'the grass is always greener,' it wasn't long before the creative entrepreneur and F&B veteran grew restless. 'What I realise is, when I don't have PS Cafe or a business to run, I miss the excitement,' Teo laughed. 'It's always the case, when you're very busy, you want an escape. But when you're not busy, you start looking for some busyness.' A NEW CHAPTER To scratch the itch, Teo ended up investing in a humble pie business he had come across at a farmer's market, which reignited his love for F&B and hospitality. Earlier this year, he partnered with distiller Philibert Gandy and Edward Lee, PSGourmet's former group business director, to open a distillery back in Singapore called Distillius. Teo has always had a passion for exploring new flavours. 'For me, tasting is about discovery. I'll eat airplane food just to see how it was done. I know it's not going to be great, but I'm just curious,' he said, adding with a chuckle that his 'waist is not very happy about it'. This natural curiosity brought him to the process of distillation, which he describes as equal parts art and science. 'There's the art of deciding what botanicals you want to put together, and then the science of how to do it, and then the end product is where both art and science meet.' Distillius specialises in what Teo calls 'equatorial aperitifs', crafted from botanicals from the equatorial belt. One of the products the team came up with is Arveau, a bittersweet amaro made from ginseng root, calamansi and torch ginger. Another product is the Super Pandan, a grass-fresh liqueur that captures the pure aroma of pandan leaves. As the team continued to experiment, they began looking for a space where people could taste their creations. Leaning into Teo's expertise in F&B, they came up with the idea of a bistro. 'We could try to get our products into other bars or restaurants, but there's nothing like coming to a space specially designed to showcase your creations,' Teo reasoned. The tasting experience, Teo felt, should be complemented by food. 'We felt that we needed to create something in a restaurant setting, where you can have a cocktail before dinner. It's what we call tasting in the wild.' RETURNING TO F&B Chip Bee Bistro, located in the heart of Chip Bee Gardens in Holland Village, opened on Jul 24. For the new project, Teo roped in the founding members of PS Cafe, Chin and Chamberlain, along with Lee, as partners. 'We have worked together for so long and we're all strong in our own ways. Philip and I work on the food. Richard is very much into the design of the space. Working with them is like having a comfort blanket. I can't imagine not getting their feedback and input,' he said about bringing the band back together. At a time when Holland Village is facing a wave of closures – including long-standing F&B establishments Crystal Jade La Mian Xiao Long Boa and Wala Wala – some may question Teo's choice of location. But Teo and his co-founders have a special connection to the neighbourhood. 'The first house that Philip, Richard and I shared together was in Taman Warna. So this feels a bit like coming home,' shared Teo. Teo is unfazed by the current headwinds in Holland Village. After all, PS Cafe thrived by opening outlets in offbeat or unconventional locations such as Dempsey in its early days, and later on, Parkland Green in East Coast. 'I am drawn to spaces that require creativity to overcome some of the challenges it may face. But you never know. Fingers crossed, this will work out.' A 'GROWN-UP' TAKE ON CASUAL DINING Chip Bee Bistro occupies a spacious double unit along Jalan Merah Saga. Stepping into the space, guests first enter the bar area and tasting room, which sets a welcoming tone. A short flight of steps leads to the main dining room. Design has always been a cornerstone of PS Cafe's appeal, and Chip Bee Bistro applies the same meticulous attention to detail. The elegant interiors feature a mix of warm woods, dark accents and neutral tones, along with black-and-white checkered tile flooring. Natural light floods in from tall vertical windows. While Teo is reluctant to draw comparisons to PS Cafe, he describes Chip Bee Bistro as a little more 'grown-up'. 'We're consciously trying to start a new chapter, so what about that new chapter is new?' he mused. 'Some things don't change, such as table height and chair comfort. Those are things you don't skimp on because they are important to the dining experience. But we're now experimenting with a new palette of colours and materials to more adequately represent this new chapter. But ultimately, I leave it up to guests to decide for themselves whether it feels fresh.' One key lesson Teo carries from the PS Cafe days is that the basics of running a good restaurant never change. 'We are focused on keeping the fundamentals right, which are consistent food quality and great hospitality,' he asserted. Teo describes the food as 'Australian-inspired, European-leaning'. The menu consists of sharing plates that guests can enjoy with cocktails, alongside a selection of mains suitable for one. 'I wanted the place to feel like a bistro that's got life through the day, and guests won't always feel like having sharing plates. Sometimes you might be by yourself or with a partner, and you just want a burger or pasta.' Some highlights include the Steak & Frites, Duck Leg Confit, Spilt Wings, Triple Cheese & Potato Crochette and more. If there's one dish Teo recommends trying, it's the CB Bistro Burger. Whenever he dines out, Teo is often on the lookout for a good burger. 'Some chefs think it's beneath them to put a burger on the menu. That has always mystified me, because there are good burgers and not-so-good burgers.' The drink menu was developed in collaboration with cocktail maestro Jay Gray, formerly from cocktail bar Sago House. Distillius' aperitifs, liqueurs and syrups are naturally core to the menu. There are four key cocktails – the Arveau Lychee Spritz, Chocolate and Spice Negroni, Arveau Espresso Martini and Old Fashion Pandan – along with non-alcoholic options crafted with Distillius' range of syrups and equatorial botanicals such as roselle, torchflower and black lime. As for Teo's vision for the bistro and distillery, he is content to take things one step a time. 'We will put our very best into it and the way we've worked in the past is to be open to the universe and see what happens.' It's the same guiding principle that underpinned the success of PS Cafe over the decades, which began in 1999 as a spin-off from fashion brand Projectshop. 'We started with souvenir T-shirts, then we did womenswear, menswear, bags and then we had the cafe. We've always got something new and creative on the boil, and one thing always leads to another.' A SENSE OF FAMILY The F&B industry is tough business and Teo is cognisant of the challenges that lie ahead. 'There's never a good time to open a restaurant. There are so many restaurants closing, but at the same time, the statistics show that there are just as many opening,' said Teo, jokingly adding with a chuckle that 'the best business to be in is the kitchen supply business'. Despite what the numbers may show, Teo believes people are always looking for comforting, familiar places they can regularly go back to. 'That's what PS Cafe was for many people, with something for everyone on the menu.' Yet, Teo admits to worrying that 'there are some things people know that I don't'. 'The market has changed. We exited the business three years ago,' he acknowledged. 'But I've done F&B for so long to know there will always be new challenges. So, just hantam lah,' he laughed. What ultimately pulled him out of retirement and back into the F&B scene is the sense of family. 'It's about talking with the chef, with the front of house team. These bonds you form that are so special. I don't have a family of my own so this is my family,' quipped Teo. This collective spirit is encapsulated in a painting that hangs prominently in the bistro's main dining room – a commissioned work by Singaporean artist Jimmy Ong, a long-time friend of Teo's. Titled 'Gathering after the Monsoon', it depicts a team working together in the aftermath of a storm, shrouded amid tropical foliage. 'I wanted to have something [in the bistro] that showcases how it takes a village to build a successful business,' said Teo. DEFINING SUCCESS Having built a legacy with PS Cafe, and now starting a new chapter, how does Teo define success today? 'I feel like I don't have so much to prove anymore. We created a great business that's still a great brand and passed it on for its next iteration. Success, for me, is about enjoying my journey now and most importantly, working with the team of younger people who are passionate about the industry." In fact, what energises him the most is mentoring the next generation of 'wide-eyed and bushy-tailed' F&B talent. When asked for advice he would give to young people in the industry, he takes a moment to pause before answering: 'I've always believed the best advice you can give someone is to be a good example." That's what Teo hopes they did with PS Cafe. 'We showed that you can open a single cafe and it can grow, and at some point, you can pass it on to the next owner,' Teo reflected. While Teo is careful 'not to sound arrogant', he takes pride in the fact that cafes in Singapore have drawn inspiration from the brand. 'I feel happy that we've played a part in creating a very dynamic cafe and casual dining scene in Singapore. Our DNA is almost everywhere you look,' he said. 'I try to do things effortlessly and in a natural way,' he continued. 'I honestly feel like I'm also learning all the time and I'm terrified on whether [this new venture] is going to be successful or not. I can only do my best and if this ends up meaning something to someone, then I think I've done my job.'
CNA
a day ago
- CNA
Wall Street gains, dollar firms ahead of a big week for market risk
NEW YORK :U.S. stocks and the dollar firmed on Friday as investors girded themselves for the week ahead, which includes a Federal Reserve policy meeting, crucial corporate results and U.S. President Donald Trump's August 1 deadline for negotiating trade deals. "There's increasing confidence that the economy won't be derailed by tariffs," said Thomas Martin, Senior Portfolio Manager at GLOBALT in Atlanta. "In the meantime, companies are reporting good earnings, the economic numbers are coming in within the range and people want to own stocks. They don't want to miss out." All three indexes were modestly green in early trading, and were on course for weekly gains. Gold lost some shine, pressured by the dollar as healthy risk appetites lured investors away from the safe-haven metal. With Trump's negotiating deadline just a week away, the U.S. and its trading partners are scrambling to reach trade agreements, with European negotiators heartened by the deal with Japan announced on Tuesday. Intel's shares INTC.O dropped 9.4 per cent after the chipmaker forecast steeper-than-expected quarterly losses and said it had halted or scrapped new factory projects in the U.S. and Europe. More than a third of the companies in the S&P 500 have posted results, 80 per cent of which have beaten estimates, according to LSEG data. Analysts now expect year-on-year second-quarter earnings growth of 7.7 per cent, compared with the 5.8 per cent estimate as of July 1. Four members of the Magnificent 7 group of Artificial Intelligence-related megacap stocks - Amazon, Apple, Meta and Microsoft are on next week's earnings docket, and market participants will scrutinize the companies' conference calls for signs that AI expenditures are beginning to pay off and whether tariff-related uncertainties continue to weigh on forward guidance. U.S. economic data released on Friday showed an unexpected decline in new orders for core capital goods, as companies hold back on big ticket purchases amid the fog of ongoing trade talks. The Fed is expected to convene next week for a two-day monetary policy meeting, which is expected to culminate in a decision to let its federal funds target rate stand in the 4.25 per cent to 4.50 per cent range. The meeting comes at a moment in which Fed Chair Jerome Powell is facing criticism from Trump for not cutting rates. "The Fed is going to do what it's going to do and Powell is going to stay in his job," Martin added. "The economy is doing great, so they really don't need to lower short-term interest rates." "Inflation is still a question, so they're better off not lowering rates if they don't have to," Martin said. The Dow Jones Industrial Average rose 227.98 points, or 0.51 per cent, to 44,921.89, the S&P 500 rose 30.79 points, or 0.48 per cent, to 6,394.14 and the Nasdaq Composite rose 84.09 points, or 0.40 per cent, to 21,141.65. European shares settled lower as market participants parsed mixed corporate earnings and awaited developments in the U.S.-EU trade negotiations. MSCI's gauge of stocks across the globe rose 0.47 points, or 0.05 per cent, to 941.82. The pan-European STOXX 600 index fell 0.29 per cent, while Europe's broad FTSEurofirst 300 index fell 5.79 points, or 0.27 per cent Emerging market stocks fell 10.43 points, or 0.82 per cent, to 1,256.86. MSCI's broadest index of Asia-Pacific shares outside Japan closed lower by 0.93 per cent, to 661.15, while Japan's Nikkei fell 370.11 points, or 0.88 per cent, to 41,456.23. U.S. Treasury yields drifted higher in a subdued trading as investors braced for a data-heavy week, updates on U.S. trade talks, and a Federal Reserve policy meeting. The yield on benchmark U.S. 10-year notes fell 2.4 basis points to 4.384 per cent, from 4.408 per cent late on Thursday. The 30-year bond yield fell 2.3 basis points to 4.9265 per cent from 4.949 per cent late on Thursday. The 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, fell 1 basis points to 3.915 per cent, from 3.925 per cent late on Thursday. The dollar gained strength but remained on course for its biggest drop in a month as investors focused on economic data, tariff negotiations and central bank meetings on the calendar for next week. The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.25 per cent to 97.69, with the euro down 0.14 per cent at $1.1738. Against the Japanese yen, the dollar strengthened 0.42 per cent to 147.62. In cryptocurrencies, bitcoin fell 1.94 per cent to $116,468.56. Ethereum declined 2.42 per cent to $3,649.42. Oil prices softened as investors mulled downbeat economic news and signs of growing supply, despite optimism that U.S. trade deals could boost global economic growth. U.S. crude fell 1.32 per cent to $65.16 per barrel, while Brent fell to $68.44 per barrel, down 1.07 per cent on the day. Gold prices dropped in opposition to the firming dollar, amid signs of progress in U.S.-EU trade talks. Spot gold fell 0.87 per cent to $3,338.54 an ounce. U.S. gold futures fell 1.24 per cent to $3,329.10 an ounce.
CNA
a day ago
- CNA
Intel to separate networking unit
Intel said on Friday it planned to establish its networking and communications business as a stand-alone company and has begun the process of identifying investors, as new CEO Lip-Bu Tan looks to streamline the struggling chipmaker.
