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Business Times
28 minutes ago
- Business Times
Powering the region with GE Vernova
GE VERNOVA may have been spun off from General Electric (GE) just last year, but the global energy business has more than five decades of heritage in Singapore under its belt. Today, the Republic is home to 700 employees and houses a country office with regional operations that's crucial to fuelling the ongoing energy revolution in the region and around the world. As more vehicles are electrified and more data centres are built, Asia's power demand is on the rise. Increasingly, governments and businesses are also asking for clean power. GE Vernova is poised to support those demands from here, while also growing in tandem with Singapore's needs. 'Singapore, as a hub for logistics, technology and talent, is going to be a very important player in GE Vernova's Asian growth story,' Ramesh Singaram, president and CEO of GE Vernova's gas power business in Asia-Pacific, tells The Business Times. High-tech home base Today, all of GE Vernova's business segments – covering power, wind and electrification – can be found in Singapore. Indeed, the business, which was formed last year out of GE's energy arm, has built up a major footprint here over the years. 'If you look at the evolution of our energy operations, they have closely mirrored the growth of Singapore as a technology hub – a place where talent and excellence combine to offer a high standard of services for customers within the region,' Ramesh says. GE opened its first manufacturing plant in Jurong in 1969. It began offering marine and offshore repairs at a service centre in 1970 and opened a gas turbine repair facility in 1975. More recently, GE Vernova unveiled a US$60 million (S$81.4 million) investment in a repair and service centre in 2019. Built in the 1970s as a shipyard for tugboats and drill ships, the 36,000 sq m (387,500 sq ft) facility in Pioneer is now dedicated to the maintenance of high-efficiency air-cooled (HA) gas turbines. The centre's launch was followed by an additional US$20 million investment early this year, supported by the Economic Development Board (EDB), to introduce next-generation repair capabilities and technologies for HA gas turbines. GE Vernova announced early this year an additional US$20 million investment in Singapore that will go towards building next-generation repair capabilities and technologies at its gas turbine service centre. Cindy Koh, EDB's executive vice-president, noted at the time that GE Vernova's investment 'reflects the capabilities of (Singapore's) advanced manufacturing ecosystem in supporting companies in new product introduction and manufacturing process development'. High-tech operations at this facility already include the use of robotics to spray-coat and polish gas turbine parts, and plans are under way to incorporate artificial intelligence on the shop floor. Such innovations are being rolled out across the entire business, and are helping GE Vernova keep pace with the growing demands for its products and services. GE Vernova technology already supports close to half of Singapore's installed power generation capacity – excluding industrial applications – and roughly a quarter of the country's grid transformer monitoring network. Meanwhile, Singapore's electricity demand is pegged to cross 10,600 megawatts (MW) in 2030. This is up from 7,300MW a decade prior, according to the Energy Market Authority. 'This is partly driven by economic growth; but it is also being driven by the electrification of vehicles, the digitalisation of work processes and the adoption of AI,' says Ramesh. GE Vernova thus expects to play a critical role in upgrading Singapore's grid as the nation's energy needs change and grow. In 2016, it collaborated with Singapore Power on the installation of a digital substation to prepare the grid for the adoption of renewable energy sources. The initiative, supported by the Economic Development Board, was part of an effort to drive research and development of next-generation energy network technologies. In October 2024, GE Vernova also announced that it is part of a consortium that will build a hydrogen-capable power plant in Pulau Seraya Power Station on Jurong Island, which could add as much as 600MW of electricity to the national grid by 2027. In a first for GE Vernova in Singapore, the plant will have a turbine that can run on a hydrogen-natural gas blend, and will be able to eventually run fully on hydrogen if needed. 'Our mission at GE Vernova is to continue to electrify the world while simultaneously working to help decarbonise it,' says Ramesh. 'As an energy company with a wide range of products and services on offer and under development – including hydrogen and carbon capture technologies – we are confident of supporting Singapore's needs for energy security and decarbonisation.' Global gateway The growing demand for cleaner energy seen in Singapore is visible around the region too, Ramesh says, noting 'significant opportunities coming from the build-out of the ASEAN power grid'. Infrastructure upgrades will be needed to ramp up a regional energy network, and GE Vernova is seeing momentum building in support of this. GE Vernova Consulting Services has worked with the ASEAN Centre for Energy to examine how more grid interconnections in South-east Asia could boost the regional take-up and the reliability of renewable energy sources – especially solar and wind. 'ASEAN's member nations have united behind a desire to achieve collective energy security through the construction and connection of a modern grid supplying energy throughout the region,' Ramesh says. 'We are encouraged by this endeavour and the opportunities that an integrated grid will present.' Looking beyond ASEAN, Ramesh sees Asia's economic growth story supporting the same needs for clean energy. 'The ways in which countries respond to this need will vary quite a bit depending on resource availability, policy, infrastructure and emission targets. When it comes to energy, one size definitely does not fit all,' he says. As countries work to balance energy security, affordability and environmental sustainability, the mix of renewable energy and other fuel sources – including lower- or zero-carbon options such as gas and hydrogen – will vary market to market. Whatever the needs, GE Vernova will be ready to support the demand. Asia made up 13.4 per cent of the company's revenue, according to its 2024 annual report, and one-third of the company's HA turbines are installed in, or designated for, Asian sites. Ramesh expects the Singapore operations 'to play a major role in meeting the energy needs' of the region, with regional connectivity and local engineering talent as key factors in Singapore's attractiveness as a base for Asian operations. Pointing to the HA turbine service centre as an example, Ramesh says, 'Singapore's favourable location within Asia makes it an optimum site to which many of our Asian customers can ship turbines or other components for repair.' The pool of universities here has made it possible to 'attract top-tier engineering talent, which is very important for us'. Meanwhile, support from local bodies such as the EDB have been 'instrumental in helping us build our presence here over the years'. Partners for a greener future GE Vernova has been part of Singapore's industrialisation story almost from the beginning – and this is a relationship that looks set to continue in the decades ahead. 'Various new technologies we are working on have the potential to boost Singapore's energy security while allowing it to meet its net zero ambitions,' Ramesh notes. For instance, the company won a contract in 2024 to supply the electric propulsion equipment for six Republic of Singapore Navy ships – which will be the first such vessels in Singapore's fleet. This will enable the navy to adopt an electric ship configuration that has increased levels of power and energy-efficiency, strengthening its energy reliability and reducing greenhouse gas emissions. Singapore's commitment to pragmatic decarbonisation is reflective of sentiment across much of South-east Asia and Asia, Ramesh notes, and is very much aligned with GE Vernova's way of thinking. 'We believe in an all-of-the-above strategy, embracing the right means to decarbonise, and we have seen our philosophy resonate with both public and private sector players in this part of the world.' Even amid economic and geopolitical uncertainties, GE Vernova affirms its continued commitment to strong supplier relationships and resilient supply chains rooted in each local geography. 'We will continue to be a strong collaborator for utilities and businesses in this region, and support both energy security and decarbonisation,' Ramesh says. 'As Asia's population and power demands continue to grow, we intend to continue to invest and grow our capabilities here.'
Business Times
28 minutes ago
- Business Times
Same mission, new millennium
WHEN HSBC first set up shop along the bustling Singapore River in 1877, its clerks were busy financing rubber shipments bound for distant shores. In 2025, their successors are financing new economy businesses bound for unfamiliar markets, while exploring quantum computing's potential and tapping on artificial intelligence to revolutionise banking. The cargo may have changed, but the bank's mission has not. 'Our purpose has always been to open up a world of opportunities for clients, using our international connectivity and network,' says Wong Kee Joo, chief executive officer of HSBC Singapore. As global trade and investment flows fragment along geopolitical lines, that connectivity has become both more complex and more valuable than ever. Connectivity: Fuelling business growth 'International connectivity is an area where we really have an advantage,' Wong says. With close to 5,000 trade experts across 58 markets, HSBC helps clients navigate tariff uncertainties and access new markets not just within Asean, but in Europe and the Middle East too. In 2024, HSBC became the first global bank to partner the Singapore Business Federation to help local companies expand into India and the Middle East. The bank also launched a business guide to Asean's six major markets and key trade corridors – the Greater Bay Area, India, and the Middle East. New economy businesses are another growth area. HSBC launched a US$150 million venture debt offering in Singapore in 2024 to help high-growth companies scale, alongside a US$1 billion Asean Growth Fund supporting digital platform businesses. One of these is Funding Societies, a South-east Asian digital financing platform for underbanked micro, small and medium enterprises. HSBC's total commitment to Funding Societies since their partnership began in 2022 now exceeds US$100 million. 'Singapore has become a hotbed of new economy companies, in medtech, healthtech and so on,' says Wong. 'We don't just grant loans, we lend them expertise in international markets.' When homegrown baby bottle manufacturer Hegen needed financing for its Malaysian factory, HSBC backed Hegen's vision. Today, Hegen's baby feeding products that can be repurposed for a child's changing needs are available in 24 markets globally. Commercial success to wealth management Business success breeds wealth, and wealth seeks sophisticated management. It is a progression HSBC Singapore knows well – commercial banking clients evolving into private banking relationships over decades. Legacy jewellery brand BP de Silva is one such story. Banking with HSBC since 1873, the company has leveraged the bank's through milestones such as its diversification into environmental engineering through its Envipure acquisition. Chairman Sunil Amarasuriya has been a HSBC Premier private client for over two decades now. Stories such as his – and the flow of wealth to Singapore – are why HSBC continues to invest in Singapore as an international wealth hub. While digital banking reduces physical bank branch needs, HSBC is adding three wealth centres in 2025 to meet rising demand for bespoke advisory services from Singapore's growing affluent population. 'Banking is about trust and building long-term relationships with our customers, with digital technology as the enabler,' says Wong. Singapore as priority market Outside its home markets of Hong Kong and the UK, Singapore ranks among just four priority growth markets – alongside mainland China, India and the United Arab Emirates. In 2024, the group generated S$1.4 billion in profits in Singapore. Like HSBC, Singapore serves as a connector to Asean business opportunities – it is the largest intra-regional investor and home to over 4,200 regional treasury centres and headquarters, Wong notes. That is why the bank continues to build up strength in the city-state. HSBC is one of the few entities across the Asia-Pacific region that is a full-fledged banking business, and strategic acquisitions have reinforced this position. HSBC Life – its insurance business – significantly scaled up its offering and breadth of distribution following the bank's largest acquisition in 10 years. When completed in 2022, the acquisition of AXA Singapore also made HSBC the only bank with an integrated insurance entity, enabling it to provide a broader set of solutions to more retail and commercial customers. Acquiring real estate private equity firm Silk Road Property Partners in early 2024 also expanded HSBC Asset Management's Asian real estate platform and alternative investment offerings to institutional and high net worth clients. Now, HSBC is leveraging artificial intelligence and investing in quantum computing. It has established a quantum centre of excellence in Singapore where scientists work to develop patents and products that could transform portfolio optimisation, fraud detection and cybersecurity. 'We've got tradition, but we're also very strategic with a vision for the future and the customer at the centre of what we do,' Wong says of these future-focused investments. Quantum computing is one of the ways HSBC is collaborating with the government to pilot industry initiatives. It was the only international bank to join the Monetary Authority of Singapore, other local banks, and technology players in 2024 to trial quantum key distribution solutions seeking to address quantum computing's threats to cybersecurity. Sustainable leadership for Singapore and the community In another collaboration, Wong co-chairs the Singapore Sustainable Finance Association, launched in 2024 as the first cross-sector body advancing Singapore as a global sustainable finance hub. Members span financial services, corporates, academia, non-governmental organisations and industry bodies – discussing everything from blended finance to sustainable finance taxonomies. HSBC partnered with Temasek Holdings to launch sustainable infrastructure debt financing company Pentagreen Capital in 2022, and invested in electric vehicle charging operator SP Mobility in 2025. For Wong, this emphasis on sustainability is not just about opportunity, it is also about accountability. 'We see it as our responsibility to help companies transition, to navigate new technologies and new requirements for financing.' Environmental stewardship extends beyond green finance. The bank's 30-year partnership with Singapore's National Parks Board (NParks) has supported conservation from Chek Jawa to the Botanic Gardens' seed bank, and earned it NParks' appreciation with the 'Papilionanda Hong Kong and Shanghai Bank' orchid – now featured in an art installation at HSBC's Singapore headquarters. Sports is another way the bank invests in its communities. Globally, HSBC partners five Olympic sports – golf, rugby, badminton, football and tennis – using its international reach to showcase the best of Singapore to the world. It has presented the HSBC Women's World Championship in Singapore since 2008, the Singapore Rugby Sevens since 2016, and the Badminton World Federation Series in Singapore since 2019. Junior golfers attending a kids' golf clinic conducted by top golfers, on the sidelines of the HSBC Women's World Championship 2024. PHOTO: HSBC 'Sports can be transformative for Singapore's youth, inspiring young people to aspire to professional sporting careers,' Wong explains. Stewarding legacy Legacy is what's on the minds of Wong and his leadership team. 'We see ourselves as stewards; how do we leave this business in a better place than when we first received it?' he says. Apart from investing in future technologies such as quantum computing, Wong believes there is a need to have a 'deep bench strength' of talent. Of its 4,000 Singapore-based employees, 80 per cent are Singaporeans and permanent residents. HSBC Singapore employees celebrate long-service awards for milestones of 15 years and beyond with the bank. PHOTO: HSBC 'Singapore is a very open economy, it's important that we build people rooted here,' says Wong. He believes HSBC plays a key role by actively supporting Singaporeans in building international careers through the bank's global network, developing talent that will return to strengthen Singapore's financial services ecosystem. As HSBC Singapore approaches its 150th anniversary in 2027, the challenge remains: How does a bank with deep historical roots serve clients' ever-changing needs? The answer, Wong suggests, lies in the same principle that guided the early bankers along the Singapore River. 'HSBC's strength has been understanding that global connectivity is not just about moving capital – it is about building bridges between ambition and opportunity, such that in an increasingly fragmented world, doors to growth stay open.' The first century: 1880s – 1990s HSBC provided instrumental support to Singapore's early trade and post-war industrial development. The Singapore office issued banknotes in six languages from 1881 to 1909. From its headquarters along the Singapore River, the bank quickly expanded its branch network across the island. The next century: 2000s – present The HSBC lions, Stephen and Stitt, named after former senior executives, symbolise security and protection. As part of its long-term commitment to the Lion City, HSBC subsidiarised its Singapore retail banking and wealth management business in 2016. In 2022, HSBC moved to its new head office at Marina Bay Financial Centre and in 2025, opened three new wealth centres. 148 years since it first set up an office in Singapore, HSBC continues to connect customers to global opportunities.
CNA
6 hours ago
- CNA
US to initially impose 'small tariff' on pharma imports, Trump says
WASHINGTON: President Donald Trump said on Tuesday (Aug 5) that the United States would initially impose a "small tariff" on pharmaceutical imports before raising it to 150 per cent within 18 months and eventually to 250 per cent, in a move aimed at boosting domestic production. "In one year, one and a half years maximum, it's going to go to 150 per cent and then it's going to go to 250 per cent because we want pharmaceuticals made in our country," Trump told CNBC in an interview. He did not specify the initial tariff rate, though he previously suggested in February that pharmaceutical and semiconductor tariffs would start at "25 per cent or higher", with substantial increases over the course of a year. Last month, he said tariffs on pharmaceutical imports could rise as high as 200 per cent. CHIP TARIFFS PLANNED NEXT Trump also said on Tuesday he plans to announce tariffs on semiconductors and chips in the 'next week or so,' but did not provide further details. The United States has been conducting a national security review of the pharmaceutical sector, and the industry has been bracing for the possibility of sector-specific tariffs. The administration has not announced when the results of that investigation will be released. DRUGMAKERS BOOST US INVESTMENTS Several pharmaceutical companies have pledged multibillion-dollar investments in US manufacturing as Trump continues to threaten import duties. AstraZeneca recently committed US$50 billion to expanding its operations in the United States. PhRMA, the main lobbying group for the pharmaceutical industry, did not immediately respond to a request for comment.
