CNA938 Rewind - Eat, Drink, Singapore - Local foods for our furry friends
More companies will get the help they need to protect sensitive data. The Infocomm Media Development Authority (IMDA) is committing to cover up to 50 per cent of the cost for adopting new privacy-enhancing technologies. Andrea Heng and Susan Ng talk to Denise Wong, Deputy Commissioner at the Personal Data Protection Commission to find out more about these new technologies, and how Singapore is shaping its approach to emerging technology, especially generative AI.
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Business Times
3 hours ago
- Business Times
Despite profit dip, Bursa Malaysia's IPO growth attracts Singapore firms' interest
[KUALA LUMPUR] Bursa Malaysia is emerging as a key listing venue for Singapore-based companies, even as the bourse operator reported a 19.3 per cent year-on-year (yoy) drop in net profit to RM125.5 million (S$37.8 million) for the first half of 2025. The exchange is seeing rising interest from Singapore companies seeking secondary or dual listings, buoyed by its strong performance in the Asean initial public offering (IPO) market. These developments come despite weaker overall trading volumes that have weighed on Bursa's financial performance. Fad'l Mohamed, chief executive officer of Bursa Malaysia, told a results briefing on Tuesday (Jul 29): 'We are seeing more interest from Singapore companies. One of them is UMS Integration , which will be listed on the main market... this Friday.' The high-precision engineering and manufacturing company is pursuing a secondary listing on Bursa Malaysia through an introductory route to broaden its investor base and boost stock liquidity. No new shares will be issued; instead, initial liquidity will be supported by a market-making arrangement involving shares borrowed from CEO Andy Luong. The listing's reference price will be pegged to UMS Integration's Jul 31 closing price on the Singapore Exchange, ahead of its debut on Bursa Malaysia on Aug 1. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Meanwhile, Oiltek International and Q&M Dental Group – also Singapore-based companies – have proposed secondary listings on Bursa as well. Precision manufacturing and assembly solutions provider Grand Venture Technology was also pursuing a secondary listing on Bursa's main market but halted the plan in June , despite receiving approval from Securities Commission Malaysia approval months earlier. 'Bursa Malaysia continued to top other bourses in Asean in the first half of 2025 across three key metrics of IPOs: number of IPOs, total IPO market capitalisation, and total IPO funds raised,' noted Fad'l. The exchange hosted 32 IPOs in H1, raising RM4 billion and posting a total IPO market capitalisation of RM17.4 billion. This compares with 21 IPOs and RM2.2 billion raised during the same period in 2024. According to Deloitte, Bursa Malaysia captured over 67 per cent of the IPO proceeds in South-east Asia , which overall had 53 IPOs and raised more than US$1.4 billion in H1 2025. 'We have a healthy pipeline of IPOs in the coming months and are well on track to achieve our annual target of 60 IPOs and RM40.2 billion in total market capitalisation by end-2025,' Fad'l added. Profit squeeze from lower trading activity Despite the strong IPO pipeline, Bursa Malaysia's financial results were hit by a downturn in trading activity amid global market headwinds. H1 revenue fell 7.8 per cent to RM357 million, dragged by a 15.5 per cent drop in trading revenue to RM213 million. Second-quarter net profit fell 29 per cent yoy to RM57.1 million, while revenue declined 13.9 per cent to RM172.6 million. 'Global developments, including the United States' ongoing tariff negotiations with its trading partners and persistent geopolitical tensions, impacted market sentiment and weighed on equity markets,' Fad'l explained. Securities market trading revenue dropped nearly 24 per cent to RM146.4 million, with average daily trading value down 24.8 per cent at RM2.5 billion. Trading velocity also fell to 32 per cent from 42 per cent a year earlier. Nevertheless, Bursa Malaysia declared an interim dividend of 14 sen per share, translating to a total payout of RM113.3 million, or 90.3 per cent of net profit – offering a yield of 3.7 per cent. Optimism for second half Bursa Malaysia's financial results for H1 2025 were impacted by a downturn in trading activity. PHOTO: BT FILE Despite the current conditions, Fad'l remains optimistic, anticipating improved market sentiment in the coming quarters. 'Funds are currently sitting on cash, but we anticipate they will start deploying it, capitalising on forward-looking catalysts and expected growth opportunities in 2026,' he said. He noted that the second half of the year will be the prime time for fund managers to capture the upside of 2026. 'With this elevated cash being injected into the market, it's set to propel the average daily trading value.' Citing analysts' estimates, he believes that the average daily trading value will increase to RM2.6 billion in H2. Therefore, Bursa is maintaining its 2025 profit before tax target at the RM369 million to RM408 million range, a key performance indicator. Derivatives, Islamic and data segments show growth Bursa's derivatives market revenue rose 8.1 per cent to RM56.1 million in H1, supported by active trading in crude palm oil futures. The exchange also relaunched its Single Stock Futures contracts in March with new specifications to widen its investor base. Revenue from the Islamic capital market jumped 23 per cent year on year to RM11 million, while non-trading revenue – covering listing, issuer and depository services – increased by 7.6 per cent to RM130.5 million. Data business revenue grew 6.4 per cent to RM40.5 million, driven by expanding licensing subscriptions and rising demand for high-quality, actionable financial and sustainability data. As at Jun 30, Bursa Malaysia's total market capitalisation stood at RM1.9 trillion, down 6.1 per cent from a year earlier.
Independent Singapore
3 hours ago
- Independent Singapore
'Why do some Singaporeans feel more entitled than others?'
SINGAPORE: In the Lion City, where social policies intend to strike a sense of balance between fairness and practicality, few schemes have triggered as much discussion as the CDC coupons. These government-issued vouchers are aimed at easing the load of escalating living costs, yet an ostensibly modest gesture of assistance has kindled a bigger discussion about equality, privilege, and the public's perception of prosperity. Recently, a Redditor voiced curiosity about the mounting bitterness observed online. 'I am by no means a wealthy person,' the poster wrote, 'but I keep seeing comments about how it's unfair that someone living in a landed property gets the same vouchers as someone in an HDB flat. I genuinely want to understand—why do people feel entitled to more?' It's a question that opened the floodgates to a variety of outlooks and perceptions, demonstrating that the problem isn't just about dollars and cents—it's about ideals, insights, and messaging. The problem with equality in benefits A common response from commenters was the strain between fairness and equity. While the government gives the same amount of CDC vouchers to rich and poor citizens alike, the lived reality of Singaporeans extensively differs. As one commenter clarified, 'Should poor people get more monetary benefit from the government than rich people? That's a far more complex issue than 'poor people are entitled.'' See also Cost of living issues at the top of voters' minds in GE2025 runup Unquestionably, while some contend that equal dispersal mirrors national harmony, others feel the system should account for need. A S$300 voucher might hardly register for a high-income home, but for households earning the minimum wage, it could mean a week's worth of groceries. It's not just the money—it's the message A vital aspect, according to netizens, is how the government sets these vouchers. The official description is that the CDC vouchers are intended to 'alleviate the cost of living.' That kind of messaging, many claim, sets the belief that the more economically disadvantaged one is, the more help one should receive. 'If it was, say, a tax rebate,' one Redditor pointed out, 'the rich get more and no one complains, because it's seen as a discount on taxes—something they already pay more of. But when vouchers are positioned as support, people feel it should be given based on need, not equality.' Another added, 'If the message was simply, 'we're returning a budget surplus to all citizens,' I don't think people would be as upset.' What do people really want? Underneath the discussion, there's a sense that the real issue isn't just about coupons—it's about acknowledgment and reprieve. Lower-income people often feel the pinch of mounting expenditures more intensely and want that hardship addressed in concrete ways. 'The vouchers can cover a month's worth of basic expenses for some families,' one netizen wrote. 'So, when others use it to buy luxuries, it feels like a slap in the face.' However, it's not only the 'have-nots' who are disgruntled. As one noted, even high-income earners sometimes complain they're being deceitfully overtaxed or that the system doesn't reward them sufficiently, even though many of them have benefited from scholarships or overseas funding in the past. 'There will always be people unhappy,' one Redditor wisecracked. 'They lack contentment—so it's not just the lower income.' Gratitude vs entitlement The most surprising insight came from a commenter who thought that gratitude has become increasingly rare across all income brackets. 'People will never be grateful for what's being given,' he said. 'It doesn't matter if they're high-income or low-income.' It's a sceptic's mindset, but it can lead to a deeper challenge for legislators — even benevolent initiatives can provoke hatred if the public sees them as skewed from actual realities and societal values. A question of perspective Eventually, the poster wasn't aiming to attack or protect any side but was trying to understand why ' people feel entitled to more.' Yes, all Singaporeans work hard, but hardship is not always gauged in hours—it's gauged in values and outcomes. When someone living paycheck to paycheck gets the same aid as someone with financial resources, the result can feel more like nominal equality than real equity. And that's the actual core of the debate — not who deserves what, but how we describe fair-mindedness in a society that strives for both meritocracy and sympathy.
CNA
3 hours ago
- CNA
Microsoft's AI edge under scrutiny as OpenAI turns to rivals for cloud services
Microsoft investors head into Wednesday's earnings with one big question: is the company's artificial intelligence edge at risk as partner OpenAI turns to rivals Google, Oracle and CoreWeave for cloud services? Exclusive licensing deals and access to OpenAI's cutting-edge models have made Microsoft one of the biggest winners of the generative AI boom, fueling growth in its Azure cloud business and pushing its market value toward $4 trillion. In the April-June quarter, the tie-up is expected to have driven a 34.8 per cent increase in Azure revenue, in line with the company's forecast and higher than the 33 per cent rise in the previous three months, according to data from Visible Alpha. But that deal is being renegotiated as OpenAI eyes a public listing, with media reports suggesting a deadlock over how much access Microsoft will retain to ChatGPT maker's technology and its stake if OpenAI converts into a public-benefit corporation. The conversion cannot proceed without Microsoft's sign-off and is crucial for a $40 billion funding round led by Japanese conglomerate SoftBank Group, $20 billion of which is contingent on the restructuring being completed by the end of the year. OpenAI, which recently deepened its Oracle tie-up with a planned 4.5 gigawatts data center capacity, has also added Google Cloud among its suppliers for computing capacity. UBS analysts said investor views on the Microsoft–OpenAI partnership are divided, though the software giant holds an upper hand. "Microsoft's leadership earned enough credibility … such that the company will end up negotiating terms that will be in the interest of its shareholders," the analysts said. Some of that confidence is reflected in the company's stock price, which has risen by more than a fifth so far this year. In the April-June period, Microsoft's fiscal fourth quarter, the company likely benefited from a weaker dollar, stronger non-AI Azure demand and PC makers pulling forward orders for its Windows products ahead of possible U.S. tariffs. Revenue is expected to have risen 14 per cent to $73.81 billion, according to data compiled by LSEG, its best growth in three quarters. Profit is estimated to have increased 14.2 per cent to $25.16 billion, slightly slower than the previous quarter as operating costs rose. Capital spending will also be in focus after rival Alphabet raised its annual outlay by $10 billion last week. Microsoft has repeatedly said it remains capacity constrained on AI, and in April signaled continued growth in capex after planned spending of over $80 billion last fiscal year, though at a slower pace and on shorter-lived assets such as AI chips. Dan Morgan, senior portfolio manager at Synovus Trust who owns Microsoft shares, said the spending has been paying off.
