CNA938 Rewind - #TalkBack: Could we see an end to $10 SIM card plans, with recent mergers and acquisitions?
Singapore's economy is set to grow faster than earlier expected this year. That's according to the Ministry of Trade and Industry (MTI), which raised its GDP growth forecast to between 1.5 and 2.5 per cent – up from zero to 2 per cent. But there have been warnings surrounding the outlook for the rest of the year, with global growth likely to slow due to U.S reciprocal tariffs taking effect. Lance Alexander and Daniel Martin speak with Alvin Liew, Senior Economist, UOB.
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Independent Singapore
32 minutes ago
- Independent Singapore
Wuthelam Group founder and Singapore billionaire Goh Cheng Liang dies at 98
SINGAPORE: Paint and coatings company Wuthelam Group founder Goh Cheng Liang, Singapore's richest man according to Forbes' 2025 list of billionaires worldwide, has died at the age of 98. Paint tycoon Mr Goh was born in 1927 and grew up in a shophouse along River Valley Road. He came from a modest family and started his business in 1949 with Pigeon Brand paint. After forging a strategic partnership with Japan's Nippon Paint in 1962, now Asia's largest and the world's fourth-largest paint maker, Wuthelam Group today owns nearly 60% of Nippon Paint Holdings. In a Facebook post on Tuesday (Aug 12), Nippon Paint Singapore said the Nippon Paint Holdings Singapore Pte Ltd (NIPSEA Group) founder passed away surrounded by his loved ones. 'Mr Goh had always been a beacon in our industry, shining the light for so many of us to emulate his values of humility, benevolence, and integrity. Under his stewardship, Nippon Paint Singapore has grown and arrived to become a formidable force today. However, throughout his many business achievements, Mr Goh has always upheld the importance of giving back to the community. This is a legacy we will continue to perpetuate today, and well into the future. We will miss him dearly, for all that he has taught us,' the company wrote. See also Singapore continues to issue more EPs to recruit foreign FTs 'Our condolences go out to the family members and loved ones of Mr Goh,' it added. Mr Goh was instrumental in developing Liang Court, the first major shopping centre along River Valley Road, and Mount Elizabeth Hospital, both of which were later sold. He was also well known for his philanthropy. In 1995, with support from the late President Wee Kim Wee, he founded the Goh Foundation to manage his charitable work. The foundation funded major healthcare projects, including the National Cancer Centre Singapore and the Goh Cheng Liang Proton Therapy Centre, one of the few facilities in the region offering advanced proton beam therapy. Mr Goh, who was also a cancer survivor, supported children's cancer research at KK Women's and Children's Hospital, the VIVA Foundation, and the National University Hospital, Singapore Business Review reported. In addition, he contributed to research into rheumatological and immunological diseases through Singapore General Hospital's ARiSE programme and backed palliative care projects with SingHealth Duke-NUS Academic Medical Centre. He also helped fund roads, clean water, sanitation, and schools in Dawu Village, his ancestral hometown in Chaozhou, China, to uplift the community there. Mr Goh is survived by his three children—Hup Jin, Chuen Jin, and Chiat Jin—eight grandchildren, and one great-grandchild. According to the South China Morning Post , his eldest son, Mr Goh Hup Jin, described him as 'a beacon of kindness and strength' who taught them to live with compassion and humility. 'We are very fortunate to have had him show us how to be a good person,' he added. Netizens also expressed their condolences to Mr Goh's bereaved family. /TISG Read also: GCB craze: How Singapore's 10 Real-Life Crazy Rich Asians got rich enough to own their S$10M to S$100M+ homes
Business Times
44 minutes ago
- Business Times
United Overseas Insurance aims to increase technology investments by almost 50% by 2029
[SINGAPORE] United Overseas Insurance (UOI), the general insurance arm of UOB, will increase its technology investments by almost 50 per cent from 2023 levels by 2029. This will involve rolling out digital initiatives designed to enhance customer journeys and upgrading the insurer's core technology infrastructure, it said on Wednesday (Aug 13). 'These enhanced capabilities will enable the company to scale operations, improve service delivery, and respond more effectively to evolving customer expectations.' A digital intermediary portal launching in August will enable intermediaries to reach a broader customer base, especially those underserved by traditional channels. Motor and travel insurance now have fully digitalised product journeys, offering customers greater convenience and accessibility. UOI plans to extend this digital experience across all products by 2026. UOI will also streamline customer engagement and service feedback through messaging apps such as WhatsApp. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up On Wednesday, the group further said that it plans to increase talent acquisition by more than 60 per cent by 2029 in Singapore and across the region. This will support the insurer's accelerated growth and help it implement succession planning. UOI also said it is expanding its insurance products to meet the needs of its customers. For instance, it partnered UOB to launch InsureCruise, Singapore's first dedicated cruise insurance to address specific risks such as missed port departures, itinerary changes due to weather, and on-board medical emergencies. 'Unlike standard travel insurance plans, this plan helps customers avoid paying for benefits that are unnecessary for a cruise trip, such as rental vehicle excess or flight misconnection coverage,' UOI said.
Business Times
44 minutes ago
- Business Times
MAS considers calibrating corporate governance code to meet diverse needs of companies
[SINGAPORE] The Monetary Authority of Singapore (MAS) is considering adopting a nuanced approach in its ongoing review of the corporate governance code. This includes calibrating the rules such that they cater to the diverse needs of different types of companies, from large-cap firms to family-controlled enterprises, said Lim Tuang Lee, assistant managing director of the central bank's capital markets division. Speaking on Wednesday (Aug 13) at the release of an annual corporate governance scorecard for Singapore-listed companies, Lim said that this will be among the primary focuses of a group undertaking the review. The sub-committee will fall under a main advisory committee, with a view to facilitate 'more meaningful and practical application of the code'. He added: 'One key objective of this review is that we want to take a long, hard, introspective look at our corporate governance requirements across the corporate governance code and practice guidance, to look at whether they are delivering the outcomes that we want. So a one-size-fits-all approach may not be the way to achieve this.' In May, MAS said that it was reviewing its corporate governance code to complement ongoing efforts in revamping Singapore's equities market. Regulators had previously announced that capital markets would be moving towards a disclosure-based regime. A NEWSLETTER FOR YOU Friday, 12.30 pm ESG Insights An exclusive weekly report on the latest environmental, social and governance issues. Sign Up Sign Up Noting the need to 'look outward and engage widely with different stakeholders', Lim said MAS is taking 'a broader consultative approach beyond the Corporate Governance Advisory Committee... to engage widely across the ecosystem'. 'So this includes both investors and companies of various profiles,' he added. A second sub-committee will examine new code provisions to guide companies' boards on corporate culture, board effectiveness, as well as mismanagement in emerging areas such as artificial intelligence. 'The aim is to strengthen boards' abilities to capture opportunities brought about by the dynamic environment that we are facing, especially with rapid changes in technologies,' Lim said. Stakeholder engagement He also noted that MAS has received feedback, as part of its equities review, that listed companies in Singapore can do more to engage investors and stakeholders. 'Too many companies here limit themselves to the bare minimum disclosure requirements, and in doing so, they've missed the opportunity to articulate strategic visions and plans for companies,' he said. He added that listed companies should hold more active dialogues with investors and the boarder markets, and use these conversations to guide strategic direction. 'The most effective companies do not wait for the annual general meeting to engage their investors and stakeholders. They maintain regular dialogue to seek to better understand their views and concerns,' he said. 'The investor-relations function should not be seen as just a help desk to answer queries. Strong investor-relations teams anticipate queries, provide meaningful context and help shape the narratives around the company.' Such engagements can become a strategic advantage for companies, as they may lead to better valuations, greater trading liquidity and a lower cost of capital.
