CNA938 Rewind - Stock take today: US stocks snap three-day gains, Japan's rice prices out of reach
CNA938 Rewind
On the daily markets analysis on Open For Business, Andrea Heng and Hairianto Diman speak with Naomi Fink, Chief Global Strategist at Nikko Asset Management.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
36 minutes ago
- Business Times
Cooked in Singapore: the tough road to success for home-grown chefs
[SINGAPORE] Nicolas Tam's journey as a Singaporean chef is an all-too-familiar tale, but with a storybook ending. Young, ambitious and full of creative energy, he wanted to open his own restaurant but could find no investor willing to put money on a local talent. Eventually, one took a gamble and helped him open his restaurant, Willow, in 2022. It paid off. By 2023, Willow had a Michelin star. Nicolas Tam of one-Michelin-starred Willow. PHOTO: WILLOW While he joins other Michelin star compatriots such as Han Li Guang, Malcolm Lee and Jason Tan, Tam is a rare success in a dining scene where Singapore-born chefs have barely made a dent despite the city's international status as a culinary destination. Unlike, say, Bangkok, Tokyo and Seoul – thriving gourmet hubs boasting legions of home-grown chefs lauded for their work with local ingredients and heritage – Singapore is largely dominated by foreign-born chefs, who have been credited with raising the bar and adding vibrancy to the local dining scene. Whether this puts local talent at a disadvantage is a topic for debate. Among other things, Singaporean chefs struggle with identity issues, and winning over diners or investors who are more enamoured of their 'imported' counterparts. As one pundit quips: 'When a Japanese man touches a slice of fish with his bare hands, it becomes gold. But when the hawker doesn't wear a mask, the diners complain to SFA (Singapore Food Agency).' At the same time, a beleaguered food and beverage (F&B) industry – marked by restaurant closures, chefs dropping out to work in other fields or move into private dining, and the high costs of running a restaurant – further reduces the talent pool, making it even harder for existing and new chefs to thrive. ' Local chefs sometimes have to work harder to prove their ideas are worth backing, especially if they're trying to do something that doesn't fit neatly into existing categories. ' — Wee Teng Wen, founder of The Lo & Behold Group However, rewards await those who persevere, as in the case of Tam, who prides himself on being 'one of the few true-blue Singaporean chefs who worked from the bottom to where I am, in my own home country and in spite of all challenges'. A NEWSLETTER FOR YOU Friday, 2 pm Lifestyle Our picks of the latest dining, travel and leisure options to treat yourself. Sign Up Sign Up Investing in local talent That investors are skittish about putting money on local talent goes without saying. Tam notes how he had approached two F&B groups with his idea for Willow, but did not hear from one and was rejected by the other for being too young. His luck changed when he met Lim Kian Chun, then in the early days of Ebb & Flow Group, but even he 'had doubts about me, being local and unproven'. After much convincing, Lim invested a modest amount, and the rest is history. Wee Teng Wen, the founder of The Lo & Behold Group who is known for his support of local talent, observes that 'it's not always a level playing field' when it comes to restaurant investment. 'For a long time, chefs with international experience or big-name mentors tend to get more attention, as larger hospitality players tend to rally around something familiar or already validated. Local chefs sometimes have to work harder to prove their ideas are worth backing, especially if they're trying to do something that doesn't fit neatly into existing categories.' Law Jia-Jun, chef-owner of Province. PHOTO: PROVINCE 'There is pressure to prove that my food can be seen as comparable or equal to that of non-Singaporeans, especially those who are known at home and abroad,' says Law Jia-Jun, who opened his restaurant, Province, in 2023. 'Like it or not, platforms like the Michelin guide shape public and investor perception, and most of the Michelin restaurants here are helmed by foreign chefs.' So far, no Singaporean chef-fronted restaurant holds more than one star, and this feeds 'a certain perception about who is 'worthy' of recognition'. Province serves progressive Singaporean cuisine. PHOTO: PROVINCE He recalls a recent conversation with another chef who had plans to open an izakaya. 'Their investors felt that it would be easier to market the concept if it were fronted by a Japanese chef. That struck a chord with me, because it seems like there's something about Singaporean culture that is unsure how to value things if there isn't some foreign pedigree burnishing its credibility or desirability.' Defining a Singaporean chef For veteran chef Han Li Guang of the one-Michelin-starred Labyrinth, it has been a long journey of 11 years to evolve as a Singaporean chef. Even today, there is still a stigma about paying a premium for what locals see as 'mod-Sin', or elevated hawker food. 'While Singaporeans are becoming more receptive to modern ways of interpreting heritage food, it's not to the extent of Seoul or Bangkok, where the population is much bigger,' says Han. Also, Thai and Korean cuisines have longer histories as well as more defined characteristics and flavours, unlike Singapore cuisine which is 'all over the place'. It is 'very hard to nail down, but at the same time, there's a lot of content out there, and that's what helps to keep Labyrinth unique'. He notes that skills-wise, Singaporean chefs score highly, thanks to the many Michelin-starred restaurants that give them the exposure and the training. What they lack is Asian cooking skills, which Han gripes is missing from culinary schools – which still emphasise Western techniques. ' It seems like there's something about Singaporean culture that is unsure how to value things if there isn't some foreign pedigree burnishing its credibility or desirability. ' — Law Jia-Jun, chef-owner of Province 'I had two young chefs who quit after three months because they were trained in French cooking and couldn't get used to using a wok. So they wanted to return to their comfort zone,' he says. Which begs the question: Who is more Singaporean? One who is inspired by their roots, or one who rises to the top ranks of highly acclaimed Michelin-starred restaurants? The two are not necessarily mutually exclusive, says Law, who feels he would consider himself a Singaporean chef even if he had chosen to stay in a Western kitchen instead of striking out on his own with Province. He acknowledges he has chosen a more 'difficult' path because 'there is no clear blueprint for what we're trying to do. But that's also our mission – to discover what Singaporean cuisine is and develop an approach to cooking at a fine-dining level that is more local and regional'. Ng Guo Lun, head chef of Jaan by Kirk Westaway. PHOTO: JAAN For Ng Guo Lun, his achievement comes from making his way up from kitchen assistant at Willin Low's Wild Rocket after national service, to head chef at the two-Michelin-starred Jaan by Kirk Westaway, working next to its eponymous chef-owner. While other chefs have helped to shift mindsets about local food, 'I've chosen a different path, but not because I don't believe in Singaporean cuisine'. 'This is what I want at this point in my career, which is to excel in the kitchen while expressing my own style in other ways,' he adds. Winning the hearts of Singaporean diners While progress is still slow, 'there's a growing appreciation for chefs who are rooted here and have something original to say about Singaporean food', says Lo & Behold's Wee. A case in point would be the group's newest restaurant, Belimbing, helmed by 'new-gen' chef Marcus Leow. Marcus Leow of Belimbing. PHOTO: BELIMBING 'The response has been a lot better than expected,' says Leow, whose cuisine explores local recipes and South-east Asian ingredients. While he agrees that there is pressure on Singaporean chefs to reinterpret local cuisine, 'it gives me stronger motivation to get better at what I do'. Grilled firefly squid at Belimbing. PHOTO: BELIMBING Perhaps one of the biggest success stories would be Mustard Seed, the counter-only, perennially booked-out restaurant run by Gan Ming Kiat. The chef, who has won hearts with his unique version of Singaporean food with a Japanese accent, was recently joined by fellow local chef Desmond Shen – well-known for his innovative cooking style. Gan Ming Kiat of Mustard Seed. PHOTO: KERRY CHEAH 'Running a business with honesty and sincerity goes a long way,' says Gan of his success from Day One. 'When we started, there weren't many modern Singaporean tasting menu-style restaurants around, so we were able to start strong and build on that momentum.' Candied orange kuih bingka at Mustard Seed. PHOTO: KERRY CHEAH Schooled in kaiseki and Peranakan cuisine, he credits his training in Asian rather than Western kitchens for creating a cuisine that 'hits the sweet spot of being tasty and creative enough without being too intellectual'. 'Singaporeans relate to this better.' Market realities and carving out a niche While Gan had a first-mover advantage, 'to come out and do something of your own now is definitely much harder than when I first started out', he says. 'You're dealing with higher costs, increased diner expectations, a highly competitive dining scene, and also a dismal post-Covid climate. Dining out is now a lower priority.' MJ Teoh of the heritage-inspired Native got a full reality check when the restaurant closed down after three years, even though the original cocktail bar remains. One of the few female chefs in Singapore, Teoh laments that 'one of the mistakes we made was not to differentiate ourselves from the bar, because people thought we just did bar snacks and didn't bother to give us a try'. MJ Teoh, former head chef of Native. PHOTO: MJ TEOH She adds: 'We weren't making enough money and the rent was way too high. Amoy Street is very competitive and in the last few years, we noticed people are just not spending as much. A lot of us in the industry felt the shift – sales were down even in bars that were thriving.' MJ Teoh's cooking is inspired by her heritage. PHOTO: MJ TEOH Teoh is part of a cohort of young chefs who are trying to find their way in this uncertain climate, even going through a period of soul-searching. She was so burnt out, she says, that she stopped working for a few months. Recently, she started giving pasta-making lessons and does private dining in client's homes. The plan is to start a dining space in her own home and while she is not ruling out running a restaurant again with a new investor, she questions if it is a practical move in the current climate. Growing the talent pool While market uncertainty has led to attrition as chefs leave the industry completely to embark on totally different careers, the numbers enrolling in culinary schools have grown, says Ian Goh, a culinary arts lecturer at the Institute of Technical Education (ITE). Ian Goh, culinary arts lecturer at ITE. PHOTO: IAN GOH 'Cohort-wise, we've been seeing a consistent rise in the number of students enrolling in our culinary programmes,' he says. 'Over the past few years, there's been a noticeable shift where more (young people) are interested in building long-term careers in F&B.' The change was apparent after Covid-19, when home-based businesses sprouted up. That taste of entrepreneurship, Goh says, spurred their interest in making a career of it. The challenge, he adds, is matching chefs' passion with the realities of the industry – namely 'long hours, high pressure, and sometimes, toxic work environments'. Despite more work-life balance in some progressive kitchens, 'the industry still has a long way to go'. But he is also seeing how the younger generation is 'redefining what it means to be a culinary professional', going beyond conventional cooking to explore 'food styling, research and development, sustainable food systems, entrepreneurship and even food history'. Plus, there are platforms for local chefs to shine, says Nicola Lee, the South-east Asia academy chair for the World's 50 Best Restaurants guide as well as its Asian equivalent. While her role pertains to the voting for the guides, she is a staunch supporter of local talent. ' Investors today are increasingly interested in strong, distinctive chef-driven narratives, regardless of nationality. What matters is the authenticity of the story and the quality of execution. ' — Veteran chef Ace Tan Besides Han Li Guang and Jason Tan, pastry chefs such as Cheryl Koh of Tarte and Louisa Lim of Odette have been recognised among the 50 Best recipients, along with Janice Wong. ITE's Ian Goh was also the 2022 winner of the San Pellegrino Young Chef Academy for Asia. Not to mention the Singaporean chefs making waves overseas include Kenneth Foong of Noma (Denmark), Mathew Leong of Re-Naa (Norway), and Jimmy Lim of JL Studio (Taiwan). On its part, the Singapore Tourism Board also 'supports our local talents in prestigious international competitions to elevate Singapore's global culinary standing,' says Cherie Lee, director, lifestyle and attractions. Most recently, it supported Leong's participation in this year's Bocuse d'Or Grand Final, and worked with him 'beyond the competition to drive awareness of Singapore's food scene through our social platforms. STB also 'collaborates with homegrown events and global partners, including 2024's Singapore Food Festival and 2025's Kita Food Festival to showcase Singapore's culinary excellence internationally,' adds Lee. The way ahead 'We need to show that cooking local food, especially at a higher level, is a viable and rewarding career path,' says Wee of Lo & Behold. 'Young chefs often gravitate towards other cuisines... because of what they're exposed to or (because) certain cuisines are more globally recognised, and that makes hiring for local restaurants an even bigger challenge.' He adds: 'To shift that mindset, we need to spotlight chefs doing meaningful work with local food and show that there's creativity, depth, and a future in it. Visibility helps, but it needs to be matched by structural change. That includes reforming culinary school curriculums so local cuisine is taught with the same rigour as European cooking. 'We also need to shift the conversation from preservation to innovation, and cultivate an audience that's curious, open, and willing to value new expressions of Singaporean food.' For veteran chef Ace Tan, who launched his Chinese-inspired restaurant Asu last year, the key is not to pigeonhole the definition of a 'Singaporean restaurant'. 'It's more accurate to consider it as a Singaporean chef presenting their interpretation of Asian, cross-cultural cuisine. The landscape has evolved significantly since I started this path in 2015 (with the short-lived Restaurant Ards) – there's now a growing appetite and appreciation for contemporary Asian concepts across East Asia,' he says. 'Investors today are increasingly interested in strong, distinctive chef-driven narratives, regardless of nationality. What matters is the authenticity of the story and the quality of execution.'
Business Times
42 minutes ago
- Business Times
Jetstar Asia's demise shows that Singapore could do more to attract and keep airlines at Changi
JETSTAR Asia's departure shows that Singapore cannot take its competitiveness as an air hub for granted – and suggests that it can do more to attract and retain airlines. On Wednesday (Jun 11), Jetstar Group announced that its Singapore-based low cost carrier (LCC) Jetstar Asia (JSA) will cease operations this Jul 31. Changi's high airport fees were one reason cited, along with increased supplier costs and regional competition. With the loss of JSA, the only remaining Singapore-based carriers are those of the Singapore Airlines Group: Singapore Airlines, Scoot and Singapore Airlines Cargo. As at the first week of June, JSA operates around 180 weekly services at Changi. This is about 5 per cent of total weekly passenger services, and forms about 3 per cent of passenger traffic, said the Civil Aviation Authority of Singapore (CAAS). While Singapore Airlines Group is ramping up flights to cover JSA's exit, Changi may also need to reassess its strategy. JSA's withdrawal brings the spotlight back to the fact that while Singapore is a leading regional air hub, it is also expensive compared to its rivals. 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 Star struck Started in 2004, JSA is owned by Singapore-based holding company Westbrook Investment (51 per cent) and Australia's Qantas group (49 per cent). Temasek previously held as much as 33.5 per cent, but divested in 2009. JSA is expected to post a loss of S$35 million in underlying earnings before interest and taxes in the financial year ending Jun 30. Jetstar did not specify how airport fees affected its bottom line, but aviation industry observers told The Business Times that these were likely an important reason for the closure. To use airports, airlines pay passenger fees – added to ticket prices – as well as landing, parking and aerobridge (LPA) charges. Such fees go towards the operation, maintenance and expansion of airport infrastructure. Singapore's airport passenger fees are higher than many of its regional rivals, and set to keep rising. CAAS and airport operator Changi Airport Group (CAG) announced fee hikes for both passengers and airlines over the next five years. Currently, a passenger departing Changi pays S$65.20. This will rise to S$79.20 in 2030. This is several times what a passenger pays in nearby rivals: 700 baht (S$27.64) in Bangkok, 25,000 won (S$23.58) in Seoul, and up to 70 ringgit (S$22) in Kuala Lumpur. Regionally, Hong Kong's fees are closest to Singapore's, at HK$355 (S$57.98). Last year, JSA chief executive officer John Simeone told the media that Singapore was becoming a 'very expensive' location to operate from, whether in terms of airport, operating or ground service charges. In response to media queries, CAG said that airport fees are applied equally to all carriers and constitute a small component of airlines' total operating cost. But industry observers noted that higher passenger fees hit LCCs harder than full-service or legacy carriers. As LCCs have lower ticket prices, airport fees represent a large share of the total. LCCs may also incur higher fees due to their point-to-point service model of flying directly between destinations. This means passengers pay airport departure fees rather than the transit fees of S$12 in Changi. Passengers on legacy carriers may pay the lower transit fee, due to these airlines' hub-and-spoke approach of flying into a major hub and having passengers take onward connecting flights. Higher supplier costs may also contribute to making Changi pricier than its rivals. Qantas group CEO Vanessa Hudson said that JSA has seen some 'supplier costs increase by up to 200 per cent'. These include suppliers that provide supporting services to aircraft, such catering and baggage handling. In Singapore, these suppliers face rising wage pressures, compliance cost and renewed investment in facilities and sustainability infrastructure, said Awad Khireldin, assistant professor of the aviation management degree programme at the Singapore Institute of Technology. To cope with their own costs, suppliers have been charging airlines more. Generating lift CAG said it has been working with airlines, including JSA, to enhance productivity and cost-efficiency. But wider efforts to draw airlines here may be needed. Singapore has ambitious plans to scale Changi's operations further, with Terminal 5 in the mid-2030s. Changi's passenger air traffic reached an all-time high of 68.4 million for the year ended March 2025, with its maximum capacity being around 90 million now. T5 will expand capacity to around 140 million. Yet, growth may be difficult if LCCs avoid the Republic because of high costs. While Apac is predicted to lead global aviation's growth in the coming years, airlines have thin margins. The International Air Transport Association projects that Asia-Pacific airlines' net profit margin per passenger will be just 1.9 per cent, or US$2.60, in 2025. Airlines may not choose Singapore if the cost base is not controlled, and instead head to where they can preserve profits. Granted, CAAS is taking steps to ease the fee hike, such as a 50 per cent LPA fee rebate to airlines from April to September. But perhaps it could go beyond short-term relief, and instead give long-term incentives to airlines that base themselves or increase the scale of their operations in Singapore. Asked if airlines receive benefits to base themselves here, CAAS director for air transport Sidney Koh replied only that Singapore-based airlines enjoy air traffic rights in Singapore's Air Services Agreements with other countries, which can be used to operate flights to those countries. Here, the aviation sector could apply lessons from the maritime industry. Under existing schemes, maritime and shipping companies receive tax breaks and harbour fee rebates, among other things, if they establish operations and register ships here. Changi could explore similar measures and scale them by the size of airline operations. After all, while passenger fees are needed to fund infrastructure improvements, it is counterproductive if they themselves limit passenger numbers. To be fair, fees were only one factor in JSA's descent. Other crucial factors were a lack of scale and the inability or unwillingness to quickly expand due to aircraft shortages. But as competition grows, airlines will be eager for any edge they can get – such as receiving benefits to operate in one of the most strategic, well-run air hubs in the region.
CNA
an hour ago
- CNA
Exclusive-SBI Shinsei Bank plans to file in July to relist by year-end, sources say
TOKYO :SBI Shinsei Bank, a unit of SBI Holdings, plans to file as early as next month for a relisting on the Tokyo Stock Exchange, two people familiar with the matter said. The bank, which is aiming to go public again by the end of the year, would follow a series of sizeable listings in Japan over the past year as companies look to capitalise on market momentum that has seen the Nikkei share average trade near record highs. SBI Shinsei's predecessor went bankrupt in 1998 and was nationalised. It became a subsidiary of SBI Holdings in 2021 and was delisted in 2023. The mid-sized lender is aiming for a valuation of around 1.5 trillion yen ($10.46 billion), one of the people said, around double the current value of JX Advanced Metals, which listed in March. The final figure will depend on market conditions, and the offering size is yet to be finalised, the person added. SBI group companies are expected to offload some of their stake in SBI Shinsei Bank in the float, one of the people said. The bank tapped Nomura Securities and Goldman Sachs this month as joint global coordinators for the listing, and several other underwriters have been selected to join the group, the sources said. The people declined to be identified as the information is not public. SBI Holdings said it has maintained for some time it is considering listing SBI Shinsei Bank and that the July filing and year-end listing are not something it is aware of. Nomura and Goldman Sachs declined to comment. SBI Shinsei Bank did not respond to a request for comment. Last month, SBI Holdings raised approximately 290 billion yen by issuing new shares to NTT and selling its stake in SBI Sumishin Net Bank to NTT Docomo. The proceeds of that are intended to repay the roughly 230 billion yen in public funds injected into Shinsei Bank. The repayment of the public funds is expected to be completed before the relisting, one of the people said. ($1 = 143.4700 yen)
