Repsol sells stake in an Indonesian gas operation for $425 million
Spanish energy company Repsol said on Thursday it has agreed to sell a 24 per cent stake in Indonesia's Corridor Block gas operation to Jakarta-listed Medco Energi for $425 million.
The deal is part of Repsol's strategy to dispose assets to raise cash to fund investments in renewable energy.
According to its own calculations, the sale will have a positive impact of about $70 million on its full-year income and it will help reduce its net debt by about $350 million, Repsol said.
The company expects the transaction to be closed in the third quarter of 2025.
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Independent Singapore
an hour ago
- Independent Singapore
'Local operators need to step up': Mainland Chinese F&B brands in S'pore praised for ‘top-notch' service
SINGAPORE: Singapore's commercial rental costs and the closure of several food and beverage outlets have been prompting debate online. While local operators reportedly point to the growing presence of mainland Chinese brands in the city-state, many netizens say these businesses are winning over locals because they offer 'top-notch' customer service. One commenter even said, 'Local operators need to step up.' This followed a Channel News Asia (CNA) report in which several local businessmen said they believe the entry of mainland Chinese retailers has raised rents in the city-state. Andy Hoon, chairman of an informal group of local businessmen, Bosses Network, said some of his contacts from China believe they need to offer higher rent to win bids for commercial spaces in Singapore. He noted that they view the city-state as a 'stepping stone' to the rest of the market in the region. However, Hunan home-style cuisine chain Nong Geng Ji — which operates over 100 outlets in China — denied such 'aggressive real estate tactics'. 'We firmly believe that winning customers' loyalty must be grounded in the exceptional quality of our ingredients and the authenticity of our flavours,' a spokesperson said. Singapore Polytechnic's business school lecturer Ernest Tan also noted that Chinese-style service begins even before food is ordered. 'From start to end, they take care of you. You don't feel the wait is too long — you can have unlimited snacks, you can have water,' he said — a model that has been brought into the city-state and noticed by locals. Mr Hoon added that Chinese brands often provide 'endless' appetisers, ice cream and other perks. 'Singaporean businessmen need to counter [that],' he said. Netizens echoed similar sentiments, with one commenter pointing out, 'No other non-China brands do it.' He said, 'A few days ago, we were making noise that we weren't even served plain water,' referring to the free-flow tap water petition by Singapore General Hospital consultant Dr Yee Yucai, which was slammed by a restaurateur as a ' personal dining gripe '. Another shared that some local businesses offer 'overpriced food items' and are 'very stingy', charging extra for water and wet wipes, even though they already include service charges and employ staff who are slow or unfriendly. In contrast, she said Chinese chains have friendlier staff, faster service, and perks like unlimited free rice, with some not even having a service charge. 'As much as I would like to support some local businesses, I, as a consumer, find myself gravitating towards some of these Chinese restaurants which offer more value for money,' she added. Another commenter added that Vietnamese and Thai restaurants also provide more generous portions of real protein than local brands, which is why he prefers them. Meanwhile, one remarked, 'It's supply and demand. Singaporeans always want to try new food. Overseas big brands capitalise on this, and they move in fast and furious. Despite paying higher rentals, they will still be profitable because everyone wants to try the new cuisine. This creates long queues, and like any typical Singaporean mentality, a long queue means good food, [so they] join the queue.' /TISG See also Pandemic delays arrival of the young wolves of Wall Street Read also: 'Retailers, hawkers and restaurants need to survive' — KF Seetoh says Urban Hawker NYC costs less to run than Orchard Road, MBS food halls
Independent Singapore
2 hours ago
- Independent Singapore
‘Is this normal?' SG jobseeker puzzled after SME asks for payslip and verbal commitment without written offer
SINGAPORE: A jobseeker recently shared on Reddit that he had a strange and uncomfortable experience during the hiring process with a local SME. In a post on the r/askSingapore forum on Wednesday (Jun 25), the jobseeker said the company asked him to bring his payslip to the very first interview, which already felt like a 'red flag.' During the interview, the hiring manager also mentioned that overtime was 'very normal' in their company, which added to his concerns. But the biggest surprise came after the interview. The HR representative told the jobseeker that if another company offered him a higher salary, the SME would not proceed with the hiring. They also said that if he wanted a written offer, he would need to 'verbally commit' first and reject all other job opportunities he was considering. The jobseeker found this unreasonable and explained that he could not make a decision based on just a verbal offer, especially when he had not seen the full contract. He also mentioned that at that point, he still had no information about things like leave, benefits, or working hours. In response, HR simply told him that 'the leaves and benefits are all normal' and tried to move on. Eventually, HR agreed to send the written offer. But three weeks have passed and the candidate has yet to receive any update. Puzzled by the experience, he asked other locals in the forum, 'Is this normal with SME companies in Singapore? Does anyone have any SME experiences to share?' 'Go find something better, please.' In the comments, most users agreed with the jobseeker and said the company was a 'huge red flag.' Many felt it was totally unreasonable to ask for a payslip during the first interview, let alone expect someone to commit without even seeing a proper offer. A lot of people told him to just move on and find a better employer. One person wrote, 'Red flag! And it's just verbal offer, I ever encounter before. Then they ghosted me. There's no point waiting for them, just keep sending resume and attend interviews.' Another commented, 'Move on. They want to hide information and make their hiring process more tedious, that's their problem.' A third added, 'LOL. Haven't even started work and they are already saying OT is very normal? Someone trying to gaslight you. What SME is this? Very good pay or prospects? If no, then who do they think they are? Go find something better please.' It's worth noting that an individual is only considered an employee after signing a contract of service. Also, according to the Ministry of Manpower (MOM), if someone decides not to turn up on their first day of work, they should inform the employer as soon as possible and try to resolve the matter politely by explaining the reason if they can. In such cases, the employer is not allowed to claim notice pay or any compensation under the Employment Claims Act, since there is no official employment relationship yet. Read also: Man questions if he's being exploited after becoming a 'one-man marketing team' for five brands Featured image by Depositphotos (for illustration purposes only)
CNA
3 hours ago
- CNA
Artificial intelligence's adoption and regulation in focus at WEF's Summer Davos
TIANJIN: At the World Economic Forum's (WEF) Summer Davos in the northern Chinese city of Tianjin, the familiar gathering of academics and business leaders featured a newer presence: robots. Handshakes were shared between participants and humanoid machines as participants watched robotic fingers mimic their gestures with uncanny precision. Though tucked into a small exhibit, these interactions echoed one of the forum's biggest themes – how artificial intelligence is rapidly reshaping daily life and transforming industries. For instance, the AI-powered robotic hands are already helping doctors in surgery. They may also one day provide advanced prosthetics to replace missing body parts. With such swift advances, AI is among topics being discussed at the WEF multilateral gathering officially known as the Annual Meeting of the New Champions. AI & CLIMATE CRISIS A key focus is AI's predictive potential in tackling the climate crisis. Advocates have emphasised the urgency to scale up renewable energy as the planet gets warmer year after year. Last year was the hottest year on record. Experts at the meeting are discussing how AI can accelerate the energy transition, such as managing energy use and demand, and using predictive capabilities to help governments prioritise projects in the future. However, industry players warn that momentum could stall, with financial and geopolitical concerns bringing competing priorities. 'The biggest constraint is resources for any country, especially in a very geopolitically tense world where every country is prioritising spending on defence,' said Himanshu Gupta, co-founder and CEO of ClimateAi, a firm which uses AI to help clients manage climate-related risks. AI itself is also contributing to the energy demand. It needs powerful processors to train and run, with data centres requiring constant power and generating immense heat. Both the computing and the cooling processes guzzle massive amounts of electricity. Still, experts said there is increased commitment to rebalance the global energy mix, with more funding flowing into sustainable systems, especially in Asia. China, the world's leading producer of clean technologies, has also made the green transition cheaper and more accessible. 'It's a shifting landscape for sustainability, climate and energy. We're not stopping on energy transition because … we need to leave (future generations) with the right kind of resources,' said Agnes Tai, director of Great Glory Investment Corporation, a Hong Kong-based family office focused on sustainability. AI RIVALRY AND ADOPTION Discussions surrounding AI are also centred on moving beyond theory and towards real-world implementation across sectors including healthcare and manufacturing. According to a recent WEF report, just 45 per cent of chief economists surveyed expect AI to become commercially disruptive this year. One major roadblock is the shortage of workers equipped with the skills to work with AI. However, experts said challenges stand in the way of widening and deepening adoption. Despite falling costs, AI systems are not yet widely embedded across industries. There is also a broader geopolitical issue – restrictions on advanced chips, especially from the United States, have further complicated progress in China, slowing down access to the types of AI hardware needed to train cutting-edge models. The rivals – which make up the world's two largest economies – are at the forefront of the global AI race. But experts have said the battle for AI supremacy is not necessarily a zero-sum game. 'People are talking about how we need to achieve AI supremacy for data security, national security in order to achieve economic growth. But I don't think that's the case,' said Angela Zhang, a law professor at the University of Southern California. 'Everybody is trying to advance, it does not necessarily mean you have to get to the most cutting edge to create that explosive growth,' she told CNA. 'If we combine these two countries (the US and China) together, they will make the perfect team. Their skillsets are complementary.' Others argue the restrictions have created space for greater innovation. 'Initially, founders in China were super worried because there's embargo on chips and the foundation model to China,' said Zhou Yuxiang, CEO of Black Lake Technologies. 'But DeepSeek is kind of a landmark event that made us realise we actually will be able to self-incubate a foundation model on a more cost efficient way, and also certain embargo will drive China or the rest of the world to incubate our own chips, our own foundation model, which is gradually happening now.' DeepSeek's release in January has simultaneously stirred awe and rattled nerves through the global tech sector. The Chinese model came hot on the heels of ChatGPT – at fraction of the cost – despite efforts to stifle AI progress in China. LAGGING IN REGULATION Another area of discussion in the rise of AI and its adoption is regulation – or the lack thereof. This involves establishing clear guidelines, ethical standards and legal frameworks to ensure that such technologies are developed and deployed responsibly. A survey by Japanese infotech firm NTT Data showed over 80 per cent of respondents citing a lack of regulation in the industry as an impediment to investments. 'In the global landscape, certainly in Asia Pacific, there's a lot of regulatory hurdles,' said the company's Asia Pacific CEO John Lombard. 'We certainly think organisations need to consider the regulatory environment that they're operating in.' However, industry leaders have said regulation not only creates safety parameters, but also grounds for innovation. 'If politics gets in the way, engineers and developers will find a different way to solve the problem,' said Darko Matovski, co-founder and CEO of software firm causaLens. 'I think that's actually really good for the field, we're going to get different ideas inspiring the different ecosystems. Competition is actually always healthy and is going to produce better results faster.' Experts said greater investment in infrastructure and education will make AI more inclusive and accessible. Despite the challenges, industry leaders say the key lies in reimagining AI's role, allowing it to take over certain tasks, while humans concentrate on areas where they excel. 'We'll see new jobs developed off the back of AI. Many years ago, there were concerns about technology replacing jobs, but what we saw was new jobs created,' said Lombard. 'AI is there to augment us, to help us, not to replace us. We always need human involvement in all of these processes and activities.'
