CNA938 Rewind - Stock take today: US-China trade talks, Apple's WWDC, small cap rally
On the daily markets analysis on Open For Business, Andrea Heng and Hairianto Diman speak with Vishnu Varathan, Head of Macro Research, Asia ex-Japan, Mizuho Bank.
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CNA
4 hours ago
- CNA
Income Insurance chairman Ronald Ong to stand down
SINGAPORE: Income Insurance's chairman Ronald Ong will retire from the company's board, it said on Monday (Jun 9). He will, however, remain on the board of NTUC Enterprise, Income Insurance's parent company. Mr Ong, who began serving on the Income Insurance board in 2018 and became its chairman in 2019, will not seek re-election at the company's upcoming annual general meeting on Jun 24, it said in a media release. It added that Mr Ong led the company through its corporatisation, as it transitioned from a co-operative – NTUC Income Insurance Co-operative – to a company governed by the Companies Act. In a statement, NTUC Enterprise chairman Lim Boon Heng said: "I would like to thank Ronald for his leadership over the past seven years at Income Insurance. "Ronald remains on the NTUC Enterprise board and will be steering the private investment portfolio within NTUC Enterprise going forward, leveraging his deep expertise, wide network and strong commitment to create value for customers and shareholders." Income Insurance said that its board and management were grateful to Mr Ong "for his guidance and steadfast leadership over the years". "Under Mr Ong's leadership, Income Insurance weathered the COVID-19 pandemic, succeeded in corporatisation and also enhanced its digital capabilities," the company said. Mr Ong said that it had been an honour to serve on Income Insurance's board. "I have had the privilege of working alongside a talented and dedicated team, and the experience has been both humbling and rewarding," he added. Income Insurance said that its board had begun a succession process to appoint a new chairperson. "Further details will be shared at the upcoming annual general meeting," it said. The tail end of Mr Ong's tenure as chairman saw Income Insurance embroiled in a saga involving a proposed deal that would have seen it taken over by German insurer Allianz. In July last year, Allianz made an offer of about S$2.2 billion (US$1.6 billion at the time) for a 51 per cent stake in Income Insurance. NTUC Enterprise said at the time that it would remain a "substantial" shareholder in Income Insurance if the sale went through.
CNA
4 hours ago
- CNA
Chinese aircraft carrier enters Japan's economic waters: Tokyo
TOKYO: A Chinese aircraft carrier group entered Japan's economic waters over the weekend, before exiting to conduct drills involving fighter jets, Tokyo's defence ministry said on Monday (Jun 9). The Liaoning carrier, two missile destroyers and one fast combat supply ship sailed around 300km southwest of Japan's easternmost island of Minamitori on Saturday, a ministry statement said. It was the first time a Chinese aircraft carrier had entered that part of Japan's exclusive economic zone (EEZ), a Japanese defence ministry spokesman told AFP. "We think the Chinese military is trying to improve its operational capability and ability to conduct operations in distant areas," the spokesman said. China's growing military clout and use of naval and air assets to press disputed territorial claims have rattled the United States and its allies in the Asia-Pacific region. Tokyo's chief cabinet secretary Yoshimasa Hayashi told reporters on Monday that the government had "conveyed an appropriate message to the Chinese side" without saying it had lodged a formal protest. After the Liaoning and its accompanying vessels exited Japan's EEZ, fighter jets and helicopters conducted take-offs and landings on Sunday, the ministry statement said. Japan deployed its warship Haguro to the area to monitor the situation, it added. Last month, the Liaoning sailed between two southern Japanese islands within the EEZ, from the East China Sea into the Pacific while conducting take-offs and landings on deck, the ministry said. The carrier in September last year sailed between two Japanese islands near Taiwan and entered Japan's contiguous waters, an area up to 24 nautical miles from its coast. At the time, Tokyo called the move "unacceptable" and expressed "serious concerns" to Beijing. Under international law, a state has rights to the management of natural resources and other economic activities within its EEZ, which is within 370km of its coastline.
Business Times
6 hours ago
- Business Times
CapitaLand Investment expands fund with Japan asset acquisition at 30 billion yen
[SINGAPORE] CapitaLand Investment (CLI) on Monday (Jun 9) announced that it secured additional capital commitments from new and existing institutional investors for its value-add lodging private fund, CapitaLand Ascott Residence Asia Fund II (Clara II). The latest fundraising includes the acquisition of a prime mixed-use asset in Tokyo at more than 30 billion yen (S$267.2 million). This is Clara II's third asset, and its second in Japan. As a result, CLI's funds under management will increase by around S$470 million, as it holds about 20 per cent stake in the fund. 'This reflects the continued strong investor interest in the fund's strategy to reposition under-utilised assets into high-performing living assets in key Asia-Pacific gateway cities,' the company said. Japan is one of Asia's most developed and liquid real estate markets, supported by deep capital pools, said Mak Hoe Kit, CLI managing director of lodging private equity funds. 'Leveraging local enterprise, we secured this off-market opportunity at an attractive entry price,' he added. 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 Mak also noted that through their first lodging private fund, they achieved strong performance in Japan with the divestments of two assets at premiums above target returns. Japan's strong tourism rebound further supports the fund's investment strategy. In Tokyo, revenue per available room (RevPar) in 2024 was 43 per cent higher than pre-pandemic levels in 2019, with growth continuing into 2025. Meanwhile, the number of foreign visitors to Japan also surged, rising 28.5 per cent on year to a record 3.9 million in April. The prime mixed-used asset The newly acquired asset is located in Shinjuku, one of Tokyo's most popular districts for shopping, entertainment and business. As part of Clara II's value-add strategy, the property – currently comprising hotel, residential, and ancillary office and retail components – will be upgraded and repositioned into a 179-unit serviced residence managed by Ascott, CLI's lodging business arm. It will be rebranded as Citadines Shinjuku Tower Tokyo and launched in phases from the second half of 2026. The 22-storey building will feature a mix of studio suites and one to three-bedroom apartments, for both short and long-stay guests. It aims to cater to corporate guests on extended stay from nearby offices, as well as domestic and international travellers. In Japan, CLI has a diversified portfolio of more than 70 lodging, office, logistics and self-storage properties across nine cities including Tokyo, Osaka and Nagoya. Shares of CLI closed 0.8 per cent or S$0.02 higher at S$2.56 on Friday.
