PSA to hire 2,500 more staff as Singapore's ports on track to break cargo-handling record
Singapore is on track to break its cargo-handling record for the second straight year, despite the global trade war and shift in supply chains. It handled 6.1% more twenty-foot equivalent units (TEUs) from January to April this year, compared to the same period in 2024. During a visit to the Pasir Panjang Terminal, Transport Minister Chee Hong Tat shared that PSA is hiring more than 2,500 staff, with jobs ranging from frontline port operators to IT professionals. Charlotte Lim reports.
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AsiaOne
an hour ago
- AsiaOne
No significant impact to travellers after Jetstar Asia closure, say analysts, Singapore News
Travellers will not be significantly impacted with the impending closure of Singapore-based low-cost carrier (LCC) Jetstar Asia, aviation analysts have said. The Qantas subsidiary announced on June 11 that will be ceasing operations, effective July 31. Speaking to AsiaOne, V. Mathivaanan, Covering Programme Chair for Diploma in Aviation Management, School of Engineering, Republic Polytechnic, said that Jetstar Asia's closure does not signal a downturn for the larger aviation industry. "In fact, the global aviation industry is experiencing solid growth, both in passenger travel and financial performance," he said, citing International Air Transport Association (IATA) data which revealed that global passenger demand for April rose by eight per cent year-on-year. The data also found that international travel demand rose by 10.8 per cent year-on-year, with a record load factor of 84.1 per cent. Escalating cost pressures on LCCs Mathivaanan highlighted the competitive environment that LCCs face, especially as they grapple with "tight financial margins while having to balance rising operational costs". Fuel costs, airport parking charges, aircraft maintenance requirements, crew salaries, and aircraft leasing obligations all impact profitability. Fuel costs, in particular, are highly volatile and fluctuate widely based on geopolitical events, economic conditions, and global demand and supply dynamics. LCCs have to strike a "delicate balance" between offering attractive prices to retain budget-conscious customers and maintaining profitability through ancillary revenue strategies like charging for seat selection and check-in baggage, Mathivaanan said. Fierce competition Sixteen intra-Asia routes — to regions in Australia, China, Japan, Thailand, Philippines, Sri Lanka, Indonesia, Malaysia and Singapore — will be impacted by the closure of Jetstar Asia, but the fierce competition between LCCs will reduce the impact that travellers will face, he said. With Jetstar's closure, Scoot will be the only budget carrier operating out of Singapore. Compared to Jetstar, Scoot, a SIA subsidiary, flies to over 70 destinations around the world, across 18 countries in Asia-Pacific, the Middle East and Europe. With other LCCs like Scoot and AirAsia offering similar routes across the region, travellers will have access to a wide range of alternatives. "Moreover, with the growing popularity of travel comparison platforms such as Skyscanner, Google Flights, and Expedia, passengers are increasingly empowered to search, compare, and book flights that best suit their schedules and budgets," Mathivaanan told AsiaOne. Mayur Patel, Asia head at consultancy OAG Aviation, echoed similar views. Any connectivity gaps left by Jetstar Asia's exit can be only filled by other LCCs in the short to medium term due to delays in the delivery of new aircraft and the time needed for capacity changes, the Straits Times quoted him as saying. Alfred Chua, Asia air transport editor for aviation publication FlightGlobal, told CNA that Scoot is an "obvious candidate" to fill the demand for routes previously unique to Jetstar Asia, especially as it is set to get a new shipment of nine Embraer E190-E2 jets added to its fleet by the end of the year. Changi Airport's role as global hub Changi Airport announced in November 2024 that it would progressively raise landing, parking and aerobridge charges for airlines, in addition to passenger levies, between 2025 and 2030 to fund new investments and defray rising costs. The construction of Terminal 5 began on May 14 and is expected to be completed by the mid-2030s. The closure of Jetstar Asia signals that Changi Airport may not necessarily be ideal for low-cost airlines to operate from, Chua said. Changi Airport currently has a two-runway system, posing the issue of a potential lack of availability for take-off and landing slots while the three-runway system for Terminal 5 is being built. Such issues, combined with continually rising costs, make Singapore a high-cost environment which are not favourable to smaller LCCs, he said. Qantas Group pivoting to key regions Jetstar Asia attributed the closure to "escalating costs in the region". It has been profitable for only six out of 20 years since it began operating in 2004, said Jetstar Group chief executive Stephanie Tully when speaking to the media. Parent company Qantas Group released a statement on Wednesday detailing the "strategic restructure which supports its historic fleet renewal programme and strengthens its core businesses in Australia and New Zealand". Jetstar Asia was projected to post a loss of A$35 million (S$29.2 million) for this financial year prior to the closure decision, due to rising supplier costs, high airport fees, and intensified competition in the region, said the aviation conglomerate. "Despite their best efforts, we have seen some of Jetstar Asia's supplier costs increase by up to 200 per cent, which has materially changed its cost base," said Vanessa Hudson, CEO of Qantas Group. By shutting down operations at Jetstar Asia, Qantas will be able to reallocate capital to stronger core markets. Specifically, A$500 million in fleet capital will be recycled into the group's core businesses, while its 13 aircraft will be progressively redeployed to Australia and New Zealand for fleet renewal plans. Qantas Group also said that despite Jetstar Asia's imminent closure, Singapore will remain a "critical hub" as the third largest international airport for the group. [[nid:718967]]
CNA
an hour ago
- CNA
US$31 trillion in wealth extracted from Indonesia during Dutch colonial rule: President Prabowo
JAKARTA: US$31 trillion - that's the amount of wealth that Indonesian President Prabowo Subianto claimed the Netherlands had extracted from Indonesia during its colonial rule over the archipelago, as he used the historical context to justify increased investment in national defence. He added that the figure is nearly 18 times Indonesia's current gross domestic product (GDP) of US$1.5 trillion, or 'the equivalent of 144 years' of national budget spending. Prabowo had cited the figures in a speech at the opening of a defence exhibition in Jakarta on Wednesday (Jun 11). "According to a study published a few weeks ago, the Netherlands took resources from Indonesia valued at US$31 trillion in today's terms during their colonisation of our country," Prabowo said at the Indo Defence Expo and Forum, as reported by local news outlet Metro TV. He did not identify the study, its author or methodology, and there are no previous reports of similar calculations. Indonesia was under Dutch colonial rule for close to 350 years, from the 1600s till it declared independence in 1945. Command was exerted initially through the Dutch East India Company and later under formal state control by the Dutch East Indies. Prabowo also claimed that the Netherlands enjoyed the world's top GDP per capita while Indonesia was under Dutch colonial rule. 'If only we could protect our riches (from the Dutch back then), perhaps our GDP per capita could be among the world's largest,' he said as reported by local news site Jakarta Globe. Resources were extensively extracted from Indonesia during Dutch colonial rule, particularly spices like nutmeg, cloves and pepper. There were also schemes like the Cultivation System - known locally as 'forced planting' or 'tanam paksa' in Indonesian - that saw locals forced to grow export crops like coffee and sugarcane instead of food. The Cultivation System was implemented from 1830 to 1870. According to a study by British historian and economist Angus Maddison, contributions from Indonesia amounted to about 31.5 per cent of Dutch state coffers between 1851 and 1870. In his Wednesday speech, Prabowo highlighted this historical period for Indonesia to make the case for enhanced defence spending. "History shows that nations that fail to invest in their own defence often lose their autonomy and are vulnerable to subjugation. Those that don't defend themselves often become slave nations," he said as reported by Metro TV. The former general and defence minister, now president, has made no bones about his focus on modernising Indonesia's military. Prabowo has pledged to gradually elevate the country's defence budget to 1.5 per cent of GDP by 2029, effectively doubling current levels. Speaking at the Indo Defence Expo and Forum on Wednesday, Defence Minister Sjafrie Sjamsoeddin announced defence contracts worth up to 33 trillion rupiah (US$2.03 billion) would be signed during the exhibition, which runs till Saturday. He also highlighted that between 2020 and June 2025, a total of 792 contracts had been made with domestic defence industries, amounting to 230 trillion rupiah. Former colonial tensions between the Netherlands and Indonesia have been in the spotlight in recent years, with the Dutch making efforts to mend old wounds. Among them was the repatriation of hundreds of Indonesian artefacts, the bulk of which were looted by the Dutch during colonial rule. In the present day, the Netherlands and Indonesia are close trade and economic partners. The Netherlands is the European Union's largest investor in Indonesia, reaching close to 50 per cent of total European investments, according to media reports. The Dutch government has set aside a US$300 million investment to support various sustainable development projects in Indonesia, Anindya Bakrie, chairman of the Indonesian Chamber of Commerce and Industry, said on Tuesday. At the same time, 120 Dutch companies are scheduled to visit Indonesia for a trade and investment mission on Jun 16. The trip will cover several cities, including Jakarta, Medan, Semarang and Makassar, focusing on sectors such as food security, maritime, and water management, Jakarta Globe reported.
Business Times
2 hours ago
- Business Times
Ant unit to seek stablecoin permits in Hong Kong, Singapore: sources
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