2 construction firms fined S$4.6m for bid rigging over 3 years
Singapore's competition watchdog has slapped two construction firms with a total of S$4.6 million in fines. Trust-Build and Hunan Fengtian were found to have colluded in bidding for upgrading works for three community clubs. Nadine Yeam with more.
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CNA
28 minutes ago
- CNA
Parts of Hougang hit by brief power outage, energy authority investigating
SINGAPORE: The Energy Market Authority (EMA) said it will be investigating the cause of a power outage that briefly hit some areas in Hougang on Monday (Jun 2) morning. In response to CNA's queries, EMA said it was aware that electricity supply to parts of Hougang was disrupted at around 11.14am, with power fully restored by 11.28am. 'EMA takes such outages seriously and will be investigating the cause of the incident,' said the authority. National grid operator SP Group earlier confirmed in a Facebook post that parts of Hougang were affected by a temporary electricity supply disruption lasting about 14 minutes. 'Our officers were immediately deployed to the affected areas. Our priority is to restore supply safely and as quickly as possible,' it said. 'Those in commercial or industrial buildings may need to reset their internal electrical network. This could require support from their appointed licensed electrical worker.' SP Group added it was investigating the cause of the incident and apologised for the inconvenience caused. 'Come here to eat for the aircon but blackout … So hot now,' wrote Facebook user August Gan, who posted that she had been at Hougang RiverCourt shopping mall when the power went out.
Business Times
an hour ago
- Business Times
DBS, UOB, OCBC return surplus capital with over S$700 million of buybacks
[SINGAPORE] In the first five months of 2025, 63 primary-listed Singapore companies conducted share buybacks through open market acquisitions, spending a total of S$930 million – an 84% jump from S$505 million in the same period last year. This was the highest buyback level for the first five months of a year since 2020, based on an SGX (Singapore Exchange) market report on Monday (Jun 2). The local bourse said this was largely due to market volatility in April, which saw S$425 million of primary-listed shares purchased by issuers. 'The month of April 2025 produced the fourth highest monthly tally in buyback consideration for the past 10 years,' they added. The surge in buybacks does not include activity from secondary-listed companies or Singapore-listed Real Estate Investment Trusts (S-Reits). May alone accounted for S$176 million in share buybacks from primary-listed companies. UOB led the charge with S$144 million worth of shares at an average price of S$35.33. This brought UOB's total buybacks to S$253 million for the year so far. 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 DBS followed with S$18 million in buybacks at an average price of S$44.07, while Olam Group repurchased S$6 million worth of shares at an average price of S$0.93. For the first five months of 2025, the trio of local banks accounted for 77 per cent of the total S$930 million in filed buybacks. In the first five months of 2025, DBS led the local banking trio in share buybacks, repurchasing S$277 million worth of shares at an average price of S$42.13. UOB followed closely with S$253 million in buybacks at an average price of S$34.84 per share, while OCBC repurchased S$182 million worth of shares at an average price of S$16.69. 'The trio are actively returning surplus capital through share buybacks over the next two to three years,' the report noted. Beyond the primary list, secondary-listed Hongkong Land has also been actively buying back its shares, spending US$55 million at an average price of US$5.05 under a US$200 million programme announced on April 24. The deals, funded by recent transactions and capital recycling, are part of the company's strategy to cancel repurchased shares by Dec 31, 2025. This aligns with Hongkong Land's broader shift, launched in 2024, to focus capital away from build-to-sell projects and towards developing ultra-premium commercial properties in key Asian cities for long-term growth. Meanwhile, managers of ESR Reit and Stoneweg European Reit have also continued to buy back units as part of their capital management strategies. ESR Reit repurchased 838,700 units in May at an average price of S$2.21, following the buyback of 50.3 million units in the first four months of 2025 ahead of its 1-for-10 reverse stock split. The Reit manager views buybacks as a flexible, cost-effective tool to boost return on equity (ROE) and net asset value (NAV), while also helping to reduce market volatility and support investor confidence, SGX said. Stoneweg European Reit acquired 37,000 units at 1.47 euros each on May 15, following earlier buybacks in March and April. In FY2024, the Reit repurchased 1.5 million units as part of its capital management strategy to enhance ROE and NAV.
CNA
2 hours ago
- CNA
More businesses look to Singapore for smooth flow of goods amid tariff volatility, say logistics firms
SINGAPORE: Logistics companies said that more businesses are looking to Singapore as an alternative route to ensure a smooth flow of their goods, amid global trade volatility sparked by sweeping tariffs imposed by the United States. Port operator PSA Singapore and Changi Airport announced an increase in air and sea cargo volumes from January to April this year, compared with the same period in 2024. PSA said it handled 14.1 million twenty-foot equivalent unit (TEU) containers, a jump of around 6 per cent, according to a written statement. Meanwhile, data published on Changi Airport's website on May 22 showed that air freight movements were up over 2 per cent, for the same period. SEA FLOWS Shipping company Maersk has reported higher volumes handled in the region, and it expects the trend to continue into the second quarter with front-loading activity picking up. Mr Bhavan Vempati, Maersk's head of Asia Market, Ocean Product, told CNA he is seeing some pent-up demand from customers as the 90-day US-China tariff truce gives businesses more clarity. He added that the clarity has helped customers in their supply chain planning and inventory management. 'I would say Singapore is a critical part of the infrastructure, both in terms of being a transshipment hub for Asia … an important hub for Maersk, and (when) we look at our cargo flowing eastbound … (it) is also a key connecting point for our services within Asia,' said Mr Bhavan. Geopolitical uncertainties caused by the ongoing US tariffs have led some firms to rush shipments out while others are taking a wait-and-see approach, he added. But Mr Bhavan noted that Singapore's status as an integrated transshipment hub allows Maersk to help with managing customers' inventory amid the ongoing tariff situation, providing them with options to move or hold their goods. He said that some customers are diverting cargo to other destinations and different market segments. AIR FLOWS Logistics company FedEx added that demand for air freight remains strong in Southeast Asia, especially as US tariffs prompt businesses to reroute shipments. Ms Bianca Wong, FedEx's vice president of Southeast Asia operations, said that Singapore has an advantageous position as the company's South Pacific hub, where cargo is consolidated from the region before being shipped worldwide. She added that Singapore's role as a trading hub helps clients who are facing end-to-end supply chain challenges after shifting their manufacturing base to a different location. 'This is where we also see the advantage of Singapore, where, when Southeast Asia grow(s), we see more volume coming to Singapore as transhipments," said Ms Wong. The company launched a new direct cargo flight from Singapore to the US on Apr 15, as it announced further investments in its air connectivity networks. Ms Wong added that Singapore's air and road connections to the rest of Southeast Asia will allow the country to benefit as a transshipment hub as more manufacturers invest in the region. MAINTAINING COMPETITIVENESS Analysts said continued infrastructure investment, such as developments at Tuas Port, will be key in keeping Singapore competitive and efficient as a global trade hub. "In order to enhance Singapore's status as a global trading hub, it is important to continue to invest in infrastructure, and this basically means upgrading port facilities, investing in digitalisation, as well as to help Singapore's ports to remain competitive and efficient,' said Mr Barnabas Gan, group chief economist at RHB Bank. In a statement, PSA said it is investing in cutting-edge technologies, automation and artificial intelligence-driven analytics to optimise vessel turnaround times. The port operator added that these efforts ensure operational agility and reliability, while maintaining the smooth flow of goods. Mr Gan noted that it is important to develop strategic partnerships within the Association of Southeast Asian Nations.
