CNA938 Rewind - Stock take today: Markets react to Iran-Israel ceasefire, S&P 500 rallies
On the daily markets analysis on Open For Business, Andrea Heng and Susan Ng speak with Lee Kian Soon, CEO of Astral Asset Management.
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CNA
30 minutes ago
- CNA
Malaysia's Petronas to boost international portfolio to 60% over next decade
KUALA LUMPUR :Malaysia's state energy firm Petronas plans to raise the share of its international portfolio to 60 per cent of its total business over the next decade, it said on Monday. The firm will build on its current international portfolio, which now accounts for around 40 per cent to 50 per cent of its investments, by integrating its domestic expertise with global partnerships, it said in a fact sheet shared with Reuters. In a volatile market, Petronas is upgrading its upstream operation portfolio to focus on high-quality assets while at the same time ensuring that energy supplies for Malaysia remain reliable, the company added. "Malaysia remains a core part of our investment portfolio, and we are committed to this market," executive vice president and chief executive officer of upstream business Mohd Jukris Abdul Wahab said in the fact sheet. Malaysian state news agency Bernama reported that Mohd Jukris saying Petronas would review its operations including maintenance, field operations and others in order to mitigate the impact of lower crude oil prices. Crude oil prices are currently trading at US$66.68 per barrel as of 1006 GMT. Mohd Jukris said Petronas would consider partnering with other firms to reduce its risk exposure, especially for projects requiring high capital investment. He added that Petronas is also considering expanding its presence in Canada, given that the country has now become one of its major liquefied natural gas suppliers, Bernama reported. In July, Petronas delivered its first LNG Canada cargo to Japan from its newly operational LNG facility in Kitimat.
CNA
an hour ago
- CNA
Hyflux trial: Ex-CEO Olivia Lum's lawyer grills lead investigation officer
SINGAPORE: The lead defence counsel for Olivia Lum Ooi Lin, the former chief executive officer of now-defunct homegrown water treatment firm Hyflux, on Monday (Aug 11) grilled the investigation officer in charge of a probe into the company's top officers about the way she handled the investigation. Lum, 64, is on trial for two charges under the Securities and Futures Act for leaving out information about Hyflux's Tuaspring project pertaining to its sales of electricity in two key public statements in 2011. Hyflux successfully bid for the project in 2011, in response to a tender conducted by the Public Utilities Board, now known as PUB. The project had been pitched to the market as Hyflux's second and largest seawater desalination plant in Tuas, with the company raising S$400 million (US$310 million) from the issuance of preference shares. However, the company allegedly did not reveal at the time that it would fund the sale of water at a very low price to national water agency PUB, with a new business of selling electricity from a power plant it would build. Hyflux, Singapore's first publicly listed water treatment and seawater desalination company, later suffered massive losses after a fall in electricity prices and entered liquidation in July 2021. The collapse of the company left investors with significant losses, including about 34,000 investors holding perpetual securities and preference shares who were owed a total of S$900 million. DAVINDER SINGH PLACES IO UNDER CROSSHAIRS On Monday afternoon, Lum's lead lawyer Senior Counsel Davinder Singh questioned the prosecution's first witness about the manner in which she had taken statements from Lum. In response to his questioning, lead investigating officer Wei Maojun, Jacqueline from the Commerical Affairs Department (CAD) shared her background: She studied accountancy at Nanyang Technological University before joining PricewaterhouseCoopers as an audit associate. She then joined the CAD in 2014. "So you have never been in the industry? In the market, in listed companies?" asked Mr Singh. "Yes," said Ms Wei. She added: "I may not have had experience in the corporate world, but in my experience as an investigator ... we do (understand) the (SGX) listing rules. Besides that, we did seek views from regulators, experts and the prosecution before ... (framing) the charges," she said. She had agreed earlier to Mr Singh's suggestion that she had been the one who came up with what was defined as the omitted information in the charges faced by Lum. Initially, she said she approached a securities expert, Mr Kevin Gin, before the investigations into the case commenced. She agreed that she had provided Mr Gin with a document called "terms of reference", where she asked Mr Gin to assume certain facts concerning the allegedly omitted information in forming his expert opinion. Mr Singh questioned Ms Wei on when she provided the terms of reference to Mr Gin, but she said she could not remember. "You see it's interesting that you say that about events that took place just two to three years ago. You can't remember, right?" said Mr Singh. "You were the IO in charge of this investigation. And getting expert opinion was an important part of this investigation." The judge intervened and said it would not be fair to ask Ms Wei on the stand like that to test her memory, asking if she could look at some notes or her diary. Mr Singh then showed evidence to Ms Wei that the terms of reference had been given to Mr Gin in December 2023. "It would therefore appear, Ms Wei, that my client was charged in November 2022 about omitting the information, even before you obtained Mr Gin's expert report in relation to the implications of the omission of the information, correct?" asked the seasoned lawyer. Ms Wei agreed. "Therefore, I suggest to you that what happened was that, having come to the view of what the information was, which should have been included but was omitted, you then set about to get an expert to back you up on that, right?" asked Mr Singh. He also put it to Ms Wei that when Lum was charged, Ms Wei "did not even have Mr Gin's expert view on the implications of the omission of the information". Ms Wei disagreed and said the investigators had engaged Mr Gin and sought his view even before investigations commenced. However, she later agreed with Mr Singh when he said it was she who came up with the list of information that should have been disclosed and not Mr Gin. Mr Singh then repeatedly asked Ms Wei about specific questions she had asked Lum during her statement taking. He pointed out that Lum had stated many times that she simply could not recall because it had been nine or 10 years ago. At one point, Mr Singh parsed an answer by Lum in a police statement, saying that Lum was saying it happened 10 years ago and that she could not recall primarily because of the time gap. Ms Wei replied: "Possibly." "Not possibly, primarily," said Mr Singh. "You had trouble with two years ago." Ms Wei responded that it was not for her to speculate how Lum felt. CONFIDENTIALITY AGREEMENT At another point, Mr Singh pointed Ms Wei to one question she had asked Lum during the statement recording, where Ms Wei asked Lum why Hyflux had not disclosed the "extent of the significant revenue exposure". Lum had said "I cannot remember why we didn't do so". She then added: "I also want to let you know that we have to abide (by) a confidentiality agreement signed with PUB, so there were limitations on the extent of disclosure we can make as well." Mr Singh questioned Ms Wei on whether she was aware about this confidentiality agreement. "Did you yourself check and confirm there was this confidentiality agreement?" asked Mr Singh. "I don't recall whether we did check whether there is a confidentiality agreement," answered Ms Wei. "But it's an important point that she made, right? And yet you didn't check it?" asked Mr Singh. "We asked if PUB would have concerns if they wanted to disclose (certain things), so in a way we did check," said Ms Wei. "But that's not answering my question," countered Mr Singh, repeating his question again. Ms Wei later said the investigators did ask for a few agreements between PUB and Hyflux, and they understood that as part of the agreement, there was "some confidentiality involved", with regard to the proposal and the purchase of water agreement. Mr Singh had earlier told the court that he would take at least the whole afternoon to cross-examine Ms Wei. Once he is done, the lawyers for the other accused former leaders of Hyflux will take their turns cross-examining Ms Wei on Tuesday. The others on trial are Cho Wee Peng, 56, former Hyflux chief financial officer; as well as former independent directors of Hyflux Gay Chee Cheong, 68; Teo Kiang Kok, 69; Murugasu Christopher, 66; and Lee Joo Hai, 69. The trial is set to continue until Wednesday this week, before resuming next Monday. Trial dates have been set as far as January next year. If convicted of consenting to Hyflux's intentional failure to disclose the electricity sale information to the securities exchange, Lum can be jailed for up to seven years, fined up to S$250,000, or both.
Independent Singapore
an hour ago
- Independent Singapore
SG60 reflections are over—now what? One change Singapore must make before SG70
SINGAPORE: As the fireworks and festivities of SG60 come to an end, a new conversation is emerging across kopitiams, living rooms, and the digital streets of Reddit: What should Singapore focus on next? The question, simply put online as 'Now that SG60 celebrations are over, what's one thing you wish Singapore would change or improve before SG70, and why?' sparked a wave of thoughtful responses. From public works, transportation systems, physical facilities, and immigration to youth enablement and social justice, Singaporeans had a lot to say about what people should see or have in the next ten years. Fixing the fundamentals A common theme in the responses is the need to get the basics right. One netizen put it this way: 'Back to the fundamentals?' They pointed out the urgent need for systems to keep pace with the realities of an ageing and growing population. At the top of the list? Public transport. With more residents living outside the Central Business District, many called for more reliable, accessible, and affordable transport options. This includes adding new MRT lines, increasing the capacity of existing ones, and ensuring that transport is dependable. Housing was also a hot topic. Many expressed the need for affordable, clean, and green HDB estates that are built with shorter wait times. They called for a more balanced resale market, alongside sustainable retirement plans and healthcare systems capable of handling demographic shifts. See also Ivy League dreams: A path to prestige and prosperity Then there's the daily routine. 'How to make SG feel less like a pressure cooker?' one commenter asked, expressing a sentiment shared by many. Work-life balance, solid support for family, and elderly care were substantial themes of the discussion, together with the yearning for a society that doesn't just work but also feels alive. Empowering the next generation While many were fixated on established structural problems, others looked to the coming years, particularly the younger generation. One Redditor suggested a simple, appealing idea: Let youths run small weekend businesses. This could include hot dog stands, coffee carts, or outdoor Pilates classes at park entrances. Beyond being fun, these micro-ventures could encourage creativity, build confidence, and foster community engagement. The suggestion went further: 'Maybe more collaborations between government agencies, town councils, and schools to bring student ideas to life in the community.' Instead of waiting until adulthood to make a difference, why not start small and act now? A more integrated society Not all responses were constructive. More than a few commenters raised apprehensions about the challenges of migration, specifically when integration fails to sustain. See also Want to smell the roses? While many of the commenters acknowledged the economic explanations for immigration, one Redditor contended that cultural harmony is hurt when 'too many immigrants come from one country' and lack the motivation to join in and take part. 'Why bother,' the netizen asked, 'when everywhere you go, you see people from your home country?' This wasn't demanding that borders be shut, but rather, an appeal for equilibrium and stability, an immigration strategy that fills up job openings while encouraging a unified and all-encompassing society. Going green, going bold Other suggestions looked to the future, aiming for big, bold national initiatives. 'Nuclear power,' one commenter suggested, along with dreams of more electric vehicles and a smoothly running Terminal 5. There was even a proposal for a third link to Malaysia near Punggol to ease cross-border travel. On the social support side, users urged the expansion of programs like CHAS and ComCare, alongside stricter rules against vaping and wider QR payment adoption. These might appear like insignificant changes, but they are meaningful steps toward a more efficient, updated, and open-minded social order. See also Elon Musk Predicts AI Takeover: The end of jobs as we know them Prosperity for all, not just a few One specific, straightforward comment encapsulated the disappointment that countless Singaporeans share — the feeling that the country's economic development hasn't helped every person. 'We need to create winners so that everyone in Singapore can enjoy prosperity, not just a few,' they wrote, stressing a culture where worker well-being and product excellence are usually relegated to the background in favour of investors' ROIs. They advocated that domestic businesses not only survive and thrive globally but also show the way and 'walk the talk,' establishing the norms for unbiased employment practices and creating first-rate goods and services. This kind of leadership, they claimed, could help swing Singapore away from a 'winner takes all' mentality to a future where accomplishment elevates everybody. The SG70 wish list: A nation reflects From inexpensive cars and affordable housing to low crime rates and global innovation, the SG70 wish list is wide-ranging, diverse, and intensely ingrained in the actual experiences of ordinary Singaporeans. As the Lion City looks toward its 70th birthday, one thing is clear — underneath the brilliant horizon and smart-city tributes lies a populace keen on celebrating not just milestones but on shaping them.
