Latest news with #Apac
Business Times
4 days ago
- Business
- Business Times
Asia-Pacific regulators release world's first guidelines for commercial operation of air taxis, drones
[SINGAPORE] Asia-Pacific aviation regulators have published the world's first set of guidelines on air taxis and drones, anticipating future commercial operation of these vehicles in the region. Regulators can voluntarily adopt the guidelines, which will also be submitted to the International Civil Aviation Organization to be adopted as a global standard. The guidelines were released on Monday (Jul 14) at the second meeting of Apac regulators on advanced air mobility (AAM) and unmanned aircraft systems (UAS), spearheaded by the Civil Aviation Authority of Singapore (CAAS). AAM is a new type of aviation characterised by compact aircraft designed for shorter-range travel, including air taxis. Many of these are electric vertical take-off and landing (eVTOL) craft, being developed by startups such as Archer Aviation and Volocopter. CAAS director-general Han Kok Juan said: 'The Asia-Pacific region will be a major market for AAM, which will transform the way people work, move and live and be another engine of economic growth.' The launch of the guidelines 'is a significant step forward to more widespread use of drones and making air taxi operations a reality', 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 Known as reference materials, the guidelines are a starting point for formal regulations regarding the new technologies. Regulators can use or adapt the materials to prepare for and facilitate commercial operations of air taxis and drones. The materials also aim to raise awareness of these technologies and regulatory approaches, as well as considerations when integrating eVTOLs and more complex UAS operations into existing aviation regulations. Representatives of 20 countries and 21 AAM companies and organisations discussed plans for the launch of air taxi operations and expanded uses of drones in the next five years, as well as cooperation on such operations. PHOTO: CIVIL AVIATION AUTHORITY OF SINGAPORE They were created by 24 states and administrations, led by China, the Cook Islands, Indonesia, Malaysia, the Philippines, Singapore and Thailand. Incorporating industry feedback, the guidelines include safety targets for eVTOL operations, industry standards and compliance. They will be updated regularly, in line with the fast-paced development of AAM and UAS technology. The meeting was attended by representatives of 20 countries and 21 AAM companies and organisations, who discussed plans for the launch of air taxi operations and expanded uses of drones in the next five years, as well as cooperation on such operations. It was part of High-Level Aviation Week, which runs from Jul 14 to 19, where government and industry leaders gather in Singapore for discussions. The event was also marked by the debut of a regional sustainability centre for aviation. The first meeting of Apac regulators on AAM took place in November 2023, during which the development of the reference materials was mooted by CAAS.
Business Times
6 days ago
- Business
- Business Times
Singapore ranks among top cities for tech talent as AI job listings surge globally: report
[SINGAPORE] Singapore has emerged as a top contender in the global tech talent race, tying for fourth place in a global talent acquisition ranking, according to a report released on Wednesday (Jul 9). It tied for fourth place alongside Mumbai and Chennai – and is the only non-Indian city in the top five, indicated the report by Colliers, a global professional services and investment management company. 'Singapore is the only non-Indian market in the top five, driven by strong one-year hiring and a high volume of open job posts, signalling a concentrated effort to hire for the 10 key tech occupations,' Colliers said. Colliers said that the talent acquisition category provides insight into the markets that are currently driving job posts and recruiting activity, reflecting the global demand for tech talent. In a separate one-year hiring index, Singapore ranks eighth globally, reflecting sustained but slightly lower short-term hiring momentum compared with Indian counterparts. Its strong showing was attributed to robust one-year hiring activity and a high volume of open job postings across key technology roles – including in fast-growing areas like artificial intelligence (AI). A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Singapore ranked alongside heavyweights such as Beijing, Bengaluru and Tokyo. Other Asia-Pacific markets on the rise include Seoul and Sydney, both of which have seen increased demand for AI and cybersecurity talent. Mike Davis, Colliers' managing director of occupier services for Apac, said: 'Apac is drawing significant global attention for its unmatched tech talent density and strong venture capital momentum, particularly in India and China.' The report assessed more than 200 global markets based on these factors: talent acquisition and pipeline, venture capital funding, labour index strength and sector composition. The results underscore a widening polarisation in global tech talent – with the United States, China and India accounting for a disproportionate share of top-performing markets, the report indicated. The San Francisco Bay Area, Seattle and New York City secured three of the top five spots globally, reinforcing the US' leadership in innovation and tech workforce. Meanwhile, India and China each had five cities in the global top 50, highlighting their growing influence in digital economy growth, according to the report. Notably, 36 per cent of the world's tech talent now resides in just 10 global tech cities. 'Global tech talent is becoming increasingly concentrated in a few key hubs, with cities in the US and India leading the way. Although 22 countries have cities ranked in our top 50, the data points to a growing polarisation – especially in AI talent – towards these dominant markets,' Colliers said. India continues to cement its status as a global tech talent powerhouse, holding four of the top five spots in talent acquisition and having all six of its featured cities within the top ten. Bengaluru leads the pack. 'The proportion of younger workers in the tech sector continues to rise. Between 2014 and 2022, the number of employees under 25 grew by 9 per cent – a rate over 20 times the all-industry average. This trend is shifting attention to cities with younger talent pools, such as Bengaluru, Hyderabad and Mexico City,' the report indicated. 'Bengaluru boasts the world's largest pool of data scientists, while Beijing leads the region in tech sector productivity. Meanwhile, cities such as Tokyo, Seoul, Sydney and Singapore are emerging as world-class innovation hubs. These markets aren't just supporting global tech expansion – they're leading it,' it added. AI shakes up talent strategy One of the most significant shifts highlighted in the report is the soaring demand for AI-related expertise. Globally, job listings that require AI skills have surged, while traditional IT postings have declined. Citing recent research by the University of Maryland, the report said the number of new AI job listings have risen 68 per cent since ChatGPT launched in late 2022. By contrast, the number of traditional IT job postings fell 27 per cent in the same period. This is putting cities with strong AI ecosystems – such as Bengaluru, New York and Sao Paulo – in the spotlight for employers. odie Poirier, the president of Colliers' occupier services for the Americas, said: 'As generative AI reshapes talent strategies, we're seeing a significant shift in how companies prioritise location decisions.' 'In the Americas, tech talent hubs like San Francisco and New York remain vital, but markets like Mexico City and Sao Paulo are quickly gaining ground. Organisations need to move fast, make data-informed choices, and align workforce planning with long-term business goals,' she added. Competition for data scientists, information security analysts Competition for data scientists is 'particularly strong,' said Colliers, noting that they are 'critical' to the AI industry, as they develop models that turn large amounts of data into insights and patterns. Demand for data scientists is expected to grow by 36 per cent through 2032 – the highest rate of any tech jobs, it added. 'Interestingly, our research finds that regional hubs of data scientists are emerging in response to increased hiring demand – driven by the need to support large language models and broader AI integration efforts,' the report indicated. It said Bengaluru has the world's largest pool of data scientists, including the biggest workforce in the Apac region. In the Americas, the San Francisco Bay Area and New York City lead, while London and Paris offer the highest concentrations of data science talent in the Europe, the Middle East and Africa region. Another role is also emerging: information security analysts. Demand for this role is 'skyrocketing' with demand jumping 33 per cent, according to the report. The cybersecurity workforce gap grew by 19.1 per cent from 2023 to 2024, said the report, citing data from ISC2, a cybersecurity professional association.
Business Times
10-07-2025
- Business
- Business Times
Singapore sets up centre to advance sustainable aviation in Apac
[SINGAPORE] The Civil Aviation Authority of Singapore (CAAS) has set up the Asia Pacific Sustainable Aviation Centre (APSAC), to advance sustainable aviation in the region through policy research, facilitating collaboration and capacity-building. Its board will be chaired by CAAS director-general Han Kok Juan, while its founding CEO will be Philip Goh, airline industry veteran and former regional vice-president for Apac at the International Air Transport Association (Iata), said CAAS on Thursday (Jul 10). Han noted that Apac's air travel demand is expected to treble over the next 20 years, 'enabling tremendous economic development and supporting the aspirations of a rising middle class'. At the same time, Apac states are committed to tackling climate change, which will support aviation's global net-zero emission goals. 'Asia-Pacific states want both growth and sustainability, not one at the expense of the other,' he said. APSAC thus aims to provide 'a menu of policy options and instruments' for countries to achieve sustainability goals while accounting for their own circumstances. 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 The centre will advance sustainable aviation in three key ways. Firstly, it will carry out policy research in areas such as cleaner fuels, carbon accounting and carbon market development, as well as green financing. Another potential area is the economics of sustainable aviation fuel supply chains. Secondly, it will facilitate collaboration across government, industry and academia, for joint studies and projects. Finally, it will support capacity building by governments and companies, through offering technical assistance and training. For a start, the centre will launch a five-day foundational course on growing aviation sustainably, with topics such as challenges and opportunities in sustainable aviation fuel, and airline and airport sustainability management. It aims to hold the first run in November 2025 or early 2026. The industry lacks courses on understanding sustainable aviation issues from an ecosystem perspective, said Goh. 'So our very first course will be targeted at that: equipping people with that kind of broad-based (knowledge), so that they can connect what affects what, and how it all works in the end.' He expects this course to run three to four times a year from 2026. APSAC will also plan courses to meet needs identified in regional engagements, he added, and will look at holding country-specific workshops when it has the resources. The centre will build a team of up to 10 people in the next year or year-and-a-half. While ASPEC identifies courses to offer and develops their curriculum, it will tap its network of industry experts to provide content and facilitate. Here, APSAC will lean on an advisory council of key partners in aviation, energy and green financing – comprising senior executives from Airbus, Boeing, Chevron, ExxonMobil, GenZero, Iata and Neste – for guidance. To formalise this, the council partners, CAAS and APSAC will sign a memorandum of understanding on Jul 14 at the Global Aviation and Maritime Symposium. On the same day, CAAS and APSAC will engage the directors-general of Apac civil aviation authorities of more than 20 states in a roundtable, to understand their sustainable aviation plans and how the centre can support them. First High-Level Aviation Week The Roundtable on Advancing Sustainable Aviation is one of seven events in the inaugural High-Level Aviation Week. Held by CAAS from Jul 14 to 19, it will bring together governments and industry leaders to discuss the future of aviation. 'It is a response to the fundamental changes to the global operating environment and its impact on global aviation, and the need for us to come together to ... formulate strategies that are joined up across domains and across countries,' said Han. Besides sustainable aviation, there will be events on shaping the future of aviation; facilitating advanced air mobility (air taxis and drones); ensuring aviation safety; and building a quality workforce and enabling opportunities. There will also be a dedicated meeting of Pacific small island states, looking at how they can collaborate.
Business Times
22-06-2025
- Business
- Business Times
US investors, Asia's ultra-rich drive growth in Asia-Pacific private credit
[SINGAPORE] A slight uptick in private-credit fundraising in Asia-Pacific (Apac) last year has given market players optimism for a positive 2025, even as investors continue to avoid China. They said deals in India and Australia can fill the gap, while more investors within and outside Apac are allocating capital to private credit in the region. And the key sectors they are looking to lend to are infrastructure such as data centres, and renewable energy. Last year, Apac-focused private credit fundraising hit almost US$5.9 billion across 33 funds, 7.5 per cent higher than the $5.5 billion raised from 32 funds in 2023, according to Preqin Pro data. 'Given the success of private credit strategies in the US and Europe generally, many of the funds from these markets view Asia as the next frontier, both from a capital deployment perspective and a market diversification perspective,' Shaun Langhorne, partner at law firm Clifford Chance, told The Business Times. State Street is seeing more US credit managers looking to diversify into Apac. West Coast-based managers are looking for new growth ideas, according to Eric Chng, senior managing director for global alternatives at State Street. 'They have come to a point where they can only grow US for so much, they're looking for new ideas for growth. Recently, I had two conversations with two managers, each managing more than US$100 billion in private credit. They are asking me, how do I deploy to Asia?' 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 The US remains the biggest market for private credit, which market players estimate is around US$1.7 trillion in global assets under management (AUM) currently. Apac, which Preqin said accounts for 5 per cent of the global market, could grow at an annualised rate of 8 per cent until 2029 to US$160 billion. In a State Street survey of 450 institutional investors over the world – 120 of them from Asia – 31 per cent said they would deploy more capital this year to developed Apac, a subset spanning Singapore, Australia, Japan, Hong Kong and New Zealand. That's up from 29 per cent in 2024. American investors in Apac deals A look at some of the biggest private credit deals in the Asia-Pacific shows the deep involvement of American investors. These include India's biggest deal on record: a US$3.4 billion refinancing for conglomerate Shapoorji Pallonji Group. Investors include American managers such as Ares Management, Cerberus Capital Management, Davidson Kempner Capital Management and Farallon Capital Management. Goldman Sachs Asset Management's hybrid fund – part of its private credit strategy – has also reportedly provided US$600 million to partially finance conglomerate Jubilant Bhartia Group's purchase of a 40 per cent stake in Coca-Cola's Indian bottling unit. Another reason investors are showing more interest in Apac is the higher spreads they can get here, compared to the competitive and mature markets in the West, said Chng. 'Because it's so ultra competitive, the spreads are lower than what you get in Asia, and the outperformance of Asian credit is at the top of mind of a lot of Western fund managers … as a fund manager, if you know that you can get 200 basis-point extra spread on the same structure in Asia, you will find a way to get there.' Spread measures the additional yield that investors demand for holding debt with a higher perceived credit risk than a safer bond, such as a government bond or an investment-grade corporate bond Investor interest globally has been rising in private credit, the financing provided by non-bank lenders to companies. That's as returns have beaten those from private equity (PE) in the past three years, and where PE investors are facing challenges in exiting their current investments due to the volatile deal climate. An Apr 29 report by index provider MSCI shows that private credit funds generated 6.9 per cent last year, exceeding the PE funds' return of 5.6 per cent. 2024 marked the third straight year of outperformance. For Apac, the returns could be in the range of mid-to-high-teens per cent, said Chng. More family offices getting invested Within Asia itself, more family offices are allocating funds to private credit, as their liquidity needs and investment horizon are aligning closer to those of institutional investors. 'Family offices are now coming into private credit space in a big way, because they have similar needs to the institutional investors,' said Serene Chen, Asia-Pacific head of credit, currency and emerging market sales, and head of Singapore institutional sales at JPMorgan Chase. While family offices comprise less than 10 per cent of the Asian investor base in private credit, interest is growing, Chen said. JPMorgan has also seen increased participation in private credit from Asian institutions, across local sponsors, insurance and pension funds, she added. With the increased interest, market players said private credit managers have no problems securing capital in Apac. These include Ares, which is raising another Asia special situations fund to boost its credit investments in the region. It's reportedly targeting a size no smaller than its previous fund, which hit about US$2.4 billion in 2023. On Jun 12, Chicago-headquartered investment manager Nuveen announced the second close of its Australian commercial property debt fund, raising more than A$650 million. Last month, Singapore-headquartered Granite Asia said it secured over US$250 million from anchor investors for its first private credit fund. Active fund-raising Market players noted that raising capital isn't an issue, especially as lower returns and the challenging exit environment for PE investments are leading investors to turn to private credit. Some note that, with investors still preferring to steer clear of China – traditionally the biggest private credit market in Asia – the danger is borrowers may have the upper hand. With a 'deep pool of capital chasing' limited pool of borrowers, some private credit fund managers could be tempted to impose less stringent terms to ensure deployment, said State Street's Chng. Clifford Chance's Langhorne said it's not a clear-cut case that a deep capital pool would improve the bargaining position of borrowers. Citing the Sharpooji Pallonji deal signed last month, he said: 'Demand was high and they were able to borrow a substantial amount in one transaction. However, given they are unlikely to be able to raise the same amounts of capital from traditional capital providers, the trade-off for the borrower involves meeting the returns the private credit funds seek, as well as accommodating the structure and protections required to deploy the funds.' The loan tenor for that transaction is three years, with the yield on the zero-coupon bond hitting as high as 19.75 per cent. 'There is a lot of capital available for deployment, but that does not mean that capital providers are just throwing money at the borrowers seeking capital. The investment still has to meet their expected returns and risk expectations,' said Langhorne.
Business Times
16-06-2025
- Business
- Business Times
Still more room for growth for decarbonisation in Apac economies: MSCI
[SINGAPORE] Despite the reliance on fossil fuels, 837 Asia-Pacific corporations have disclosed their climate-transition plans, doubling the commitment growth from 25 per cent in 2023 to 50 per cent in 2025, a report by investment research firm MSCI showed. This demonstrates a 'growing momentum towards adopting transition plans and advancing technological innovation to support corporate decarbonisation efforts', MSCI added. It noted that the doubling of the number of companies that have committed to the Science Based Targets initiative standard indicated a strategic focus on real economy decarbonisation. There are 3,874 constituents in the MSCI AC Asia Pacific Investable Market Index (IMI). Twenty-two per cent (or 837) of the companies disclosed transition plans in 2024, with the information technology sector being the highest with 27 per cent having transition plans, followed by industrials at 26 per cent, and materials sectors at 23 per cent. Internationally, Japan had the highest disclosures at 45 per cent, followed by South Korea at 33 per cent, and Taiwan at 30 per cent, with an increase of disclosed transition plans from 12 per cent in 2022 to 22 per cent in 2024 in Apac. MSCI added that companies with transition plans were more likely to disclose key climate metrics than those without. They were also more likely to report their Scope 1, 2 and 3 emissions as well as set climate targets. A NEWSLETTER FOR YOU Friday, 12.30 pm ESG Insights An exclusive weekly report on the latest environmental, social and governance issues. Sign Up Sign Up Apac economies also heavily rely on fossil fuels, contributing more than 40 per cent of global greenhouse gas emissions in 2023. As the global average temperature surpassed the threshold set by the Paris Agreement, reaching a record high of 1.5 degrees Celsius above pre-industrial levels in 2024, MSCI examined corporate transition plans across 13 Apac markets, with a focus on clean-tech investment. The research firm noted that corporate disclosure of transition plans may drive clean-tech demand by signalling the need for emissions reduction technologies. The speed and scale at which Apac corporations can decarbonise will depend not only on their ambition, but also on their technology road map, capital allocation, and access to commercially viable clean technologies. To better understand how transition plans can drive clean-tech demand in Apac, MSCI analysed the transition plans in areas such as energy, utilities and materials sectors. The effects of these policies are reflected in the energy sector. Of the 90 companies in the energy sector in the MSCI AC Asia Pacific IMI, 18 per cent (or 16 companies) of them disclosed their transition plans, planning to invest in hydrogen, renewable energy and electric vehicles (EVs) to diversify their revenue streams towards clean energy. They have also integrated hydrogen fuels into their transition plans, reducing greenhouse gas emissions across all modes of operations. In addition to the 16 energy companies, 200 companies or 5 per cent of the MSCI AC Asia Pacific IMI constituents hold hydrogen-related patents, with technologies that demonstrate hydrogen's potential to fully replace other less-sustainable choices such as fossil fuels. The emerging technologies may demonstrate hydrogen's potential as a low-carbon energy carrier. But MSCI noted that 'scaling up hydrogen production and balancing supply and demand may face significant challenges due to high production costs and infrastructure requirements'. Electric and hybrid vehicles in transition plans However, the market penetration of the policies in electric and hybrid vehicle companies is not as successful. Of the constituents of the index, only 4 per cent (or 150) of the companies provide clean transportation solutions. Despite the low disclosure rate, 4% of companies, such as Zhejiang Leapmotor and LG Energy Solution, posted a compound annual growth rate of over 150% in total sales from 2020 to 2023. CREDIT: MCSI ESG RESEARCH However, MSCI said that makers of these vehicles can capitalise on market growth and the rising demand for clean transportation solutions. EV solutions providers and EV component makers such as Zhejiang Leapmotor and LG Energy Solution posted a compound annual growth rate of over 150 per cent in total sales from 2020 to 2023. Success in utilities sector More than 80 per cent of the 23 Apac utilities constituents indicate transition plans involving the use of clean fuels in their road maps, such as hydrogen-fired generation, reflecting the success and growing priorities for sustainability in the sector. The diversification of low-carbon power generation can be attributed to research reflecting that renewable powers surpassed 50 per cent of the electricity market share. Waaree Renewable and KPI Green, which derive most of their revenues from renewable energy solutions, reported a compound annual growth rate of more than 100% between 2020 and 2023. CREDIT: MCSI ESG RESEARCH This is reflected in two Indian companies – Waaree Renewable and KPI Green, which derived most of their revenues from renewable energy solutions and reported a compound annual growth rate of more than 100 per cent between 2020 and 2023. Despite the success and expansion, certain countries and market dynamics are not as promising due to slower phase-outs of coal-fired power plants, such as China, Indonesia and India; other countries such as Japan still provide petrol subsidies, which slow decarbonisation efforts. Growth in materials sector According to the report by MSCI, more than 90 per cent of companies in the materials sector disclosed their transition plans, developing low-carbon steels. A common challenge faced in this sector is the intense heat required for operations, making fossil fuels the most practical option. Despite the heavy use of fossil fuels, less than half of the companies considered adopting carbon capture and sequestration, which involves capturing the carbon produced to store them underground. The success of companies disclosing their transition plans are reflected in steel industries such as Tianqi Lithium, Chifeng Jilong Gold Mining and LB Group, growing the low-carbon patent quality for their materials by 70 per cent from 2020 to 2023. Room for growth in carbon credits However, only 2 per cent of the carbon projects are rated 'A' or 'AA', with 65 per cent of projects falling into 'B' to 'CCC' ratings. This indicates a shortage of high-quality options for credible transitions. It also raises concerns about their environmental impact and the reputational risks for companies.
