Latest news with #ChanyapornChanjaroen
Yahoo
09-04-2025
- Business
- Yahoo
DBS sees more trade flows in Asia, Africa post Trump's tariffs
By Chanyaporn Chanjaroen and Tassia Sipahutar (Bloomberg) – Singapore's biggest bank DBS Group expects more trade flows between Asia, the Middle East and Africa, with the lender planning to support such business amid the latest rounds of tariff hikes by US President Donald Trump. 'There will be more connectivity' for clients between these regions as well as within Asia, said Chief Executive Officer Tan Su Shan at the Asean Investment Conference in Kuala Lumpur on Tuesday. 'These things will take some time to pan out, but as an Asian bank, we just have to work with them and work out new supply chains.' It is still too early to determine the full consequences of the trade policy shock and 'everyone is still digesting the tariff impact,' said Tan, who assumed the top job at DBS in March after her predecessor Piyush Gupta retired. The impact of Trump's tariff shock was the talk of the conference in Malaysia, where Prime Minister Anwar Ibrahim discussed the need for more cooperation among members of the Association of Southeast Asian Nations. At the same event, Ben Hung, Standard Chartered's president of international, said companies can't stomach in the long-term too-high tariffs eating into their profitability, and noted the damage done by trade tensions between the world's two largest economies. 'There is no path to global prosperity without US and China doing well,' he said. More stories like this are available on ©2025 Bloomberg L.P.
Bloomberg
08-03-2025
- Business
- Bloomberg
Bonus Time at Singapore's DBS Puts CEO Transition Into Focus
Welcome to Singapore Edition. Each week we bring you insights into one of Asia's most dynamic economies. If you haven't yet, please sign up here. This week, finance reporter Chanyaporn Chanjaroen looks at how the pay package for DBS's departing CEO stacks up against global peers and Gao Yuan reports on a probe of high-end servers sent to Malaysia. Looking for a solid laksa that won't put a dent in your budget? Alfred Cang and Bernadette Toh check out a surprising option.
Yahoo
06-03-2025
- Business
- Yahoo
DBS outgoing CEO Gupta gets $13 million in ‘another banner year'
By Chanyaporn Chanjaroen (Bloomberg) – DBS Group raised Chief Executive Officer Piyush Gupta's total remuneration for 2024 by 56%, citing the bank's record profits, standout wealth business and strengthened technology. Gupta received a cash bonus of S$6.6 million, which took his pay package to S$17.6 million ($13.2 million), from S$11.2 million a year ago when he took a pay cut due to digital banking glitches, according to the bank's annual report released on Thursday. On top of this package, the bank's board also granted him a special recognition award of S$2.5 million. The hefty payout reflects Gupta's contribution during his 15-year tenure under which DBS's profit and share price soared. The Singapore-based lender has unveiled multi-billion-dollar payout schemes for investors. Tan Su Shan, his deputy, will take over from him on March 28. Total compensation for senior management, including Gupta, rose to S$93.8 million, an increase from 2023 when the executives also took accountability for the digital disruptions. DBS posted an 11% increase in its 2024 net income at S$11.4 billion, the highest ever, with return on equity at 18%, a performance the lender described as 'another banner year' in its report. More stories like this are available on ©2025 Bloomberg L.P.
Yahoo
22-02-2025
- Business
- Yahoo
Budget not enough to tackle rising costs, Singaporeans say
By Chanyaporn Chanjaroen and Low De Wei (Bloomberg) — A majority of Singapore residents view measures in the latest annual budget as inadequate to help them cope with rising costs of living, according to a new poll. Among 1,002 adults surveyed by Singapore-based Milieu Insight, 55 per cent said the budget's nearly $124 billion (US$92.8 billion) in spending that includes shopping vouchers and elder-care subsidies is not enough to cover elevated prices from food to housing. Prime Minister Lawrence Wong delivered the budget on 18 Feb, which forecasts a second year of fiscal surplus. The findings underscore the challenges for the ruling People's Action Party as it prepares for a general election this year, a period that's likely to see slower economic growth and renewed tariff wars that threaten open economies like Singapore. Wong, who became premier in May 2024, will lead the PAP for the first time into an election due by November. The pace of price gains in Singapore has cooled. Core inflation, which excludes housing and private transportation costs, rose 1.8 per cent in December from a year earlier, the slowest pace since 2021. Meanwhile, the city-state expects economic growth to come in at 1 per cent-3 per cent this year, down from 4.4 per cent in 2024. Wong acknowledged that locals are still adjusting to 'new price realities' and pledged future support. 'We will continue to provide support for as long as needed, within our means,' said the PM who double-hats as finance minister in the budget speech. Apart from spending on infrastructure, the government will give households $800 in vouchers to help cover costs at supermarkets and food outlets, higher than the $600 announced the previous year. Other measures include tax rebates and support for families with children, low-income people and the elderly. In 2024, a similar post-budget poll found that 62 per cent of respondents did not find announced measures sufficient to help Singaporeans cope with rising costs, a larger proportion than this year. When asked whether the 2025 budget reassures them about managing costs of living, results were split. Overall, 47 per cent responded positively to the budget and 37 per cent said they were neutral. About 16 per cent disagreed. The poll was carried online by Milieu Insight between 19 and 21 Feb. Milieu Insight conducts market research in Southeast Asia. More stories like this are available on ©2025 Bloomberg L.P.
Yahoo
19-02-2025
- Business
- Yahoo
Singapore banks hand billions of surplus capital to investors
By Chanyaporn Chanjaroen (Bloomberg) – United Overseas Bank joined larger rival DBS Group in returning excess capital to shareholders after delivering record-high earnings for the year. Southeast Asia's third-largest bank will distribute S$3 billion ($2.2 billion) over the next three years via share buybacks and special dividends, the Singapore-based firm said Wednesday. DBS also last week unveiled a quarterly dividend program, on top of a S$3 billion buyback plan announced in November. Both stocks have been hitting new highs with the news, putting the spotlight on Oversea-Chinese Banking Corp that has so far kept its capital plans close to its chest. The region's second-biggest lender reports earnings Feb. 26. UOB's capital return plan 'is prudent and optimises its capital structure,' Bloomberg Intelligence credit analyst Rena Kwok said in a research note. The move is leaving a S$600 million surplus capital above its 14% common equity tier 1 operating range post-distribution, she said. UOB also reported Wednesday that net income for the three months ending December rose 3% to S$1.54 billion from a year earlier, largely in line with analysts' estimates of S$1.5 billion. UOB shares were trading slightly down. The results were supported by lending growth, as fee income and other non-interest income were relatively unchanged from a year ago. Allowance for credit and other losses spiked 50% as new soured loans rose. Chief Executive Officer Wee Ee Cheong said a rise in new non-performing loans is 'manageable' and maintained the 2025 outlook for credit costs around 25 to 30 basis points. He is also expecting high single-digit loan growth and double-digit fee growth for the year. It's also the last earnings that Chief Financial Officer Lee Wai Fai presents. Lee will step down in April after two decades in the role and Leong Yung Chee, head of group corporate banking, will succeed him. (Updates with more details throughout) More stories like this are available on ©2025 Bloomberg L.P.
