Latest news with #Koh
Business Times
13 hours ago
- Business
- Business Times
Singapore PMI marks slower contraction in May as trade tensions thaw but uncertainty remains
[SINGAPORE] Singapore's overall factory activity improved in May, but remained in contraction. This was as global powers' trade tensions de-escalated, but the outlook remains uncertain. The city-state's Purchasing Managers' Index (PMI) posted a reading of 49.7 last month, up 0.1 point from April, data from the Singapore Institute of Purchasing and Materials Management (SIPMM) showed on Monday (Jun 2). This marked two months of contraction, after a 19-month expansion streak. A reading above 50 indicates expansion. Stephen Poh, executive director at SIPMM, noted that the slower contraction could be due to 'thawing trade tensions when the world's two largest economies slashed their substantial tariffs'. On May 12, the US and China agreed to temporarily roll back the bulk of sky-high tariffs imposed on each other since 'Liberation Day'. Similar to Singapore's milder contraction, official Chinese data recorded an improvement, while University of Michigan data showed that US consumer sentiment rebounded in May, highlighted UOB associate economist Jester Koh. The improvements likely reflect some degree of optimism from the temporary US-China truce, he said. 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 Singapore's electronics sector PMI, which was on a 17-month streak of expansion till March, also recorded a second month of contraction. It edged up 0.1 point, to 49.9 in May. The uptick, coming after five consecutive months of deterioration, is likely due to lingering front-loading momentum, said Koh, given the potential of higher tariffs after the US' 90-day pause on reciprocal tariffs and looming sectoral tariffs. Still, Poh warned that global uncertainty remains despite the temporary tariff suspension, with more frequent and less predictable supply chain disruptions amid geopolitical fragmentation. US President Donald Trump last week accused China of violating their agreement, while a spokesperson for China's ministry of commerce accused Washington of severely undermining the truce earlier on Monday. These mutual accusations 'reflect the significant challenges in the path to achieving a lasting de-escalation of trade tensions', said DBS senior economist Chua Han Teng. Ongoing uncertainty continues to threaten global trade and growth prospects, in turn contributing to weak business sentiment, including in Singapore's manufacturing PMI data, he said. Chua flagged that the latest local data signals a 'weaker outlook', with minimal improvement following April's sharp declines. Some sub-indices reflected the weakness, he said. Headline and electronics manufacturing production sub-indices contracted for the second straight month, Meanwhile, though they did not contract in May, headline and electronics new export orders sub-indices moderated from late-2024 peaks. Koh noted that, 'more worryingly' than the overall PMI, the employment and future business sub-indices remain in contraction, possibly indicating concerns over demand prospects in the medium term, as trade negotiations are likely to take some time, with risks of re-escalation should talks go south. Region mostly in contraction Factory activity across Asia was largely similar to Singapore. Figures from China's national statistics bureau showed that manufacturing PMI – 49.5 in May – shrank for a second straight month, but contracted at a softer pace. The Caixin PMI, derived from smaller private manufacturers, is yet to be released. South Korea's S&P Global Manufacturing PMI picked up slightly from April, but remained in contraction at 47.7 in May. Its new orders saw the strongest fall since June 2020. Similarly, Taiwan's PMI, published by S&P Global, rose but stayed below the neutral level, at 48.6. Slightly closer to home, Vietnam and Indonesia's PMI rose – indicating a slower contraction rate – but remained below the neutral 50 mark for the second successive month. Vietnam's PMI was 49.8, while Indonesia's was 47.4. As for the Philippines, the latest PMI data indicated a setback to growth momentum built in April, with May recording broad stagnation in its manufacturing sector.
Business Insider
2 days ago
- Business
- Business Insider
Morgan Stanley Sticks to Their Buy Rating for Ampol Limited (CTXAF)
Morgan Stanley analyst Robert Koh maintained a Buy rating on Ampol Limited (CTXAF – Research Report) yesterday and set a price target of A$30.00. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Koh covers the Energy sector, focusing on stocks such as Ampol Limited, Karoon Energy Ltd, and Origin Energy Limited. According to TipRanks, Koh has an average return of 1.0% and a 56.06% success rate on recommended stocks. In a report released on May 14, Goldman Sachs also maintained a Buy rating on the stock with a A$31.80 price target. Based on Ampol Limited's latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $16.43 billion and a GAAP net loss of $112.7 million. In comparison, last year the company earned a revenue of $19.13 billion and had a net profit of $470 million
New Straits Times
4 days ago
- Entertainment
- New Straits Times
#SHOWBIZ: China-Malaysia Film Culture Festival showcases diverse cinematic talents
KUALA LUMPUR: Popular Malaysian films Guang, directed by Quek Shio Chuan, and Sepet, by the late Yasmin Ahmad, are among the country's cinematic representatives at the Second China-Malaysia Film Culture Festival, running from June 5 to 8. A total of six Chinese and three Malaysian movies will be screened in conjunction with the festival at GSC Mid Valley Megamall, Kuala Lumpur, and GSC Gurney Plaza in George Town, Penang. The Chinese film lineup includes The Goddess (1934), Hong Kong's It's A Mad, Mad, Mad World (1987), Creation Of The Gods 1: Kingdom Of Storms (2023), Creation Of The Gods 2: Demon Force (2025), Honey Money Phony (2024), and A Place Called Silence (2024). The other Malaysian film is Blooms Of Happiness (2025), directed by Ryon Lee. The festival, organised by Lomo Pictures Sdn Bhd with support from the National Film Development Corporation (Finas), GSC International Screens, and the China Film Archive, was officially launched today by Deputy Communications Minister Teo Nie Ching at GSC Mid Valley Megamall. Also present at the event were Finas chairman Datuk Hans Isaac, Finas chief executive officer Datuk Azmir Saifuddin Mutalib, the festival's organiser Aron Koh, its head of exhibition Pan Vui Shang, and China Film Archive director Li Tao. Koh highlighted that this year's festival brings together a compelling lineup of cinematic works from Malaysia and China, ranging from restored heritage films and contemporary hits to forums exploring the intersection of cinema with extended reality (XR) and artificial intelligence (AI). "This year's festival offers audiences an immersive cultural exchange through the universal language of film," he said. Koh added, "This festival offers a unique platform for filmmakers, industry professionals, and young enthusiasts from both countries to share their passion and perspectives. Through dialogue and collaboration, it highlights the power of cinema to celebrate diversity and bridge cultures." Teo emphasised the festival's broader significance, saying, "The festival is more than a celebration of cinema; it is a growing platform for deepening cooperation and joint creation between our two countries. With our shared cultural affinity and minimal language barriers, we see greater potential for co-productions across film, animation, and new technologies." Koh noted that this year's festival marks a first for China's newly restored 1934 silent classic, The Goddess, starring Ruan Lingyu, a defining work in Chinese film history. "As for the Malaysian films, they represent heartfelt storytelling rooted in local culture, offering audiences a rich view of Malaysia's cinematic voice," he added. The festival also features special industry programmes, including a forum on AI and filmmaking, as well as an acting workshop led by renowned Hong Kong director Clifton Ko. Lomo Pictures also announced a long-term strategic partnership with Beijing Tianying Holdings Group, with plans to co-develop the first-ever XR co-production between China and Malaysia. "This marks a new chapter in transnational film-tech collaboration, underlining Malaysia's growing relevance on the global creative stage," Koh said. He added that following its Malaysian chapter, the festival will travel to Xi'an, China, further expanding the conversation and cultural bridge across borders. Hans affirmed that film unites people across countries, and Malaysia is ready to share its cinematic treasures with other nations while also getting acquainted with state-of-the-art developments in Chinese cinema.
Yahoo
4 days ago
- Business
- Yahoo
Rising rents put the squeeze on small businesses in Singapore: Should the Govt do more?
SINGAPORE – The clock is ticking for Nicher, a bakery serving French pastries and coffee at The Brooks, a mixed-use development near Sembawang Road. The bakery's owner, Mr Melvin Koh, 39, has decided to sell the business when his lease expires at the end of June. The former pastry chef with Marina Bay Sands says his lease will go up 15 per cent from his current rental of $5,000 if he chooses to renew it, which will make running the business unsustainable. 'Rent takes up at least 50 per cent of my total operating expenses,' said Mr Koh. 'Costs of ingredients and labour are also rising.' Mr Koh, who was charged a monthly rental of $4,500 when he started his business in 2022, is just one of a number of business owners across the island who are struggling with rising rents. The rental squeeze has driven some businesses to write publicly about their woes on social media, drawing public attention to the issue. One such business is Flor Patisserie, a cake shop in Siglap Drive. Chef-owner Heidi Tan said the landlord is raising the rent by 57 per cent, from $5,400 to $8,500, and that she intends to move out by early July. In an Instagram post on May 7, she had said rent was 'one thing that kills', calling on the Government to do more to support small businesses. View this post on Instagram A post shared by FLOR Patisserie (@flor_patisserie) On May 22, The Straits Times reported that at least five shophouse businesses in Siglap Drive have closed or are about to close because of rental hikes since 2024. Ms Grace Huang, co-founder of Neue Fit gym at Kallang Wave Mall, took to Instagram on April 30 to share her struggles with rent hikes. The 42-year-old said the lease for her 372 sq m unit will expire in December and she fears that the rental will go up. Other sports tenants around her have faced rental increases of about 20 per cent. View this post on Instagram A post shared by Grace Huang (@thehuangergames) Since she started the gym in 2018, her rent has gone up by about 57 per cent, including through the Covid-19 pandemic. She pays more than $20,000 monthly now. 'Rent makes up about 30 per cent of our total monthly overheads, which is a huge burden for any small business,' she said. 'It's money we could be using to grow our programmes, support our team, or improve our members' experience.' She employs 10 full-timers, including national athletes who have themselves trained other current and past Team Singapore representatives. 'We are a sports business in a sports mall, in what's meant to be Singapore's sporting district – and yet, we're struggling to feel supported,' she said, calling it disheartening. Business owners say rising rents are choking out small businesses here which often do not have pockets as deep as chain stores and global brands, and are less able to cope with sudden hikes. Experts ST spoke to also painted a picture of a retail environment where landlords hold most of the cards. Ms Huang said landlords should consider tenants' business performance, or how they contribute to the space, when deciding on their leases, and not apply the same rental models across the board. The Government could also consider targeted rental relief or grants for certain businesses, such as those in health, sports and wellness in the sports districts, she said. When contacted, a Kallang Wave Mall spokesperson said the current lease with Neue Fit began in 2017 and was subsequently renewed in 2022 based on 'negotiated and mutually agreed rental terms and tenure'. 'For a unit above 4,000 sq ft in size, the rental rate is well within market range,' the spokesperson said, adding that formal discussions regarding future rental rates for the current unit have not started yet. Ms Sulian Tan-Wijaya, executive director for retail and lifestyle at Savills Singapore, said many malls are owned by real estate investment trusts (Reits) where there is little room to reduce rents or incentivise desirable brands with lower rents. Prime city or suburban malls still enjoy high occupancies. For every space vacated by a weak operator, there will be more than one newcomer vying for that space, she said. Shop units owned by private strata owners were probably acquired at high prices with mortgages to service. Owners facing higher interest rates will be less likely to lower their rents, she added. She pointed out that one reason international brands can afford higher rents is that they benefit from strong supply chain networks, which bring down their costs. According to Knight Frank Research, as at the first quarter of 2025, prime retail rents in a basket of malls within the prime central region have increased by 11.8 per cent in the post-pandemic period, while prime suburban retail rents rose by 5.8 per cent. These gains follow a sharp drop in the pandemic years of 2020 and 2021, when prime retail rents fell by more than 20.2 per cent in the central region and by 8.7 per cent in the suburban region. The retail sector is expected to remain challenging in 2025, with rents likely to ease and stabilise within a modest growth range of 1 per cent to 3 per cent over the course of the year, said Knight Frank head of retail Ethan Hsu. While there have been calls for the Government to intervene to stabilise rents, Mr Hsu cautioned that intervening in market forces could lead to unintended consequences such as reduced investment in commercial property, or a decline in the quality of retail spaces due to decreased spending on maintenance. At the moment, the Code of Conduct for Leasing of Retail Premises – which landlords must voluntarily adopt – sets out leasing principles when drawing up contracts and a framework for resolving lease disputes. But Mr Hsu acknowledged that there could be scope for the Government to do more. 'For instance, the Government could consider managing the supply of F&B spaces within specific geographic areas to prevent market saturation and cannibalisation within a designated zone,' he said, adding that this will help food and beverage businesses survive better amid limited demand in the small local market. Another measure that could be considered is a tax similar to the additional buyer's stamp duty on chain F&B brands that expand too rapidly within a short period, he said. This could help moderate F&B growth to a more sustainable pace. The Singapore Tenants United For Fairness (SGTUFF), a group of more than 600 front-line business owners across the food and beverage, retail and services sectors, said targeted regulatory mechanisms could protect the viability of small businesses while balancing the interests of investors. Unregulated rent increases contribute to inflationary pressures, pushing up business costs and consumer prices, said SGTUFF in a social media post on May 2. The group argued for some form of rental regulation, including a tiered rent cap system based on attributes such as property size and location, and incentives for landlords who offer long-term and stable leases. Brand strategist Debbie Yong proposed piloting rent stabilisation in selected districts earmarked for cultural and entrepreneurial preservation. Another way is to strengthen the Code of Conduct for Leasing of Retail Premises by turning it into enforceable legislation, she said, adding that it would be a practical first step towards rebalancing the power dynamics between landlords and tenants, without compromising long-term growth. Ms Yong added that the rise in commercial rents is having a chilling effect on creativity and innovation in the F&B and retail sectors. 'As consumers, we ultimately suffer from lack of diversity and vibrancy in our dining and retail landscape,' she said. 'That, in turn, further dampens domestic demand, creating a downward spiral that undermines the very ecosystem we're trying to grow.' Source: The Straits Times © SPH Media Limited. Permission required for reproduction Discover how to enjoy other premium articles here
Straits Times
6 days ago
- Health
- Straits Times
Nationwide research study on age-related muscle loss gets $10 million grant in Singapore
Sarcopenia affects nearly one in three Singaporeans aged 60 years or older. It is key to 'bank' muscle health during younger adulthood to help counter muscle loss, said an expert. PHOTO: ST FILE SINGAPORE – Researchers here have secured a $10 million grant for a nationwide programme dedicated to addressing the rising problem of sarcopenia, an age-related disease characterised by the progressive loss of muscle mass, strength and function. Led by SingHealth Duke-NUS Academic Medical Centre, this initiative is Singapore's first large-scale study on sarcopenia, which contributes to frailty and a lower quality of life as one ages. The disease leads to increased risks of falls, lower immunity, poorer recovery after surgery, among other adverse effects, but there are no effective treatments at the moment. If sarcopenia is picked up at all, it is only when people are showing severe symptoms such as loss of muscle mass and strength, said Professor Wang Yibin, director of the cardiovascular and metabolic disorders programme at Duke-NUS Medical School, at a media briefing. 'There's not much of a treatment. We don't have drugs, we can only provide them with dietary management and exercise advice. So still, there's a big mystery behind it and that's the main challenge of our project.' Called Mechanistic Investigation and Clinical Innovation for Sarcopenia Diagnosis and Therapy, or Magnet in short, this research project was awarded the $10 million Open Fund-Large Collaborative Grant by the National Medical Research Council on May 28. It brings together physicians and scientists from different institutes here who want to investigate why and how sarcopenia is triggered along with ageing or other disease states, and to find new ways of treating it. In the five-year study, Magnet will build a biobank of muscles and serum from 1,000 sarcopenia patients. It already has 500 such samples, collected in the past three years from surgical patients at Sengkang General Hospital (SKH) under a programme there led by Clinical Associate Professor Frederick Koh, a colorectal surgeon and a Magnet principal investigator. Professor Teh Bin Tean, the deputy chief executive officer of research at the National Cancer Centre Singapore (NCCS), said he and Prof Koh had worked together to establish the tissue bank. At NCCS, researchers have been studying cachexia, which is sarcopenia associated with an advanced stage of cancer. About 20 per cent of advanced-stage cancer patients develop it, and it leads to poor health, poor drug response and reduced quality of life, said Prof Teh. Prof Koh said sarcopenia is associated with increased complications from surgery, and increased mortalities. 'In cancer patients... if you have sarcopenia, cancer cells have been shown to come back earlier. So this gives us a connotation that muscle is not just about movement and it's not just about tolerating stress, but it may also play an immune role... which we do not know much about today.' It is still early days when it comes to treatment possibilities. Prof Koh said they have found from earlier studies in SKH and Changi General Hospital (CGH) that the molecule HMB (beta-hydroxy-beta-methylbutyrate) – a metabolite of the amino acid leucine – may be beneficial, but further studies are needed. 'HMB may be one therapeutic agent which has shown some promise in early clinical trials in our experience, and we are expanding on that experience to run a larger study as part of the Magnet project,' he said. The term sarcopenia was coined in 1989 but it was recognised as a disease only in 2016. Recent studies have established the prevalence of sarcopenia, which affects nearly one in three Singaporeans aged 60 years or older. It also affects younger adults with chronic diseases such as cancer and diabetes – one in 14 Singaporeans under 60 is estimated to have the muscle-wasting disease. 'For muscles, you need energy, protein and physical activity. So the high-risk group would be people who don't have enough energy, don't have enough protein, and are inactive,' said Associate Professor Samuel Chew, a senior consultant at CGH's geriatric medicine department. 'By the time we are 80, even if we are healthy, we would have lost at least about one-third of our muscle mass,' said Dr Chew. It is hence important to 'bank' muscle health during younger adulthood to help counter muscle loss over time, he added. Join ST's WhatsApp Channel and get the latest news and must-reads.
