Latest news with #PhilipYeo
Straits Times
21-07-2025
- General
- Straits Times
Wreck of WWII Imperial Japanese Navy destroyer Teruzuki found 83 years after sinking
Find out what's new on ST website and app. The Teruzuki sank in December 1942 while transporting supplies to Japanese soldiers on Guadalcanal, the largest island of the Solomon Islands. TOKYO - A shipwreck thought to be the Teruzuki, an Imperial Japanese Navy destroyer, was recently found on the seabed off Guadalcanal, Solomon Islands, according to a US marine survey team. The survey team, which includes Japanese researchers, conducted the search off the South Pacific Ocean island, where one of the deadliest battles in the Pacific War took place. The Teruzuki sank in December 1942 while transporting supplies to Japanese soldiers on Guadalcanal, the largest island of the Solomon Islands. During the War, the Japanese and US militaries fought fiercely for the airfields and other military facilities on the island. On the Japanese side, more than 20,000 soldiers died on the island, and many of them starved to death. In addition to starvation, many died of malaria and other diseases. In Japan, Guadalcanal has been called 'Gato' (island of starvation). 'Seeing the warship helps us understand the hopeless situation faced at that time,' said one of the Japanese researchers. The 134m long Teruzuki was built in August 1942 and was the Imperial Japanese Navy's second Akizuki-class destroyer. Top stories Swipe. Select. Stay informed. Singapore Priority for singles, higher quota for second-timer families to kick in from HDB's July BTO exercise Singapore Witness stand not arena for humiliation in sex offence cases, judge reminds lawyers Asia Japan's Ishiba vows to stay on despite historic election setback Business Bigger, quieter, greener: High-volume low-speed fans see rising demand in warming Singapore Singapore New home owners in Singapore find kampung spirit on BTO Telegram groups Singapore What would it take for S'pore to shed the dirty image of its blue recycling bins? Business DBS hits record high above $47; CDL up after director Philip Yeo announces resignation World Gaza civil defence says Israeli fire kills 93 aid seekers In December that year, the ship was hit and immobilised by US torpedoes while escorting warships carrying food and other supplies to the island. It was the Teruzuki's own crew that ultimately sank the ship, and about 10 crew members who were unable to escape died. According to the Ocean Exploration Trust (OET), the US marine research organization which conducted the survey, the shipwreck believed to be the Teruzuki was found in a sea area known as the Iron Bottom Sound, an area where many warships sank. The OET conducted the search with an unmanned underwater vehicle on July 11, ahead of the 80th anniversary of the end of World War II, with assistance from the US National Oceanic and Atmospheric Administration. The main part of the shipwreck was found on the seabed 800m under water, and the broken stern of the ship's body was found at another location about 200m away. The damage on the ship matches testimonies of former crew members who survived the sinking, and the numbers and positions of gun turrets are the same as on the Teruzuki. Two Akizuki-class destroyers, including the Teruzuki, sank in sea areas off the Solomon Islands, according to war records. As the other destroyer has already been found, the researchers concluded that the shipwreck was the Teruzuki. At the time of the sinking, Japan had lost air superiority over the Pacific Ocean, so supplies to Guadalcanal were cut off. The Imperial Japanese Navy began transportation missions using destroyers, a highly maneuverable type of ship capable of sailing at fast speeds, to transport supplies in place of transport ships, which sail at lower speeds. However, most of the operations failed. 'The Teruzuki symbolizes the Japanese military's hardships in overcoming the desperate supply problem,' said Hiroshi Ishii, a program-specific researcher of Kyoto University's Centre for Southeast Asian Studies who participated in the marine survey. The OET had another success in 2023 when it took photos of wrecks of the Akagi, an aircraft carrier that was sunk in the Battle of Midway in 1942. 'People can understand the reality of war by seeing photos of sunken ships and other evidence, and (finds like this) can help console the souls of soldiers who died,' said Professor Kotaro Yamafune, a visiting professor of Kyoto Tachibana University who studies shipwreck archaeology. Mr Kazushige Todaka, director of the Yamato Museum in Kure, Hiroshima Prefecture, said: 'The Teruzuki was one of the rare destroyers that were designed for anti-aircraft warfare. 'The original shape is still in excellent condition, and considering the appearance of the gun turrets, there's no doubt it's the Teruzuki.' JAPAN NEWS/ASIA NEWS NETWORK
Straits Times
20-07-2025
- Business
- Straits Times
DBS hits record high above $47; CDL up after director Philip Yeo announces resignation
Find out what's new on ST website and app. More than 4.2 million DBS shares changed hands on July 18, the day the bank was named World's Best Bank by Euromoney for the third time since 2019. SINGAPORE – Shares of DBS Bank crested an all-time high of $47.05 on July 18 before ending the week slightly lower at $46.99. More than 4.2 million DBS shares changed hands that day, when Singapore's largest bank was named World's Best Bank by Euromoney for the third time since 2019. Just a day earlier, on July 17, RHB analysts in a research report reiterated their 'buy' call on DBS with a $47 target price. However, they also warned of increased share price volatility for DBS, citing the bank's large loan book and the elevated valuation of its shares compared with their book value. Another stalwart of the Straits Times Index, City Developments Limited (CDL), jumped 6.3 per cent on July 16, following news that long-serving director Philip Yeo would step down from the board. The veteran former civil servant's last day with CDL will be July 31. The move marks a turning point in the uneasy stalemate between chief executive Sherman Kwek and his father, Mr Kwek Leng Beng, with whom Mr Yeo had been aligned in a feud on board composition and corporate governance. Top stories Swipe. Select. Stay informed. Singapore Priority for singles, higher quota for second-timer families to kick in from HDB's July BTO exercise Singapore Both Bukit Panjang LRT disruptions in July linked to newly installed power system: SMRT Singapore 1 in 3 vapes here laced with etomidate; MOH working with MHA to list it as illegal drug: Ong Ye Kung Asia Johor Bahru collision claims lives of e-hailing driver and Singapore passenger Sport Arsenal arrive in Singapore for pre-season matches with AC Milan and Newcastle Business Crypto exchange Tokenize to shut down Singapore operations Singapore More initiatives and support for migrant community announced at Racial Harmony Day event Singapore ComfortDelGro to discipline driver who flung relative's wheelchair out of taxi Observers said the move could be a step towards unlocking greater shareholder value as the younger Mr Kwek will be able to chart the company's direction more assertively. CDL's shares closed on July 18 at $5.90, up 8.7 per cent through the week. Centurion reveals plans for new Reit Shares of Centurion Corp closed the week at $1.73, down more than 6.4 per cent from the all-time high of $1.85 on July 14. The accommodation provider last week moved ahead with plans to list a real estate investment trust (Reit) on the Singapore Exchange (SGX) mainboard. It announced on July 14 the name of the Reit – Centurion Accommodation Reit – and an initial portfolio of 14 properties that Centurion will divest from its books as the Reit sponsor. The portfolio will comprise five purpose-built worker accommodation assets in Singapore, eight purpose-built student accommodation assets in Britain and one in Australia. A new upmarket student accommodation property will be added to the Reit as its 15th asset once it is ready for occupation, bringing the total portfolio value to $2.1 billion. Centurion Accommodation Reit's listing is still pending approval by SGX and the Monetary Authority of Singapore. Phillip Securities Research's Chong Yik Ban told The Straits Times the Reit would need to offer a target yield of 7.3 per cent to 7.7 per cent to be attractive to prospective investors. This is because Singapore banks pay an average dividend yield of about 6.7 per cent, and investors would demand a higher yield for the additional risk they take to buy a newly listed Reit. Mr Chong noted that newly listed NTT DC Reit, which comprises data centre assets and is backed by Japanese telco giant NTT, has forecast an annualised yield of 7.5 per cent for the nine months from July 1, 2025, to March 31, 2026. This sets a benchmark for Centurion's new Reit, in which it will hold a 35 per cent to 40 per cent stake, to meet or exceed. Mr Chong said the new Reit is potentially capable of achieving similar yields. Based on projections, Centurion aims for the Reit to distribute 100 per cent of its annual distributable income from the listing date until 2027. Lim & Tan Securities' Chan En Jie told ST that investors will most likely look out for attractive returns and stable payouts from each Reit unit when evaluating their options in an environment where interest rates are falling. He noted that the growth in workers' dormitories reflects the robust construction demand expected in Singapore over the next few years. But Mr Chong warned that if tightened, student visa restrictions could hurt demand for student properties in the Reit. Aviation, offshore and marine counters rally Shares of Singapore Airlines gained 2.2 per cent over the week to close at a one-year high of $7.44. The carrier posted its June operating results earlier in the week, reporting a 4.5 per cent year-on-year increase in passenger traffic. The growth outpaced the expansion in passenger capacity, buoyed by the start of the summer travel season and Singapore's mid-year school holidays. Shares of in-flight caterer and ground-handling company Sats as well as SIA Engineering, which provides aircraft maintenance, repair and overhaul, also rose. Sats closed on July 18 at $3.27, up 4.8 per cent through the week, while SIA Engineering closed at $3.34, up 3.1 per cent over the same period. Offshore engineering giant Seatrium, meanwhile, surged 12.8 per cent, closing the week at $2.38. The company has started to deliver the first of six floating production storage and offloading vessels to Brazilian state-owned oil company Petrobras. Other offshore and marine stocks also saw strong gains. Vessel operator Marco Polo Marine surged more than 20 per cent to 5.5 cents a share for the week, its highest in more than five months, with over 160 million shares changing hands on July 18. Mermaid Maritime is also up, rising 9.6 per cent through the week to close at 13 cents. CH Offshore rose 20 per cent to 1.8 cents last week after completing its rights issue. In a July 18 report, Lim & Tan analysts noted that the vessel operator is 'extremely undervalued', making it an 'ideal privatisation candidate'. Other market movers NTT DC Reit ended its first week of trading on a weak note, as investors weighed its costly artificial intelligence ambitions against an uncertain outlook amid ongoing tariff concerns. While the Reit's public offer, the largest on the SGX in a decade, was 9.8 times oversubscribed, its units ended flat at US$1 (S$1.29) on their July 14 debut. They closed the week at 95 US cents, down by almost 6 per cent. In contrast, China Medical System surged 11.2 per cent to close at $2.28 on its July 15 debut, up from an initial offer price of $2.05 for the secondary listing of the Hong Kong-listed pharmaceutical firm. Home-grown fabricator BRC Asia announced after the market close on July 14 that it had secured $570 million worth of contracts for Changi Airport Terminal 5. Its shares surged to $3.71, climbing more than 11 per cent from the start of the week. Semiconductor firm Frencken also posted a strong performance, with its stock peaking at $1.49 during the week before settling at $1.45 on July 18, its highest since announcing plans in June for a larger facility in Kaki Bukit. Shares of PC Partner, seen as a proxy for US-listed Nvidia, rose 13.7 per cent through the week to close on July 18 at $1.33. PC Partner, which is also listed in Hong Kong, distributes electronics that use Nvidia graphics cards. Nvidia shares are trading at an all-time high above US$174 after the company said on July 16 it expects to resume sales of its less-advanced H20 artificial intelligence chips to China after a three-month pause. What to look out for this week Property revitalisation firm Lum Chang Creations is expected to start trading on July 21 on Catalist. A total of one million shares offered to the Singapore public at 25 cents each were 47.3 times oversubscribed. The company raised total gross proceeds of $12.25 million from the offering, resulting in a market capitalisation of $78.75 million. UOB Kay Hian has initiated coverage on the company with a buy call and a target price of 39 cents.
Straits Times
16-07-2025
- Business
- Straits Times
Singapore shares rise to new high; STI up 0.3%
Find out what's new on ST website and app. The STI's top gainer was City Developments, up 6.3 per cent to $5.92. SINGAPORE – Concerns about US inflation failed to deter local investors from pushing the bourse to a new high and its third straight day of gains this week. The optimism left the benchmark Straits Times Index (STI) up 0.3 per cent or 12.43 points to 4,132.25 on July 16 – just shy of its intra-day peak of 4,132.41, with gainers outpacing losers 384 to 178 on trade of 1.5 billion securities worth $1.3 billion. The STI's top gainer was City Developments, up 6.3 per cent to $5.92. The property developer's shares surged after it announced that director Philip Yeo, who had backed executive chairman Kwek Leng Beng in his boardroom battle against his son, would be retiring. The biggest decliner was CapitaLand Integrated Commercial Trust, which fell 1.4 per cent to $2.19. The trust was also the most actively traded counter by volume, with 27.3 million units traded. Regional bourses mostly ended in the red, amid those signs of rising US inflation. Japan's Nikkei 225 was down 0.04 per cent, South Korea's Kospi fell 0.9 per cent, the ASX 200 in Sydney retreated 0.8 per cent for its worst day since May 5 and Hong Kong's Hang Seng dipped 0.3 per cent. The losses largely mirrored Wall Street overnight after reports showing inflation picked up in June, a potential sign that tariffs are having an impact. Top stories Swipe. Select. Stay informed. Singapore Over 600 Telegram groups in Singapore selling, advertising vapes removed by HSA Singapore Strong argument for cockpit video recording, says Iata chief in wake of Air India crash report Singapore Here comes the sun: Less rain, more warm days in second half of July Asia Former deputy minister seen as surprise front runner for Malaysia's next Chief Justice: Sources Singapore Baby died after mum took abortion pills and gave birth in toilet; coroner records an open verdict Business Tycoon Robert Kuok's daughter Kuok Hui Kwong appointed CEO of Shangri-La Asia Singapore Acute psychiatry services to be expanded across all healthcare clusters: MOH Singapore New network links Home Team psychologists, mental health bodies to boost emergency response The S&P 500 edged 0.4 per cent, the Dow fell 1 per cent while the Nasdaq rose 0.18 per cent to a fresh high. Mr Alvin Liew, senior economist at UOB, said that the higher consumer price index figures in the US for June show 'clearer marks of tariff-induced price increases'. However, he expects the Federal Reserve to remain patient in cutting interest rates amid uncertainty over the impact of US tariffs.
Business Times
16-07-2025
- Business
- Business Times
Singapore shares rise to new high; STI up 0.3%
[SINGAPORE] Shares on the Singapore bourse closed higher on Wednesday (Jul 16), marking the third straight day the benchmark Straits Times Index (STI) hit a new high. Other regional markets ended lower, amid signs of rising US inflation that is dampening investor sentiment. The STI rose 0.3 per cent or 12.43 points to close at 4,132.25 – just shy of its intra-day peak of 4,132.41. Across the broader market, advancers outnumbered decliners 384 to 178, with 1.5 billion securities worth S$1.3 billion traded. The top gainer on the benchmark index was City Developments (CDL) , which rose 6.3 per cent or S$0.35 to S$5.92. The property developer's shares surged on Wednesday after it announced that its board director Philip Yeo, who had backed executive chairman Kwek Leng Beng in his boardroom battle against his son, would be retiring. 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 biggest decliner was CapitaLand Integrated Commercial Trust . The counter fell 1.4 per cent or S$0.03 to S$2.19. The trust was also the most actively traded counter by volume, with 27.3 million units worth S$59.8 million traded. Regional bourses mostly ended Wednesday lower. Japan's Nikkei 225 was down 0.04 per cent, and South Korea's Kospi was down 0.9 per cent. Australia's ASX 200 fell 0.8 per cent, and Hong Kong's Hang Seng Index fell 0.3 per cent. Their performance follows Tuesday's release of figures showed that the US consumer price index – an indicator for inflation – had risen 2.7 per cent year on year in June, up from 2.4 per cent the month before. Alvin Liew, senior economist at UOB, said that the higher consumer price index figures for June show 'clearer marks of tariff-induced price increases'. However, he expects the US Federal Reserve to remain patient in cutting interest rates amid uncertainty over the impact of US tariffs. UOB continues to hold the view that there would be three rate cuts of 25 basis points each in September, October and December.
Business Times
16-07-2025
- Business
- Business Times
Five things about Philip Yeo, former EDB chairman and outgoing CDL director
[SINGAPORE] Veteran public servant and economic heavyweight Philip Yeo made headlines on Tuesday (Jul 15), when news broke that he was retiring from City Development Limited's (CDL) board of directors. This comes some months after a high-profile dispute between the property developer's executive chairman and group chief executive officer. Yeo, 78, will leave the board of CDL on Jul 31, after a 16-year tenure. His prolific career spans more than four decades of public service – as detailed in the 2016 biography Neither Civil Nor Servant: The Philip Yeo Story – including as the chairman of Singapore's Economic Development Board (EDB). Once dubbed by the media as the 'economic tsar of Singapore', Yeo has been credited with building up the Republic's economy. Beyond public service, his private-sector appointments include seats on the boards of more than 20 companies, including Malaysian conglomerate Sunway and Singapore-listed groups Indofood Agri Resources and QAF , the food manufacturer and distributor behind the Gardenia brand of bread. 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 Here are five things to know about Yeo. 1. He had an early interest in engineering Growing up, Yeo attended St Joseph's Institution. There, he led the aero-modelling club, spending time – in his own words – 'making, flying and crashing model planes'. This interest carried on to university, where he studied industrial engineering at the University of Toronto in Canada on a scholarship. He also had an appetite for the written word early on, and he cites reading as his sole hobby from childhood. After his graduation in 1970, he joined the civil service. While the Public Service Commission posted him to the Ministry of Finance's Budget division, he requested to be transferred to an engineering role – which landed him in the Ministry of Defence (Mindef). 2. He spent four decades in public service From 1970 to 1985, Yeo took on various roles in Mindef, including permanent secretary for logistics, defence research and development (R&D), and defence industries. From 1981 to 1987, he chaired the National Computer Board, a forerunner of the Infocomm Media Development Authority. He served at EDB between 1986 and 2006, as executive chairman and, later, executive co-chairman. He was also chairman of the Agency for Science, Technology and Research from 2001 to 2007, and a special adviser for economic development in the Prime Minister's Office from 2007 to 2011. In an open letter to public service officers, Yeo reflected on his extensive career and described his time in public service as memorable and fun. 3. He helped create Jurong Island Yeo steered EDB from established fields to new business areas of internationally exportable services and high-tech industries during his time there. Among his contributions were the development of Singapore's information technology, semiconductor, chemical industries, and biomedical sciences sectors. He also led the construction of the Republic's chemical cluster, as well as the creation of Jurong Island, which involved reclaiming seven islands. The man-made island off Singapore's south-western coast is a 3,000-hectare chemical production centre, where more than a hundred international companies conduct refining, production and chemical manufacturing activities. It has drawn more than S$50 billion in investments since it opened in 2000. 4. He built up the biomedical scene Yeo is also credited with building up Singapore's biomedical sector. He spearheaded the development of Biopolis, an R&D campus that brings institutes, researchers and private-sector players together. The complex, which opened in 2003 in one-north, put Singapore's biomedical sector on the map by attracting international talent – in turn enriching the domestic research community for biomedical sciences. Yeo recruited top researchers from around the world to work at the hub. He also had 1,000 PhD candidates in fields such as biomedical science, physical science, and engineering trained locally and abroad. 5. He backed chairman in CDL dispute Yeo was appointed to CDL's board as a non-independent director on May 11, 2009. In a public feud this year, Yeo took the side of CDL executive chairman Kwek Leng Beng against his son Sherman Kwek, who is the group's CEO. On Feb 26, the elder Kwek accused his son and a group of directors of an 'attempted coup' as well as corporate governance lapses after they hastily appointed two new directors to the board earlier that month. These directors were Jennifer Duong Young and Wong Su-Yen. In response, the younger Kwek said that the primary reason for the dispute was 'a very serious issue of corporate governance' involving Dr Catherine Wu, an adviser to his father. He added that Dr Wu had a 'long relationship' with the CDL executive chairman, interfered with matters beyond her scope, and wielded 'enormous influence'. The conflict escalated with father and son gearing up to meet in court, as the younger Kwek roped in top litigator and Senior Counsel Davinder Singh to represent him. The matter was subsequently settled after Dr Wu resigned from her role as an adviser to CDL unit Millennium & Copthorne Hotels. Kwek Leng Beng dropped his lawsuit on Mar 12, saying that all board members had agreed to set aside their differences, purportedly for the greater good of the company. However, signs of lingering conflict remained at CDL's annual general meeting on Apr 23. There, Yeo urged shareholders to reject the re-election of four directors – including Young and Wong. Although his call received applause, the resolutions were all passed. In its bourse filing on Jul 15 announcing Yeo's retirement, CDL said there were no unresolved differences in opinion on material matters between Yeo and its board of directors.
