Latest news with #SingaporeAirshow
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First Post
2 days ago
- Business
- First Post
Big blow to Chinese plane-makers as Trump bars export of critical jet parts, technology
The US Commerce Department has suspended licenses of US firms that allowed export of critical products and technology to state-owned Commercial Aircraft Corp of China Ltd read more A Comac C919 flies during an aerial display at the Singapore Airshow at Changi Exhibition Centre, in Singapore, February 20, 2024. Source: Reuters In a major setback to China's plane-making industry, the Donald Trump administration of the US has blocked the export of critical US jet parts and technology to the communist country. According to a New York Times report, the US Commerce Department has suspended licenses of US firms that allowed export of critical products and technology to state-owned Commercial Aircraft Corp of China Ltd (Comac). Earlier, the Commerce Department confirmed to Bloomberg that it was reviewing 'exports of strategic significance to China.' STORY CONTINUES BELOW THIS AD 'In some cases, Commerce has suspended existing export licenses or imposed additional license requirements while the review is pending,' the department said in a statement. Why is the move a setback for China? The Comac, China's government-backed plane-maker, relies on American-made GE Aerospace engines for manufacturing its C919 planes. USA's fresh restrictions are not likely to create supply chain issues for Comac immediately as the firm had already stockpiled engines to build dozens of planes this year, reported Bloomberg. However, the Trump administration's move is poised to hurt the firm's business prospects in long term. China-US trade war The latest move by the Commerce Department is a part of an array of challenges that Beijing faces in its trade tensions with the world's largest economy. China has repeatedly called American sanctions on Chinese goods 'wrongful' and called on Washington to cancel them. On Wednesday, as a US court blocked Trump's sweeping reciprocal tariffs on its trading partners, Beijing responded by saying 'trade wars have no winners'. Global markets have been in chaos since Trump's tariff announcements, followed by his sudden reversals and pauses as foreign governments scrambled to negotiate. The turmoil worsened due to a prolonged trade war between the world's two economic giants. They slapped massive tariffs on each other, peaking at a 145 per cent US tax on Chinese imports and a 125 per cent Chinese tax on American goods. The two nations have since called a truce, with US tariffs on China dropping to 30 per cent and Chinese tariffs on some US imports falling to 10 per cent.
The Standard
3 days ago
- Business
- The Standard
US suspends sales of some US technologies to China's airplane maker COMAC, NYT reports
A Comac C919 plane is displayed at the Singapore Airshow at Changi Exhibition Centre in Singapore February 21, 2024. REUTERS
New Straits Times
24-05-2025
- Business
- New Straits Times
When will Lima become the premier event in Asia Pacific?
Since its first edition in 1991, the Langkawi International Maritime and Aerospace Exhibition (Lima) has grown phenomenally. Back then, there were just over 100 exhibitors. Today, that number has multiplied, and includes some of the world's biggest companies. The 17th edition this year was the biggest by far, with more than 600 exhibitors split roughly equally between domestic and foreign companies. The number of Malaysian companies that took part augurs well for the domestic industries involved. But does a bigger show necessarily mean a better one? Datuk Seri Anwar Ibrahim was right to say he wanted Lima to focus on empowering domestic companies, especially small- and medium-sized enterprises. The prime minister wants Lima to help domestic enterprises penetrate international markets. That, ultimately, is the aim of Lima: to ensure that the Malaysian defence, aerospace and maritime industries can grow. A happy consequence of that growth, of course, would be a stronger economy. With the Defence Ministry alone inking deals worth RM11 billion, one would perhaps think this was a huge success. But that's government spending. What about domestic, non-governmental companies? To be fair, some commercial deals were signed — but specific figures were not disclosed. One sign that Lima may not be as successful as it appears: the Singapore Airshow attracts around 1,000 exhibitors. Bear in mind that this is a show that made its debut only in 2008, 17 years after the inaugural Lima. And it is a show dedicated to the aerospace industry. What sets Lima apart is its equal emphasis on both aerospace and maritime sectors. While other shows may touch on both, most prioritise one over the other. Yet we fail to draw more exhibitors than Singapore. Perhaps that has to do with the size of the Mahsuri International Exhibition Centre, but let us not use that as an excuse as, many times before, we have heard of "plans" to upgrade the venue and even increase its size. There is another indicator. While Lima is more than just an airshow, that still remains an important part of the exhibition as a whole. The airshow draws the crowds. The airshow also draws companies to show off their wares. This year we had two aerobatics teams: the Russian Knights and Indonesia's Jupiter. It would have been three if India's Surya Kiran had not pulled out. We used to have more. Among them were the United Kingdom's Red Arrows, arguably the most famous in the world; China's August 1st; South Korea's Black Eagles; and, the United Arab Emirates' Al Fursan. We have had advanced aircraft like the F/A-18E/F Super Hornet, the Eurofighter Typhoon and French Rafale burning up the skies in an attempt to fight their way into our multi-role combat aircraft programme. This year, all we had were our Royal Malaysian Air Force aircraft and what one journalist described as a "quick buzz" from a United States Navy Super Hornet and E/A-18 Growler. Rumours were that there would be some fifth generation fighter aircraft in the mix, but that came to nothing, with even the Sukhoi Su-57 Felon giving Lima a miss though it had made its public debut in India not too long ago. With lacklustre airshows, how then are we to draw interested parties to view what's at hand? When will Lima become the premier event in the region — not just Southeast Asia but the Asia Pacific —for aerospace and maritime industries? Yes, the exhibition is not about the airshow. Yes, the most important thing is for domestic companies to showcase their capabilities. But the former brings the opportunity for the latter, in a roundabout way. In terms of deal value, Lima '25 can be considered a success. One can only wonder, though, if this series of exhibitions should not have reached even greater heights by now. It certainly has the potential.
Straits Times
28-04-2025
- Business
- Straits Times
CapitaLand Ascott Trust gross profit rises 4% in Q1
Gross profit from new properties, such as ibis Styles Tokyo Ginza, replaced the drop in gross profit from divestments in 2024. PHOTO: CAPITALAND ASCOTT TRUST SINGAPORE - CapitaLand Ascott Trust's (Clas) managers said in a business update on April 28 that the trust's gross profit rose 4 per cent year on year in the first quarter of 2025. Gross profit from new properties in the quarter replaced the drop in gross profit from divestments in 2024, the managers said, driven by stronger performance from properties the trust renovated in 2024. These new properties include lyf Funan Singapore, acquired on Dec 31, 2024, as well as Japan hotels ibis Styles Tokyo Ginza and Chisun Budget Kanazawa Ekimae, both bought on Jan 31, 2025. Seventy per cent of profits in the quarter were from stable income sources, the managers said, with the remaining 30 per cent from growth income sources. Such stable income sources included management contracts of longer-stay properties such as rental housing and student accommodation, as well as master leases and management contracts with minimum guaranteed income. Growth income was largely contributed by management contracts of hospitality properties. Excluding acquisitions and divestments, Clas's gross profit was 1 per cent higher on a same-store basis, said the managers. In most key markets in the trust's portfolio, revenue per available unit (RevPAU) for Q1 2025 grew year on year, with its Australia, Singapore, United Kingdom and United States (US) portfolios registering growth of between one and 12 per cent. Its Japan portfolio, however, registered an 11 per cent contraction on the year. In the US portfolio, making up 19 per cent of the trust's total assets, hotel RevPAU in the quarter climbed 11 per cent on the year to reach US$160, driven by strong leisure demand, an increased proportion of corporate bookings, as well as long weekends and major conventions. While negative sentiments towards the US might dampen international leisure travel, the managers said that a higher proportion of domestic guests would mean the trust's hotels remain less affected. The trust's Singapore portfolio, which made up a further 19 per cent of total assets, saw serviced residences (SRs) and hotel RevPAU in the quarter inch upwards by 1 per cent year on year to S$183. On a same-store basis, however, RevPAU fell 3 per cent year on year. This fall was due to fewer high-profile concerts, such as the one by Taylor Swift, or biennial events, such as the Singapore Airshow, under the meetings, incentives, conferences and exhibitions category that took place in Q1 2024, Clas's managers said. The portfolio's performance was nevertheless mitigated by stronger operating performance from The Robertson House by The Crest Collection and long stays at SRs. The managers expect that demand for corporate and relocation stays for the Singapore portfolio will be subdued in the second quarter of 2025, while transient demand could see an uplift during concert and event periods. In Japan, the trust's managers noted that the acquisition of two Japan hotels, ibis Styles Tokyo Ginza and Chisun Budget Kanazawa Ekimae, would fully replace the income of four divested properties in the Japanese portfolio. The acquisitions would bring an accretive growth of 1.6 per cent to dividend per share on a pro forma basis from FY 2024, while raising blended net operating income by 4.3 per cent. The managers noted that these hotels would be supported by leisure and business demand drivers, with ibis Styles Ginza Tokyo located in Tokyo's shopping and entertainment district, while Chisun Budget Kanazawa Ekimae is situated in a popular site for domestic travel. The trust reported a gearing ratio of 39.9 per cent, with an interest coverage ratio of 3.2 times. The trust said it is monitoring recent volatility and reviewing options for its S$250 million perpetual securities, which reset on June 30, 2025, with a view towards managing its capital structure. Recent macroeconomic uncertainties are likely to impact Clas through raised costs, lower lodging demand and volatility in interest rates and foreign currencies, the managers said. Even so, the trust's diversified portfolio and its stable income sources, which comprise 60 to 70 per cent of gross profit, could mitigate this effect, Clas's managers said. Net asset value per stapled security was at $1.11, with total available funds standing at around $1.43 billion, said the managers. The counter fell 1.2 per cent or 1 cent on April 28 following the announcement, reaching 84.5 cents at 10 am. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
28-04-2025
- Business
- Business Times
CapitaLand Ascott Trust gross profit rises 4% in Q1
[SINGAPORE] CapitaLand Ascott Trust's (Clas) managers said on Monday (Apr 28) that the trust's gross profit rose 4 per cent year on year in the first quarter of 2025. Gross profits from new properties in the quarter had replaced the gross profit lost from divestments in 2024, the managers said, driven by stronger performance from properties the trust renovated in 2024. These new properties include lyf Funan Singapore acquired on Dec 31 in 2024, as well as Japan hotels ibis Styles Tokyo Ginza and Chisun Budget Kanazawa Ekimae, both acquired on Jan 31, 2025. 70 per cent of profits in the quarter were from stable income sources, the managers said, with the remaining 30 per cent from growth income sources. Such stable income sources included management contracts of longer-stay properties such as rental housing and student accommodation, as well as master leases and management contracts with minimum guaranteed income. Growth income was largely contributed by management contracts of hospitality properties. Excluding acquisitions and divestments, gross profit was 1 per cent higher on a same-store basis, said the managers. In most key markets in the trust's portfolio, Revenue per available unit (RevPAU) for Q1 2025 grew year on year, with its Australia, Singapore, United Kingdom and United States (US) portfolios registering growth of between one and 12 per cent. Its Japan portfolio, however, registered an 11 per cent contraction on the year. In the USA portfolio, making up 19 per cent of the trust's total assets, hotel RevPAU in the quarter climbed 11 per cent on the year to reach US$160, driven by strong leisure demand, an increased proportion of corporate bookings, as well as long weekends and major conventions. 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 While negative sentiments towards the US might dampen international leisure travel, the managers said that a higher proportion of domestic guests would mean the trust's hotels remain less affected. The trust's Singapore portfolio, which made up a further 19 per cent of total assets, saw serviced residences (SRs) and hotel RevPAU in the quarter inch upwards by 1 per cent year on year to S$183. On a same store basis, however, RevPAU fell 3 per cent year on year. This fall was due to fewer high-profile concerts, such as the one by Taylor Swift, or biennial events, such as the Singapore Airshow, under the meetings, incentives, conferences and exhibitions category that took place in Q1 2024,the trust managers said. The portfolio's performance was nevertheless mitigated by stronger operating performance from The Robertson House by The Crest Collection and long stays at SRs. The managers expect that demand for corporate and relocation stays for the Singapore portfolio will be subdued in the second quarter of 2025, while transient demand could see an uplift during concert and event periods. In Japan, the trust's managers noted that the acquisition of two Japan hotels, ibis Styles Tokyo Ginza and Chisun Budget Kanazawa Ekimae, would fully replace the income of four divested properties in the Japanese portfolio. The acquisitions would bring an accretive growth of 1.6 per cent to dividend per share on a pro forma basis from FY 2024, while raising blended net operating income by 4.3 per cent. The managers noted that these hotels would be supported by leisure and business demand drivers, with ibis Styles Ginza Tokyo located in Tokyo's shopping and entertainment district, while Chisun Budget Kanazawa Ekimae is situated in a popular site for domestic travel. The trust reported a gearing ratio of 39.9 per cent, with an interest coverage ratio of 3.2 times. The trust said it is monitoring recent volatility and reviewing options for its S$250 million perpetual securities, which reset on June 30, 2025, with a view towards managing its capital structure. Net asset value per stapled security was at S$1.11, with total available funds standing at S$1.43 billion, said the managers. The counter closed 1.8 per cent or S$0.015 higher on Friday to reach S$0.855.
