New World gets lender approval for $11 billion refinancing, Bloomberg News reports
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Straits Times
40 minutes ago
- Straits Times
Singapore retail sales up by 2.3%, spurred by sales of motor vehicles
Sign up now: Get ST's newsletters delivered to your inbox This was above the median estimate of 2 per cent growth from private-sector economists polled by Bloomberg. SINGAPORE - Retail sales grew 2.3 per cent year on year in June, driven by the sales of motor vehicles, data from the Department of Statistics released on Aug 5. This was above the median estimate of 2 per cent growth from private-sector economists polled by Bloomberg. June's growth extends the 1.3 per cent growth in May 2025. Excluding motor vehicles, retail sales increased 0.4 per cent in June, compared to the flat growth in May 2025. The estimated total retail sales value in June 2025 was $4 billion. Of this, an estimated 13.6 per cent were from online retail sales, higher than the 12.3 per cent recorded in the previous month. Excluding motor vehicles, the total retail sales value was about $3.3 billion, of which 16.2 per cent were from online retail sales. Online retail sales made up 56.2 per cent of the total sales of computer and telecommunications equipment, 32.8 per cent of the furniture and household equipment and 12.3 per cent of the supermarkets and hypermarkets industries. Within the retail trade sector, more than half of the industries recorded year-on-year growth in sales in June 2025. The motor vehicle industry saw a 14.6 per cent increase, which corresponded to a higher certificate of entitlement quota. Sales of computer and telecommunications equipment increased by 7.3 per cent, optical goods and books rose by 5.9 per cent and recreational goods increased by 5.6 per cent. In contrast, petrol service stations recorded year-on-year declines in sales of 5.9 per cent while retailers of food and alcohol recorded a decline of 5.2 per cent in June 2025. A muted outlook for Singapore's retail sales is anticipated over the coming months, said DBS Bank senior economist Chua Han Teng. 'The domestic labour market will face challenges from external headwinds impacting the global and Singapore economies, induced by high US tariffs and associated business uncertainties,' he said. With businesses remaining cautious about hiring intentions and wage increases in the coming months due to elevated economic uncertainty, consumers are also likely to be mindful and selective with their spending in these uncertain times, he said. OCBC Bank chief economist Selena Ling said that with the strength of the Singdollar, it is not unexpected that more Singaporean households headed overseas to take advantage of improved purchasing power. Sales of food and beverage services increased by 0.1 per cent in June 2025 on a year-on-year basis, following a 1 per cent growth in May 2025. On a seasonally adjusted basis, sales of food and beverage services fell 1.5 per cent in June 2025, compared to the previous month. The total sales value of food and beverage services in June 2025 was estimated at $962 million. Of this, an estimated 26.7 per cent were from online sales, compared to the 26.6 per cent recorded in May 2025. Within the food and beverage services sector, food caterers registered growth in sales of 18.5 per cent while fast-food outlets' sales rose 2.3 per cent in June . In contrast, turnover of restaurants fell by 5.6 per cent while cafes, foodcourts and other eating places fell by 0.1 per cent during this period. The latest business expectations survey for the services sector showed that a net 8 per cent of food and beverage services were optimistic about the outlook for the second half of 2025, possibly attributable to upcoming concerts and sporting events like F1 as well as the year-end festive season, said Ms Ling.
Straits Times
an hour ago
- Straits Times
Singapore shares up again, lifted by retail sales growth; STI rises 0.3%
Sign up now: Get ST's newsletters delivered to your inbox SINGAPORE - The Straits Times Index (STI) settled higher on Aug 5 for the second consecutive session, supported by stronger-than-expected retail sales figures for June. Retail sales rose 2.3 per cent year-on-year that month, indicated data released by the Department of Statistics. The growth was broad-based across industries and exceeded the median estimate of 2 per cent by private-sector economists polled by Bloomberg. The STI closed up 0.3 per cent or 11.35 points at 4,208.58. Across the broader market, advancers outnumbered decliners 297 to 218, after 1.6 billion shares worth $1.4 billion changed hands. The biggest gainer on the index was Thai Beverage, rising 2.2 per cent or one cent to 47 cents. At the bottom of the index was CapitaLand Ascendas Reit, which fell 1.8 per cent or five cents to $2.75. The decline followed the real estate investment trust's announcement of a 2 per cent year-on-year decrease in H1 revenue, which fell to $754.8 million. This was primarily due to the divestment of five properties across Australia, Singapore and the US, as well as the planned decommissioning of a UK property slated for redevelopment in June 2024. The trio of local banks ended the day mixed, with DBS Bank rising 0.7 per cent or 35 cents to $48.24 and OCBC Bank gaining 0.5 per cent or eight cents to $16.98. However, UOB finished flat at $36.37. Top stories Swipe. Select. Stay informed. Singapore 'She had a whole life ahead of her': Boyfriend mourns Yishun fatal crash victim Singapore Beauty industry consumers hit by 464% rise in prepayment losses in first half of 2025 Singapore Doctor hounds ex-girlfriend, threatens to share her intimate photos, abducts her from public street Singapore 13 taken to hospital after accident involving SBS buses, car in Tampines Singapore New cargo handling centre at Changi Airport reduces processing time; test bed for future T5 ops Singapore 60 lactation pods to be set up in public spaces by Q1 2026 for breastfeeding mothers Life Urinary issues: Enlarged prostate affects half of men in their 50s and up Singapore Elderly man charged after he allegedly molested, performed sex act on 'vulnerable' man OCBC chief economist Selena Ling noted that the recently released retail sales figure fell short of her forecasted 2.7 per cent growth. She attributed the softer momentum to the June school holidays, when many Singaporean families travelled overseas to 'take advantage of improved purchasing power' with the Singapore dollar's strength. Looking ahead, she cautioned that input cost inflation in Singapore has reached a six-month high while selling prices remain largely unchanged. 'The latter suggests that margin erosion could be a theme to watch for the months ahead, particularly when reciprocal tariffs kick in and there could be reverberations through the global supply chains, since competitive pressures may be limiting the corporates' ability to pass on rising costs during a period when demand conditions is softening,' Ms Ling added. Meanwhile, across the region, major indexes closed higher. The Kospi rose 1.6 per cent and the Nikkei 225 added 0.6 per cent.
CNA
an hour ago
- CNA
CNA938 Rewind - Hong Kong IPO boom: How sustainable is the frenzy?
CNA938 Rewind - Hong Kong IPO boom: How sustainable is the frenzy? Hong Kong is on track to be the world's top IPO venue this year. In the first half of 2025, some 44 companies went public in Hong Kong, a 47% jump from the same period last year. IPO proceeds increased sevenfold to HK$107.1 billion, catapulting HKEX to the top of global exchanges for the first half. Hairianto Diman and Susan Ng find out the possible reasons for this frenzy and if it can be sustained from Andrew Leung, Independent China Strategist, Andrew Leung International Consultants.
