Two new EC sites will bring total supply for 2025 to nearly 2,000 units, the highest since 2014
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CNA
an hour ago
- CNA
Sentosa clifftop restaurant Panamericana shuts down
Sentosa's clifftop restaurant Panamericana has shuttered due to financial issues. The restaurant announced the closure on Instagram on Thursday (Jul 3) with three posts, two of which were images of the restaurant with the words "more than a goodbye" and "thank you for being part of our shared escape". View this post on Instagram A post shared by Panamericana (@panamericanasg) In their caption they wrote: 'To our Panamericana family, given the recent rumours and uncertainty, we want to take a moment to address our current situation with openness and respect for everyone involved." The restaurant added that despite numerous pivots, cost-saving initiatives and their commitment to the brand, they had not been able to return Panamericana to financial viability and were now in the process of winding up the business. 'This has been an incredibly difficult decision, and one we have not taken lightly,' the restaurant continued, adding that they will now be selling their assets to help settle outstanding staff salaries and supplier obligations. 'We want to express our deepest gratitude to our incredible team. You have been the heart and soul of Panamericana, and your loyalty, passion, and resilience have meant the world to us." They concluded by saying that they were 'immensely proud' of what the brand stood for and what they built together.
Straits Times
2 hours ago
- Straits Times
Japan's heat-stressed matcha tea output struggles to meet soaring global demand
Sign up now: Get ST's newsletters delivered to your inbox Global demand for matcha has surged in recent years, driven by young buyers seeking healthier choices. UJI, Japan - Matcha lovers, brace your wallets! Record temperatures in Japan have curbed matcha green tea production this year, straining supplies and driving prices to all-time highs amid booming global demand for the trendy beverage, farmers and industry officials said. The Kyoto region, which accounts for about a quarter of Japan's production of tencha - the stemmed leaves dried and ground into matcha - was hit by severe heatwaves last summer during Japan's hottest year on record, which led to weak yields in the recent April-May harvest. Masahiro Yoshida, a sixth-generation farmer, was only able to harvest 1.5 tonnes of tencha this year, down a quarter from his typical harvest of two tons. 'Last year's summer was so hot that it damaged the bushes, so we couldn't pluck as many tea leaves,' he told Reuters from his storefront in Uji, south of Kyoto. Global demand for matcha has surged in recent years, driven by millennials and Gen Z buyers seeking healthier choices, with hip cafes globally offering matcha lattes, smoothies, and desserts. The finely ground tea is prized as an antioxidant and for higher caffeine content than other green teas. Top stories Swipe. Select. Stay informed. Singapore Seller's stamp duty rates for private homes raised; holding period increased from 3 years to 4 Asia Japan urges evacuation of small island as 1,000 quakes hit region World Trump's sweeping tax-cut and spending Bill wins congressional approval World Trump eyes simple tariff rates over complex talks, says letters will start going out on July 4 Sport A true fans' player – Liverpool supporters in Singapore pay tribute to late Diogo Jota Business More Singapore residents met CPF Required Retirement Sum when they turned 55 in 2024 Singapore Universities like NUS need to be open, to become a sanctuary for global talent: Vivian Balakrishnan Singapore 193ha of land off Changi to be reclaimed for aviation park; area reduced to save seagrass meadow Viral social media traction last autumn turbocharged demand, prompting some wholesalers such as Singapore-based Tealife to occasionally impose purchase limits. Mr Yuki Ishii, Tealife's founder, said matcha demand from its customers grew ten-fold last year and is still rising, even as the amount available from Japan is declining. 'I'm basically always out of stock,' he said. Japan produced 5,336 tonnes of tencha in 2024, according to the Japanese Tea Production Association, a nearly 2.7-fold increase from ten years earlier, as more farmers switched to the crop. However, the association said it expects lower matcha output this year. 'I think many were hoping for a higher yield harvest this year to reduce some of the shortages ... but it doesn't seem like this is going to be the case,' said Mr Marc Falzon, who buys tea from Uji farmers for his New Jersey-based milling firm, Ooika Co. Japan's green tea exports, including matcha, rose 25 per cent by value to 36.4 billion yen (S$321 million) in 2024, driven largely by growing demand for powdered teas such as matcha, according to data from the Ministry of Agriculture, Forestry and Fisheries. By volume, Japan's green tea exports rose 16 per cent. Tencha prices have climbed to record highs, with a May auction in Kyoto fetching 8,235 yen per kg, a 170 per cent increase from a year earlier and well above the previous record of 4,862 yen set in 2016, according to the Global Japanese Tea Association. Japanese producers are trying to increase matcha output, but that won't solve the current shortage as the new fields they are planting need five years before they can be harvested, said Mr Falzon. 'I suspect we'll see even more dramatic price increases.' REUTERS
CNA
3 hours ago
- CNA
CNA938 Rewind - Private health insurance premiums on the rise: Should I relook my portfolio?
Health Minister Ong Ye Kung says there is a need to set the private healthcare financing system on a more sustainable footing. With the costs of private health insurance and healthcare rising, is it time to relook at one's portfolio? Andrea Heng and Hairianto Diman speak with Chuin Ting Weber, CEO and Chief Investment Officer at MoneyOwl, to find out more.
