Stocks to watch: Singtel, Sinarmas Land, Cordlife, Q&M Dental Group, Grand Venture Tech, PSC, Procurri Corp
Singtel : The local telecommunications giant's technology services arm, NCS, will invest S$130 million over the next three years to further its artificial intelligence (AI) development across the Asia-Pacific region. Its investments include the development of an AI suite, six major technological partnerships and developing an AI-enabled workforce. NCS currently has over 1,000 professionals certified across major cloud platforms including AWS, Google, Microsoft and Nvidia. Shares in Singtel closed 1.3 per cent or S$0.05 higher at S$4.01 on Thursday, before the news.
Sinarmas Land: The property developer said on Friday that the offeror aiming to privatise it has exercised its right to compulsorily acquire all shares of shareholders who have not accepted the offer. Following this, the Widjaja family-controlled Lyon Investments will own all Sinarmas Land shares and will delist the company from the mainboard of the Singapore Exchange at a date and time to be announced. The counter has been suspended from trading since Jun 3, 2025, after the privatisation offer closed with Lyon Investments' shareholding standing at a 98.65 per cent.
Cordlife : The private cord-blood bank said in bourse filing on Thursday that it will offer enhanced support to its customers who were affected by the November 2023 discovery of its damaged storage tanks. This includes a five-year extension to their cord-blood storage – until their children turn 26 years old – at no additional cost. The extension begins when the customer's existing contract expires. Its shares closed at S$0.005 or 1.9 per cent lower at S$0.26, before the announcement.
Q&M Dental Group : The company on Thursday issued S$130 million worth of notes priced at 3.95 per cent under its S$500 million multicurrency debt issuance programme. The group said it has received in-principle approval from the Singapore Exchange Securities Trading for the listing and quotation of the notes, which are due in 2028 and will list on the bourse on Friday. The counter ended on Thursday unchanged at S$0.43.
Grand Venture Technology: The precision engineering solutions company is moving to be privatised by Aalberts Advanced Mechatronics at S$0.94 a share, it said on Thursday. The Netherlands-incorporated firm is proposing to acquire all ordinary shares in Grand Venture's issued and paid-up share capital, which totals some 339.3 million shares worth S$318.9 million. Shareholders who collectively hold 64.24 per cent of Grand Venture's total shares have given the offeror irrevocable undertakings to vote in favour of the scheme. Shares of Grand Venture closed on Wednesday at S$0.955, up by 1.1 per cent or S$0.01, before the company called for a trading halt on Thursday morning.
PSC Corporation : A mandatory offer by local tycoon Sam Goi has been made on Thursday to buy the remaining shares that he does not already own of fast-moving consumer goods wholesaler PSC at S$0.40 apiece. This comes after he spent S$25.2 million on 63 million shares to raise his stake to 43.38 per cent. The offer represents a premium of 7.8 per cent over the volume weighted average price of S$0.371 in the past one-month period, according to a bourse filing by UOB Kay Hian on his behalf. The counter fell S$0.01, or 2.4 per cent, to close at S$0.40, before the announcement.
Procurri Corp : The IT solutions provider on Thursday said it received in-principle approval from the Singapore Exchange for its proposed delisting. This comes as its parent company Exeo Global Asset Holdings on Apr 28 proposed to acquire all shares in its issued share capital at S$0.32 apiece. The counter finished on Thursday flat at S$0.31.
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Straits Times
3 days ago
- Straits Times
Why Americans cannot buy the world's best electric car
UNITED STATES – You have probably heard of BYD. A middling player in the auto industry just a few years ago, the Chinese electric vehicle (EV) manufacturer surpassed American company Tesla in 2024 to become the world's top-selling EV brand and is expected to pull even with the world's biggest carmakers, Toyota and Volkswagen, by 2030. Yet, most Americans have never seen a BYD , and probably will not any time soon. BYD, which stands for 'Build Your Dreams', is essentially banned from American roads by tariffs imposed to protect American automakers that double the price of imported Chinese plug-ins. Erecting tariff walls may buy the domestic auto industry some time, but it ultimately will not insulate American manufacturers from BYD or the bigger threat that it represents. The company embodies a Chinese industrial model that is leaving the United States in the dust. This model, which combines government financial support, methodical long-term planning and aggressive innovation, has already enabled China to achieve global dominance in a range of high-tech industries – from batteries to robotics to drones. Losing those markets to Chinese companies was bad enough. If the same happens in auto manufacturing, the impact would be far worse for the US due to the industry's size and its economic, political and strategic importance. The success of BYD and several other upstart Chinese car brands should be a warning for US auto manufacturing and the industrial sector as a whole. The US needs the courage to recognise how badly it is falling behind, shake off complacency and adopt an urgent government-led effort – think of a 'Manhattan Project', but for cars – to restore US competitiveness. Top stories Swipe. Select. Stay informed. Singapore S'pore boosts nuclear viability, safety research with new institute and $66m in additional funding Singapore More than 14,300 people checked during 7-week-long anti-crime ops Singapore Over 12,000 lower-income households to receive $60 in transport vouchers by end-July Singapore NDP 2025: Leopard tank transmission fault identified, vehicle to resume role in mobile column Life Anti-smoking advisory in new plaque for controversial samsui woman mural World Trump nominates 'alpha male' influencer to be ambassador to Malaysia Business CEO salaries: At Singapore's top companies, whose pay went up and whose saw a drop? Business Popiah king Sam Goi makes $123.5 million offer to buy rest of PSC When I opened my automotive business in Beijing in 1992, cars produced by China's then-fledgling auto industry were terrible. Shoddily designed and made from cheap materials, they were quick to break down, befitting the country's reputation at the time as a factory for inferior knock-offs. BYD, a battery manufacturer that began making cars in 2003, was no exception. For years, its cars were notorious in China as clunkers. Those days are long gone. I have driven nearly every BYD model and they are now as good as other top brands like Tesla in terms of design, features, advanced technologies and overall quality. The company's Blade Battery is among the safest and most cost-efficient in the world, so good that Toyota and Tesla have used it in some of their cars. Most worrying for its competitors, BYD cars are affordable. Its least expensive models sell in China for under US$10,000 (S$12,790), a third of the price of the most affordable electric vehicles available in the US market. How did BYD pull this off? 'Government subsidies,' Western critics will cry and that is, of course, part of the story. Chinese automakers such as BYD are believed to have received billions of dollars worth of state support over the years. This is state capitalism at work. Americans can complain about it all they want, but China is not going to scrap this model just because they do not like it. It is also not the only reason for BYD's success. It can build cars so inexpensively, thanks to what is known as vertical integration. While most major carmakers source many important parts from outside suppliers, BYD makes almost all of its key components in-house, including batteries, semiconductors, motors and tablet screens, which saves costs and enhances quality control. It developed its cars' operating software, has stakes in mines and mining companies that produce the minerals for its batteries, and transports its vehicles around the world aboard its fleet of specially designed car-carrier ships. BYD is also rapidly innovating. Earlier in 2025, it unveiled an autonomous driving system that may be as good as Tesla's, if not better, as well as technology that BYD says can charge cars in just five minutes – as quickly as filling a gas tank. Its top-end models include the Yangwang U8, a luxury sport utility (SUV) vehicle that can rotate 360 degrees in place and operate in water like a boat over short distances. There is an argument to be made that people should just let BYD into the US market. It would give American consumers more bang for their buck and US manufacturers a chance to learn from the company. But BYD now has such overwhelming advantages in costs and battery technologies that it could end up destroying its US competitors, endangering a critical American industry and hundreds of thousands of jobs. This is why Ford's chief executive Jim Farley in 2024 called Chinese EVs an existential threat and why Tesla CEO Elon Musk said they will 'demolish' the competition without trade barriers. It is possible to coddle American companies with tariffs, but it will not change the fact that Americans are losing badly. China is far and away the world's largest producer and exporter of all types of cars, including electric ones. They may be shut out of the US, but BYD and its Chinese peers are seizing control of the fast-growing global EV industry. Unable to compete abroad, US automakers will have to retreat into the narrow space where they remain strong: the domestic US market for petrol -guzzling trucks and SUVs. The US must take a page from China's playbook. Ten years ago, Chinese leaders created a blueprint for domination of next-generation technologies, funnelling huge sums of money into the project, knowing it would take years to pay off. BYD is just one of many examples of how this is now bearing fruit. Following China's lead, with its heavy state involvement, would be a tough sell to many in Washington, DC. But the US has never confronted an industrial competitor like China. And this is not only about EVs. A strong auto sector has important implications for national defence. Technologies developed by the automotive industry such as batteries, sensors and motors are often later adapted for use in military equipment. China's control of supply chains for batteries and rare earth minerals used in EVs is also a potential national security threat, one that people glimpsed recently when Beijing retaliated against US trade tariffs by halting exports of rare earths and the magnets made from them. Led by its national champion BYD, China has overtaken Detroit as the centre of the global auto industry. The US can embark on an all-out push to rebuild world-class manufacturing and supply chains or its carmakers can hide behind tariffs, continue making petrol-powered trucks and SUVs and fade into irrelevance. NYTIMES
Straits Times
3 days ago
- Straits Times
More than 14,300 people checked during 7-week-long anti-crime ops
Sign up now: Get ST's newsletters delivered to your inbox More than 1,230 operations took place over seven weeks, uncovering offences like the possession of vapes, illegal gambling, and vice. SINGAPORE - During one of the largest enforcement operations in recent times targeting criminal activities, the authorities conducted checks on more than 14,300 people between May 20 and July 7. More than 1,230 operations, which involved more than 4,000 officers from various agencies, took place over seven weeks, uncovering offences like the possession of vapes, illegal gambling, and vice. It also saw the seizure of illegally-modified personal mobility devices, and targeted car-sharing vehicles for traffic violations. Island-wide raids involved officers from the police, the Central Narcotics Bureau, Immigration and Checkpoints Authority, the Singapore Civil Defence Force, the Health Sciences Authority (HSA), Singapore Customs, and the Land Transport Authority (LTA). Out of the 14,300 people checked, 2,445 were hauled up for investigations. Of these, 932 were arrested. During one of the joint operations in Geylang from June 6 to July 7, more than 60 e-vaporisers and related components were seized. The items, which are prohibited under the Tobacco (Control of Advertisements and Sale) Act, were worth about $4,000. Top stories Swipe. Select. Stay informed. Singapore S'pore boosts nuclear viability, safety research with new institute and $66m in additional funding Singapore Over 12,000 lower-income households to receive $60 in transport vouchers by end-July Singapore NDP 2025: Leopard tank transmission fault identified, vehicle to resume role in mobile column Life Anti-smoking advisory in new plaque for controversial samsui woman mural World Trump nominates 'alpha male' influencer to be ambassador to Malaysia Business CEO pay: At Singapore's top companies, whose pay went up and whose saw a drop? Business Popiah king Sam Goi makes $123.5 million offer to buy rest of PSC In the same operation, officers confiscated about 15,700 unregistered health products with an estimated value of $30,350. These included cough syrup, e-vaporiser pods and sexual enhancement products. The HSA is investigating five men, aged between 21 and 62, for offences under the Health Products Act. In another operation targeting public entertainment outlets, massage establishments and gambling hotspots, another five men and six women aged between 20 and 40 were found with vapes. On June 27, the police raided three hair salons in Geylang , where women were caught offering unlicensed massage services. The Straits Times visited one of these salons in 2024, and reported that they were offering massage services to customers. On June 30, the media was invited to witness a raid on two massage parlours in Yishun, which were suspected to be providing sexual services. The first outlet was a single-storey unit with four armchairs and five massage beds, separated by partitions. When the media arrived at about 9pm, three men were receiving massages. None were engaged in any sexual activity. The second massage parlour was a two-storey unit which had 10 private rooms. Each room had a notice on the wall warning against sexual activities on the premises. Three women aged between 23 and 45 were arrested for offences under the Women's Charter that night. To clamp down on illegal horse betting activities, raids were conducted at several locations including King George's Avenue, Jurong East, Ang Mo Kio, New Upper Changi Road and Marsiling. More than $29,000 in cash, mobile phones and horse betting paraphernalia were confiscated. A woman and 60 men are being investigated for allegedly acting as illegal bookmakers, runners and punters. To clamp down on illegal horse betting activities, raids were conducted at several locations including King George's Avenue, Jurong East, Ang Mo Kio, New Upper Changi Road and Marsiling. PHOTO: SINGAPORE POLICE FORCE In another joint operation by the police and LTA on June 16, seven active mobility devices were seized in Punggol for failing to meet safety requirements. Six men were issued summons. Another four devices were confiscated and impounded during a similar operation in Geylang. The Traffic Police also inspected 66 car-sharing vehicles island-wide, and arrested two men, aged 20 and 21, for driving without a qualified licence, and driving without insurance under the Road Traffic Act. Senior Assistant Commissioner Gregory Tan, director of the police's operations department, commended the officers for their efforts during the enforcement operations. He said: 'This seven-week long operation exemplifies the police's commitment to public security. Through effective collaboration with our law enforcement partners, we have taken decisive action against those who disregard the law.'
Straits Times
3 days ago
- Straits Times
Singapore one of the few major cities in Asia-Pacific region to offer attainable homes: Report
Sign up now: Get ST's newsletters delivered to your inbox The median price of an HDB flat in 2024 was US$439,348 (S$562,402), down from US$461,289 in 2023, the report said. SINGAPORE - Singapore is one of the few major cities in the Asia-Pacific region to offer attainable homes for purchase, a new report from the Urban Land Institute (ULI) has found. The ULI, a global non-profit research and education organisation, considers home ownership attainable when the ratio of median home prices to median annual household income is below 5. The price-to-income ratio of Housing Board flats in 2024 was 4.3, down from 4.7 in 2023. In 2022, the price-to-income ratio of HDB flats was 3.7. Of the 51 market segments studied in the report on home attainability across the Asia-Pacific region, published on July 9, only three major cities had homes with a price-to-income ratio of 5 and below in 2024. These comprised HDB flats in Singapore, and apartments in Melbourne in Australia and Kuala Lumpur in Malaysia. The median price of an HDB flat in Singapore was US$439,348 (S$561,900) in 2024, down from US$461,289 in 2023. The report did not specify if the price factored in HDB grants. Across the cities tracked by the ULI, median annual household income was highest in Singapore at US$101,666. Top stories Swipe. Select. Stay informed. Singapore S'pore boosts nuclear viability, safety research with new institute and $66m in additional funding Singapore NDP 2025: Leopard tank transmission fault identified, vehicle to resume role in mobile column Singapore Over 12,000 lower-income households to receive $60 in transport vouchers by end-July World Trump nominates 'alpha male' influencer to be ambassador to Malaysia Business CEO pay: At Singapore's top companies, whose pay went up and who saw a drop? Business Popiah king Sam Goi makes $123.5 million offer to buy rest of PSC Singapore Youth who performed lewd act on cat ordered to undergo probation Life Singer Jacky Cheung adds 3 more encore concerts in Singapore, bringing total to 6 shows Despite this, Singapore is not the most affordable location for home buying, as apartments in Perth in Australia have a price-to-income ratio of 4.1, the ULI said. But it noted that nearly 80 per cent of the Singapore population live in HDB flats, and only 7.6 per cent of homes in Perth are apartments. No city scored a price-to-income ratio of below 4 in 2024. The ULI said that while the number of HDB flats built has passed 1.2 million units, the pace of development has been 'relatively slow' in recent years, and it remained static during the Covid-19 pandemic. 'This may explain rising prices and falling attainability,' the ULI said. The disruptions caused by the Covid-19 pandemic slowed the construction of Build-To-Order (BTO) flats and crimped the supply of public housing here, causing prices to rise. HDB resale prices have been rising continuously on a quarterly basis since the second quarter of 2020. Efforts have been made by the authorities to ramp up housing supply , with the HDB exceeding its target of launching 100,000 BTO flats from 2021 to 2025. It will put up 50,000 units for sale from 2025 to 2027. As for HDB flat rentals, the ULI said the average rent was at an attainable level of 29 per cent of the median monthly household income. The report considers rent to be attainable when it is below 30 per cent of median monthly income. The ULI said that HDB rentals were relatively expensive compared with other Asia-Pacific cities, but they were still considerably cheaper than private homes in Singapore, whose median monthly rents were 43 per cent of median monthly income. Private residential homes in Singapore continued to be the most expensive in the Asia-Pacific for the third year in a row, with an average price of US$1.7 million. The price-to-income ratio for these homes was 16.9. In terms of price per square metre, however, Hong Kong was the most costly private housing market in the region, with an average price of US$16,915 per sq m. Apartments in Hong Kong are smaller on average, at 45 sq m, compared with 109 sq m in Singapore, the report noted. The ULI said that both rents and prices of private homes in Singapore have risen sharply in recent years, but prices have outpaced rents, more than doubling since 2009. Rent for private apartments in Singapore was the most expensive across the cities studied by the ULI, with a median monthly rent of US$3,676. This overtook Hong Kong (US$2,766), as well as other high-cost-of-living cities such as Sydney (US$1,997) and Seoul (US$769).
