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CNA
29 minutes ago
- CNA
Thai exports in second half of 2025 expected to contract sharply over tariffs, central bank minutes show
BANGKOK :Thailand's exports are expected to contract sharply in the second half of the year due to tariffs from the United States, minutes of the Bank of Thailand's June 25 monetary policy meeting showed on Wednesday. At the meeting, the BOT's monetary policy committee voted 6 to 1 to keep the one-day repurchase rate unchanged at 1.75 per cent, after back-to-back cuts in February and April. Thai economic growth and financial conditions were held back by several factors and monetary policy alone had limited efficacy in addressing those issues, the minutes said. "Targeted measures in conjunction with business adaptation were deemed necessary," it said. At the review, the stronger-than-expected start to the year saw the BOT lift its central-case economic growth forecast to 2.3 per cent for 2025, almost matching last year's 2.5 per cent and more optimistic than some market analysts. The next rate review is on August 13.
CNA
44 minutes ago
- CNA
New SkillsFuture registry to boost quality of educators with regular training from next April
SINGAPORE: SkillsFuture Singapore (SSG) is aiming to level up the quality of its educators through a new national registry. The lifelong learning statutory board said these efforts are part of an initiative called the Training and Adult Educator Professional Pathway (TAEPP). The initiative is developed by the Institute for Adult Learning (IAL) with the support of SSG to improve the professionalism of the training and adult education sector. Educators delivering SSG-supported training will be required to be on the new registry from Apr 1 next year. The registration process will commence from the fourth quarter this year. The TAEPP aims to ensure those on the registry continuously upskill and improve lesson content to stay relevant. TRAINING THE TRAINERS The initiative intends to upgrade the skills of about 11,000 adult educators, according to SSG. It also allows employers across sectors to tap a stronger training ecosystem to benefit employees. '(Adult educators) are the linchpin in terms of enabling our industry to transform … The students are the adult learners. Adult learners are the ones who are working in the industry with all the changes that's happening so rapidly,' said Dr Samson Tan, director of learning and professional development at the IAL. 'A competent, current adult educator with the right skills for delivering and enabling them to perform in the workplace is important and essential.' Dr Tan told CNA that the TAEPP will shift the focus from one-off certifications for educators towards continuous professional development. The TAEPP will also recruit industry practitioners to serve as registered educators. For a start, it is identifying suitable experts in the healthcare and legal sectors. To remain on the SSG registry, educators will need to renew their status every two years through clocking at least 40 hours of continuing professional development and 80 hours of teaching. NTUC LearningHub's assistant chief executive and chief sector skills officer Tay Ee Learn said that the pathway allows training providers a broader and more sustainable access to trainers. '(It can) help us to scale our supply of training to meet (current and future) demand,' he added. Mr Tay noted that NTUC LearningHub also offers online platforms to help make training and skills upgrading more accessible to educators in fulfilling the required practice hours. A MARK OF CREDIBILITY Ms Clare Poon, who teaches weekly classes for learners seeking to become trainers, is among those who welcomed the initiative. She said that being listed in the new registry will boost her credibility as an adult educator and will help with getting more clients. 'Our work is pretty competitive, so having that recognition can be an added advantage when we look for training opportunities or project engagement,' she said. 'It is also a reminder for us to keep track of our own professional development.' Ms Poon uses a blend of lesson types – online, face-to-face classes and workplace learning – to teach her students how adults learn and how artificial intelligence can be used in lessons. She noted that trainers like herself play a role to create meaningful learning experiences and spaces for students to discuss, participate and actively engage in the learning process. INVESTING IN THE WORKFORCE Education Minister Desmond Lee noted that such efforts go a long way in preparing the workforce for the challenges ahead. 'Global trade tensions and eroding global norms are creating a lot of economic (and) job uncertainties. This can be unsettling for our businesses who will find it challenging to plan ahead,' Mr Lee said at the opening of the SkillsFuture Festival on Monday (Jul 7). He added that as technology continues to evolve, jobs and livelihoods could be transformed or disrupted. Hence, the government is committed to work with Singaporeans, industries and training providers to ensure workers remain relevant, he said. 'We must invest even more in our people, ensure that Singaporeans can adapt to change, retain our competitive advantage and remain a valuable partner to the rest of the world,' he added.
AsiaOne
44 minutes ago
- AsiaOne
'It's our grandfather's company, we won't sell', says Wong family as shareholders reject GE delisting bid, Money News
SINGAPORE — Great Eastern (GE) may resume trading after a proposed delisting resolution failed to pass at its extraordinary general meeting (EGM) on Tuesday (July 8). At the meeting held at Great Eastern Centre, around 63.5 per cent of minority shareholders present and voting at the EGM voted in favour of the delisting resolution, falling short of the minimum 75 per cent required for the delisting to take place. GE had said in a June 9 circular to shareholders that the delisting would need the approval of a majority of at least 75 per cent of the total number of shares held by minority shareholders present and voting in person or by proxy at the EGM. OCBC Bank, the parent company of GE, abstained from voting. The outcome of the delisting resolution was determined solely by GE's minority shareholders. Had they voted to delist, they would have been able to receive $30.15 per share under OCBC's $900 million exit offer for the remaining 6.28 per cent of GE shares it does not own. This is up from the original $25.60 per share offer in May 2024. The $30.15 exit offer was assessed as fair and reasonable by Ernst & Young, the independent financial adviser (IFA) appointed by GE. According to Singapore Exchange listing rules, an offer must be both fair and reasonable before a company can delist. Mr Wong Hong Sun and his family, who own 7.56 million shares, representing 25.5 per cent of 29.6 million shares held in total by minority shareholders, voted against the delisting. "This is my grandfather's company and it's our legacy. I would not sell it. We are holding for the legacy for our son," said Mr Wong, whose grandfather Wong Siew Qui was chairman of Great Eastern Life Assurance Co from 1951 to 1969. He noted that the offer price of $30.15 is at the lower end of the IFA's fair and reasonable range of $30.10 to $37.63. He said: "We don't need the money, so why should we sell at a low price? I told them (OCBC) it must be at a premium to the embedded value. There is no such thing as a discount." The embedded value for GE is $38.08 per share as at end-2024. Asked if he would sell if the offer price was higher, Mr Wong said: "We might." His wife Wong-Tan Kar Yean added: "Since the first quarter of 2025, Great Eastern has performed very, very well. You must give us the right price. You cannot oppress the minorities." After the delisting resolution failed to pass, GE's chairman Soon Tit Koon declared that the delisting will not proceed, and the company will remain listed on the SGX. He added that the conditional exit offering made by OCBC will also lapse. Shareholders were then asked to vote for the resumption of trading resolution, which necessitates the adoption of a new Constitution to create Class C non-voting shares and undertaking of the proposed bonus issue. More than 98 per cent voted for the adoption of the new Constitution and the bonus issue resolution, surpassing the minimum 75 per cent required for the resolution to pass. Under the resumption of trading resolution, GE will undertake a proposed bonus issue where shareholders will get bonus ordinary shares in respect of their shares unless they elect to receive Class C non-voting shares. Class C non-voting shares in GE still carry full economic rights, including dividends — but no voting power. Unlike ordinary shares, they will not count towards restoring the free float. One elderly shareholder, who declined to be named, was among those who voted for the delisting. He said: "I voted against the initial $25.60 offer because it was unfair and gave us expectations of a better offer later. But I thought the $30.15 offer this time was acceptable. "Now, I will just have to wait and see how I can cash out of my shareholdings at a good price." Still, should GE shares resume trading, they will be far more illiquid than before the offer, and there is a chance the share price may fall. GE shares last traded at $18.70 before OCBC's previous offer. Some shareholders said they will be choosing ordinary shares and waiting for trading to resume. They also said that they expect dividends to rise given that GE has been performing better. GE in February reported that profit attributable to shareholders for 2024 grew by 28 per cent year on year to $995.3 million. OCBC said it intends to receive the Class C non-voting shares, which will dilute its own shareholding of voting shares in GE to 88.19 per cent. This will help to restore GE's minimum free float of 10 per cent and allow trading to resume. OCBC will still retain its rights to 93.72 per cent of the economic interests in GE, as the Class C shares rank equally with all ordinary shares in respect of dividends and distributions. But there could be a stumbling block to the resumption of trading in the shares due to the provision that minority shareholders can elect to get bonus ordinary shares or Class C non-voting shares. Some minority shareholders said in the event that a sufficient number of shareholders choose Class C shares, there is a chance that GE may not be able to restore its free float and its trading will remain suspended. If minority shareholders owning more than 9.8 million shares elect Class C non-voting shares, OCBC's stake will not be diluted below 90 per cent and trading will not resume. OCBC had previously said it does not intend to revise the exit offer price. These developments come after the previous offer by OCBC was deemed "not fair but reasonable". OCBC had launched in May 2024 a $1.4 billion bid to privatise GE by acquiring the remaining 11.56 per cent stake it did not own at $25.60 per share. However, the bank's accumulated stake by the end of the offer in July 2024, at 93.7 per cent, was insufficient for it to compulsorily acquire the rest of GE's shares. Some minority shareholders refused to accept the $25.60 per share offer, saying it undervalued the company. Great Eastern lost its required 10 per cent minimum free float, resulting in the trading suspension of the insurer's shares. In response to ST's queries on the outcome, OCBC said the objectives are to capture benefits from further operational synergies with GE and a higher share of its value. "These objectives have been met with the increase in OCBC's investment in Great Eastern Holdings to 93.72 per cent in October 2024, successfully concluding the voluntary general offer," an OCBC spokesperson said. "Regardless of the outcome of the EGM, we would be satisfied with this level of economic interest. Class C non-voting shares are entitled to dividends and other distributions, and will be earnings accretive to OCBC." If all the conditions are met, the date of the resumption of trading of GE's shares will be announced at a later time. OCBC shares closed 0.84 per cent higher at $16.71 on July 8. [[nid:719194]] This article was first published in The Straits Times . Permission required for reproduction.
