Hanoi scooter riders baulk at petrol-powered bikes ban
"Of course everyone wants a better environment," said housewife Dang Thuy Hanh, baulking at the 80 million dong (US$3,000) her family would spend replacing their four scooters with electric alternatives.
"But why give us the first burden without any proper preparation?" grumbled the 52-year-old.
Hanoi's scooter traffic is a fixture of the city's urban buzz. The northern hub of nine million people has nearly seven million two-wheelers, hurtling around at rush hour in a morass of congestion.
Their exhausts splutter emissions regularly spurring the city to the top of worldwide smog rankings in a country where pollution claims at least 70,000 lives a year, according to the World Health Organization.
The government last weekend announced plans to block fossil-fuelled bikes from Hanoi's 31 sq km centre by next July.
It will expand in stages to forbid all gas-fuelled vehicles in urban areas of the city in the next five years.
Hanh - one of the 600,000 people living in the central embargo zone - said the looming cost of e-bikes has left her fretting over the loss of "a huge amount of savings".
While she conceded e-bikes may help relieve pollution, she bemoaned the lack of public charging points near her home down a tiny alley in the heart of the city.
"Why force residents to change while the city's infrastructure is not yet able to adapt to the new situation?" she asked.
Many families in communist-run Vietnam own at least two motorcycles for daily commutes, school runs, work and leisure.
Proposals to reform transport for environmental reasons often sparks allegations the burden of change is felt highest by the working class.
London has since 2023 charged a toll for older, higher pollution-emitting vehicles.
France's populist "Yellow Vest" protests starting in 2018 were in part sparked by allegations President Emmanuel Macron's "green tax" on fuel was unfair for the masses.
'COST TO HIGH'
Hanoi authorities say they are considering alleviating the financial burden by offering subsidies of at least three million dong per switch to an e-bike, and also increasing public bus services.
Food delivery driver Tran Van Tan, who rides his bike 40km every day from neighbouring Hung Yen province to downtown Hanoi, says he makes his living "on the road".
"The cost of changing to an e-bike is simply too high," said the 45-year-old, employed through the delivery app Grab. "Those with a low income like us just cannot suddenly replace our bikes."
Compared with a traditional two-wheeler, he also fears the battery life of e-bikes "won't meet the needs for long-distance travel".
But citing air pollution as a major threat to human health, the environment and quality of life, deputy mayor Duong Duc Tuan earlier this week said "drastic measures are needed".
In a recent report, Hanoi's environment and agriculture ministry said over half of the poisonous smog that blankets the city for much of the year comes from petrol and diesel vehicles.
The World Bank puts the figure at 30 per cent, with factories and waste incineration also major culprits.
Several European cities, such as Barcelona, Paris and Amsterdam have also limited the use of internal combustion engines on their streets - and other major Vietnamese cities are looking to follow suit.
The southern business hub Ho Chi Minh City aims to gradually transition delivery and service motorbikes to electric over the next few years.
But with the high costs, office worker Nguyen My Hoa thinks the capital's ban will not be enforceable.
"Authorities will not be able to stop the huge amount of gasoline bikes from entering the inner districts," 42-year-old Hoa said.
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Business Times
4 hours ago
- Business Times
Navigating Asean's markets in H2: A balanced approach for a mixed outlook
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This two-tier tariff system, with higher tariffs on transshipment goods and lower country-level tariffs, provides a clearer framework for trade negotiations. Such clarity could boost investor confidence and attract positive foreign direct investment flows into the region. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Indonesia and the Philippines had also agreed on a similar tariffs rate (19 per cent) with the US. Anticipation of similar deals for Thailand and Malaysia could further enhance investor confidence. Vietnam's stock market, for instance, has already rallied by over 9 per cent month-to-date. With strong government fiscal support and the potential reclassification of Vietnam to Emerging Market status on the FTSE in September, we have recently upgraded the country's market allocation from neutral to overweight. 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Even if agreements are reached, effective tariffs are likely to settle higher than the current 10 per cent holding rate, with additional sectoral tariffs posing another downside risk. A balanced approach to growth In conclusion, while Asean grapples with global recession risks and geopolitical uncertainties, opportunities for growth remain through strategic monetary easing and trade policy advancements. Investors should adopt a balanced approach to risk management and investment strategy, focusing on high-quality, defensive assets with greater domestic exposure. The writer is head of Asia & co-head of global emerging markets equity strategy at JPMorgan
CNA
4 hours ago
- CNA
‘I miss the excitement': PS Cafe's Peter Teo returns to F&B scene with new bistro in Holland Village
While retirement ushers in a slower pace in life and well-earned rest for many, Peter Teo, co-founder of Singapore's beloved PS Cafe, found himself grappling with a missing sense of purpose. In 2022, Teo and his longtime partners Philip Chin and Richard Chamberlain, sold their remaining stakes in PSGourmet, the parent company of PS Cafe, to investment firm Sun Venture. 'We'd built what we built over more than 25 years. [We felt it was time] to get new blood into the business, with a new vision to take it to the next stage,' Teo said of the exit. By then, PS Cafe had multiple outlets across Singapore and had even expanded abroad. The group's portfolio had also diversified to include contemporary Japanese restaurant Jypsy and Anglo-Chinese eatery Chopsuey Cafe. With the business at that scale, the trio felt it was no longer the right fit for where they were in their lives. 'It was about doing the right thing by PS Cafe and responsibly passing it on to people with the energy to further grow the business,' said Teo. Retirement saw Teo spending more time in New Zealand, where his sister and family live. 'It was a different pace of life, where people are not on their phones all the time and they talk to you on the street. It was a bit more relaxing, and the weather can be lovely.' But in a true case of 'the grass is always greener,' it wasn't long before the creative entrepreneur and F&B veteran grew restless. 'What I realise is, when I don't have PS Cafe or a business to run, I miss the excitement,' Teo laughed. 'It's always the case, when you're very busy, you want an escape. But when you're not busy, you start looking for some busyness.' A NEW CHAPTER To scratch the itch, Teo ended up investing in a humble pie business he had come across at a farmer's market, which reignited his love for F&B and hospitality. Earlier this year, he partnered with distiller Philibert Gandy and Edward Lee, PSGourmet's former group business director, to open a distillery back in Singapore called Distillius. Teo has always had a passion for exploring new flavours. 'For me, tasting is about discovery. I'll eat airplane food just to see how it was done. I know it's not going to be great, but I'm just curious,' he said, adding with a chuckle that his 'waist is not very happy about it'. This natural curiosity brought him to the process of distillation, which he describes as equal parts art and science. 'There's the art of deciding what botanicals you want to put together, and then the science of how to do it, and then the end product is where both art and science meet.' Distillius specialises in what Teo calls 'equatorial aperitifs', crafted from botanicals from the equatorial belt. One of the products the team came up with is Arveau, a bittersweet amaro made from ginseng root, calamansi and torch ginger. Another product is the Super Pandan, a grass-fresh liqueur that captures the pure aroma of pandan leaves. As the team continued to experiment, they began looking for a space where people could taste their creations. Leaning into Teo's expertise in F&B, they came up with the idea of a bistro. 'We could try to get our products into other bars or restaurants, but there's nothing like coming to a space specially designed to showcase your creations,' Teo reasoned. The tasting experience, Teo felt, should be complemented by food. 'We felt that we needed to create something in a restaurant setting, where you can have a cocktail before dinner. It's what we call tasting in the wild.' RETURNING TO F&B Chip Bee Bistro, located in the heart of Chip Bee Gardens in Holland Village, opened on Jul 24. For the new project, Teo roped in the founding members of PS Cafe, Chin and Chamberlain, along with Lee, as partners. 'We have worked together for so long and we're all strong in our own ways. Philip and I work on the food. Richard is very much into the design of the space. Working with them is like having a comfort blanket. I can't imagine not getting their feedback and input,' he said about bringing the band back together. At a time when Holland Village is facing a wave of closures – including long-standing F&B establishments Crystal Jade La Mian Xiao Long Boa and Wala Wala – some may question Teo's choice of location. But Teo and his co-founders have a special connection to the neighbourhood. 'The first house that Philip, Richard and I shared together was in Taman Warna. So this feels a bit like coming home,' shared Teo. Teo is unfazed by the current headwinds in Holland Village. After all, PS Cafe thrived by opening outlets in offbeat or unconventional locations such as Dempsey in its early days, and later on, Parkland Green in East Coast. 'I am drawn to spaces that require creativity to overcome some of the challenges it may face. But you never know. Fingers crossed, this will work out.' A 'GROWN-UP' TAKE ON CASUAL DINING Chip Bee Bistro occupies a spacious double unit along Jalan Merah Saga. Stepping into the space, guests first enter the bar area and tasting room, which sets a welcoming tone. A short flight of steps leads to the main dining room. Design has always been a cornerstone of PS Cafe's appeal, and Chip Bee Bistro applies the same meticulous attention to detail. The elegant interiors feature a mix of warm woods, dark accents and neutral tones, along with black-and-white checkered tile flooring. Natural light floods in from tall vertical windows. While Teo is reluctant to draw comparisons to PS Cafe, he describes Chip Bee Bistro as a little more 'grown-up'. 'We're consciously trying to start a new chapter, so what about that new chapter is new?' he mused. 'Some things don't change, such as table height and chair comfort. Those are things you don't skimp on because they are important to the dining experience. But we're now experimenting with a new palette of colours and materials to more adequately represent this new chapter. But ultimately, I leave it up to guests to decide for themselves whether it feels fresh.' One key lesson Teo carries from the PS Cafe days is that the basics of running a good restaurant never change. 'We are focused on keeping the fundamentals right, which are consistent food quality and great hospitality,' he asserted. Teo describes the food as 'Australian-inspired, European-leaning'. The menu consists of sharing plates that guests can enjoy with cocktails, alongside a selection of mains suitable for one. 'I wanted the place to feel like a bistro that's got life through the day, and guests won't always feel like having sharing plates. Sometimes you might be by yourself or with a partner, and you just want a burger or pasta.' Some highlights include the Steak & Frites, Duck Leg Confit, Spilt Wings, Triple Cheese & Potato Crochette and more. If there's one dish Teo recommends trying, it's the CB Bistro Burger. Whenever he dines out, Teo is often on the lookout for a good burger. 'Some chefs think it's beneath them to put a burger on the menu. That has always mystified me, because there are good burgers and not-so-good burgers.' The drink menu was developed in collaboration with cocktail maestro Jay Gray, formerly from cocktail bar Sago House. Distillius' aperitifs, liqueurs and syrups are naturally core to the menu. There are four key cocktails – the Arveau Lychee Spritz, Chocolate and Spice Negroni, Arveau Espresso Martini and Old Fashion Pandan – along with non-alcoholic options crafted with Distillius' range of syrups and equatorial botanicals such as roselle, torchflower and black lime. As for Teo's vision for the bistro and distillery, he is content to take things one step a time. 'We will put our very best into it and the way we've worked in the past is to be open to the universe and see what happens.' It's the same guiding principle that underpinned the success of PS Cafe over the decades, which began in 1999 as a spin-off from fashion brand Projectshop. 'We started with souvenir T-shirts, then we did womenswear, menswear, bags and then we had the cafe. We've always got something new and creative on the boil, and one thing always leads to another.' A SENSE OF FAMILY The F&B industry is tough business and Teo is cognisant of the challenges that lie ahead. 'There's never a good time to open a restaurant. There are so many restaurants closing, but at the same time, the statistics show that there are just as many opening,' said Teo, jokingly adding with a chuckle that 'the best business to be in is the kitchen supply business'. Despite what the numbers may show, Teo believes people are always looking for comforting, familiar places they can regularly go back to. 'That's what PS Cafe was for many people, with something for everyone on the menu.' Yet, Teo admits to worrying that 'there are some things people know that I don't'. 'The market has changed. We exited the business three years ago,' he acknowledged. 'But I've done F&B for so long to know there will always be new challenges. So, just hantam lah,' he laughed. What ultimately pulled him out of retirement and back into the F&B scene is the sense of family. 'It's about talking with the chef, with the front of house team. These bonds you form that are so special. I don't have a family of my own so this is my family,' quipped Teo. This collective spirit is encapsulated in a painting that hangs prominently in the bistro's main dining room – a commissioned work by Singaporean artist Jimmy Ong, a long-time friend of Teo's. Titled 'Gathering after the Monsoon', it depicts a team working together in the aftermath of a storm, shrouded amid tropical foliage. 'I wanted to have something [in the bistro] that showcases how it takes a village to build a successful business,' said Teo. DEFINING SUCCESS Having built a legacy with PS Cafe, and now starting a new chapter, how does Teo define success today? 'I feel like I don't have so much to prove anymore. We created a great business that's still a great brand and passed it on for its next iteration. Success, for me, is about enjoying my journey now and most importantly, working with the team of younger people who are passionate about the industry." In fact, what energises him the most is mentoring the next generation of 'wide-eyed and bushy-tailed' F&B talent. When asked for advice he would give to young people in the industry, he takes a moment to pause before answering: 'I've always believed the best advice you can give someone is to be a good example." That's what Teo hopes they did with PS Cafe. 'We showed that you can open a single cafe and it can grow, and at some point, you can pass it on to the next owner,' Teo reflected. While Teo is careful 'not to sound arrogant', he takes pride in the fact that cafes in Singapore have drawn inspiration from the brand. 'I feel happy that we've played a part in creating a very dynamic cafe and casual dining scene in Singapore. Our DNA is almost everywhere you look,' he said. 'I try to do things effortlessly and in a natural way,' he continued. 'I honestly feel like I'm also learning all the time and I'm terrified on whether [this new venture] is going to be successful or not. I can only do my best and if this ends up meaning something to someone, then I think I've done my job.'
Straits Times
5 hours ago
- Straits Times
Can STI continue its defiant climb in second half of 2025?
Find out what's new on ST website and app. The Straits Times Index crossed the 4,000 threshold for the first time in March, and surged past 4,200 in July. SINGAPORE – Singapore's stock market enters the second half of 2025 on the back of a surprisingly robust first-half performance, defying earlier jitters over global trade and geopolitical tensions. The Straits Times Index (STI) crossed the 4,000 threshold for the first time in March, and surged past 4,200 in July. It is up more than 10 per cent since the start of 2025 and up more than 20 per cent in the past 12 months, underpinned by strong corporate earnings, dividends and the Government's ambitious plans to revitalise the stock market. Investors have shrugged off the 10 per cent tariff on most goods entering the United States starting on April 5, dismissing the tariff escalations, de-escalations and delays as negotiation tactics. The final tariff hikes will not be as dire as the first threat, they reckon. 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One of the most influential investment banks, Goldman Sachs, downgraded Singapore to 'market weight' in June, following the STI's strong year-to-date performance driven by technology, defence and renewables stocks. Valuations are becoming expensive and with earnings growth projected at just 5 per cent for 2025 and 2026, the potential for further outperformance appears limited, the Wall Street bank said. It added that it would be wise for investors to secure profits. Lower interest rates may pressure the net interest margins of the three local banks – DBS, UOB and OCBC – but lower borrowing costs can benefit the property market and real estate investment trusts (Reits), leading to a balanced fundamental outlook, it said. On the other hand, analysts in the bull camp are banking on Singapore's defensive market with strong dividend yields, governance and accommodative policy stance to soften global headwinds. 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The EQDP and a suite of tax and regulatory incentives have already ignited institutional investors' interest and initial inflows are likely to benefit liquid large market value companies, according to Morgan Stanley. On July 21, $1.1 billion was allocated to the first three asset managers under the EQDP. They are Avanda Investment Management, Fullerton Fund Management and JP Morgan Asset Management. Interest in the programme has been strong, given that more than 100 asset managers submitted proposals. More asset managers will be appointed to manage the remaining funds under the EQDP. Beyond the large blue-chip stocks, analysts expect interest to spill over onto certain small and mid-capitalised stocks, which have lagged behind their bigger counterparts by more than 30 per cent in the last two years, JP Morgan experts said. But they warn significant outperformance by the smaller companies versus the larger ones is unlikely due to 'higher multiples and uncertain profitability, lower liquidity and growth of the group'. JP Morgan expects stocks with good track records of earnings growth and quality balance sheets to attract additional fund flows. CapitaLand Integrated Commercial Trust, CapitaLand Ascendas Reit and Keppel DC Reit are among its top picks. Morgan Stanley's Singapore research team led by Mr Nick Lord sees the return on equity (ROE) – a measure of how well companies convert shareholders' investments into earnings – rising and a potential doubling of the stock market value here by 2030. This wealth creation hinges on three key pillars – developing the Republic's hub status, driving early adoption of new technologies and reforming the equity market. 'Singapore is far more than a safe haven,' the team noted. Strong productivity gains from the country's position in key hub industries and rapid technology adoption as well as efforts to improve shareholder returns will boost ROE further, it added. All the three Singaporean banks have been growing wealth management businesses, which will continue to lift profits. Conglomerates like CapitaLand Investment and Keppel have been migrating towards asset management from asset ownership. Other companies have increased their dividend payouts and bought back their shares. DBS Bank's chief investment officer Hou Wey Fook expects Singapore equities to continue to outperform, underpinned by resilient high yields and the EQDP. Large-capitalised blue chips are set to be prime beneficiaries. These include global leaders in aviation and engineering, and household names across retail, telecommunications and healthcare. With enhanced liquidity and the promise of new investor inflows, these companies offer the dual allure of resilient profitability and deep market depth, Mr Hou said. On the sector front, earnings drivers are stacking up. Singapore banks are enjoying a rebound in fee income as markets stabilise, Reits are seeing some relief from lower financing costs, property developers are finding ways to unlock underlying value, and the engineering sector is riding higher on increased aerospace and defence spending. Not to be overlooked – the upcoming SG60 national celebrations, along with the vouchers, are expected to spur consumer sentiment, fuelling a retail spending bump. The market here is also a yield haven in a low interest rate environment. Mr Hou noted that Singapore equities boast an average dividend yield of 4.5 per cent – a standout in the region and all the more compelling with 10-year Singapore government bonds yielding just 2.2 per cent. This should attract income-focused investors, especially those seeking capital preservation in an uncertain world. 'It is particularly attractive now considering the backdrop of a weak US dollar and strong Singapore dollar. Stable and sustainable dividend income can provide a cushion for total returns during periods of crisis,' Mr Hou said. Of course, headwinds remain. Export-oriented companies, particularly those with limited pricing power – such as ports, airline cargo and certain manufacturing exporters – are vulnerable to the evolving tariff backdrop. Rates, transshipment rules and sector-specific curbs, especially in pharmaceuticals, pose ongoing risks. Yet, the shifting global order is also sowing the seeds for new opportunities. As supply chains reconfigure and companies reassess regional footprints, Singapore's reputation for stability, transparency and policy ingenuity positions it as a leading beneficiary of this emerging economic landscape, Mr Hou added. The Singapore Exchange (SGX) is a clear beneficiary if the equities ecosystem is rejuvenated. Ms Carmen Lee, head of OCBC Investment Research, is optimistic that SGX could see more initial public offerings (IPOs) as it rolls out reforms to attract more listings. Ms Audrey Goh, head of asset allocation at Standard Chartered Bank's wealth solutions division, expects the EQDP to enhance liquidity and broaden investor participation beyond the top 30 companies comprising the STI – notably the small and mid-cap firms with strong records of earnings growth and profitability. With interest rates peaking and a decline in the Singapore Overnight Rate Average, Singapore equities, particularly in yield-sensitive sectors, stand to benefit further, she added. Macquarie, an Australian investment bank, has identified a basket of small-mid caps that will benefit from institutional interest under the EQDP. Its top picks for small-cap Singapore stocks that may benefit from the new mandates are ComfortDelGro, First Resources, iFast, Parkway Life Reit and StarHub. ComfortDelGro, a diversified transportation provider with Singapore taxi and public transport operations as well as international bus and rail ones, could reap maiden contributions in 2025 from its acquisitions. With a dividend yield of 6 per cent to 7 per cent, the stock is attractive relative to its valuation and earnings growth. First Resources is an Indonesian palm oil producer, and 'the cheapest planter' in Macquarie's coverage. With earnings projected to grow 25 per cent in 2025 over the previous year, it offers the highest earnings growth potential compared with the sector's average at 4 per cent. iFast is a global digital banking and wealth management platform, which Macquarie rates as an 'outperformer' with a price target of $8.70 a share. The stock is trading below $8. The research team calls it 'a rare high-growth name on the Singapore market', underpinned by its dominant position in the business-to-business wealth platform space, as well as fintech operations in digital banking and e-pension administration. Parkway Life Reit, which manages healthcare and senior living properties, is favoured for its 'impeccable track record of steady growth' since IPO without the need to raise funds. It has limited downside risk with the interest rate and foreign exchange hedged until 2029. The research team expects a big jump in the Reit's Singapore rental growth in 2026 once upgrading works at Mount Elizabeth Hospital in Orchard are completed. Potential growth is seen in the Reit's maiden acquisition of 11 nursing homes in France. StarHub could grab more consumer mobile market share in 2025, and boost its service revenue, Macquarie said. The telco is on a lookout for mergers and acquisitions, which will position it well during a consolidation. Among the large-cap stocks, Macquarie's top picks are OCBC, Sembcorp Industries, ST Engineering, CapitaLand Ascendas Reit, DFI Retail and Keppel DC Reit, which was included in the STI in June. Local brokerage and research house UOB KayHian's list of potential beneficiaries includes Centurion, which owns, develops and manages worker and student accommodations; NetLink Trust, which operates the passive fibre network infrastructure of Singapore's Nationwide Broadband Network; Raffles Medical; supermarket operator Sheng Siong; Jardine Cycle & Carriage; Olam; CapitaLand India Trust; Keppel Infrastructure Trust and SIA Engineering. Maybank Securities' research head Thilan Wickramasinghe believes small and mid-cap companies with stronger corporate governance credentials are likely to attract more investments. Couple this with trading liquidity, growth and balance sheet strength, 18 companies stood out for Maybank Securities: AEM Holdings, Nanofilm Technologies, Centurion, UMS Integration, CSE Global, Frencken Group, ComfortDelGro, First Resources, SingPost, Golden Agri-Resources, Sheng Siong, Sats, iFast, Yangzijiang Financial, SIA Engineering, Food Empire, StarHub and Riverstone Holdings. While the Government's reforms are ambitious, bear in mind that the liquidity gaps in the small and mid-cap segment will not close overnight. Global funds may be slow to increase Singapore allocations given persistent worldwide uncertainty and limited index weightings. The effectiveness of tax incentives and regulatory changes will depend on sustained execution and market buy-in.
