Luk Fook's profit slumps 38 percent for the year through March
China aims to increase its gold resources by 5-10 percent by 2027, industry ministry says
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South China Morning Post
an hour ago
- South China Morning Post
Singapore boosts green power to record high – yet still under 3% of total energy mix
Singapore boosted the share of renewables in its power generation mix to a record high last month, an analysis of the latest market data showed, as the country ramped up renewable imports and accelerated local solar power generation. Domestic solar generation in May rose at the fastest pace since March 2024, and renewable imports rose for a third straight month to their highest in more than two years, lifting the share of renewables in the city state's power mix to 2.58 per cent, data from the National Electricity Market of Singapore showed. Cross-border power trade is seen as key to easing regional reliance on fossil fuels amid growing data centre-driven power demand. Senoko Power Station, the largest in Singapore, is primarily fuelled by natural gas. Photo: AFP Singapore expects to meet 6 gigawatts, or around one-third of its power demand, from clean electricity imports by 2035, as Asia's second-smallest country has limited renewable energy potential. Gas-fired power plants in Singapore account for about 95 per cent of its power capacity. In the five months through May, the data showed Singapore imported 122.7 million kilowatt-hours of clean power, or 0.52 per cent of total generation, the data showed. It did not import any power during the same period last year, the data showed, and only started importing small quantities in the last quarter of 2024. The share of imports in Singapore's power mix rose for a third straight month in May, displacing some fossil fuel-fired generation. Singapore's total electricity generation grew 0.4 per cent during the first five months, the data showed.
South China Morning Post
an hour ago
- South China Morning Post
Can Singapore regain allure, as more of the city's companies flock to Hong Kong for IPOs?
Hong Kong's vast lead over Singapore as a listing venue appears unassailable, with even the Southeast Asian city's home-grown companies heading north to raise funds, but the city state remains determined to improve its allure, according to bankers and analysts. Advertisement IFBH, a Singapore-incorporated Thai firm that is the world's second-largest bottler of coconut water, started trading on the Hong Kong stock exchange on Monday after completing a HK$1.16 billion (US$147 million) initial public offering (IPO) . The bottler of the If brand had planned to list in Singapore but changed course and applied in Hong Kong in April, citing strong connectivity with mainland China, its most important market. IFBH's debut in the city followed that of Mirxes, a Singaporean biotechnology company that raised HK$1.09 billion and saw its shares surge 28.8 per cent on the first day of trading on May 23. The Singapore Exchange (SGX) recorded just one IPO this year, raising US$4.5 million, while the Hong Kong stock exchange raised US$13.2 billion through 38 deals, according to data from the London Stock Exchange Group. Last year, SGX had four deals totalling US$34.2 million, compared with Hong Kong's US$11.3 billion from 67 deals. IFBH and Mirxes underline the valuation upside and deep liquidity in Hong Kong's stock market, which has a market capitalisation of US$6.5 trillion – up 37 per cent from a low point last September – and a daily trading volume of around US$30 billion. Meanwhile, Singapore's stock market is worth about US$488 billion and has a daily trading volume of about US$1.1 billion. Advertisement Despite US-China trade tensions driving some Chinese firms to expand in Southeast Asia and consider listings in Singapore, analysts said the impact on Hong Kong's appeal as a listing venue remained minimal.
South China Morning Post
2 hours ago
- South China Morning Post
How can you claim tax refunds as a tourist in China?
China will extend its value-added tax refund policy for inbound tourists to a series of new locations from July 1, including the northern coastal city of Dalian and the central province of Hubei. It is just the latest in a series of moves by Beijing to make it easier for tourists to get tax refunds on retail purchases made during their trips. Other recent changes include allowing tourists to claim refunds at stores as well as border crossings. The new policies are designed to stimulate the Chinese economy by offering tourists a bit of cash back, in the hope they will use that money to buy even more. Compared with other countries offering tax refunds – such as Australia, Canada and Japan – China is a relative newcomer, with its refunds limited to a smaller number of regions and stores. But there are still significant savings to be made. Who qualifies for departure tax refunds in China? Visitors from any foreign country who spend fewer than 183 days in mainland China before departing are eligible for refunds. Tourists from Hong Kong, Macau and Taiwan also qualify.
