CNA938 Rewind - Is it too easy to be a home-based F&B business?
Singapore has launched an enhanced technical assistance programme to support Timor-Leste's integration into ASEAN, reinforcing its commitment to regional cooperation. Prime Minister Lawrence Wong announced this during an official four-day visit of Timor-Leste's Prime Minister, Xanana Gusmão, to Singapore – it's been over a decade since his first in the role. Lance Alexander and Daniel Martin find out more from Dr Mustafa Izzuddin, Senior International Affairs Analyst, Solaris.
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Business Times
a minute ago
- Business Times
Five things about Philip Yeo, former EDB chairman and outgoing CDL director
[SINGAPORE] Veteran public servant and economic heavyweight Philip Yeo made headlines on Tuesday (Jul 15), when news broke that he was retiring from City Development Limited's (CDL) board of directors. This comes some months after a high-profile dispute between the property developer's executive chairman and group chief executive officer. Yeo, 78, will leave the board of CDL on Jul 31, after a 16-year tenure. His prolific career spans more than four decades of public service – as detailed in the 2016 biography Neither Civil Nor Servant: The Philip Yeo Story – including as the chairman of Singapore's Economic Development Board (EDB). Once dubbed by the media as the 'economic tsar of Singapore', Yeo has been credited with building up the Republic's economy. Beyond public service, his private-sector appointments include seats on the boards of more than 20 companies, including Malaysian conglomerate Sunway and Singapore-listed groups Indofood Agri Resources and QAF , the food manufacturer and distributor behind the Gardenia brand of bread. 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 Here are five things to know about Yeo. 1. He had an early interest in engineering Growing up, Yeo attended St Joseph's Institution. There, he led the aero-modelling club, spending time – in his own words – 'making, flying and crashing model planes'. This interest carried on to university, where he studied industrial engineering at the University of Toronto in Canada on a scholarship. He also had an appetite for the written word early on, and he cites reading as his sole hobby from childhood. After his graduation in 1970, he joined the civil service. While the Public Service Commission posted him to the Ministry of Finance's Budget division, he requested to be transferred to an engineering role – which landed him in the Ministry of Defence (Mindef). 2. He spent four decades in public service From 1970 to 1985, Yeo took on various roles in Mindef, including permanent secretary for logistics, defence research and development (R&D), and defence industries. From 1981 to 1987, he chaired the National Computer Board, a forerunner of the Infocomm Media Development Authority. He served at EDB between 1986 and 2006, as executive chairman and, later, executive co-chairman. He was also chairman of the Agency for Science, Technology and Research from 2001 to 2007, and a special adviser for economic development in the Prime Minister's Office from 2007 to 2011. In an open letter to public service officers, Yeo reflected on his extensive career and described his time in public service as memorable and fun. 3. He helped create Jurong Island Yeo steered EDB from established fields to new business areas of internationally exportable services and high-tech industries during his time there. Among his contributions were the development of Singapore's information technology, semiconductor, chemical industries, and biomedical sciences sectors. He also led the construction of the Republic's chemical cluster, as well as the creation of Jurong Island, which involved reclaiming seven islands. The man-made island off Singapore's south-western coast is a 3,000-hectare chemical production centre, where more than a hundred international companies conduct refining, production and chemical manufacturing activities. It has drawn more than S$50 billion in investments since it opened in 2000. 4. He built up the biomedical scene Yeo is also credited with building up Singapore's biomedical sector. He spearheaded the development of Biopolis, an R&D campus that brings institutes, researchers and private-sector players together. The complex, which opened in 2003 in one-north, put Singapore's biomedical sector on the map by attracting international talent – in turn enriching the domestic research community for biomedical sciences. Yeo recruited top researchers from around the world to work at the hub. He also had 1,000 PhD candidates in fields such as biomedical science, physical science, and engineering trained locally and abroad. 5. He backed chairman in CDL dispute Yeo was appointed to CDL's board as a non-independent director on May 11, 2009. In a public feud this year, Yeo took the side of CDL executive chairman Kwek Leng Beng against his son Sherman Kwek, who is the group's CEO. On Feb 26, the elder Kwek accused his son and a group of directors of an 'attempted coup' as well as corporate governance lapses after they hastily appointed two new directors to the board earlier that month. These directors were Jennifer Duong Young and Wong Su-Yen. In response, the younger Kwek said that the primary reason for the dispute was 'a very serious issue of corporate governance' involving Dr Catherine Wu, an adviser to his father. He added that Dr Wu had a 'long relationship' with the CDL executive chairman, interfered with matters beyond her scope, and wielded 'enormous influence'. The conflict escalated with father and son gearing up to meet in court, as the younger Kwek roped in top litigator and Senior Counsel Davinder Singh to represent him. The matter was subsequently settled after Dr Wu resigned from her role as an adviser to CDL unit Millennium & Copthorne Hotels. Kwek Leng Beng dropped his lawsuit on Mar 12, saying that all board members had agreed to set aside their differences, purportedly for the greater good of the company. However, signs of lingering conflict remained at CDL's annual general meeting on Apr 23. There, Yeo urged shareholders to reject the re-election of four directors – including Young and Wong. Although his call received applause, the resolutions were all passed. In its bourse filing on Jul 15 announcing Yeo's retirement, CDL said there were no unresolved differences in opinion on material matters between Yeo and its board of directors.
CNA
26 minutes ago
- CNA
Indonesia central bank cuts benchmark rate, welcomes US tariff deal
JAKARTA :Indonesia's central bank cut rates on Wednesday for the fourth time since September and said a revised tariff deal with the United States was positive for Southeast Asia's biggest economy amid weakening global trade and slowing domestic demand. Bank Indonesia (BI) cut the benchmark 7-day reverse repurchase rate by 25 basis points to 5.25 per cent, as expected by a slim majority of economists polled by Reuters, and also cut two other key rates. Governor Perry Warjiyo said the central bank would continue to observe room for more rate cuts, citing an expectation of low inflation through to 2026, a stable rupiah and bleak global economic outlook. "BI is already all out in boosting economic growth, including in supporting loan growth," the governor told a press conference. President Donald Trump's announcement of a tariff deal on Tuesday gave BI another reason to ease monetary policy, some analysts said. "External caution was counterbalanced by the fresh news over the trade deal," DBS Bank senior economist Radhika Rao said. "Policymakers have been opportunistic this year, prudently tapping periods of market stability to lower rates, with the latest move also coming against the backdrop of the successful completion of a trade deal with the U.S." The central bank welcomed the trade deal, where Indonesian exports would incur a 19 per cent tariff instead of the 32 per cent rate initially proposed by Washington, Warjiyo said. The deal was a positive development that would support exports and broader economic prospects as the central bank maintained its GDP growth forecast for 2025 at a range of 4.6 per cent to 5.4 per cent, he said. Warjiyo expressed optimism about Indonesia's export outlook after the revised U.S. tariff deal. "This deal will of course increase imports, but in our view, these are imports for productive purposes, which will in turn increase economic growth going forward," he said, adding certainty from the decision will also help with business decision making and prospects for capital inflows. Sluggish household spending saw Indonesia's growth weaken in the first quarter, while the outlook for subsequent quarters has been clouded by the impact of U.S. tariffs on global trade. In its easing cycle since September, BI had taken pauses in between rate cuts to try to head off volatility in the rupiah triggered by Trump's trade policies and geopolitical tensions, even as Indonesia's inflation remained muted. The rupiah, which has been rangebound so far this month, barely moved after BI's announcement, while the main stock index extended gains to trade almost 1 per cent up. Brokerage Mandiri Sekuritas expects another 25-bp cut this year and 50-bp more in the first quarter of 2026 to counter weakening economic activity, its economist Rangga Cipta said.
CNA
an hour ago
- CNA
Indonesia central bank cuts benchmark rate by 25 bps to 5.25%
JAKARTA :Indonesia's central bank delivered on Wednesday its fourth rate cut in an easing cycle that began in September, boosting support for Southeast Asia's biggest economy as it faces pressure from weakening global trade and slowing domestic demand. Bank Indonesia (BI) cut the benchmark 7-day reverse repurchase rate by 25 basis points to 5.25 per cent, as expected by a slim majority of economists polled by Reuters. It also trimmed the overnight deposit and lending facility rates by the same amount to 4.50 per cent and 6.00 per cent, respectively. Governor Perry Warjiyo said at a briefing that the rate cut was consistent with the need to support Indonesia's economic growth. Sluggish household spending had already weakened Indonesia's growth in the first quarter, while the outlook for subsequent quarters has been clouded by the impact of U.S. tariffs on global trade. On Tuesday, President Donald Trump said the U.S. would impose a 19 per cent tariff on goods from Indonesia under a new agreement with the Southeast Asian country. BI's GDP growth forecast for 2025 is within a range of 4.6 per cent to 5.4 per cent. The government's official 2025 target is 5.2 per cent and President Prabowo Subianto has pledged to lift growth to 8 per cent by the end of his term in 2029.
