Baidu appoints Haijian He as CFO
Junjie He, who was serving as the interim CFO since October last year, will now assume a senior vice president role, the company said.
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Business Times
33 minutes ago
- Business Times
The EU-China Summit That Barely Happened
WHEN expectations are at rock bottom, simply showing up counts as progress. That is the story of this week's EU-China summit in Beijing – a hastily truncated, one-day event after China's President Xi Jinping declined to travel to Brussels. The absence of a formal joint communique and the palpable lack of deliverables should not obscure a critical fact that this meeting still matters. The reality of interdependence Despite rising tensions, the European Union (EU) and China together account for roughly a third of global gross domestic product and 30 per cent of world trade. Their economies are intertwined, and their geopolitical futures increasingly entangled. Whether on trade, climate action, or global security, EU-China relations have outsized consequences that go far beyond the boundaries of Brussels and Beijing. That is why, even in a climate of mistrust and mutual suspicion, face-to-face dialogue at the highest level is a meaningful step forward. Given how close the summit came to not happening at all, Xi's confirmation – reportedly just days before – signals a reluctant but essential recognition: disengagement is not a viable strategy. Fractured trust and strategic calculus The optics were clear. A shortened visit, no banquet, and icy body language contrast sharply with the six-day red-carpet treatment extended to Australia's prime minister just a week ago. The EU is not currently in Beijing's diplomatic good books, and the reasons are manifold. First and foremost is Ukraine. China's tacit support for Russia's war has alarmed European policymakers. Beijing's reported position that a Russian loss could embolden US pressure in Asia, reflects a calculus starkly misaligned with European values. The EU's recent sanctions on two Chinese banks linked to Russian military supply chains have further strained ties. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up China's restriction of rate earth exports to Europe, after easing them for the US, has inflamed tensions across the EU industry. Though fast-tracked licences have been promised, details remain opaque. And for industries already grappling with competitiveness in areas like clean tech, automotive and computing, the uncertainty is as damaging as the restrictions themselves. Caught between powers Europe's dilemma is exacerbated by the looming presence of the US. Even absent from the summit table, Washington was very much 'in the room'. Both China and the EU are calibrating their moves with one wary eye on US trade policy. China fears a transatlantic deal that will shut it out while the EU fears becoming the dumping ground for excess Chinese goods that can no longer enter American markets. Also, the timing of this summit could not have been worse. With the US trade deadline looming on Aug 1, the incentive on all sides is to avoid provocation. But long-term alignment remains murky. The EU's attempt to 'de-risk' from China, as EU President Ursula von der Leyen has framed it, involves walking a tightrope: reducing strategic dependencies without provoking confrontation. That is a hard sell in both Beijing and Washington. The search for leverage elsewhere China is not the only partner the EU is looking at. Negotiations with Australia, South-east Asia and Mercosur signal a concerted push to diversify trade partnerships. While these will not fully offset dependence on China, they send a clear message: Europe is broadening its options. Climate change might seem like one area ripe for cooperation. Both the EU and China have deadlines approaching for commitments ahead of COP30 in Brazil. Yet even here, progress is stymied. The EU refuses to endorse any joint declaration unless China offers firmer pledges on emission reductions. The concern? That aligning too closely with Beijing could strain transatlantic ties. Small steps, significant implications So, will this summit be deemed a success? That depends on the yardstick. If the expectations are major breakthroughs or a reset in bilateral relations, then ultimately it will be a disappointment all around. But in geopolitics, showing up can sometimes be half the battle. In a world becoming more fragmented and multipolar, structured engagement, however imperfect, is still our best hope. The EU and China may not trust each other much, but they understand that coexistence, and even cooperation, are inescapable. And that, in today's world, is reason enough to keep talking. The writer is senior partner at Penta, based in Brussels
CNA
33 minutes 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.'
Business Times
2 hours ago
- Business Times
Is gold still shining?
SHIFTING macroeconomic conditions and easing geopolitical tensions are reshaping market sentiment and clouding gold's near-term outlook. After hitting record highs earlier this year, gold prices have begun to retreat, prompting a fresh question for investors: Has the metal's rally run its course, or is this merely a pause before the next surge? Below are eight key questions I address about the current state of the gold market. Was the recent high in gold a short-term peak? Gold has been one of the top performing assets in 2025, rising 28 per cent year-to-date (as at Jul 24, 2025) amid strong demand from investors and central banks. Prices peaked in late April, driven by tariffs, high uncertainty, and market volatility. Another high occurred in early May, which was influenced in part by a weaker US dollar, and a mid-June rise was largely fuelled by geopolitical risks. But since the April peak, gold has been trading mostly sideways within a wide and volatile range of US$3,200 to US$3,400 per ounce, losing a bit of momentum as of late. The metal appears to be supported in the medium term, given trade policy and economic uncertainty, the impact of tariffs on the US and world economies, and continuing central bank purchases. However, with the absence of a major geopolitical event that would typically drive investor demand higher, as well as slowing jewellery and coin purchases, we believe the strong upward momentum appears to have run its course. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up What drove gold's decline from its April 2025 peak of about US$3,500? In April, US-China tensions escalated sharply and as a result, tariffs were significantly increased on both sides of the Pacific. We saw increased volatility in the markets, a condition in which gold typically thrives. Investor demand increased substantially as a result. But since then, conditions have begun to improve. The May 12 joint statement regarding a tariff truce between the United States and China signalled progress, and tariffs have moderated. Meanwhile, cross-border hostilities between Iran and Israel seem to have eased with those countries' mutually agreed upon truce, at least in the short term. At the same time, we believe there are signs of softening jewellery and coin demand, largely due to high prices and volatility. In India, which is a key market for gold, consumer purchases seemed to be a bit slow during key festive events. While the total value of purchases remains high, this seems driven more by elevated prices than by quantity. Is this a temporary correction or a trend reversal? Despite heightened regional instability due to the Iran-Israel conflict, gold prices have failed to surpass their April highs. We believe central bank gold purchases gold buying was lower in the first quarter of 2025, both sequentially and on a year-over-year basis, suggesting that even though dollar diversification as a trend is likely to continue, high gold prices might disincentivise part of the demand from central banks. Investor positioning in exchange-traded funds (ETFs) have increased sharply this year, but the trend is not mirrored in futures. While there are enough catalysts to support gold prices at current levels, a sustaining rally from here might prove more challenging. Is gold headed to US$4,000 – or falling back to US$2,800? We see a wide range in gold price forecasts, from bullish US$4,000 targets to bearish calls near US$2,400 for 2026, which reflects underlying market uncertainty. To better understand momentum, we believe demand should be viewed across three segments: central banks, institutional investors, and physical demand for coin and jewellery. Since 2022, central banks have structurally increased gold holdings to help diversify away from the US dollar; many emerging market (EM) central banks still have room to expand allocations to gold. In contrast, elevated prices have begun to curb physical demand in gold. Investor demand has been very strong so far this year amid economic and geopolitical risks due to gold's perception as a safe haven. In our view, a strong upward momentum in gold from current levels would require investors to further increase their allocations – something we believe may be challenging. And, as always in periods of high commodity prices, supply and recycling are incentivised, which could limit the rally's upside potential. What would need to happen for gold to surpass its recent peak? A combination of weaker growth because of tariffs and an uptick in inflation could put the US Federal Reserve in wait-and-see mode, making the US dollar less attractive. This could be in favour of gold prices, as we believe gold remains a reliable hedge against uncertainty, recession, and stagflation risks. In addition, meaningful escalation in geopolitical conflicts or trade wars could be positive catalysts for a gold rally. We believe central bank gold purchases are also likely to continue, driven by dollar diversification due to persistent deficits and policy uncertainty in the United States. What would need to happen for gold to pull back even further? We're seeing signs that investors are trimming their gold exposure. Futures positioning has come down, and ETF holdings have started to taper off. If sentiment continues to improve and tariffs end up being less damaging to growth, we believe investors may rotate back into risk assets, which could weigh on gold prices. We've also seen signs of weaker physical demand in key markets, such as India, as retail investors and consumers delay or reduce purchases on the back of high prices and volatility. Given market volatility, how reliable are gold price forecasts? So far in 2025, gold price forecasts have been revised four to five times in most major forecasting institutions, which is far more frequently than the usual quarterly or semiannual updates. This underscores how volatile and unpredictable the current environment is, making it especially difficult to rely solely on forecasts for investment decisions. Instead, we focus on fundamentals such as quarterly central bank purchases, gold reserves in central bank balance sheets, futures and ETF positioning, and gold's correlation with the US dollar. We also closely track economic and trade news to gauge sentiment and momentum. What should EM debt investors consider now? About 80 per cent of mined gold comes from EM countries, providing plenty of investment opportunities for investors in EMs. Our approach to investing in gold companies in EMs involves thorough research analysis on the company's operations and financials as well as the gold market as a whole. We also stress test gold miners' resilience across different price scenarios, focusing on companies that invest in reserve growth and expansion while managing downside risks. We believe the current environment presents good hedging opportunities for disciplined producers. The writer is senior corporate credit and sustainability analyst on William Blair's emerging markets debt team
