logo
Chinese President Xi meets Singaporean PM Wong, calling for boosting bilateral cooperation

Chinese President Xi meets Singaporean PM Wong, calling for boosting bilateral cooperation

The Star24-06-2025
Chinese President Xi Jinping (right) meets with Singaporean Prime Minister Lawrence Wong, who is on an official visit to China, at the Great Hall of the People in Beijing, capital of China, June 24, 2025. - Photo: Xinhua
BEIJING: Chinese President Xi Jinping met with Singaporean Prime Minister Lawrence Wong in Beijing on Tuesday (June 24).
Xi congratulated Wong on his second term in office. Noting that this year marks the 35th anniversary of diplomatic relations between China and Singapore, Xi highlighted that the two sides have consistently upheld mutual understanding and respect, which has provided a solid foundation for the stable and healthy development of bilateral relations.
Cooperation between the two countries has aligned with China's development priorities at various stages, yielding substantial outcomes such as the Suzhou Industrial Park, significantly contributing to each country's modernization efforts, and also setting a benchmark for cooperation among regional nations, Xi noted.
He called on both sides to draw experience and wisdom from the development process of bilateral relations, inherit and carry forward fine traditions, and enable the tree of China-Singapore friendship to thrive and bear abundant fruits.
Xi emphasized that China and Singapore should firmly grasp the general direction of bilateral friendship, and continuously observe and develop China-Singapore relations from a strategic height and a long-term perspective.
He called for consolidating the political foundation of China-Singapore friendship, supporting each other's core interests and major concerns, and enhancing political mutual trust to facilitate the development of bilateral relations.
China welcomes Singapore's continued deep engagement in China's development, Xi said, calling on both sides to promote Belt and Road cooperation, create landmark achievements in areas such as digital economy, green development and artificial intelligence, promote the improvement and upgrading of major projects, and continue to write a new chapter in high-quality cooperation.
Both sides should encourage frequent people-to-people exchanges to deepen cultural exchanges and cooperation and strengthen the popular support for China-Singapore friendship, Xi said.
China has always believed that peace, development, cooperation and mutual benefit are the unstoppable trend of the times, Xi said, adding that the world must not revert to hegemonism or be dragged back to the law of the jungle.
China is willing to work with Singapore to stand on the right side of history and uphold fairness and justice, and jointly advocate for an equal and orderly multipolar world and a universally beneficial and inclusive economic globalization, Xi added.
Wong said that Singapore and China share a deep-rooted and enduring friendship, and the two sides have always respected and trusted each other, ensuring the stable development of bilateral relations and close cooperation.
Singapore will continue to adhere to the one-China policy and oppose "Taiwan independence", Wong said.
Singapore stands ready to fully leverage the opportunities brought about by China's prosperity and development, expand bilateral trade and investment, enhance cooperation in digital economy, artificial intelligence, new energy and other fields, strengthen people-to-people exchanges, and advance Singapore-China relations to new heights, Wong said.
In the face of a turbulent global landscape, Singapore is willing to strengthen coordination and cooperation with China on regional and multilateral platforms to jointly uphold multilateralism and the international order, Wong added. - Xinhua
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Paramount acquires land in Penang for RM58mil
Paramount acquires land in Penang for RM58mil

The Star

time19 minutes ago

  • The Star

Paramount acquires land in Penang for RM58mil

PETALING JAYA: Paramount Corp Bhd is acquiring an 18.97 acre piece of freehold land in Bandar Cassia, Penang, from Penang Development Corp for RM57.841mil. In a statement, the company said the acquisition marks a key addition to its land bank to drive sustainable growth in the northern region. The company said the acquisition is expected to generate a gross development value (GDV) of RM744mil, adding on to its remaining land bank of 358.9 acres and remaining GDV of RM5.497mil. 'The proposed acquisition will be funded through a combination of internally generated funds and bank borrowings,' it said. The newly acquired land is situated in the city centre of Bandar Cassia in Penang, within a 600m radius of Utropolis Batu Kawan development, Paramount Property's award-winning development. The proposed development for the site comprises serviced apartments, semi-detached townhouses and shop offices. Construction is slated to commence in 2027 with completion by 2033. Once fully completed, the development will provide housing options as well as create a vibrant commercial environment that enhances liveability and economic growth in the state. Separately, TA Research said it is feeling more confident in the strategic rationale and valuation of Paramount's plans to acquire a 28% stake in Singapore Exchange-listed Envictus International Holdings Ltd following a briefing on the deal. 'Management addressed key concerns candidly, including earnings quality, post-acquisition integration, and capital impact,' the research house said. It added that there was now more clarity on Envictus's turnaround trajectory, while the attractive entry valuation and Paramount's disciplined stance on not pursuing further food and beverage (F&B) acquisitions strengthened its conviction in the long-term value of the transaction. 'The proposed acquisition enhances Paramount's growth profile by providing exposure to a resilient, cash-generative F&B business at a compelling entry multiple,' the research house said. The company announced a proposed deal involves Paramount's wholly owned Venice Concepts Sdn Bhd acquiring the stake in Envictus from JAG Capital Holdings Sdn Bhd, in which Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani owns a 96% stake. JAG Capital Holdings currently holds a 29.6% in Envictus. Property developer Paramount is looking to buy the operator of Texas Chicken and San Francisco Coffee in Malaysia for RM126.32mil in cash, as it aims to expand its footprint in the F&B sector. However, TA Research cautioned that the main risks to the deal include the potential that the anticipated benefits may not fully materialise or that returns may not sufficiently offset the investment cost. 'As Envictus is listed in Singapore, any future changes to foreign investment regulations could impact Paramount's rights or ability to repatriate profits, although no such restrictions currently exist. 'Additionally, with only a 28% stake, Paramount will not have operational control over Envictus, but plans to mitigate this by nominating board representatives to safeguard its interests,' the research house said. Paramount signalled a cautious tone, flagging a softer property market in the second half of the year due to external trade uncertainties, cost pressures from fuel-subsidy rationalisation and expansion of the sales and service tax (SST). 'With only RM600mil in sales achieved against its RM1.5bil full-year target, there's a possibility of downward revision. That said, we believe there is still room for a rise in sales in the second half, especially once there is greater clarity on SST and tariff developments,' the research house said. TA Research maintained its FY25 to FY27 earnings forecasts for Paramount and its target price of RM1.48 based next year's price to book multiple of 0.6 times. 'The stock remains deeply undervalued, trading at just 6.4 times 2026 price-earnings and 0.4 times price to book, significantly below the sector average of 13.9 times price-earnings and 0.8 times price to book. 'With a superior over 7% dividend yield, significantly outperforming the sector average of 3.7%, we see limited downside risk to its share price,' the research house said.

Seatrium first-half profit soars 301% on strong order book
Seatrium first-half profit soars 301% on strong order book

The Star

time23 minutes ago

  • The Star

Seatrium first-half profit soars 301% on strong order book

Seatrium chief executive Chris Ong. — The Straits Times SINGAPORE: Seatrium's net profit for the first half of 2025 (1H25) swells on the back of a strong order book and higher margins, the company says in a filing on the Singapore Exchange yesterday. Profit for the six months ended June 30 was S$144mil, a 301% jump from S$36mil for 1H24. But underlying net profit, which excludes legal and corporate claims, rose 16% to S$133mil from S$115mil. No dividend was proposed for the period, the same as for the year-ago period. Seatrium's results come a day after the offshore and marine company announced the conclusion of the Singapore authorities' investigation into potential offences in Brazil. The Singapore-listed company was implicated in Operation Car Wash, a major corruption scandal in Brazil, which involved allegations of paying bribes to secure contracts. Seatrium on July 30 said it will pay financial penalties to the Brazilian and Singaporean authorities totalling S$241.7mil to settle the long-drawn corruption probe. As of the end of June, Seatrium's net order book stood at S$18.6bil, of which S$6.3bil are renewables and cleaner or green solutions. The order book comprises 25 projects with deliveries till 2031. Chief executive officer Chris Ong said, 'Our first-half financial results demonstrate the strength of Seatrium's disciplined execution, as well as the robustness and diversity of our order book.' He added that this healthy order book also continues to provide revenue visibility. 'Despite a volatile macro environment, rising global energy demand and an increased focus on energy security continue to shape industry priorities and underpin a sizeable pipeline for energy infrastructure assets,' he added. 'We remain confident in delivering long-term value to all our stakeholders by building a profitable and resilient business.' Seatrium said its gross margin rose to 7.4%, from 3.7% in 1H24, due to a favourable mix of higher-margin projects, operational efficiencies, and continued cost optimisation. Revenue for the first half grew 34%, reflecting the strong execution of its robust order book, it added. Earnings before interest, taxes, depreciation, and amortisation (Ebitda) stood at S$407mil, up from S$311mil for the year-ago period. In its outlook, the company said it has a diversified portfolio of offshore oil and gas, offshore wind solutions, and maritime repairs and upgrades, which positions it favourably to capitalise on long-term energy demand growth. 'The group's multi-pronged strategy and proven execution have enhanced the resilience of its business at a time of ongoing geopolitical volatility,' Seatrium added. 'Looking ahead, Seatrium remains focused on achieving profitable growth by expanding its franchise of series-build projects, prioritising execution excellence, enhancing productivity, and driving cost efficiencies,' it said. It also noted that the group is making good progress towards its 2028 financial targets. These include growing its Ebitda to over S$1bil and achieving a return on equity of more than 8%. In February, Seatrium delivered its fourth floating production storage and offloading vessel project for Guyanese waters, off the coast of South America. — The Straits Times/ANN

Samsung profit tumbles as chip arm face challenges
Samsung profit tumbles as chip arm face challenges

The Star

timean hour ago

  • The Star

Samsung profit tumbles as chip arm face challenges

The weak results at the pivotal business underline how far Samsung has fallen in the lucrative artificial intelligence arena. — Bloomberg SEOUL: Samsung Electronics Co's chip unit has plunged a far bigger-than-expected 94% in the June quarter, reflecting the depth of a slump that's plaguing the world's largest memory chipmaker. The weak results at the pivotal business underline how far Samsung has fallen in the lucrative artificial intelligence arena, where SK Hynix Inc leads in high-end memory and Taiwan Semiconductor Manufacturing Co dominates in contract chipmaking. The chip arm reported a three-month operating profit of 400 billion won, the lowest in six quarters, versus analysts' average projection for 2.73 trillion won. The decline stemmed largely from a one-time inventory cost as US export controls led to unsold artificial intelligence (AI) chips at its foundry business, which relies in part on Chinese demand. The profit decline was despite solid demand for high-end memory products for servers, the company said. Shares of South Korea's largest company fell as much as 1.8% yesterday morning in Seoul. The grim results reflect Samsung's poor performance on high-bandwidth memory, said MS Hwang, research director at Counterpoint. Samsung's share in the global HBM market slipped to 17% in the second quarter in terms of bit volume, down from more than 40% in the first quarter of 2024, he said. 'This suggests that Samsung has fallen behind even Micron Technology Inc to rank No 3 in the second quarter,' he said. Samsung will 'actively respond' to demand for higher-density memory, the company said. Operating losses at Samsung's foundry unit are expected to narrow in the second half of the year on a gradual recovery in demand, the company said. Samsung's underwhelming quarterly report comes after the company won a US$16.5bil contract from Tesla Inc to produce AI chips at an upcoming plant in Taylor, Texas. Its stock gained ground after news about the agreement broke earlier this week, bringing Samsung's gains in July to over 20% and putting the stock on track for its best month in years. — Bloomberg

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store