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Business Times
16 hours ago
- Entertainment
- Business Times
Ten restaurants drop out of Michelin guide; sign of times for troubled F&B industry
THE wave of fine-dining closures in Singapore had a profound impact at this year's Michelin awards ceremony, as 10 one-starred restaurants dropped out of the list – the highest attrition rate since the prestigious guide made its debut in the city-state in 2015. There are now just 32 restaurants in Singapore with one star, among which Omakase@Stevens was the sole new entry for 2025. The Japanese restaurant, which opened in 2020, also received the Young Chef Award for its 31-year-old head chef Kazuki Arimoto. He joined the restaurant as a sous chef in 2022, and was promoted in 2024. In the only other new entry for the night, Sushi Sakuta, helmed by Yoshio Sakuta, was elevated from one to two stars. While Arimoto acknowledged that he was both 'happy and surprised' at the double win for his restaurant, veteran sushi chef Sakuta said he couldn't believe that his eponymous restaurant had moved up to the next level. He joins fellow two-star restaurants Meta, Thevar, Jaan by Kirk Westaway, Shoukouwa (where he was head chef before stepping out on his own), Saint Pierre and Cloudstreet. Retaining their three stars were Les Amis, Odette and Zen. Of the 10 restaurants which dropped out of the one-star list, only two are still in operation – Rhubarb and Terra Tokyo Italian. Rhubarb recently rebranded itself as the more casual Encore by Rhubarb, while Terra was moved out to the Michelin Select List, which comprises promising restaurants that are below both Michelin one star and Bib Gourmand. A NEWSLETTER FOR YOU Friday, 2 pm Lifestyle Our picks of the latest dining, travel and leisure options to treat yourself. Sign Up Sign Up The other eight restaurants that closed down were Art di Daniele Sperindio (which will reopen later this year), Matera, Sushi Oshino, Shinji, Sommer, Poise, Sushi Kimura and Chef Kang's Cantonese. At the event held at Marina Bay Sands, several special awards given out. The service award was given to Ines Carriere Bega of Odette, while Bella Jankaew from Jaan by Kirk Westaway received the sommelier award. Paul Longworth, chef-owner of Rhubarb, which has been a fixture in the Michelin Guide from the very start, had 'fully expected to be removed from this year's edition', he said. He had already informed Michelin about his plans to make the restaurant 'more relaxed and affordable', as he has found that 'diners want something less formal and more personal'. It is unclear whether the revamp was also a factor in Rhubarb losing its star, but he added: 'If we still want that accolade, we will have to earn it on merit again.' Underneath the glamour and cocktails at the post-awards party, chefs and others in the industry were sanguine about the challenges they faced. The drop in the number of one-star restaurants is a reflection of the times, said Odette's Julien Royer. 'Over the past 12 months or so, the economic situation has been very difficult. But I really feel and hope that the worst is over, and Singapore will shine again.' Sebastien Lepinoy of Les Amis said: 'It's not a situation that is exclusive to Singapore. The same thing is happening all over the world, even in London and New York. It's bad everywhere. We just have to adapt our business and come back fighting.' He's cautiously confident that things will get better soon. 'People are saving money and not spending on luxury, but at the end of the year, they will come back, especially with Formula 1 and other festivities coming up.'
AsiaOne
18 hours ago
- Entertainment
- AsiaOne
Michelin Guide Singapore 2025: Sushi Sakuta promoted to 2 stars, 1 restaurant earns its first star, Lifestyle News
After the announcement of the Michelin Bib Gourmand results on July 17, it's now time for the full selection of the Michelin Guide Singapore 2025, now in its ninth edition. The results were announced at the Michelin Guide ceremony held at Marina Bay Sands on Thursday (July 24). In total, 288 locations are recognised in this year's Michelin Guide, comprising 42 Michelin-starred restaurants (three of which earned three Michelin stars, and seven two Michelin stars), 89 Michelin Bib Gourmand eateries and 157 Michelin Selected establishments. This year, no other restaurant joined Odette, Les Amis and Zen in the three-Michelin-star category. Cloudstreet, Jaan by Kirkwestaway, Meta, Shoukouwa, Saint Pierre and Thevar retained their two Michelin stars. Joining them is Sushi Sakuta, a Japanese omakase specialist that has been promoted from one Michelin star. The establishment was first awarded a one star in 2023. This year, only one establishment earned its first one Michelin star — Omakase @ Stevens. The chef-owner of Omakase @ Stevens, Kazuki Arimoto, is an Osaka native who honed his skills in Tokyo. He also is the recipient of the Young Chef Award, which was presented by BlancPain during the Michelin Guide ceremony. The one-Michelin-star list boasts 32 eateries, including the only hawker stall, Hill Street Tai Hwa Pork Noodle, which has retained its star since 2016, as well as Burnt Ends, Esora, Iggy's, Labyrinth and Waku Ghin. Apart from chef Kazuki from Omakase @ Stevens, Ines Carriere Bega from Odette won the Michelin Guide Service Award and Bella Jankaew from Jaan by Kirk Westaway won the Michelin Guide Sommelier Award. Twenty-six new establishments have made it to the Michelin Selected list for the first time. It is awarded to eateries that have met the criteria set by Michelin inspectors but that don't qualify for a Michelin Bib Gourmand or Michelin Star yet. This includes vegetarian omakase restaurant Ki Su, Taiwanese contemporary restaurant Iru Den, Spanish contemporary restaurant Nomada and Middle Eastern restaurant The Prince. For the Michelin Green Star, which highlights establishments at the forefront of the industry for their sustainable practices and dining experiences, two restaurants have maintained their status — one-Michelin-starred Seroja and Michelin Selected Fiz. A manual count by AsiaOne showed that 10 establishments that were on the 2024 list were not on the 2025 list; these are Art Di Daniele Sperindio, Chef Kang's, Matera, Oshino, Poise, Rhubarb, Shinji, Sommer, Sushi Kimura and Terra. However, there is as yet no official confirmation from Michelin Guide Singapore on this. In 2024, there were 283 Michelin Guide-recommended locations — 51 starred restaurants, 81 Bib Gourmand eateries and 151 Michelin Selected venues. New Michelin Bib Gourmand entrants Last week, Michelin Guide Singapore announced that 89 eateries here were awarded the Michelin Bib Gourmand title. The Bib Gourmand is a rating or recognition given to restaurants and street food stalls that serve value-for-money gourmet experiences in Singapore that cost no more than $45. There were a total of nine new entrants plus two eateries that moved up from the Michelin Selected category. The two entrants that moved up from the Selected category are Boon Tong Kee (Balestier) and Ji Ji Noodle House. As for the nine new additions, there is Kotuwa, Jungle, Lao Fu Zi Fried Kway Teow, Nam Sing Hokkien Fried Mee, To-Ricos Kway chap, Wok Hei Hor Fun, Song Kee Teochew Fish Porridge, Sin Heng Claypot Bak Koot Teh and Kitchenmen Nasi Lemak. [[nid:719302]] melissateo@
Straits Times
18 hours ago
- Straits Times
Michelin Guide Singapore: 2 Japanese restaurants get one and two Michelin stars, 10 have dropped off
Find out what's new on ST website and app. Chefs from the three-Michelin-starred restaurants at the Michelin Guide Singapore ceremony. SINGAPORE - Two Japanese restaurants shared the Michelin-starred spotlight at the ninth edition of the Michelin Guide Singapore on July 24. They are Omakase@Stevens at Novotel Singapore On Stevens, which received one Michelin star while Sushi Sakuta at The Capitol Kempinski Hotel Singapore has been promoted from one to two star status. This marks a double-win for Omakase@Stevens' executive chef Kazuki Arimoto, 31, who also received the Young Chef Award. Omakase@Stevens' executive chef Kazuki Arimoto receiving the Young Chef Award. ST PHOTO: BRIAN TEO He joined the restaurant three years ago as its sous chef, and took over as executive chef in April 2024. He says: 'I'm so happy to have got one star and the Young Chef Award.' Sushi Sakuta's chef-owner Yoshio Sakuta, 47, was still in disbelief. He says: 'I'm so, so happy. I'm so appreciative of everyone who's supported us. We will continue to do our best every day and believe that we might add another star in the future.' 'This was a great showing for Japan,' adds Sushi Sakuta's head sommelier Iwabuchi Makoto, 41. Top stories Swipe. Select. Stay informed. Asia Live: People evacuated from border regions amid deadly Thailand-Cambodia clash Asia 11 Thai civilians killed as Thai and Cambodian militaries clash at disputed border: Reports Singapore Singapore says prolonged suffering of civilians in Gaza is 'unconscionable' Singapore Khatib Camp to make way for housing, with its functions moving to Amoy Quee Camp Singapore First BTO flats in Greater Southern Waterfront, Mount Pleasant to go on sale in October Singapore Primary 1 registration: 29 schools to conduct ballot in Phase 2B Asia 'Vampire coach': Coercive blood sampling in school casts spotlight on Taiwan's culture of obedience Singapore 1,300 names, addresses of traffic offenders published online; police investigating Head sommelier Iwabuchi Makoto (left) and chef-owner Yoshio Sakuta of Sushi Sakuta receiving their two-Michelin-starred award. ST PHOTO: BRIAN TEO Singapore's trio of three-Michelin-starred establishments - Les Amis at Shaw Centre, Odette at the National Gallery Singapore and Zen in Bukit Pasoh Road - have maintained their stars. One-Michelin-starred establishment Seroja at Duo Galleria in Bugis as well as Fiz in Tanjong Pagar have also retained their Michelin Green Star, awarded to establishments for their sustainable practices and dining experiences. Other awards given out included the Service Award for Ms Ines Carriere Bega from Odette, as well as the Sommelier Award for Ms Bella Jankaew from the two-Michelin-starred Jaan by Kirk Westaway. Ms Ines Carriere Bega of Odette, winner of the Service Award. ST PHOTO: BRIAN TEO Ms Bella Jankaew of Jaan by Kirk Westaway receiving the Sommelier Award. ST PHOTO: BRIAN TEO Amid the glitz and glamour of the award ceremony - attended by over 400 chefs, trade professionals, media and invited guests - there was the stark reality that 10 one-Michelin-starred restaurants have dropped off the list. Nine of them have closed. They are Art di Daniele Sperindio, Chef Kang's, Matera, Oshino, Poise, Rhubarb, Shinji, Sommer and Sushi Kimura. Rhubarb, which underwent a concept revamp in June, is now known as Encore by Rhubarb. It remains in its location in Duxton Hill. Terra Tokyo Italian in Tras Street has lost its star, and is now on the Michelin Select list. Such eateries are recognised by the Michelin Guide for their quality, but do not qualify for a Michelin star or Bib Gourmand title. There are 26 new establishments - a mix of restaurants and hawker stalls - on the Michelin Select list. They include Na Oh in Jurong West, Somma at New Bahru and Latido in Tras Street. The cocktail reception that followed the ceremony featured seven chefs from Michelin-starred restaurants across Asia, including Mingoo Kang from three-star Mingles in South Korea and Eric Raty of the two-star Arbor in Hong Kong.
CNBC
20 hours ago
- Business
- CNBC
Family office deal-making has fallen this year as investors wait for clarity
A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. Investment firms of the ultra wealthy are known for their patience, preferring to invest for decades or even generations. Family office investors have also shown they are willing to wait for the dust to settle on President Donald Trump 's tariffs before inking new deals. In the first six months of 2025, family offices made 375 direct investments in companies, a 32% year-over-year drop, according to data provided exclusively to CNBC by Fintrx. Investments fell in every sector, including technology and health care and life sciences, the two most popular deal categories in 2024 and 2025, according to Fintrx, a private wealth intelligence platform. Only artificial intelligence-related companies saw a growth in direct investments, which rose from 55 to 71. However, family offices are showing more discretion when it comes to betting on AI, according to PwC's Jonathan Flack, who leads the consulting giant's U.S. and global family office practice. Family offices, especially those that are less comfortable with technology investing, are taking a picks and shovels approach by investing in the infrastructure around AI, he said. "They are actually making investments in the data centers and the hard assets that are going to be needed to support AI and the growth of AI," Flack said. Health-care investing is somewhat resilient, between the demands on the health-care system and the rise of AI-enabled biotech startups, he said. For instance, he said, medical diagnostics startups have great potential given the expected cuts as Trump's tax-and-spending law is expected to put pressure on rural health care. Broadly speaking, family offices have become choosier about their venture capital investments, according to Vicki Odette, a lawyer who advises family offices, funds and institutional investors. The exit slowdown means they have less capital to redeploy, she said. "I'm just seeing a lot more scrutiny," said Odette, a partner at Haynes Boone. "They're really looking for deals where they can actually see, in the near term, much more of a profitable path." That said, her clients aren't sitting idly on the sidelines. Opportunistic family offices are showing interest in secondary funds, which have surged in popularity as institutional investors seek liquidity, she said. Whether deal-making will rebound by the end of the year is another question of patience. Flack said he expects deal-making not to recover, but to rise slightly in the second half of 2025. "I still see where there's a outsized percentage of undeployed capital at family offices," he said. "I think that as you get towards the end of this year, they're going to want to get into some deals." Odette said family offices would need more clarity on tariffs in order for investments in U.S. firms to meaningfully pick up. However, she has seen a recent shift in family offices, even domestic ones, looking overseas, and she expects that to last. "Most of the deals that we're seeing are really focused in in Europe and abroad," she said. "We're seeing a lot of family offices build more cross-border syndicates, where they're all talking to each other to look for new sources of alpha that are outside the U.S."
Bloomberg
a day ago
- Business
- Bloomberg
Stablecoin Momentum Ignites Hong Kong Race for Crypto Dominance
In this week's Hong Kong Edition, we survey the fizzing stablecoin scene, speak with the man behind Bar Leone and look into the stocks leaving Chinese tech in the dust. For the Review, we visit a new modern Korean restaurant from the chef formerly of Singapore's famed Odette. To subscribe to this weekly newsletter for free, click here.
