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Straits Times
10 hours ago
- Business
- Straits Times
Singapore gold investment soars 37% to 2.2 tonnes in Q2 while jewellery demand wanes
Sign up now: Get ST's newsletters delivered to your inbox The World Gold Council said geopolitical tensions, market volatility and macroeconomic uncertainty will continue to drive investment demand in gold. SINGAPORE - Singapore investors' appetite for gold remained strong in the second quarter of 2025 with 2.2 tonnes of gold bars and coins purchased, according to the World Gold Council's latest report released on July 31. However, demand for gold jewellery in Singapore dropped 8 per cent to 1.5 tonnes, as record gold prices curbed spending power and global jewellery buying slumped to pandemic-era lows. While the 2.2 tonnes of gold investment in Singapore represent a 37 per cent rise from the same period in 2024, the amount is below the prior-quarter's 2.5 tonnes, which was the highest on the council's record. In South-east Asia, gold investment demand in Q2 continued to grow across Indonesia, Malaysia and Thailand, with double-digit year-on-year increases. However, Vietnam saw a 20 per cent decline compared with the year-ago period. Globally, total bar and coin investment increased 11 per cent year on year, adding 306.8 tonnes. Chinese investors led the way with demand reaching 115 tonnes, while Indian investors continued to add to their holdings, with a total of 46 tonnes in Q2. European net investment more than doubled to 28 tonnes, while US bar and coin demand halved to 9 tonnes in the second quarter. Fan Shaokai, head of Asia-Pacific (ex-China) and global head of central banks at the World Gold Council, noted that geopolitical tensions, market volatility and macroeconomic uncertainty will continue to drive investment demand in gold. Top stories Swipe. Select. Stay informed. Singapore SMRT's finances hit by 2024 EWL disruption; profit after tax for trains division dips 8% Asia US-Malaysia tariff deal set for Aug 1 after Trump-Anwar phone call Business Deepening Singapore-Latin America ties a matter of urgency amid global trade uncertainty: Alvin Tan Singapore Underground pipe leak likely reason for water supply issues during Toa Payoh fire: Town council Multimedia 60 years, 60 items: A National Day game challenge Life Milo tees, kaya toast pimple patches, crockery: Here are the SG60 merch to collect Singapore SingHealth nurses get $5.7m from Wee Foundation for education, skills development Singapore 'Switching careers just as I became a dad was risky, but I had to do it for my family' Meanwhile, gold exchange-traded fund (ETF) investment continued to drive total demand, with record inflows of 170.5 tonnes over the quarter, compared with outflows in Q2 last year. Global gold ETF demand reached 397 tonnes, the highest first-half total since 2020, noted the council. On the other hand, central banks and other institutions' buying dropped 21 per cent on the year to 166.5 tonnes. 'While central bank gold purchases slowed for a second consecutive quarter, demand remained robust, underscoring gold's enduring appeal as a store of value and portfolio diversifier,' said Mr Fan, who expects central banks to continue to add gold to their reserves in the long term. Overall, total gold demand reached 1,249 tonnes, including over-the-counter transactions. This was a 3 per cent rise on the year amid a high-price environment, where annualised gold prices stood at US$3,280.4 per ounce in the quarter, based on the report. The council highlighted that jewellery demand continued to decline with the consumption volume down 14 per cent on the year, nearing low levels last seen in 2020 during the Covid-19 pandemic. In particular, jewellery demand in China dropped 20 per cent to 69.2 tonnes, and Indian demand fell 17 per cent to 88.8 tonnes.
Business Times
11 hours ago
- Business
- Business Times
Singapore gold investment soars 37% to 2.2 tonnes in Q2 while jewellery demand wanes
[SINGAPORE] Investment appetite for gold remains strong in Singapore, with 2.2 tonnes of gold bars and coins purchased in the second quarter of 2025, according to World Gold Council's report released on Thursday (Jul 31). Meanwhile, gold jewellery demand in Singapore declined 8 per cent to 1.5 tonnes, as record gold prices curbed spending power and global jewellery buying slumped to pandemic-era lows. While the 2.2 tonnes of gold investment in the Republic represent a 37 per cent rise from Q2 last year, the amount is below the prior-quarter's 2.5 tonnes, which was the highest on the council's record. In South-east Asia, gold investment demand in Q2 continued to grow across Indonesia, Malaysia and Thailand, with double-digit year-on-year increases. However, Vietnam saw a 20 per cent decline compared with the same period last year. Globally, total bar and coin investment increased 11 per cent year on year, adding 306.8 tonnes. Chinese investors led the way with demand reaching 115 tonnes, while Indian investors continued to add to their holdings, with a total of 46 tonnes in Q2. European net investment more than doubled to 28 tonnes, while US bar and coin demand halved to 9 tonnes in the second quarter. 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 Fan Shaokai, head of Asia-Pacific (ex-China) and global head of central banks at the World Gold Council, noted that geopolitical tensions, market volatility and macroeconomic uncertainty will continue to drive investment demand in gold. Meanwhile, gold exchange-traded fund (ETF) investment continued to drive total demand, with record inflows of 170.5 tonnes over the quarter, compared with outflows in Q2 last year. Global gold ETF demand reached 397 tonnes, the highest first-half total since 2020, noted the council. On the other hand, central banks and other institutions' buying dropped 21 per cent on the year to 166.5 tonnes. 'While central bank gold purchases slowed for a second consecutive quarter, demand remained robust, underscoring gold's enduring appeal as a store of value and portfolio diversifier,' said Fan, who expects central banks to continue to add gold to their reserves in the long term. Overall, total gold demand reached 1,249 tonnes, including over-the-counter transactions. This was a 3 per cent rise on the year amid a high-price environment, where annualised gold prices stood at US$3,280.4 per ounce in the quarter, based on the report. Jewellery demand World Gold Council highlighted that jewellery demand continued to decline with the consumption volume down 14 per cent on the year, nearing low levels last seen in 2020 during the Covid pandemic. In particular, jewellery demand in China dropped 20 per cent to 69.2 tonnes, and Indian demand fell 17 per cent to 88.8 tonnes. However, the global jewellery market in value terms increased to a total of US$36 billion under record gold prices.
Business Wire
24-07-2025
- Business
- Business Wire
Pfizer Completes Licensing Agreement with 3SBio
NEW YORK--(BUSINESS WIRE)--Pfizer Inc. (NYSE: PFE) announced today the completion of a global, ex-China, licensing agreement with 3SBio, Inc. ( granting Pfizer exclusive rights for the development, manufacturing and commercialization of 3SBio's SSGJ-707, a bispecific antibody targeting PD-1 and VEGF developed using 3SBio's proprietary CLF2 platform. This agreement solidifies Pfizer at the forefront of innovative cancer research and further enhances the company's robust oncology pipeline. 'We are excited to contribute our significant expertise and resources to advance rapidly the development of the SSGJ-707 program including novel combination strategies across a number of our major tumor areas of focus,' said Chris Boshoff, M.D., Ph.D., Chief Scientific Officer and President, Research & Development, Pfizer. 'This is an important candidate that combines two key targets in a promising class of medicines, complementing our antibody-drug conjugate portfolio and further demonstrates our commitment to advancing pioneering science to deliver transformative cancer medicines and new hope to people living with cancer.' SSGJ-707 is currently undergoing several clinical trials in China for non-small cell lung cancer (NSCLC), metastatic colorectal cancer, and gynecological tumors. Positive interim Phase 2 results evaluating the safety and efficacy of SSGJ-707 as monotherapy in patients with advanced NSCLC were recently presented at the American Society of Clinical Oncology (ASCO) Annual Meeting. Pfizer plans to manufacture drug substance for SSGJ-707 in Sanford, North Carolina, and drug product in McPherson, Kansas. The clinical development plan for SSGJ-707 moving forward will include trial sites across the U.S. and rest of world with priority to the Phase 3 global development plan for NSCLC and other solid tumors. The first Phase 3 global studies will initiate enrollment in the U.S. Under the terms of the agreement, 3SBio will receive a payment of $1.25 billion. Pfizer will also make a $100 million equity investment in 3SBio. Additionally, the agreement provides Pfizer the option to extend the license to include exclusive development and commercialization rights to SSGJ-707 in China. In exchange for the exclusive rights in China, Pfizer will pay 3SBio up to $150 million in option payments. For additional background on the licensing deal, please read the announcement press release here. About Pfizer Oncology At Pfizer Oncology, we are at the forefront of a new era in cancer care. Our industry-leading portfolio and extensive pipeline includes three core mechanisms of action to attack cancer from multiple angles, including small molecules, antibody-drug conjugates (ADCs), and bispecific antibodies, including other immune-oncology biologics. We are focused on delivering transformative therapies in some of the world's most common cancers, including breast cancer, genitourinary cancer, hematology-oncology, and thoracic cancers, which includes lung cancer. Driven by science, we are committed to accelerating breakthroughs to help people with cancer live better and longer lives. About Pfizer: Breakthroughs That Change Patients' Lives At Pfizer, we apply science and our global resources to bring therapies to people that extend and significantly improve their lives. We strive to set the standard for quality, safety and value in the discovery, development and manufacture of health care products, including innovative medicines and vaccines. Every day, Pfizer colleagues work across developed and emerging markets to advance wellness, prevention, treatments and cures that challenge the most feared diseases of our time. Consistent with our responsibility as one of the world's premier innovative biopharmaceutical companies, we collaborate with health care providers, governments and local communities to support and expand access to reliable, affordable health care around the world. For 175 years, we have worked to make a difference for all who rely on us. We routinely post information that may be important to investors on our website at In addition, to learn more, please visit us on and follow us on X at @Pfizer and @Pfizer News, LinkedIn, YouTube and like us on Facebook at Disclosure Notice: The information contained in this release is as of July 24, 2025. Pfizer assumes no obligation to update forward-looking statements contained in this release as the result of new information or future events or developments. This release contains forward-looking information about, among other topics, Pfizer Oncology, SSGJ-707, an investigational bispecific antibody targeting PD-1 and VEGF, a global, ex-China, licensing agreement between Pfizer and 3SBio, Inc. granting Pfizer exclusive rights for the development, manufacturing and commercialization of SSGJ-707, and an option to extend the license to include exclusive development and commercialization rights to SSGJ-707 in China, including their potential benefits, manufacturing plans and development plans, that involves substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Risks and uncertainties include, among other things, risks related to the ability to realize the anticipated benefits of the transaction, including the possibility that the expected benefits from the transaction will not be realized or will not be realized within the expected time period; risks related to the successful integration of the licensed asset with Pfizer's business; disruption from the transaction making it more difficult to maintain business and operational relationships; negative effects of this announcement or the consummation of the transaction on the market price of Pfizer's common stock and/or operating results; significant transaction costs; unknown liabilities; the risk of litigation and/or regulatory actions related to the transaction or SSGJ-707; manufacturing capabilities or capacity; other business effects and uncertainties, including the effects of industry, market, business, economic, political or regulatory conditions; future exchange and interest rates; risks and uncertainties related to issued or future executive orders or other new, or changes in, laws, regulations or policy; changes in tax and other laws, regulations, rates and policies; the uncertainties inherent in business and financial planning, including, without limitation, risks related to Pfizer's business and prospects, adverse developments in Pfizer's markets, or adverse developments in the U.S. or global capital markets, credit markets, regulatory environment, tariffs and other trade policies or economies generally; future business combinations or disposals; uncertainties regarding the commercial success of SSGJ-707 and Pfizer's commercialized and pipeline products; the uncertainties inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement and/or completion dates for clinical trials, regulatory submission dates, regulatory approval dates and/or launch dates, as well as the possibility of unfavorable new clinical data and further analyses of existing clinical data; risks associated with preliminary or interim data; the risk that clinical trial data are subject to differing interpretations and assessments by regulatory authorities; whether regulatory authorities will be satisfied with the design of and results from the clinical studies; whether and when drug applications may be filed in any jurisdictions for SSGJ-707 or any of Pfizer's pipeline products for any potential indications; whether and when any such applications may be approved by regulatory authorities, which will depend on myriad factors, including making a determination as to whether the product's benefits outweigh its known risks and determination of the product's efficacy and, if approved, whether SSGJ-707 or any such other products will be commercially successful; decisions by regulatory authorities impacting labeling, manufacturing processes, safety and/or other matters that could affect the availability or commercial potential of SSGJ-707 or any such other products; uncertainties regarding the impact of COVID-19; and competitive developments. A further description of risks and uncertainties can be found in Pfizer's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and in its subsequent reports on Form 10-Q, including in the sections thereof captioned 'Risk Factors' and 'Forward-Looking Information and Factors That May Affect Future Results', as well as in its subsequent reports on Form 8-K, all of which are filed with the U.S. Securities and Exchange Commission and available at and
New Straits Times
23-07-2025
- Business
- New Straits Times
Malaysian telcos make solid progress on mobile, fibre coverage
KUALA LUMPUR: Mobile and fibre broadband coverage and quality of service (QoS) in Malaysia have improved significantly between 2020 and 2024. This was largely driven by the Malaysian Communications and Multimedia Commission's (MCMC) Jalinan Digital Negara (Jendela), according to CIMB Securities. The progress is reflected in Malaysia's commendable sixth-place ranking in Asia (ex-China) for mobile services, the firm said. "Although Malaysia ranks a moderate ninth in Asia for fibre broadband, we believe this reflects the plan subscription mix rather than weak network QoS. "Notably, fibre premises passed hit nine million at end-2024, one year ahead of the Jendela Phase 2 target," it added. CIMB Securities believes the substantial progress in coverage and QoS will help the industry mitigate potential material environmental, social and governance (ESG) risks, particularly on the regulatory and reputational fronts. Telcos have met or exceeded the Jendela Phase 1 targets at end-2022. Since then, 4G coverage had further risen to 98.7 per cent with most states at or close to 100 per cent as at end-2024, while fibre premises passed have hit nine million (81 per cent since September 2020), one year ahead of the Jendela Phase 2 target. While there is still room to improve 4G coverage in Sabah and Sarawak, the industry has made significant progress in raising this from 73-74 per cent to 91-94 per cent between 2Q20 and end-2024. CIMB Securities said Malaysian telcos are increasingly expected by the MCMC)and the public to expand their network coverage to provide good and reliable QoS at affordable prices to support digital inclusion. Failure to meet these expectations exposes telcos to material ESG risks. This includes regulatory risk such as fines, licence suspension or reduced chances of success in future spectrum bids, and reputational risk. This may lead to diminished brand equity and increased customer churn to competitors perceived as more socially responsible and inclusive.
Bangkok Post
21-07-2025
- Business
- Bangkok Post
Eastspring pushes global, Asia equities
Amid US tariff tensions, Eastspring Asset Management (Thailand) has recommended global and Asia ex-China equities as a way to navigate volatility. The company outlined three possible scenarios for the Thai stock market in response to escalating US trade tariffs. In its base-case scenario, the firm expects the SET Index to range between 1,040 and 1,200 points and advises investors to allocate towards global and Asia ex-China equities to help mitigate volatility. Darabusp Pabhapote, the company's chief executive, noted that global trade tensions remain unresolved, with only limited bilateral agreements offering minimal relief. Rising US tariffs on major trading partners could hinder global growth, despite slow-moving trade negotiations. Against this backdrop, Eastspring maintains a constructive view on Asia and emerging markets, positioning them as key destinations for portfolio diversification. According to Bodin Buddhain, head of investment strategy at Eastspring, the best-case scenario envisions US tariffs on Thailand remaining below 20% and the government implementing effective stimulus measures. Under these conditions, economic recovery could gain traction and attract capital inflows. The SET Index could then rise to between 1,200 and 1,250 points in 2025. In the base-case scenario, should the US impose a 20% tariff -- on par with Vietnam's rate -- Thailand's economy is projected to grow by around 1.5%, with government spending budget continuing but capital outflows persisting. In this case, the SET Index is expected to fluctuate between 1,040 and 1,200 points. Under the worst-case scenario, with tariffs rising to 36% amid ongoing domestic political uncertainty, GDP growth could dip below 1.5%, accompanied by sustained foreign sell-offs. Under this scenario, the SET Index may decline to between 940 and 1,040 points. Mr Bodin cautioned that country-specific tariffs may only mark the beginning of a broader trade war, with the next phase likely targeting specific sectors. Such duties could directly impact industry competitiveness, revenues and profit margins. Products with significant US trade deficits -- such as copper and pharmaceuticals -- are already being targeted, with recent reports citing a 50% tariff on copper and a potential 200% duty on select pharmaceutical goods, he said. Yingyong Chiaravutthi, the company's chief investment officer, forecasts a slowdown in US GDP growth to 1.4% in 2025 and anticipates growth of 1.6% in 2026. While inflation remains elevated, the Federal Reserve is expected to begin rate cuts once unemployment steadily rises. Regarding China, Eastspring anticipates a 1% drag on GDP growth from US tariffs, despite a 90-day extension that has temporarily lowered average tariff rates to 35%. Nevertheless, China's economy is projected to grow by 4.5%, supported by fiscal stimulus and targeted sectoral policies, with additional measures expected in early fourth quarter. Valuations in Chinese equities remain attractive for long-term investors. Meanwhile, India is expected to continue to benefit from global supply chain realignments. The economy is projected to grow by 6.4% in 2025 and 6.6% in 2026. Ongoing trade agreements with the US could further solidify India's role as a manufacturing hub. Although valuations remain relatively high, Indian equities are underpinned by accommodative monetary policy and strong reshoring trends. According to Eastspring, Thai GDP is expected to grow by just 1.8% in 2025, hindered by subdued private investment, political instability and weakening external trade. Tourism remains a key contributor, though momentum is slowing. Low inflation may prompt the Bank of Thailand to consider additional rate cuts if recovery falters. Mr Yingyong recommends investors focus on high-dividend Thai equities to cushion against market volatility. The SETHD Index, which tracks high-yield stocks, has declined only 5–6% year-to-date, outperforming the broader SET Index's 20% drop. He highlights SETHD-linked funds as an appealing investment for those seeking Thai market exposure in the second half.
