Business

Wilmar International's Singapore-listed shares plummeted after Indonesian authorities launched a probe. The investigation targets suspected under-invoicing and transfer pricing of palm oil exports, causing significant market concern for the major producer.

Singapore's 2025 nominal wage growth slowed due to easing inflation. However, real wages grew by 4%, boosting worker purchasing power. The Ministry of Manpower expects positive but moderate real wage increases in 2026 amid global uncertainties and inflationary pressures.

Capgemini stated that AI is broadening client spending beyond traditional IT budgets. The company argues clients view AI as a major operational shift, not just an upgrade. This expansion increases Capgemini's service scope and resilience against automation fears, bolstering its business pipeline.

OpenAI CEO Sam Altman stated that AI's rapid adoption will not lead to a global "jobs apocalypse." He admitted his fears about white-collar job elimination were incorrect. However, he believes human interaction remains an irreplaceable element in many jobs moving forward.

Saudi oil giant Aramco is transferring its stakes in the PRefChem joint venture to Malaysia's Petronas. This move ends an eight-year partnership and aims to give Petronas full ownership for regional fuel supply flexibility.

Singapore maintained its 2026 growth forecast at 2-4%. While AI demand remains a strong driver, the outlook faces significant downside risks due to the Middle East conflict. Energy shortages and supply chain disruptions are key concerns for the economy.

Italian police busted a sophisticated streaming piracy network that caused €300 million in damages to rights holders like Netflix and Disney+. The operation seized foreign servers and source code used by an illegal decryption application, issuing fines to over 1,000 users.

SpaceX's IPO filing reveals plans to raise $75 billion, targeting a near $2 trillion valuation. The document details its diverse empire spanning satellites, AI, and future space ventures. Investors will focus on Musk’s control structure and ambitious multi-planetary goals.

Singapore has surpassed Indonesia as Southeast Asia's largest stock market. Indonesian capital fell over 30% amid uncertainties. Conversely, Singapore’s stability and reforms attracted investment, cementing its status as a reliable defensive haven for global capital flows.

StanChart plans to cut over 7,000 jobs by 2030. This restructuring is driven by AI adoption and automation across its global back-office centers. The bank emphasizes that the move upgrades capital rather than cutting costs, aiming for a more efficient operation.

Amazon is phasing out local fulfillment in Singapore because its US e-commerce playbook failed regionally. Local rivals, led by Chinese platforms like Shopee, dominate through content commerce and price wars, making the market too competitive for Amazon to sustain.