Business

The Finance Ministry revised welfare card criteria, shifting from household to individual assessment. New rules disqualify students, securities holders, and those with high assets or income. This aims to improve targeting accuracy across the program.

DBS plans a major expansion of its wealth management presence across Asia-Pacific by 2027. The bank will open 18 new and upgrade 36 centers in key markets including Singapore, Hong Kong, China, India, and others. This aims to deepen client relationships and bring services closer to customers.

ASEAN plans to sign a landmark Digital Economy Framework Agreement at the 47th ASEAN Summit in November 2026. This first regional pact aims to strengthen digital connectivity across Southeast Asia, simplifying trade rules and boosting consumer confidence through shared digital standards.

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Nomura Holdings significantly raised its profit target for the 2030/31 fiscal year by 50%. The boost is attributed to successful business transformation and stable fee-based revenues from wealth and investment management, signaling strong confidence in future market stability.

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.