News

Oasis, a leading fresh grocery delivery firm, announced on Monday the acquisition of e-commerce platform TMON for ₩11.6 billion (£6.5 million), marking a decisive move toward reviving the platform’s operations after a period of financial distress. The Seoul Bankruptcy Court formally approved Oasis’s rehabilitation plan for TMON, despite opposition from a majority of creditors at a recent meeting. The court cited the broader benefits to creditors, employees and related stakeholders in its decision to allow the acquisition to proceed. The transaction will be executed entirely through the issuance of new shares, with Oasis committing ₩11.6 billion in capital. In addition, the company has pledged a further ₩6.5 billion (£3.7 million) to address TMON’s outstanding obligations, including unpaid wages and severance payments. This brings the total acquisition cost to ₩18.1 billion (£10.2 million). Oasis, which operates the Oasis Market platform, emphasised its commitment to a long-term integration strategy, promising to retain TMON’s employees for at least five years. It further outlined plans to introduce a vendor payment system that disburses funds the day after a sale is confirmed and aims to implement the industry’s lowest commission rate. TMON will maintain its brand identity and continue operations as a standalone entity. In a statement, Oasis described the TMON revival as a “symbolic case demonstrating the strength of a homegrown platform that represented the first generation of e-commerce”. The full integration and recovery process is expected to take one to two months, though the official date for the relaunch of TMON’s services has yet to be announced. -Korea Joong Ang Daily

SINGAPORE : The Monetary Authority of Singapore (MAS) has reaffirmed its stance on upcoming regulatory changes affecting Digital Token Service Providers (DTSPs), emphasising that firms should have adequately prepared for the licensing requirements coming into force on 30 June. In a clarification issued on 6 June, following a consultation paper released on 30 May, MAS stated that DTSPs offering services exclusively to overseas clients—whether dealing in digital payment tokens such as cryptocurrencies or tokenised capital market products like digitalised securities—must obtain a licence by the end of the month or cease operations entirely. The authority underscored that the licensing threshold is deliberately stringent and that approvals will generally not be granted to such firms. MAS reiterated that DTSPs currently providing services to clients within Singapore are already under regulatory oversight and will continue to operate under existing frameworks. In contrast, providers handling utility or governance tokens remain outside the scope of the new requirements, as these types of tokens are not subject to the revised regime. The updated guidance follows MAS’ review of industry feedback on the May consultation, which identified firms serving only offshore clients as particularly susceptible to money laundering and terrorism financing threats due to their inherently cross-border, internet-based business models. MAS stressed that the objective of the new framework is to strengthen regulatory oversight, mitigate illicit financial activity, and uphold Singapore’s status as a reputable and forward-looking global hub for digital assets. Despite these intentions, the regulatory update has triggered unease within parts of the industry. Reports from Bloomberg indicate that several firms, including cryptocurrency exchanges Bitget and Bybit, are contemplating exiting Singapore, citing compliance hurdles and operational uncertainty. The regulatory changes have also been linked to job cuts and the relocation of staff. Industry sources estimate that over 500 professionals—from senior management to junior-level staff—across fintech and digital asset firms may relocate to jurisdictions such as the United Arab Emirates or Hong Kong, where the regulatory environment is perceived as more accommodating. In response to Bloomberg’s report, MAS noted that the licensing requirement should not come as a surprise. The central bank stated it has communicated its regulatory intentions clearly since 2022, and it does not anticipate the new rules will materially impact a significant number of entities operating in Singapore. -The Strait Times

Luxury patisserie brand Pierre Hermé Paris will make its long-anticipated Southeast Asian debut with a flagship store at Resorts World Sentosa, Singapore, opening on 1 August. The store marks several international firsts for the brand, including the introduction of bubble tea and the first Pierre Hermé Paris Ice Cream Bar outside of Paris. Renowned for his artistry in pastry and dubbed the “Picasso of Pastry”, Pierre Hermé will bring his signature creations to Singapore, offering a full suite of confections including his iconic macarons—featuring Singapore-exclusive flavours—as well as a selection of pastries, viennoiseries, madeleines and cakes. Gift-worthy gourmet items such as jams, pralines, chocolates, spreads and powders will also be available. In a global first, the Singapore store will debut Pierre Hermé bubble tea, reimagined in the brand’s signature flavour profiles. These icy beverages, topped with tapioca pearls and fruit spheres, will be offered in flavours such as Ispahan (rose and lychee), Satine (orange and passionfruit), and the floral Jardin de Pierre tea blend (citrus, jasmine, rose and violet). Another international exclusive is the Pierre Hermé Paris Ice Cream Bar—making its debut outside the French capital. The bar will launch with 12 flavours, including new varieties developed specifically for the Singapore market, with further additions to follow. Among the new launches is a whimsical dessert named Trick the Eye, a mini peanut butter French toast-inspired pastry designed to surprise and delight. The store will also introduce the brand’s first Furoshiki Stand, featuring thematic Japanese wrapping cloths. Available in three sizes and three colours, these traditional wraps may be used as décor, gift packaging or accessories. Complementing the patisserie is La Table by Pierre Hermé, a full-service, all-day dining restaurant offering refined French cuisine. Signature dishes include Oeuf Mollet, Oignon Roscoff, Tarte Petit Pois, Filet de Bœuf, and Croque-Monsieur Volaille, reflecting the brand’s culinary excellence beyond patisserie. In the lead-up to the official opening, a pop-up store at Hotel Ora (Level 1) within Resorts World Sentosa is offering a curated selection of Pierre Hermé’s celebrated macarons. Pierre Hermé Paris Singapore officially opens on 1 August at WEAVE, Resorts World Sentosa, 26 Sentosa Gateway #01-234. -CNA

UK-based energy company EnQuest is poised to finalise its US$84 million acquisition of Harbour Energy’s Vietnam business within the coming one to two months. The deal, which involves acquiring a majority stake of just over 53 per cent in the Chim Sao and Dua oilfields, marks a strategic step in EnQuest’s expansion beyond its core North Sea operations. Speaking to Reuters, Chief Executive Officer Amjad Bseisu highlighted the growth potential of the Vietnamese assets. “We were excited about the asset there as we see development opportunities, and we also see some in-fill opportunities,” Bseisu said. “So we’ll be looking, once we take over, to investing in the field and trying to increase its productivity.” In parallel, EnQuest is progressing with its offshore operations in Peninsular Malaysia, where it is on track to commence production of non-associated gas from the Seligi field in 2026. The company aims to boost daily output from the current 14,000–15,000 barrels of oil equivalent (boe) to 25,000 boe. The move is part of a broader regional strategy, as EnQuest joins other energy majors in investing in Southeast Asia to meet escalating energy demand, driven by population growth and the increasing energy requirements of data centres. “Asia is our biggest growth engine now for gas,” Bseisu commented. In Indonesia, EnQuest forms part of a consortium that secured a production-sharing contract in April for the Gaea and Gaea II blocks. These assets are located near BP’s Tangguh LNG plant. EnQuest’s strategy in the region focuses on identifying gas reserves in proximity to existing infrastructure. Bseisu noted that governments in the region are showing a preference for domestic gas production over liquefied natural gas (LNG), citing the economic benefits it brings through revenue generation, job creation, and broader industry development. -Reuters

BEIJING : China Communications Construction Company Ltd (CCCC) has reaffirmed its long-term commitment to Malaysia’s infrastructure sector, underscoring the country’s strategic role in fostering regional connectivity and economic growth. During a meeting with a Malaysian media delegation at CCCC’s headquarters in Beijing, Cai Chuansheng, Executive General Manager of the company’s International Business Department, emphasised the group’s readiness to deepen its involvement in Malaysia through continued investments and new development projects. He highlighted the significance of the bilateral relationship, noting the close cooperation and frequent exchanges between China and Malaysia across socio-economic sectors. “China and Malaysia are good neighbours in Asia, and we have frequent communication at all levels and regular exchanges in socio-economic development. This gives us many opportunities to cooperate,” said Cai. Through its subsidiary, China Harbour Engineering Company Ltd (CHEC), CCCC has been active in Malaysia’s infrastructure landscape for over four decades. Cai revealed that the cumulative value of projects undertaken by CHEC in the country is approximately US$20 billion, reflecting the depth of its engagement in Malaysia’s long-term development. Malaysia remains a key strategic partner for CCCC, which continues to view the country’s infrastructure ambitions and stable economic outlook as strong incentives for foreign investment. Cai noted that CCCC is keen to explore further opportunities to expand its footprint and bring its technical expertise to more large-scale developments within Malaysia. CCCC ranks as the world’s fourth-largest construction firm and operates in more than 158 countries. It is globally recognised for its delivery of high-impact infrastructure projects, including the Mombasa–Nairobi Railway in Kenya, the Sukkur–Multan Highway in Pakistan, the China–Maldives Friendship Bridge, the China–Laos Railway, and Port City Colombo in Sri Lanka. In Malaysia, the company serves as the main contractor for the East Coast Rail Link (ECRL), currently the largest Belt and Road Initiative (BRI) project in the country. Scheduled for completion in December 2026, the ECRL spans 665 kilometres, linking the east coast states to the Klang Valley. As the engineering, procurement and construction (EPC) contractor, CCCC is responsible for the project’s design, financing support, and full execution. CCCC has also delivered numerous landmark projects across Malaysia, including the Penang Second Bridge, the LRT Ampang Line Extension, and the MRT Sentul West Underground Station. Beyond rail and bridge infrastructure, its portfolio in Malaysia extends to marine engineering, dredging, reclamation and highway construction. Reflecting on the company’s four-decade history in Malaysia, Cai expressed optimism for future collaborations. “The 40 years of doing business have left us with beautiful memories. Moving forward, we hope to strengthen our cooperation and undertake more projects – including major ones – in Malaysia, contributing CCCC’s professional capabilities to building an even more beautiful Malaysia,” he said. -Bernama

BEIJING: Economic ties between China and the European Union are poised for further expansion, with robust momentum in green technology trade and investment underscoring their shared commitment to climate objectives and sustainable growth. Industry executives and analysts highlight that the deepening cooperation is underpinned by complementary strengths: China’s manufacturing capabilities and clean technology solutions are well-aligned with Europe’s strong regulatory frameworks, innovation ecosystems and growing market demand. A notable example of this synergy is Pinnacle Sports Products (Suzhou) Co Ltd, a producer of electric scooters based in Jiangsu province. The company recently exported 4,537 scooters to the Netherlands, reflecting the surging appetite across Europe for environmentally friendly urban transport solutions. According to company president Yuan Di, the firm shipped over 80,000 electric scooters to key markets including France, Sweden and the Netherlands in the first five months of 2025. Beyond trade, Chinese enterprises are also stepping up direct investment into Europe’s green sectors. From photovoltaic panels and energy storage systems to electric buses, China’s export portfolio in sustainable technology is expanding. Simultaneously, firms are establishing advanced manufacturing sites across Europe. Companies such as BYD Auto Co Ltd, Contemporary Amperex Technology Co and Hisense Group have built facilities in Hungary, Serbia, Portugal and Germany, producing batteries, electric vehicles and eco-friendly home appliances. “These strategic investments reflect China’s tangible support for Europe’s energy transition and sustainability goals,” said Wang Zhimin, a researcher at the Academy of China Open Economy Studies, part of the University of International Business and Economics in Beijing. One case in point is Minth Group, a leading automotive components manufacturer headquartered in Jiaxing, Zhejiang province. With a global workforce of more than 22,300, Minth has developed 16 production facilities in Serbia since 2019. The group specialises in manufacturing components for electric vehicles, including lightweight car bodies, battery housings and structural chassis parts. “Serbia has become not only a critical manufacturing base, but also a pilot zone for Sino-EU joint innovation in green technologies,” said Yu Ke, head of the foreign trade unit at Ningbo Minth Automotive Parts Research and Development Co, a Minth subsidiary. Ningbo Minth’s exports of automotive parts to Central and Eastern Europe reached 210 million yuan (approximately US$29.23 million) from January to May 2025, representing a year-on-year increase of 400%, according to data from Ningbo Customs. The benefits of these investments extend beyond environmental impact. Lin Meng, director of the modern supply chain research institute at the Chinese Academy of International Trade and Economic Cooperation, noted that Chinese green ventures in Europe are generating employment and enhancing the integration of upstream and downstream supply chains in host countries. This, she said, is fostering closer industrial and technological collaboration between Chinese and European businesses. European firms are also deepening their engagement with China’s green economy. French industrial conglomerate Schneider Electric is among those leveraging the country’s scale and policy support. According to Yin Zheng, executive vice-president for China and East Asia operations, the company is delivering digital solutions across industries such as food and beverage, bio-pharmaceuticals and electronics. “Our technologies help businesses enhance energy efficiency, reduce consumption and improve traceability and operational safety,” said Yin, emphasising Schneider Electric’s long-standing role in enabling low-carbon transformation across China’s core industrial sectors. As both regions pursue carbon neutrality and sustainable industrial growth, the Sino-EU green partnership is set to become an increasingly influential axis of global climate cooperation. -China Daily