News

Global broker XM reassures clients in Singapore that “no action is required on their part” and their “funds remain safe”, following a recent announcement by the Monetary Authority of Singapore (MAS), that has led to internet service providers potentially blocking access to XM’s website from 20 June. MAS has determined that XM and other brokers had been offering leveraged financial products to Singapore’s residents without a local capital markets services license. XM has clarified that it is licensed and regulated by the Financial Services Commission (FSC) of Belize in the provision of online investment services globally, it’s also important to note that the website does not contain information specifically directed at persons residing in Singapore, and the company has no servers or physical presence in Singapore. Recognised globally for its reliability and professionalism, XM has been serving traders across more than 190 countries for over 15 years. With a client base exceeding 15 million, the broker has built a strong reputation by prioritising transparency, client satisfaction, and long-term relationships within the trading community. XM also adheres to strict rules and regulations and has robust security measures for protecting client funds and offering reliable platforms and services. While respecting the authority of MAS, XM emphasized its ongoing commitment to regulatory cooperation and transparency and it is currently assessing the implications of this development with legal advisors, to determine if any action is needed. Continued Access Under International Regulation XM’s platform is operated by XM Global Limited, which is regulated by the FSC. Under Singapore’s law, individuals may opt to use the trading services offered by regulated foreign brokers. This means trading accounts, payment methods, and all services will remain fully functional for Singapore-based clients after 20 June. “We remain fully committed to supporting our clients in Singapore”, an XM spokesperson said. “Our Customer Experience Team is available 24/7 to answer questions and we will ensure uninterrupted access to all trading services, regardless of any changes.”

HANOI: Vietnam is poised to reform its construction permitting regime in a bid to streamline processes, lower costs, and revitalise investor confidence, as part of wider efforts to boost economic competitiveness. Industry experts have long pointed to burdensome administrative procedures—particularly the complexity and duration of securing construction permits—as a key deterrent for both domestic and international investors. Prolonged approval timelines, overlapping regulations and inconsistent enforcement across provinces have not only delayed project execution but also elevated operational costs and eroded trust in the system. The Ministry of Construction is now advancing a proposal to eliminate the permit requirement for projects that have already obtained detailed planning approval. The reform is intended to remove redundant checks, thereby accelerating development timelines and improving capital efficiency across the construction and real estate sectors. Mai Huu Tin, chairman of the Binh Duong Provincial Business Federation, noted that businesses are currently required to seek official permissions even for minor developments, describing the process as increasingly onerous. Le Huu Nghia, director of social housing developer Le Thanh Co, highlighted the inefficiency of repeated verifications of planning compliance across multiple stages—from feasibility studies to construction permitting. The issue extends well beyond housing. Trinh Tien Dung, general director of industrial builder Dai Dung Co, revealed that obtaining a factory construction licence within an industrial park can take up to 18 months—often longer than the build itself—resulting in heightened financial and operational risks. Beyond delays, enterprises often face opaque approval criteria, administrative inconsistency between provinces, and non-transparent costs. Trang Bui, general director of property consultancy Cushman & Wakefield Vietnam, remarked that these procedural disparities frequently compel companies to refile documentation, make repeated amendments, and absorb unnecessary delays. Eliminating the permit requirement could be transformative for the sector. Bui noted that such reform would allow developers to better manage project execution, reduce borrowing costs, and enhance capital allocation—all while maintaining regulatory compliance. Nguyen Thi Bich Ngoc, chief executive of property firm Sen Vang Co, estimated that removing the permitting stage could cut project preparation time by three to six months and lower investment costs by as much as 5 per cent, largely through the reduction of administrative overheads and the avoidance of procedural delays. However, she also stressed the importance of businesses enhancing internal governance and quality control frameworks in lieu of external approvals. Experts agree that the state’s role remains critical in ensuring the success of this transformation. Public access to planning data, the digitalisation of administrative processes, and the establishment of a centralised post-audit mechanism will be essential to uphold standards and safeguard public confidence. Giang Huynh, director of research at Savills Ho Chi Minh City, underlined that procedural reform, supported by digital transparency and audit infrastructure, could significantly improve operational efficiency, accelerate time-to-market, and optimise resource use. However, permit reform alone is unlikely to deliver systemic change. Stakeholders argue that longstanding challenges in land-use planning, valuation, and zoning regulation must also be addressed. These entrenched issues continue to hinder project development and constrain sectoral growth. As Vietnam advances this reform agenda, the integration of regulatory simplification, digital transformation and legal modernisation is expected to catalyse economic activity and enhance transparency across the construction and real estate markets. -Vietnam News

Volvo Construction Equipment (Volvo CE) has confirmed plans to expand and modernise its production facility in Changwon, South Gyeongsang Province, South Korea. The strategic move forms part of a broader global investment initiative designed to enhance the company’s crawler excavator production capacity and better serve growing international demand. The Swedish heavy machinery manufacturer will invest a total of USD 264 million across three key production hubs located in South Korea, Sweden and North America. While Volvo CE has not disclosed a detailed breakdown of the investment per location, it confirmed that the Changwon facility will receive the largest portion of the capital allocation. The investment at the Changwon site will be deployed over the coming years and will focus on increasing manufacturing capacity, improving supply chain resilience and enhancing the plant’s overall responsiveness to market demands. The upgraded facility is expected to play a central role in supporting global volumes and expanding Volvo CE’s operational capabilities in the Asia-Pacific region. Volvo CE highlighted Changwon’s continued importance within its international production network, citing the plant’s strategic competencies in manufacturing, product development and procurement. The facility, which exports more than 80 percent of its total output, currently holds the largest excavator production capacity across the entire Volvo Group. The broader investment plan will also include the establishment of a new excavator assembly line in Shippensburg, Pennsylvania, aimed at meeting the specific needs of the North American market. A decision regarding the Swedish component of the expansion, including the precise location, scope and timing, is expected later this year. By positioning production closer to its major markets, Volvo CE aims to bolster operational efficiency, reduce delivery lead times and offer more tailored solutions. This global expansion is also aligned with the company’s commitment to sustainability, with reduced transportation distances contributing to lower carbon emissions. Melker Jernberg, President of Volvo Construction Equipment, stated, “We understand the need to respond to growing demand and are excited to expand our facilities to serve customers better. This investment underscores our commitment to quality, innovation and competence, allowing us to deliver even greater value. This expansion demonstrates our efforts to respond to customer demand by investing in our crawler excavator business closer to key markets and customers.” -The Korea Herald

Zhejiang Sanhua Intelligent Controls Co has launched its highly anticipated share offering in Hong Kong, aiming to raise up to HK$8.12 billion (US$1 billion), marking a significant milestone in the city’s capital markets revival. The Chinese air-conditioning and refrigeration components manufacturer began taking investor orders on Friday for 360 million shares, as detailed in its listing prospectus. Shares are being offered in a price range of HK$21.21 to HK$22.53 each, with the company retaining the option to increase the size of the offering. Founded in 1984, Sanhua has evolved into a global supplier of components for both household and industrial applications, including sophisticated cooling systems for data centres and thermal management systems used in vehicles. The company is also actively expanding into bionic robotics, a sector it plans to develop further using proceeds from the listing. Sanhua’s shares are scheduled to begin trading on 23 June. According to its prospectus, the company operates over 48 manufacturing facilities across China, India, Türkiye, and the United States. In 2024, it reported a net profit of 3.1 billion yuan (approximately US$433 million) on revenue totalling 27.9 billion yuan (US$3.9 billion), both figures reflecting year-on-year growth. Already listed in Shenzhen since 2005, Sanhua now joins a wave of mainland Chinese firms pursuing secondary listings in Hong Kong. These dual listings have been among the most active segments of the city’s equity markets in recent years. This move follows recent high-profile Hong Kong listings, including Contemporary Amperex Technology Co Ltd, which raised over US$5 billion in May, and Foshan Haitian Flavouring & Food Co, which began bookbuilding for a listing of up to US$1.2 billion this week, with shares expected to list on 19 June. Zhejiang Sanhua’s offering is jointly sponsored by China International Capital Corp and Huatai Securities Co. -Bloomberg

A Chinese-aligned militia is now safeguarding newly established rare earth mining operations in eastern Myanmar, as Beijing reinforces its dominance over the global supply of strategic minerals essential to the green energy transition and high-tech manufacturing. China already holds a near-monopoly on processing heavy rare earth elements—critical for magnets used in electric vehicles, wind turbines and medical devices—but it remains highly dependent on imports of the raw materials. In the first four months of 2025, Myanmar accounted for nearly half of China’s rare earth oxide and metal imports, according to Chinese customs data. However, access to key minerals such as dysprosium and terbium has faced disruption since a major rare earth mining belt in northern Myanmar’s Kachin State was seized by an armed group opposed to the country’s military junta, which Beijing supports. In response, new mining activity has emerged in Shan State, where Chinese miners are now developing deposits under the protection of the United Wa State Army (UWSA), one of Myanmar’s most powerful militias. Two individuals employed at one of the mines reported that over 100 workers are conducting continuous day-and-night operations, using chemical leaching techniques to extract heavy rare earths. Local residents also confirmed the movement of truckloads of material from the mines—located between Mong Hsat and Mong Yun—toward the Chinese border, roughly 200 kilometres away. Satellite imagery obtained by Reuters from Planet Labs and Maxar Technologies corroborates these claims, showing the rapid emergence of leaching pool facilities in Shan State from April 2023 to February 2025. One site had over a dozen pools by early 2025, while another, across the Kok River, had developed 20 pools within a year of initial clearing. The mines are protected by UWSA forces, according to four sources familiar with the operations, two of whom identified militia members by their uniforms. The UWSA also controls one of the world’s largest tin mines and maintains strong commercial and military ties with China, according to the United States Institute of Peace. While official mine ownership remains opaque due to Myanmar’s fragmented business registry system, at least one site is reportedly operated by a Chinese firm with Chinese-speaking management. A Chinese-language company logo was observed at one facility, according to a worker who spoke on condition of anonymity. Patrick Meehan, a lecturer at the University of Manchester who reviewed the satellite imagery, said the Shan mines appear to be the first significant rare earth sites in Myanmar outside of Kachin. “There is a whole belt of rare earths that extends through Kachin, Shan and into parts of Laos,” he said. Independent analyst David Merriman, Director of Research at consultancy Project Blue, confirmed that the infrastructure suggests ongoing production. He expects the Shan deposits to yield terbium and dysprosium—two of the most sought-after rare earth elements. Neha Mukherjee of Benchmark Mineral Intelligence noted that Chinese mining companies can operate in Myanmar at a fraction of the cost elsewhere, with production costs up to seven times lower than in comparable regions. “Margins are huge,” she stated, adding that Beijing’s tight control of extraction technology makes Chinese involvement essential. Prices for these strategic minerals reflect increasing volatility and global sensitivity. Terbium oxide prices have surged over 27% in the past six months, while dysprosium oxide has fluctuated sharply, rising approximately 1% over the same period, according to Shanghai Metals Market data. The rare earth trade has become an increasingly important strategic tool for Beijing amid continued trade tensions with Washington. Earlier this year, China imposed additional restrictions on the export of rare earth metals and magnets following renewed actions by the US administration. The UWSA plays a pivotal role in this equation. The group governs a region roughly the size of Belgium and is reportedly armed with Chinese-supplied weapons. With an estimated 30,000 to 35,000 personnel, it maintains a stable ceasefire with Myanmar’s junta, positioning the territory as a relatively secure zone for strategic resource extraction. “The UWSA functions as a key instrument for China to maintain strategic leverage along the Myanmar-China border,” said Ye Myo Hein, Senior Fellow at the Southeast Asia Peace Institute. Local human rights groups say UWSA security forces control access to the area and restrict movement without identification cards issued by the militia. With Kachin’s rare earth supply increasingly jeopardised by conflict, China’s pivot to Shan could provide it with continued leverage in global supply chains, which remain vital to the automotive, aerospace and semiconductor sectors. “Chinese companies and the Chinese government would see the Wa areas as being more stable than other parts of northern Burma,” said Jason Towers, Myanmar Country Director for the US Institute of Peace. Mukherjee concluded that Beijing’s strategic interest in rare earths is unlikely to wane. “They want to keep control of heavy rare earths in their hands. They use that as a strategic tool.” -Reuters

Japan is reviewing the conditions of its business manager visa, with proposals to raise the minimum capital requirement in an effort to tighten access to long-term residency via commercial routes. The move follows a notable surge in the number of Chinese nationals leveraging the scheme, which currently permits entry with an investment of ¥5 million (approximately US$34,700) or the employment of two full-time staff while maintaining a physical office within the country. The visa allows for stays of up to five years and extends eligibility to accompanying family members, a feature that has bolstered its appeal, particularly among affluent Chinese applicants. Crucially, the programme does not require specific qualifications in age, education, or language proficiency, further contributing to its popularity. According to the Immigration Services Agency, the number of Chinese nationals holding business manager visas has more than doubled from roughly 10,000 in 2015 to 20,551 by June 2024. Chinese citizens now account for over half of all visa holders under this category. Haruko Arimura, a senior lawmaker from the ruling Liberal Democratic Party, has publicly raised concerns over the programme’s accessibility, suggesting it serves as an “easy route to obtain permanent residency”. She warned that its current structure could pose risks to public safety and distort Japan’s business environment. Osaka prefecture has emerged as a hotspot for visa-linked business activities, where some private lodging companies appear to have been founded primarily to satisfy entry criteria, enabling their owners to relocate to Japan. In response, Japanese authorities have increased oversight, recently mandating that applicants demonstrate business viability—either through profitability or access to funding—within two years of arrival, according to Bloomberg. The current threshold of ¥5 million is considerably lower than that of comparable schemes in peer nations. For instance, South Korea’s equivalent visa demands a capital injection of 300 million won (around US$219,300). The Immigration Services Agency is expected to commence formal discussions within the fiscal year to amend visa regulations, aiming to better align the programme with its original objective of attracting skilled professionals. This reassessment is part of a broader tightening of immigration and residency policies in Japan. The government plans to introduce a digital framework to monitor travellers’ data, as per a draft proposal due this month. It also aims to eradicate illegal overstaying through enhanced enforcement and deportation measures, alongside a review of visa and immigration fees to bring them in line with global standards. Labour-related visa programmes, including the technical intern training scheme and the specified skilled worker system, are also undergoing structural reform. These revisions are expected to clarify eligible sectors and introduce defined intake targets. Japan’s foreign resident population reached an all-time high in 2024 for the third consecutive year, climbing 10 per cent year-on-year to approximately 3.8 million. Chinese nationals represent the largest demographic, numbering over 870,000, followed by Vietnamese and South Korean nationals, with 634,361 and 409,238 residents respectively. -SCMP

SINGAPORE: The Chief Executive Officer of the Arts Theatre of Singapore, Mr Koh Chong Chiah, has been awarded S$30,000 in damages after successfully bringing a defamation suit against the Management Corporation Strata Title (MCST) of Oxley Bizhub, an industrial complex located along Ubi Road 1. In a judgment delivered on 11 June, District Judge Seah Chi-Ling found that a letter disseminated by the management corporation contained defamatory statements about Mr Koh, 71, a former senior banker and recipient of the Public Service Medal (PBM). The judge assessed the overall severity of the defamation as “moderately severe”, awarding less than the S$150,000 in general damages initially sought by Mr Koh and rejecting his claim for an additional S$100,000 in aggravated damages. Mr Koh, who leads the Chinese-language drama charity organisation, sued the MCST over a letter distributed in June 2021 to all subsidiary proprietors at Oxley Bizhub. The letter, which bore the MCST’s letterhead, also appeared to be addressed to several government agencies, including the Prime Minister’s Office, the People’s Association, and the Building and Construction Authority. The document accused Mr Koh of bullying, harassment, and the misuse of his PBM title to exert pressure on public agencies. It further alleged that he led a group dubbed the “Oxley Task Force” and that he had vandalised facilities within the building to discredit the management. An email referencing the same letter was subsequently circulated on 10 June 2021 from the management corporation’s email account, requesting support for a petition endorsing its contents. During the trial, six witnesses testified, including Mr Koh, two proprietors affiliated with the “Oxley Task Force”, a management council member, the current chairman, and a consultant from the managing agent. The judge ultimately found four of the five contested statements defamatory, concluding that they suggested unethical behaviour, misconduct and an abuse of public recognition. Judge Seah noted the MCST had initially raised, but later abandoned, defences including justification, fair comment and qualified privilege. While he concluded that the letter had been distributed to all subsidiary proprietors, there was insufficient evidence to prove it had also been sent to government agencies. The court found no confirmation from any recipients and no acknowledgements of receipt. In determining the quantum of damages, the judge identified the defamatory references to Mr Koh’s PBM status as aggravating. He highlighted how the MCST had “deliberately emphasised” Mr Koh’s honorary title by placing it in bold throughout the letter, thereby implying that Mr Koh had betrayed the values that the award symbolises. However, Judge Seah clarified that Mr Koh’s social standing, while enhanced by the PBM, did not place him in the same professional category as prior defamation claimants such as high-ranking executives or elected officials. The scope of publication was considered limited. Although Oxley Bizhub comprises 728 units, the actual number of unique recipients may have been fewer due to multiple unit ownership by some proprietors. The judge also accepted that the MCST’s primary intention was to seek government assistance in mediating its disputes with Mr Koh, rather than to maliciously defame him. The court acknowledged evidence that Mr Koh had submitted numerous complaints to public bodies over the years, with approximately 94 emails exchanged in 2019 alone between Mr Koh’s group and the management. Mr Koh’s claim for an injunction to prevent any future repetition of the statements was also denied, as there had been no republication of the material in the four years since its initial release. -CNA

SINGAPORE : Cuckoo International has revised the pricing of its initial public offering (IPO) in Malaysia, reducing it by 16.3% to RM1.08 per share from the earlier proposed RM1.29, according to a recent filing with the stock exchange. The adjustment is expected to reduce the total value of the offering to approximately RM394 million, down from around RM471 million. The household goods manufacturer had initially planned to list on 30 April but deferred the launch by two months due to volatility in global financial markets. The IPO is now anticipated to conclude by 24 June. Cuckoo International is majority-owned by South Korea-listed Cuckoo Homesys, which holds a 62.5% stake, as outlined in the company’s IPO prospectus. In its draft submission, the firm indicated a substantial portion of the proceeds would be allocated towards acquiring inventory to support the expansion of its rental business. The company underscored the importance of adequate cash flow to finance product purchases and commission payments, both essential to sustaining growth in the segment. -The Star

Qantas Group has announced it will shut down its Singapore-based low-cost carrier, Jetstar Asia, with the airline ceasing operations on 31 July 2025. The decision comes as the group grapples with surging supplier costs, escalating airport fees and intensifying competition within the Southeast Asian budget aviation market. Jetstar Asia will continue to operate flights over the next seven weeks before winding down. The closure affects 16 regional routes, with customers holding bookings on cancelled services offered full refunds. Where feasible, passengers will be re-accommodated on alternative airlines. A spokesperson confirmed that more than 500 employees will be impacted by the cessation of operations. Qantas stated that it is committed to supporting affected staff through redundancy benefits, career transition assistance, and by identifying redeployment opportunities within the Qantas Group and among regional airline partners. The airline currently serves destinations across Malaysia, Indonesia, Thailand, the Philippines, China, Sri Lanka, Japan and Australia, operating approximately 180 weekly flights. Its exit will lead to the termination of exclusive services on four routes: Broome, Labuan Bajo, Okinawa and Wuxi. Jetstar Asia’s fleet of 13 Airbus A320 aircraft will be progressively redeployed to support operations in Australia and New Zealand. Other Jetstar-branded carriers, including Jetstar Airways in Australia and New Zealand and Jetstar Japan, remain unaffected. Changi Airport Group (CAG), in response to the development, expressed regret over the airline’s withdrawal but acknowledged the commercial rationale behind the move. CAG affirmed its commitment to supporting passengers through the transition period and to mitigating disruption. The group is engaging with other carriers to maintain connectivity on affected routes, particularly those exclusively served by Jetstar Asia. In 2024, Jetstar Asia carried approximately 2.3 million passengers through Changi Airport, representing around 3% of the airport’s total passenger traffic. While the airline had expanded its fleet to 18 aircraft in 2019, this was scaled back during the COVID-19 pandemic, later stabilising at 13 aircraft. The Singapore Manual and Mercantile Workers’ Union (SMMWU), an affiliate of NTUC which has represented Jetstar Asia staff since 2009, is currently in discussions with management to ensure fair severance packages. The union is also providing job placement support and career advisory services across the aviation and aerospace sectors. The Qantas Group cited unsustainable cost increases as a primary factor in the closure, with supplier expenses rising by as much as 200% in some areas. Qantas Group CEO Vanessa Hudson acknowledged the contribution of the Jetstar Asia team over the past two decades and reaffirmed the group’s focus on its core markets. The closure is expected to result in a one-off financial impact of approximately A$175 million (US$114 million), with one-third recognised in the FY2025 results and the remainder in FY2026. However, the group noted that the exit will unlock A$500 million in capital to support its wider fleet renewal strategy. Jetstar Asia is forecast to record an underlying loss of A$35 million before interest and taxes in the current financial year. -Reuters