The Afternoon Update with Lynlee Foo

Palm oil can be found in roughly 50% of products on supermarket shelves.  But, this extremely versatile product is also a highly contentious one.  That is because of the way sustainability and ethical concerns surrounding palm oil farming. Golden Agri Resources is a global leader in palm oil production, it says that sustainability is at the heart of its daily operations, and has been for more than two decades, since it became the first Indonesian palm oil company to adopt a Zero Burning Policy in 1997. To find out more about sustainable palm oil production - Rachel Kelly spoke with Anita Neville, Vice President of Corporate Communications and Sustainability Relations, Golden Agri-Resources.

The airline sector starts the second half of the year with investors looking for the recent hot streak in share prices to extend. US airline shares saw big gains in June - but was the same case for Asia? Shares of Singapore Airlines were also rallying earlier this year, but saw a recent slump after a block of shares amounting to nearly 3% of the float were traded. So has the rally in SIA shares fizzled out? On Money in the Market, Hongbin Jeong speaks to Shukor Yusof, Founder, Endau Analytics to find out more. 

Following a historical high level of central bank gold buying, gold continues to be viewed favourably by central banks as a reserve asset. And that’s according to the World Gold Council. But why this strong demand? What factors in the current market are leading central banks to rely on gold? On Money in the Market, Hongbin Jeong speaks to Shaokai Fan, Head of Asia-Pacific (ex-China) & Global Head of Central Banks, from the World Gold Council, to find out more.

The recent political instability in Russia marginally impacted commodities. Which commodities were impacted the most? And how are commodity markets faring at the moment? On Money in the Market, Hongbin Jeong speaks to Stephen Stapczynski, Energy and Commodities Reporter at Bloomberg, to find out more. 

As city dwellers, we spend about 90% of our time indoors. But, have you ever wondered about the sustainability of the building around you? From the energy used to the carbon footprint - there are now tools available to help business calculate the sustainability of a building. Corporate Facility Partners or CFP Green Buildings, a green real estate company from the Netherlands, has unveiled its innovative Green Buildings Tool in Singapore. Rachel Kelly speaks to Olivier Noorduyn, Head of International Partnerships at CFP Building to find out more. 

Home Credit is a global consumer finance provider, and they’ve released its third group sustainability report, covering the year 2022. The report highlights the company’s progress in serving its customers and communities in a sustainable way, through the promotion of responsible finance and digital empowerment across its markets. On Money in the Market, Hongbin Jeong speaks to Jan Ruzicka, Chief External Affairs Officer, Home Credit, to find out more about how Home Credit has made headway on its ESG commitments with the delivery of several initiatives, and how that has helped an uptick in those seeking financial services, especially in emerging markets.

On The Afternoon Update, Hongbin Jeong is joined by Geoff Howie, Market Strategist from the SGX for a market wrap of the week. They discuss STI's performance in the past week; the biggest movers; whether the tumble SIA shares is only a short term; Singapore’s manufacturing output data; if Singapore's in for a technical recession; the impact of the recent Russia's crisis on Singapore markets; the outlook on US equities; as well as what to look out for in the week ahead. 

In its midyear outlook, HSBC Asset Management said the U.S. will enter a downturn in the fourth quarter, followed by a “year of contraction and a European recession in 2024.” These recessionary fears, coupled with geopolitical uncertainties, haven't been music to the ears of US equities, which posted their worst week since March last week. So can we expect US equities to rebound? Asian markets as well have been jittery. China’s CSI 300 Index, which tracks the 300 most valuable stocks on the Shanghai and Shenzhen exchanges, has dropped nearly 9.3 per cent from a January high. Will Chinese stocks stage a recovery in the second half of 2023? On Money in the Market, Emaad Akhtar speaks to Danish Lim, Market Analyst, Phillip Nova, to find out more.

Singapore’s Economic Development Board (EDB) revealed a downturn in the nation’s manufacturing output in its latest report released yesterday. The data shows a 10.8% decrease in manufacturing output in May 2023 compared to the same period last year.  This represents eight straight months of decline and has prompted economists to once again warn of a heightened risk of a technical recession. What are the major concerns and silver linings - if any - stemming from this data? On Money in the Market, Emaad Akhtar speaks to Song Seng Wun, Economist, CIMB Private Banking, to find out more.

Merger and Acquisition deal volumes in Asia for 2023 have been at the lowest levels since 2013, with Refinitiv data showing M&A value for January through June dropping 41 percent to reach $362 billion. So why have deal volume suffered so much in the first half of 2023? Narrowing in on the tech sector, what do these M&A numbers mean for growth prospects within the tech ecosystem? On Money in the Market, Emaad Akhtar speaks to ShaurayaBhutani, Co-Founder & Partner, Capital Connect Advisors to find out more.  Highlights: 1:13 - Why has deal volume suffered so much in the first half of 2023? 5:20 - What does it mean for the tech ecosystem and growth prospects? 8:38 - What is the outlook for Tech sector M&As in the second half of 2023 and moving forward into 2024? 9:53 -  Why have tech sector IPOs also witnessed a downward trend? 12:24 - Is this the right time for entrepreneurs to start a business in the Southeast Asian tech sector?