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Bloomberg News reports that DBS is working on a succession plan for its long-serving Chairman Peter Seah.
Bloomberg News reported on Wednesday that DBS Group is working to develop a succession plan for its long-time chairman Peter Seah. Seah has been the leader of the bank for over 16 years. He has performed his duties in leading the lender ever since he joined the board in 2009. DBS responded to Bloomberg's questions by saying that Mr. Peter Seah is still non-executive Chairman of DBS Group Holdings. DBS didn't immediately respond to an inquiry for comment. According to the website of DBS, Seah is a veteran Singaporean banker who has served as non-executive chairperson and chairman of DBS's board executive committee, and Hong Kong branch. Bloomberg reported that he was reelected as chairman during the most recent annual shareholder's meeting of the bank in March. He also serves as the Chairman of Singapore Airlines, since 2017. Seah served as 'chief executive' of Overseas Union Bank from 2001 to 2005, and at Singapore Technologies. DBS, during his tenure as CEO, became the first Singapore stock to reach a market capitalization of S$200 billion (156.60 Billion) earlier in July. The lender raised its full-year guidance earlier this month while reporting an 9% increase in its second quarter net profit.
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The little reactors who could? Maguire: How SMRs have become nuclear's best option.
Each energy transition has a favorite underdog. Small modular reactors (SMRs), which are the latest in a race to produce enough clean and reliable electricity in the United States, are increasingly taking on this role. There are still significant obstacles to overcome and the technology is still largely unproven. A combination of increasing power demand, supportive policies, regulatory reform, and growing investor interests has transformed the SMR from a "speculative" concept to what could be nuclear power's greatest growth opportunity. Power Pinch The shift to?SMRs is a result of the increasing demand for electricity, mainly from artificial intelligence data centres, industrial reshoring and electrification, as well as new manufacturing investments. The U.S. Department of Energy cited the growing demand for electricity as a major reason to accelerate nuclear deployment. This creates new opportunities for technologies that can deliver?round-the-clock energy?without emitting carbon. The wind and solar power generation continues to grow, but utilities, policymakers and industrial customers are looking for more reliable sources of energy that aren't dependent on the weather. Why modular matters more than small The term "small modular reactors" can be misleading. It is not the size of the reactors that makes them so attractive. Smaller reactors do sacrifice some economies of scale, which have historically been favored by large nuclear plants. The word "modular" holds the promise. Nuclear plants are some of the most complex projects to build anywhere in the world. The plants are largely constructed on-site, require thousands to work and often face long delays which drive up the cost. The industry's financial troubles are largely due to difficult construction. SMRs are designed to change this model. Instead of building huge facilities from scratch, developers hope that they can manufacture major reactor components, ship them to the site, and assemble them using standard designs. This approach, if successful, could reduce construction risks, shorten timelines, and ultimately lower costs. The vision is simple: transform nuclear power from construction into a manufacturing business. A STRONG BACKING Political climate has also become more favorable. The ADVANCE Act is a bipartisan law that will be signed into law by the Nuclear Regulatory Commission in 2024. It directs them to streamline licensing, reduce certain regulatory costs and create more efficient deployment pathways. The program also supports regulatory approaches that are tailored to advanced nuclear technologies and encourages the development of former fossil fuel sites. This may seem like a matter of regulatory housekeeping. Investors, however, often place equal importance on predictability and innovation. Financing a reactor that is subject to years of uncertainty in its reviews can be difficult. A reactor that operates within a more defined regulatory framework is easier to finance. Fuel is another bottleneck that the federal government is trying to resolve. Many advanced reactor designs are based on HALEU, which is high-assay-low-enriched uranium. The United States did not have a domestic fuel supply chain until recently. The Department of Energy has undertaken a number of initiatives to develop the fuel and enrichment infrastructure needed for commercial deployment. In an effort to promote advances in the entire reactor spectrum, the Department of Energy also supports?the development of sodium-cooled reactors and gas-cooled reactors as well as molten-salt reactors and so-called Microreactors. Washington no longer supports only reactor developers. It tries to create the ecosystem that they need to be successful. REGULATORY REACH The advanced reactor industry has long complained about trying to fit 21st century technologies into 20th century regulatory frameworks. Many reactors proposed use fuels, coolants, and operating concepts that are different from the conventional light water reactors which dominate the fleet. Licensing these reactors often involved navigating through a maze exemptions and reviews. The NRC’s new Part-53 framework is intended to create a licensing path that is more risk-informed and technology inclusive. Regulators are trying to accommodate a wide range of reactor designs while maintaining safety standards, rather than forcing all designs through the same licensing process. These changes, while they may seem technical, address a major problem in the industry. Scalable regulation is required for a scalable industry. MOVE INTO THE?BUILDING PHASE The optimism has also increased because advanced reactors have finally moved beyond concept studies and investors presentations. TerraPower's Natrium Project in Wyoming has reached major construction and permitting milestones. This is one of the most clear examples of a commercially deployable advanced reactor. The project, which is near an aging coal power plant in the area, illustrates how advanced nuclear can potentially replace fossil fuel generation by reusing grid infrastructure and existing workforce expertise. In an industry that often seems stuck in the future, progress is important. Investors are more likely to trust construction sites rather than PowerPoint promises. TOUGH TESTS Ahead This does not guarantee success. SMRs face formidable challenges. Supply chains need to be created. The manufacturing capacity must be expanded. Utilities should commit to unique projects. Developers must also prove that deployment costs are falling. In fact, today's industry faces a new challenge. It is not primarily scientific. It's industrial. Can reactor modules at large scale be produced? Can projects be duplicated rather than reinvented? Costs can be reduced by repetition, just as they have in industries from aerospace to automobile manufacturing? Can a reactor be a product instead of a project, and what is the most important thing to consider? History of technological progress teaches a simple lesson. Innovations are rarely able to transform economies at the time they are created. They transform economies once someone figures out how they can be manufactured repeatedly, inexpensively and in large quantities. The SMR industry may now be approaching this point. The future of advanced nuclear no longer depends primarily on the ability to prove that new reactor concepts are viable. It is more important to prove that the reactors can be constructed predictably, affordably financed, and repeatedly deployed. SMRs are the best choice for nuclear power. Their promise no longer relies on a major breakthrough in reactor design. The foundation of the project is a more pragmatic, but potentially more consequential, breakthrough - teaching the nuclear industry to build reactors in the same way that successful industries build their products. It is not necessary that the little reactors which could succeed in the end, because they have reinvented nuclear physics. They reinvented the nuclear construction. These are the opinions of the columnist, who is also an author. This column is great! Check out Open Interest, your new essential source for global financial commentary. Follow ROI on LinkedIn, X and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a week. (Reporting and editing by Jamie Freed; reporting by Gavin Maguire)
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Italy's space industry faces a test as Europe rearms
As defence and government clients prefer larger suppliers that are able to handle complex programmes, the fragmented space industry in Italy is under increasing pressure to consolidate. This shift is part of a wider push in Europe for strategic autonomy, particularly when it comes to defence and critical technology, as governments react to the?Russian invasion of Ukraine?, tensions with China, and uncertainty?over future U.S. commitments to security. Italy's space sector, which is known for its specialized engineering but is still dominated by smaller and medium-sized firms, faces a challenge in achieving the financial and scale strength necessary to compete with large companies without losing their flexibility. Executives in the industry say that access to capital is still a major problem. Alessandro Franzoni CEO of optical instrumentation specialist Officina. Stellare said that "in Italy, we used say'small' is beautiful, but this is not true." Customers Want More Than Components Leonardo, Italy’s largest aerospace company and defence firm, has said that new projects require integrated technology capabilities, industrial reliability, and the ability to manage increasing complexity. A spokesperson stated that "when selecting and developing their?supply chains, the group favors suppliers who can offer solid expertise, production capability, resilience, and operational continuity." Qascom, a satellite navigation and cybersecurity specialist, said that customers expect suppliers to offer products, hardware, and industrial capabilities, and not just engineering expertise. Alessandro Pozzobon, co-founder and CEO of Alessandro Pozzobon, told employees: "You must grow because staying small is not an option." The Scale Advantage As the space sector in Europe becomes more closely linked to security and defence priorities, pressure is increasing. The European defence build-up, and the growing demand for dual use technologies that can be used both for civilian and military purposes has increased the importance and resilience of industrial capacity. Elon Musk’s SpaceX's success has highlighted the benefits of scale, vertical Integration?and capital access enjoyed by larger industry participants. Giuseppe Acierno is the president of DTA Aerospace hub in Apulia (southern Italy). It is a trend which should be encouraged. Renato Panesi is the chief commercial officer of Italian space logistics firm D-Orbit. He said that Europe continues to be disadvantaged due to fragmented programs and a weaker access private funding than in the United States. Yet consolidation brings risks. Qascom stated that much of Italy’s fragmentation is due to deep technological specialisation. Smaller firms are occupying highly competitive niches globally in navigation, cybersecurity, and advanced communications. Executives say that the challenge is to find ways to increase scale without sacrificing innovative thinking. Funding the next champions Funding is needed to build larger companies. Intesa Sanpaolo launched a program in July with the European Investment Bank, European Space Agency and Intesa Sanpaolo. The programme is expected to provide up-to EUR300 million ($347 millions) of financing to aerospace SMEs. ESA Director general Josef Aschbacher stated that for many space SMEs the main barrier to growth isn't technology but rather access to capital. The Interministerial Committee for Space and Aerospace Research Policies in Italy estimates that the aerospace sector of Italy will receive EUR7,8 billion as investment and program funding by 2028. This includes EUR3.5 billion tied to Italy's participation to ESA programs. Some companies have found that acquisitions are the fastest way to achieve the scale their customers demand. Officina Stellare and Global Aerospace Technologies Group merged in June to create an aerospace-and-defence platform with a backlog of pro forma?orders of EUR192million. Franzoni stated that the deal was intended to combine complementary technology, strengthen vertical integration, and broadening the group's offerings. "I now see an opportunity for further aggregation, mainly in Italy." He said that they were looking for technology synergies and production synergies. Officina Stellare reaffirmed this?strategy' in July by acquiring electric motor specialist Mavel. D-Orbit also expanded by acquisitions. It bought Earth observation specialist Planetek, before raising fresh capital to fund more deals. Panesi stated that the M&A strategy was driven by the acquisition of new capabilities and services for government, military and commercial satellite operators. Recent contracts seem to show this shift. Officina Stellare secured this month a EUR6.5million contract with Leonardo for optical communication terminals, and another worth EUR7million from the Italian Space Agency to conduct an Earth observation program. The company claimed that the awards demonstrated its ability to go beyond technology development and provide integrated systems at an industrial scale. The question for industry executives is not whether or not Italy's space firms need to grow. The question is whether a sector built around specialised SMEs will be able to secure the scale and capital needed to compete on a changing European Market before foreign acquirers or competitors do it for them.
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Air New Zealand appoints former Air India CEO Campbell Wilson to its board
Air New Zealand announced on Wednesday that it will appoint Robert 'McDonald and former Air India CFO Campbell Wilson as members of its board. This appointment is effective on September 24 when the annual shareholders meeting takes place. These appointments are made as New Zealand's national airline deals with delayed aircraft deliveries, engine problems that persist and high fuel costs resulting from the Middle East conflict. Campbell Wilson, a New Zealander by birth, has more than 30 years of aviation experience. After nearly four years as chief executive of Air 'India, he stepped down in early April amid persistent losses and increased scrutiny after a crash that killed 260 last year. Wilson was the founder of?Scoot - Singapore Airlines' low cost unit. In his long career at Singapore Airlines, Wilson helped to shape Scoot’s informal, irreverent cultural ethos within a more conservative, larger organisation. Robert McDonald, on the other hand, is currently a director of FleetPartners Group and he serves as a director for Contact Energy. (Reporting by Shivangi Lahiri in Bengaluru; Editing by Diti Pujara)
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Port of Los Angeles reports high volume in July, boosted by retail goods and AI project parts
Port of Los Angeles' executive director announced on Tuesday that the port, which is America's busiest seaport by volume, had achieved its second highest?volume? for July. This was boosted by a resilient demand for consumer products and equipment used in manufacturing and data centers construction. Executive director Gene Seroka stated that the demand for a strong August should be supported by a positive result. Analysts and traders closely monitor ocean container imports as an early indicator of U.S. economy activity. Data from the Port of Los Angeles showed that it processed 960 464 20-foot equivalent unit (TEU) containers last month. This included 499 552 TEUs for imports. The adjacent Port of Long Beach, which is located just a few miles away, reported last week that it had its second busiest July, after handling 928.508 TEUs in total, including 467.461 TEUS of imports. Seroka told journalists that based on the current situation, he expects to move more than 900,000.00 container units during August. Seroka, along with other industry experts, said that peak season arrived 'early this year' and many holiday goods have already been delivered. Some retailers have front-loaded their goods due to the 10% global Section 122 Tariffs expiring in late July. After a period characterized by uncertainty, the 10% global Section 122 tariffs expired in late July. Seroka stated that the current pace of imports would not last forever. Seroka cited a forecast by the National Retail Federation for a strong increase in imports during August, with progressively reducing imports through the end the year. Container shipping, a $120 billion industry, has traditionally relied on the retail sector to drive its peak season and the industry as a whole. Experts say that the industry's dependence on retail appears to be changing as the U.S., and other countries, race to build data centers and fortify their?electric grids to support AI. Vincent Clerc said, "What's in a container is changing," on Maersk's earnings call, last week. Clerc explained that for many years, a typical container from Asia contained goods such as clothing, furniture, and shoes. He said that the industry now moves Asian products linked to electrification, and the race to increase power capacity. These include parts for windmills, solar panels and turbines, and cooling units used in data centers.
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The government confirms that the ferry was over-capacity.
The government said that the ferry, which capsized last week on Lake Kariba in 'Zimbabwe, was carrying 180 passengers. This is double the number of people the police had estimated. The Herald, a state-controlled newspaper in South Africa, reported that it was the worst transport disaster to have occurred there since 1991. That bus crash claimed 89 lives. The boat capsized as it was traveling from a town in northern Zimbabwe called 'Kariba' to a rural community located on a lake after being hit by powerful?waves. Police said that the ferry was only meant to carry 90 people, last week. The government statement didn't specify the maximum number of passengers that could have been aboard, but it did say that the?180 people and goods on board exceeded the "carrying capacity". The police put the death toll at 94 on Tuesday. The government released a statement after a cabinet session that said 77 people had been rescued to date, and search-and-recovery operations are still ongoing. Lake Kariba is one of the largest reservoirs in the world. It's located on a border between Zimbabwe and Zambia. (Reporting and writing by Chris Takudzwa, Nilutpal Timsina, Editing by Alexander Winning & Alison Williams).
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Canada's oil producers target late 2027 for Pathways carbon capture decision
The president of Oil Sands Alliance, an industry group that represents Canadian Natural Resources, Imperial Oil, Suncor Energy, Cenovus Energy and ConocoPhillips Canada, said in an interview this week that the country's largest oil producers plan to make a final investment decision by late 2027 on their 6-million-tonne "carbon capture and storage" project. This is a critical part of the country's plans to increase oil production while keeping emissions under control, according the Oil Sands Alliance. Kendall Dilling, the head of the industry group representing Canadian Natural Resources (CNR), Imperial Oil (Suncor Energy), Cenovus Energy (CenocoPhillips Canada), and ConocoPhillips Canada said this week in an interview that he believed oil sands firms would reach a definitive agreement with Alberta and federal governments by mid-November on fiscal terms, which could pave the way for the decision to go ahead with a multi-billion dollar Pathways project. Dilling stated that the window for an upcoming launch is "late 2027 to early 2028". The Pathways project is a proposed CO2 transport pipeline and storage hub, which could reduce greenhouse gas emission from Canadian oil sands. It's part of a nonbinding agreement that was signed by Alberta and Canada earlier this year, who agreed to work jointly to increase the country's oil production. Mark Carney, the Canadian Prime Minister, is working to strengthen the oil and gas industry as part of a plan to increase the resilience of the Canadian economy against President Donald Trump's tariffs. However, he says that he remains committed to combating climate change. Mark Carney has endorsed Alberta’s vision for a new pipeline that would export 1 million barrels per day to the Pacific Coast. However, he has stated that his support depends on whether the Pathways project is completed. Oil sands firms, who first proposed the project for 2021, but balked at its construction costs, signed an agreement with both governments in July. The agreement outlines the conditions necessary for Pathways to be implemented, such as agreements on carbon pricing, financial assistance, and permitting. Many of the policy changes proposed have yet to be drafted into legislation. Project Scaled Down Environmentalists have criticized the Oil Sands Alliance over the scaling down of the project. The original goal was to reduce emissions by 22 million tonnes?by 2030. Dilling, however, said that the agreement between industry and government -- 6 million tonnes of emissions reduction by mid-2030s with an "additional" 10 million tonnes?by 2045 -- was a better, more balanced middle ground. He said: "The (prior) proposal was a very aggressive timeline and scale that I thought would have been difficult to manage, and contain costs." Some oil and gas executives publicly criticized the decision to link the approval of the Pathways project with the approval of the new?oil pipe. Cenovus CEO Jon McKenzie stated in June that Pathways may cost as much as C$30 billion. This would make Canadian producers who are also subjected to a federal carbon tax uncompetitive. Dilling said that while the industry is concerned about its competitiveness, it's not accurate to say they have soured on carbon?capture. He said: "Today the global focus on climate change has definitely mellowed, but as an industry we are taking a long-term approach here." "So if in 10 years, the discussion of emissions per barrel is important globally again, we won't be on our heels." We have been on the front foot." Amanda Stephenson, Calgary reporter; Paul Simao, editor
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After 12 years, the US has lifted security restrictions on ships coming from Nigeria
Adegboyega Oyetola, Minister of Marine and Blue Economy, announced on Tuesday that the United States had lifted the security restrictions on vessels coming from Nigeria after more than 10 years. This move is expected to reduce shipping costs and increase the competitiveness in Nigerian ports. The U.S. Coast Guard introduced the restrictions known as Conditions of Entry in June 2014. They required that vessels bound for "the United States" who had visited certain Nigerian ports recently to "comply with enhanced security measures and undergo increased scrutiny before entering U.S. water." The Coast 'Guard' said Nigerian ports failed to maintain effective anti-terrorism procedures, citing deficiencies with the legal framework, oversight by the designated maritime security authority and access?control. Oyetola said the decision was made in response to improvements in the maritime safety framework and compliance with International Ship and Port Facility Security Code. U.S. authorities were not immediately available for comment. The lifting of restrictions means that vessels calling in Nigerian ports before sailing to the United States are no longer subject to additional security requirements imposed by the program. Oyetola stated that the move will help improve vessel turnaround times, increase schedule reliability and make Nigerian port more attractive for international shipping lines. Nigerian Maritime Safety and Administration said that the U.S. Coast Guard conducted four assessments between March 2024 to April 2026 of Nigeria's maritime safety systems and port facilities. The industry has long claimed that these restrictions increase?operating expenses through increased inspections, documentation and security requirements, as well as delays, higher freight costs and increased insurance rates.
Shiprocket, backed by Temasek, reaches $1 billion valuation following a strong India debut
Shiprocket, which is backed by Temasek, saw its first-ever?trade soar as much as 48.6% on Wednesday. It was valued at 100.1 billion rupees (about $1.05 billion) as investors bet on the?technical approach of the logistics?firm to capitalize on India's rapidly expanding e-commerce eco-system.
The shares were trading at 142 rupees each, as opposed to the original issue price of just 97 rupees.
Analysts predict that India's retail gross merchandise value will grow by 20% to 25% annually between 2025 and 2030. This growth is due to a combination of factors, including increasing internet penetration, digital payment adoption, and increased demand from consumers in smaller cities and towns.
Shiprocket is a logistics platform that manages shipping, fulfillment, payments and other online commerce operations.
Geojit Financial Services wrote in a report last week that the model's technology-driven, asset-light approach supports scalability, efficiency and debt reduction. The IPO proceeds are expected to increase profitability.
Shiprocket is one of India's biggest technology listings for this year. It comes on the heels of a pickup in primary market activity after a muted first half this year. It is the third Temasek backed company to list in August after Manipal Health Enterprises, and Milky Mist Dairy Food.
Shiprocket intends to use the proceeds of its IPO for?investments into technology and product developments, strategic acquisitions and expanding?its fulfilment and logistics network.
The IPO received 99.4 subscriptions, with retail investors bidding 48.4?times as many shares set aside while institutional investors bid 122.8 times. $1 = 95,7500 Indian Rupees
(source: Reuters)