Money Matters with Hongbin Jeong and Chua Tian Tian

This conversation is set to help you cool down in sunny Singapore.  Our guest for today is Carrier Corporation, which is a leading global provider of sustainable and intelligent building and cold chain solutions.  The firm is mainly focused on three business areas, namely heating, ventilation and cooling or HVAC, refrigeration and fire and security.  In total, the segments generate US$20.4 billion in net sales for the year of 2022, with Asia Pacific contributing some 17% to the figure.  With the global heating, ventilation and cooling (HVAC) system market projected to grow to US$228.74 billion by 2030, how does Carrier intend to capture growth looking ahead? What is its area of focus within Asia and particularly in the Southeast Asian markets of Singapore, Malaysia and Brunei? Meanwhile, Carrier had in April announced strategic actions to transform its business portfolio and establish itself as a pure-play, global leader in intelligent climate and energy solutions. But what were the reasons behind that? On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to  Chong Wai Yen, Managing Director, Carrier Corporation.

The global luxury market continues its upward trajectory and is projected to reach a record €1.5 trillion in 2023, according to a new report from Bain & Company and Italian luxury goods association Altagamma. This represents an 8-10% growth over 2022, proving the sector’s resilience amid economic uncertainty. What trends will shape the luxury industry in 2024 and beyond? And as markets shift and consumer preferences change, how should luxury brands adapt in order to stay competitive? Federica Levato, Partner at Bain & Company & Leader in Global Fashion and Luxury Goods Practice explains. 

Singapore stocks opened weaker today following overnight losses on global markets. In early trade, the Straits Times Index (STI) headed down 0.1 per cent to 3,080.87 points after 19.5 million securities changed hands in the broader market. Meanwhile, international headlines are in focus today with investors mulling a private sector survey which showed China’s services activity expanded at a quicker pace in November.  Also in focus today – Nvidia’s CEO Jensen Huang’s comments that the firm will build a network of semiconductor plants in Japan, as well as US consumer spending outlook and gold prices.  On Market View, Drive Time’ finance presenter Chua Tian Tian unpacked the developments with Ken Shih, Head of Wealth Management, Greater China, SAXO Markets. 

It is not uncommon for employees to use their corporate devices to hunt for tempting gift deals. This allure of online shopping and festive cheer also unfortunately brings with it an increased risk of holiday scams, which for businesses can lead to the compromise of sensitive corporate data and financial losses. So what are the risks associated with employees using corporate devices for personal holiday shopping? Lindsay Brown, Vice President and General Manager, Asia Pacific and Japan, GoTo shares how a secure IT infrastructure can help safeguard employees from scams in this shopping holiday period. 

Omakase, seafood buffet, beef steaks and warm bowls of ramen or perhaps delicious bowls of bak chor mee, or minced meat noodles topped with a dash of tangy black vinegar. You might have seen countless videos of people recommending restaurants and eateries serving delectable meals on social media, but have you ever how many of them do you end up remembering and trying out?  Well, that’s the problem that our guest for today, Drigmo, aims to solve. Founded by ex-Googlers in 2022, Drigmo aims to be a Spotify playlist, but for food.  Put simply, it is a social app where users create their own restaurant lists, organise the places on a map, and bring the list to life by adding notes, pictures and videos. Users can also see what their friends have on their lists and save discoveries from them.  The app was first announced in Singapore via TikTok in March this year. Since then, users have saved over 45,000 places and created over 15,000 tags on the platform. According to a DealStreetAsia article, the firm hopes to disrupt Google’s restaurant reviews.  So how does the firm define the industry it operates in and its positioning strategy?  More importantly, how much money is in the restaurant review business and what does Drigmo’s growth trajectory look like in the near future? On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Pieter Walraven, Co-founder, Drigmo.

From China’s Communist Party signaling further delay to third plenum to China Evergrande Group granted an adjournment of a court hearing into a liquidation petition to January 29.  Dr. Oh Ei Sun, Senior Fellow, Singapore Institute of International Affairs gives us an analysis of those headlines and more. 

If money and accolades bring many of the finer things in life, why are "successful" Singaporeans still unhappy, unfulfilled, and dissatisfied? In fact, today 80 percent of senior executive leaders and C-suites in Singapore are on the verge of quitting, with Singapore losing S$16 billion a year because of crippling mental health conditions that lead to high absenteeism and low productivity.  Kellyjo Coney-Khan, Founder and Psychotherapist, Tidylodge shares with us stubborn barriers to achieving better mental health in Singapore, especially for C-Suites and high-net-worth working professionals. 

There is no better time to shop in a year with the upcoming year-end sales fast approaching. Shopping has become increasingly convenient and exciting with the rise of e-commerce and alluring sales, both offline and online. In tandem with this evolving retail landscape, how can retailers meet consumer demands and maximize profitability?  George Pepes, APAC Vertical Solutions Lead, Healthcare and Retail, Zebra Technologies explains the approaches retailers must take to satisfy shoppers’ needs for this upcoming holiday season as well as the key ingredients needed to successfully operate a modern store.

Singapore stocks were pulled into positive territory at the open after stocks on Wall Street and Europe closed the previous week higher. In early trade, the Straits Times Index headed up 0.2 per cent after 64.8 million securities changed hands in the broader market. In terms of companies to watch for today, we have Singtel. The telecommunications provider has secured its first green loan, amounting to S$535 million over a five-year tenure, from Singapore’s trio of local banks and Standard Chartered.  Elsewhere from Singapore getting ready to list active exchange-traded funds (ETFs) to China Evergrande granted an adjournment of a court hearing, more local and international headlines remain in focus. On Market View, The Evening Runway’s finance presenter Chua Tian Tian unpacked the developments with David Kuo, Co-founder, The Smart Investor.

Today we’re going to talk about a company formed from the merger of one of the world’s largest privately-owned fragrance & taste companies, Firmenich, as well as, DSM, a company who’s touted as a global, purpose-led leader in nutrition, health and well-being.  Formed in May 2023, the combined entity DSM-firmenich defines itself as an innovator in nutrition, health and beauty, with over 150 years of R&D experience.  The firm boasts a team of close to 30,000 employees across four main business areas, namely: (a) Perfumery and beauty, (b) Taste, Texture and Health, (c) Health, Nutrition and Care and (d) Animal Nutrition and Health.  In particular, the former Firmenich brought in over 4 million consumers it serves in over 100 markets several times a day in the fragrances and flavour markets through items like shampoo, shower gel and fine fragrance, including Ariana Grande’s R.E.M and Calvin Klein's CK One. But how important will the perfumery business be in the newly merged company financially, and how will this influence the strategy ahead for the perfumery business?  Meanwhile, DSM-firmenich remains big on innovation on the perfume side of things. It had in October unveiled five new natural extracts from its Firgood Technology, but what does this mean for the firm where top and bottom lines are concerned?  On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Levenza Toh, VP, Perfumery, SEA, Japan & Korea at DSM-Firmenich.