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Samsung Redefines Luxury with Bespoke Infinite Line

Built for discerning homeowners who appreciate timeless value perfected by cutting-edge innovation and fine craftmanship

SINGAPORE – Media OutReach – 27 March 2023 – Samsung Electronics Singapore unveiled the new Bespoke Infinite Line, which includes three freestanding productsa Wine Cellar, Fridge, and Freezer, featuring timeless design that combines refined lines with high-quality panels and finishes. The Made-in-Korea lineup is equipped with features that offers superior level of convenience, and beautifully complements any existing kitchen décor with its minimalist simplicity.

The Bespoke Infinite Line – a new class of luxury

The Bespoke Infinite Line Wine Cellar is Samsung’s first full-height wine storage appliance. Tapping into the desire of wine enthusiasts and collectors, the Bespoke Infinite Line Wine Cellar is not just a wine storage space, it is a must-have statement piece that offers an elegant showcase of wine collection and innovative wine storage solutions.

“Our Bespoke line has resonated with many homeowners for its aesthetic and remarkable performance. Bespoke’s contemporary modular take on refrigeration solutions removes the need to discard or replace your fridge as your lifestyle evolves. For Bespoke Infinite Line, we combined that versatility with a design that exudes luxury, refined finishing, coupled with premium materials that is sure to remain stylish for years,” said Gavin Yeong, Head of Digital Appliances, Samsung Electronics Singapore.

The Bespoke Infinite Line contemporary modularity offers incredible possibilities of configuration.

The Bespoke Infinite Line beautifully made to complement any kitchen with its built-in look.

Timeless Design for Every Kitchen
With a timeless aesthetic that reflects the latest trends, the Bespoke Infinite Line is built to last. Distinguished by its refined lines, the Infinite Design harmoniously blends into modern kitchens and will stand the test of time. Its smooth surface, metallic Timeless Greige finish with premium aluminium exterior, are complemented by an elegant gold copper-edged frame.

Made to fit coherently to achieve a built-in look, the Bespoke modularity element also allows homeowners to customise and seamlessly combine multiple modules into one unit. The 1-Door Fridge and 1-Door Freezer can be enhanced with the Bespoke Infinite Line Wine Cellar or vice versa, to create the perfect modular configuration to suit homeowner’s lifestyle.

The interior is bright and refined with its Tunnel Lighting and Black Metal Cooling, the two features that epitomise elegant balance of form and function. The Tunnel Lighting on the frame not only enhances the aesthetic, but beautifully illuminates the interior with light from every direction. Applied to the duct and door, Black Metal Cooling not only creates a sense of depth, but also makes it easier for the cooling units to efficiently maintain its cold temperature inside to ensure the freshness of your produce.

The Bespoke Infinite Line Wine Cellar comes with a high-performance Triple-Glazed Glass Door that blocks and reflects UV rays[1], to prevent harmful ultraviolet rays from chemically altering the quality and taste of the wines. The natural wood racks are crafted from high-quality natural oak wood that reduces quality-diminishing vibrations. There is also a presentation zone within the wine cellar for homeowners to showcase their most prized wine collections.

Close-up of the Infinite Design panel

Natural wood racks add sophistication to the Wine Cellar


Ultimate Convenience for Homeowners

When it comes to luxury kitchen design, nothing is more exclusive than kitchen appliances that fit seamlessly into the cabinetry to achieve a built-in look, coupled with outstanding performance. The Bespoke Infinite Line is equipped with features that provide users the ability to store and access the cooling units under ideal conditions.

The Auto Open Door features a sensor on the side[2] that automatically opens the door when touched[3] for convenient access. The built-in sensor means there is no protruding door handles to get in the way, and the minimal look addresses modern consumers’ demand for clutter-free designs.

A 1.4-liter AutoFill Water Pitcher found in the Bespoke Infinite Line 1-Door Fridge enables users quick and easy access to refreshing, cold filtered water, anytime. The dishwasher-safe[4], BPA-free[5] AutoFill Water Pitcher automatically fills with filtered water as soon as it is placed in the fridge. It also offers the option to create deliciously flavoured beverages by adding any fruits or herbs in its built-in infuser.[6]

The Dual Auto Ice Maker in the 1-Door Freezer will ensure that users always have plenty of ice by automatically creating Whisky Ball Ice or Cubed Ice.

The AutoFill Water Pitcher adds flavour to water with fruit infusions or even brew cold iced tea in the fridge.

Dual Auto Ice Maker offers the true convenience with 2 types of ice.


Innovatively Designed to Optimise Storage and Freshness

The Bespoke Infinite Line offers flexible storage options that allow users to store different foods under optimal conditions, keeping everything deliciously fresh.

The Bespoke Infinite Line Wine Cellar consists of Triple Temperature Zone with three separate temperature-controlled compartments that create an optimal condition to simultaneously store different types of wine.

The top and bottom climate zones can be set to temperatures ranging from 5–18°C, while the Flex Pantry in the middle can be set between 5–13°C. Its low vibration environment of 1.7mg and sound level of 35dB[7] inside the cellar can reduce chemical reactions, which perfectly preserves each bottle’s taste. Moreover, the humidity control feature can prevent oxidation, which effectively prevents ruining of colours and flavours, corks from cracking, as well as mold and mildew from growing. Bespoke Infinite Line Wine Cellar is designed to create and maintain the ideal temperature and humidity to preserve the wine collection to age properly into the future.

The Bespoke Infinite Line Wine Cellar consists of Triple Temperature Zone

Seamless SmartThings[8] Integration
For homeowners who enjoy a personalised home and a smart lifestyle, the Bespoke Infinite Line comes with several smart features via the SmartThings app that will bring more convenience, comfort, and customisation. SmartThings Home Care wizard keeps tabs on your household devices, send notifications and offers trouble-shooting solutions while SmartThings Energy[9] manages and monitors the current energy consumption to let users enjoy the best of smart savings.

For homeowners who want to take the guesswork out of their wine choices, SmartThings Smart Wine Storage can act as their personal sommelier. Users just need to scan the labels of each wine bottle and key in the required information to manage their wine inventory efficiently.

Lastly, with SmartThings Cooking, it can recommend the perfect food to pair with the wine[1] and monitors their groceries and the expiry dates of the items stored within the cooling units.

Bespoke Infinite Line Availability and Pricing
The new Samsung’s Bespoke Infinite Line is now available on the Samsung Online Store and at selected consumer electronic stores.

Model (Product body) Colour RRP
BESPOKE Infinite Line

1-Door Fridge

Body (RR40B99C5AP/SS)

Panel (RA-R23EAAA1GG)

Timeless Greige $10,000*
BESPOKE Infinite Line Wine Cellar

RW33B99C5TF/SS

Triple-Glazed Glass $13,000
BESPOKE Infinite Line

1-Door Freezer

Body (RZ38B98C5AP/SS)

Panel (RA-R23EAAA1GG)

Timeless Greige $10,000*

*Disclaimer – Bespoke Infinite 1-Door Fridge (RR40B99C5AP/SS) / Freezer (RZ38B98C5AP/SS) and Door Panel (RA-R23EAAA1GG) sold separately. Price stated is inclusive of the Door panel.

Bespoke Infinite Line comes with a 20-year warranty on the Digital Inverter Compressor, which is known for its energy efficiency, durability and how quiet it runs.

More details about the Bespoke Infinite Line can be found here and also in the Appendix section (accurate at time of print).


[1] Based on internal testing

[2] Auto Open Door’s hinge is placed on the right side of the fridge and wine models and on the left side of the freezer.

[3] Door automatically opens to about 50 mm. If you do not open the door further, it will close automatically after 2 seconds.

[4] Tested for 125 cycles in accordance with the “Mechanical dishwashing resistance of utensils” test method (BS EN 12875-1:2005) and certified as dishwasher safe by SGS.

[5] Bisphenol A (BPA) is found in polycarbonate plastics and epoxy resins, which are often used in food and beverage containers, and has been linked with possible adverse health effects.

[6] To produce flavoured water the Infuser should be filled with your preferred fruits or herbs before using it.

[7] Based on internal testing in accordance with internal vibration test measures and the international noise test standard (IEC 60704). Test conditions: outside temperature = 25°C, humidity = 50%, temperature = factory setting.

[8] Requires installation of SmartThings App on compatible Android or iOS device, with Android 6.0 and higher or iOS 10.0 and higher, and Wi-Fi® connectivity to the mobile device. A Wi-Fi® connection and a Samsung account are required.

[9] SmartThings Energy currently works with around 40 Samsung home appliances that are SmartThings enabled. These include refrigerators, washing machines, clothes dryers, dish washers, air conditioners, air purifiers, vacuum cleaners, ovens, hoods, cooktops, microwave ovens, TVs (from June 2022) and energy meters.

Appendix

Product name 1-Door Fridge Wine Cellar 1-Door Freezer
Model RR40B99C5AP/SS RW33B99C5TF/SS RZ38B98C5AP/SS
Net Dimensions (W x H x D) mm 595 x 1855 x 688 595 x 1855 x 688 595 x 1855 x 688
Net Weight (kg) 118kg 146kg 125kg
Capacity 380L 101 bottles 314L
Exterior Display Type Backlighting Touch Backlighting Touch Backlighting Touch
Interior LED Light Tunnel Lighting Tunnel Lighting Tunnel Lighting
Panel Design Timeless Greige Timeless Greige
Energy Energy Rating / Ticks 3 Ticks
Energy Consumption/year 230 kWh/year
Door Door Open Type Auto Open Door (Right) Auto Open Door (Right) Auto Open Door (Left)
Door Open Degree 115° 115° 115°
Door Handle Recess Recess Recess
Interiors Metal Interior Wall
Duct & Door Black Metal Duct Black Metal Duct Black Metal Duct
Cooling Type Metal Cooling Metal Cooling Metal Cooling
Noise Level (dB) 37 35 37
Wi-Fi Embedded
SmartThings App Support
Water Solution AutoFill Water Pitcher
Ice Solution Dual Auto Ice Maker
FlexZone

      Deodoriser Type UV Deodorising Filter UV Deodorising Filter

      Hashtag: #Samsung

      The issuer is solely responsible for the content of this announcement.

      About Samsung Electronics Co., Ltd.

      Samsung inspires the world and shapes the future with transformative ideas and technologies. The company is redefining the worlds of TVs, smartphones, wearable devices, tablets, digital appliances, network systems, and memory, system LSI, foundry and LED solutions. For the latest news, please visit the Samsung Newsroom at

      Skipton International: UK Rental Property Remains Focal Point for Hong Kong and Singapore Investors

      Hong Kong, Singapore and U.A.E. investor appetite for UK property demonstrates continues in 2023 demonstrating resilience amidst financial market volatility

      GUERNSEY – Media OutReach – 27 March 2023 – Skipton International, the award-winning Guernsey licensed bank, has revealed that UK property investors based in Hong Kong and Singapore favour London, North West and West Midlands. This is according to data provided by Hamptons, the premier UK estate agent who, along with Skipton International, are part of the Skipton Group.

      Skipton International - Lorraine McLean

      Skipton International – Lorraine McLean

      In 2022, over 600 rental property sales were recorded by Hong Kong (over 400) and Singapore (over 200) investors using the Bank’s buy-to-let (BTL) mortgages.

      The lion’s share of these sales, 40%, were in London, followed by the North West (Leicester, Liverpool, Manchester etc.) at 23% and The Midlands, including Birmingham, Coventry, and Nottingham at 15%. The remainder was split across numerous areas across the UK.

      The table below details the buy-to-let property purchases made in key regions during 2022 via Skipton’s buy-to-let mortgage support for Hong Kong and Singapore -based investors.

      HONG KONG PROPERTIES SINGAPORE PROPERTIES
      London 157 London 102
      North West 106 North West 34
      South East 58 South East 20
      West Midlands 58 West Midlands 38

      Commenting on the research data, Lorraine McLean, Mortgage Sales Manager, Skipton International, said:

      “The findings clearly show Hong Kong and Singapore BTL purchasers see UK property as a safe haven asset class amidst last year’s political upheaval and global market volatility. Through introducing new products and competitive mortgage rates, Skipton International offers customers additional opportunities to fund their property portfolios.”

      These products include Limited Company (Special Purpose Vehicle) buy-to-let lending, Base Rate Trackers, and Fixed Rate mortgages at attractive rates, plus introducing US Dollar savings accounts to provide more choice for customers.

      In first two months of 2023, Skipton International has completed on Buy-To-Let mortgages with a value of over GBP44 million from investors based in Hong Kong, Singapore and United Arab Emirates alone. In comparison, the same period last year saw a slightly lower value, indicating house prices are increasing in the UK.

      “The UK property market appears attractive to overseas investors for various reasons including a stable and transparent legal system, an appetite for various cities and towns, and the demand for rental properties continues to outstrip supply,” added Jim Coupe, Managing Director, Skipton International.

      Away from city centres such as Birmingham, Cardiff, Edinburgh, Liverpool, London, Manchester where house prices continue to increase, houses in commuter towns and villages attract higher rental rates.

      Hashtag: #skiptoninternational #skipton #UKproperty #btl

      The issuer is solely responsible for the content of this announcement.

      About Skipton International www.skiptoninternational.com

      Skipton International offers a range of offshore savings accounts and is one of the Channel Islands’ leading mortgage lenders for residential Channel Island mortgages and UK Buy-To-Let mortgages for expats and non-UK resident nationals.

      It is a two-times winner of the Moneyfacts ‘Offshore Bank Account of the Year’ award 2022 and 2023, and the Mortgage Introducer ‘Top Mortgage Employer’ Award 2022.

      Skipton International Limited (Skipton), registered in Guernsey: 30112, is a wholly owned subsidiary of Skipton Building Society. It is also part of the Skipton Group, which includes Connells and Hamptons Estate Agents.

      The bank is licensed under the Banking Supervision (Bailiwick of Guernsey) Law. Skipton is a participant in the Guernsey Banking Deposit Compensation Scheme. The Scheme offers protection for ‘qualifying deposits’ up to £50,000, subject to certain limitations. The maximum total amount of compensation is capped at £100,000,000 in any five-year period. Full details are available on the Scheme’s website www.dcs.gg or on request. To help maintain service and quality, telephone calls may be recorded and monitored.

      Skipton International has a customer service rating of 4.7 / 5 according to Feefo, an independent online assessor of customer service, and is a three-times Platinum award winner as a trusted provider.

      Skipton International: UK Rental Property Remains Focal Point for Hong Kong and Singapore Investors

      Hong Kong, Singapore and U.A.E. investor appetite for UK property demonstrates continues in 2023 demonstrating resilience amidst financial market volatility

      GUERNSEY – Media OutReach – 27 March 2023 – Skipton International, the award-winning Guernsey licensed bank, has revealed that UK property investors based in Hong Kong and Singapore favour London, North West and West Midlands. This is according to data provided by Hamptons, the premier UK estate agent who, along with Skipton International, are part of the Skipton Group.

      Skipton International - Lorraine McLean

      Skipton International – Lorraine McLean

      In 2022, over 600 rental property sales were recorded by Hong Kong (over 400) and Singapore (over 200) investors using the Bank’s buy-to-let (BTL) mortgages.

      The lion’s share of these sales, 40%, were in London, followed by the North West (Leicester, Liverpool, Manchester etc.) at 23% and The Midlands, including Birmingham, Coventry, and Nottingham at 15%. The remainder was split across numerous areas across the UK.

      The table below details the buy-to-let property purchases made in key regions during 2022 via Skipton’s buy-to-let mortgage support for Hong Kong and Singapore -based investors.

      HONG KONG PROPERTIES SINGAPORE PROPERTIES
      London 157 London 102
      North West 106 North West 34
      South East 58 South East 20
      West Midlands 58 West Midlands 38

      Commenting on the research data, Lorraine McLean, Mortgage Sales Manager, Skipton International, said:

      “The findings clearly show Hong Kong and Singapore BTL purchasers see UK property as a safe haven asset class amidst last year’s political upheaval and global market volatility. Through introducing new products and competitive mortgage rates, Skipton International offers customers additional opportunities to fund their property portfolios.”

      These products include Limited Company (Special Purpose Vehicle) buy-to-let lending, Base Rate Trackers, and Fixed Rate mortgages at attractive rates, plus introducing US Dollar savings accounts to provide more choice for customers.

      In first two months of 2023, Skipton International has completed on Buy-To-Let mortgages with a value of over GBP44 million from investors based in Hong Kong, Singapore and United Arab Emirates alone. In comparison, the same period last year saw a slightly lower value, indicating house prices are increasing in the UK.

      “The UK property market appears attractive to overseas investors for various reasons including a stable and transparent legal system, an appetite for various cities and towns, and the demand for rental properties continues to outstrip supply,” added Jim Coupe, Managing Director, Skipton International.

      Away from city centres such as Birmingham, Cardiff, Edinburgh, Liverpool, London, Manchester where house prices continue to increase, houses in commuter towns and villages attract higher rental rates.

      Hashtag: #skiptoninternational #skipton #UKproperty #btl

      The issuer is solely responsible for the content of this announcement.

      About Skipton International www.skiptoninternational.com

      Skipton International offers a range of offshore savings accounts and is one of the Channel Islands’ leading mortgage lenders for residential Channel Island mortgages and UK Buy-To-Let mortgages for expats and non-UK resident nationals.

      It is a two-times winner of the Moneyfacts ‘Offshore Bank Account of the Year’ award 2022 and 2023, and the Mortgage Introducer ‘Top Mortgage Employer’ Award 2022.

      Skipton International Limited (Skipton), registered in Guernsey: 30112, is a wholly owned subsidiary of Skipton Building Society. It is also part of the Skipton Group, which includes Connells and Hamptons Estate Agents.

      The bank is licensed under the Banking Supervision (Bailiwick of Guernsey) Law. Skipton is a participant in the Guernsey Banking Deposit Compensation Scheme. The Scheme offers protection for ‘qualifying deposits’ up to £50,000, subject to certain limitations. The maximum total amount of compensation is capped at £100,000,000 in any five-year period. Full details are available on the Scheme’s website www.dcs.gg or on request. To help maintain service and quality, telephone calls may be recorded and monitored.

      Skipton International has a customer service rating of 4.7 / 5 according to Feefo, an independent online assessor of customer service, and is a three-times Platinum award winner as a trusted provider.

      Inflation and supply chain fears easing, but global economy continues to face uncertainty

      SINGAPORE – Media OutReach – 27 March 2023 –

      • Sharp falls in inflation to leave behind some of the recent challenges for the global economy.
      • Central banks approaching the end of the tightening cycle partly as a response to recent tensions in the banking system.
      • Easing supply chain pressures and resilient labour markets to support recovery but uncertainty about the outlook remains high.
      • KPMG forecasts world GDP growth of 2.1 percent and inflation at 5.3 percent for 2023

      KPMG Global Economic Outlook H1 2023

      The outlook for the global economy took a positive turn in the first half of 2023 as inflationary pressures began to ease, but ongoing geopolitical tensions and domestic challenges in key markets are slowing any return to sustained growth, according to the latest forecast from KPMG.

      According to KPMG’s latest Global Economic Outlook report, global energy prices returning to levels last seen prior to the invasion of Ukraine, combined with easing commodity and food prices, have helped put further downward pressure on inflation for the rest of 2023.

      Despite the positive news, major economies throughout the world – most recently the UK and USA – are facing their own domestic pressures, delaying any hopes of improving market conditions and a drop in inflation. The nuanced, complex picture in each country, region and territory is placing unprecedented pressure on central banks, with worries that core inflation could remain sticky and price rises could become entrenched due to the relatively tight economic environment facing a number of territories. Growing fears for the wider international banking system could further complicate matters for central banks as they weigh in financial stability risks against a plan to bring inflation back to target.

      The global organisation is forecasting GDP growth of 2.1 percent in 2023 and 2.6 percent in 2024 with inflation forecast at 5.3 percent in 2023 and 3.2 percent in 2024, and global unemployment levels of 5.2 percent in 2023 and 5.4 percent in 2024.

      Yael Selfin, Chief Economist at KPMG in the UK, said:

      “Despite the resilience of the labour market and the improving inflation conditions, we expect global economic growth to be relatively modest over the next two years, and to stay below its long-term average. Global growth is expected to be driven by the recovery of the Chinese economy and a relatively strong growth in some of the emerging markets, while Eurozone and the US economy are expected to contribute less to global growth over the next two years. Risks to the outlook are broadly skewed to the downside given the volatility in financial markets.

      “The global economy has been through a series of significant shocks over the past three years – the Covid-19 pandemic and the Russia-Ukraine conflict – and saw a major expansion to government debt and a significant hike in policy interest rates by central banks. The ramifications of some of these headwinds may not have surfaced yet and we are still to see their full impact and how they interact.”

      With monetary policy focused on moderating inflation while stabilising financial markets, fiscal policy is left as the potential tool to boost economic growth. Unfortunately, the public finances have deteriorated significantly over the past three years. Governments have spent significant amounts on first shielding their economies from Covid-19 and subsequently on protecting households and businesses from higher energy prices. That left public debt at historically elevated levels, with less room for expansionary fiscal policy. Even in the U.S., federal spending is expected to slow despite the ramp up in infrastructure spending, although in China fiscal support is to be stepped up following the reopening of the economy. The rise in interest rates has made these larger debt levels more costly to service, putting further pressure on government finances. Nevertheless, some positive growth momentum is expected this year from the relatively smooth reopening of the Chinese economy following the lifting of Covid-related restrictions in December last year.

      The pressure on global supply chains has eased significantly in recent months, while shipping costs have dropped too. This should help alleviate some inflationary pressures and improve supply capacity. Global trade remains relatively weak, although we would expect it to recover this year as trade flows normalise with the reopening of the Chinese economy and a recovery in global growth, while we expect geopolitical tensions to continue to exert some pressure on trade flows over the medium term. Consumer demand is also expected to pick up this year, with excess savings – money saved during the pandemic when spending on certain services was not possible – still relatively high in China and Europe, which could potentially be deployed once confidence returns. Indeed, consumer confidence has started to improve in Europe, although it remains at relatively low levels.

      Paul Kent, Partner, Advisory, at KPMG in Singapore, said:

      “Singapore stands out as a beacon of hope amid global economic uncertainties. Even as the world faces challenges such as geopolitical tensions and banking crises, Singapore continues to experience steady growth in its economy that is expected to remain notably higher compared with other regions – thanks to strong optimism in the ASEAN region and sustained international investment in the nation. Furthermore, unemployment levels remain low and are expected not to rise significantly this year, highlighting Singapore’s relative resilience in the labour market.

      “To ensure that Singapore remains vibrant and competitive economically, businesses across sectors need to focus their efforts on increasing productivity and upskilling their workforce to weather any potential turbulence ahead. Moreover, Singapore must also continue to keep a close pulse on the implications of global developments on inflation and interest rates to ensure that households and businesses remain sufficiently cushioned from the rising costs.

      “The good news is that Singapore has in place robust and sound controls to safeguard its financial systems, with overall limited risk and exposure to banks here so far. However, the country will have to tread cautiously amid heightened volatility in the global financial markets and be ready to respond decisively to any ‘black swan’ events that could destabilise the economy.”

      Regina Mayor, Global Head of Clients & Markets at KPMG, commented:

      “How we get back to sustainable, long-term growth is the big question facing boardrooms and political chambers around the world right now. Some of the biggest inflationary fears – widely predicted late last year – have been mitigated by more direct, pro-active political action geared especially towards getting rising energy prices down. There are also signs that other commodities and food prices are finally starting to ease – helping consumers and business owners who’ve been facing a significant financial squeeze.

      “The actions taken over the coming months are likely to play a significant role in the pace and nature of the world’s economic recovery. KPMG’s forecasts show that employment levels should remain robust, even given recent tech layoff announcements – a sign that the tightness of the labour market faced post-pandemic shows little sign of easing. It’s an indication of the complexities the world faces today. Strong employment figures are often held up as an example of buoyant market conditions, but they can also reflect the challenges central banks are facing as they attempt to juggle wage expectations, tightened credit conditions and the ever-present danger that any shift in the conflict in Ukraine could bring inflation back into the mix. The upside of a strong labour market, combined with relatively strong personal savings among consumers – especially in Europe and the Americas – means we could start to see robust consumer spending, driving a return to slow-but-steady domestic growth in key markets.”

      Download KPMG’s Global Economic Outlook H1 2023 report at this link.

      Hashtag: #KPMG

      The issuer is solely responsible for the content of this announcement.

      About KPMG Global Economic Outlook

      KPMG’s Global Economic Outlook provides bi-annual economic forecasts, produced by macroeconomics teams across KPMG’s global network using a suite of external and in-house models capturing the main inter-relationships in the world economy. As with all forecasts, these are subject to considerable uncertainty and the outturn may differ significantly.

      About KPMG International

      KPMG is a global organization of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited (“KPMG International”) operate and provide professional services. “KPMG” is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively.

      KPMG firms operate in 143 countries and territories with more than 265,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities.

      KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.

      About KPMG in Singapore

      KPMG in Singapore is part of a global organization of independent professional services firms providing Audit, Tax and Advisory services. We operate in 143 countries and territories with more than 265,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.

      © 2023 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved.

      Inflation and supply chain fears easing, but global economy continues to face uncertainty

      SINGAPORE – Media OutReach – 27 March 2023 –

      • Sharp falls in inflation to leave behind some of the recent challenges for the global economy.
      • Central banks approaching the end of the tightening cycle partly as a response to recent tensions in the banking system.
      • Easing supply chain pressures and resilient labour markets to support recovery but uncertainty about the outlook remains high.
      • KPMG forecasts world GDP growth of 2.1 percent and inflation at 5.3 percent for 2023

      KPMG Global Economic Outlook H1 2023

      The outlook for the global economy took a positive turn in the first half of 2023 as inflationary pressures began to ease, but ongoing geopolitical tensions and domestic challenges in key markets are slowing any return to sustained growth, according to the latest forecast from KPMG.

      According to KPMG’s latest Global Economic Outlook report, global energy prices returning to levels last seen prior to the invasion of Ukraine, combined with easing commodity and food prices, have helped put further downward pressure on inflation for the rest of 2023.

      Despite the positive news, major economies throughout the world – most recently the UK and USA – are facing their own domestic pressures, delaying any hopes of improving market conditions and a drop in inflation. The nuanced, complex picture in each country, region and territory is placing unprecedented pressure on central banks, with worries that core inflation could remain sticky and price rises could become entrenched due to the relatively tight economic environment facing a number of territories. Growing fears for the wider international banking system could further complicate matters for central banks as they weigh in financial stability risks against a plan to bring inflation back to target.

      The global organisation is forecasting GDP growth of 2.1 percent in 2023 and 2.6 percent in 2024 with inflation forecast at 5.3 percent in 2023 and 3.2 percent in 2024, and global unemployment levels of 5.2 percent in 2023 and 5.4 percent in 2024.

      Yael Selfin, Chief Economist at KPMG in the UK, said:

      “Despite the resilience of the labour market and the improving inflation conditions, we expect global economic growth to be relatively modest over the next two years, and to stay below its long-term average. Global growth is expected to be driven by the recovery of the Chinese economy and a relatively strong growth in some of the emerging markets, while Eurozone and the US economy are expected to contribute less to global growth over the next two years. Risks to the outlook are broadly skewed to the downside given the volatility in financial markets.

      “The global economy has been through a series of significant shocks over the past three years – the Covid-19 pandemic and the Russia-Ukraine conflict – and saw a major expansion to government debt and a significant hike in policy interest rates by central banks. The ramifications of some of these headwinds may not have surfaced yet and we are still to see their full impact and how they interact.”

      With monetary policy focused on moderating inflation while stabilising financial markets, fiscal policy is left as the potential tool to boost economic growth. Unfortunately, the public finances have deteriorated significantly over the past three years. Governments have spent significant amounts on first shielding their economies from Covid-19 and subsequently on protecting households and businesses from higher energy prices. That left public debt at historically elevated levels, with less room for expansionary fiscal policy. Even in the U.S., federal spending is expected to slow despite the ramp up in infrastructure spending, although in China fiscal support is to be stepped up following the reopening of the economy. The rise in interest rates has made these larger debt levels more costly to service, putting further pressure on government finances. Nevertheless, some positive growth momentum is expected this year from the relatively smooth reopening of the Chinese economy following the lifting of Covid-related restrictions in December last year.

      The pressure on global supply chains has eased significantly in recent months, while shipping costs have dropped too. This should help alleviate some inflationary pressures and improve supply capacity. Global trade remains relatively weak, although we would expect it to recover this year as trade flows normalise with the reopening of the Chinese economy and a recovery in global growth, while we expect geopolitical tensions to continue to exert some pressure on trade flows over the medium term. Consumer demand is also expected to pick up this year, with excess savings – money saved during the pandemic when spending on certain services was not possible – still relatively high in China and Europe, which could potentially be deployed once confidence returns. Indeed, consumer confidence has started to improve in Europe, although it remains at relatively low levels.

      Paul Kent, Partner, Advisory, at KPMG in Singapore, said:

      “Singapore stands out as a beacon of hope amid global economic uncertainties. Even as the world faces challenges such as geopolitical tensions and banking crises, Singapore continues to experience steady growth in its economy that is expected to remain notably higher compared with other regions – thanks to strong optimism in the ASEAN region and sustained international investment in the nation. Furthermore, unemployment levels remain low and are expected not to rise significantly this year, highlighting Singapore’s relative resilience in the labour market.

      “To ensure that Singapore remains vibrant and competitive economically, businesses across sectors need to focus their efforts on increasing productivity and upskilling their workforce to weather any potential turbulence ahead. Moreover, Singapore must also continue to keep a close pulse on the implications of global developments on inflation and interest rates to ensure that households and businesses remain sufficiently cushioned from the rising costs.

      “The good news is that Singapore has in place robust and sound controls to safeguard its financial systems, with overall limited risk and exposure to banks here so far. However, the country will have to tread cautiously amid heightened volatility in the global financial markets and be ready to respond decisively to any ‘black swan’ events that could destabilise the economy.”

      Regina Mayor, Global Head of Clients & Markets at KPMG, commented:

      “How we get back to sustainable, long-term growth is the big question facing boardrooms and political chambers around the world right now. Some of the biggest inflationary fears – widely predicted late last year – have been mitigated by more direct, pro-active political action geared especially towards getting rising energy prices down. There are also signs that other commodities and food prices are finally starting to ease – helping consumers and business owners who’ve been facing a significant financial squeeze.

      “The actions taken over the coming months are likely to play a significant role in the pace and nature of the world’s economic recovery. KPMG’s forecasts show that employment levels should remain robust, even given recent tech layoff announcements – a sign that the tightness of the labour market faced post-pandemic shows little sign of easing. It’s an indication of the complexities the world faces today. Strong employment figures are often held up as an example of buoyant market conditions, but they can also reflect the challenges central banks are facing as they attempt to juggle wage expectations, tightened credit conditions and the ever-present danger that any shift in the conflict in Ukraine could bring inflation back into the mix. The upside of a strong labour market, combined with relatively strong personal savings among consumers – especially in Europe and the Americas – means we could start to see robust consumer spending, driving a return to slow-but-steady domestic growth in key markets.”

      Download KPMG’s Global Economic Outlook H1 2023 report at this link.

      Hashtag: #KPMG

      The issuer is solely responsible for the content of this announcement.

      About KPMG Global Economic Outlook

      KPMG’s Global Economic Outlook provides bi-annual economic forecasts, produced by macroeconomics teams across KPMG’s global network using a suite of external and in-house models capturing the main inter-relationships in the world economy. As with all forecasts, these are subject to considerable uncertainty and the outturn may differ significantly.

      About KPMG International

      KPMG is a global organization of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited (“KPMG International”) operate and provide professional services. “KPMG” is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively.

      KPMG firms operate in 143 countries and territories with more than 265,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities.

      KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.

      About KPMG in Singapore

      KPMG in Singapore is part of a global organization of independent professional services firms providing Audit, Tax and Advisory services. We operate in 143 countries and territories with more than 265,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.

      © 2023 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved.

      Luang Prabang Reports Hazardous Levels of Air Pollution

      Luang Prabang Air Pollution Hazardous, Likely Due to Burning Wood in Rural Areas
      A street in Luang Prabang filled with PM 2.5 dust particles (photo: Evensong Film)

      The UNSECO World Heritage town of Luang Prabang continues to experience dangerous levels of air pollution, according to a latest AQI report.

      ROSEN, SKILLED INVESTOR COUNSEL, Encourages PLDT Inc. Investors With Losses in Excess of $100K to Secure Counsel Before Important April 7 Deadline in Securities Class Action Initiated by the Firm – PHI

      New York, New York – Newsfile Corp. – March 25, 2023 – WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of PLDT Inc. (NYSE: PHI) between January 1, 2019 and December 19, 2022, both dates inclusive (the “Class Period”), of the important April 7, 2023 lead plaintiff deadline in the securities class action commenced by the Firm.

      SO WHAT: If you purchased PLDT securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

      WHAT TO DO NEXT: To join the PLDT class action, go to https://rosenlegal.com/submit-form/?case_id=10686 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than April 7, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

      WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

      DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose, among other things, that: (1) there were capital spending budget overruns; (2) defendants failed to address weaknesses that allowed such budget overruns; and (3) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

      To join the PLDT class action, go to https://rosenlegal.com/submit-form/?case_id=10686 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

      No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

      Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm.

      Attorney Advertising. Prior results do not guarantee a similar outcome.

      ——————————-

      Contact Information:

      Laurence Rosen, Esq.
      Phillip Kim, Esq.
      The Rosen Law Firm, P.A.
      275 Madison Avenue, 40th Floor
      New York, NY 10016
      Tel: (212) 686-1060
      Toll Free: (866) 767-3653
      Fax: (212) 202-3827
      lrosen@rosenlegal.com
      pkim@rosenlegal.com
      cases@rosenlegal.com
      www.rosenlegal.com

      The issuer is solely responsible for the content of this announcement.

      ROSEN, GLOBAL INVESTOR COUNSEL, Encourages Norfolk Southern Corporation Investors with Losses to Secure Counsel Before Important Deadline in Securities Class Action – NSC

      New York, New York – Newsfile Corp. – March 26, 2023 – WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of Norfolk Southern Corporation (NYSE: NSC) between October 28, 2020 and March 3, 2023, both dates inclusive (the “Class Period”), of the important May 15, 2023 lead plaintiff deadline.

      SO WHAT: If you purchased Norfolk Southern securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

      WHAT TO DO NEXT: To join the Norfolk class action, go to https://rosenlegal.com/submit-form/?case_id=12322 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than May 15, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

      WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

      DETAILS OF THE CASE: During the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company’s Precision Scheduled Railroading (“PSR”), including its use of longer, heavier trains staffed by fewer personnel, had led to the Company suffering increased train derailments and a materially increased risk of future derailments; (2) the Company’s PSR, including its use of longer, heavier trains staffed by fewer personnel, was part of a culture of increased risk-taking at the expense of reasonable safety precautions due to the Company’s near-term focus solely on profits; (3) the Company’s PSR, including its use of longer, heavier trains staffed by fewer personnel, rendered the Company more vulnerable to train derailments and train derailments with potentially more severe human, financial, legal, and environmental consequences; (4) the Company’s capital spending and replacement programs were designed to prioritize profits over the Company’s ability to provide safe, efficient, and reliable rail transportation services; (5) the Company’s lobbying efforts had undermined the Company’s ability to provide safe, efficient, and reliable rail transportation services; (6) the Company’s commitment to reducing operating expenses as part of its PSR goals undermined worker safety and the Company’s purported “commitment to an injury free workplace” because the Company’s PSR plan prioritized reducing expenses through fewer personnel, longer trains, and less spending on safety training, technology, and equipment such as hot bearing wayside detectors (a/k/a “hotboxes”) and acoustic sensors; (7) the Company’s rail services were, as a result of its adoption of PSR principles, more susceptible to accidents that could cause serious economic and bodily harm to the Company, the Company’s workers, the Company’s customers, third parties, and the environment; (8) the Company had failed to put in place responsive practices and procedures to minimize the threat to communities in the event that these communities suffered the derailment of a Norfolk Southern train carrying hazardous and toxic materials; and (9) as a result, defendants’ Class Period statements detailed above regarding the safety of Norfolk Southern’s operations were materially false and/or misleading.

      To join the Norfolk Southern class action, go to https://rosenlegal.com/submit-form/?case_id=12322 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

      No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

      Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

      Attorney Advertising. Prior results do not guarantee a similar outcome.

      ——————————-

      Contact Information:

      Laurence Rosen, Esq.
      Phillip Kim, Esq.
      The Rosen Law Firm, P.A.
      275 Madison Avenue, 40th Floor
      New York, NY 10016
      Tel: (212) 686-1060
      Toll Free: (866) 767-3653
      Fax: (212) 202-3827
      lrosen@rosenlegal.com
      pkim@rosenlegal.com
      cases@rosenlegal.com
      www.rosenlegal.com

      The issuer is solely responsible for the content of this announcement.