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Singapore CEOs worried about recession’s impact on business growth and talent, but see global economic optimism over the next 3 years: KPMG 2022 CEO Outlook

  • 4 in 5 Singapore CEOs believe that a recession is likely to impact their earnings over the next year

  • 88 percent of Singapore CEOs have embarked on or are planning a hiring freeze over the next six months, alongside diversifying their supply chain
  • Yet global confidence in long-term growth has seen a rebound from early this year

SINGAPORE – Media OutReach – 4 October 2022 – The KPMG 2022 CEO Outlook, which asked more than 1,300 CEOs at the world’s largest businesses about their strategies and outlook, reveals that their confidence in the growth prospects of the global economy over the next three years has rebounded from February this year, rising 11 percentage points to 71 percent, the highest since the start of the pandemic in early 2020. In Singapore, CEOs are slightly more optimistic than their global peers at 72 percent.

These positive findings come even as 86 percent of CEOs globally anticipate a recession to hit in the next 12 months. Majority of CEOs (Global: 71 percent; Singapore: 80 percent) are also predicting that a recession will impact up to 10 percent of their anticipated earnings. Yet, these business leaders are confident that the global economy over the next six months remains resilient, with 73 percent indicating so, up 13 percentage points since early 2022 – indicating that CEOs around the world are looking towards the future and seeing opportunity in uncertainty.

Ong Pang Thye, Managing Partner, KPMG in Singapore, said: “The findings from the KPMG 2022 CEO Outlook show that CEOs worldwide are displaying greater confidence, grit and tenacity in riding out the short-term economic impacts to their businesses – as seen in their rising confidence in the global economy and their optimism over a three-year horizon. Compared to previous years, CEOs now feel better prepared to weather short-term challenges with resiliency measures such as boosting productivity, managing costs and reconsidering digital transformation strategies to manage impacts. We are also seeing many positioning for long-term growth, such as in Singapore where about 80 percent of CEOs have indicated that their corporate purpose will have the greatest impact in building customer relationships over the next three years. Mergers & acquisitions (M&A) remain popular as well, with 84 percent of Singapore’s business leaders valuing innovation to build a cutting edge amid a globally competitive landscape.”

PRIORITIES AND CONCERNS OF CEOS

CEOs are positioning to stay competitive despite recession

Even as over half of CEOs globally (58 percent) anticipate the recession will be “mild and short”, three-quarters (75 percent) are predicting further disruptions to their businesses that can make it difficult to rebound from the pandemic. In Singapore, only 32 percent of CEOs agree that the recession will be mild and short, however, they feel far more optimistic than their global peers, with less than half (44 percent) of Singapore CEOs saying that a recession would upend their anticipated growth over the next three years, as compared to 73 percent of their global peers. Singapore CEOs still expect to see growth in company earnings over the next three years, but they have since reined in their expectation with a majority (60 percent) suggesting an earnings outlook of up to 4.99 percent per annum over the next three years.

To keep growth healthy, the M&A appetite of CEOs over the next three years remains high despite economic concerns, with 85 percent of CEOs globally and 84 percent of Singapore CEOs having moderate to high M&A appetites. With higher interest rates and borrowing costs, innovation will be key to staying competitive. CEOs are also concerned that deal makers may be taking a much sharper pencil to the numbers and focus on value creation to unlock and track deal value, every step of the way.

Three-quarters (75 percent) of CEOs globally say there is still a strong link between the public’s trust in their business and how their tax approach aligns to organisational values. Hence, unsurprisingly, Singapore CEOs have developed a better grasp of the new global tax rules and expectations this year, even though the implementation timeline of the global rules has been delayed to 2024. In 2022, 68 percent of Singapore CEOs say that the global minimum tax regime is of significant concern to their organisation’s growth, down from the 80 percent seen in 2021 – demonstrating that they are feeling less anxious about the upcoming implementation of these regulations. These sentiments have also had a positive impact on the way they view public reporting of their global tax contributions, with only 56 percent of those in Singapore indicating that they feel greater pressure to increase reporting, a 32-percentage point drop from the 88 percent in 2021 and far lower than the 74 percent of CEOs globally.

Hiring freezes under heavy consideration for CEOs but attracting quality talent remains a long-term priority

Ahead of an anticipated recession, 88 percent of Singapore CEOs have embarked on or are planning a hiring freeze over the next six months. They have also taken or planned other steps such as diversifying their supply chain (92 per cent).

When asked to take a three-year view, Singapore CEOs are more optimistic than their global peers – 92 percent expect to eventually increase their headcount up to 10 percent, while the remaining 8 percent believe that it will stay the same. Globally, 21 percent of CEOs expect either the same or a further reduced headcount.

CEOs also recognise that quality talent is critical for growth in the longer term. Nearly a third (32 percent) of Singapore CEOs say their top operational priority over the next three years will be to strengthen their employee value proposition to attract and retain the necessary talent.

Uncertainty driving CEOs to accelerate digital transformation

Current uncertainty, coupled with a need to embrace a technology-driven future of work, is driving CEOs to continue to prioritise corporate digital transformation. 48 percent of Singapore CEOs recognise that driving such initiatives at a rapid pace will be critical in the competition for talent and customers. However, CEOs say their progress is being held back by struggles in deciding on the right technology (60 percent) and managing the risk and compliance of the transformation (68 percent).

In addition, 76 percent of Singapore CEOs are worried that global issues such as geopolitical tensions, the climate crisis, deglobalisation and the risk of stagflation could impact their digital transformation strategy over the next three years. Nevertheless, CEOs here are cognisant that they will need to do more to catch up with their peers globally, with only 28 percent say they are content with where they are on digital transformation as compared with 71 percent global CEOs.

Reputational risks and economic pressures are top concerns for Singapore CEOs

In terms of top concerns faced by business leaders, CEOs globally were primarily fatigued by continued uncertainties posed by the pandemic (15 percent), aside from the potential of rising interest rates, inflation and anticipations of a recession (14 percent). Even as they take steps to insulate their businesses from the upcoming recession, CEOs in Singapore are more aware of the broader public scrutiny on their corporate purpose and environmental, social and governance (ESG) accountability, reflected by their choice of reputational risk (20 percent) as the top concern. However, economic pressures remain a real concern with over half of CEOs in Singapore (52 percent) mulling over whether to pause ESG efforts in the next six months. The table below lists the top three pressing concerns for CEOs globally and locally.

Top 3 pressing concerns for CEOs globally and in Singapore

Global Singapore
1 Pandemic fatigue – 15%

(or continued uncertainty/ restrictions)

Reputational risk – 20%

(in view of broader scrutiny by customers and public in relation to corporate purpose and ESG, among other factors that could impact reputation)

2 Economic factors – 14%

(like rising interest rates, inflation, and anticipated recession)

Economic factors – 16%

(like rising interest rates, inflation, and anticipated recession)

3 Emerging/ disruptive technology – 11%

(technological advancement disrupting the market or company, including flows of data)

Pandemic fatigue – 12%

(or continued uncertainty/ restrictions)

Emerging/ disruptive technology – 12%

(technological advancement disrupting the market or company, including flows of data)

Regulatory concerns – 12%

(business disrupted due to change or fragmentation in regulation)

Bill Thomas, Global Chairman & CEO, KPMG, said: “Once-in-a-generation issues — a global pandemic, geopolitical tensions, inflationary pressures and financial difficulties — have come in short succession and taken a toll on the optimism of global CEOs. While it’s unsurprising the economic climate is now a top concern for business leaders, it’s reassuring to see high levels of confidence among executives in their own companies and their longer-term prospects for growth.

“The events of recent years have created real turbulence for the business community. Our findings should provide some cautious optimism that, in contending with and overcoming these ordeals, executives are more confident in their companies’ resilience and are focused on mitigating some of the very real uncertainties we face today.”

CEOs face increasing stakeholder scrutiny on social issues, with economic pressure set to slow ESG ambitions

Amid continued demand for increased reporting and transparency on ESG issues, CEOs globally (38 percent) and in Singapore (32 percent) say that their top challenge in communicating their ESG performance lies in articulating a compelling ESG story to stakeholders – similar to last year. In Singapore, CEOs are seeing the biggest stakeholder demand from regulators (33 percent), with pressure from employees and new hires on the rise this year at 28 percent as compared with zero percent last year.

Some of the barriers Singapore CEOs face in delivering on their ESG strategy include identifying and measuring agreed metrics (28 percent) and a lack of budget to invest in ESG transformation (20 percent). Also key to achieving their net zero and climate ambitions will be in attracting the right talent and skills. Nearly a quarter (22 percent) of global CEOs say a lack of skills and expertise is hindering the implementation of solutions — similar to the 28 percent seen in Singapore and an increase from 16 percent earlier this year.

Global CEOs are also recognising the need to pay closer attention to the ‘S’ in ESG going forward, with nearly three-quarters of respondents (72 percent) believing that stakeholder scrutiny on social issues will continue to accelerate. Forty percent of Singapore CEOs say that taking a more proactive to societal issues will be the main driver towards accelerating their company’s ESG strategy over the next three years. This is also the top driver for CEOs in the region (37 percent) and globally (34 percent). In fact, four in five Singapore executives (80 percent) have indicated that they have a responsibility as business leaders in driving greater social mobility.

CEOs also find that ESG initiatives are also starting to pay off financially, with a majority of those in Singapore (56 percent) reporting that these programmes have made a positive impact on their financial performance, up from the 40 percent last year. In addition, 44 percent of Singapore CEOs believe that failing to meet stakeholders’ ESG expectations could make raising finance much more costly and difficult. To meet stakeholder expectations, 88 percent of CEOs here expect to rely more on external assurance of their ESG data, far higher than the 52 percent globally and the 55 percent regionally.

However, as economic uncertainty continues, more than half of COEs here (52 percent) are pausing or reconsidering their existing or planned ESG efforts in the next six months, while 28 percent have already done so. Increased worldwide geopolitics have also affected the ESG plans of 60 percent of Singapore CEOs.

Cyber security no longer corporations’ biggest threat, with companies prepared for attacks

Cyber security has dropped from the top five risks to growth over the past year, with only 6 percent of CEOs globally naming it as their top risk. With rising economic concerns, interest rate and regulatory risks have emerged as among the key threats to growth for CEOs in Singapore (16 percent each), cyber security risk has similarly fallen to 4 percent, placing it among the lowest.

However, the cyber environment continues to evolve with 77 percent of CEOs globally and 60 percent of CEOS in Singapore saying that their organisation views information security as a strategic function and as a potential source of competitive advantage. Nearly three-quarters of organisations (72 percent) in Singapore are also confident in their preparedness against a cyber-attack, higher than the 69 percent in Asia Pacific and 56 percent globally.

Hashtag: #KPMG

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

About KPMG 2022 CEO Outlook

The 8th edition of KPMG CEO Outlook, conducted with 1,325 CEOS between July 12 and August 21, provides unique insight into the mindset, strategies and planning tactics of CEOs not only comparable from pre-pandemic to today, but also from early 2022 before geopolitical tensions furthered with Russia’s invasion of Ukraine.

As in previous years, a CEO Pulse Survey was conducted in January and February of 2022 with 500 CEOs. Today, we can compare CEO findings seven months apart, allowing a unique view into CEOs insights pre- and post-invasion and the subsequent impacts they’ve had on their business, industry, and global economy.

Note: Some figures may not add up to 100 percent due to rounding.

About KPMG

KPMG in Singapore is part of a global organization of independent professional services firms providing Audit, Tax and Advisory services. We operate in 144 countries and territories with more than 236,000 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.

For more information, visit
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World’s tallest timber apartment tower to be built in Zanzibar

28-storey Burj Zanzibar would be Africa’s first sustainable high-rise

ZANZIBAR, TANZANIA – EQS Newswire – 4 October 2022 – The Indian Ocean island of Zanzibar is planning the highest green building in the world, a 28-storey apartment tower designed in hybrid timber technology. Named Burj Zanzibar – “burj” meaning tower in Arabic – the spectacular high-rise is designed to reach 96 metres in height. Dubbed “vertical green village”, it would represent an iconic landmark not only for the island but for the whole of Africa and a global environmental milestone, being the first timber structure worldwide of such proportions. The design of the mixed-use apartment and commercial building, in a playful beehive style with breathtaking ocean views, was unveiled to the public in Muscat, Oman on 1 October. Dutch-born architect Leander Moons, responsible for the concept, said: “Burj Zanzibar is not just an outstanding building but a new ecosystem for the future of living”.

The residential tower with 266 residences is to be located in Fumba Town, East Africa’s pioneering eco-town developed by German-led engineering firm CPS. Categorised as a strategic investment and fully supported by the Zanzibar government, the growing city near the capital, where foreigners are allowed to buy, stretches along a 1.5-kilometre seashore on the southwest coast. “Burj Zanzibar will be the highlight and natural continuation of our efforts to provide sustainable housing in Africa, thereby empowering local employment and businesses”, elaborated CPS CEO Sebastian Dietzold in Muscat.

With turquoise seas, white sandy beaches and a UNESCO-protected historic Stone Town, Zanzibar recorded 15% annual growth in tourism in recent years and 6.8% economic growth. Earlier this year, the semi-autonomous archipelago, 35 kilometres off the coast of Tanzania, stretched its wings also into another direction, launching an initiative to attract African tech companies with a total worth of six billion dollars.

Benefits of timber

Timber is the oldest building material in the world. As timber technology, it currently enjoys a renaissance because of its environmental benefits and longevity. New timber products such as cross-laminated timber (CLT) and glulam are considered the building material of the future. One cubic metre of wood binds half a ton of carbon dioxide, whereas conventional concrete construction is responsible for 25% of CO2 emissions.

Once realised, Burj Zanzibar would be the highest timber building in the world and Africa’s first high-rise ever in this innovative technology. A few weeks ago the 86.6-metre Ascent Tower in Milwaukee, US, was certified as the world’s tallest timber hybrid building by the Council on Tall Buildings and Urban Habitat (CTBUH). Africa’s highest conventional skyscraper is a 385-metre office tower named “Iconic Tower” in Egypt, still under construction.

Tanzania’s top skyscraper is the 157-metre Ports Authority building in Dar es Salaam. The world’s tallest conventional building is Burj Khalifa in Dubai with 828 metres.

Consortium of specialists from New York to Switzerland

Burj Zanzibar is planned as a hybrid timber tower. A steel-reinforced concrete core is designed to meet all required fire and life safety standards. The project is to be executed by a consortium of leading specialists from Switzerland, Austria, Germany, South Africa, Tanzania and the US. Green roof gardens and planted balconies further reduce the carbon footprint of the building. “Burj Zanzibar will be a widely visible new landmark for Zanzibar and beyond, not only because of its appearance but because of its construction method”, said architect Leander Moons during the launch event.

Set to promote locally available wood as a building material, Tanzania and its vast land resources for agroforestry would also benefit from the ambitious green mega tower. A large forest development in central Tanzania near Iringa already covers twice the size of New York; “an enlarged forest industry could create hundreds of thousands of jobs in the East African country”, said CPS Director Dietzold.

Playful, elegant style fitting any culture

The playful architectural style – reminiscent of a beehive with honeycombs – combines modern urban trends with local culture. “Panorama windows, closed-in green loggias and a modular layout will enhance the green nature of the tower and allow for flexible apartment floor plans, tailor-made for any cultural preferences”, explained lead architect Moons. Residents can have their outdoor garden even on the top floor.

Representing a young, vibrant and most of all sustainable lifestyle, the building allocates a mix of studio, one- and two-bedroom apartments and deluxe penthouses. The elegant tower stands on a terraced podium with shared and private gardens , shops and a common pool. Sizes of units range from studios starting at $79,900 to a vast penthouse with a private pool on the 26th floor at $950,880. “As a global architectural highlight the Burj Zanzibar will be setting a new benchmark of building in the 21st century”, CPS director Sebastian Dietzold concluded.

Credits:

Burj Zanzibar – The Art of Urban Living
DEVELOPMENT & MARKETING
CPS ZANZIBAR LTD
Zanzibar, Tanzania www.cps.africa

CONCEPT
LEANDER MOONS INC
New York, United States www.laud.nl

ARCHITECTURE
OMT architects GmbH
Berlin, Germany www.omt-architects.com

Birk Heilmeyer und Frenzel Architekten GmbH
Stuttgart, Germany www.bhundf.com

STRUCTURAL ENGINEERING
KNIPPERS HELBIG advanced engineering
Stuttgart, Germany www.knippershelbig.com

BUILDING SERVICES
ZUTARI
Dar es Salaam, Tanzania www.zutari.com

FIRE and LIFE-SAFETY
IGNIS fire design consulting
Zurich, Switzerland www.ignis-consulting.eu

KSI smart brandschutz
Zurich, Switzerland www.ksi-brandschutz.ch

QUANTITY SURVEYOR
WEBB URONU & PARTNERS Dar es Salaam, Tanzania

TIMBER COMPONENTS and ASSEMBLY
BINDERHOLZ
Fügen, Austria www.binderholz.com
VOLKS.HOUSE
Zanzibar Town, Tanzania www.volks.house

Download Images:

Image 1: https://bit.ly/3RwIiC2 Iconic landmark for the tropics: Burj Zanzibar, designed in climate-friendly cross-laminated timber (CLT) and glulam technology, acts as a cold and heat insulator, and does not lose its structural strength under fire. Precision technology allows for prefab CLT buildings to be assembled at a speed of one floor per week. (Render by CPS)

Image 2: https://bit.ly/3SNOkPK Green power tower: 96 metre-high, the planned Burj Zanzibar would be a landmark beyond Fumba Town. The growing eco-development on Zanzibar’s southwest coast already harbours more than 1,000 residential units and will eventually be home to 20,000 inhabitants. Sales of Burj Zanzibar units have commenced; construction could begin end 2023/2024 (Render by CPS)

Tanzania’s top skyscraper is the 157-metre Ports Authority building in Dar es Salaam. The world’s tallest conventional building is Burj Khalifa in Dubai with 828 metres.

Distributed by APO Group on behalf of CPS Zanzibar Limited.

Hashtag: #CPSZanzibar

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

About CPS:

CPS is a Tanzanian-based real estate company with a German background developing vibrant, affordable urban communities. The focus is on sustainability and the empowerment of local businesses. CPS currently implements two large building projects in Zanzibar, with further African projects in planning. Fumba Town is the fastest growing urban development in Tanzania with permaculture landscaping, 94% waste-recycling, health care, educational facilities and a total volume of $400 million to eventually house 20,000 people. The Soul is Zanzibar’s first-ever residential leisure resort along the East Coast of the tropical tourism island with hundreds of holiday apartments. Zanzibar already has a factory for prefabricated cross-laminated timber houses (Volks.house Ltd.) employing 80 workers. CPS founders Sebastian Dietzold, his wife Katrin and his brother Tobias Dietzold hail from Leipzig and have lived in Tanzania for decades.

Lao Academic Honored for His Contributions to Japanese Language Education

Vice Dean, Faculty of Letters, National University of Laos receive a Certificate of Commendation from Japan’s Foreign Minister.

Mixay Soukchaleun, Vice Dean of the Faculty of Letters, National University of Laos, received a Certificate of Commendation from Japan’s Foreign Minister Hayashi Yoshimasa last week.

Laos Hosts Young Hacker Competition to Platform Best People in the Field

Participants at the Lao Young Hacker competition.

The winning team will represent Laos in the 6th Cyber SEA Game in Thailand next month, which will bring together the best people in the field of cybersecurity. 

AIA Elite Funds marked its third-year anniversary with strong Assets Under Management (AUM) growth for the affluent segment with AIA Elite strategy

Returns on AIA Elite Funds among the industry’s top quartile with significant AUM growth achieved within 3 years

SINGAPORE – Media OutReach – 4 October 2022 – AIA Singapore marked the third anniversary of AIA Elite Funds by delivering strong performance for customers, including making it in the top quartile[1] among its peer group of funds by achieving one of the highest annualised net returns and significant asset under management (AUM) growth in Singapore. As of end August 2022, the AIA Elite Adventurous Fund being the largest fund within the AIA Elite portfolio, achieved annualised returns of 7.37%, based on a three-year period. Total AUM of AIA Elite Funds is over S$900 million, representing average annual growth rate of more than 400% over the last three years. The AIA Elite Adventurous Fund accounts for approximately 70% of total AUM reflecting quality investment management.

Till today, the innovative AIA Elite Funds remains Singapore’s only ILP funds offering customers access to a unique proposition managed by the professional stewardship of the world’s finest institutional investors; Baillie Gifford, Capital Group, Wellington Management, and BlackRock – powered by AIA’s investment management capabilities.

Liu Chun Yen, Chief Investment Officer, AIA Singapore and member of the Sustainability in Insurance Committee (SIC) in Singapore says, “Aligning with AIA’s Elite strategy, we launched the AIA Elite Funds in 2019 to address the crucial gap for the affluent to meet both their wealth creation goals and protection needs, based on their respective investment time horizon. The success of our strategy led to the launch of multiple innovative Investment Linked Plans (ILPs) in 2022 alone. This includes AIA Elite Secure Income, the first-in-market affordable, capital guaranteed ILP, and AIA Platinum Wealth Legacy, the first-in-market ILP with no lapse privilege benefit till up to age 100. Both products provide customers access to AIA Elite Funds.”

“Today’s concerns about rising inflation and cost of living also underscore the importance of protecting and growing wealth wisely. At AIA Singapore, we are well-placed to continue providing customers a sustainable way of achieving this through our AIA Elite Funds, helping them with wealth accumulation, management and protection while mitigating unfavourable economic headwinds.”

Through strong collaboration with strategic partners and leveraging AIA Singapore’s proven expertise and capabilities, the company is also co-developing and carefully curating more customised solutions which are aligned with sustainable themes for the long-term within the AIA Elite Funds. The multi-layer value creation chain is focused on driving long-term investments while remaining nimble to make opportunistic investments which provide value and quality.

The AIA Elite Funds were launched in 2019 through the AIA Platinum Wealth Elite plan to address a critical gap for the affluent; a single plan to meet both their wealth creation goals and protection needs based on their respective investment time horizon. There are 3 different portfolios in USD and SGD respectively – AIA Elite Conservative, AIA Elite Balanced, and AIA Elite Adventurous – offered under various plans including the AIA Platinum Wealth Elite, AIA Platinum Retirement Elite, AIA Platinum Wealth Legacy, AIA Elite Secure Income and AIA Pro Achiever, catering to the diverse needs and risk profiles of AIA customers.

AIA Singapore reaffirmed its focus on wealth protection and management earlier this year by launching a new proposition Wealthbeing by AIA – the pairing of wealth and well-being – as the company continues to accelerate efforts to meet the underserved needs of High Net Worth Individuals (HNWIs) to grow their wealth for the long-term while protecting their lifestyles from market volatility as well as unexpected life events. It is forecasted that by 2030, the number of millionaires in Singapore as a share of its population will exceed that of the United States, China or any other economy in the Asia Pacific region[2].

To this end, AIA Investments, manages over US$330 billion of assets[3] and has one of the largest teams in the Asia-Pacific region, with over 250 investment professionals, focused on delivering superior long-term sustainable returns for its clients.

For more information on the AIA Elite Funds, please visit: https://www.aia.com.sg/en/help-support/funds-information/aia-elite-funds.html


[1] Information is based on Morningstar USD Aggressive Allocation peer comparison category, as of 31 August 2022

[2] https://www.straitstimes.com/business/economy/singapore-will-have-more-millionaires-per-population-vs-us-and-china-by-2030-hsbc

[3] As of 30 June 2021

Hashtag: #AIASingapore

About AIA

AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets – wholly-owned branches and subsidiaries in Mainland China, Hong Kong SAR(1), Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei and Macau SAR(2), and a 49 per cent joint venture in India.

The business that is now AIA was first established in Shanghai more than a century ago in 1919. It is a market leader in Asia (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$302 billion as of 30 June 2022.

AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia, AIA serves the holders of more than 40 million individual policies and over 17 million participating members of group insurance schemes.

AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: “AAGIY”).

Notes:
1. Hong Kong SAR refers to Hong Kong Special Administrative Region.
2. Macau SAR refers to Macau Special Administrative Region.

All Treats No Tricks — Sweep Up Huge Savings On iShopChangi’s Sitewide Sales this October in Singapore

iShopChangi celebrates October with a myriad of exciting deals to indulge in. Expect up to 20% off in sitewide discounts, on top of category deals up to 18% off, plus close to 80% off on brands like Mayer. Be bowled over by a continuous stream of amazing offers all month long.

SINGAPORE – Media OutReach – 4 October 2022 – From 1 – 31 October 2022, Be Bowled Over on iShopChangi with exciting sitewide offerings for both travellers and non-travellers alike. From beauty products to electronics to household appliances, enjoy unparalleled deals ranging from exclusive merchandise releases to discounts of close to 80% off.

Sitewide Deals You Will Not Want To Miss

Starting with the much-anticipated sitewide 10.10 Flash Sale, which will then segue into a Deepavali Sale, and further cemented by the monthly PayDay Sale, it will undoubtedly be a scintillating time shopping. Lock in the discount codes below and cart out your favourite products at a steal!

Sitewide 10.10 Flash Sales (For Non-travellers Only)
Period: 6 – 12 October 2022
Code Description
1010FLASH12 12% off with no minimum spend, capped at S$50.
1010FLASH18 18% off S$400, capped at S$100.
Limited-time, limited-quantity only S$100 deals up for grabs.
New and existing users enjoy an additional S$5 Changi Pay voucher.
Deepavali Long Weekend (For Travellers Only)
Period: 19 – 31 October 2022
Code Description
DIWALITR10 10% off S$350, capped at S$50.
DIWALITR18 18% off S$800, capped at S$150.
PayDay Sale (For Non-travellers Only)
Period: 25 – 31 October 2022
Code Description
PAYDAY12 12% off S$300, with no discount cap.
PAYDAY20 20% off S$1,000, with no discount cap.
PAYDAY18CP 18% off S$300, cap at S$80 with use of Changi Pay


Save more dollars during the 10.10 Flash Sale with Redbreast 12-Year-Old Irish Whiskey, going at S$108, a good 22% off its usual price of S$138; with its rich and nutty nose, spicy body, and long finish, it will be the highlight spirit of the month. Additionally, treat yourself to Kinohimitsu’s Bundle of Five, which is now going at S$100, 58% off its usual S$239.50. Comprising 34 bottles of 75g each, the bundle features two boxes of Bird’s Nest with Fruity Camellia Tea 8’s, two boxes of Bird’s Nest with Ginseng 6’s and one box of Bird’s Nest with Red Dates & Wolfberries 6’s.

Category Deals To Begin Your Year-End Revelry

With Halloween just round the corner and the pressure to doll-up for year-end parties mounting, iShopChangi has just the irresistible deal for you. Anytime in October, snap up the exclusive Clé de Peau Beauté Correcting Cream Veil Duo Set for its purifying effects, at S$200, 31% off the original S$288. Not to mention The Intensive Serum Foundation and Brush Set by Bobbi Brown, which is going at S$105, 40% off its regular retail price of S$174 — no doubt an exquisite bargain.

Knock off even more from your cart with these spellbinding discount codes on beauty products throughout the month.

Bewitched by Beauty (For Non-travellers Only)
Period: 1 – 31 October 2022
Code Description
BEWITCH14 14% off S$200, capped at S$40.
BEWITCH18 18% off S$450, capped at S$90.
Bewitched by Beauty (For Travellers Only)
Period: 1 – 18 October 2022
Code Description
SHOPBEAUTY10 10% off S$300, capped at S$50.

Let’s not forget to lift the spirits as the end of the year approaches. Have your pre-drinks ready with Balvenie’s 12-Year-Old Doublewood Single Malt Scotch Whisky – enjoy the peatiness of this beloved whisky at just S$125, 11% off its usual S$140. Alternatively, indulge in this bundle of The Singleton Dufftown 12-Year-Old. This smooth, naturally rich Speyside Scotch has a sweet, fruity note and a warmth of toasted nuts, which will delight shoppers who’ll find it going at S$189, a 25% off the original S$255. Drop in a discount code for further savings on an extensive selection of wines and spirits online.

Pre-Drinks With Us (For Non-travellers Only)
Period: 14 – 24 October 2022
Code Description
PREDRINKS15 15% off S$350, capped at S$60.

From 4 – 30 October, enjoy close to 80% off on top of tax-absorbed prices with Mayer online on iShopChangi, featuring bundle deals from the newly-released Iron Man series and Mayer’s perennial bestsellers. Check out with limited-time only store-wide vouchers going up to S$35 off, then continue the shopping spree at Changi Airport Terminal 3’s Mayer x iShopChangi pop-up activation where you can collect your purchases immediately while redeeming an exclusive S$10 off*.

Options like the Disney x Mayer Air Purifier and Disney x Mayer Multicooker bundles will be available for purchase too. Priced at the highly enticing S$99 for both a Disney-themed air purifier and multicooker – 50% off the original S$197, this bundle is sure to be a hit. Look out for the Mayer 5.5L Stand Mixer + Disney x Mayer Electronic Kitchen Scale going at S$199, 64% off the usual S$559. What’s better than preparing your favourite Halloween goodies with (or for) your loved ones with this ‘adorabowl’ set?

iShopChangi x Mayer Omni-activation (For Non-travellers Only)
Period: 4 – 30 October 2022
Promo Description
Mayer vouchers Enjoy the following Mayer store promotions:
S$5 off no min spend or,
12% off S$150 spend, capped at S$30.
S$10 voucher Exclusive iShopChangi S$10 voucher* available at Changi Airport Terminal 3 activation

*Selected Mayer products only. T&Cs apply.

A Celebration for Both Travellers and Non-Travellers

Both travellers and non-travellers can further enjoy an additional S$20 off S$80 on first purchases and up to a 3% rebate with a Changi Rewards membership. A S$5 welcome voucher awaits for new sign-ups on Changi Pay too.

Travellers may place their orders between 30 days in advance and up to 12 hours before flying, and pick up their purchases from the Collection Centres across the departure halls of all terminals at Singapore Changi Airport. Alternatively, spend S$59 and enjoy delivery in Singapore. Till 31 December, they can also redeem 7% off at the checkout, with no minimum spend, capped at S$50, with the code <FLY7>, which can be applied up to three times per customer.

Non-travellers can cart out at tax and duty-absorbed prices on iShopChangi and have their items delivered to them for free when they spend at least S$59 and provide a Singapore residential address for delivery.

The Tainan City Bureau of Tourism is ready for the recovery of Tourism in Tainan – The Ba Jia Jiang appears in Vietnam, hoping to see more tourists coming to Tainan

TAINAN, TAIWAN – Media OutReach – 4 October 2022 – The TripBarometer Global Report indicated that 57% of travelers pay more attention to the local history and culture and 42% of Asian travelers prefer countries rich in culture and humanities, which would refer to cities like Kyoto, Chiang Mai, and Tainan.

Exposure from Outdoor Advertisement in Vietnam
Exposure from Outdoor Advertisement in Vietnam

Tainan, located in the southern part of Taiwan, is where everything started for Taiwan and has a long history and culture, and the City is also named by Michelin as a “food capital.” Tainan is only 80 minutes on the HSR from Taoyuan International Airport, and only a 50-minute drive from Kaohsiung International Airport.

Tainan is the only city that has preserved this 400-year-old religious ceremony as the “Ba Jia Jiang” drives away evil and blesses people. With COVID-19 raging on throughout the world, Tainan’s “Ba Jia Jiang” appears in other countries to showcase its charm while offering blessings.

Tainan Mayor Huang Wei-che said that Tainan is the capital of tourism and the city has been actively making improvements to match international tourism. Even with the impact of COVID-19, Tainan is still one of the few cities with improving tourism. Kuo Chen-hui, director of Tainan City Bureau of Tourism, said that the business visas are already available to visitors, and Taiwan will soon issue tourism visas. To promote the tourism of the City, the Tainan City Government has not only worked hard to promote its tourism online, but also cooperates with various Asian countries’ big cities to promote Tainan, showcase the beautiful city, and welcome tourists once the borders have been reopened. Not only was “Someday or One Day” filmed in Tainan, the colorful nature of the “Ba Jia Jiang” provides people with options other than Taipei and Kaohsiung! Come and experience the culture and charm of Tainan in the 1990s!

Hashtag: #TainanCityGovernment

BookSmart24: New app for environmentally conscious travel finds the lowest CO2 route to the desired destination

LONDON, UK – Newsaktuell – 3 October 2022 – While existing travel websites primarily display the cheapest or fastest travel option, the new BookSmart24 app also finds the most CO2- and emission-efficient variant for the chosen route. The platform enables users to make smart and responsible booking decisions and to realize that traveling in an environmentally conscious manner does not necessarily have to be more expensive.

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“SmartChoice” is the optimal option for your trip. Global Multimodal Mobility.
(C) BookSmart24.com

SmartChoice: CO2-reduced travel does not have to be more expensive

BookSmart24 puts the avoidance of CO2 and other harmful emissions in the foreground. The result is the BookSmart24 SmartChoice: It shows users how to make a comfortable and at the same time environmentally friendly and cost-saving booking decision. Thanks to the clear and simple operation of the app, the end consumer receives information on the environmental impact of his or her journey and also sees at a glance: flying more environmentally conscious does not mean that it has to be much more expensive.The cost difference to the more CO2-efficient route is often only slight.

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The new environmentally friendly travel booking app for global markets. BookSmart. Travel Responsibly.

SmartChoice prefers routes with the lowest CO2 impact and is constantly developing further

The platform calculates and compares prices, travel duration, and the individual CO2 impact of each route based on proprietary algorithms. SmartChoice prioritizes and recommends the routes with the lowest carbon footprint while ensuring that fares and trip durations remain within an average value expected for the route in question. SmartChoice is constantly evolving and adapting to the fast changing mobility industry by taking into account additional parameters such as biofuels or the sustaiability of airports or train stations. A so far worldwide unique concept.

Next step: Offers for world-wide high-speed train services

For now, BookSmart24 offers its services for air routes. Soon, the focus will also be on high-speed trains around the world, which will be included in SmartChoice. This will provide consumers with combined offers from train and flight connections. The basic structure for a global high-speed train GDS (Global Distribution System) have already been installed on the platform and the service will be available soon. In a further step, urban multi-mobility concepts (public transport, car sharing, etc.) will be integrated into the platform in order to offer sustainable door-to-door travel worldwide.

The goal: to establish BookSmart24 as the leading global reference platform for more sustainable travel.

Hashtag: #BookSmart24