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KPMG: Government reserves remain robust, advocates for expanded asset management and innovation industries to boost economic growth

Resilient response to challenges, highlighting AI and Northern Metropolis


HONG KONG SAR – Media OutReach Newswire – 28 February 2025 – KPMG welcomes the Hong Kong Government’s Budget, recognising it as a well-considered strategy that balances the needs of society with economic development goals. The Budget focuses on key areas such as Artificial Intelligence (AI), infrastructure investment, and innovative industries, creating new opportunities for high-quality economic growth in Hong Kong while further strengthening its international competitiveness.

The Hong Kong SAR Government has revised its 2024/25 Budget, projecting a consolidated deficit of HKD 87.2 billion. By the end of March 2025, Hong Kong’s fiscal reserves are expected to reach HKD 647.3 billion, closely aligning with KPMG’s estimates of HKD 89.7 billion deficit and HKD 645 billion in reserves, indicating that fiscal reserves remain relatively robust. The projected GDP growth rate for 2025/26 has been adjusted to between 2% and 3%, down from the previous year’s forecast of 3.2%. KPMG attributes this revision to ongoing geopolitical uncertainties and a slower-than-expected decline in interest rates. To address these challenges, KPMG recommends that the government allocate more resources to high-growth sectors such as asset management and innovation, aiming to stimulate economic growth in Hong Kong and deliver benefits to the general public.

John Timpany, Head of Tax in Hong Kong, KPMG China, says: “In the Budget, the HKSAR Government has clearly positioned AI as the core driver for cultivating new quality productive forces, and is promoting its development through a series of policy measures, fully demonstrating Hong Kong’s ambition as an international innovation and technology hub. We are pleased to see the Government leveraging the advantages of ‘One Country, Two Systems’ to actively establish Hong Kong as an international exchange hub for the AI industry, and strengthening the integration of scientific research and industrial applications through projects such as Cyberport’s AI Supercomputing Centre, Hong Kong Microelectronics Research and Development Institute, and the soon-to-be-established Hong Kong Artificial Intelligence Research and Development Institute. This not only creates opportunities for local technology companies but also injects new momentum into the transformation and upgrading of traditional industries, narrowing the gap with other leading jurisdictions.”

Stanley Ho, Tax Partner, KPMG China, says: “To ensure the strategic infrastructure projects stay on schedule, KPMG believes that raising capital by issuing government bonds at a moderate pace is a wise move. We support the government’s commitment to using bond proceeds exclusively for infrastructure investments, ensuring they are not directed towards recurring government expenditures. This disciplined approach, outlined in the new bond program, should keep the government debt-to-GDP ratio at a manageable level and protect Hong Kong’s credit rating. We encourage the government to proactively explore ways to make infrastructure projects more cost-effective. Embracing technological innovations and encouraging public-private partnerships are two promising avenues for expense optimisation.”

Alice Leung, Tax Partner, KPMG China, says: “We welcome the Financial Secretary’s proposal to expand the classes of investments permitted under the family office tax regime. To make Hong Kong even more attractive to family offices, it makes sense to include digital assets and art as eligible investments. These are already common asset classes for family offices, so adding them to the regime could encourage more family offices to set up in Hong Kong. This would be a win-win, creating jobs and boosting demand across a range of professional services. Additionally, it is encouraging to see the government actively pursuing tax treaties with 17 jurisdictions – this is a significant step in supporting Hong Kong taxpayers investing overseas. We also applaud the government’s initiative to attract more commodity trading activity to Hong Kong through a competitive 8.25% tax rate. These measures will inject vitality into the local market, enhance liquidity, and further solidify Hong Kong’s role as an international financial centre.”

Chi Sum Li, Head of Government & Public Sector in Hong Kong SAR, KPMG China, said: “We support the government’s prioritisation of investment in developing the Northern Metropolis. The focus on key industries such as innovation and technology, high-end professional services, modern logistics, tertiary education, cultural, sports, and tourism in the area demonstrates a commitment to a diversified development blueprint. Meanwhile, the accelerated progress of projects like Kwu Tung North / Fanling North, along with the implementation of transport infrastructure including the Northern Link and Hong Kong-Shenzhen Western Railway, will enhance connectivity in the region and lay a solid foundation for commercial and innovation technology development. We believe the development of the Northern Metropolis will inject new vitality into Hong Kong’s economy and create better living and career prospects for citizens.”

In terms of nurturing and attracting talent, KPMG welcomes the government’s proposal to enhance the “New Capital Investment Entrant Scheme”. It is encouraging to know the scheme has already received over 880 applications with an expected HKD 26 billion in investments. We suggest lowering the residential property price threshold from HKD50 million to HKD 30 million. This would open up the scheme to a broader range of talents looking to invest in Hong Kong real estate and we don’t anticipate this change having a major impact on housing affordability for the general public. Additionally, the government can consider shortening the current seven-year waiting period for permanent residency applicants, to make the scheme even more attractive.

Amid fiscal constraints, the government has taken measures to control expenditure growth. For 2026/27 and 2027/28, the Financial Secretary announced a 2% annual reduction in the civil service, with an estimated reduction of approximately 10,000 positions by April 1, 2027. Additionally, a salary freeze for all personnel across the executive, legislative, judicial branches, and district councils has been proposed for 2025/26. KPMG believes that job cuts and the salary freeze are signals to the public that the government is closely monitoring its spending, as taxpayers would expect during a period of fiscal deficits. This demonstrates the Hong Kong government’s commitment to prudent management of public finances.

In light of the fiscal deficit and the aging population, KPMG supports the government’s proposed optimisation of the “HKD 2 Public Transport Fare Concession Scheme.” The proposal maintains eligibility for individuals aged 60 and above but introduces a monthly cap of 240 trips. Additionally, for fares of HKD 10 or more, the subsidy will be adjusted to a 20% discount of the full fare. These measures aim to balance the travel needs of the elderly and the silver economy with smarter use of public funds. At the same time, this will enable the government to more accurately forecast related expenditures in the future.

Hashtag: #KPMG

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

About KPMG

KPMG in China has offices located in 31 cities with over 14, 000 partners and staff, in Beijing, Changchun, Changsha, Chengdu, Chongqing, Dalian, Dongguan, Foshan, Fuzhou, Guangzhou, Haikou, Hangzhou, Hefei, Jinan, Nanjing, Nantong, Ningbo, Qingdao, Shanghai, Shenyang, Shenzhen, Suzhou, Taiyuan, Tianjin, Wuhan, Wuxi, Xiamen, Xi’an, Zhengzhou, Hong Kong SAR and Macau SAR. It started operations in Hong Kong in 1945. In 1992, KPMG became the first international accounting network to be granted a joint venture licence in the Chinese Mainland. In 2012, KPMG became the first among the “Big Four” in the Chinese Mainland to convert from a joint venture to a special general partnership.

KPMG is a global organisation 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 142 countries and territories with more than 275, 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.

Celebrating 80 years in Hong Kong

In 2025, KPMG marks “80 Years of Trust” in Hong Kong. Established in 1945, we were the first international accounting firm to set up operations in the city. Over the past eight decades, we’ve woven ourselves into the fabric of Hong Kong, working closely with the government, regulators, and the business community to help establish Hong Kong as one of the world’s leading business and financial centres. This close collaboration has enabled us to build lasting trust with our clients and the local community – a core value celebrated in our anniversary theme: “80 Years of Trust”.

Varda Space Industries Makes History with the First Successful Commercial Space Reentry in Australia

The company’s second capsule, W-2, returned to Earth safely at the Koonibba Test Range completing a dual-purpose mission with payloads from the Air Force and NASA.

EL SEGUNDO, Calif., Feb. 28, 2025 /PRNewswire/ — Varda Space Industries, Inc., a microgravity-enabled life sciences company, today announced the successful landing of its second reentry capsule, W-2, and the completion of the company’s second mission. At 6:32 AM Pacific Time today, W-2 touched down at the Koonibba Test Range after six weeks in orbit.

The W-2 spacecraft is seen reentering the Earth's atmosphere from the Koonibba Test Range in South Australia. Photo by William Godwin, Courtesy Varda Space Industries.
The W-2 spacecraft is seen reentering the Earth’s atmosphere from the Koonibba Test Range in South Australia. Photo by William Godwin, Courtesy Varda Space Industries.

The W-2 capsule carried a spectrometer built by the Air Force Research Laboratory (AFRL) and employed a heatshield developed in collaboration with NASA’s Ames Research Center in California’s Silicon Valley. The capsule also carried internal research that will expand Varda’s pharmaceutical processing capacity and capability.

The AFRL spectrometer, known as OSPREE (Optical Sensing of Plasmas in the ReEntry Environment), recorded spectral emission measurements of the reentry plasma environment around the capsule as it reentered the Earth’s atmosphere at speeds in excess of Mach 25. The OSPREE sensor, developed by AFRL Principal Investigator Captain Ashwin Rao, will yield the first in situ optical emission measurements of a spacecraft in true atmospheric reentry in history.

The partnership between AFRL and Varda is a cornerstone of the Prometheus program, which addresses a national security need to accelerate the ability to test and modernize high-hypersonic systems and reentry technologies through a low-cost, high cadence commercial flight testbed.

“By partnering with the commercial space entities like Varda, AFRL can provide the Government S&T community expanded access to testing in true hypersonic conditions. Prometheus fills a longstanding experimentation gap for the maturation of future reentry system technologies,” said Dr. Erin Vaughan, AFRL Prometheus Lead.

The recovered capsule will undergo processing with Varda’s payload partners at Southern Launch’s facilities before it is returned to Varda’s Los Angeles headquarters for further analysis.

Operated by Southern Launch, the Koonibba Test Range is a 15,830 square mile commercial launch and reentry port in South Australia. Varda’s capsule is the first to reenter at the range, as well as the first-ever commercial spacecraft to land on Australian soil. Previously, Varda’s W-1 capsule was the first commercial spacecraft to land on US soil when it reentered at the Utah Test and Training Range in Feb. 2024.

Southern Launch CEO Lloyd Damp said, “This mission marks an incredible step forward for Australia as a focal point for reentries. The Koonibba Test Range is fully instrumented with telemetry, radars and ground and airborne optical and spectral image capture capabilities. Southern Launch is looking forward to continuing to contribute our world-class facilities, re-entry permitting, and range operations to future missions with Varda and their partners.”

The W-2 capsule launched as part of theTransporter-12 rideshare mission with SpaceX on Jan. 14. While in orbit, W-2 was supported by a Rocket Lab-designed Pioneer satellite bus, which provided systems for power, communications, propulsion, and attitude control for the 120 kg W-2 capsule.

“We are ecstatic to have W-2 back on our home planet safely and are proud to support significant reentry research for our government partners as we continue building a thriving foundation for economic expansion to low Earth orbit,” said Varda CEO Will Bruey. “What’s next?”

Distribution Unlimited; Approved for Public Release. Public Affairs Release #AFRL-2025-0519.

About Varda

Varda Space Industries is making reentry as common as launch. We are building the infrastructure for a thriving low Earth orbit economy, from in-orbit pharmaceutical processing to reliable and economical reentry capsules. The company operates out of El Segundo, California with office and industrial production space. Follow Varda on X (@vardaspace), Instagram (@vardaspaceindustries), and LinkedIn.

For Investor Inquires: ir@varda.com

For Media Inquiries: media@varda.com 

The W-2 capsule landed safely at the Koonibba Test Range, operated by Southern Launch. Photo by William Godwin, Courtesy Varda Space Industries.
The W-2 capsule landed safely at the Koonibba Test Range, operated by Southern Launch. Photo by William Godwin, Courtesy Varda Space Industries.

 

Engineers from Varda Space Industries, based in El Segundo, Calif. recover the W-2 capsule after it landed safely in Australia after six weeks in orbit. Photo by William Godwin, Courtesy Varda Space Industries.
Engineers from Varda Space Industries, based in El Segundo, Calif. recover the W-2 capsule after it landed safely in Australia after six weeks in orbit. Photo by William Godwin, Courtesy Varda Space Industries.

 

Photo – https://laotiantimes.com/wp-content/uploads/2025/02/resized_w_2_reentry_galaxies.jpg
Photo – https://laotiantimes.com/wp-content/uploads/2025/02/w2_at_koonibba_with_chute_resized.jpg
Photo – https://laotiantimes.com/wp-content/uploads/2025/02/team_with_w2_resized.jpg
Logo – https://laotiantimes.com/wp-content/uploads/2025/02/varda_blue_lockup_horizontal_logo.jpg

Vantage Markets Recognized as ‘Most Trusted Broker’ at Smart Vision Summit 2025 in Oman

PORT VILA, Vanuatu, Feb. 28, 2025 /PRNewswire/ — Vantage Markets proudly participated in the Smart Vision Summit 2025 in Oman, where we connected with traders, investors, and industry leaders from across the region. The summit provided an excellent opportunity for Vantage to share insights and showcase its commitment to innovation and excellence in the financial markets.

Vantage Markets Recognized as ‘Most Trusted Broker’ at Smart Vision Summit 2025 in Oman
Vantage Markets Recognized as ‘Most Trusted Broker’ at Smart Vision Summit 2025 in Oman

At the event, Vantage was honored with the ‘Most Trusted Broker’ award, a prestigious recognition of the company’s dedication to transparency, integrity, and superior client service. This accolade reflects Vantage’s unwavering commitment to providing a secure, seamless, and client-centric trading environment, reinforcing the trust traders place in the platform.

Beyond receiving the award, Vantage played a pivotal role in shaping discussions at the Smart Vision Summit 2025, participating in two high-impact panel discussions alongside industry experts:

“Future Analysis of Financial Markets: Future Trends of Global Financial Markets” – Vantage’s representatives shared key insights on how the global financial landscape is evolving, exploring technological advancements, market trends, and trading opportunities that will shape the future of investing.

“Risk Management in Trading: How to Protect Your Investments in Highly Volatile Markets?” – This session provided traders with practical strategies to manage risk, navigate volatile market conditions, and make informed trading decisions while safeguarding their investments.

In addition to the panel discussions, Vantage also hosted two exclusive seminars, offering attendees insights into trading strategies, risk management techniques, and the future of online trading. These sessions were designed to provide traders with knowledge and tools to enhance their trading journey.

The Smart Vision Summit 2025 provided a warm and welcoming environment, allowing Vantage to engage directly with traders from across the Middle East. The event served as a platform to strengthen relationships, understand traders’ needs, and showcase Vantage’s innovative solutions.

Reflecting on the summit, Marc Despallieres, CEO of Vantage Markets, shared:
“Being part of the Smart Vision Summit in Oman was a fantastic opportunity for us to connect with traders and partners in the region. Winning the ‘Most Trusted Broker’ award is a true testament to the trust and confidence our clients place in us. We remain committed to delivering a world-class trading experience, offering innovation, transparency, and expertise to traders.”

As Vantage continues to expand its presence, the company remains dedicated to providing cutting-edge trading technology, valuable educational resources, and best-in-class service to support traders.

For more information about Vantage’s award-winning trading services and upcoming events, visit Vantage Markets.

About Vantage

Vantage Markets (or Vantage) is a multi-asset CFD broker offering clients access to a nimble and powerful service for trading Contracts for Difference (CFDs) products, including Forex, Commodities, Indices, Shares, ETFs, and Bonds.

With over 15 years of market experience, Vantage transcends the role of broker, providing a trusted trading ecosystem, an award-winning mobile trading app, and a user-friendly trading platform that empowers clients to seize trading opportunities. Download the Vantage App on App Store or Google Play.

trade smarter @vantage

RISK WARNING: CFD trading carries significant risks. You could lose more than your initial investment.

Disclaimer: This article is provided for informational purposes only and does not constitute financial advice, an offer, or solicitation of any financial products or services. The content is not intended for residents of any jurisdiction where such distribution or use would be contrary to local law or regulation. Readers are advised to seek independent professional advice before making any investment or financial decisions. Any reliance you place on the information presented is strictly at your own risk.

 

iMyFone DreamVid AI Picture Generation Video – Redefining Visual Creation

TAIPEI, Feb. 28, 2025 /PRNewswire/ — In the era of ever-changing digital image technology, how to make still photos more vivid? How to make memories more vivid? iMyFone announces the release of iMyFone DreamVid, an AI photo-to-film tool that provides you with an innovative solution. This AI photo-to-movie tool can easily turn still photos into motion videos, bringing characters to life with natural and smooth movements. Whether you want to bring your loved ones’ photos to life, interact with your favourite characters, or create a fun face-swap video, DreamVid can meet your needs. In this article, we will introduce the main features, application scenarios, and breakthrough technologies to give you an in-depth understanding of this amazing AI video-generating software.

The main functions of iMyFone DreamVid photo to motion picture software are explained in this article:

1. AI Composite Video – Bring your still photos to life and capture more beautiful moments.

With iMyFone DreamVid, you can upload any of your favourite photos, and AI will automatically analyse and composite the video to bring the still images into smooth motion. The technology relies on advanced machine learning models that accurately recognise character features, background elements and generate natural movements such as kisses, smiles, nods, winks and even more complex body movements.

No need for tedious manual editing, just a few easy steps to get high quality animated videos. This is undoubtedly a boon for users who want to turn still images into more emotionally expressive motion pictures. Whether you want to create a short film for social media or a memory video for your family, DreamVid makes it easy.

2. Move your loved ones’ photos – Recreate precious memories and feel the emotional connection

Many people have old photos that they have treasured for a long time, and these photos hold countless precious memories. However, still photos can’t capture the movements and gestures of people. iMyFone DreamVid’s AI technology can make these memories ‘move’. Simply upload photos of your loved ones, and the system will generate realistic motion images that will bring you back to those wonderful moments.

This feature is meaningful to users who miss their loved ones and want to build a deeper emotional connection with their distant family members. Whether it’s a smiling grandparent or your childhood self, DreamVid can bring these images to life and make emotions more tangible.

3. AI Embrace and Kiss Videos – Zero Distance Interaction with Your Beloved Characters

If you’ve ever fantasised about having a real hug with your idol, virtual character or even your beloved pet, iMyFone DreamVid can now help you realise that wish. With AI technology, you can select your favourite character or persona and DreamVid will automatically create an AI hug or kiss video.

This feature can be used not only for personal entertainment, but also for film production, social media content creation and more. For example, fans can create videos of themselves interacting with film characters, and fans can share an intimate moment with their idols. This kind of innovative interaction provides unlimited possibilities for image creation.

4. AI Face Change Technology – Creating a Multi-Character Interactive Experience

iMyFone DreamVid’s built-in AI face-swapping feature allows for seamless conversion between different avatars to create a variety of different video content. This means you can upload avatars of different characters and let the AI automatically composite the video to show the animation effects of the different characters.

This feature is ideal for users who want to create a variety of content, whether it’s a fun face transformation video or a photo of yourself interacting with a variety of character styles. Its high-precision facial recognition technology ensures that the face-changing effect is natural and smooth, with no sense of contradiction.

5. Massive number of templates – easy to create high quality videos

To make it easier for users to create videos, iMyFone DreamVid provides a large number of preset templates covering a wide range of styles such as romantic, nostalgic, funny, technological and so on. Simply choose the suitable templates and match them with your photos to create professional-grade videos in no time.

These templates not only enhance the visual effect of your videos, but also make video production easier and more efficient. No professional editing skills are needed, so anyone can create amazing videos.

iMyFone DreamVid Application Scenes:

1. Nostalgia and remembrance – reliving precious moments

iMyFone DreamVid is an ideal tool for users who want to relive their beautiful memories. It can convert old photos into vivid videos, so that beautiful moments of the past can be shown in a new way.

Especially for family gatherings and anniversaries, these videos can add more emotional resonance and make memories more tangible. Whether it’s recreating your childhood self or making a film to remember a loved one, DreamVid can help you express your feelings better.

2. Creativity and Entertainment – Unleash your imagination!

iMyFone DreamVid offers unlimited possibilities for creators, whether it’s making funny short films, interacting with virtual characters, or creating fantasy-style AI motion pictures.

Creative videos, social media videos, and video effects ……DreamVid lets your imagination run wild. In particular, the AI face changing and animation compositing functions provide great scope for entertainment content creation.

iMyFone DreamVid is a breakthrough technology for photo animation:

1. Leading AI Image Processing Technology

iMyFone DreamVid adopts the most advanced AI technology, which can accurately analyse the image content and make the resulting videos more natural in terms of movements and expressions. iMyFone DreamVid will intelligently generate movements that match the visual logic according to the characteristics of the characters in the photos, so that the videos will show the effect of faking the real one.

2. Highly customisable to meet individual needs

In addition to the preset templates, iMyFone DreamVid allows users to freely adjust the video parameters, such as the size and position of the characters, and even add audio to make the video more personalised.

3. User-friendly interface, easy to use by everyone

DreamVid’s user interface is intuitively simple and easy to use, no professional knowledge is required. Detailed instructions and one-click generation make video production easy and efficient.

About iMyFone and DreamVid

iMyFone is a software problem solver for iOS, Android and computers, helping users to quickly fix all kinds of tech-related problems. Its wide range of products include voice to text, voice changers, AI chatbots, and other tools with user-friendly interfaces that are easy to use. iMyFone uses advanced technology to develop software that combines performance and convenience, and has received excellent reviews from many sources and is trusted by many authoritative media outlets.

For more information about iMyFone DreamVid, you can visit the official website (https://tw.imyfone.com/ai-image-to-video-generator/) and start a new era of AI image creation.

Lime AI Debuts at MWC 2025: A Game-Changer in Stress Management

SEOUL, South Korea, Feb. 28, 2025 /PRNewswire/ — BlueSignum, the innovator behind DailyBean, is set to launch its latest breakthrough in mental wellness at MWC 2025. Lime AI is designed to provide personalized insights and guidance in stressful situations anytime, anywhere. Backed by professional psychological research and cutting-edge AI technology, Lime AI is here to redefine how we manage stress in our daily lives.

Lime AI Bebuts at MWC 2025
Lime AI Bebuts at MWC 2025

The Stress Session: Your Personal Strategy for Relief
Stress is an unavoidable part of life, but managing it effectively can feel overwhelming. Lime AI offers a groundbreaking feature to help: the Stress Session. Rather than bottling up their feelings, users can talk freely with Lime AI about what’s weighing them down. Lime AI listens, identifies key stress factors, and uncovers potential strengths or hidden resources within the user. The session concludes with a Stress Analysis—a comprehensive breakdown of the user’s situation—along with a Strategy Card.

Each Strategy Card is carefully selected from a wide range of stress management techniques rooted in established psychological research. Whether it’s restructuring a problem, finding new sources of motivation, or practicing mindfulness techniques, Lime AI picks the approach best suited to the user’s current situation. To ensure practical application, the Strategy Card also includes a personalized to-do—an actionable step tailored specifically to the user—so they can immediately apply the strategy in their daily life.

Always Available, Even on the Go
Accessibility is key to effective mental health support, and Lime AI is built for seamless integration into everyday life. The app offers both text and voice interactions, making it easy to use in any setting, whether at home, at work, or on the move. Later this year, Lime AI will also launch on Apple CarPlay and Android Auto, making it easier than ever to check in with Lime AI while commuting, running errands, or taking a drive.

With Lime AI, support isn’t limited to a scheduled appointment or a specific location—it’s always within reach.

Experience Lime AI at MWC 2025
BlueSignum invites MWC attendees to experience Lime AI’s Stress Session firsthand. As AI continues to reshape digital health, Lime AI is leading the way in making mental health support more immediate, intelligent, and personal than ever before.

Join us at MWC 2025 and discover how Lime AI is transforming the field of mental wellness—one conversation at a time.

CONTACT: official@limeai.io, Hailey Yoon

 

Laos, China 500kV Link to Drive Clean Energy Growth and ASEAN Connectivity

A launching ceremony\y of the Lao-China 500-kilovolt Interconnection Project (Photo: KPL)

On 26 February, Laos launched the Lao-China 500-kilovolt Interconnection Project with a ceremony in Vientiane Capital. This project is part of a broader effort to enhance regional energy integration.

Peak Energy Acquires Solar Rooftop Project in Singapore, Enters into Long-Term Virtual Power Purchase Agreement with Arkema

SINGAPORE, Feb. 28, 2025 /PRNewswire/ — Peak Energy Development Pte Ltd. (“Peak Energy”), a leading renewable energy developer and independent power producer with operations across Asia, has acquired a 1MW solar rooftop installation in Singapore, further expanding its renewable energy portfolio.

Peak Energy’s Singapore-based rooftop solar system that generates around 1 GWh of clean energy annually for Arkema.
Peak Energy’s Singapore-based rooftop solar system that generates around 1 GWh of clean energy annually for Arkema.

In parallel, Peak Energy has entered into a Virtual Power Purchase Agreement (vPPA) contract with Arkema Pte Ltd. (“Arkema”), a global leader in specialty materials production, for its Symphony Plant located on Jurong Island, the world’s largest integrated bio-factory. Through this agreement Peak Energy will help Arkema achieve its Science Based Targets initiative (SBTi)-approved goal of a 48.5% reduction in Scope 1 + 2 greenhouse gas (GHG) emissions by 2030, compared with 2019 levels.

This strategic acquisition and vPPA agreement underscore Peak Energy’s commitment to expanding its presence in Singapore, one of the most dynamic markets for renewable energy in Asia, and in the Asia Pacific region in general, focusing in particular on the B2B segment.

Operational since 2023 and located on the roof of Matco Asia Pte. Ltd., a Singapore-based valve automation company, the facility generates around 1 GWh of clean energy annually.

“Peak Energy is dedicated to helping corporates, such as Arkema, reduce their power costs and carbon footprint in a sustainable way. This acquisition and agreement will support our growth in the region, whilst also contributing to Singapore’s ambition of achieving net zero emissions by 2050,” stated Gavin Adda, CEO at Peak Energy 

“Sustainability is a core pillar of Arkema’s strategy, and this partnership with Peak Energy is an important step toward achieving our Scope 2 goals for the Jurong Island Plant. By adopting renewable energy solutions, we are strengthening our commitment to environmental responsibility while supporting Singapore’s energy transition,” said Zoeline Xu, APOC Energy Transition cum Strategic Purchasing Manager at Arkema.

About Peak Energy 

Headquartered in Singapore, Peak Energy is an Independent Power Producer that develops, owns, and operates renewable energy assets across Asia. Peak Energy’s activities encompass the whole spectre of renewable energy business models, such as utility-scale development, off-site PPAs, onsite PPAs, and energy storage applications, to position itself as the one-stop partner for corporates seeking to decarbonize their operations in Asia Pacific. Peak Energy has almost 300 MW of operating projects across Asia. For more information, please visit https://www.peakenergy.asia. Peak Energy is wholly owned by Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets with approximately USD 72 billion of assets under management. 

About Arkema 

Building on its unique set of expertise in materials science, Arkema offers a portfolio of first-class technologies to address ever- growing demand for new and sustainable materials. With the ambition to become a pure player in Specialty Materials, the Group is structured into 3 complementary, resilient and highly innovative segments dedicated to Specialty Materials – Adhesive Solutions, Advanced Materials, and Coating Solutions – accounting for some 92% of Group sales in 2023, and a well-positioned and competitive Intermediates segment. Arkema offers cutting-edge technological solutions to meet the challenges of, among other things, new energies, access to water, recycling, urbanization and mobility, and fosters a permanent dialogue with all its stakeholders. The Group reported sales of around € 9.5 billion in 2023, and operates in some 55 countries with 21,100 employees worldwide.

Illegal Wireless Internet Stations Found Near Lao Border in Nong Khai

Illegal Wireless Internet Stations Found Near Lao Border in Nong Khai. (Photo: The National Broadcasting and Telecommunications Commission)

Thai authorities discovered three illegal wireless Internet stations in Nong Kha Province suspected of transmitting signals into Laos.