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Ee Cheong Wee
Deputy Chairman & CEO

Good morning, and thank you for joining us. I think given the global environment remain uncertain, I think the three local Singapore banks, generally, I think, has been quite resilient, which is very encouraging. And even on our side, we see healthy trade and investment flow, stronger connectivity in Greater China and ongoing supply chain shift into the region. As businesses look to ASEAN for growth and diversification, I believe we are continuing to well position to support them. ASEAN is our home, our competitive advantage and our engine of growth.

Over the years, we have built a differentiated franchise with deep local strong customer relationships and value-added ecosystems. We will continue to invest in our growth drivers. Okay. Let me just very briefly touch on three areas: Wholesale banking, retail and our priorities. Our wholesale banking franchise continues to benefit from growing trade, investment and connectivity across ASEAN. As clients increasingly operate across multiple markets, our regional footprint is a key differentiator. ASEAN-4 is key growth region, contributing about 27% of wholesale growing faster than. Transaction banking is a key pillar, contributing to nearly half of wholesale banking income. Trade loans grew over 30%, while wholesale CASA deposits increased 9% year-on-year in the first half.

We see encouraging momentum in foreign direct investment in Southeast Asia with larger and more strategic. Over the past decades, foreign direct investment into ASEAN more than doubled even as global foreign direct investment declined by about [indiscernible]. Through our FDI advisory unit, supported more than 300 cross-border deals into the region in the last 6 months with projected investment

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The prime minister is set to announce “a series of measures to make life easier” for those struggling with the cost of living in the coming days, Downing Street says.

No 10 says Andy Burnham’s plans are to “give people some room to breathe”. He will also focus on ways of “improving high streets” as he embarks on a tour of the UK.

But the government is facing continued pressure over its early release scheme for prisoners in England and Wales – with criticism of the fact that two of PC Andrew Harper’s killers will be eligible from next year.

Burnham is also likely to face pressure for more action on the cost of living – although significant interventions are unlikely before October’s Budget.

Even then, Chancellor John Healey has made it clear he will oversee “strong fiscal discipline” – which will limit how much the government has to spend.

The prime minister has been on holiday this week, but Downing Street said he would be in “listening mode” in the coming days as he tours the UK’s nations and regions and works on a “10-year plan to bring back hope”.

A spokesman for the prime minister said: “He thinks Westminster has got used to telling people that everyday hassles – like hidden pricing and consumers being ripped off – must be accepted as part of life.

“He doesn’t think that’s right. That’s why he’s going to start rolling out a series of pro-consumer cost of living measures to give people some room to breathe.”

The spokesman added: “He’s also going to be kicking off his summer tour around the country, getting out of Westminster and meeting people where they are.

“The prime minister is going to be in listening mode to help inform his 10-year plan to bring back hope and make Britain better off.”

There are, though, likely to be continued questions about the forthcoming early release scheme, due to start in October.

One of Burnham’s first acts in Downing Street was to order a review which limited the range of people who would be eligible.

But those convicted of manslaughter will still qualify for the scheme – including two of the killers of PC Andrew Harper.

The prime minister has faced calls from PC Harper’s family, former senior police officers and opposition politicians for them to be denied early release.

But he has said he cannot go any further without risking prison capacity. Downing Street said on Saturday night that position remained unchanged, despite reports the prime minister could revisit the case.

The Conservatives said the government’s “tax hikes and red tape are hammering our high streets”.

Shadow chancellor Mel Stride said: “This is breathtaking hypocrisy from Burnham… they are forcing businesses to close, destroying jobs and driving up prices for the public.

“Meanwhile, Labour are plotting to release dangerous criminals onto our streets, leaving people feeling unsafe in their communities.”

Liberal Democrat Treasury spokeswoman Daisy Cooper said struggling high street businesses “need more than a new PM embarking on a vanity tour this summer”.

She said the PM should adopt the Lib Dem plan for high streets: “That means reversing the damaging jobs tax, delivering an emergency VAT cut for hospitality, replacing broken business rates and cracking down on the ghost landlords leaving our shop fronts vacant.”

Reform UK’s economic spokesman Robert Jenrick said: “If Andy Burnham wants to help people with the cost of living, he should scrap the green levies and taxes on energy bills and rule out tax rises at the Budget.”

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