Category: 3. Business

Singapore, 17 October 2025 – ST Engineering’s Marine business and Siemens Energy have been awarded a second contract by Transcontinental Capital Corporation (Bermuda) Ltd., a subsidiary of Seaboard Corporation, to deliver Estrella del Mar IV, a state-of-the-art barge-mounted power plant to Santo Domingo, Dominican Republic.

The new power plant will be based on its predecessor, the Estrella del Mar III. When completed, it will enhance the Dominican Republic’s energy infrastructure with greater efficiency, flexibility and sustainability. The Estrella del Mar IV is expected to be delivered in 2028 where it will be installed alongside the Estrella del Mar III off the shores of Santo Domingo.

“Transcontinental Capital’s decision to award a follow-on project demonstrates confidence in our proven engineering, construction, and project management capabilities, and is also a testament to our successful collaboration with Siemens Energy in delivering a highly efficient power generation facility,” said Tan Leong Peng, President of Marine, ST Engineering.

ST Engineering’s Marine business will be responsible for supplying the engineering design, procurement, construction of the floating power plant, as well as its transportation and installation. By constructing the plant in Singapore and delivering it as a complete plug-and-play solution, the project reduces both cost and construction time compared to a land-based power facility.

Under the agreement, Siemens Energy will supply a 145-megawatt (MW) combined cycle power plant featuring two SGT-800 gas turbines, one SST-600 steam turbine, and an innovative storage system. Based on its visionary SeaFloat concept, this hybrid approach combines high-efficiency power generation with advanced lithium-ion battery storage to maximise performance, improve fuel efficiency and reduce emissions.

“Floating power plants like Estrella del Mar IV demonstrate how innovative engineering can overcome land and infrastructure constraints, while delivering reliable and resilient energy,” said Andreas Pistauer, Global Head of Sales for Gas Services at Siemens Energy.

The Estrella del Mar III was commissioned in 2022. Its innovative integration of marine engineering and energy generation received the Plant of the Year accolade from Power Magazine for its pioneering floating combined-cycle gas turbine power barge. 

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Join us for our half-day event on ‘BESS Route-to-Market: New Models and Impact of Regulatory Challenges on Bankability’, taking place on 18 November 2025 in Frankfurt.

Germany is experiencing a surge in interest around Battery Energy Storage Systems (BESS), positioning them as a key pillar of the energy transition. Yet, while the market gains momentum, standardised route-to-market contracts are still in their infancy. Initial agreements based on UK-style templates are entering the scene, but without careful alignment to the German regulatory framework, they risk legal pitfalls and challenges to bankability. What does this mean for investors, developers and lenders? How can risks be managed effectively while ensuring compliance and financial viability?

Join us for an insightful discussion with leading experts on approaches to shaping robust, future-oriented contract models for BESS in Germany, bringing in latest insights from the UK market. This event is designed to help utilities, funds, financial institutions and asset owners.

KEY TOPICS

• regulatory challenges and their impact on credit structures;
• grid connection: A critical factor in project development and transactions;
• transition in Tolling Agreements; and
• perspectives from lenders and legal experts.

Details and speaker line-up will be announced in early November. Please note: the event will be held in English.

Be part of the conversation – and help shape the future of energy storage.

We kindly ask you to register your interest in attending this in-person event via the ‘Register your interest’ button or by emailing events_germany@wfw.com at your earliest convenience and no later than Monday 10 November. Attendees will be confirmed on a first-come, first-served basis.

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Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.

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Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.

Important information and disclaimers

© 2025 World Gold Council. All rights reserved. World Gold Council and the Circle device are trademarks of the World Gold Council or its affiliates.
All references to LBMA Gold Price are used with the permission of ICE Benchmark Administration Limited and have been provided for informational purposes only. ICE Benchmark Administration Limited accepts no liability or responsibility for the accuracy of the prices or the underlying product to which the prices may be referenced. Other content is the intellectual property of the respective third party and all rights are reserved to them.
Reproduction or redistribution of any of this information is expressly prohibited without the prior written consent of World Gold Council or the appropriate copyright owners, except as specifically provided below. Information and statistics are copyright © and/or other intellectual property of the World Gold Council or its affiliates or third-party providers identified herein. All rights of the respective owners are reserved.
The use of the statistics in this information is permitted for the purposes of review and commentary (including media commentary) in line with fair industry practice, subject to the following two pre-conditions: (i) only limited extracts of data or analysis be used; and (ii) any and all use of these statistics is accompanied by a citation to World Gold Council and, where appropriate, to Metals Focus or other identified copyright owners as their source. World Gold Council is affiliated with Metals Focus.
The World Gold Council and its affiliates do not guarantee the accuracy or completeness of any information nor accept responsibility for any losses or damages arising directly or indirectly from the use of this information.
This information is for educational purposes only and by receiving this information, you agree with its intended purpose. Nothing contained herein is intended to constitute a recommendation, investment advice, or offer for the purchase or sale of gold, any gold-related products or services or any other products, services, securities or financial instruments (collectively, “Services”). This information does not take into account any investment objectives, financial situation or particular needs of any particular person.

Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.

Information regarding Qaurum^SM and the Gold Valuation Framework

Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.

Ferrari has cut the number of cars it sells in the UK as wealthy individuals relocate overseas after tax changes and the abolition of non-dom status.

The Italian luxury carmaker reportedly began limiting the number of vehicles it exported to the UK about six months ago, in an attempt to stop a decline in their residual value.

Benedetto Vigna, the chief executive of the carmaker, said that Ferrari had seen a “stabilisation” in sales after the decision to reduce the number of vehicles it allocated to the UK.

“Some people are getting out of that country for tax reasons,” he told the Financial Times, adding that taxes were not the only reason for the fall in residual values. “There are many different factors. Maybe when you sell to the UK, that car cannot be sold somewhere else [because of its right-hand wheel]”.

In April the government abolished favourable tax treatment for non-domiciled residents – UK residents who declared that their long-term home was overseas to avoid paying UK taxes on global income and assets – and raised other duties on the wealthy.

The chancellor, Rachel Reeves, told the Guardian earlier this week that talk of an exodus of wealthy residents was just “scaremongering”.

“This is a brilliant country and people want to live here,” she said. “And I think, when people scaremonger again this year, we should take some of that with a pinch of salt.”

Reeves, who has said that the wealthy will be one of the targets for higher taxes in next month’s budget, has previously ruled out imposing a “wealth tax” but campaigners for changes to the system have highlighted other options.

These include raising the rate of capital gains tax, levying national insurance on rental income and on partners in law firms and consultancies, and creating higher council tax bands.

The non-dom tax changes sparked fears that Ferrari would lose its wealthy client base, leading to volatility in its residual prices, or the expected secondhand value of a vehicle when a leasing deal comes to an end.

Most new cars in developed markets are bought on deals that provide financing based on the amount of value a vehicle loses – its “depreciation” – rather than the overall sticker price.

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If cars have weaker secondhand prices, the financing needed increases and the car becomes more expensive to lease.

The residual value for Ferrari’s Purosangue model fell 12.2% between January and October, while the SF90 Stradale fell 6.6%, according to AutoTrader.

However, prices have started to stabilise in recent months. The Ferrari 296 GTB, a supercar launched in 2022, had a recommended retail price from £256,275 if bought new. However, a used version was available from £189,490 on AutoTrader.

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Novo Nordisk shares fell on Friday after Donald Trump vowed to sharply lower the price of its popular weight loss drug Ozempic as part of the US president’s drive to cut the price of medicines in America.

Speaking at a press conference on Thursday, Trump said Ozempic’s price would be “much lower” once his administration had concluded negotiations with Novo Nordisk, the Danish group that pioneered obesity drugs.

Trump suggested the price of the drug could fall to as low as $150. Novo Nordisk halved the US price of Ozempic for people who cannot access it with health insurance to $499 earlier this year.

Shares in the Danish pharma group fell 5 per cent in early trading in Copenhagen on Friday. Shares in US pharma group Eli Lilly, its major rival in the obesity market, dropped 5 per cent in after-hours trading in New York.

US patients have historically paid much higher prices for drugs than their peers in other industrialised countries. Since returning to the White House, Trump has pushed drugmakers to lower prices for American consumers, threatening import tariffs if they do not agree.

He has complained that anti-obesity drugs are available in the UK at a fraction of their cost in the US, where branded medicines are on average two to three times more expensive than they are in Europe.

Last month, Pfizer reached a deal with the Trump administration to lower the prices of some drugs. Eli Lilly has been widely expected to reach a deal with the White House but has yet to do so.

Speaking alongside Trump at an event announcing a deal to lower costs of IVF treatment, Mehmet Oz, the head of the Centers for Medicare & Medicaid Services, said negotiations with Novo Nordisk were ongoing.

“We have not negotiated those yet . . . the President will be happy with the results, and until he is we are not going to close those negotiations,” he said.

Novo said it had “engaged in discussions” with the White House and remained “focused on improving patient access and affordability”.

Eli Lilly has been contacted for comment.

This September, Carlsberg Asia and Grab marked the second year of their partnership – a collaboration that is transforming how consumers across Southeast Asia enjoy beer responsibly

Launched in late 2024, the partnership connects Carlsberg’s premium beer experiences with Grab’s vast digital ecosystem, from mobility and food delivery to dine-out offers, embedding responsible drinking messages into everyday moments.

This strategic partnership has already yielded significant results. From January to August 2025, there has been a 37% increase in average new Carlsberg consumers per month within the Grab ecosystem (vs. same period in 2024), 22% year-on-year growth in user numbers and average uplift of 49% in Carlsberg sales, marking a 35% year-on-year increase in overall sales.

Anchored in Carlsberg’s long-standing partnership with Liverpool F.C., the longest-running partnership in Premier League history since 1992, the collaboration has turned key football occasions into moments that combine celebration and moderation. In Singapore, the campaign culminated in September with the ‘Champion EPL Season with Carlsberg’ event, featuring Liverpool legend Robbie Fowler. Fowler toured Grab’s headquarters, rode through Orchard Road and the Civic District on an open-top bus, and met with fans, media, and VIP guests, celebrating the partnership’s success and reinforcing the message of responsible enjoyment.

Events across Malaysia, Cambodia, Myanmar, and Singapore brought fans together both online and offline, while in-app activations on Grab offered prizes like match tickets, retro jerseys, and ride discounts promoting safe mobility.

Following these successes, the next phase of the campaign will roll out in Vietnam later in 2025.

“Our partnership with Grab is a powerful expression of Carlsberg’s Accelerate SAIL strategy in action,” says Arindam Varanasi, Commercial VP, Carlsberg Asia. “By combining Carlsberg’s brand strength with Grab’s reach, we’re shaping a culture where enjoyment and mindful consumption go hand in hand.”

Through Grab’s ecosystem, including GrabFood, GrabMart, Dine Out, and mobility services, Carlsberg can reach consumers across multiple occasions, linking celebration with safety and convenience.

The partnership will continue to expand in Vietnam and beyond later this year, building on its success to make responsible drinking a natural part of how people connect, celebrate, and enjoy life across Asia.

As Jim Chalmers moves among the global elite during the G20 talkfest with fellow finance ministers and big-time investors in Washington this week, he will be spruiking Australia’s enviable economic performance over recent years.

A particular point of pride has been the strength of the labour market.

Not only has unemployment stayed low, the increase in the share of working-age Australians with a job has climbed by 3.1 percentage points since immediately before the pandemic.

That increase is twice the OECD average, and compares with zero growth in the US and New Zealand. In Canada and the UK, the employment rates have dropped by 0.4 and 1.1 percentage points, respectively.

Chart showing recent changes in labour market in Australia and other countries

That performance, however, was cast under a cloud this week, after the unemployment rate unexpectedly jumped to 4.5% – its highest level in nearly four years.

After dropping to nearly 50-year lows of 3.4% in late 2022, the Reserve Bank of Australia and Treasury had both expected this rising trend to stop at about 4.3%.

The AMP chief economist, Shane Oliver, says that the jobless rate is “in a clear rising trend”.

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The RBA board has made it clear it is holding fire on further rate cuts until it is more confident that inflation continued to ease through the September quarter. But the latest labour data has complicated the issue.

“A further rise beyond this would arguably be violating the RBA’s full employment objective,” Oliver says.

“Of course, the rise in unemployment may just reflect the lagged impact of weak economic growth last year, but it may also reflect a messy handover from the public sector to the private sector as the key driver of jobs.”

This “messy” handover is what has experts worried.

Big increases in federal funding for the care economy – from aged care, to childcare and health more broadly – flowed through to a surge in hiring that accounted for a lion’s share of the more than 1 million jobs created since Labor took office in 2022.

In the 2023 and 2024 calendar years, around 80-90% of the rise in employment was in these so-called “non-market” segments, or heavily taxpayer-subsidised industries.

Graph showing different economic sectors’ contributions to employment growth over the past 2 years

That’s not to denigrate the roles.

As Chalmers has been quick to point out, “they are real jobs”.

“They look like real jobs to me, looking after older people and people in the NDIS and early childhood education,” he said last month.

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But this dynamic is key to understanding why employment could continue to boom even as the economy virtually stagnated.

Now we have, as Oliver says, the “messy handover”, as the private sector attempts to pick up the hiring slack.

Pat Bustamante, an economist at Westpac, calculates unemployment could push towards 4.8% in early 2026 if the private sector does not grow fast enough to replace the slower growth in government spending.

Which way it goes from here remains highly uncertain, and economists now see a real chance the RBA feels the need to deliver an interest rate cut at its Melbourne Cup day meeting.

Not everyone is convinced the jobs market is about to head south, or that the central bank will rush to cut rates again.

Jonathan Kearns is chief economist at Challenger and a former senior RBA official.

Kearns reckons people and investors have overreacted to one bad employment number.

Employment climbed in September, he says, just not quite as much as expected, which, when combined with an influx of new jobseekers, pushed up the jobless measure.

That could easily reverse in October, and the RBA board is likely to remain fixed on the “critical” quarterly inflation figure on 29 October.

“Things have been too easy,” Kearns says. “Inflation came down faster than expected and unemployment didn’t rise as much as anticipated. Things looked amazingly good, and you are always going to hit some bumps in the road.”

Patrick Commins is Guardian Australia’s economics editor