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THE Singapore developer controlled by the city-state’s richest clan reported a small increase in profit in the first half of the year, a period overshadowed by a damaging family feud.

City Developments Ltd.’s net income rose 3.9% to S$91.2 million ($71.1 million) in the first half of 2025 compared with a year ago. Revenue meanwhile increased to S$1.69 billion, an 8% jump. 

The firm said its profit growth was significantly hit by the US dollar’s depreciation, which affected loans denominated in the currency, and weaker performance from its hotel operations segment.

The country’s second-largest developer by market capitalization has sought to move on from a tussle between the father-son duo that leads the firm. It broke out just around its last earnings release in February and led to a short-lived lawsuit filed by Executive Chairman Kwek Leng Beng and other directors against the rest of the board, including his son and Chief Executive Officer Sherman Kwek, over an alleged boardroom coup.

“We have put past issues behind us, emerging stronger and more unified,” said the elder Kwek in a statement. “The board and management are aligned and focused on effective execution and value creation.”

Since then, the younger Kwek has made it a priority to reduce the company’s debt load. A key strategy has been divestments — most notably, the sale of a majority stake in a S$2.75 billion office complex located in the heart of Singapore agreed earlier this year. It’s inked about S$1.5 billion of divestments so far this year, which includes hotels in the US and other smaller commercial properties in Singapore.

The firm’s net debt-to-equity ratio — which includes the fair value on investment properties — edged down slightly to 70% from 72% at the end of the first quarter.

Investors have so far cheered these efforts, with an upgrade from JPMorgan Chase & Co. in July. Along with a broader rally in property shares driven by a continued boom in the financial hub’s residential market, the firm’s shares have risen about 24% this year through Tuesday’s close. That compares with a roughly 11% increase in the country’s benchmark stock index in the same period.

Still, challenges remain. Tensions among board members were laid bare during a shareholders’ meeting in April. More recently, a longtime ally of the patriarch chairman retired at the end of July after criticizing some fellow directors at the meeting. –BLOOMBERG

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SINGAPORE is set to sell an eye-watering variety of luxury items confiscated from money launderers who were convicted in the country’s biggest laundering case.

The local unit of consulting firm Deloitte has been appointed to manage the process of selling the non-cash assets, according to a statement on Tuesday by the police, who added they handed over more than 460 pieces of luxury goods and 58 pieces of gold bars to the firm this week. The items are among a broader haul of assets, including upscale real estate, cars and cash, seized in connection with the S$3 billion ($2.3 billion) scandal that broke two years ago. 

Deloitte will submit proposals for the sale of the assets in due course, the police said in response to a query from Bloomberg. These could include auctions and direct-selling, and will start when the government approves the proposals, it added.  

The gold bars, jade necklaces and over 10 luxury watches from brands like Richard Mille and Patek Philippe were displayed in a publicized handover. The event also featured dozens of luxury handbags including Hermes handbags and a limited-edition yellow pumpkin shaped Louis Vuitton bag created in collaboration with Japanese artist Yayoi Kusama.

Since the scandal, Singapore has moved to stem the fallout with authorities imposing financial penalties on several of the world’s biggest banks for lapses related to the case. Private bankers have also been charged for their alleged involvement in the scandal. The government has proposed to strip money launderers of directorships and probed law firms embroiled in the case.

Authorities previously kickstarted the process to sell the seized assets — which amounted to about S$2.79 billion at the end of 2024. While the bulk of it was in the form of cash and financial assets, numerous properties, vehicles and country club memberships have been sold. The proceeds are put in a de-facto bank account of the Singapore government. –BLOOMBERG

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A CARGO of Indian diesel is heading to China, in what would be first such shipment since 2021, with oil product exports from Russia-linked Nayara Energy in a state of limbo following the latest round of European Union sanctions.

The EM Zenith sailed from the Nayara’s Vadinar terminal with about 496,000 barrels of ultra-low sulfur diesel on July 18, according to Kpler, a port agent report and ship tracking data compiled by Bloomberg. The departure came just hours before the EU announced restrictions on the Rosneft-backed refinery as a part of a renewed crackdown on Russia’s oil trade.

The vessel was initially bound for Malaysia but made a U-turn in the Strait of Malacca and was anchored for about 12 days as multiple Nayara cargoes were stranded after the EU sanctions. The tanker has now updated its destination to Zhoushan, China. 

A Nayara spokesperson didn’t immediately reply to a message seeking comment. 

The sanctions have also complicated payments for Nayara in recent weeks, with the company seeking upfront renumeration or letters of credit for fuel shipments prior to loading, and to cut production at its Vadinar refinery with crude shipments choked off.

The diesel shipment to China is the first from India since April 2021, according to Kpler data. It follows a thawing of bilateral tensions between the Asian neighbors. –BLOOMBERG

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INDONESIA will continue diplomatic talks with Malaysia over the oil-rich blocks in disputed waters instead of pursuing legal action, according to a senior official. 

“There’s a territorial border between Germany and the Dutch that hasn’t been settled in 300 years. If the Dutch and the Germans couldn’t finish in 300 years, why should we finish in 10?,” Indonesia Deputy Foreign Minister Arif Havas Oegroseno said in an interview on Friday. If the talks between the Southeast Asian nations “take a long time, so be it.” 

The dispute involves overlapping claims to the continental shelf and exclusive economic zone off the eastern coast of Borneo — known as Ambalat in Indonesia and Sulawesi Sea in Malaysia. A military standoff in 2005, sparked by Malaysia’s decision to grant oil exploration rights to Shell Plc in the contested zone, marked the last major escalation.

Jakarta prefers to keep the matter at the negotiating table rather than seek international arbitration. The stance reflects Indonesia’s broader approach to maritime disputes — such as those in the Natuna Sea with China — which prioritizes stability and bilateral engagement over fast, binding settlements that could carry political and economic risks.

The Indonesian official’s comments came as Malaysia’s foreign ministry stressed that discussions for a possible joint development remain at an early stage and have yet to produce a final agreement. Malaysia’s clarification underscored lingering caution between the two sides, despite the leaders’ public statements.

In late June, Indonesian President Prabowo Subianto and Malaysian Prime Minister Anwar Ibrahim agreed in principle to explore a joint development plan as a pragmatic alternative to a full legal settlement.

“There is goodwill from both sides,” Prabowo said, when asked for comment on Aug. 7. “The point is, we want a good resolution.”

Before recent pronouncements, the two countries have opted for quiet, twice-yearly negotiations covering both land and maritime boundaries. Oegroseno, who then led the talks, said personal ties between the chief negotiators on both sides have helped keep communications smooth.

Indonesia bases its maritime claims on the 1982 United Nations Convention on the Law of the Sea, while Malaysia relies on its 1979 maritime map and a 2002 International Court of Justice ruling that granted it sovereignty over Sipadan and Ligitan islands, without settling the maritime boundary. 

“Boundary negotiations are the most complicated ones because once an agreement is reached, it cannot be changed,” said Oegroseno. “We need to have legal certainty.” –BLOOMBERG

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