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Singapore Air net profit drops as Iran war raises risks

2 weeks ago

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SINGAPORE Airlines Ltd. posted a steep drop in annual net profit as widening losses at Air India weighed on results, and flagged a cautious outlook that factors in risks from the Iran war.

Net income declined 57% from a year ago to S$1.18 billion ($927 million) in the period ended March 31, the airline said Thursday. While that beat analyst estimates of S$1.08 billion, the performance highlighted the drag from S$828.5 million of losses at associate companies, which includes the Singaporean carrier’s 25.1% stake in Air India.

The airline’s own operations remained resilient. Operating profit grew to S$2.37 billion, beating consensus and underscoring strong demand at a time global carriers face a jet-fuel price shock linked to the war. Revenue jumped to S$20.5 billion, also a beat.

Although the carrier benefited from higher passenger volumes, thanks to travelers shifting routes to avoid Middle Eastern conflict zones, Singapore Air warned that the Iran war’s broader fallout could soon clip those gains. While surging fuel prices is the immediate impact of the war, it cautioned that it’s not the only cost.

“There could be broader implications for supply chains and macroeconomic conditions, affecting demand patterns,” Singapore Air said. In addition, it said airline operations for the industry risked disruption from the availability of jet fuel supply.

Singapore Air is tackling internal challenges too, with its in-tray busy with the turnaround of Air India. The Indian carrier’s record loss — driven by airspace closures, war-related disruptions and a fatal crash — has diluted SIA’s net income. Now controlled by Tata Group with the Singaporean carrier as a minority shareholder, Air India is burning through cash as it pursues a multi-billion dollar turnaround.

Singapore Air’s exposure may deepen. Both shareholders are in talks to inject more capital into Air India as losses mount, and they are searching for a new chief executive officer after Campbell Wilson said he would depart after nearly four years as CEO.

To keep the turnaround on track — including an order for over 500 new aircraft — Singapore Airlines has been placing more executives into key operational roles in the Indian carrier, Bloomberg has reported.

Air India is Singapore Air’s biggest financial investment in another airline, as it diversifies its reach. In recent years, the Singaporean airline has signed joint venture pacts with Malaysia Airlines, All Nippon Airways, Garuda Indonesia, Lufthansa Group and Air New Zealand, and is seeking a similar deal with Vietnam Airlines.

While the airline posted a sharp fall in net income, it trimmed its proposed total dividend for the year to 37 Singapore cents per share, including a final dividend of 22 cents in local currency.

Beyond its investment challenges, the airline is grappling with soaring jet fuel prices affecting airlines globally. The latest results reflect only one month of war-related impact, though the March demand remained strong: long-haul routes to Europe and the Americas were 94% full, while others averaged 88%.

On the direct Iran war impact, Singapore Air said the full effect of a more than doubling of jet fuel prices will be felt in the new fiscal year. Airfare hikes have not been enough to “fully offset” the rising cost of kerosene, the airline’s single-largest expense.

Singapore Airlines continues to shrug off the impact of high fuel costs by adding capacity to Europe, including to the UK and southern Europe. Low-cost unit Scoot is also contributing strongly to group performance, flying around a third of total passengers and expanding rapidly with new, smaller aircraft.

The airline’s shares closed 0.2% lower on Thursday, ahead of the results. The stock is down 2% so far this year. –BLOOMBERG

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Xi tells US CEOs on Trump visit that China will open up more

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Xi Jinping shakes hands with Scott Bessent and other members of the US delegation in Beijing on May 14. (Bloomberg)

XI JINPING signaled China is moving toward greater openness, striking an upbeat note during his meeting with US business leaders accompanying Donald Trump as the two presidents wrapped up morning talks that featured more divisive issues like trade and Taiwan.

“American enterprises are deeply involved in China’s reform and opening up, a process from which both sides have benefited,” Xi told more than 10 business representatives gathered at the Great Hall of the People in Beijing, China Central Television reported. “China’s door to the outside world will only open wider.”

Footage released by the state broadcaster showed executives including Tesla Inc.’s Elon Musk, Apple Inc.’s Tim Cook, Boeing Co.’s Kelly Ortberg and Nvidia Corp.’s Jensen Huang — who joined the trip as a last-minute addition — escorted by staff into the meeting room.

The message sent by Xi reiterated a pledge frequently delivered by senior Chinese officials on the world stage over the years. It also appeared to be a response to Trump’s appeal to Xi “to ‘open up’ China,” which he’d promised to make as his first request on behalf of the business leaders accompanying him to Beijing.

In his remarks on Thursday, Xi added that he believes US firms will have even broader prospects in China, CCTV reported.

The American executives told Xi that they “highly value” the Chinese market and hope to further strengthen cooperation and cultivate their business presence there, according to CCTV.

In the afternoon, the CEOs met with Chinese Premier Li Qiang, who also struck a positive tone. “Friendly cooperation remains the mainstay of China-US relations,” Li said. “China and the United States are fully capable of and should continue to be friends and partners, helping each other succeed and achieving shared prosperity.”

Trade barriers and market access have been longstanding issues between the world’s two biggest economies, especially after China joined the World Trade Organization with America’s backing more than two decades ago.

Trump’s trip was the first state visit by a sitting US president to China in nine years.

In his opening remarks to Xi during their meeting on Thursday morning, Trump brought up the business delegation, telling the Chinese president the executives will “pay respects to you and to China” and said “they look forward to trade and doing business.”

As the leaders’ talks got underway, some of the US executives gave brief remarks to reporters.

Musk said he wants to accomplish “many good things” during his visit and that the meetings were “wonderful.” Apple’s Cook gave a thumbs-up when asked how the talks went, while Huang said “Xi and President Trump were incredible.”

Trump is eager to secure business deals from China in sectors ranging from agriculture and energy to aerospace, including a potential historic order of Boeing jets.

The US business delegation not only includes companies with significant investments and market share in China, but also firms like Micron Technology Inc., which saw some of its products banned from critical infrastructure by Beijing after failing a cybersecurity review. –BLOOMBERG

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Nvidia partner Hon Hai profit jumps with AI sales boost

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Components of a Nvidia Corp. GB3000 GPU. (Bloomberg)

NVIDIA Corp.’s major server assembly partner Hon Hai Precision Industry Co. reported a stronger-than-expected increase in quarterly profit, highlighting sustained spending on hardware essential for AI.

Net income for the first quarter ended in March rose 19% to NT$49.9 billion ($1.6 billion), while analysts on average expected NT$48.4 billion. The Taiwanese company earlier reported a 30% rise in sales that was broadly in line with expectations.

Hon Hai still expects sales to expand substantially this year, with AI being a key growth driver, executives said on a post-earnings call on Thursday. The US will gradually become the company’s largest AI server production hub as most of the major cloud service providers it supplies are in the country, rotating Chief Executive Officer Michael Chiang said.

The Taipei-based company is benefiting from soaring AI demand, which is helping to offset higher costs. It warned in March about heightened risks to the supply chain stemming from the Middle East crisis. Elevated memory chip pricing has eroded profitability at companies including Xiaomi Corp., Panasonic Holdings Corp. and Canon Inc.

Hon Hai, also known as Foxconn, has established itself as a key AI hardware player by assembling servers that house Nvidia accelerators. That’s as Alphabet Inc., Amazon.com Inc., Meta Platforms Inc. and Microsoft Corp. hike their capital spending plans, setting aside $725 billion for AI this year.

The Taiwanese company also derives a significant chunk of sales from assembling Apple Inc.’s iPhones and MacBooks and is in position to benefit from any positive reception for the latest iPhone 17 product family. –BLOOMBERG

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News World

OPEC+ has plan to complete series of quota hikes, delegates say

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KEY OPEC+ members aim to continue a series of oil quota increases over the next few months, completing the return of a layer of halted production — if only on paper — by the end of September, delegates said.

The group already formally agreed to restore about two-thirds of a 1.65 million barrels a day supply cutback that it made back in 2023. It plans to raise targets further and revive the final portion in three more monthly stages, even though major members can’t actually deliver such hikes while the Iran war blocks exports from the Persian Gulf, three delegates said. They asked not to be identified as the process is private.

The alliance, led by Saudi Arabia and Russia, has been proceeding with modest and symbolic supply increases during the war. However, the world urgently needs additional oil to fill in a hole left by the conflict, which has caused a cumulative gap of more than 1 billion barrels and drained global inventories at a record clip. The shock has sent fuel prices soaring, heightening the risk of a global recession.

Before the war between the US-Israeli alliance and Iran erupted on Feb. 28, eight key members of the Organization of the Petroleum Exporting Countries and its partners were in the process of reviving crude production shuttered several years ago when they were attempting to deal with a glut.

OPEC and Saudi Arabia’s energy ministry didn’t respond to requests for comment.

From the beginning of this month, the sub-group’s ranks diminished by one, when the United Arab Emirates chose to quit OPEC following decades of membership, amid friction with group leader Saudi Arabia over limits the group imposes on how much countries can pump.

Abu Dhabi’s departure didn’t prevent the remaining seven members from ratifying another modest and theoretical increase of 188,000 barrels a day for June during their latest monthly video conference on May 3. The next gathering, which will review production policy for July and possibly beyond, is set for June 7.

Stripping out the UAE theoretically removes about 144,000 barrels a day from the original 1.65 million barrels a day cut.

The war is currently preventing the coalition from realizing target additions agreed over the past few months, having forced several Middle East members to shutter vast swathes of output while the Strait of Hormuz is effectively blocked.

Saudi Arabia reported to OPEC’s secretariat body in Vienna that its output plunged even further in April to just 6.3 million barrels a day, marking the lowest level since 1990, the organization said in a monthly report on Wednesday. Kuwait’s output is down to just a quarter of pre-war levels, and Iraq and the UAE have also suffered considerable losses.

Yet the twin crises of the war and the UAE’s shock departure aren’t stopping the alliance from preparing for the years ahead.

OPEC+ remains engaged in a review of members’ individual maximum production capacity — commissioned last year — with a view to calibrating output quotas on a more accurate basis in 2027, three delegates said. The assessment is being conducted by Dallas-based consultant DeGolyer and MacNaughton Corp. –BLOOMBERG

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Indonesia ex-minister Makarim faces 18 years in jail in Chromebooks case

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Indonesia’s former education minister Nadiem Makarim arrives at the Corruption Court in Jakarta on Jan. 12. (AFP)

INDONESIAN prosecutors demanded an 18-year prison sentence for former education minister and Gojek co-founder Nadiem Makarim, bringing a months-long graft trial closer to a verdict for the man who built the country’s most valuable tech startup.

In seeking the sentence at the Central Jakarta District Court on Wednesday, prosecutors said Makarim caused state losses of 2.1 trillion rupiah ($120 million) in a pandemic-era school laptop procurement program involving Chromebooks and Google device-management software.

Reading from a nearly 1,600-page filing, they said he also unlawfully enriched himself and several private companies.

Prosecutors demanded Makarim pay a fine of 1 billion rupiah, along with restitution payments totaling 5.7 trillion rupiah. They said his assets could be seized and auctioned to cover the amounts, with failure to pay resulting in an additional nine years in prison.

A verdict is expected in the coming weeks.

“There are no words to describe how I feel,” Makarim, dressed in a red, long-sleeve batik shirt, told reporters after the hearing. “There was no administrative error whatsoever, no element of corruption at all. So I’m confused… why is my sentencing [demand] heavier than that of a murderer? Than a terrorist?”

The trial marks another escalation point in President Prabowo Subianto’s aggressive anti-graft drive across multiple sectors of Southeast Asia’s largest economy. The case centers on accusations that Makarim abused his authority as education minister by steering procurement decisions toward Chromebooks, the low-cost laptops that run Google’s operating system, Chrome OS.

Three people have been convicted and jailed for terms ranging from four to 4 1/2 years in connection with the procurement. Makarim has repeatedly denied wrongdoing.

Makarim’s trial also adds to heightened scrutiny of legal predictability and corruption allegations involving former cabinet members and other government figures in Indonesia.

Former Trade Minister Thomas Lembong was convicted in a years-old sugar import case in July 2025 — a move that sparked debate over political influence in anti-graft efforts in the world’s third-largest democracy. Prabowo later granted him a form of amnesty that ended the case during the appeals stage.

Makarim, a Harvard Business School graduate who founded ride-hailing firm Gojek before joining former President Joko Widodo’s cabinet in 2019, was detained in September and has since been held at Jakarta’s Salemba detention center. On Monday, a panel of judges ruled that he could temporarily serve his detention under house arrest, allowing the former startup founder to leave prison as he recovers from multiple surgeries.

The proposed sentence for Makarim is based on alleged violations under Indonesia’s anticorruption law criminal code, prosecutors said during the hearing, which lasted two hours. They said aggravating factors in their sentencing demands included what they described as Makarim’s failure to support government programs aimed at ensuring governance free from corruption, collusion and nepotism, as well as undermining equitable access to education and neglecting the quality of early childhood, primary and secondary education.

Makarim held back tears after the prosecutors’ demands, asking outside court “what hope is there for young people in this country? What hope is there for our younger generation if we are treated like this?”

The laptops were procured during the pandemic, when schools across Indonesia were forced into remote learning. Supporters of the program have argued the Chromebooks were an imperfect but workable emergency tool aimed at keeping students connected during the crisis.

Elements of the case have exposed divisions within the judiciary itself. In a related trial, two of the five panel judges on Tuesday dissented in a decision to convict an outside technology consultant, Ibrahim Arief, on a subsidiary corruption charge. Arief, who was acquitted of a primary count, was sentenced to four years in prison — far below the 15 years sought by prosecutors.

Speaking after that hearing, Arief said he respected the legal process but disagreed with parts of it related to Chromebook compatibility concerns. He said he had flagged weaknesses in the devices and requested further testing.

Arief’s lawyer said the team would use the seven-day period to decide whether to appeal. –BLOOMBERG

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Energy supply crisis: Medicine prices stable this year, says Dzulkefly

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(Pic credit: Dr Dzulkefly Ahmad’s Facebook)

SERI ISKANDAR — The prices of medicines remain stable for this year following manufacturers’ decision to absorb production costs, including logistics costs, due to the increase in fuel prices.

Health Minister Datuk Seri Dzulkefly Ahmad (picture) said this allows the prices of medicines to remain within a stable price range, with an increase of one to two per cent if any.

“In addition to maintaining supply, we also want to ensure price control thanks to the pharma (originator drug manufacturing companies) and MOPI (Malaysian Organisation of Pharmaceutical Industries) that produce generic drugs, as so far they have absorbed the increase in logistics costs due to the rise in diesel prices.

“The prices of medicines remain stable and if there is any increase, it is only around one to two per cent,” he said at a press conference after the inauguration of the Seri Iskandar Hospital by the Sultan of Perak, Sultan Nazrin Shah, here today.

Also present were the Perak Menteri Besar Datuk Seri Saarani Mohamad and Deputy Health Minister Datuk Hanifah Hajar Taib.

Dzulkefly said the government has also signed a memorandum of understanding with relevant parties to obtain raw materials such as petrochemical products, resins, polymers, and others for the use of medical devices as well as Active Pharmaceutical Ingredients (API), in order to diversify the supply sources.

Meanwhile, commenting on the four suspected cases of leptospirosis at Taman Eko Rimba Ulu Bendul, Kuala Pilah, he said one patient who was admitted to the hospital on May 7 was discharged on May 11.

Yesterday, the Negeri Sembilan Health Department (JKNNS) detected four suspected cases of leptospirosis, three of which received outpatient treatment and one was admitted to the hospital for treatment.

Commenting on another question regarding the allegation that a 13-day-old baby boy suffered a fractured thigh while receiving treatment for jaundice at a hospital in Sungai Petani, Kedah, Dzulkefly said the ministry is awaiting the investigation report before assessing the veracity of the allegation.

“I cannot comment right now because we want to know the real cause of the problem fairly and responsibly. Investigations usually involve the police and also an internal investigation by the hospital director,” he said.

Yesterday, it was reported that the police confirmed receiving a report regarding the allegation that a 13-day-old baby boy suffered a fractured thigh while receiving treatment for jaundice at a hospital in this district recently.

The Kuala Muda district police chief Assistant Commissioner Hanyan Ramlan said that a police report was made by the baby’s father on Monday and an investigation is being conducted. — BERNAMA

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PR Newswire

Allegheny Health Network’s Cardiovascular Institute Sees Positive Outcomes from Groundbreaking Therapy for Treatment-Resistant Hypertension

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PITTSBURGH, May 14, 2026 /PRNewswire/ — Interventional cardiologists across Allegheny Health Network’s (AHN) Cardiovascular Institute have realized positive health outcomes in patients who have exhibited severe, medication-resistant hypertension after performing a groundbreaking surgical therapy called renal denervation.

Currently, AHN Allegheny General Hospital (AGH), AHN Saint Vincent in Erie and AHN Wexford hospitals perform the minimally invasive procedure. AHN Saint Vincent, under the clinical leadership of Orestis Pappas, MD, leads the region in most procedures completed.

The American Heart Association estimates that nearly 47% of the U.S. population lives with hypertension (high blood pressure), and of the adults who are aware of their hypertension, about 80% do not have it under control.

There weren’t many options for this patient population — until renal denervation systems were approved by the FDA in late 2023. The systems were more widely introduced in clinical practices after the U.S. Centers for Medicare & Medicaid Services announced it would cover the procedure for all eligible in 2025.

Blood pressure is the driving force of blood flow from the heart to the body. However, too high of a blood pressure (hypertension) is associated with cardiovascular morbidities such as stroke, heart attack and heart failure.

Beyond the heart, however, the brain also influences blood pressure by controlling the autonomic nervous system. Specifically, the autonomic nervous system near the kidneys and renal arteries plays a crucial role in controlling blood pressure.

When these nerves are overactive, they can signal the brain to increase heart rate and contractility (pumping), and constrict arteries and veins, ultimately raising a person’s blood pressure, explained Dr. Ramzi Khalil, interventional cardiologist at AHN AGH.

“It’s only been within the last decade that interventional cardiology has focused on how we can better manipulate the nervous system via renal arteries to improve hypertension in patients,” said Dr. Khalil. “This innovative approach is exciting because it provides the first non-pharmacological therapy for these patients, who previously would have been on three, sometimes more, blood pressure medications without noticeable relief.”

During the procedure, an interventional cardiologist inserts a small, flexible catheter into the groin and accesses the bilateral renal arteries through the femoral vein. Once the catheter reaches the precise location, the renal nerves are ablated – similar to an ablation procedure for atrial fibrillation – with heat via radiofrequency or ultrasound energy.

“Renal arteries are lined with efferent nerves that signal the brain and help regulate blood pressure,” said Dr. Khalil. “Ablating these nerves reduces brain–kidney signaling, lowering specific hormones and enzymes, which in turn decreases blood pressure and improves blood flow to the kidneys.”

Previous clinical studies have demonstrated notable improvements in hypertension by ablating the sympathetic nervous system.

In fact, AHN’s quaternary medical facility, Allegheny General Hospital, was the first in western Pennsylvania to participate in early clinical trials looking at a renal denervation system, Simplicity Spyral by Medtronic, in the SPYRAL AFFIRM study.

In October 2025, presented at the Transcatheter Cardiovascular Therapeutics (TCT) conference, researchers demonstrated that high-risk cardiac patients who participated in the study showed significant blood pressure reductions, without reports of major safety events at the 6-month mark. In addition, participants who underwent the renal denervation procedure did not increase the dosage amount or number of hypertensive medications currently being prescribed.

“This is once again a testament to Allegheny Health Network’s longstanding reputation of participating in some of the world’s leading clinical trials that aim to improve the portfolio of effective therapies and options for cardiac patients,” said Samer Azouz, MD, interventional cardiologist at AHN Wexford. “In addition to this latest finding, some clinical studies have shown a lowered risk of heart attack and stroke by roughly 20 percent with improved blood pressure readings being maintained for more than a decade.”

Patients are often able to return home after the procedure, same day, with minimal discomfort, Dr. Azouz continued.

There is a rigorous screening process prior to renal denervation eligibility. Patients must have uncontrolled hypertension (≥ 140/90 mm Hg) despite active management by a clinician for more than a 6-month period, among other qualifying factors. In most cases, patients are typically on at least 3 prescriptions to manage hypertension or are intolerant to medications.

For more information or to get your blood pressure checked, call 412-DOCTORS.

About Allegheny Health Network:
Allegheny Health Network (AHN.org), is an integrated healthcare delivery system serving the greater Western Pennsylvania region. The Network is composed of 14 hospitals, ambulatory surgery centers, Health + Wellness Pavilions, multiple employed physician organizations, home and community-based health services, a research institute, and a group purchasing organization. The Network provides patients with access to a complete spectrum of advanced medical services, including nationally recognized programs for primary and emergency care, trauma care, cardiovascular disease, organ transplantation, cancer care, orthopedic surgery, neurology and neurosurgery, women’s health, diabetes, autoimmune disease and more. AHN employs approximately 24,000 people, has more than 2,500 physicians on its medical staff and serves as a clinical campus for Drexel University College of Medicine and the Lake Erie College of Osteopathic Medicine.

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SOURCE Allegheny Health Network

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PR Newswire

Delta Beverages Contributes to National Advocacy Effort Supporting Hemp Beverage Regulation

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As hemp beverage regulations rapidly evolve, industry leaders stress the urgency of coordinated federal advocacy

CHARLOTTE, N.C., May 14, 2026 /PRNewswire/ — Delta Beverages today announced its initial $50,000 contribution to the Beverage Alcohol Merchants Coalition (BAMCO), supporting a growing federal advocacy effort aimed at advancing fair and effective legislation for hemp-derived beverages in the United States. This contribution underscores Delta’s commitment to shaping a responsible regulatory framework at a critical moment for the industry.

Delta Beverages (PRNewsfoto/Delta Beverages)

BAMCO is working in coordination with leading industry organizations, including the Coalition for Adult Beverage Alternatives (CABA), Wine & Spirits Wholesalers of America (WSWA), Beverage Wholesalers for Responsible Regulation (BWRR), and the National Association of Convenience Stores (NACS), to develop and execute a unified federal lobbying strategy. These efforts are focused on promoting responsible regulation and opposing restrictive policies that could hinder the growth of the hemp beverage category.

To date, BAMCO has raised more than $1 million in support of this federal advocacy campaign and continues to actively seek additional funding to strengthen its initiatives in Washington, D.C. In parallel with its federal engagement, Delta Beverages has played an active role at the state level, contributing to policymakers and organizations that support balanced hemp beverage regulation. These efforts span multiple states, including North Carolina, South Carolina, Florida, New Jersey, Tennessee, Illinois, and Texas.

“Delta Beverages is committed to supporting a responsible and sustainable path forward for hemp-derived beverages,” said Jack Sherrie, Founder and CEO of Delta Beverages. “We believe thoughtful regulation, as opposed to prohibition, is the key to industry innovation and long-term growth, but most importantly, consumer safety, which is of the utmost importance to ethos. We’re proud to support BAMCO and work alongside our partners to ensure the industry has a strong voice at the federal level.”

This initiative comes amid increasing scrutiny of hemp-derived cannabinoids following the 2018 Farm Bill, which federally legalized hemp but left key regulatory gaps around finished consumer products. In response, a patchwork of state-level restrictions and proposed federal measures, including efforts that could effectively ban certain hemp-derived beverages, has created significant uncertainty for operators and consumers, posing a potential threat to the category’s growth and stability.

With regulatory frameworks shifting rapidly across both state and federal levels, industry alignment has become increasingly important to ensure consistency and clarity. “As policies and regulations around hemp beverages are changing almost daily, our industry must stay engaged and proactive at the federal level,” adds David Thomas, Chief Strategy Officer of Delta Beverages. “Without coordinated advocacy, we risk a fragmented regulatory landscape that could stifle modernization and limit consumer access. This is a pivotal moment for our category, and collective action is essential.”

As advocacy efforts continue to take shape, industry stakeholders are encouraged to participate. Contributions of up to $5,000 can be made directly through the CABA website, helping to fund ongoing federal initiatives and coalition-building efforts. For more information about how to get involved, please visit the CABA website or contact BAMCO directly.

For more information on Delta, find us online at www.drinkdelta.com or on instagram @delta.seltzer. Delta is available across nearly all US states in select stores and direct-to-consumer. You must be 21+ to purchase. For more information, contact delta@laruepr.com.

About Delta Beverages:
Delta Beverages, LLC is redefining the cannabis experience with a lineup of fast-acting, zero-sugar, zero-calorie THC seltzers designed to help consumers take the edge off and tap into life’s meaningful moments. Delta’s beverages are crafted for every vibe and tolerance level, available in three precisely dosed options – 5mg, 10mg, and 20mg of premium hemp-derived THC – and eight bold, refreshing flavors. Delta is third-party tested and committed to quality, consistency, and responsible regulation. Learn more at www.drinkdelta.com. Must be 21+ to purchase.

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SOURCE Delta Beverages

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International Business Simulation Debuts in Australia; Four Teams Qualify for Global Finals in Shanghai

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MELBOURNE, Australia, May 14, 2026 /PRNewswire/ — ASEEDER’s youth business competition, International Business Simulation, concluded its inaugural Australian regional round in Melbourne, marking a milestone in the programme’s international expansion.

Launched in 2011, International Business Simulation has run 14 editions, engaging over 81,000 students from more than 600 primary and secondary schools worldwide. The inaugural Australian round drew 52 students from 20 Melbourne schools, who formed eight teams and competed on 25–26 April.

Participants at the International Business Simulation Melbourne regional round, 26 April 2026.

Using Project-Based Learning (PBL), the competition simulates business operations. Teams of six to eight students ran simulated companies, took on executive roles and completed four challenges: a strategic resource auction, digital business simulation, startup pitch challenge and a business quiz supported by the Yale Entrepreneurial Society. After two days of competition, four teams received Gold, Silver and Bronze awards, qualifying to represent Australia at the WYEF International Business Simulation Global Finals in Shanghai on 29 July — an important step for youth business education in Australia.

Kelly Chen, a student from Presbyterian Ladies’ College, said: “We had to negotiate, think strategically, and make quick decisions under pressure.” Linda Yin, from Mont Albert Primary School, added: “I really enjoyed the competition because it showed me how teamwork, confidence and knowledge can help you succeed.”

Doris Huang, vice president of ASEEDER, said: “Through International Business Simulation, we hope students experience the excitement of business decision-making and develop skills such as strategic thinking, teamwork, communication, adaptability and confidence in solving real-world problems.”

WuKong Education served as the education partner for the competition. Amy Wang, project lead at WuKong Education, said: “We are delighted to support the Australian launch of International Business Simulation. The competition reflects our shared belief with ASEEDER in learning that connects classroom knowledge with real-world practice.”

Award Recipients:

Team Awards
Gold Award

Scotch College Melbourne: Felix Liu, Aaron Zhou, Viren Datta
Fintona Girls’ School: Minghan Rena Chai, Lillian Xue, Zara Poon, Ruiqi Rosina Li
Carey Baptist Grammar School: Christina Su

Silver Award

Presbyterian Ladies’ College: Jessica Zhu
Caulfield Grammar School: Owen Zavier Xu, Ivan Zavier Zhang
Mont Albert Primary School: Ziying Linda Yin
Gardenvale Primary School: Sampson Zhang
Xavier College: Lloyd Liu

Bronze Award

Melbourne High School: Leo Zheng, Thomas Ang, Samuel McNess, Aman Varma, Andrew Shen, Nathan Wang
Presbyterian Ladies’ College: Jiatong Kelly Chen, Lancy Zhang, Fiona Shi, Mengtong Olivia Fan, Jiaqi Wang, Ella Wang, Scarlett He

Individual Awards
Super Seed

Melbourne High School: Nathan Wang
Scotch College Melbourne: Carrick Wu

Gold Seed

Melbourne High School: Leo Zheng, Aman Varma, Andrew Shen
Scotch College Melbourne: Aaron Zhou

Silver Seed

Melbourne High School: Thomas Ang
Scotch College Melbourne: Juin Hian Quek, Chester Peng, Brendan Yip, Sharad Jasinarachi, Felix Liu, Viren Datta
Fintona Girls’ School: Minghan Rena Chai, Lillian Xue
Caulfield Grammar School: Ivan Zavier Zhang

About ASEEDER

ASEEDER cooperates with 3,500 international schools across 150 cities in 60 countries and regions. More than 520,000 participants took part in ASEEDER programmes during the 2025–2026 academic year.

About WuKong Education

WuKong Education is a Silicon Valley–headquartered online learning platform for students aged 3 to 18, offering live and interactive programmes in Chinese, Maths, and English Language Arts. Founded in 2016, WuKong has earned recognition from Cognia®, GSV 150, and Frost & Sullivan, which recognized WuKong Chinese as No. 1 globally among online Chinese learning platforms for non-native speakers. To learn more, visit www.wukongsch.com.

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SOURCE WuKong Education

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DeFi Technologies Appoints Russell Starr as Strategic Advisor

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TORONTO, May 14, 2026 /PRNewswire/ – DeFi Technologies Inc. (the “Company” or “DeFi Technologies“) (Nasdaq: DEFT) (CBOE CA: DEFI) (GR: R9B), a financial technology company bridging the gap between traditional capital markets and decentralized finance (“DeFi“), today announced the appointment of Russell Starr as Strategic Advisor to the Company.

DEFI Logo (CNW Group/DeFi Technologies Inc.)

Mr. Starr is a seasoned capital markets executive, entrepreneur, and financier with a strong track record of advising on complex transactions, structuring financings, and navigating public market environments. In his role as Strategic Advisor, Mr. Starr will work closely with DeFi Technologies’ leadership team to support capital markets strategy, investor engagement, and broader corporate development initiatives.

Mr. Starr recently served as Head of Capital Markets at DeFi Technologies, where he played a key role in advancing the Company’s capital markets strategy, including supporting its Nasdaq listing and strengthening its positioning across global investors. Prior to that, he served as Chief Executive Officer of DeFi Technologies, helping guide the Company through a pivotal phase of its development and market expansion.

“Russell has been a trusted partner to DeFi Technologies and brings deep capital markets expertise and institutional insight,” said Johan Wattenström, Chief Executive Officer of DeFi Technologies. “His experience across financings, market positioning, and investor engagement will be highly valuable as we continue to strengthen our capital markets strategy and expand our global presence.”

Mr. Starr has built a reputation for structuring high-impact transactions and creating long-term shareholder value across both public and private markets. Over the course of his career, he has held senior leadership roles across a range of industries, contributing deep expertise in M&A, venture capital, and strategic partnerships, with particular focus on natural resources, renewable energy, and emerging technology sectors.

“I am excited to formally join DeFi Technologies as a Strategic Advisor at such a pivotal time for the company and the broader digital asset industry,” said Russell Starr. “DeFi Technologies has established a differentiated platform at the intersection of traditional finance and decentralized infrastructure, and I look forward to supporting its continued capital markets strategy and long-term growth.”

About DeFi Technologies

DeFi Technologies Inc. (Nasdaq: DEFT) (CBOE CA: DEFI) (GR: R9B) (Brazil B3: DEFT31) is a financial technology company building for the convergence of traditional capital markets and decentralized finance (“DeFi“). As a publicly listed and vertically integrated digital asset platform, DeFi Technologies provides familiar, simple, secure, and regulated access to the digital asset economy through investment products, trading and liquidity infrastructure, research, and strategic capital deployment. Its business includes Valour, a leading issuer of regulated digital asset ETPs; Stillman Digital, an institutional-grade digital asset trading and liquidity platform; and DeFi Alpha, the Company’s internal business line focused on opportunistic trading, arbitrage, and other capital markets strategies. With deep expertise across capital markets and emerging technologies, DeFi Technologies is building the gateway between traditional finance and the future of digital assets.

Follow DeFi Technologies on LinkedIn and X/Twitter, and for more details, visit https://defi.tech/.

DeFi Technologies Subsidiaries

About Valour

Valour Inc. and Valour Digital Securities Limited (together, “Valour“) issues exchange traded products (“ETPs“) that enable retail and institutional investors to access digital assets in a simple and secure way via their traditional bank account. Valour is part of the asset management business line of DeFi Technologies. For more information about Valour, to subscribe, or to receive updates, visit valour.com.

About Stillman Digital
Stillman Digital is a leading digital asset liquidity provider that offers limitless liquidity solutions for businesses, focusing on industry-leading trade execution, settlement, and technology. For more information, please visit https://www.stillmandigital.com.

Cautionary note regarding forward-looking information:
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to; investor interest and confidence in digital assets; the regulatory environment with respect to the growth and adoption of decentralized finance; the pursuit by the Company and its subsidiaries of business opportunities; and the merits or potential returns of any such opportunities. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Such risks, uncertainties and other factors include, but is not limited to growth and development of decentralised finance and cryptocurrency sector; rules and regulations with respect to decentralised finance and cryptocurrency; general business, economic, competitive, political and social uncertainties. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

THE CBOE CANADA EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

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SOURCE DeFi Technologies Inc.

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