08/08/2026

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BIZ & FINANCE SATURDAY | AUG 8, 2026

Hormuz traffic dwindles as markets watch Iran-Oman talks SINGAPORE: Shipping traffic via the Strait of Hormuz has dwindled to 33 vessels from Monday to Thursday this week, data showed, versus 50 in the week-ago period, as markets watched talks between Iran and Oman for signs of progress in reopening the key waterway. Four vessels transited the strait on Thursday, including a very large crude carrier Nissos Kea , carrying about 2 million barrels of Basrah crude loaded in Iraq, Kpler data showed. Of the rest, two were laden with liquefied petroleum gas and one was a minor bulk carrier. Just six crude oil tankers have exited the strait this week, Kpler data showed. A total of 21 vessels have entered it so far, mostly via the Iranian route. Several Chinese and Indian refiners have sought vessels this week to enter the strait and load crude at Iraq’s Basrah Oil Terminal, attracted by steep discounts, shipping sources said. However, no vessels have been fixed so far as shipowners are wary of entering the waterway, they said. Iraq’s state oil marketer SOMO offered discounts of close to US$30 a barrel for Basrah Heavy and Basrah Medium crude to customers for August loading. Typically, about 130 to 140 ships would transit the strait before Iran closed the waterway after the US Israeli war began on Feb 28. A proposed deal between Iran and Oman to give Tehran control over ships entering the Gulf through the

Strait of Hormuz is not easily workable because of US sanctions and restrictive insurance clauses on payments, industry sources said. On Thursday, 26 vessels transited the Bab el-Mandeb strait on the Red Sea, up from 19 a day before, Kpler data showed. LSEG counted 28 vessels, using a different tracking system and methodology. – Reuters

Singapore banks ride Asia wealth boom

Airbnb tops revenue estimates on travel demand, World Cup NEW TORK: Vacation rental company Airbnb beat second-quarter revenue estimates on Thursday, helped by strong global demand for travel and a boost from first time users during the FIFA World Cup hosted in the US, Canada and Mexico. Travel companies, including online agencies Expedia and Booking, have benefited from the recently concluded World Cup. Airbnb noted that its North American bookings during the second quarter recorded the highest growth in almost three years. Shares of the San Francisco based company rose 10.8% in extended trading. “We’ve delivered some of the strongest results in years,“ Airbnb CEO Brian Chesky said on an earnings call. “More new guests are trying Airbnb than we’ve seen in years.” Globally, nights and seats booked, a metric that includes both room stays and service bookings, rose 10% to 148.3 million in the quarter. In North America, which made up over 40% of its revenue in 2025, quarterly bookings rose by a “high-single-digit” percentage. The World Cup and growth in markets such as Brazil and India have helped the company partially offset pressure from the Iran war, which has hurt long-haul international travel through flight re-routings and higher jet fuel costs. Airbnb said it has also observed a steady recovery of demand in the Middle East. Since last May, the company has broadened its platform to include services such as private chefs and car rentals, and thousands of boutique hotels, signifying a continued move beyond its original rental focus. The company said its expansion into new services presents many merger and acquisition opportunities. “We have plenty of cash, generate a lot of cash, entrepreneurs would love to be part of Airbnb and hold our stock, so I think there are huge opportunities for us,” Chesky said. – Reuters

markets of Malaysia, Indonesia, Thailand and Vietnam cushioned its bottom line, as customer flows and intra-regional business activity continue to gather pace. “We see healthy trade and investment flow, stronger connectivity with Greater China and ongoing supply chain shifts into the region, as businesses look to Asean for growth and diversification,” said CEO Wee Ee Cheong at a media briefing. “Asean is our home ground, our competitive advantage and our engine of growth.” OCBC’s non-interest income rose 51% to S$1.91 billion in the second quarter, driven by a 28% rise in fees, an 85% jump in trading income and a 68% increase in insurance income. However, CEO Tan Teck Long warned the Middle East conflict continues to cast a cloud over the global economic outlook. “A lot will depend on how the energy crisis triggered by the US-Iran war pans out. We continue to see K-shaped economic growth across major economies,” he said in an earnings briefing. Still, following strong loan growth in the first half, OCBC now expects high-single digit to low-double-digit loan growth this year, up from a previous mid-single-digit forecast. OCBC increased its interim dividend to 47 Singapore cents from 41 Singapore cents, while UOB raised its interim dividend to 88 Singapore cents per share from 85 Singapore cents. – Reuters

rose to a record high of S$3.29 billion in the first half, while UOB’s hit an all-time peak of S$717 million, mirroring a trend seen across results from Singapore’s biggest bank DBS, and Asia-focused rivals HSBC and Standard Chartered earlier this week. For the Singapore banks, that helped offset pressure from lower interest rates on their core lending operations. All three banks reported lower second quarter net interest margins, a key measure of lending profitability that reflects the difference between what banks earn on loans and pay for deposits and other funding. In its annual report released last month, the Monetary Authority of Singapore (MAS) said total assets under management in Singapore rose 10.1% to S$6.7 trillion as at the end of 2025, helped in part by the country’s status as a “trusted and attractive wealth management centre”. UOB cut its fee-income growth guidance for the year to the low single digits from high single digits the previous quarter, bucking the more upbeat momentum its peers DBS and OCBC expect for the rest of the year. Chief financial officer Leong Yung Chee attributed the revision to the delay of some “sizeable deals” and lower-than-expected credit card fee income. Trading and investment income for Singapore’s third-largest bank also declined 8% year-on-year to S$379 million, owing to lower trading and liquidity management activities. UOB’s growth in its key Southeast Asian

o OCBC, UOB beat estimates as private

SINGAPORE: A surge in income from wealth management and other fee revenue helped Singapore’s top three banks to cushion the impact of low interest rates, as lenders bet the region’s fast-growing affluent population will continue to underpin growth this year. The results underscore the strength of Asia’s wealth boom, which continues to drive regional lenders’ earnings despite geopolitical uncertainty and volatility in global markets, as inflows into safe-haven financial hubs like Singapore and booming regional equity markets swell the ranks of Asia’s rich. OCBC, Singapore’s second-largest bank, said yesterday its April-June net profit jumped 22% to S$2.22 billion (RM7.1 billion), well above estimates, while UOB’s net profit was up 10% to S$1.5 billion, beating forecasts. Shares of OCBC climbed 3% to a record high of S$30.19, while UOB’s fell more than 2% at one point. The benchmark stock index rose 0.7%. Wealth management income for OCBC banking drives earnings, offsetting pressure on lending profitability

Education retains its importance in the Malaysian landscape for parents, students and stakeholders. The changes are fast paced with new developments in new fields of study such as cybersecurity, data protection, augmented and virtual reality, machine learning in education, digital education and artificial Intelligence. Leading the way are universities, who are invited to showcase their latest programmes, curriculum and content in our Education Focus for 2026.

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