Four Singapore-based tour bus operators are no longer allowed to operate in Malaysia after they were found to have flouted licensing rules. The four firms had their licences cancelled after they were found offering express bus services and selling tickets online, the Malaysian Land Public Transport Agency (Apad) said in response to queries. Foreign bus operators are allowed to take tourists on overnight stays in Peninsular Malaysia, but cannot operate express bus services, nor sell tickets online, Apad added.   They must also submit the list of passenger names and the travel itinerary, which must start and end in Singapore, including destinations in Malaysia. The four firms, which were not named by Apad, were told about the cancellation of their licences on April 29 and May 2.   So far, 23 Singaporean bus operators have been granted approval to operate in Malaysia.   Malaysia issues express bus service permits only to companies registered in the country, reported Chinese-language daily Lianhe Zaobao on May 6. Cityline Travel and Luxury Coach - two of the four bus operators hit by the suspension - said in separate statements that the Singapore-registered buses they operate now cannot provide coach services to and from Malaysia because of regulatory constraints. Cityline Travel, in a Facebook post on May 7, said: "This suspension is the result of policy matters that are presently under review by the relevant authorities." Luxury Coach said it does not operate the same way conventional express bus providers do. The firm, which has an office in Orchard Plaza, said: "The nature of our tours, pricing structure, and added services differs significantly from Malaysian-registered express buses. "However, due to the flexibility we provide - especially with online return bookings - there has been a misunderstanding that we are competing directly with local express services targeting Malaysian commuters. "We are currently working with the relevant authorities to work things out and to position ourselves correctly by not breaching any laws." Cityline Travel, which has an office in Chinatown, said it is cancelling affected trips and processing refunds to customers, while Luxury Coach said it will transfer customers over to a partner company or give them a refund. Both firms said they are working with the regulatory bodies to resolve the issue, and have temporarily suspended coach services until further notice. The other two firms suspended are WTS Travel and Leo City Coach, the Zaobao report said. The Straits Times has contacted all four firms for comment. One affected passenger, Mr Chan Chee Sheun, had made plans to travel to Kuala Lumpur on May 28 with his parents to watch a football match at Bukit Jalil Stadium. But their plans have been thrown into disarray, as he had bought one-way tickets from Luxury Coach and Cityline Travel for the trip to Malaysia and back to Singapore respectively. The 29-year-old told ST he was not directly informed by the coach operators about the situation, and found out only after seeing their posts on Facebook. "It has caused a lot of inconvenience for my travel plans," said Mr Chan. The food delivery driver added that he had spent around $177 in total on the six tickets. He plans to buy tickets from other operators after he receives his refund from the two affected firms. Three Cityline Travel buses were stopped at a Malaysia checkpoint on May 4, when the buses were ferrying passengers back to Singapore, Zaobao said. A Straits Times check on WTS Travel's website found that the operator's booking system is under maintenance. It has several outlets in Singapore, including at Suntec City, AMK Hub, and Causeway Point. The affected bus operators have been providing coach services between Singapore and several destinations in Malaysia popular with Singaporeans, such as Resorts World Genting, Kuala Lumpur and Malacca.

SINGAPORE – OCBC Bank has maintained its 2025 earnings guidance despite warning of a challenging economic environment and posting a 5 per cent decline in first-quarter earnings. Net profit for the three months to March 31 came in at $1.88 billion, down from $1.98 billion a year earlier, mainly on lower net interest income. The decline – OCBC’s first quarterly earnings fall since the first three months of 2022 – still beat the $1.86 billion forecast by analysts in a Bloomberg survey. Total allowances were 25 per cent higher at $212 million as the bank adopted a prudent approach in view of the uncertain operating environment ahead. OCBC has maintained all its 2025 financial targets, including net interest margin in the region of 2 per cent, mid-single-digit loan growth and credit costs in the range of 20 to 25 basis points, noted chief executive Helen Wong on May 9. Ms Wong told a results briefing that the bank still expects three rate cuts in the US in 2025 but warned that the outlook may change, given market uncertainties. “If the economic situation is going down, (which means) economic growth is lower, loan growth will be lower as well,” she said.   Ms Wong noted in an earlier statement that the bank continued to see deposit inflows and loan growth despite the more volatile environment. “Looking ahead, the heightened uncertainties brought about by the shifts in trade policies and geopolitical risks are expected to have a dampening effect on overall economic growth in the region,” she said. “With our strong balance sheet and capital position, we have the ability to navigate complexities, while supporting our customers throughout our network.” Group chief financial officer Goh Chin Yee said tariffs could cause a “first-order impact” on 3 per cent of OCBC’s loan book. “We further stress-tested our portfolio for potential vulnerabilities and assessed that our portfolio remains resilient,” Ms Goh added. Customer loans amounted to $322 billion as at March 31, up 7 per cent from $301 billion a year earlier, largely driven by the increase in residential mortgages and corporate loans, with lending to the transport, storage and communications sector growing the most. Industries facing the most direct impact from US tariffs include manufacturing and goods production, excluding certain sectors such as pharmaceuticals and semiconductors that have been exempted, said Ms Wong. International transport, storage of goods, raw materials and commodities could also be affected. “These are very subject to the tariff impact. So we say that, together, this is about 3 per cent of our loan book,” said Ms Wong.   Meanwhile, clients that have a domestic focus will be less impacted as they may source domestically, she added. She said OCBC has been working on attracting customer deposits and growing liquid assets amid market uncertainty. Customer deposits rose 9 per cent year on year to $403 billion, on the back of growth in current and savings accounts and fixed deposits. Net interest income for the quarter fell 4 per cent to $2.35 billion, mainly owing to net interest margins coming in at 2.04 per cent, down from 2.27 per cent in the same period in 2024. Non-interest income surged 10 per cent year on year to $1.31 billion, underpinned by stronger wealth management fees, trading and insurance income. Wealth management income was $1.37 billion, up from $1.29 billion from a year earlier, and contributed 38 per cent to total income, up from 36 per cent. Return on equity fell to 13 per cent in the first quarter, from 14.7 per cent a year ago.   Ms Wong said the bank remains committed to deliver the 60 per cent dividend payout ratio and has commenced share buybacks in a $2.5 billion capital distribution plan announced in February. OCBC’s results followed those of UOB and DBS Bank this week. All three banks flagged tariff uncertainties but said they were well-cushioned with strong balance sheets and have boosted allowance reserves to offset potential non-performing assets. While DBS and OCBC broadly maintained their 2025 earnings guidances and met analyst forecasts, UOB suspended its earnings outlook, citing tariff uncertainties, as it reported earnings below estimates. OCBC shares closed 0.43 per cent higher at $16.23 on May 9.

SINGAPORE – Shaw Theatres is set to take over the 47,000 sq ft cinema space previously occupied by Cathay Cineplexes at Jem shopping centre in Jurong East. “Jem is a fantastic mall and we will be working on a set of offerings that we hope our patrons will find exciting,” a Shaw Theatres spokesperson told The Straits Times, adding that the official opening date has yet to be confirmed. This will be Shaw Theatres’ eighth outlet in Singapore. It closed its Seletar Mall outlet in December 2024 after the mall’s management opted to repurpose the space. In August 2023, its JCube outlet in Jurong East also shuttered when the mall closed. “We look forward to serving Jurong East and the surrounding districts once again,” the spokesperson added. The move came after Lendlease Global Commercial Real Estate Investment Trust (LReit) – the landlord of Jem – terminated its lease with Cathay Cineplexes and repossessed the cinema space on March 27. Cathay Cineplexes, owned and operated by mainboard-listed mm2 Asia, had fallen behind on rent, and LReit is seeking to recoup about $4.3 million in rental arrears, among other things. In a business update for its third quarter ended March 31, LReit said it is in talks with Cathay Cineplexes to recover the outstanding amount owed and “will provide an update at an appropriate juncture”.   In the same update released after trading hours on May 7, LReit announced its new lease with Shaw Theatres without specifying the lease duration. It also announced other new tenants, including Chinese tea chain Chagee, Canadian activewear brand Lululemon and Japanese thrift store chain 2nd Street, which opened its doors on April 29 at 313@somerset, another mall under LReit’s retail portfolio. For the quarter ended March 31, LReit’s retail portfolio achieved a strong occupancy rate of 99.5 per cent, with a positive rental reversion of 10.4 per cent – indicating higher rental rates for its new or renewed leases. However, it saw a slight drop of 0.2 per cent in visitation while tenant sales fell by 5.1 per cent year-to-date. LReit said this was due to a softer retail landscape, increased outbound tourism and weaker performance in categories like shoes and bags, fashion and accessories, and sporting goods and apparel. “Singapore retail sales remain under pressure as retailers navigate rising costs and e-commerce competition. Nevertheless, the outlook for 2025 remains optimistic, supported by easing inflation and a rebound in tourism,” LReit said. For its office portfolio, LReit reported a positive rental uplift, with occupancy rate at 86.6 per cent as at March 31. LReit also has freehold interest in Sky Complex, which comprises three Grade A commercial buildings, in Milan, Italy. Asset enhancement works at the lobby of Building 3 were completed, with occupancy at 31 per cent as at the end of the quarter, it said.