On May 4, the ratings agency reconfirmed Vietnam's Ba2 credit rating, noting that institutional quality and governance are improving, supported by administrative, regulatory, and public-sector reforms that have gained traction since late 2024. Vietnam's economic competitiveness continues to strengthen through accelerating digitalisation, infrastructure investments, workforce upskilling, and capital market development.

In addition, downside risks from US trade measures have eased relative to earlier expectations, while Vietnam has demonstrated resilience through strong economic growth and sustained foreign direct investment inflows, reinforcing its position in global supply chains.

The affirmation of the Ba2 rating reflects Vietnam's strong growth potential, improving macroeconomic stability and sustained attractiveness as a foreign investment destination. Low and stable government debt, strong debt affordability and declining reliance on external financing support credit strength, while risks from banking system vulnerabilities, the property sector and relative institutional weaknesses, although improving, continue to constrain the rating.

Vietnam's local- and foreign-currency ceilings remain unchanged at Baa2 and Ba1, respectively. The Baa2 local currency ceiling, three notches above the sovereign rating, reflects relatively opaque government decision-making and the significant, though reducing, government footprint in the economy, balanced by moderate political risks and low external imbalances.

The foreign currency ceiling at Ba1, two notches below the local currency ceiling, reflects a managed FX and capital account framework that implies existing constraints on capital flows, under which transfer or convertibility restrictions could be tightened during periods of acute external stress, though actual recourse to such measures has been limited and policy credibility remains strong.

Moody's pointed out that the Ba2 rating remains constrained by structural weaknesses that continue to weigh on Vietnam's credit profile, despite gradual improvement. Vulnerabilities in the banking system and the property sector pose contingent liability risks, given the size of the financial system relative to the economy and banks' exposure to real estate developers, although ongoing regulatory and sectoral reforms are expected to mitigate these risks over time.

In addition, geopolitical developments, including the conflict in the Middle East, are creating near-term headwinds through higher energy prices, shipping costs and inflationary pressures. However, Moody's assesses Vietnam to be resilient to these shocks due to strong growth fundamentals, robust external buffers, low foreign currency exposure and a diversified energy and export structure.

As a result, while such pressures may weigh on near-term economic performance, they are unlikely to materially weaken Vietnam's credit profile at the current rating level.

Moody's backs Vietnam's bid to boost credit ratings Deputy Minister of Finance Tran Quoc Phuong met with a high-level delegation from the international credit rating agency Moody's Ratings at the Ministry of Finance (MoF) on May 16.

Fitch upgrades Vietnam's long-term senior secured debt instruments Fitch Ratings has revised its assessment of Vietnam’s sovereign debt, reflecting updates to its rating methodology and recovery assumptions.

Maybank highlights Vietnam’s path to sovereign upgrade at VIR workshop Vietnam's government should be focusing on gaining an upgrade to its sovereign rating as it attempts to mobilise funds for its nation-building ambitions.

Dmall Inc. (02586.HK) is supporting this shift with a unified retail operating platform that connects core retail functions, improves execution efficiency and enhances visibility across stores, supply chains and customer touchpoints.

As one of China's largest retail digital solutions providers by revenue and gross merchandise volume, Dmall serves nearly 600 retail clients across 11 countries and regions. Its platform has been shaped by large-scale deployments in complex retail environments, including long-standing work with Wumart Group, Metro, Lawson, 7-Eleven South China and SM Group in Southeast Asia.

Dmall's recent collaboration with Cold Storage Singapore marks a milestone in supporting retail digital transformation across Southeast Asia. Completed within seven months, the project covered 87 stores across supermarket, hypermarket and express formats, consolidating multiple systems into a single platform across supply chain, merchandising and store operations.

"The transition was completed with minimal disruption to our operations," said Mr. Lim Boon Chiong, Managing Director of Cold Storage Singapore. "We are seeing early improvements in product availability and replenishment, supported by better visibility across our supply chain and store network."

The platform has also contributed to more consistent store execution and a more reliable customer experience. The first phase provides a foundation for the next stage of development, including AI-driven capabilities to further support product availability, freshness management and operational efficiency.

Dmall and Cold Storage Singapore plan to extend their cooperation to the fuel and convenience store format in June 2026, reflecting a deepening partnership and a shared commitment to creating greater operational value across retail formats.

"Southeast Asia is one of the world's most dynamic retail markets, but also one of the most operationally complex," said Mr. Zhongwei Ren, Partner and Chief Strategy Officer of Dmall. "By combining operational integration with AI-driven capabilities, Dmall aims to help retailers build more adaptive, scalable and efficient operations."

The visual side of content creation has been transformed by AI over the past few years, but music has not kept pace. Most video makers still score their work by searching music libraries, trimming tracks to fit and manually syncing audio to their edit. It is slow, subjective and often the last bottleneck before publication. Music has remained the last unsolved layer in the AI video content stack.

AI music tools have sped up part of that process, but most still start with text input. Users have to describe genre, tempo, mood and duration in words, then hope the result fits. Sonilo skips that step. Creators simply upload a video, and the platform analyzes it and generates a matching soundtrack automatically.

"The information needed to score a video is already inside the video — so why are we still writing prompts?" said Shawn Song, CEO of Sonilo.

Sonilo uses AI-powered emotional detection and dynamic music structuring to read a video's timing, pacing, structure and emotional arc, then generates a matching track. The music adapts to the video, not the other way around.

The platform produces music that automatically matches the exact duration of the input content, with a natural musical ending rather than an abrupt cut or loop. The soundtrack is beat-matched to specific moments and transitions in the video, and aligned to its emotional tone. Generation happens in real time, so creators can begin previewing audio before the full track has rendered.

Rather than producing a single result, Sonilo generates multiple soundtrack variations from the same footage. Filmmakers can compare different styles and choose the version that best fits their project. For further control, they can fine-tune the style, mood, pacing or instruments through text input, or start from a text description entirely.

All output is production-ready and cleared for commercial use with no additional licensing required, whether for social content, ads, product videos or broadcast.

Sonilo is already live on ComfyUI, where it is available as a native node to a community of 4 million users. The platform also provides an API layer, enabling video platforms, creative tools and AI systems to integrate music generation as a native part of their workflow.

"We see music generation becoming a default layer of video creation," said Song. "Every piece of content, at any scale, should be able to have a perfectly aligned soundtrack from the moment it's made. That is what we are building toward. As video generation becomes faster and more automated, the need for real-time, adaptive music has become increasingly critical."

These results indicate a pharmacokinetic profile distinct from oral PDE5 inhibitors, consistent with rapid-onset, on-demand use.

The interim results indicate that the Study has characterised the key pharmacokinetic parameters requested by the FDA, including rapid absorption, repeat-dose behaviour, and consistency across adult and geriatric populations, subject to final statistical analysis.

The treatment phase of the Study has been completed, and a preliminary analysis of the data has been undertaken. The analysis demonstrates a rapid-onset pharmacokinetic profile and favourable safety in both adult and geriatric populations. The Study was designed in accordance with FDA Pre-IND guidance and supports LTR Pharma's planned 505(b)(2) development pathway.

Statistical analysis of the dataset is ongoing. Full results, including final pharmacokinetic, safety, and dose-proportionality analyses, are expected to be released in Q3 CY2026.

Key Metrics: Interim Phase II Pharmacokinetic Data

The data are interim and based on 27 subjects. Final statistical analysis remains ongoing. Cmax values expressed as mean ± standard deviation. n.a. = not applicable. Observed lower Cmax relative to oral vardenafil is consistent with the lower dose, while maintaining rapid systemic exposure.

Study Findings

The treatment phase of the SPONTAN Phase II clinical study has been completed, and a preliminary analysis of the data has been undertaken. The primary objectives of the Study, as agreed with the FDA, were to characterise single- and multiple-dose pharmacokinetics of intranasally delivered vardenafil (SPONTAN), to evaluate the effect of intranasal delivery on drug accumulation following repeat dosing, and to assess pharmacokinetic differences between adult and geriatric populations.

Onset of action. SPONTAN (5 mg vardenafil) demonstrated a median Tmax of 10 minutes, compared with a median Tmax of 60 minutes for the 20 mg vardenafil oral tablet. The Tmax range for SPONTAN (5 mg) was 10–15 minutes, compared with 30–180 minutes for the oral tablet.

Geriatric profile. Pharmacokinetic profiles in subjects ≥65 years were comparable to those in the adult cohort, with no apparent differences observed in the dataset, and the median Tmax of 10 minutes for SPONTAN (5 mg) was maintained across both age groups. These findings address a key FDA requirement and may support use across age groups.

Drug accumulation. Intranasal administration of SPONTAN (5 mg) over five consecutive days did not result in drug accumulation, with an accumulation ratio of 1.0 ± 0.9, consistent with the multiple-dose study objectives agreed with the FDA.

Safety and tolerability. Preliminary safety analysis did not identify any new or unexpected treatment-emergent adverse events. Across all three dose groups, no serious adverse events, no Grade 3 or 4 treatment-emergent adverse events, and no treatment-related discontinuations were observed in the interim dataset.

Clinical and Commercial Relevance

Oral PDE5 inhibitors require advance planning, with onset times ranging from approximately 30 minutes to over 2 hours. Dropout rates exceeding 50% have been reported in the published literature, with lack of spontaneity a consistently cited reason for discontinuation.^[1]

The data indicate a rapid-onset profile relative to oral PDE5 inhibitors, which may be relevant for patient adherence given reported discontinuation rates associated with delayed onset. Consistent pharmacokinetics in the geriatric cohort may be relevant across age groups, subject to final analysis and regulatory review.

Regulatory Pathway

The Phase II PK Study was specifically designed in accordance with FDA Pre-IND guidance and is a key requirement in LTR Pharma's FDA 505(b)(2) development pathway. The data are expected to inform LTR Pharma's planned regulatory strategy, including the proposed 505(b)(2) submission in the United States, subject to completion of final analysis and regulatory feedback.

Data Status and Limitations

The data reported in this announcement are based on 27 subjects who completed the dosing phase of the Phase II PK Study and reflect a preliminary analysis. Final statistical analysis, including dose proportionality, full pharmacokinetic modelling, and the complete safety dataset, remains ongoing. The final dataset and statistical conclusions may differ from the interim observations reported. Full study results are expected to be released in Q3 CY2026.

Study Design

Figure 1: SPONTAN Phase II study design. Randomised, three-way crossover (Part 1) followed by multiple-dose evaluation (Part 2).

SPONTAN Phase II study design. Randomised, three-way crossover (Part 1) followed by multiple-dose evaluation (Part 2).

The Study design, including endpoint selection and the inclusion of a robust geriatric cohort, was agreed upon with the FDA during the Pre-IND meeting in 2025.

LTR Pharma Executive Chairman, Lee Rodne, said:

"The interim Phase II data are consistent with our Phase I findings and reinforce SPONTAN's differentiated rapid-onset profile, including in men aged 65 and over, a group that often requires dose adjustment with oral PDE5 therapies. Importantly, no serious adverse events, no severe treatment-emergent events, and no treatment-related discontinuations were observed. This Study was specifically designed in accordance with FDA Pre-IND guidance, and we are now focused on completing the statistical analysis and progressing our 505(b)(2) regulatory strategy in the United States."

Next Steps

LTR Pharma, in collaboration with its Clinical Research Organisation, will complete the final statistical analysis over the coming months, with full Study results expected to be released in Q3 CY2026. The complete dataset will be used to support LTR Pharma's planned FDA 505(b)(2) submission and ongoing regulatory engagement in Australia, the United States, and other key markets.

This announcement has been approved by the Board of Directors.

Centred on Leonardo da Vinci's masterpiece, the Mona Lisa, the exhibition is divided into two main sections: Meet Mona Lisa and Portraying the Renaissance. Meet Mona Lisa is an immersive multimedia experience jointly produced by the Musée du Louvre and the Grand Palais Immersif, specifically created for Hong Kong by a French creative team. The section presents the extraordinary 500-year journey of the Mona Lisa across six immersive chapters, narrated by the lady herself in a monologue that reveals the fascinating stories behind her mysterious smile. Visitors will learn how this painting – commissioned but never delivered to its patron, remaining in Leonardo's possession until his death – went on to captivate the world and become a cultural icon. The six chapters include panoramic projections blending portraits and landscapes, interactive multimedia displays that introduce Leonardo's painting techniques, playful games as well as an immersive photo booth, inviting audiences to step into the world of the Mona Lisa.

Portraying the Renaissance is curated for Hong Kong by the Musée national de la Renaissance - Château d'Écouen, the Pinacoteca Ambrosiana, the Ateliers d'art de la Réunion des Musées nationaux - Grand Palais, and the Atelier de Chalcographie du Louvre, showcasing exceptional Renaissance artworks. Most of the artifacts are being shown in Hong Kong for the first time, including as a highlight four original manuscripts by Leonardo da Vinci, allowing visitors to appreciate up close an artistic style that masterfully blends scientific rationality with aesthetic brilliance. Through a diverse range of artworks, including paintings, prints, sculptures, decorative art, and everyday objects, visitors can glimpse how this surging humanist movement permeated every aspect of daily life. Also featured are three items from the collection of the Hong Kong Heritage Museum, along with paintings by mainland Chinese artist Xu Lei that echo the aesthetics of Renaissance art, creating a dialogue across time and space and underscoring the enduring influence of a cultural movement that originated in 14th-century Europe.

Ms. Pansy Ho, Co-Chairman of the Board of French May said, "Over 33 years of dedicated development, the French May Arts Festival has grown into one of Asia's most cherished annual cultural celebrations. It remains committed to serving as a bridge for cultural exchange between Hong Kong and France, bringing world-class artistic experiences to audiences from all walks of life. We are delighted to return to the Hong Kong Heritage Museum to proudly present two remarkable exhibitions, Meet Mona Lisa and Portraying the Renaissance, and to welcome everyone - families, students, art lovers and visitors from around the world - to discover one of the most iconic treasures of French cultural heritage. This is at the heart of what French May has always sought to do: make culture accessible to all, while highlighting Hong Kong's unique status as an East-meets-West centre for international cultural exchange."

Speaking at the ceremony, The Hong Kong Jockey Club Steward Nicholas Hunsworth said the exhibition offers an unprecedented hybrid experience, blending centuries-old legacy with immersive technology, and culminating with the vision of Asian artists as a bridge between East and West. The Club's support for the exhibition, together with its role as the exclusive sponsor of The Jockey Club Community Outreach and Arts Education Programme, reflects its commitment to nurturing talent, fostering arts appreciation and supporting cultural development in Hong Kong. It also aligns with the Central Government's vision of developing Hong Kong into an East-meets-West centre for international cultural exchange, as outlined in the National 15th Five-Year Plan.

Miss Rosanna Law, Secretary for Culture, Sports and Tourism, said that under the theme "Re/naissance", she is confident that the Festival will continue to offer an energetic platform for artistic innovation and the exchange of ideas, strengthening the cultural dialogue between France and Hong Kong in unprecedented ways, and drawing visitors who come specifically to experience the rich cultural programmes.

Mrs Christile Drulhe, Consul General of France in Hong Kong and Macau, remarked, "The Hong Kong Jockey Club Series: Meet Mona Lisa & Portraying the Renaissance stands as a compelling expression of our ambition to renew and share the relationship between France and Hong Kong more widely, as art continues to connect people across time and borders. This exhibition invites us to experience the Renaissance as a living dialogue between cultures, one that reflects the depth and vitality of our tie."

Vincent Delieuvin, Chief Curator of Italian Paintings in the sixteenth century, Musée du Louvre, said, "The immense fame of the Mona Lisa is an extraordinary and delightful phenomenon, but it has the consequence that it is difficult to see her, just like all the big stars. At the Louvre Museum in Paris, nearly 25,000 people come every day to admire the real Mona Lisa, but it is not possible to get close to it for security reasons and so that all her admirers can catch a glimpse of her. The Meet Mona Lisa exhibition offers the perfect opportunity to finally get up close to the Mona Lisa, admire her, and understand how and why she became the most famous work of art in the world."

Dr. Matteo Gianeselli, Curator and Art Historian, Musée national de la Renaissance, said, "Portraying the Renaissance offers a broad overview of European artistic creation between the 15th and 16th centuries, explored through the lens of portraiture. The exhibition explores Leonardo da Vinci's place in contemporary creation through a dialogue with works from the Heritage Museum's collections. This marks the first time that the Musée national de la Renaissance at Écouen has loaned works to a destination so far from France. On behalf of my director, who unfortunately could not join us today, I would like to warmly thank you for this rich collaboration—one that I hope is but the beginning of a long and fruitful partnership."

Ms. Delphine de Canecaude, President, Grand Palais Immersif, said, "With Meet Mona Lisa, co-produced with the Musée du Louvre, we presented a new iteration of an exhibition previously shown in Marseille. Its narrative is carried by Mona Lisa herself - a singular choice that shifts the visitor's relationship to her entirely. Presenting Portraying the Renaissance alongside this immersive experience allowed us to contextualize da Vinci's work. Curated by the Musée national de la Renaissance - Château d'Ecouen, the exhibition brings together exceptional loans from their collection and from the Pinacoteca Ambrosiana, alongside casts of Louvre sculptures produced by the Ateliers d'art de la Réunion des Musées nationaux – Grand Palais. We are deeply grateful to each of these institutions for their trust and generosity. We are also profoundly proud to bring this work to Hong Kong as part of the French May Arts Festival, and equally honoured that the Hong Kong Heritage Museum has opened its doors to these exhibitions."

To honour The Hong Kong Jockey Club Charities Trust for its 15th consecutive year of support for the French May Arts Festival, a series of educational and outreach activities including talks, workshops, free screenings, and guided tours, will be held throughout the exhibition period under the Jockey Club Community Outreach and Arts Education Programmes, allowing the public to gain a deeper understanding of the captivating allure of the Mona Lisa and Renaissance art, and to experience the essence of French arts.

Credit:
Jointly presented by the Leisure and Cultural Services Department and French May Arts Festival
Jointly organised by Hong Kong Heritage Museum and French May Arts Festival
Title Sponsor: The Hong Kong Jockey Club Charities Trust
Supported by the Consulate General of France in Hong Kong

Meet Mona Lisa
Jointly produced by Musée du Louvre and Grand Palais Immersif
Scientific direction: Vincent Delieuvin
Creative direction: Mathilde Adrien-Babillon

Portraying the Renaissance
Curatorial expertise: Thierry Crépin-Leblond and Matteo Gianeselli
Participating Organisations: Musée national de la Renaissance – Château d'Ecouen, Pinacoteca Ambrosiana, Ateliers d'art Grand Palais RMN and Atelier de Chalcographie du Louvre

Project Grant: Mega Arts and Cultural Events Fund under the Culture, Sports, and Tourism Bureau of the Hong Kong Special Administrative Region Government
Digital Display Partner: LG Electronics HK
Sponsors: SOGO Hong Kong Company Limited, Wheelock Properties

Details of all programmes are available at: www.frenchmay.com

Valvular heart disease continues to pose a significant and growing burden on healthcare systems across the Asia‑Pacific region. As clinical evidence increasingly supports earlier intervention in the valve disease pathway, the need for long-term durable valve solutions continues to grow.

"By extending the evidence base to 10 years, these data further support the long‑term durability and performance of RESILIA tissue," said Vikram Jaisinghani, Senior Director, Medical Affairs, Asia‑Pacific, Edwards Lifesciences. "The COMMENCE trial provides prospective, 10‑year durability data that contribute to the evidence base supporting lifetime management for patients with aortic stenosis."

At 10 years, COMMENCE trial data showed that patients treated with Edwards' surgical valves featuring RESILIA tissue experienced:

• 97.9% freedom from structural valve deterioration (SVD)
• 97.8% freedom from reoperation due to SVD
• 98.6% freedom from non-structural valve dysfunction (other than PVL)
• Sustained hemodynamic performance, including stable gradients and effective orifice area over time

For patients, long-term durability matters because it can reduce the likelihood of repeat procedures over a lifetime, helping preserve quality of life as life expectancy increases. "As bioprosthetic valves are increasingly used in younger and lower-risk patients, many of whom lead active lifestyles and wish to avoid anticoagulation, plus their ascending life expectancy, long-term durability has become a central consideration in surgical decision-making," Dato' Seri Dr. Jeffrey Jeswant Dillon, Senior Consultant Cardiothoracic Surgeon at Institut Jantung Negara (IJN), Kuala Lumpur, Malaysia added. "From a clinical practice perspective, minimal structural valve deterioration observed at 10 years provides important confidence for long‑term treatment planning and may help reduce the need for repeat interventions over a patient's lifetime."

Building on nearly 70 years of leadership in structural heart innovation, Edwards has established a strong body of clinical evidence supporting the evaluation of valve performance, durability and treatment options in severe aortic stenosis. Developed more than two decades ago to address the need for improved durability in bioprosthetic valves, RESILIA tissue technology is now incorporated across a broad range of Edwards' surgical and transcatheter platforms, supporting aortic and mitral surgical valve replacement, aortic valve conduit procedures, and transcatheter treatment in the aortic position.

Within this context, the COMMENCE trial builds on the totality of Edwards' clinical evidence, further reinforcing the durability of outcomes supporting its surgical and transcatheter therapies, alongside large, randomized, FDA‑approved studies such as the PARTNER series of trials.

The PARTNER trial series advanced the field with long-term patient outcomes on treatment with Edwards TAVR and SAVR, with 10 years of follow-up data. The new COMMENCE trial data build on that foundation with the latest evidence on the long-term durability of RESILIA tissue.

To date, more than 500,000 patients worldwide, including over 30,000 in the Asia‑Pacific region, have been treated with Edwards' surgical and transcatheter innovations featuring RESILIA tissue¹.

"This significant advancement in tissue technology underscores Edwards' long-standing commitment to pioneering innovation and advancing long term patient outcomes across Asia-Pacific," said Amit Raheja, Senior Vice President, Asia‑Pacific, Edwards Lifesciences. "As Asia-Pacific becomes an increasingly important region for Edwards, we continue to invest in clinical evidence and regional capabilities to support sustainable growth and improved patient care. The availability of robust 10-year clinical data helps ensure that clinicians in the region are equipped to make informed treatment decisions that benefit patients over their lifetime."

The Singapore region launch coincides with a series of major product announcements from Pinecone, including the introduction of Pinecone Nexus, a knowledge engine for AI agents; KnowQL, a declarative query language for agentic retrieval; the Pinecone Marketplace with more than 90 production-ready knowledge applications; a new Builder tier at $20 per month; native full-text search in the core Pinecone database; and Dedicated Read Nodes for high-throughput, low-latency production workloads delivering up to 97% cost reduction at scale.

"The best knowledge infrastructure should be accessible to every builder, in every region," said Ash Ashutosh, CEO of Pinecone. "Launching our first serverless region in Asia marks a significant milestone for Pinecone. Organizations across the Asia-Pacific now have access to the same infrastructure that more than 9,000 customers worldwide rely on — with the data residency, low latency, and proximity that enterprises in the region require. Combined with today's launches of Nexus, KnowQL, Marketplace, and our new Builder tier, we are delivering the most comprehensive knowledge infrastructure for AI at a scale and price point that removes every barrier to building."

Pinecone Nexus: The Knowledge Engine for Agents

As AI shifts from assistive applications to autonomous agents, the demands on knowledge infrastructure are changing fundamentally. Roughly 85% of an agent's effort today is spent on context retrieval, resulting in task completion rates of just 50–60%, unpredictable completion times, and runaway token costs. Pinecone Nexus addresses this by moving reasoning upstream, from retrieval to knowledge compilation. Its context compiler transforms raw data into task-optimized artifacts that agents consume directly, while its composable retriever serves those artifacts with low latency, per-field citations, and deterministic conflict resolution. Early results show up to 90% reduction in token usage, task completion rates above 90%, and 30x faster time-to-completion.

At the core of Nexus is KnowQL, a declarative query language that gives agents a universal interface for knowledge access, replacing custom tool definitions and bespoke glue code with a single call that specifies output format, citation requirements, and latency budgets, and returns trusted, structured, grounded knowledge.

Pinecone Marketplace

The Pinecone Marketplace is a catalog of fully working, production-ready knowledge applications that users can deploy, customize, and run immediately. It launches with more than 90 production-ready solutions across sales and revenue, insurance, real estate, legal and compliance, people and HR, customer support, and more categories. Built by Pinecone and partners, these applications require no infrastructure assembly. The Marketplace is free at launch, with partner-built commercial solutions coming soon.

New Pricing and Infrastructure Updates

Pinecone's new Builder tier provides full access to its production-grade infrastructure for $20 per month and free support. Dedicated Read Nodes offer provisioned read capacity with warm data paths and fixed hourly pricing, delivering 77–97% cost reduction at scale for sustained high-throughput workloads. Bring Your Own Cloud (BYOC) deploys Pinecone fully managed within a customer's own cloud environment for organizations with data residency or regulatory requirements. Additionally, Pinecone has integrated native full-text search into its core database, now in public preview, enabling hybrid retrieval that combines semantic breadth with exact-match precision for agent-scale query volume.

The Singapore region is available now. It is Pinecone's first serverless region in Asia, joining existing serverless regions on AWS in the United States and Europe, with additional regions planned.

Get started here. For more detailed information on today's announcements, dive into the blog.

Steroid-refractory GVHD represents a critical unmet need in post-transplant care. While allogeneic stem cell transplants are curative for many blood cancers, the procedure carries the risk of GVHD—a condition where donor cytotoxic T cells "misfire," recognizing the patient's healthy organs as foreign and launching a systemic attack. This typically manifests as severe skin rashes, debilitating diarrhea, and liver failure.

Current first-line treatment relies on high-dose intravenous steroids. However, steroids act as a "blunt instrument," suppressing the aggressive T cells while simultaneously depleting the healthy immune system, leaving patients vulnerable to life-threatening infections. In nearly 50% of cases, steroids fail to calm the immune attack. Currently available second-line therapies often struggle to provide lasting results, frequently hampered by severe immunosuppression and hematologic toxicities. Due to these limitations, patients face a poor prognosis, with two-year survival rates currently stagnating at approximately 30%. Novel therapies are urgently needed.

"FDA clearance to advance CK0802 into a Phase 1b/ 2a trial marks a hopeful step forward for patients facing the dire prognosis of steroid-refractory GVHD," said Simrit Parmar, MD, MSCI, Founder of Cellenkos, and Faculty, Texas A&M, School of Engineering and Medicine (EnMed). "CK0802 is uniquely qualified to function under intense inflammatory stress, resetting the patient's immune system, and de-escalating donor T-cell attack without the toxicities typically associated with broad-spectrum immunosuppression."

For more information, please visit www.cellenkosinc.com.

Revenue and profit grew in tandem

In Q1 2026, Viettel Global posted $483.46 million in net revenue from sales and service provision, registering an increase of 30 per cent on-year. Over 17 consecutive quarters, Viettel Global has maintained double-digit revenue growth, about 4–6 times higher than the global telecommunications growth rate.

For the past 10 consecutive quarters, the company has sustained revenue growth above 20 per cent on-year.

The company's pre-tax profit reached $133.85 million, surging 166 per cent from a year ago. Consolidated after-tax profit stood at $89.62 million, representing a 471 per cent increase, contributing to optimising cash flow and increasing profit margins for Viettel Global.

By steadily expanding its presence and understanding local cultures in challenging markets, the company has built its sustainable competitive advantage, laying the groundwork for advancements in technology services in the coming period.

Business targets and dividend plan for 2026

In 2026, Viettel Global’s growth strategy is underpinned by four parallel drivers: bolstering traditional telecommunications, accelerating digital services, exploring new business areas, and researching market expansion in potential regions.

Previously, 2025 opened up a new promising chapter when Viettel Global aggressively diversified its business sectors beyond traditional telecommunications to unlock its growth potential. The company rolled out logistics services in Laos while stepping up surveys and calculations for solar power ventures in Mozambique and Myanmar to optimise existing infrastructure resources. Notably, the digital and financial service segment made a breakthrough with the launch of NatTransfer in Haiti – specialising in remittance service.

Regarding the profit distribution plan, the company plans to spend over $386.15 million to pay cash dividends to shareholders in 2025. The payout ratio is expected at 33 per cent, equivalent to 13 cents per share. This high dividend payout demonstrates Viettel Global's commitment to sharing its business earnings with investors.

Viettel Global records 22 per cent Q1 revenue growth Viettel Global on May 5 revealed revenue growth of 22 per cent via its audited consolidated financial report for the first quarter of 2025.

Viettel Global posts Q2 net profit of $91.14 million Viettel Global (VGI) released its consolidated financial statement for the second quarter of 2025 on July 29, highlighting continued impressive growth in both revenue and profit.

Viettel Global achieves record revenues and profit Last year Viettel Global (VGI) recorded its highest-ever revenues and profit.

In Q1 2026, MSN posted net profit after tax before minority interest (NPAT Pre-MI) of VND1.97 trillion ($75.77 million), doubling on-year. Consumer-retail earnings before interest and taxes (EBIT) rose to $94.62 million, up 23.6 per cent on-year, reflecting broad-based growth across the platform.

Q2 2026 preliminary momentum indicates MSN is on track to grow NPAT Pre-MI by approximately 60 per cent on-year.

WinCommerce (WCM) – the company operating the WinMart/WinMart+/WiN chains – delivered NPAT Pre-MI of $7.85 million in Q1 2026, up 3.5 times on-year, equivalent to a 1.8 per cent margin. The result is driven by higher store traffic, disciplined network expansion and operating leverage.

WCM recorded a net addition of 225 new store openings for Q1 2026, bringing the total store count to 4,817 nationwide. Notably, 100 per cent of new store openings surpassed store‑earnings before interest, taxes, depreciation and amortisation breakeven level within the quarter.

Like-for-like (LFL) growth across all formats was primarily driven by higher store traffic (bill count) as modern trade penetration accelerates. Among them, minimarts delivered LFL growth of 11.8 per cent on-year in Q1 2026, up from 8.6 per cent in Q1 2025.

Supermarkets delivered LFL growth of 19.9 per cent on-year for Q1 2026, up from 6.1 per cent in Q1 2025, supported by renovations that lifted store traffic. Supermarkets also achieved EBIT-positive with 3.5 per cent margin, up 386 per cent on-year points (bps) on-year. As of March 2026, 60 supermarkets have been renovated, with the remainder on track for completion by year-end.

Masan Consumer’s Q1 2026 revenue reached $325.77 million, up 13.1 per cent on-year, while NPAT Pre-MI reached $69.23 million, up 11.5 per cent on-year.

Retail Supreme demonstrated clear improvements across key execution metrics as March 2026. First, active selling outlets reached approximately 500,000, up 2.3 times compared to before Retail Supreme. Second, stock keeping unit per order reached 5.5 (up 17 per cent) while approximately 57,000 outlets now carry around six or more categories, up 2 times. Third, approximately 50,000 outlets are implementing MCH’s in-store execution standards, up 1.8 times.

Masan Consumer's gross margin was stable at 46.7 per cent on-year.

Masan MEATLife (MML) delivered revenue of $95.38 million in Q1 2026, up 19.8 per cent on-year, with NPAT Pre-MI of $5.65 million, up 27.2 per cent on-year. EBIT grew on-year to a 7.4 per cent margin, up 450 bps on-year, as both fresh and processed meat benefited from improved economies of scale and higher porker utilisation. Total MML sales at WCM grew 30.2 per cent on-year.

Phuc Long Heritage posted net revenue of $21.88 million in Q1 2026, up 34 per cent on-year. The EBITDA margin reached 20.8 per cent while NPAT Pre-MI grew 1.6 times on-year to a 10.3 per cent net margin, up 260 bps on-year. Growth was driven by delivery scaling and stronger in-store productivity gains, with LFL average daily sales in standard-format stores reaching $1,011.54, up 21.2 per cent on-year.

Masan High-Tech Materials (MSR) delivered a record quarterly NPAT of $20.65 million in Q1 2026, compared with a $8.54 million loss in Q1 2025, supported by stronger commodity pricing, improved operating performance, and lower net interest expenses.

Net revenue reached $115 million, up 114.9 per cent on-year, led by APT revenue of $94.23 million, up 3.2 times on-year. APT averaged $1,865/mtu in Q1 2026 and reached $3,150/mtu as of March 31, 2026, compared with MSR’s revised 2026 budget assumption of approximately $1,200/mtu. In the event current price levels are sustained for the rest of the year, MSR expects to achieve materially better financial results.

Throughput is expected to recover from Q2 2026 and ramp further in Q3 2026 following the amendment of the 28-million-tonne mining licence, with full-year ore processed projected to exceed FY2025 levels.

MSR is expected to generate stronger operating cash flow and accelerate deleveraging, with revised guidance indicating net-debt-to-EBITDA declining from 3.5 times in Q1 2026 to 1.7 times by year-end.

Assuming APT prices average above $1,500/mtu, MSR targets net-debt-to-EBITDA of 0.1 times by end-2027, and conservatively net cash position by end-2028, which would create room for lower interest expenses, higher earnings quality, and potential dividend payments in the upcoming years.

Masan has announced plans to migrate MSR to the HSX mainboard, aiming to enhance value recognition, broaden the shareholder base, improve liquidity, and support strategic investor engagement.

MSN’s profit share of Techcombank in Q1 2026 was $50.77 million, up by 11.8 per cent on-year.

Building on a record Q1 2026, MSN’s revenue and NPAT Pre-MI are estimated at $1.98 billion and $176.92 million in the first half of 2026, up 38 per cent and 76 per cent on-year, respectively.

Masan posts steady gains as Vietnam targets stronger retail growth Vietnam’s push for stronger retail growth by 2030 is being matched by improving performance in the country’s major consumer groups.

Masan Consumer lifts foreign ownership limit to 100 per cent On March 18, the State Securities Commission announced that it had received Masan Consumer Corporation’s application to double its foreign ownership limit to 100 per cent.

Masan High-Tech Materials plans HSX listing Masan High-Tech Materials has released documents for its 2026 AGM, slated to take place in Hanoi on April 16.

Derived exclusively from FortiGuard Labs telemetry, the latest annual report is a snapshot of the active threat landscape and trends from 2025, including a comprehensive analysis across all tactics used in cyberattacks, as outlined in the MITRE ATT&CK framework. The data reveals that cybercrime no longer functions as a series of isolated campaigns–it operates as a system, with malicious hackers operating across an end-to-end life cycle and compressing the attack life cycle with shadow agents.

“Cybercrime is one of the world’s most pervasive and costly threats, and our latest Global Threat Landscape Report reveals how malicious actors are beginning to leverage agentic AI to execute more sophisticated attacks,” said Derek Manky, chief security strategist and global vice president of Threat Intelligence at Fortinet FortiGuard Labs.

“As cybercriminals increasingly use AI to bolster their tactics, cyber defenders must evolve cybersecurity operations into an industrialised defence and adopt AI-enabled tools that respond at the same velocity as modern threats.”

Modern cybercrime crosses borders and sectors, and even traditional definitions of crime itself. As attacks grow more sophisticated and interconnected, key findings from the latest FortiGuard Labs Global Threat Landscape Report highlight several critical trends.

Velocity defines risk as time-to-exploit (TTE) shrinks. As AI accelerates reconnaissance, weaponisation, and execution, FortiGuard Intelligence shows that TTE as 24–48 hours for critical outbreaks, a sharp increase from earlier reports that revealed a TTE of 4.76 days. Real-world incidents reflect how minutes can define outcomes: Active exploitation attempts were made within hours of the React2Shell vulnerability public disclosure.

Ransomware victims skyrocket, with FortiRecon adversary intelligence identifying 7,831 confirmed ransomware victims globally, skyrocketing from approximately 1,600 identified victims. Availability of crime service kits like WormGPT, FraudGPT, and BruteForceAI contributed to this 389 per cent increase on-year. The top three targeted sectors include manufacturing (1,284), business services (824), and retail (682). Geographic concentration includes the US (3,381), Canada (374), and Germany (291).

Identity sprawl defines cloud exposure. FortiCNAPP intelligence confirms that throughout 2025, most confirmed cloud incidents originated from stolen, exposed, or misused credentials rather than from infrastructure exploitation. Sector analysis shows hospitals/physician clinics and retail establishments as the number one target. Large identity populations, federated access models, and complex cloud integrations make these prime targets for malicious hackers.

The report projected that the most capable threat groups function as semi-autonomous enterprises, supported by shadow agents, access brokers, and botnet operators who provide services on demand.

One of the key findings is that shadow agents reduce operator skill requirements while increasing workflow speed. FortiRecon dark web signals captured AI-enabled offensive tooling advertised as services and products, including enhanced versions of WormGPT and FraudGPT, and novel services like HexStrike AI, an offensive AI tool with automated reconnaissance attack path generation; and BruteForceAI, a penetration testing tool that integrates large language models (LLMs) for intelligent form analysis and can execute sophisticated multi-threaded attacks.

With AI, criminals work smarter, not harder. FortiGate IPS telemetry recorded a 22 per cent decrease in brute force attempts on-year, pointing to efficiency gains: With optimised, intelligent brute force techniques, threat actors are making fewer attempts against better-selected targets, increasing success probability per credential tested. This activity translates into about 67.65 billion brute force events globally, with approximately 185 million attempts per day; 1.3 billion attempts per week; and 5.6 billion attempts per month. At the same time, intelligence revealed a 25.49 per cent increase in global exploitation attempts on-year.

Stolen datasets are more popular than leaked credentials. In the 2025 Global Threat Landscape Report, FortiGuard Labs observed a 500 per cent increase in logs available from systems compromised by infostealer malware. In 2026, FortiRecon intelligence found an additional 79 per cent increase and revealed a shift towards theft of more comprehensive data sets, enabled by agentic AI. Within dark web “database” activity, stealer logs dominated advertised and shared datasets (67.12 per cent), exceeding combolists (16.47 per cent) and leaked credentials (5.96 per cent). Stealer logs reduce attacker effort by bundling identity material with contextual artifacts, including browser-resident data, enabling immediate replay and faster conversion than brute force or password spraying.

Another finding is that credential-stealer malware persists. Credential-stealer malware remains a lucrative industry and primary upstream engine for exposure generation. FortiRecon telemetry shows stealer activity dominated by RedLine: 911,968 infections (50.80 per cent); Lumma: 499,784 (27.84 per cent); and Vidar: 236,778 (13.19 per cent).

Fortinet is committed to disrupting cybercrime by collecting and sharing threat intel and actively working to combat cyberthreats on a global scale.

A recent collaborative effort spearheaded by Interpol and supported by Fortinet through the World Economic Forum Cybercrime Atlas resulted in the takedown of a cybercriminal network. Operation Red Card 2.0 took down infrastructure and operators behind online scams, mobile money fraud, and fraudulent loan applications in Africa.

Fortinet is a founding member of the Cybercrime Atlas, a global public-private collaboration effort hosted by the World Economic Forum that uses open-source intelligence to map cybercriminal networks, identify infrastructure vulnerabilities, and support joint disruption operations with law enforcement, such as the recent Operation Red Card 2.0 and Operation Serengeti 2.0.

The 2026 Global Threat Landscape Report reveals that incentivising the disruption of cybercrime has never been more important. To empower defenders to stay ahead of cybercriminals, Fortinet and Crime Stoppers International launched the Cybercrime Bounty programme to provide a secure, anonymous channel for citizens and ethical hackers to submit information about cyberthreats.

Detection gaps widen as AI-fuelled attacks reshape cybersecurity in the region Fortinet, the global cybersecurity leader driving the convergence of networking and security, on June 3 announced the findings of a new IDC survey that reveals a sharp escalation in both the volume and sophistication of cyber threats across Asia-Pacific.

AI adoption in cybersecurity surges across Vietnam Fortinet has announced the findings of a 2025 IDC survey highlighting how organisations across Vietnam are adopting AI as the front line of their cyber defence strategy.

Cyberthreats targeting the 2025 holiday season FortiGuard has analysed data from the past three months to identify the most significant patterns shaping the 2025 holiday cyber-threat risks.

The issuer is solely responsible for the content of this announcement.

The issuer is solely responsible for the content of this announcement.

The issuer is solely responsible for the content of this announcement.

The issuer is solely responsible for the content of this announcement.

The issuer is solely responsible for the content of this announcement.

1. Ministry of Education Singapore Graduate Employment Survey - https://data.gov.sg/datasets?resultId=d_3c55210de27fcccda2ed0c63fdd2b352&topics=education
2. Private Education Employment Survey - https://www.ssg.gov.sg/resources/pei/pei-ges/private-education-institution-graduate-employment-survey-2024-2025
3. Full-time employment opportunity falls to 79.5% for fresh graduates in S'pore - https://hrsea.economictimes.indiatimes.com/news/industry/full-time-employment-opportunity-falls-to-79-5-for-fresh-graduates-in-spore-survey-finds/118531408?
4. SIM Career Service - https://www.sim.edu.sg/degrees-diplomas/life-at-sim/career-services
5. SIM Internship & Employment Opportunities - https://www.sim.edu.sg/alumni/internship-and-employment-opportunities

The issuer is solely responsible for the content of this announcement.

EcoVadis evaluates companies across environment, labour and human rights, ethics, and sustainable procurement. The Gold rating reflects Meiyume\'s strong performance and continued commitment to embedding sustainability across its supply chain.

A supplier\'s commitment to sustainability is increasingly important to brands, as they work to meet rising regulatory requirements and evolving consumer expectations for transparency and responsible practices. In this landscape, choosing the right partners is essential. Partners like Meiyume play a key role in enabling more responsible, future-ready solutions while helping to strengthen sustainability standards across the supply chain.

A Holistic Sustainability Strategy: Meiyume\'s 5Ps Framework

Meiyume\'s sustainability approach is guided by its 5Ps framework: Product, Process, Places, People, and Principle, ensuring a comprehensive integration across the business:

Product – Advancing sustainable innovation in formulations and packaging

Process – Strengthening responsible sourcing and supply chain practices

Places – Enhancing operational efficiency and environmental performance

People – Fostering an inclusive and supportive workplace

Principle – Upholding strong governance and compliance standards

Sustainability as an Ongoing Journey

While the EcoVadis Gold rating marks an important milestone, Meiyume views sustainability as an ongoing journey. The company remains committed to strengthening its sustainability performance and supporting beauty and personal care brands in achieving their sustainability goals.

What is CPNP and Why Does It Matter to Thai Consumers?

The Cosmetic Products Notification Portal (CPNP) is the European Union's mandatory cosmetic product notification system, requiring rigorous safety assessment before market entry. It is widely regarded as one of the world's strictest cosmetic regulatory frameworks.

Following the recent UV protection issue, Thai consumers have voiced growing skepticism about the actual UV protection efficacy of the sunscreens. COSRX addresses these concerns with a scientifically validated solution that has become a European favorite - conquering a region renowned for the highest global standards in sun protection.

Why is COSRX Sunscreen Ideal for Thailand's Climate?

According to the Thai Meteorological Department, the average UV Index in Bangkok measures 11+ (Extreme) year-round, while major urban centers like Khon Kaen, Hat Yai, and Nakhon Ratchasima experience similarly intense UV exposure throughout the year.

COSRX Ultra-Light Invisible Sunscreen SPF50 PA++++ is engineered for these conditions:

• Watery, lightweight texture that absorbs quickly without stickiness
• Aloe Vera and Witch Hazel soothe the skin
• Zero white cast - suitable for all skin tones
• Clinically proven cooling effect that instantly reduces skin heat and redness by 86.32%

Who Recommends COSRX in Thailand?

The product has been endorsed by Thailand's most authoritative skincare voices:

• @ingck – Recognized for ingredient-focused skincare reviews and hands-on testing
• @eb.bahboh - A highly respected medical doctor and creator offering science-backed dermatological expertise

Both have confirmed the product's efficacy, protection, and suitability for Thai skin after extensive personal use.

Consumers in Thailand can explore COSRX Ultra-Light Invisible Sunscreen SPF50 PA++++ and the broader COSRX suncare range through the brand's official stores on TikTok Shop Thailand and Shopee Thailand. Purchasing through official channels helps ensure product authenticity and access to the latest brand information.

Experience the UK's No. 1 and Europe's favorite sunscreen choice and explore the full COSRX range at the Official TikTok Shop Thailand and Official Shopee. COSRX is also on TikTok + Shopee.

Frequently Asked Questions (FAQ)

Q1. What does EU CPNP registration mean?

A1. EU CPNP registration means the product has been notified through the European Union's Cosmetic Products Notification Portal before being placed on the EU market. It is part of the EU's regulatory framework for cosmetics.

Q2. What proof supports the product's consumer popularity in Thailand?

A2. As of April 29, 2026, the product holds a 4.9-star rating across Shopee and TikTok Shop Thailand, with more than 16,000 verified reviews.

Q3. Why is COSRX Ultra-Light Invisible Sunscreen SPF50 PA++++ suitable for Thailand's climate?

A3. It delivers uncompromising, heavy-duty UV defense (SPF50 PA++++) to combat Thailand's intense sun, without sacrificing daily comfort. Even in hot and humid weather, its watery, lightweight texture absorbs quickly, feels breathable on the skin, and leaves absolutely no white cast.

Q4. Does this sunscreen leave a white cast?

A4. No. COSRX Ultra-Light Invisible Sunscreen SPF50 PA++++ is designed to deliver an invisible finish without leaving a noticeable white cast on skin.

Q5. Is this product registered in Thailand?

A5. Yes. Thai FDA Registration No. 10-2-6700013181.

Q6. Where can consumers buy authentic COSRX Ultra-Light Invisible Sunscreen SPF50 PA++++ in Thailand?

A6. Authentic products are available through COSRX's official stores on Shopee Thailand and TikTok Shop Thailand.

The updated aPower builds on the company's established platform, increasing usable capacity from 13.6 kWh to 15 kWh and raising warrantied throughput from 43 MWh to 60 MWh, an increase of 40 percent. These updates deliver more usable energy over the life of the system while maintaining the same footprint and price.

"The energy landscape is shifting quickly, and more homeowners are thinking beyond the upfront specs to what really pays off over time," said Steve Ruskin, General Manager of FranklinWH Australia. "This upgrade is about delivering more performance over the life of the system, more usable energy, greater throughput, while staying true to our 'buy once, buy right' philosophy."

The increase in warrantied throughput translates into savings for homeowners. Based on typical usage patterns and an electricity rate of A$0.35 per kilowatt-hour, the additional throughput may represent up to approximately A$5,950 in value over the lifetime of the system. The increase in usable capacity also improves energy density, lowering the effective cost per kilowatt-hour and supporting more efficient use of stored energy.

The 15 kWh configuration also aligns with current and upcoming policy frameworks benefitting residential battery adoption. This includes the updated Cheaper Home Batteries Program, with changes coming into effect for Australian homeowners from 1 May, 2026, helping households maximise value as incentives continue to evolve.

As the residential battery market expands, FranklinWH continues to focus on reliability and system performance. The aPower incorporates design elements to support durability, including structural reinforcement to reduce cell stress over time, per-cell temperature monitoring, and the separation of the battery pack and control systems to maintain reliable performance.

"We believe performance should be measured over years, not just at installation," Ruskin added. "We focus on building systems that deliver consistent, reliable results over time. That long-term perspective is what ultimately defines value for homeowners."

The aPower is designed to operate as part of the FranklinWH System, an integrated home energy management platform that coordinates energy generation, storage, and consumption. The system is designed to optimise multiple energy inputs, provide reliable backup power, and support more efficient and independent energy use at the household level.

The upgraded Intelligent Healthcare zone brings together 50 companies presenting a full spectrum of intelligent medical solutions, spanning AI-powered diagnostics, surgical robotics, and next‑generation eldercare technologies. Exhibits highlight how medical devices are becoming smaller, more precise, and increasingly non‑invasive. Capsule endoscopy systems demonstrate how gastrointestinal screening can be completed without discomfort, while AI‑enabled traditional Chinese medicine analyzers compress the inspection and inquiry process into minutes. Wearable glucose monitors make chronic disease management easier and more convenient.

Robotic technologies play a prominent role as well. Endoscopic and orthopedic surgical robots showcase enhanced precision through integrated human‑machine coordination, while bionic prosthetic hands use non‑invasive myoelectric sensing to independently control each finger. Intelligent rehabilitation systems, including lower‑limb exoskeletons and hand‑training devices, provide consistent support for patients recovering mobility. Companion‑style eldercare robots, equipped with monitoring and telemedicine functions, signal the rise of integrated home‑based health services.

The debuting Functional & Technical Fabrics zone highlights how the traditional textile industry is moving toward higher-end and smarter products. Exhibitors present materials that combine multi‑layered performance with intelligent responsiveness. Textiles featuring temperature‑regulating fibers, phase‑change materials, and light‑ or heat‑sensitive color‑shifting effects illustrate how fabrics are evolving into adaptive platforms capable of responding to environmental conditions.

Sustainability emerges as a defining theme. Bio‑based fibers, degradable films, recycled polyester, and organic cotton reflect a shift from isolated eco‑products toward full‑chain green manufacturing. High‑performance outdoor and protective applications further shape the narrative. Materials engineered for waterproof breathability, UV resistance, flame retardancy, and long‑term durability address rising demand across sportswear, professional protection, and medical environments. Smart textiles with embedded health‑monitoring modules demonstrate how apparel is beginning to function as a continuous wellness interface.

Both technology‑driven healthcare and advanced textiles are converging around a shared pursuit of a better life. As these advancements continue to evolve, they reflect a manufacturing landscape increasingly shaped by innovation, resilience, and a commitment to improving everyday living.

For pre-registration, please click: https://buyer.cantonfair.org.cn/register/buyer/email?source_type=16

The private equity industry understands this better than most. The days of pilots and promises are over, and the demand for hard proof (a.k.a. ROI) has begun. Is your revenue accelerating? Can you drive efficiency and profitability at the same time? What does long-term growth look like? These are the questions sitting across the table at every board meeting and investment committee, and the pressure is only intensifying.

This pressure has forced major PE firms to move aggressively to formalize their AI strategies, including exploring joint ventures with leading LLM companies. They're making a calculated bet on AI as the most powerful value‑creation lever the industry has seen in its history, and they recognize that the window to move is now.

The logic is unmistakable. PE firms don't run single businesses, they run portfolios. Which means AI playbooks that work don't just transform one company; they compound across ten, twenty, fifty, hundreds. A workflow reinvented once becomes a repeatable asset. A governance framework built once becomes portfolio infrastructure. That multiplier effect is native to how PE creates value, and it's what makes the intersection of private equity and enterprise AI one of the most consequential arenas in business right now.

The bet is a no-brainer. Execution is where it gets hard.

Here's what we know to be true: competitive advantage won't come from betting on a single LLM. It will come from building AI tailored to your business, shifting to a hybrid strategy that combines custom models, foundation models, and smaller specialized models, all grounded in an architecture that connects your data, your workflows, and your intelligence. In private equity, where the same playbook has to work across an entire portfolio, that distinction isn't academic. It's the difference between value that compounds and value that stalls.

We know this because we lived it. We turned our own operations into the proving ground, analyzing nearly 400 operational workflows and deploying AI solutions across more than 100 so far, coupled with AI governance and enablement.

The result was $4.5B in productivity gains from AI, hybrid cloud, automation and consulting expertise, and proof of what works.

We then took that proof and productized those validated workflows into IBM Enterprise Advantage, a first-of-its-kind asset-based consulting service that enables clients to build and operate their own tailored internal AI platform at scale.

With digital workers, prebuilt tools, and native governance, clients have a headstart rather than a blank slate. And because it's multi-model, they retain the freedom to shift as technology evolves. For private equity, that flexibility determines whether a company is an asset or a liability at exit.

We're bringing this same approach to private equity-backed companies, where the defining question is what changed and can you prove it.

• A major U.S. telecommunications provider is deploying digital workers and prebuilt AI tools from Enterprise Advantage to accelerate the migration of more than 150 critical applications, delivering measurable savings within two quarters.

• Working with a leading insurance administrator, IBM is using agentic AI to overhaul end-to-end claims processing, a function where a single claim can involve dozens of tightly regulated steps across multiple systems. AI agents now read and structure claim documents, perform compliance checks, assess eligibility, and route cases automatically, resulting in faster cycle times, fewer bottlenecks, and an operating model built to scale.

What private equity does here will ripple far beyond its own portfolios. When PE-backed companies deploy production-ready AI across the business, they reset competitive expectations for entire industries, forcing every competitor to respond. That is the Enterprise AI Race playing out in real time.

The choices made today will define portfolio performance for the next decade. Move too slowly and you're handing the advantage to every competitor who didn't. Move without discipline and you're betting the portfolio on a foundation that hasn't been proven. The firms that win will be the ones who understood that distinction early enough to do something about it.

Visit www.ibm.com for more information.

SIFA 2026's five programming pillars offer diverse ways to experience the arts: Festival Stage for large-scale productions, Festival Village at the historic Empress Lawn for open-access performances against the city's National Monuments, Festival Play!Ground for interactive works and parades, Festival House for family-friendly experiences, and Festival Late Nites for night-time programming. Offerings span the Civic District to Singapore's newest digital district, bringing the Festival into the heartlands.

SIFA 2026 brings together powerful artistic voices from Singapore and around the world:

• Last Rites by Liu Xiaoyi (Singapore) features theatre veterans from different cultures exploring themes of endings and legacy
• Salesman之死 by playwright Jeremy Tiang and director Danny Yeo (Singapore) reimagines Arthur Miller's 1983 Beijing production of Death of a Salesman, questioning cultural ownership in an interconnected world
• Strangely Familiar《熟悉的陌生》by T.H.E Dance Company (Singapore) features performers from the region exploring how culture, digital identities, and everyday norms intertwine in contemporary lives
• Noli Timere by Rebecca Lazier (Canada) with Janet Echelman (United States) combines contemporary dance and avant-garde circus in an aerial performance
• LACRIMA by Caroline Guiela Nguyen (France) explores the human world behind a fictional Parisian haute couture royal wedding commission
• Hedda Gabler stars Lee Hye-young (South Korea) in a contemporary reimagining of Ibsen's classic, exploring desire, frustration, and societal constraints
• Hamlet by Teatro La Plaza (Peru) features actors with Down syndrome, sharing their desires and frustrations through Shakespeare's tragedy
• The Lighthouse by Patch Theatre (Australia) beckons families to an immersive performance that is part installation, part scientific quest, part rave
• AUTOMATA, a late-night series curated by Hothouse (Singapore) explores ritual and machine bodies, featuring artists such as music producer Guzz (China)

For the full festival lineup and ticket sales, visit sifa.sg.

While 83% of Australian travellers say that more sustainable travel is important to them, older generations demonstrate greater commitment through concrete actions, despite younger generations often expressing stronger sustainability intentions.

• Older generations demonstrate greater commitment through concrete sustainable actions, with almost two–thirds of Boomers across Asia Pacific (63%) saying they will shop more at local, independent stores on their trips, three–quarters (75%) planning to reduce general waste, and 63% intending to reduce energy consumption, higher than Gen X, Millennials and Gen Z.
• However, younger travellers are leading in cultural and conservation management; more than a quarter of Gen Z (27%) and Millennials (26%) participated in a tour or activity that contributed to the health or conservation of the local ecosystem or wildlife.
• Extreme weather is actively reshaping travel choices. Nearly three-quarters of Australian travellers said they consider extreme weather risk when choosing both destination (72%), and timing (75%), and 27% reported having cancelled or changed trip plans in the past twelve months due to extreme weather or natural disaster.
• Australian travellers are shifting when and where they travel, seeking reliable climates and comfort. 43% say they plan to avoid overcrowded tourist destinations, 42% plan to travel outside of peak season, and 26% will seek out destinations with cooler temperatures.
• In 2025, travellers booked more than 100 million room nights on Booking.com at accommodation partners with a third-party sustainability certification, including at 363 third-party certified Australian properties.

To find Booking.com's full 2026 research, visit here.

The campaign encourages families to bridge the gap between play and purpose through gaming. It showcases how digital play can foster deeper understanding, facilitate balanced routines, and build stronger connections at home.

"Digital spaces are already a natural part of how young people learn, play, and connect today," said Mr Murphy Zhao, Country Manager of Tencent Singapore and Head of Tech Group, Tencent Games. "As a company with deep expertise across digital entertainment and communications, we want to play a constructive role by helping families build meaningful digital habits that extend beyond the screen."

Advancing Family Digital Wellness In Partnership with IMDA

As part of the launch, IMDA and Tencent also signed an agreement to strengthen collaboration on initiatives in digital wellbeing. The agreement was signed by Ms Joanna Lam, Cluster Director for Digital Readiness, IMDA, and Mr Murphy Zhao, Country Manager of Tencent Singapore and Head of Tech Group, Tencent Games. The collaboration builds on Tencent's ongoing cooperation with IMDA, in support of the national Digital for Life (DfL) movement, focusing on promoting online safety and healthy digital habits among youths, parents, and families.

Tencent will co-develop educational content with IMDA, as well as organise four community outreach activities, reaching out to an estimated 4,000 participants. The company will also commit S$ 25,000, which totals to S$ 50,000 with the government's dollar-to-dollar matching, to the DfL Fund. The DfL Fund provides support for projects and activities promoting digital inclusion, digital literacy and digital wellness.

"Ensuring digital wellness is increasingly important, particularly for our children who are digital natives," said Ms Joanna Lam, Cluster Director for Digital Readiness, IMDA. "Tencent has been a DfL partner since 2022, and I thank them for their continued commitment to the DfL cause. We look forward to deepening our collaboration with Tencent to empower parents and youths with practical guidance to build healthy digital habits and navigate the digital world safely together."

Leading the Conversation on Healthy Digital Play

The inaugural Singapore launch event was officiated by Ms Jasmin Lau, Minister of State, Ministry of Digital Development and Information, and also hosted social service organisations from Singapore, Malaysia, Thailand, Indonesia, and the Philippines. At the event, families participated in gamified quiz experiences and took home educational materials designed to transform gaming into healthier routines at home.

The programme also featured a parenting talk that shared practical guidance on utilising games as a bridge for conversation at home. The session highlighted how, when guided by constructive routines, gaming can support the development of soft skills such as communication, teamwork, strategic thinking, and persistence.

During the event's expert insights session, Mr Narasimman S/O Tivasiha Mani, psychotherapist and co-founder of local youth charity Impart, said, "Healthy gaming is not built through one-off rules. It grows through rapport, shared understanding, and everyday conversations. Through a collaborative process between educators, families, and the wider community, it becomes easier to set shared expectations and support balanced habits that carry beyond the screen."

Building a Scalable Digital Wellbeing Framework for Southeast Asia

While digital habits may look different across the region, the underlying need is the same — helping families build healthier, more confident relationships with the digital world.

"Beyond the Screen" is part of Tencent's broader commitment to fostering intentional digital play, equipping youths, parents, and educators with practical resources to build balanced routines, encourage respectful interactions, and strengthen open communication at home.

Insights from the Singapore launch will inform the rollout of the campaign across Southeast Asia in 2026, with local adaptations to meet the needs of diverse communities in the region.