From a historic power struggle in Washington to record-breaking contract wins in Singapore, this week’s landscape was defined by high-stakes transitions and structural growth.
The US Federal Reserve held rates steady, yet the decision was eclipsed by the heaviest internal dissent since 1992 and Jerome Powell’s tactical move to remain on the Board.
Back home, Boustead Singapore (SGX: F9D) clinched a record S$400 million contract, while Nanofilm Technologies International (SGX: MZH) shares surged 40% on a massive margin recovery.
Meanwhile, one of Singapore’s largest REITs unveiled a S$160 million “green” revamp for Plaza Singapura.
Fed Holds Rates Amid Historic Dissent as Powell Vows to Stay
The US Federal Reserve held interest rates at 3.5% to 3.75%, but the 8-4 vote saw the most dissents since 1992.
Three officials objected to hints of future rate cuts, while a fourth, Stephen Miran, voted in favour of an immediate quarter-point reduction.
Adding to the drama, outgoing Chair Jerome Powell announced he will remain on the Board of Governors after 15 May.
This move blocks President Donald Trump from filling a new vacancy and complicates the transition for his successor, Kevin Warsh, whose nomination to succeed Powell as chair was advanced by the Senate Banking Committee on the same day.
Meanwhile, Middle East tensions have driven energy prices to a four-year high, threatening to entrench inflation while slowing growth – a daunting backdrop for the Fed’s new leadership.
Boustead Lands Record S$400 Million Public-Sector Contract
Boustead Singapore has secured its largest-ever contract, with its engineering and construction arm Boustead Projects E&C awarded a public-sector project worth more than S$400 million to construct an office complex in Singapore.
The three-year contract lifts the order backlog of Boustead’s real estate solutions division to S$837 million and that of its broader engineering segment to S$1 billion.
The group noted that the contract is not expected to have a material impact on profitability, earnings per share, or tangible net asset value for the financial year ending 31 March 2027.
Nonetheless, the win reinforces Boustead’s credentials as a leading engineering and construction player in Singapore’s public sector.
Other recent public-sector projects undertaken by the division include JTC Kranji Green – Singapore’s first multi-storey recycling facility – and JTC semiconSpace@Tampines.
In March, Boustead Projects E&C also clinched a more than S$100 million contract from a Boustead Projects and Lian Beng joint venture, and secured a fit-out contract worth over S$50 million from a Fortune 500 corporation.
The latest award builds on this strong momentum heading into the new financial year.
Nanofilm Posts Strong G1 Results as Margins Recover
Shares of Nanofilm surged 40.2% on 23 April 2026, closing at S$1.43 after the deep-tech company reported a robust set of first-quarter (1Q2026) results.
Revenue rose 24% year on year (YoY) to S$55 million, driven primarily by its advanced materials business unit, which accounted for 89% of total revenue.
Within that unit, consumer advanced materials grew 32% YoY to S$34 million, while industrial advanced materials rose 9% to S$15 million.
Margins improved meaningfully alongside the revenue growth.
Gross profit margin expanded to 39% in 1Q2026, up from 27% in the same period a year earlier, while EBITDA margin doubled to 26% from 12% in 1Q2025.
The company’s outlook for FY2026 remains positive, with growth expected across key segments including smart eyewear, health sensing devices, AI data-centre components and robotics applications.
Risks remain, including cyclical demand swings in consumer electronics and potential cost pressures from materials or labour inflation.
CICT Unveils S$160 Million Plaza Singapura Revamp
CapitaLand Integrated Commercial Trust (SGX: C38U), or CICT, has announced a S$160 million upgrade of Plaza Singapura and The Atrium@Orchard along Orchard Road.
Works are scheduled to commence in the third quarter of 2026 (3Q2026) and complete in the fourth quarter of 2028 (4Q2028), carried out in phases with the mall remaining open throughout.
The revamp aims to strengthen Plaza Singapura’s positioning on Orchard Road through upgraded infrastructure and a refreshed tenant mix catering to both locals and tourists.
In line with the Urban Redevelopment Authority’s plans to pedestrianise the Orchard Road stretch fronting the mall and expand Istana Park, the upgrade will extend the park experience indoors.
Highlights include all-day dining cafes set amid greenery at the main entrance, floating gardens replacing existing sky bridges, and multisensory experiential retail and dining spaces in key common areas.
The announcement comes on the heels of CICT’s separate deal to sell Asia Square Tower 2 for S$2.5 billion and acquire Paragon mall for S$3.9 billion.
CICT also reported a solid set of first-quarter results, with net property income rising 7.9% YoY to S$314.4 million and gross revenue climbing 8% to S$426.7 million.
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