NewsLite

SINGAPORE — PetroChina is poised for a record year in trading profits, five trading executives said, with its refineries outside China reaping bumper margins amid tight global fuel markets as the Iran war transforms the way Middle East oil is bought and sold.

PetroChina, Asia's largest oil and gas producer and China's second-biggest refiner, is cashing in on a large production and supply portfolio and an extensive refining and retail network that have helped insulate it from war-induced disruptions.

Gross profits at the state company's trading vehicle PetroChina International (PCI) are expected to top 20 billion yuan (S$3.8 billion) for 2026, a record, two of the people briefed on the matter said, speaking on the condition of anonymity as they are not authorised to speak with media.

By early October, its crude oil division, which typically generates over half of PCI's profits, had more than doubled earnings for the whole of 2025, with fuel products and natural gas departments also performing strongly, one of the two trading executives said.

As haze conditions worsen in Singapore, many parents are wondering whether schools could close and what that might mean for national examinations that students have spent months preparing for.

Speaking at a haze press conference on Friday (Oct 16), Minister for Education Desmond Lee outlined how schools, preschools and national examinations will be managed if conditions deteriorate further.

These concerns include whether learning and examinations can continue, and how families will manage if schools have to close.

"These are serious considerations. We must look after the well-being of our children, especially younger ones who are more vulnerable," the education minister said.

Seven companies in Indonesia have been issued Preventive Measure Notices under Singapore’s Transboundary Haze Pollution Act, said the National Environment Agency (NEA) on Friday (Oct 16).

The companies are: PT Bumi Andalas Permai, PT Bumi Mekar Hijau, PT Paramitra Mulia Langgeng, PT Sumatera Alam Anugerah, PT SBA Wood Industries, PT Hutan Lestari Raya and PT Bangkanesia.

NEA said that there are indications that smoke from fires on lands held under these companies in Indonesia could have moved to Singapore.

Based on the notices sent to the companies, the firms have been told to deploy fire-fighting personnel to extinguish or prevent the spread of any fire on land owned or occupied by them.

TOKYO — Toyota Motor expects its Arene software platform will be deployed in 10 million new vehicles annually and 50 car models by 2030, the company said on Friday (Oct 16), after the Nikkei reported the automaker aims to make those models software-defined by then.

Chief Technology Officer Hiroki Nakajima outlined deployment plans for Arene at an investor briefing in Brussels last week, according to a Toyota spokesperson.

Nakajima also said Toyota aims to expand the platform's deployment further as it moves towards 2035, including in vehicles from alliance partners, the spokesperson said.

Toyota first introduced Arene in its revamped RAV4 sport utility vehicle, which was launched in 2025.

Stay in the know with a recap of our top stories today.

1. BigBang's Singapore concerts to provide masks, water points amid very unhealthy PSI

As BigBang's highly anticipated Singapore concerts on Oct 17 and 18 draw near, organiser AEG Presents Asia have issued advisories amid worsening haze conditions.

In an Instagram post today (Oct 16), AEG announced that face masks, water points throughout the venue and first aid services will be available to concertgoers...» READ MORE

BEIJING — Chinese Foreign Minister Wang Yi has told Israeli President Isaac Herzog that Israel should stop and reverse its "forced establishment" of West Bank settlements.

China has consistently held that the Palestinian question is the greatest historical injustice of this century, Wang told Herzog during a meeting in Azerbaijan, according to a statement by the Chinese foreign ministry on Friday (Oct 16).

Herzog said in a post on X that the meeting, which took place on Thursday, focused on "relations between our countries and the situation in the Middle East". His office declined to comment when asked about their discussions on the West Bank or the Palestinians.

Wang said that promoting peace and reconciliation in the region is the "cornerstone" of China's Middle East policy

Some of China's richest people are winding down their offshore trusts, selling shares, and even switching nationality as a deadline looms to declare income booked overseas, say wealth advisers, lawyers and others familiar with the matter.

The move is part of tougher scrutiny of capital outflows and rule enforcement amid growing fiscal strains as the world's second-largest economy battles with persistent weakness in domestic demand and broader economic imbalances.

At the same time, tax officials have also stepped up efforts to gather information on wealthy individuals in their jurisdictions and are setting up dedicated teams to scoop up taxes owed on offshore incomes, they said.

Founders of Hong Kong- and US-listed Chinese firms would be hit the hardest in the latest tax move, as many of them sold shares through trusts at peak valuations between 2014 and 2020, said Oscar Liu, CEO of wealth adviser JLT Legacy Group.

BEIJING — Tencent said on Friday (Oct 16) that AI agents used to evaluate third-party models displayed web-browsing behaviour not intended by the tech giant, in what appears to be the first known incident of rogue agent actions acknowledged by a major Chinese company.

The statement followed a report by AI-safety research group Swarmchasers on Wednesday, which said "rogue" agents running on infrastructure it linked to Tencent Cloud made repeated attempts between Sept 28 and Oct 8 to retrieve information from Alibaba's Amap, China's equivalent to Google Maps.

Tencent Hunyuan, the company's artificial intelligence unit, said in a post on X that the activity did not originate from its Hunyuan models. Its review found no evidence of deliberate targeting or coordination, it said.

The Swarmchasers researchers said the agents sought information such as the commonly used entrances at Chinese parks, museums and zoos.

NEW DELHI — Despite tens of thousands of security personnel deployed to stop them, youth protesters in India scaled barricades last week, chanted anti-government slogans and scuffled with police officers trying to drag them away.

"Long live the revolution," shouted one young man before police bundled him into a bus.

Street protests in India this year are likely to be higher than at any time in the past decade, the independent Armed Conflict Location and Event Data (ACLED) Project has said, as dissent mounts against Prime Minister Narendra Modi's government and Gen Z activists pour on to the streets.

Analysts say the youth protests, and growing support for the opposition, form the worst crisis for Modi since he came to power in 2014, with people under 30 making up nearly one quarter of the country's one billion voters. But his government remains stable and the next general election is not due until 2029.

Minister for Education Desmond Lee said on Friday (Oct 16) that O-Level papers may be rescheduled if the 24-hour PSI forecast reaches hazardous levels.

A 24-hour PSI forecast of 301 and above falls within the hazardous range.

However, those taking the A-level papers are generally less likely to be affected, said Minister for Education Desmond Lee at the Haze Press Conference on Friday.

"The students are older, but we will also take reference to actual circumstances in making decisions on whether they will continue," he pointed out.