Singapore economy grows 4.3% in Q2, advance estimate shows
Gross domestic product was up 4.3% in the April to June period on a year-on-year basis, according to advance estimates from the trade ministry. Economists polled by Reuters had expected growth of 3.5%.
On a quarter-on-quarter seasonally adjusted basis, GDP expanded 1.4% in the April to June period, advance estimates show, avoiding a technical recession after the first quarter's revised 0.5% contraction.
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Reuters
32 minutes ago
- Reuters
Spaniards struggle to enjoy their own beaches in tourist deluge
MADRID, July 14 (Reuters) - International holidaymakers are keeping Spaniards off their own sun-kissed beaches due to ever-rising hotel and rental prices during an unprecedented tourism boom. Spain's top 25 Mediterranean and Atlantic coast destinations saw local tourism drop by 800,000 people last year whereas foreign visitors rose 1.94 million, according to previously unreported official data reviewed by analysis firm inAtlas. The trend looks sure to continue as the world's second-most visited country - after France - anticipates a record 100 million foreign visitors this year. "Prices have risen outrageously. The whole Spanish coast is very expensive," said Wendy Davila, 26. She cancelled an "exorbitant" trip with her boyfriend in Cadiz on the south coast for a cheaper visit to the inland city of Burgos, famed for its Gothic cathedral and the tomb of 11th century commander El Cid. "Now you don't go on holiday wherever you want, but wherever you can," added Davila, who is nostalgic for childhood beach holidays in Alicante on the Mediterranean. With a population of 48 million - half the number of foreign visitors each year - Spain relies heavily on tourism, which contributes more than 13% of GDP. But protests are growing over housing shortages exacerbated by mass tourism - and could be exacerbated by the indignity for Spaniards being priced out of their favourite holidays. Hotel prices have risen 23% in the past three years to an average of 136 euros ($159) a night, according to data company Mabrian. Beachfront rentals have also climbed 20.3% since mid-2023, according to price monitoring firm Tecnitasa, with most of them booked out for the summer by the first quarter. "It is becoming increasingly difficult for Spanish holidaymakers to afford beachfront tourism rentals," said Tecnitasa Group President Jose Maria Basanez. Foreign tourists stayed an average of eight nights at top Spanish beaches last year, with locals only affording half that time and spending a quarter of the money, inAtlas said. In fact resort hotels are modifying down their forecasts for this summer, even despite the foreign boom, partly because places where residents tend to take their holidays expect slower sales. Spaniards also made near 400,000 fewer trips to the country's major cities in 2024 compared to the previous year, while foreign tourist visits there increased by almost 3 million. Aware of the brewing discontent and disparities, Spain's socialist government is encouraging international tourists to explore inland attractions to address overcrowding and diversify. "If we want to continue to be leaders in international tourism, we have to decentralise our destinations," Tourism Minister Jordi Hereu said at the launch of a first campaign to highlight Spain's lesser-known charms in June. "We want Europeans and those from other continents to rethink their idea of the Spain they love and visit so much." Spaniards have a strong tradition of escaping for family holidays in the hot summer months, but they are turning more to Airbnb rentals than hotels, and swapping Catalonia or the Balearic Islands for lesser-known destinations in Andalucia or Castille and Leon where prices are lower and mass tourism is yet to hit. Last year, 1.7 million more Spaniards holidayed in generally more affordable inland areas, according to inAtlas. In the mountain town of El Bosque for example, 100 km from the beaches of Cadiz on the Atlantic, the number of Spanish tourists increased by 22% last year. "There may be a certain displacement effect," said Juan Pedro Aznar, professor and researcher at the Madrid-based Esade business school, noting Spaniards' lower purchasing power compared to British and German tourists. For some Spaniards, it is best to avoid the summer crowds altogether. Nurse Maria de la Jara will stay in Madrid this summer, only going south to visit family in Cadiz once the busy season is over. "I used to go to my family's house, but there are more and more foreign tourists in Cadiz and when a cruise ship arrives, the population doubles," said the 51-year-old. "It's overwhelming." ($1 = 0.8561 euros)
Coin Geek
35 minutes ago
- Coin Geek
South Korea's central bank fights for stablecoin oversight
Getting your Trinity Audio player ready... South Korea's central bank is lobbying for more involvement in stablecoin regulations as the government ramps up its push to launch won-backed stablecoins. The Bank of Korea (BOK) recently submitted a proposal to the government's policy planning committee to have all relevant financial watchdogs involved in overseeing any issuance of a won-backed stablecoin. BOK proposed that a 'pan-governmental regulatory response is necessary. A policy body consisting of relevant authorities should be considered,' reports the Korea Herald. The submission referenced the U.S. Stablecoin Certification and Review Committee, established under the new GENIUS Act. The committee reviews applications from interested issuers and recommends license approvals or denials. It's chaired by the Secretary of the Treasury, with the chairs of the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) as members. If the BOK's proposal is adopted, it could give the central bank and any other member of the new committee the power to veto the issuance of a license to a stablecoin firm. The proposal would also restore the BOK's oversight over stablecoins, which it stands to lose if a new draft bill sails through parliament. The bill hands jurisdiction to the Financial Services Commission (FSC), although a separate bill recommends that the FSC consult with the BOK on crucial stablecoin decisions. The latest proposal signals a policy shift for the central bank, which has been against won-backed stablecoins for years. However, the President Lee Jae-Myung administration, which took over in June, has been pro-digital assets and has pressured BOK to align with its stance, local outlets say. Jae-Myung won the June snap election on campaign promises of transforming South Korea into a digital asset hub, with won-backed stablecoins among his key pledges. The BOK also wanted stablecoin issuance to be relegated solely to banking institutions, but this stance is now changing as well. In a recent interview with CNBC, Governor Rhee Chang-Yong noted that the regulator has received petitions from fintechs who want the issuance scope expanded beyond the regulated lenders. 'They [fintechs] have asked for the allowance of non-bank financial institutions to participate. Given this new demand, we need to recalibrate our plan,' he stated. The top bank is concerned about the implications of won-backed stablecoins on the country's capital flow management, he added. Unregulated won stablecoins could 'expedite easier transfer to dollar-denominated stablecoins and undermine some of our policies.' In some regions, like Europe, governments have promoted stablecoins pegged to local currencies to reduce dependency on the USD tokens. And while this would apply to South Korea as well, the governor worries that it might have the opposite effect by making it easier to convert won into USD tokens. Meanwhile, South Korean lenders and major fintechs are rushing to become pioneers in the issuance of local stablecoins. Woori Bank, Kakao Bank, Kookmin Bank, the Industrial Bank of Korea, and more have all filed stablecoin-related trademarks. Google Finance (NASDAQ: GOOGL) data shows that the banks that applied for the trademarks had recorded a 20% increase in stock value. Kakao Bank, for instance, recorded a 19.3% rise in stock price the day after applying for the trademarks. Hong Kong to issue fewer than ten stablecoin licenses In Hong Kong, over 40 companies are set to be locked in a fierce competition for a limited number of stablecoin issuer licenses starting next month, local reports say. Hong Kong's stablecoin regulations have been hailed as the most progressive globally, with the city-state welcoming the world's first dedicated stablecoin act in May. However, only a handful of companies will obtain the coveted license, Treasury Secretary Christopher Hui has revealed. In an interview with a local outlet, Hui revealed that the number of licensed issuers will likely be 'in the single digits,' at least for this year. The city's financial regulator, Hong Kong Monetary Authority (HKMA), will open the licensing application process on August 1, when the Stablecoin Ordinance officially takes effect. Over 40 companies have expressed interest in the license, but according to Hui, only a handful will be successful in their quest. Source: Wu Blockchain Local reports say that the HKMA will prioritize the major financial and tech firms in Hong Kong and China, with startups and smaller firms set to miss out. Some of the giants expected to apply include China's Ant Group and (NASDAQ: JD) and a consortium comprising Standard Chartered (NASDAQ: SCBFF) and Animoca Brands. Watch | Spotlight On: Centi Franc—the truly stable stablecoin title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Coin Geek
35 minutes ago
- Coin Geek
Hong Kong advances digital asset hub bid with new bonds
Getting your Trinity Audio player ready... Hong Kong is set to issue its third batch of tokenized green bonds, as part of a broader plan to normalize the issuance of tokenized government bonds in the future and provide incentives for the tokenization of real-world assets (RWAs), including exempting stamp duty on the transfer of tokenized exchange-traded funds (ETFs). Speaking at the Hong Kong Digital Finance Awards 2025, Secretary for Finance and Treasury of Hong Kong, Christopher Hui Ching-yu, said that the government had issued green bonds in tokenized form twice already, in 2023 and 2024, and that the third batch of tokenized bonds is being prepared, according to a July 5 report by state-owned Beijing newspaper Wen Wei Po. Hui added that the Hong Kong government will also promote the tokenization of a wider range of assets and financial instruments to demonstrate the diverse applications of tokenization technology in different sectors, including precious metals, non-precious metals, and renewable energy (such as solar panels). Hong Kong's race to be a hub Despite mainland China's reticence to embrace digital assets—other than the digital yuan, the country's government-controlled central bank digital currency (CBDC)—Hong Kong has, in contrast, set itself the task of becoming a digital asset hub for the region. In January, the Hong Kong Monetary Authority (HKMA), Hong Kong's central bank, launched a new initiative to support local banks as they launch blockchain products, with tokenization being a core focus once the incubator begins. The HKMA described the incubator as a 'new supervisory arrangement' that will allow local banks to 'maximize the potential benefits of DLT adoption by effectively managing the associated risks.' This was just the latest in several initiatives launched by the HKMA targeting digital assets and blockchain, another being a stablecoin sandbox launched by the central bank in March of last year. The special administrative region continued to ramp up its efforts in 2025. In May, Hong Kong legislators passed the 'Stablecoin Ordinance', making it the first major economy with an act fully dedicated to stablecoins. When it takes effect, in August, it will bring a comprehensive licensing regime, with any entity issuing stablecoins in Hong Kong (or issuing Hong Kong dollar-referenced stablecoins anywhere in the world) henceforth needing to obtain a license from the central bank. Unlicensed issuance or advertising will be a criminal offense. In addition, issuers must maintain a one-to-one reserve backing with high-quality liquid assets, provide clear redemption rights, and implement robust anti-money laundering (AML) controls. They also set a high bar to entry, with the law mandating paid-up capital of at least HKD25 million ($3.19 million), or one percent of coins outstanding for non-banks, plus a separate pool of reserve assets with a market value equal to or exceeding the par value of outstanding stablecoins, to maintain a robust 1:1 backing. More recently, in June the Securities and Futures Commission (SFC), Hong Kong's top finance sector regulator, announced plans to permit digital asset derivatives for professional investors, as part of the broader strategy to expand product offerings and reinforce the territory's growing status as fintech hub. Later in the month, the Hong Kong government released its 'Policy Statement 2.0 on the Development of Digital Assets in Hong Kong,' further underscoring the territory's ambitions. Amongst other measures, it introduced the new 'LEAP' framework that doubles down on stablecoin and asset tokenization policies, as well as unifying its regulatory framework for all virtual asset service providers (VASPs). During his speech last week, Hui Ching-yu reportedly highlighted the new policy statement as an example of how Hong Kong has been gradually building a regulatory framework that balances risk management and investor protection, as well as industry development, to promote the sustainable development of the territory's digital asset ecosystem. In addition to all this, there is the announcement of the impending issuance of a third batch of tokenized green bonds, and Hong Kong appears to be laying down a significant marker for other jurisdictions keen to make the most of the digital asset space. Watch: Tim Draper talks tokenization with Kurt Wuckert Jr. title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
