TECHKLOUD Officially Launches Exclusive Online Shopping Channel for Singapore, Making Global Goods Easily Accessible
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Malay Mail
18 minutes ago
- Malay Mail
Asian markets mixed as Trump warns tariff letters to be sent soon
HONG KONG, July 4 — Asian investors trod cautiously today as Donald Trump's deadline to avert his steep tariffs approached, with the US president saying he planned to start sending letters informing trading partners of their rates. Uncertainty leading up to next week's cut-off tempered the positive lead from another record on Wall Street, where a forecast-busting US jobs report soothed worries about the world's top economy. Governments around the world have fought to hammer out deals with Washington ahead of the July 9 deadline, set after Trump unveiled a blitz of levies on his 'Liberation Day' in early April. He and his top officials have said several were in the pipeline, but only Britain and Vietnam have signed pacts while China has agreed to a framework for it and the United States to slash tit-for-tat tolls and ship certain products. While negotiators continue to seek ways to avert the worst of the White House's measures, Trump warned Thursday he would soon be issuing his messages to capitals. 'My inclination is to send a letter out and say what tariff they're going to be paying,' he told reporters. 'It's just much easier.' He added: 'We're going to be sending some letters out, starting probably tomorrow, maybe 10 a day to various countries saying what they're going to pay to do business with the US.' The prospect that trading partners from Japan and South Korea to India and Taiwan could be hit with stiff tariffs fuelled fresh worries about the global economy. Tokyo edged up with Shanghai, Sydney, Wellington and Jakarta but Hong Kong, Seoul, Singapore, Taipei and Manila fell. Traders were unable to pick up the baton from their New York colleagues, who sent the S&P 500 and Nasdaq to more record closes ahead of the Independence Day break. Those gains followed data showing the US economy topped expectations to add 147,000 jobs in June while unemployment dipped to 4.1 per cent from 4.2 per cent, which was also better than estimated. The reading was taken as a sign the labour market remained in rude health despite warnings about the impact of Trump's tariffs. It also dented hopes that the Federal Reserve will cut interest rates at its next meeting this month, with bets now on two reductions before the end of the year -- the first likely in September. However, analysts suggested that all was not what it seemed, pointing to softness in the private sector. 'We think that private-sector hiring has stalled, and we may see sporadic layoffs in some industries in the coming months,' warned analysts at MUFG. 'Despite the unemployment rate having fallen... the flow of potential workers that remained out of the labour force rose sharply in June (and over 750k have dropped out of the labour force over the past two months), further highlighting the weak hiring environment. 'We continue to view labour demand as being fundamentally weak relative to the past several years.' The passage of Trump's 'Big, Beautiful Bill' also left investors in a quandary as they weighed the extension of huge tax and spending cuts with forecasts that it will add around US$3 trillion to the already ballooning national debt. Still, it included a US$5 trillion increase in the debt limit, removing the risk the country could default on its bond payments. — AFP
Malay Mail
30 minutes ago
- Malay Mail
Singapore tightens private housing rules with new stamp duties to deter speculation
SINGAPORE, July 4 — In a surprise move aimed at cooling the private housing market, Singapore has raised the seller's stamp duty (SSD) and extended the holding period for private residential properties to four years, effective from today. The revised rules apply to all private homes purchased from that date onwards. Sellers who offload their properties within the first year of purchase will now pay a 16 per cent stamp duty, up from the current 12 per cent. Properties sold in the second, third and fourth year will also be subject to progressively lower rates. Previously, the SSD only applied for properties sold within three years. 'In recent years, the number of private residential property transactions with short holding periods has increased sharply,' said Singapore's Ministry of National Development, Ministry of Finance and Monetary Authority of Singapore in a joint statement issued late yesterday. 'In particular, there has been a significant increase in the sub-sale of units that have not been completed.' Analysts told Bloomberg they were taken aback by the timing of the announcement, especially amid signs that price growth is already slowing. 'The latest move came as a surprise to us,' said Citigroup analyst Brandon Lee, citing soft demand in recent launches. He suggested the Singapore government's intent is to target speculative activity, which could pick up as mortgage rates continue to fall. According to preliminary figures released earlier this week, private home prices in Singapore rose 0.5 per cent in the second quarter — the third consecutive quarterly increase — despite sluggish new home sales. Alan Cheong, executive director of research at Savills, said the move seemed 'puzzling'. 'Prices are already flattening so this is likely more based on vibes on the ground,' he reportedly said, adding that he expects new condominium sales to take a further hit. The Singapore government has repeatedly intervened in the housing market over the years to rein in prices, including a major hike in levies for foreign buyers last year and tighter restrictions on the resale of public flats. Housing affordability remains a hot-button issue in Singapore, especially in the wake of May's general election, where cost-of-living concerns loomed large. The new stamp duties will not affect public housing owners, who are already required to live in their flats for a minimum number of years before selling.
Malay Mail
an hour ago
- Malay Mail
MOF introduces transitional measures to ease SST compliance for industry players
KUALA LUMPUR, July 4 — The Finance Ministry (MOF) has agreed to provide transitional support to industry players during the change in the scope of the Sales and Service Tax (SST), following feedback regarding difficulties in complying with all operational requirements. In a statement today, MOF said the government will allow service providers to manually submit statements for the taxable period from July 1 to Sept 30, 2025. 'However, the Service Tax (ST) must still be charged and collected during this period. 'The Madani government understands that service providers need more time to upgrade their systems for tax compliance and implementation,' MOF said. Meanwhile, MOF said registered manufacturers are required to impose and collect Sales Tax (ST) starting July 1, 2025, and are eligible to apply for exemptions on raw materials used in the manufacturing of taxable goods. Additionally, companies that have already received ST exemptions via the tax exemption committee under the Malaysian Investment Development Authority (Mida) before July 1 will continue to enjoy the exemption, subject to the terms and duration previously set. 'However, if these companies manufacture finished taxable goods after July 1 and meet the specified threshold value, they are required to register as registered manufacturers and may apply for exemption via the MySST portal at 'MOF hopes that these measures will help facilitate business operations and ease compliance for companies affected by the SST scope expansion,' the statement added. Business and members of the public can contact the Royal Malaysian Customs Department Call Centre hotline at 1-300-888-500 for more information. — Bernama
