Singapore shares slip on concerns that tariff pause would end soon, but STI still up for the week
Despite the decline, the STI still rose 1.2 per cent over the week and has closed above 4,000 points for three days straight.
SINGAPORE – Local shares retreated on July 4 over concerns that Asia's export-driven economies will be hit when the 90-day pause in US tariffs ends.
The unease left the Straits Times Index (STI) down 0.2 per cent or 5.95 points at 4,013.62 with decliners beating gainers 282 to 192, while 1.3 billion securities worth $1.1 billion were transacted.
Despite the decline, the STI still rose 1.2 per cent over the week and has closed above 4,000 points for three days straight.
SPI Asset Management managing partner Stephen Innes said Asian markets slipped into Friday 'like someone entering a dark alley with one eye over their shoulder'.
He noted that US equities might have 'danced higher on a sweet spotted post-payroll sugar rush', given the buoyant jobs data, but Asian economies are facing the tariff threat with President Donald Trump saying he will be sending trading partners letters about the levies.
'Asian equities pulled back as traders braced for impact. It's not panic yet – but it's certainly not confidence either. No one wants to be holding risk when that first letter gets sent.'
All but one property player on the STI closed in the red after the Government announced that Seller's Stamp Duty rates will raised for residential properties. The holding period governed by the duty has also been extended to four years.
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Only CapitaLand Investment was spared the rout, with the real estate investment manager's shares ending unchanged at $2.71.
Frasers Centrepoint Trust was the worst performing STI developer, sliding 2.2 per cent to $2.22, despite not operating in the residential property sector.
The uncertainty here was in stark contrast to Wall Street, which had a shortened session overnight before the July 4 holiday.
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Straits Times
33 minutes ago
- Straits Times
Clans of Geylang: The fight for survival and revival
Sign up now: Get ST's newsletters delivered to your inbox Mr Stanley Ng (left), secretary-general of the Huang Clan Association's youth committee, and his father, Mr Ng Poh Wah, the clan's former chairman. SINGAPORE – For 78 years, the Huang Clan Association was housed in Jiangxia Tang, a two-storey bungalow with distinctive yellow shutters and red grille gates in Lorong 35 Geylang. The clan was established in 1924 following a merger of several clans whose members had the surname 'Huang' or its variants. Today, its headquarters are spread over a two-storey space in Sixteen35 Residences, an eight-storey condominium that was completed three years ago on the 2,220 sq m site of the original clan house. The association's name runs down a street-facing wall in seven silver Chinese characters beside a private entrance to the clan house, complete with its own private lift. The association occupies three levels of a dedicated section of the building. On level 2 are lushly carpeted air-conditioned rooms, a multi-purpose hall, library, meeting rooms and an office. A climate-controlled cultural and heritage exhibition room houses antique furniture and artworks from the original bungalow. The transformation of the Huang Clan's premises was three decades in the making. 'Since the 1990s, we were already discussing the deteriorating state of the building and ageing membership,' says Mr Ng Poh Wah, 67, the clan's former chairman. Top stories Swipe. Select. Stay informed. Singapore PAP has begun search for new candidates; PM Wong hopes to deploy them earlier ahead of next GE Singapore 20 retired MPs spoke up on many issues in Parliament, helped successors prepare for new role: PM Wong Singapore $3b money laundering case: 9 financial institutions handed $27.45m in MAS penalties over breaches Singapore Banks tighten vigilance and processes following $3b money laundering case Asia JB petrol station shooting: Dead man with bullet wounds dumped at hospital Singapore Trilateral work group formed to address allegations of foreigners illegally taking on platform work Singapore Power distribution system in renewal project may be linked to Bukit Panjang LRT disruption: SMRT Singapore Rise in number of scam e-mails claiming to be from Cardinal William Goh: Catholic Church 'But our plans to revamp the clan house never came to fruition, because the main issue then was, where will the money come from?' adds the businessman. An opportunity emerged amid the condo development boom in Geylang in the 2010s. In 2013, Mr Ng – then the association chairman – established a task force to bring about the building of a new clan house. In 2018, the clan sold a 99-year leasehold estate to Oxley Holdings, while retaining ownership of the land. As part of the deal, the property developer would transfer a portion of the units back to the Huang Clan to form part of the new clan house. The old clan premises and an adjacent house made way for the new condominium, which now sits on a 23,800 sq ft plot of land. 'People have told us it doesn't look like a clan house at all, but we think of it as an entirely new model of the clan house. So there's not much regret over losing the old clan house, because we've gained something,' says Mr Ng . 'Clan events have shifted from the previous open-air grounds to a modern ballroom, which can be booked for activities by non-clan members,' says Mr Steven Huang, 60, the clan's former vice-chairman. The third floor of the clan's premises is currently rented to a Buddhist association, which took over the lease from a yoga studio. 'Now, the clan is entirely self-sustaining and we don't have to keep relying on donations,' says Mr Stanley Ng, 37, secretary-general of the youth committee and Mr Ng Poh Wah 's son. Since the new clan house opened in 2022, youth membership has increased by 30 per cent. Now, half of the clan's executive committee is under 45. To complement existing efforts to increase youth engagement, the clan used the premises to host youth wing activities and even added a karaoke room on the second floor as part of the renovations. The younger Mr Ng says: 'The old building was reminiscent of an old men's club, it was difficult to attract young people… It's so much better now – it's more comfortable, and there's a more conducive space for our youth wing activities. ' 'With the renovation, Huang Clan has fortunately transcended the issues of lack of funds, due to the sustainability of the premises and its attractiveness to our youth members.' Opposition to the redevelopment The redevelopment was not without its difficulties. 'Normally, you see mixed residential and commercial developments , but this was the first time anyone wanted to mix clan associations with residential use,' says Mr Stanley Ng. The unique nature of the deal saw his father engaging in extensive talks with potential developers, legal advisers, and clan members. 'We are the first clan in Singapore to have done anything like this. Originally, our lawyers thought that it wouldn't even have been possible,' says Mr Ng Poh Wah. 'I spent every weekend meeting developers, it was a very long and draining process. I spent more time on the negotiations than on my own business,' he adds. The Huang Clan Association's headquarters are spread over a two-storey space in Sixteen35 Residences. ST PHOTO: DESMOND WEE Internally, some clan members opposed the redevelopment, arguing for the original clan house to be gazetted as a cultural site. This was especially since it was where the renowned Chinese painter Xu Beihong created some of his works during his visits to Singapore between the 1920s and 1942 , when the island fell to the Japanese . Mr Ng explained to them that constructing a new clan house was a hard but necessary step. He says: 'We tried to preserve the original facade of the house, but the architect told us that it would not be possible because the piling works would affect the structural quality.' Mr Stanley Ng adds: 'If it was gazetted for preservation, then who would take on the cost of making the building safe and revamping the building? We had to think of what was in the best interest of the clan.' His father recalls: 'At the end of the day, the clan had a lot of cash flow problems. My committee members and I had to donate our own money to keep the clan running. When I was the chairman, I think I donated more than $100,000 of my own money for things like scholarships and banquets. If we continued, it would not be sustainable.' To obtain zoning approval for the redevelopment of the site, it had to give up the traditional practice of burning incense and paper offerings during the Chinese New Year and Hungry Ghost Festival. Moreover, as the entire clan house is now indoors, the clan's lion dance troupe had to disband as the noise would affect condo residents. But Mr Ng Poh Wah adds: 'It would have happened sooner or later, because more condominiums are popping up in the area.' Despite the sacrifices and initial resistance, the turnaround in the association's fortunes – in terms of finances and its youth membership – has made it a model for its peers. Mr Stanley Ng says: 'Now, other clans who are trying to replicate what we did (have) approached us in private for advice.' A photo on display showing the clan's former premises in a two-storey bungalow. ST PHOTO: DESMOND WEE Consolidations and closures 'What Huang Clan did was very special,' says Ms Lynn Wong, 32, a heritage consultant. 'Many clans have been closing down because there is nobody left to take over, or they cannot sustain their finances.' Just over 200 of Singapore's 500 clan associations of the past still exist, she notes. In Geylang, that figure has dwindled from 108 in 1998 to 74 today. Nevertheless, the area remains home to the largest concentration of clan associations in Singapore. A 50ha zone in Geylang was designated for clans in 1992 by the Urban Redevelopment Authority. The area, which stretches from Lorong 7 to 35, and Lorong 6 to 20, was designated 'commercial/institution' zoning, the only one of its kind in Singapore. Clans islandwide whose original premises had been acquired by the Government for redevelopment or which had been priced out of their original locations were encouraged to move into the area, with the promise of fast-track zoning approval for their premises. One of those clans that made use of the scheme is Char Yong (Dabu) Association. In 1988, the clan – one of Singapore's oldest clan associations – moved from its original premises in Cairnhill Road to its current location in Lorong 22 Geylang. The clan has been increasing its presence in Geylang steadily. It completed the construction of its Hakka village in Lorong 18 Geylang in December 2024. The building's temporary occupation permit is expected by July or August 2025. Four floors of the building will be leased out to commercial tenants while the rest of the building will be used for clan activities. The association bought the 17,000 sq ft freehold site for $37 million in August 2020. The site, which was formerly occupied by 11 shophouses, is a key part of the clan's future. 'It helps that it's close to our current location, and there's a very rich culture and heritage of clans in the area,' says Mr Lee Hong Ping, 55, head of the association's heritage committee. While Char Yong (Dabu) and the Huang Clan leveraged their locations in Geylang to launch redevelopment plans, smaller clans in the neighbourhood have not been immune to the broader decline of Chinese clan associations in Singapore. 'Other clans in Geylang are not as fortunate as they are still renting their premises, and they move out once rents rise,' says Ms Wong, who has documented the closure of several clans, many of which have shuttered for good or merged with larger ones. For the Huang Clan, the sacrifices that came with reconstructing its premises were necessary for the larger purpose of renewal. The elder Mr Ng, who also chairs the Singapore Federation of Chinese Clan Associations' Member Affairs Committee, says: 'Not all clans are able to replicate what we did due to constraints like land. However, the most crucial issue still lies in getting people on board with change.' He says: 'There are clan elders who want things to stay on as they are forever. We have to make progress as times change so that succession can happen.'
CNA
an hour ago
- CNA
Trump to sign 'big, beautiful' bill on US Independence Day
WASHINGTON: US President Donald Trump prepared Friday (Jul 4) to sign his flagship tax and spending bill in a pomp-laden Independence Day ceremony featuring fireworks and a flypast by the type of stealth bomber that bombed Iran. Trump pushed Republican lawmakers to get his unpopular "One Big Beautiful Bill" through a reluctant Congress in time for him to sign it into law on the US national holiday, and they did so with a day to spare Thursday. Ever the showman, Trump will now meld a victory lap over the bill, which cements his radical second term agenda, with a grand party at the White House marking 249 years of independence from Britain. Trump announced a signing ceremony at the White House for 4pm (4am, Singapore time) and said pilots who carried out the bombing on Iran were among those who had been invited. Looking jubilant at a rally Thursday in Iowa after the bill passed, Trump said "the age of America is upon us. This is a golden age." The bill, which includes massive new funding for Trump's migrant deportation drive, is the latest in a series of big political wins at home and abroad for the 79-year-old tycoon, and underscores his dominance over both the Republican Party and US politics at large, for now. His administration has meanwhile glossed over deep concerns from his own party and voters that it will balloon the national debt, while simultaneously gutting health and welfare support. White House economic adviser Kevin Hassett on Friday rebuffed the criticism, claiming the bill will produce "a real blowout for growth." "Nobody's going to lose their health insurance because of this," Hassett told Fox News, rejecting nonpartisan analyses estimating millions of poor Americans will lose health coverage on the government-funded Medicaid program. First Lady Melania Trump was also set to attend the Independence Day event. The president's wife had told reporters on Thursday that a B-2 bomber, the type of aircraft that bombed Iran's nuclear facilities on June 22, and fighter jets would carry out a flypast for the Jul 4 event. And Trump told the rally-goers in Iowa that the pilots and others who worked on the mission would join him for the festivities. "They're going to be in Washington tomorrow, at the White House, we're going to be celebrating," he said. Deep misgivings Trump forced through the bill despite deep misgivings in the Republican Party, and the vocal opposition of his billionaire former ally, Elon Musk. It squeezed past a final vote in the House of Representatives 218-214 after Republican Speaker Mike Johnson worked through the night to corral the final group of dissenters. The sprawling mega-bill honors many of Trump's campaign promises: boosting military spending, funding a mass migrant deportation drive and committing US$4.5 trillion to extend his first-term tax relief. The legislation is the latest in a series of big wins for Trump, including a Supreme Court ruling last week that curbed lone federal judges from blocking his policies, and the US air strikes that led to a ceasefire between Israel and Iran. But it is expected to pile an extra US$3.4 trillion over a decade onto the US deficit. At the same time it will shrink the federal food assistance program and force through the largest cuts to the Medicaid health insurance scheme for low-income Americans since its 1960s launch. Up to 17 million people could lose their insurance coverage under the bill, according to some estimates. Scores of rural hospitals are expected to close as a result.
Straits Times
an hour ago
- Straits Times
Liverpool's Diogo Jota mourned by family, players and locals at hometown wake
Sign up now: Get ST's newsletters delivered to your inbox GONDOMAR, Portugal - Hundreds of residents of Gondomar in northern Portugal filed past the bodies of former Liverpool footballer Diogo Jota and his brother Andre Silva at a chapel in their hometown on July 4, after their deaths in a car crash in Spain. At an earlier private wake, Prime Minister Luis Montenegro, FC Porto President Andre Villas-Boas, Portuguese Football Federation President Pedro Proenca and Jota's longtime agent Jorge Mendes joined the brothers' family including Jota's wife Rute Cardoso, who had married the footballer just weeks earlier. 'It is a moment of great pain for the family, who are left anchored to this tragic accident,' Proenca said as he left the wake. 'Diogo was an icon for the talent that Portuguese football represents and for its ability to generate unity around a person.' The brothers were believed to be driving to a ferry in Spain to travel to the UK when their Lamborghini veered off the road and burst into flames after midnight on July 3. Police said they suspected a tyre had burst. Silva was also a footballer, with Penafiel in the Portuguese second division. Top stories Swipe. Select. Stay informed. Singapore PAP has begun search for new candidates; PM Wong hopes to deploy them earlier ahead of next GE Singapore 20 retired MPs spoke up on many issues in Parliament, helped successors prepare for new role: PM Wong Singapore $3b money laundering case: 9 financial institutions handed $27.45m in MAS penalties over breaches Singapore Banks tighten vigilance and processes following $3b money laundering case Asia JB petrol station shooting: Dead man with bullet wounds dumped at hospital Singapore Trilateral work group formed to address allegations of foreigners illegally taking on platform work Singapore Power distribution system in renewal project may be linked to Bukit Panjang LRT disruption: SMRT Singapore Rise in number of scam e-mails claiming to be from Cardinal William Goh: Catholic Church Their funeral is expected to take place on July 5 at a nearby church at 10am local time (4pm in Singapore), the office of Gondomar's mayor said. The death of forward Jota at the age of 28 has jolted the world of football, with tributes pouring in from former teammates, clubs, national leaders and fans. 'Diogo was a silent hero for everything he represented on and off the pitch,' Villas-Boas said as he left the wake. 'These are tragic days, days for reflection, and may the memory of these two athletes, these two great men, live on,' the former Chelsea manager added. Outside Liverpool's Anfield stadium fans left flowers, scarves and handwritten notes, many from children. 'I never thought there would be something that would frighten me off going back to Liverpool after the (summer) break,' Liverpool teammate Mohamed Salah said on Instagram. 'Teammates come and go but not like this. It's going to be extremely difficult to accept that Diogo won't be there when we go back,' he added. Well-wishers viewing flowers, scarves and shirts on July 4, at a memorial set up close to Anfield football ground for Portuguese forward Diogo Jota. PHOTO: AFP Football clubs including Paris St Germain - who have several Portugal internationals in their squad - Bayern Munich, Chelsea and Real Madrid observed a moment of silence during training for their matches at the Club World Cup in the United States. Mourning his friend Chelsea manager Enzo Maresca said on July 3 that forward Pedro Neto was weighing up whether to play in a July 4 quarter-final against Palmeiras, as the Portuguese international mourned the tragic death of his close friend. Jota's manager at Liverpool, Arne Slot, said in a statement on July 3 that his thoughts were with his family. 'My message to them is very clear – you will never walk alone,' Slot said, using the words of the team's anthem. 'For us as a club, the sense of shock is absolute. Diogo was not just our player, he was a loved one to all of us. He was a teammate, a colleague, a workmate and in all of those roles he was very special,' the Dutchman added. In Gondomar, a town of about 160,000 people in the Porto metropolitan area that is known for artisanal gold and filigree jewellery, residents were struggling to come to terms with the sudden death of a local hero. At the Diogo Jota Academy in Gondomar – whose motto is, 'It's not important where we come from, but where we are going' – people placed candles and flowers, as well as scarves and shirts from the clubs he played for and from the Portuguese national team in tribute to the player. Jota opened the academy in 2022 for children aged six to nine at the Gondomar Football Club, where he himself played for 10 years as a child. Children from the Diogo Jota Academy attending the public wake for Portuguese footballer Diogo Jota and his brother Andre Silva on July 4, in Gondomar, Portugal. PHOTO: EPA It was at Gondomar's high school that he met his wife. They began dating aged 15 when in the same class and she became a pillar in his life. When they were 19, they moved to Madrid together, when Jota was transferred from the small Portuguese club Pacos de Ferreira to Atletico Madrid. 'Besides being his girlfriend and best friend, I'm his number one fan,' Cardoso told the newspaper 'A Bola' at the time. Jota was making his way back to Liverpool by car after he was told he should avoid plane travel for up to six weeks following lung surgery to address a fractured rib, his physiotherapist Miguel Goncalves told broadcaster Now late on July 3. Goncalves said Jota was recovering well from the pneumothorax surgery and that he had planned to take a ferry to the UK from Spain. REUTERS
