Fashion's recession indicators: How clothes and beauty trends are warnings of tough times ahead
SINGAPORE – Recession indicators have become the talk of the online world.
They typically include inflation, rising unemployment and declining gross domestic product . But not all the signs are coded in stock market fluctuations.
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Find out what's new on ST website and app. (From left) PropNex co-founder Alan Lim, Community Chest chairman Chew Sutat, PropNex executive chairman Ismail Gafoor and PropNex CEO Kelvin Fong at a MOU-signing ceremony on July 15. SINGAPORE – PropNex, Singapore's largest real estate agency, will make a $6 million donation to the Community Chest to commemorate SG60, in addition to contributions to other charitable initiatives, including The Straits Times School Pocket Money Fund (STSPMF). The donations were announced on July 15 by the firm's executive chairman Ismail Gafoor, at a ceremony for the company's 25th anniversary celebration. The event, which was hosted at the Marina Bay Sands convention centre, was attended by President Tharman Shanmugaratnam. The $6 million donation, to be made over the span of 12 months, is the company's single largest contribution to the charity. In addition, PropNex has pledged to donate $1.5 million annually from 2025 to 2027. The property firm first started donating to Community Chest - the philanthropic arm of Singapore's National Council of Social Service - in 2013, and has given the charity over $10 million in the last 12 years. Community Chest supports children with special needs, children at-risk, and in low-income families, along with other causes. Since 2009, PropNex has been supporting organisations focused on underprivileged children and education, including Hair for Hope and Food-For-Families. Top stories Swipe. Select. Stay informed. Singapore $3b money laundering case: MinLaw acts against 4 law firms, 1 lawyer over seized properties Singapore Air India crash: SIA, Scoot find no issues with Boeing 787 fuel switches after precautionary checks Opinion What we can do to fight the insidious threat of 'zombie vapes' Singapore $230,000 in fines issued after MOM checks safety at over 500 workplaces from April to June Business 'Some cannot source outside China': S'pore firms' challenges and support needed amid US tariffs Opinion Sumiko at 61: Everything goes south when you age, changing your face from a triangle to a rectangle Multimedia From local to global: What made top news in Singapore over the last 180 years? Singapore 'Nobody deserves to be alone': Why Mummy and Acha have fostered over 20 children in the past 22 years Mr Gafoor said the firm places an emphasis on its employee volunteering. He pointed out that employees would organise events for organisations such as the Chen Su Lan Methodist Children's Home. In 2024, PropNex's employees brought the home's children to an outing at Universal Studios. 'Giving money is easy,' said Mr Gafoor. 'It must be a culture within the organisation.' Mr Chew Sutat, chairman of Community Chest, said this was an example of sustainable philanthropy, as it 'is not just about dollars and cents – it's also about time.' Separately, Mr Gafoor also announced that PropNex has set up the PropNex Foundation, a fund which would support the education needs of underprivileged students. To launch the foundation, some $254,000 in education grants will be awarded to 160 students in Singapore in 2025. At the event, Mr Gafoor said his dedication to philanthropy was inspired by his father's journey to build a better life for him and his five siblings as a newspaper delivery man. 'My dad came from nothing, no education. He's a survivor. He came to Singapore and made a difference. I wanted to bring the same ethos to everyone,' he said. PropNex executive chairman Ismail Gafoor presenting a cheque for The Straits Times School Pocket Money Fund to The Straits Times associate editor Zakir Hussain on July 15. ST PHOTO: NG SOR LUAN Those childhood stories can also be found in Mr Gafoor's new memoir, 'I Am Not Good Enough', which was also launched on July 15. Mr Gafoor said profits from the book will be donated to the Straits Times School Pocket Money Fund, which provides pocket money to children from low-income families. He also made an initial donation of $25,000, and presented a mock cheque to Mr Zakir Hussain, a board trustee of STSPMF and ST associate editor. At the event, Mr Gafoor also announced that he would step down as PropNex's CEO and will be the firm's executive chairman going forward. He added that deputy chief executive Kelvin Fong will take over as CEO.
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an hour ago
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