Daily Debrief: What Happened Today (Jun 26)
Government urges private sector to stop using full, partial NRIC numbers for authentication
Authorities say this will better protects citizens from impersonation and having their personal data accessed by others.
Johor's billion-ringgit property market braces for higher foreign-buyer tax
Foreigners are scrambling to seal property deals in the state to beat the Jul 1 levy hike. Industry players are concerned over the short notice.
Singapore's millionaire inflow to halve in 2025: report
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Meanwhile, Thailand emerges as South-east Asia's new safe haven, while China's outflow of affluent individuals slows.
Singapore's factory output growth slows to 3.9% in May, but beats estimates
Nearly all clusters, including electronics, have recorded increases in production year on year.
Chinatown Business Association seeks over S$77,700 in backdated rent from Nanyang Old Coffee for outdoor refreshment area
It is also demanding that the cafe remove items that have encroached into the space, and pay legal costs of S$5,500.
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Business Times
an hour ago
- Business Times
Gold steady after Trump unveils steeper tariffs, Treasury yields weigh
[BENGALURU] Gold prices steadied on Tuesday (Jul 8) as US President Donald Trump announced sharply higher tariffs on goods from Japan, South Korea and other nations, while higher US treasury yields capped gains. Spot gold fell 0.1 per cent to US$3,331.89 per ounce as at 0035 GMT. US gold futures were steady at US$3,341.80. On Monday, Trump began telling trade partners, including Japan and South Korea, that sharply higher US tariffs would start on Aug 1, marking a new phase in the trade war he launched earlier this year. The Aug 1 effective date for US tariffs was firm, Trump emphasised but added he was open to extensions if countries made proposals. 'Reciprocal tariffs' were capped at 10 per cent until Jul 9 to allow for negotiations, but only agreements with Britain and Vietnam have been reached so far. The yield on benchmark US 10-year notes hovered near a two-week high, while the US dollar index shed 0.1 per cent. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up A higher yield increases the opportunity cost of holding non-yielding bullion, while a weaker US dollar makes it more affordable for holders of other currencies. The Trump administration will not immediately impose a new 10 per cent tariff against members of the developing nation Brics bloc but will proceed if countries take so-called 'anti-American' policy actions, according to a source familiar with the matter. Trump's tariff policies have stoked inflation fears, further complicating the Federal Reserve's path to lower interest rates. The minutes of its June meeting, expected on Wednesday, should offer more clues into its policy outlook. A paper published jointly by the San Francisco and New York Federal Reserve banks suggests the possibility of the Fed cutting its short-term rate target to near-zero levels in the coming years despite current relatively high borrowing costs. Spot silver lost 0.5 per cent to US$36.74 per ounce, platinum shed 1.5 per cent to US$1,370.46 and palladium fell 2.1 per cent to US$1,170.46. REUTERS
Business Times
an hour ago
- Business Times
Investors flock to US dollar as Trump unveils US tariff plans
[NEW YORK] The US dollar jumped the most in three weeks after US President Donald Trump unveiled a wave of proposed tariffs, a sign investors are confident the US economy can largely withstand the impact of trade disputes. The greenback strengthened 0.5 per cent against a basket of peers on Monday (Jul 7), picking up steam after Trump announced levies on a handful of countries. The Bloomberg Dollar Spot Index rose the most since Jun 17 and currencies across the globe slumped, with Japan's yen, South Korea's won and Brazil's real among those sinking more than 1 per cent. 'The fact that some of the more problematic policies from the US administration have been dialled back – and there are deals getting done – means that the economic pain for the US won't be as bad as originally feared,' said Skylar Montgomery Koning, a currency strategist at Barclays. The US dollar's decline this year – down about 9 per cent – already reflects the potential negative impact from tariffs, meaning foreign currencies are likely to decline more, she added. Trump on Monday announced levies of between 25 per cent and 40 per cent on countries from Japan and South Korea to Laos and Myanmar, with more expected. They are set to take effect on Aug 1. The sweeping 'Liberation Day' tariffs announced in April shook investor faith in the traditional haven status of the US currency and fuelled concern that the aggressive levies would push the economy into recession. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up But investors have begun to recalibrate recently with last week's strong US strong payrolls data adding to support for the greenback. Pricing for Federal Reserve interest-rate cuts has eased since the jobs print, with traders betting on around 51 basis points of easing by year-end on Monday, compared with 65 basis points a week ago. Uncertainty related to US trade policies, the economic outlook and tariff-related inflation 'could push back a rate cut from where we have been anticipating, September, for quite some time, until December or even into next year', Kathy Jones, chief fixed income strategist at Charles Schwab, said on Monday. 'It's a really tough environment right now to make a policy call.' In Japan, which faces a 25 per cent tariff, the yen fell as much as 1.2 per cent to 146.24 per US dollar, the weakest level in two weeks. In South Korea, where the levy would also be 25 per cent, the won slipped about 1.1 per cent. Pioneer Investments Director of Fixed Income and Currency Strategy Paresh Upadhyaya said he was 'not surprised' to see a broad-based sell-off in risk assets following Trump's announcements on Monday. 'If we get any negative news, which we did for South Korea and Japan, it would lead to a bout of risk aversion,' he said. For nations elsewhere, lingering uncertainty over the final tariff rate is still hurting. The MSCI gauge of emerging-market currencies fell 0.5 per cent, the biggest intraday drop in three months. Trump threatened an extra 10 per cent tariff on any country aligning itself with what he called 'the anti-American policies' of the Brics group. South Africa's rand underperformed, down by about 1.5 per cent. India's rupee, Brazil's real and China's offshore yuan also declined on Monday. The term Brics originally referred to Brazil, Russia, India, China and South Africa, but has since expanded to include other developing nations. Trump has said trading partners can expect a rate anywhere between 10 per cent and 70 per cent, implying some may have to shoulder higher tariffs than expected, though he suggested some deals are in the offing, too. Elsewhere, speculative traders trimmed bets on the US dollar decline in the week to Jul 1, according to Commodity Futures Trading Commission data released on Monday. They now hold some US$18.3 billion worth of positions tied to a weaker US currency, down some 10 per cent from the prior week. BLOOMBERG
Business Times
an hour ago
- Business Times
Trump hits Malaysia with 25% tariffs, 32% on Indonesia as he announces new tariff rates on 14 countries
[WASHINGTON] US President Donald Trump on Monday began telling trade partners – from powerhouse suppliers like Japan and South Korea to minor players – that sharply higher US tariffs will start on Aug 1, marking a new phase in the trade war he launched earlier this year. The 14 countries sent letters so far, which included smaller US exporters, hinted at opportunities for additional negotiations while at the same time warning that any reprisal steps would be met with a like-for-like response. Trump said Monday that the United States would impose 25 per cent tariffs on goods from Tunisia, Malaysia and Kazakhstan; 30 per cent on South Africa, Bosnia and Herzegovina; 32 per cent on Indonesia; 35 per cent on Serbia and Bangladesh; 36 per cent on Cambodia and Thailand and 40 per cent on Laos and Myanmar. 'If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25% that we charge,' Trump said in letters, released on his Truth Social platform, to Japan and South Korea. The higher tariffs, levied on US importers of foreign goods, take effect on August 1, and notably will not combine with previously announced sector tariffs such as those on automobiles and steel and aluminum. That means, for instance, that Japanese vehicle tariffs will remain at 25 per cent, rather than the existing 25 per cent auto sector tariff climbing to 50 per cent with the new reciprocal rate as has occurred with some of Trump's tariffs. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The clock has been ticking for countries to conclude deals with the US after Trump unleashed a global trade war in April that has roiled financial markets and sent policymakers scrambling to protect their economies. Trading partners got another reprieve as Trump signed an executive order on Monday extending the Wednesday deadline for negotiations to Aug 1. Trump has kept much of the world guessing on the outcome of months of talks with countries hoping to avoid the hefty tariff hikes he has threatened. The rate for South Korea is the same as Trump initially announced, while the rate for Japan is 1 point higher than the one announced on April 2. A week later, he capped all of the so-called reciprocal tariffs at 10 per cent until Wednesday. Only two agreements have so far been reached, with Britain and Vietnam. Wendy Cutler, vice-president of the Asia Society Policy Institute, said it was unfortunate Trump was hiking tariffs on imports from two of the closest US allies, but there was still time for a breakthrough in negotiations. 'While the news is disappointing, it does not mean the game is over,' Cutler said. South Korea said it planned to intensify US trade talks and considers Trump's plan for a 25 per cent tariff from August 1 as effectively extending a grace period on implementing reciprocal tariffs. 'We will step up negotiations during the remaining period to reach a mutually beneficial result to quickly resolve the uncertainties from tariffs,' the country's Industry Ministry said. There was no response from the Japanese embassy in Washington. Market drop US stocks fell in response, the latest market turmoil as Trump's trade moves have repeatedly whipsawed financial markets and sent policymakers scrambling to protect their economies. US stocks were driven to near bear-market territory by his cascade of tariff announcements through the early spring but quickly rebounded to record highs in the weeks after he put the stiffest levies on hold on April 9. The S&P 500 closed down about 0.8 per cent, its biggest drop in three weeks. US-listed shares of Japanese automotive companies fell, with Toyota Motor closing down 4.0 per cent and Honda Motor off by 3.9 per cent. The dollar surged against both the Japanese yen and the South Korean won. 'Tariff talk has sucked the wind out of the sails of the market,' said Brian Jacobsen, chief economist at Annex Wealth Management. Most of the announced tariff rates have been rounded down, he added, and the letters come across as 'take it or leave it' offers. US Treasury Secretary Scott Bessent said earlier on Monday he expected several trade announcements in the next 48 hours, adding that his inbox was full of countries' last-ditch offers. Trading blocs The European Union will not be receiving a letter setting out higher tariffs, EU sources familiar with the matter told Reuters on Monday. The EU still aims to reach a trade deal by July 9 after European Commission President Ursula von der Leyen and Trump had a 'good exchange,' a commission spokesperson said. It was not clear, however, whether there had been a meaningful breakthrough in talks to stave off tariff hikes on the United States' largest trading partner. The EU has been torn over whether to push for a quick and light trade deal or leverage its economic clout to negotiate a better outcome. It had already given up hopes for a comprehensive trade agreement before the July deadline. Trump has also said he could impose a 17 per cent tariff on EU food and agriculture exports. The president also threatened leaders of developing nations in the Brics group, who are meeting in Brazil, with an additional 10 per cent tariff if they adopt 'anti-American' policies. The group includes Brazil, Russia, India and China among others. REUTERS
