Rupee Bond Binge by Indian Firms Poised to Slow After Record Run
Aggressive liquidity infusions and a series of rate cuts this year, most recently a surprise 50 basis point cut to 5.5% in June, pushed yields to the lowest in three years and spurred a flurry of issuance as borrowers sought to lock in lower rates.
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SINGAPORE – Progress Singapore Party (PSP) founder and chairman Tan Cheng Bock and one of its former Non-Constituency MPs (NCMP) and vice-chair Hazel Poa have stepped down from the party's leadership body. Party treasurer S. Nallakaruppan has also stepped down from the Central Executive Committee (CEC), the party announced in a press release on July 5. Dr Tan will be replaced as chairman by Mr A'bas Kasmani, who was previously second vice-chair, while Mr Anthony Neo, previously assistant treasurer, will replace Mr Nallakaruppan as treasurer. Dr Tan, Ms Poa and Mr Nallakaruppan – who were unsuccessful candidates at the May general election – will remain members of the party, the PSP said. Dr Tan has been designated party advisor. The CEC also co-opted three new members, all of whom also stood under the party banner in GE2025: Mr Sani Ismail, Mr Lawrence Pek and Ms Stephanie Tan. Mr Sani, a lawyer, contested West Coast-Jurong West GRC, while Mr Pek, a former secretary-general of the Singapore Manufacturing Federation, contested Chua Chu Kang GRC. Ms Tan, a homemaker and former lawyer, ran in Pioneer – a single-seat constituency. All three lost their races to candidates from the ruling People's Action Party. The trio have not taken on any specific positions on the CEC, which is the party's highest decision-making body. At a press conference at the party's headquarters in Bukit Timah Shopping Centre on July 5, party chief Leong Mun Wai thanked those stepping down and said this was a 'big moment' for the PSP. He said: 'We are launching a renewed party today.' The plan for renewal will involve four key areas, Mr Leong said. These are: nurturing new leaders, building a stronger trust with Singaporeans on the ground, helping Singaporeans to understand government policies better and making its voice louder online. He added that the result of GE2025 was a 'loud wake-up call' for the PSP, but that it has heard Singaporeans. 'We will continue to listen to you and strive to serve you better'. Ms Poa and Mr Nallakaruppan, who along with Dr Tan, are founding members of the party, were not at the press conference. Explaining their absence, Mr Leong said the press conference was focused on party renewal. Dr Tan added that Ms Poa has been 'not that well' and has had problems with her vision. He said: 'She felt that we have done quite enough for the party, and we want to leave it to the newer guys. 'So we consulted with each other, we discussed, and we felt that, I think it's better that we just leave and let them take over. But we are still members, and we will be always around to help that party.' Mr Leong added that the party leadership will miss her 'tremendously', but respects her decision to step down. View this post on Instagram A post shared by Progress Singapore Party (PSP) (@progresssingaporeparty) When asked if the leadership shake-up was a result of the election's results, where the party saw its vote shares decline across the board and it failed to keep its Parliamentary presence, Mr Leong said this was not the case. He said renewal has always been part of the party's plans, but before the elections, it was focused on the polls. If it had won seats, its focus would be for its MPs to fulfil their responsibilities, he said. He said: 'Now we have not gotten any seats in the Parliament. So our party focus now is to accelerate the renewal plan, because then we can devote all our energy into renewing the party.' The changes follow Dr Tan's announcement after the May 3 election that he would retire from electoral politics. Dr Tan, a former presidential candidate and PAP MP, founded the party in 2019 and is largely seen as its face. At the press conference, Dr Tan said he has always believed that the purpose of leadership is to serve and not to hold on to power, and it is in that spirit that he announced his stepping down. He said: 'I do so with peace in my heart, because I know that a party is now in good hands.' He added that the announcement was not just a farewell but also a renewal, and said Mr Sani, Ms Tan and Mr Pek are 'part of the new of the next generation who will carry the PSP banner forward'. Dr Tan, alongside Ms Poa, Mr Leong, Mr Sani and Mr Sumarleki Amjah, ran as part of PSP's A-team in West Coast-Jurong West GRC. They lost to a team led by Education Minister Desmond Lee who eventually got 59.99 per cent of the vote. The GRC, which was redrawn from the old West Coast GRC, contains Dr Tan's old ward Ayer Rajah SMC and produced the closest fight in the 2020 General Election. The result sent Ms Poa and Mr Leong into Parliament as NCMPs. Mr A'bas, his replacement, said Dr Tan's legacy as a compassionate, inclusive, responsible leader will continue to be the main guide in PSP. He added that his appointment is a 'challenge to lead the PSP to a higher level'. This is the second set of leadership changes the party has made this year. In March 2025, a CEC election put in place the team that led the party into the general election. Mr Leong was re-elected as party chief, taking over the role from Ms Poa. Ms Poa had assumed leadership after Mr Leong stepped down in February 2024 to take responsibility for a correction direction he received under Singapore's fake news law for a social media post. Source: The Straits Times © SPH Media Limited. Permission required for reproduction Discover how to enjoy other premium articles here
