45,300 jobs in Singapore pay $7,300 monthly, but is the market cooling?; Cathay Cineplexes' debt crisis deepens over Jem rent: Singapore live news

Yahoo

02-07-2025

Singapore's job market is flashing both green and yellow lights. According to The Ministry of Manpower's (MOM) Q1 2025 report, there are 45,300 PMET vacancies paying a median of $7,300/month, with strong demand in IT, finance, and healthcare.
But economists warn of a possible slowdown, citing falling hiring and resignation rates. While the job-to-unemployed ratio remains healthy, the cautious sentiment could signal a shift. For job seekers, the message is clear: the opportunities are real, but they may not last forever.
Cathay Cineplexes has been hit with a statutory demand for $3.4 million in unpaid rent tied to its shuttered Jem outlet. The cinema chain, owned by mm2 Asia, has until 22 July to settle the debt or face potential insolvency.
This follows earlier rent disputes at Century Square and Causeway Point, bringing total landlord liabilities to over $10 million. The Jem space will soon be taken over by Shaw Theatres.
Read more in our live blog below, including the latest local and international news and updates.
Cathay Cineplexes has received a statutory demand for $3.4 million in unpaid rent, tied to its shuttered Jem outlet in Jurong East. The cinema chain, owned by mm2 Asia, has until 22 July to settle the debt or risk being deemed insolvent.
The demand comes with a 1 per cent monthly interest rate, compounding daily until payment is made. mm2 Asia disclosed the notice in a Singapore Exchange filing and said both boards are seeking legal advice.
The Jem outlet closed on 27 March, following a lease termination by landlord Lendlease Global Commercial REIT. At the time, Cathay reportedly owed $4.3 million in rent.
The cinema chain earlier closed its outlets at West Mall outlet in February, Ang Mo Kio in June 2024 and Parkway Parade in August 2023.
This isn't an isolated case. Cathay has also received letters of demand for $2.7 million in arrears at Century Square and Causeway Point. In total, it owes over $10 million to landlords, with $3 million backed by corporate guarantees.
Singapore's job market is a tale of two trends. On one hand, there are 45,300 vacancies for PMETs (Professionals, Managers, Executives, and Technicians) offering a median salary of $7,300/month. On the other, experts are warning of a possible labour market deterioration.
The Ministry of Manpower's (MOM) Q1 2025 report shows over 81,100 vacancies, with PMET roles making up more than half. These roles span sectors like IT, finance, healthcare, and engineering – many offering salaries well above the national median.
But according to trade publication Singapore Business Review (SBR), UOB economists note a drop in both recruitment and resignation rates, suggesting employers are cautious and workers are staying put amid economic uncertainty. Hiring dipped to 1.8 per cent, and quitting fell to 1.2 per cent, both below pre-pandemic norms.
This 'low hiring, low quitting' trend mirrors patterns seen before past downturns, such as the 1997 Asian Financial Crisis. While no crash is imminent, analysts say the next two quarters will be critical.
Singapore's red-hot housing market is finally cooling. HDB resale prices rose just 0.9 per cent in Q2 2025 – the slowest quarter-on-quarter growth since 2020 – while private home prices edged up 0.5 per cent, according to flash estimates from HDB and URA.
This marks the third straight quarter of slowing growth for both public and private housing. Analysts attribute the trend to rising flat supply, global economic uncertainty, and cautious buyer sentiment.
HDB resale volumes also dipped 5 per cent year-on-year, with 6,981 flats sold. Meanwhile, private home sales plunged 40 per cent from Q1, as developers held back launches during the general election and school holidays.
To meet demand, HDB will launch 5,500 BTO flats and 3,000 Sale of Balance Flats in July, bringing total SBF supply for 2025 to over 8,500 units. URA also plans to release nearly 10,000 private units this year.
With more options and fewer bidding wars, experts expect price growth to remain modest – good news for buyers, but a signal for sellers to recalibrate expectations.
Singapore's Samuel Lim, once known as the boy who survived an acid attack, has died of cancer at 26. His life, marked by unimaginable pain, became a beacon of perseverance.
Lim was attacked at three months old, when a domestic helper poured acid into his mouth out of jealousy. He spent his life breathing through a tracheostomy and feeding through a tube.
But he refused to be defined by tragedy. Lim earned academic honors, played music at concert level, and became a speech therapist to help others find their voice.
His cancer diagnosis came just months into his new job, but he remained hopeful, receiving chemotherapy days before his passing.
At his wake, a memorial corner displayed his piano and guzheng, symbols of a life that turned silence into song.
Read on Samuel Lim whose life was cut short by cancer here.
A wave of in-flight thefts is sweeping across Asia, and Singapore's airport police say organised crime groups are to blame, according to the Straits Times. These syndicates are exploiting short transit windows to steal from unsuspecting passengers mid-flight.
The criminals often strike on regional routes, using short layovers to escape detection. They typically steal just enough to avoid immediate notice, – cash, a card or two – then disappear on outbound flights.
Singapore has seen a rise in such cases, with three arrests in early 2025 alone. Two Chinese nationals were charged in June for stealing from a passenger on a flight from Kuala Lumpur.
The International Air Transport Association (IATA) has flagged the trend, noting a 75 per cent increase in thefts on Asian routes over the past year. Airlines like Singapore Airlines and Scoot say their crews are trained to spot suspicious behaviour.
With syndicates getting bolder, authorities are urging passengers to stay alert, lock their bags and keep valuables within reach.
Read on how organised crime exploit short flights for theft here.
Customs officers at Mumbai's Chhatrapati Shivaji Maharaj International Airport made a slithery discovery when they intercepted a passenger arriving from Thailand with 16 live snakes hidden in his luggage. The reptiles included garter snakes, a rhino rat snake, albino rat snakes, a Kenyan sand boa, and a California king snake.
The snakes were mostly non-venomous and commonly sold in the exotic pet trade, according to authorities. The passenger was arrested, and an investigation is underway.
This marks the third wildlife smuggling case in Mumbai this month, following earlier seizures involving venomous vipers, turtles, and even tree-climbing possums.
Wildlife trade watchdog TRAFFIC has flagged the Thailand–India air route as a major corridor for illegal animal trafficking, with over 7,000 animals seized in the past 3.5 years.
Officials warn that the demand for exotic pets is fuelling a troubling trend, with smugglers getting increasingly creative and bold.
Read on the foiled exotic snake smuggling attempt here.
Jeff Bezos and Lauren Sánchez tied the knot in Venice in a three-day celebration over the weekend that reportedly cost an estimated US$50 million and generated a staggering US$1.1 billion in economic value for the city, roughly US$5.6 million per guest. The city's tourism ministry called it a 'global PR showcase'.
The Amazon founder, worth US$227 billion, and Sánchez, a former journalist and helicopter pilot with a $30 million net worth, hosted 200 guests including Oprah Winfrey, Kim Kardashian, and Leonardo DiCaprio.
The bride wore a custom Dolce & Gabbana gown inspired by Sophia Loren, while guests were ferried via 30 water taxis and housed in five-star hotels. The wedding's media exposure alone accounted for over 90 per cent of its economic impact.
Bezos, who famously skipped a prenup in his first marriage, reportedly signed one this time. Sánchez, now Lauren Sánchez Bezos, changed her Instagram handle within hours of the ceremony.
But not everyone was celebrating. Protesters rallied under the banner 'No Space for Bezos', criticising the event's extravagance amid Venice's overtourism crisis. Greenpeace even projected anti-Bezos messages onto historic landmarks.
Despite the backlash, the couple emphasised sustainability, sourcing 80 per cent of goods locally and requesting donations to Venetian charities in lieu of gifts.
China's largest coffee chain, Luckin Coffee, has officially entered the US market, opening two stores in Manhattan on Monday (30 June). The move marks a bold challenge to Starbucks, especially given Luckin's dominance in China, where it surpassed the Seattle giant in store count back in 2019.
The new locations, one near NYU and another in NoMad, launched with $1.99 drink deals and free tote bags for early customers. Known for its cashier-less model and app-based ordering, Luckin is adapting to US laws that prohibit fully cashless stores.
Founded in 2017, Luckin now boasts over 22,000 stores in China, plus dozens in Singapore. Its rapid rise was briefly derailed by a 2020 accounting scandal, but the company has since rebounded and even outpaced Starbucks in China's revenue by 20232.
The brand's US menu features cold brews, matcha, fruity refreshers and quirky flavours like pineapple and coconut milk lattes, aimed squarely at Gen Z and TikTok-savvy drinkers.
Whether Luckin can replicate its China success in the US remains to be seen, but the coffee wars just got a lot more interesting.
Read on China's Luckin Coffee debut in NYC here.
A brutal heatwave is gripping Europe, smashing temperature records and triggering widespread disruption. Spain hit 46°C, France closed schools, and Italy restricted outdoor labor as the mercury soared.
The UN calls this a climate red flag, with heatwaves now 100 times more likely due to global warming. The Mediterranean is boiling, and cities like Paris and Rome are struggling to cope.
The heat is also reshaping health risks, with experts warning of increased heatstroke, dehydration, and even shifts in infectious disease patterns. In Spain, a two-year-old tragically died after being left in a hot car.
Farmers are harvesting at night, and wildfires have forced 50,000 evacuations in Turkey. In France, field work is banned during peak hours to prevent fires.
Israel has agreed to the terms of a 60-day ceasefire in Gaza, according to US President Donald Trump, who announced the breakthrough ahead of Prime Minister Benjamin Netanyahu's visit to Washington. The deal, mediated by Qatar and Egypt, aims to pause hostilities and negotiate a broader end to the war.
Trump called it his 'best and final offer' and warned Hamas that rejecting the deal would lead to 'worse' outcomes. The proposal includes hostage exchanges and a temporary halt in fighting.
But even as diplomacy inches forward, Israeli airstrikes have intensified, with dozens killed in Khan Younis and other parts of Gaza. The military says it's targeting Hamas infrastructure, but civilian casualties continue to mount.
Netanyahu, under pressure at home and abroad, has hinted at a shift in priorities, saying 'opportunities have opened up' to free hostages. Still, far-right members of his coalition demand continued military pressure.
US President Donald Trump's US$3.3 trillion spending bill squeaked through the Senate in a 51–50 vote, with Vice President JD Vance breaking the tie. But the legislative win quickly turned into a political firestorm, thanks to Tesla CEO Elon Musk.
Anyone who campaigned on the PROMISE of REDUCING SPENDING , but continues to vote on the BIGGEST DEBT ceiling increase in HISTORY will see their face on this poster in the primary next year pic.twitter.com/w13Qkm2e1A
— Elon Musk (@elonmusk) July 1, 2025
Musk, a vocal critic of the bill, blasted its fossil fuel favouritism and gutting of clean energy tax credits. He warned it would 'destroy jobs' and balloon the national debt.
Trump didn't take it lightly. He suggested Musk, originally from South Africa, could be deported, and hinted at revoking federal subsidies for Tesla and SpaceX. 'He could lose a lot more than that,' Trump said.
The feud marks a dramatic turn in their once-amicable relationship. Musk previously served as a government advisor under Trump's Department of Government Efficiency (DOGE), which the president now threatens to unleash on him.
Meanwhile, the bill heads to the House, where it faces resistance over Medicaid cuts and deficit concerns, even from within the GOP.
Singapore's new crypto regime has triggered a regulatory reckoning. The Monetary Authority of Singapore (MAS) now requires all digital token service providers (DTSPs) operating from Singapore, even those serving only foreign clients, to be licensed under the Financial Services and Markets Act.
There's no grace period, no soft landing. Firms must comply or cease operations. MAS says it will 'generally not issue' licenses to offshore-only players, citing money laundering concerns.
The fallout has been swift. Unlicensed exchanges like Bitget and Bybit are weighing exits, while smaller firms face legal restructuring or shutdowns. Industry insiders warn of talent drain and job losses.
This comes as Singapore repositions itself post-crypto chaos, distancing from the reputational damage of the 2022 collapses of Three Arrows and Terraform Labs.
Yet, Singapore still wants to lead in digital assets – on its terms. The city-state is betting that tough love will attract serious players and long-term trust.
Read on Singapore tightening its crypto rules here.
A fresh legal storm is brewing for Standard Chartered, as liquidators tied to Malaysia's 1MDB scandal sue the bank for US$2.7 billion (S$3.4 billion) in Singapore. The lawsuit accuses the bank of facilitating fraudulent fund flows that helped mask the theft of public money.
The claimants say the bank enabled over 100 suspicious transfers, helping to obscure the trail of misappropriated funds. These transactions allegedly caused losses exceeding US$2.7 billion and S$20 million in Malaysian public funds.
The bank denies all wrongdoing, calling the claims meritless and describing the suing entities as 'shell companies with no legitimate business.' It says it reported the transactions and shut the accounts years ago.
The 1MDB scandal has already taken down a former Malaysian prime minister, triggered global investigations, and led to billions in fines for major banks.
This isn't the bank's first brush with 1MDB fallout. In 2016, Singapore's financial regulator fined Standard Chartered S$5.2 million for related compliance breaches.
Read on the StanChart facing fresh 1MDB scrutiny here.
Cathay Cineplexes has received a statutory demand for $3.4 million in unpaid rent, tied to its shuttered Jem outlet in Jurong East. The cinema chain, owned by mm2 Asia, has until 22 July to settle the debt or risk being deemed insolvent.
The demand comes with a 1 per cent monthly interest rate, compounding daily until payment is made. mm2 Asia disclosed the notice in a Singapore Exchange filing and said both boards are seeking legal advice.
The Jem outlet closed on 27 March, following a lease termination by landlord Lendlease Global Commercial REIT. At the time, Cathay reportedly owed $4.3 million in rent.
The cinema chain earlier closed its outlets at West Mall outlet in February, Ang Mo Kio in June 2024 and Parkway Parade in August 2023.
This isn't an isolated case. Cathay has also received letters of demand for $2.7 million in arrears at Century Square and Causeway Point. In total, it owes over $10 million to landlords, with $3 million backed by corporate guarantees.
Singapore's job market is a tale of two trends. On one hand, there are 45,300 vacancies for PMETs (Professionals, Managers, Executives, and Technicians) offering a median salary of $7,300/month. On the other, experts are warning of a possible labour market deterioration.
The Ministry of Manpower's (MOM) Q1 2025 report shows over 81,100 vacancies, with PMET roles making up more than half. These roles span sectors like IT, finance, healthcare, and engineering – many offering salaries well above the national median.
But according to trade publication Singapore Business Review (SBR), UOB economists note a drop in both recruitment and resignation rates, suggesting employers are cautious and workers are staying put amid economic uncertainty. Hiring dipped to 1.8 per cent, and quitting fell to 1.2 per cent, both below pre-pandemic norms.
This 'low hiring, low quitting' trend mirrors patterns seen before past downturns, such as the 1997 Asian Financial Crisis. While no crash is imminent, analysts say the next two quarters will be critical.
Singapore's red-hot housing market is finally cooling. HDB resale prices rose just 0.9 per cent in Q2 2025 – the slowest quarter-on-quarter growth since 2020 – while private home prices edged up 0.5 per cent, according to flash estimates from HDB and URA.
This marks the third straight quarter of slowing growth for both public and private housing. Analysts attribute the trend to rising flat supply, global economic uncertainty, and cautious buyer sentiment.
HDB resale volumes also dipped 5 per cent year-on-year, with 6,981 flats sold. Meanwhile, private home sales plunged 40 per cent from Q1, as developers held back launches during the general election and school holidays.
To meet demand, HDB will launch 5,500 BTO flats and 3,000 Sale of Balance Flats in July, bringing total SBF supply for 2025 to over 8,500 units. URA also plans to release nearly 10,000 private units this year.
With more options and fewer bidding wars, experts expect price growth to remain modest – good news for buyers, but a signal for sellers to recalibrate expectations.
Singapore's Samuel Lim, once known as the boy who survived an acid attack, has died of cancer at 26. His life, marked by unimaginable pain, became a beacon of perseverance.
Lim was attacked at three months old, when a domestic helper poured acid into his mouth out of jealousy. He spent his life breathing through a tracheostomy and feeding through a tube.
But he refused to be defined by tragedy. Lim earned academic honors, played music at concert level, and became a speech therapist to help others find their voice.
His cancer diagnosis came just months into his new job, but he remained hopeful, receiving chemotherapy days before his passing.
At his wake, a memorial corner displayed his piano and guzheng, symbols of a life that turned silence into song.
Read on Samuel Lim whose life was cut short by cancer here.
A wave of in-flight thefts is sweeping across Asia, and Singapore's airport police say organised crime groups are to blame, according to the Straits Times. These syndicates are exploiting short transit windows to steal from unsuspecting passengers mid-flight.
The criminals often strike on regional routes, using short layovers to escape detection. They typically steal just enough to avoid immediate notice, – cash, a card or two – then disappear on outbound flights.
Singapore has seen a rise in such cases, with three arrests in early 2025 alone. Two Chinese nationals were charged in June for stealing from a passenger on a flight from Kuala Lumpur.
The International Air Transport Association (IATA) has flagged the trend, noting a 75 per cent increase in thefts on Asian routes over the past year. Airlines like Singapore Airlines and Scoot say their crews are trained to spot suspicious behaviour.
With syndicates getting bolder, authorities are urging passengers to stay alert, lock their bags and keep valuables within reach.
Read on how organised crime exploit short flights for theft here.
Customs officers at Mumbai's Chhatrapati Shivaji Maharaj International Airport made a slithery discovery when they intercepted a passenger arriving from Thailand with 16 live snakes hidden in his luggage. The reptiles included garter snakes, a rhino rat snake, albino rat snakes, a Kenyan sand boa, and a California king snake.
The snakes were mostly non-venomous and commonly sold in the exotic pet trade, according to authorities. The passenger was arrested, and an investigation is underway.
This marks the third wildlife smuggling case in Mumbai this month, following earlier seizures involving venomous vipers, turtles, and even tree-climbing possums.
Wildlife trade watchdog TRAFFIC has flagged the Thailand–India air route as a major corridor for illegal animal trafficking, with over 7,000 animals seized in the past 3.5 years.
Officials warn that the demand for exotic pets is fuelling a troubling trend, with smugglers getting increasingly creative and bold.
Read on the foiled exotic snake smuggling attempt here.
Jeff Bezos and Lauren Sánchez tied the knot in Venice in a three-day celebration over the weekend that reportedly cost an estimated US$50 million and generated a staggering US$1.1 billion in economic value for the city, roughly US$5.6 million per guest. The city's tourism ministry called it a 'global PR showcase'.
The Amazon founder, worth US$227 billion, and Sánchez, a former journalist and helicopter pilot with a $30 million net worth, hosted 200 guests including Oprah Winfrey, Kim Kardashian, and Leonardo DiCaprio.
The bride wore a custom Dolce & Gabbana gown inspired by Sophia Loren, while guests were ferried via 30 water taxis and housed in five-star hotels. The wedding's media exposure alone accounted for over 90 per cent of its economic impact.
Bezos, who famously skipped a prenup in his first marriage, reportedly signed one this time. Sánchez, now Lauren Sánchez Bezos, changed her Instagram handle within hours of the ceremony.
But not everyone was celebrating. Protesters rallied under the banner 'No Space for Bezos', criticising the event's extravagance amid Venice's overtourism crisis. Greenpeace even projected anti-Bezos messages onto historic landmarks.
Despite the backlash, the couple emphasised sustainability, sourcing 80 per cent of goods locally and requesting donations to Venetian charities in lieu of gifts.
China's largest coffee chain, Luckin Coffee, has officially entered the US market, opening two stores in Manhattan on Monday (30 June). The move marks a bold challenge to Starbucks, especially given Luckin's dominance in China, where it surpassed the Seattle giant in store count back in 2019.
The new locations, one near NYU and another in NoMad, launched with $1.99 drink deals and free tote bags for early customers. Known for its cashier-less model and app-based ordering, Luckin is adapting to US laws that prohibit fully cashless stores.
Founded in 2017, Luckin now boasts over 22,000 stores in China, plus dozens in Singapore. Its rapid rise was briefly derailed by a 2020 accounting scandal, but the company has since rebounded and even outpaced Starbucks in China's revenue by 20232.
The brand's US menu features cold brews, matcha, fruity refreshers and quirky flavours like pineapple and coconut milk lattes, aimed squarely at Gen Z and TikTok-savvy drinkers.
Whether Luckin can replicate its China success in the US remains to be seen, but the coffee wars just got a lot more interesting.
Read on China's Luckin Coffee debut in NYC here.
A brutal heatwave is gripping Europe, smashing temperature records and triggering widespread disruption. Spain hit 46°C, France closed schools, and Italy restricted outdoor labor as the mercury soared.
The UN calls this a climate red flag, with heatwaves now 100 times more likely due to global warming. The Mediterranean is boiling, and cities like Paris and Rome are struggling to cope.
The heat is also reshaping health risks, with experts warning of increased heatstroke, dehydration, and even shifts in infectious disease patterns. In Spain, a two-year-old tragically died after being left in a hot car.
Farmers are harvesting at night, and wildfires have forced 50,000 evacuations in Turkey. In France, field work is banned during peak hours to prevent fires.
Israel has agreed to the terms of a 60-day ceasefire in Gaza, according to US President Donald Trump, who announced the breakthrough ahead of Prime Minister Benjamin Netanyahu's visit to Washington. The deal, mediated by Qatar and Egypt, aims to pause hostilities and negotiate a broader end to the war.
Trump called it his 'best and final offer' and warned Hamas that rejecting the deal would lead to 'worse' outcomes. The proposal includes hostage exchanges and a temporary halt in fighting.
But even as diplomacy inches forward, Israeli airstrikes have intensified, with dozens killed in Khan Younis and other parts of Gaza. The military says it's targeting Hamas infrastructure, but civilian casualties continue to mount.
Netanyahu, under pressure at home and abroad, has hinted at a shift in priorities, saying 'opportunities have opened up' to free hostages. Still, far-right members of his coalition demand continued military pressure.
US President Donald Trump's US$3.3 trillion spending bill squeaked through the Senate in a 51–50 vote, with Vice President JD Vance breaking the tie. But the legislative win quickly turned into a political firestorm, thanks to Tesla CEO Elon Musk.
Anyone who campaigned on the PROMISE of REDUCING SPENDING , but continues to vote on the BIGGEST DEBT ceiling increase in HISTORY will see their face on this poster in the primary next year pic.twitter.com/w13Qkm2e1A
— Elon Musk (@elonmusk) July 1, 2025
Musk, a vocal critic of the bill, blasted its fossil fuel favouritism and gutting of clean energy tax credits. He warned it would 'destroy jobs' and balloon the national debt.
Trump didn't take it lightly. He suggested Musk, originally from South Africa, could be deported, and hinted at revoking federal subsidies for Tesla and SpaceX. 'He could lose a lot more than that,' Trump said.
The feud marks a dramatic turn in their once-amicable relationship. Musk previously served as a government advisor under Trump's Department of Government Efficiency (DOGE), which the president now threatens to unleash on him.
Meanwhile, the bill heads to the House, where it faces resistance over Medicaid cuts and deficit concerns, even from within the GOP.
Singapore's new crypto regime has triggered a regulatory reckoning. The Monetary Authority of Singapore (MAS) now requires all digital token service providers (DTSPs) operating from Singapore, even those serving only foreign clients, to be licensed under the Financial Services and Markets Act.
There's no grace period, no soft landing. Firms must comply or cease operations. MAS says it will 'generally not issue' licenses to offshore-only players, citing money laundering concerns.
The fallout has been swift. Unlicensed exchanges like Bitget and Bybit are weighing exits, while smaller firms face legal restructuring or shutdowns. Industry insiders warn of talent drain and job losses.
This comes as Singapore repositions itself post-crypto chaos, distancing from the reputational damage of the 2022 collapses of Three Arrows and Terraform Labs.
Yet, Singapore still wants to lead in digital assets – on its terms. The city-state is betting that tough love will attract serious players and long-term trust.
Read on Singapore tightening its crypto rules here.
A fresh legal storm is brewing for Standard Chartered, as liquidators tied to Malaysia's 1MDB scandal sue the bank for US$2.7 billion (S$3.4 billion) in Singapore. The lawsuit accuses the bank of facilitating fraudulent fund flows that helped mask the theft of public money.
The claimants say the bank enabled over 100 suspicious transfers, helping to obscure the trail of misappropriated funds. These transactions allegedly caused losses exceeding US$2.7 billion and S$20 million in Malaysian public funds.
The bank denies all wrongdoing, calling the claims meritless and describing the suing entities as 'shell companies with no legitimate business.' It says it reported the transactions and shut the accounts years ago.
The 1MDB scandal has already taken down a former Malaysian prime minister, triggered global investigations, and led to billions in fines for major banks.
This isn't the bank's first brush with 1MDB fallout. In 2016, Singapore's financial regulator fined Standard Chartered S$5.2 million for related compliance breaches.
Read on the StanChart facing fresh 1MDB scrutiny here.