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Business Times
7 days ago
- Business
- Business Times
Asian local-currency bond sales reach record on risks to US dollar
[CHICAGO] US President Donald Trump's unpredictable policy moves are driving investor demand for Asian local-currency bonds, spurring fresh interest in the region. Companies and non-sovereign issuers in Asia-Pacific have sold about US$1.5 trillion in bonds so far in 2025 in the region's currencies, a 6 per cent rise and a record for this period, according to data compiled by Bloomberg. Offerings in the three months from April to June were the highest for any quarter. 'We are definitely seeing more buyers of local-currency Asian bonds than in pre-April,' said Daniel Tan, a portfolio manager at Grasshopper Asset Management. 'There are large inflows from pension and sovereign wealth funds looking to diversify away from US dollar assets.' Momentum picked up after Apr 2, when Trump stunned markets by announcing higher tariffs on allies and rivals, only to roll them back days later after stocks slid and bond yields surged. While risk assets rebounded, credit investors have been hedging against tariff-related volatility and a weakening US dollar by shifting to less-exposed regions. The shift is reflected in performance: the Bloomberg Asia-Pacific Aggregate index, which tracks a wide range of bonds in local currencies, has gained 3.9 per cent this year, outpacing a 3.5 per cent return from its US counterpart. 'Diversification into broader Asian local currency markets is likely to accelerate,' said Angus Hui, deputy chief investment officer and head of fixed income at Fullerton Fund Management in Singapore. The de-dollarisation trend is putting the spotlight on local-currency credit, particularly in markets with AAA sovereign ratings such as Australia and Singapore, he said. 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 Once niche, Asia's bond markets are drawing investors thanks to stronger local economies. Indian companies raised a record 6.6 trillion rupees (S$98 billion) through local-currency notes in the first half of 2025, up 29 per cent from the year prior, according to data compiled by Bloomberg. In China, where over US$1 trillion in bonds have been issued in the local currency this year, declining borrowing costs have made financing more attractive to domestic firms. 'The importance of thinking about the US dollar in your portfolio grows the further you are from the US and the further your liabilities are from US dollars,' said Navin Saigal, head of fundamental fixed income for Asia-Pacific at BlackRock. Saigal said tariff policies have widened the gap between the region and the US, a divergence also reflected in fiscal conditions. Australia is a prime example. It holds AAA ratings from S&P Global Ratings, Fitch Ratings, and Moody's Ratings. In contrast, the US has lost the top credit score from all three agencies, due to rising debt-servicing costs. 'No one in the world is talking about the fiscal viability of Australia,' said Oliver Holt, head of debt syndicate and IG origination for Asia ex-Japan at Nomura Holdings, one of the biggest managers of Aussie-denominated bond sales by foreign issuers. It probably makes sense for investors to put some money into other places if there's an assumption that the US dollar is going to weaken, he said. Meanwhile, US dollar bond issuance from Asia is recovering from a slump caused by record defaults from Chinese property developers. Fuelled in part by M&A activity, Japanese companies have led this year, with US dollar bond sales from the Apac region up about a third to more than US$215 billion so far this year, according to data compiled by Bloomberg. That is still well off the highs seen in past years. But unexpectedly, Apac borrowers are tapping Europe's debt market at an unprecedented pace in 2025. Euro bond issuance is running at more than 49 billion euros (S$74 billion) year to date and has already topped last year's full-year total, according to data compiled by Bloomberg. 'It's not that everyone's now selling US investment-grade or Apac US dollar investment-grade bonds,' said Owen Gallimore, Apac head of credit analysis at Deutsche Bank. But 'Asian-based investors want their issuers to come to market more often in euros, offshore yuan, or other currencies', he added. BLOOMBERG
The Star
15-07-2025
- Health
- The Star
Singapore researchers get S$25mil grant to screen, treat lung cancer in Asian patients
SINGAPORE: Researchers in Singapore have received a S$25 million grant to work on tackling lung cancer in Asian patients across all stages – from risk prediction and early detection of those who are at risk, to personalised treatments of patients at more advanced stages of the illness. They want to gain a deeper understanding of why the disease – the deadliest cancer globally and one that kills three people each day in Singapore – behaves differently in Asian patients. Unlike in Western countries, where lung cancer is mainly linked to smoking, nearly half of Singapore's lung cancer patients have never smoked. Many have non-small cell lung cancer, a type of the cancer that is often driven by mutations in a gene known as the EGFR. While the advent of targeted therapies in the past two decades have improved survival rates, most patients develop drug resistance within nine to 15 months, causing relapse. Even early-stage patients face relapse risks after surgery. The question is why. The $25 million grant comes from the Ministry of Health's National Medical Research Council. It establishes the project called Clarion, which stands for Conquering Lung Cancer Across All Stages With Research And Innovation. Clarion will build on more than a decade of research undertaken by a multidisciplinary team led by the National Cancer Centre Singapore (NCCS). The team also includes researchers from A*Star and the National University Cancer Institute, Singapore. At a media briefing at NCCS on July 15, Associate Professor Daniel Tan, a senior consultant in NCCS' Division of Medical Oncology, said lung cancer is a major challenge because some 60 per cent of cases are picked up in the late stages of the disease. Until now, it is not yet clear which group of people is at higher risk of having lung cancer, apart from those who have a family history. Studies elsewhere have also shown that pollution can be one of the non-smoking-related triggers of lung cancer, he said. The researchers want to find out who is at risk of the cancer in order to identify the right groups for screening, as well as find out which groups will progress to having more severe disease, and which ones will not, said Associate Professor Tam Wai Leong, deputy executive director of A*Star Genomic Institute of Singapore. Around two years ago, the national lung cancer research group launched Solstice, Singapore's first local lung cancer screening study to screen family members of lung cancer patients using low-dose CT scans. The new grant will enable them to expand this study. A screening study done in Taiwan found that about 2 per cent of 12,000 non-smokers who were screened had lung cancer. The Taiwan findings suggested that a family history of lung cancer among first-degree relatives significantly increases the risk of lung cancer. While the results of Singapore's screening programme are not ready, the lung cancer research team has achieved other milestones. These include discovering new biomarkers explaining drug resistance, and introducing comprehensive molecular profiling for lung cancer patients, allowing doctors to tailor treatments based on the genetic and molecular characteristics of their cancer. The group also set up Singapore's first multidisciplinary lung cancer clinic, where specialists collaborate to design personalised treatment plans for complex cases. The team's research serves up hope to Asians, particularly those who have never smoked but are at risk of lung cancer – like homemaker Tiffany Khor, 46. She did not notice any symptoms of the disease until she started experiencing breathlessness and a persistent cough following the birth of her second child 10 years ago. An X-ray showed that her entire left lung was filled with fluid and that she had low oxygen levels. At that point, she was told that she had Stage 3B lung cancer had that spread to her diaphragm. Tiffany Khor and her husband Josh Yong. She started experiencing breathlessness and a persistent cough following the birth of her second child 10 years ago. Khor stopped her chemotherapy treatment after only two sessions. 'I didn't know how long I would live, so I decided not to waste any more time undergoing treatment. I wanted to spend the rest of my time with my children,' she told the media at NCCS. After undergoing genomic and molecular testing, she was found to have ALK-positive non-small cell lung cancer, which could be treated using targeted therapy. However, she decided to seek alternative therapy, until early 2016 when she was too weak to decline treatment. At NCCS, scans showed that her cancer had spread to her brain, which meant her cancer had progressed to Stage 4. She went on targeted therapy and had home hospice care. In late 2023, when scans showed that her cancer spread to the lining of her brain and spinal cord, her husband Josh Yong was desperate for a solution. He researched different clinical trials and came across the drug NVL-655 which had just been cleared by the FDA for clinical trials in the United States in May 2024. From her oncologist, Yong found out that Singapore was one of the sites in a multi-country trial for the oral chemotherapy drug and got her on the ALKOVE-1 trial in June 2024. Results have been very positive, with scans showing that the tumours in Khor's spine and traces of the cancer from her brain lining have gone. Her cancer is now under control. Yong said his wife has never been better mentally and physically since she started struggling with the cancer. - The Straits Times/ANN
Straits Times
15-07-2025
- Health
- Straits Times
Researchers get $25m grant to screen, treat lung cancer in Asian patients
A team of clinicians and scientists from the National Cancer Centre Singapore have been awarded a $25 million grant. SINGAPORE - Researchers here have received a $25 million grant to work on tackling lung cancer in Asian patients across all stages – from risk prediction and early detection of those who are at risk, to personalised treatments of patients at more advanced stages of the illness. They want to gain a deeper understanding of why the disease – the deadliest cancer globally and one that kills three people each day in Singapore – behaves differently in Asian patients. Unlike in Western countries where lung cancer is mainly linked to smoking, nearly half of Singapore's lung cancer patients have never smoked. Many have non-small cell lung cancer, a type of the cancer that is often driven by mutations in a gene known as the EGFR. While the advent of targeted therapies in the past two decades have improved survival rates , most patients develop drug resistance within nine to 15 months, causing relapse. Even early-stage patients face relapse risks after surgery. The question is why. The $25 million grant comes from the Ministry of Health's National Medical Research Council. It establishes the project called Clarion, which stands for Conquering Lung Cancer Across All Stages With Research And Innovation. Clarion will build on more than a decade of research undertaken by a multidisciplinary team led by the National Cancer Centre Singapore (NCCS). The team also includes researchers from A*Star and the National University Cancer Institute, Singapore. At a media briefing at NCCS on July 15, Associate Professor Daniel Tan, a senior consultant in NCCS' Division of Medical Oncology, said lung cancer is a major challenge because some 60 per cent of cases are picked up in the late stages of the disease . Top stories Swipe. 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Studies elsewhere have also shown that pollution can be one of the non-smoking-related triggers of lung cancer, he said. The researchers want to find out who is at risk of the cancer in order to identify the right groups for screening, as well as find out which groups will progress to having more severe disease, and which ones will not, said Associate Professor Tam Wai Leong, deputy executive director of A*Star Genomic Institute of Singapore. Around two years ago, the national lung cancer research group launched Solstice, Singapore's first local lung cancer screening study to screen family members of lung cancer patients using low-dose CT scans. The new grant will enable them to expand this study. A screening study done in Taiwan found that about 2 per cent of 12,000 non-smokers who were screened had lung cancer. The Taiwan findings suggested that a family history of lung cancer among first-degree relatives significantly increases the risk of lung cancer. While the results of Singapore's screening programme are not ready, the lung cancer research team has achieved other milestones. These include discovering new biomarkers explaining drug resistance, and introducing comprehensive molecular profiling for lung cancer patients, allowing doctors to tailor treatments based on the genetic and molecular characteristics of their cancer. The group also set up Singapore's first multidisciplinary lung cancer clinic, where specialists collaborate to design personalised treatment plans for complex cases. The team's research serves up hope to Asians, particularly those who have never smoked but are at risk of lung cancer – like homemaker Tiffany Khor, 46 . She did not notice any symptoms of the disease until she started experiencing breathlessness and a persistent cough following the birth of her second child 10 years ago. An X-ray showed that her entire left lung was filled with fluid and that she had low oxygen levels. At that point, she was told that she had Stage 3B lung cancer had that spread to her diaphragm. Ms Tiffany Khor and her husband Josh Yong. She started experiencing breathlessness and a persistent cough following the birth of her second child 10 years ago. ST PHOTO: LIM YAOHUI Ms Khor stopped her chemotherapy treatment after only two sessions. 'I didn't know how long I would live, so I decided not to waste any more time undergoing treatment. I wanted to spend the rest of my time with my children,' she told the media at NCCS. After undergoing genomic and molecular testing, she was found to have ALK-positive non-small cell lung cancer, which could be treated using targeted therapy. However, she decided to seek alternative therapy, until early 2016 when she was too weak to decline treatment. At NCCS, scans showed that her cancer had spread to her brain, which meant her cancer had progressed to Stage 4. She went on targeted therapy and had home hospice care. In late 2023, when scans showed that her cancer spread to the lining of her brain and spinal cord, her husband Josh Yong was desperate for a solution. He researched different clinical trials and came across the drug NVL-655 which had just been cleared by the FDA for clinical trials in the United States in May 2024. From her oncologist, Mr Yong found out that Singapore was one of the sites in a multi-country trial for the oral chemotherapy drug and got her on the ALKOVE-1 trial in June 2024. Results have been very positive, with scans showing that the tumours in Ms Khor's spine and traces of the cancer from her brain lining have gone. Her cancer is now under control. Mr Yong said his wife has never been better mentally and physically since she started struggling with the cancer.
Independent Singapore
09-07-2025
- Independent Singapore
After people posing as delivery riders steal orders, OK Chicken Rice owner says those who are hungry may simply ask them for a meal
FB screengrab/ OK Chicken Rice SINGAPORE: The owner of a popular chicken rice chain in Singapore took to social media to highlight a problem his business has with food getting stolen. However, instead of merely going on a rant about the issue, which would have been perfectly understandable, Daniel Tan decided to show kindness instead, giving those who stole the benefit of the doubt and offering them a meal. On the Facebook page of OK Chicken Rice, Mr. Tan posted a video of a person dressed in all black who pretended to be a food delivery rider, simply picking up a plastic bag of food orders from a table and walking away. Mr Tan opened his post by writing, 'Sorry, whoever you are.' He went on to explain that there are 'too many people masquerading as 'riders' and stealing food,' which led to actual riders not finding the orders they were supposed to pick up, which meant they'd end up at the back of the queue. This, naturally, caused them to be 'very unhappy.' Of course, the customer to whom the stolen food belongs ends up waiting longer, which also makes them unhappy. The staff get scolded because of these types of incidents, and they spend time and effort finding out how the food went missing. They then have to replace the orders, 'resulting in even more unhappy riders, customers.' However, although a police report has been filed over the incident, the post took a surprising turn, with Mr Tan extending graciousness. 'We would like to believe that these actions are merely out of necessity and not malicious or mischievous intent as such,' he wrote, adding that if such a person going through a hard time should read this, they should not hesitate to reach out, and OK Chicken Rice will 'be more than happy to provide you with food.' Moreover, Mr. Tan offered jobs to people as well. 'If you're looking for work, feel free to contact us as well. We'd love to explore how we can support you with a job opportunity.' When a commenter on the post suggested that OK Chicken Rice should have its staff verify that food delivery riders are correctly collecting orders before being allowed to leave, the company said this is already in place. See also Celebrating National Day the virtual way this year 'Of course we do, on average it's S$2000 per outlet per day (18 outlets), that's 1 million in chicken rice deliveries per month. Nobody can perform at that volume and still get it right, whatever the system,' OK Chicken Rice said in reply. /TISG Read also: $6.80 chicken rice is 'very expensive' — Diner upset with her meal 'portion so small that it looks like it should be only $2' () => { const trigger = if ('IntersectionObserver' in window && trigger) { const observer = new IntersectionObserver((entries, observer) => { => { if ( { lazyLoader(); // You should define lazyLoader() elsewhere or inline here // Run once } }); }, { rootMargin: '800px', threshold: 0.1 }); } else { // Fallback setTimeout(lazyLoader, 3000); } });
Wall Street Journal
22-04-2025
- Business
- Wall Street Journal
Dollar Stays Weaker on Fed Independence Concerns
0640 GMT – The dollar remains under pressure after hitting a three-year low Monday following renewed calls from President Trump for interest rate cuts. In a post on his Truth Social platform, Trump said there is 'virtually no inflation' and warned the U.S. economy would slow if the Fed doesn't immediately cut rates. His comments triggered a broad selloff in U.S. assets on rising concerns over Fed independence, Deutsche Bank analysts say in a note. 'While potential risks to Fed independence had already generated headlines in recent weeks, yesterday's market moves were the clearest sign yet of investor anxiety over the topic.' The DXY dollar index falls 0.1% to 98.159 after reaching a low of 97.921 on Monday.( 0429 GMT — The Japanese yen should continue to perform well in a global risk-off scenario, says Daniel Tan at Grasshopper Asset Management. Japan's domestic data have shown steady progress toward the Bank of Japan's stable inflation target, heightening the possibility of a BOJ rate hike at its May 1 meeting, says the portfolio manager. Meanwhile, trade tariffs could raise U.S. inflation and might also have the countervailing effect of weakening long-term U.S. growth, which could push the Fed closer to a rate cut this year. The combined effect of global risk-off sentiment and lower U.S. rates would mean that the yen has more room to appreciate from the current level of around 141 versus the USD, Tan says in a note.(
