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Business Times
19 hours ago
- Business
- Business Times
The greenback strengthens against Singapore dollar, reverses broad weakening trend this year
[SINGAPORE] The US dollar (USD) has climbed nearly 1.5 per cent in the past six days, reversing a downward trend that has persisted for much of this year. The US dollar index (DXY) posted a high of US$109.956 on Jan 13, but gradually weakened throughout the year to a low of US$96.776 on Jul 2. It reversed the trend in the past six days, climbing to US$98.634 as at Monday (Jul 28) for its highest close since Jul 17. For the year, however, it is still down 10.3 per cent since the high in January. 'We suspect that the broad USD revival is a quiet acknowledgement that tariffs thus far had not affected the US economy as much as feared,' said Maybank in a note on Monday (July 29). In tandem, most Asia currencies have retreated. 'With the trajectory of the greenback seemingly changing course, most Asian FX are trading on the backfoot with TWD leading in losses, followed by THB,' noted Maybank, referring to the Taiwan dollar and Thai baht. The movements in the Thai Baht took place in the aftermath of the Thailand-Cambodia conflict. 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 Singapore dollar (SGD) is no exception, with the greenback also strengthening against it this month. The USD-SGD currency pair has climbed 0.8 per cent, from S$1.2768 on Jul 23 to S$1.2868 on Jul 28. As of Tuesday (Jul 29) during Asia afternoon trading hours, it was at S$1.2862. The currency pair is still down around 5.7 per cent year to date, as of Tuesday. 'The US trade deficit is expected to stabilise in June after the blowout in Q1 FY2025 resulting from the frontloading of imports to avoid higher tariffs,' said DBS analyst Philip Wee. Eastspring Investment analysts also concurred that the easing of front-loaded imports to the US to avoid higher tariffs has eased, but warned that it would lead to 'higher US goods inflation, particularly into Q4, and lower real consumer disposable income.' Meanwhile, Maybank analysts stated in a note that the USD's rise is a 'quiet acknowledgement that tariffs thus far had not affected the US economy as much as feared', but added that it was 'premature' to assume that the tariffs have no impact on price pressure. While Wee was positive about the DXY's trend, pointing out that it closed above its 50-day moving average for the first time since February, he also cautioned that US President Donald Trump remains a 'threat' to the independence of the Fed after he stepped up attacks against Fed Chair Jerome Powell. The next Fed interest rate decision is set to take place this week on July 30. The DXY tracks the value of the greenback against a basket of currencies which include the euro, yen and British pounds. 'Today, USD could continue to rise, but the major resistance at 1.2900 may be out of reach for now,' said UOB analysts on the USD/SGD rate, adding that 'any pullback is likely to hold above the 'breakout' level of 1.2820.'
Business Times
20 hours ago
- Business
- Business Times
US dollar strengthens against Singapore dollar, reverses broad weakening trend this year
[SINGAPORE] The US dollar has climbed nearly 1.5 per cent in the past six days, reversing a downward trend that has persisted for much of this year. The US dollar index (DXY) posted a high of US$109.956 on Jan 13, but gradually weakened throughout the year to a low of US$96.776 on Jul 2. It reversed the trend in the past six days, climbing to US$98.634 as at Monday (Jul 28) for its highest close since Jul 17. For the year, however, it is still down 10.3 per cent since the high in January. 'We suspect that the broad USD revival is a quiet acknowledgement that tariffs thus far had not affected the US economy as much as feared,' said Maybank in a note on Monday (July 29). In tandem, most Asia currencies have retreated. 'With the trajectory of the greenback seemingly changing course, most Asian FX are trading on the backfoot with TWD leading in losses, followed by THB,' noted Maybank, referring to the Taiwan dollar and Thai baht. For the latter, the moves also took place in the aftermath of the Thailand-Cambodia conflict. 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 Singapore dollar is no exception, with the greenback also strengthening against it this month. The USD-SGD currency pair has climbed 0.8 per cent, from S$1.2768 on Jul 23 to S$1.2868 on Jul 28. As of Tuesday (Jul 29) during Asia afternoon trading hours, it was at S$1.2862. The currency pair is still down around 5.7 per cent year to date, as of Tuesday. 'The US trade deficit is expected to stabilize in June after the blowout in 1Q25 resulting from the frontloading of imports to avoid higher tariffs,' said DBS analyst Philip Wee. Eastspring Investment analysts also concurred that the easing of front-loaded of imports to the US to avoid higher tariffs has eased, but warned that it would lead to 'higher US goods inflation, particularly into Q4, and lower real consumer disposable income.' Meanwhile, Maybank analysts stated in a note that the USD's rise is a 'quiet acknowledgement that tariffs thus far had not affected the US economy as much as feared', but added that it was 'premature' to assume that the tariffs have no impact on price pressure. While Wee was positive about the DXY's trend, pointing out that it closed above its 50-day moving average for the first time since February, he also cautioned that US President Donald Trump remains a 'threat' to the independence of the Fed after he stepped up attacks against Fed Chair Jerome Powell. The next Fed interest rate decision is set to take place this week on July 30. The DXY tracks the value of the greenback against a basket of EUR, JPY, GBP, CAD, CHF and SEK. 'Today, USD could continue to rise, but the major resistance at 1.2900 may be out of reach for now,' said UOB analysts on the USD/SGD rate, adding that 'any pullback is likely to hold above the 'breakout' level of 1.2820.'
Time of India
5 days ago
- Entertainment
- Time of India
Authorities confiscate G-Dragon and BLACKPINK's 2500 concert tickets from reselling racket's base
A big ticket-reselling racket has been busted in Taiwan as people involved in it profited from massive demand for G-Dragon 's Übermensch World Tour . Not just that, it was found out that they were also hoarding the concert tickets of Blackpink and reselling them at huge markups. Here's a detailed report According to Pinkvilla, Taiwan's criminal police department arrested four individuals. The arrests were made in connection to the illegal resale of tickets. The G-Dragon concerts were hosted at the Taipei Arena from July 11 to 13. 2500 tickets confiscated The report further stated that cops raided the group base from where they operated on July 15. They had received a tip-off, after which the action was taken. Reportedly, the authorities found illegal items in massive quantities, including over 2500 exchange codes and printed tickets to Blackpink and G-Dragon's concerts. Not just that, the authorities also seized approximately KRW 7.7 million (164,000 USD) in cash. It didn't stop there, as the officials also found 500 tickets for Blackpink's Kaohsiung concert scheduled for October. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like American Investor Warren Buffett Recommends: 5 Books For Turning Your Life Around Blinkist: Warren Buffett's Reading List Undo From the look of it, it was clear that the racketeers had made big plans for the upcoming concerts. How did the group operate? The group used AI bots and fake IDs to resell G-Dragon's concert tickets at a price 10 times higher than the original cost. One of the four members arrested, identified as Mr. Liu, worked with a Hong Kong-based engineer who used a bot and ID generator to swamp online platforms and purchase tickets in bulk. Entry passes, originally priced at 30,000 KRW, were being sold at 460,000 KRW. In the meantime, VIP tickets that were originally priced at 8,980 TWD (420,000 KRW) were sold for as high as 55,000 TWD (2.58 million KRW). Liu's team even made documents to bypass Taiwan's real-name ticketing policy. G-Dragon Surprises Fans With Heartfelt Coffee Truck, Uplifting Slogans & Special Gifts The report further stated that the officials believe that the same group might be connected to the scam that happened in March 2023. At that time, the tickets to Blackpink's tour that were originally priced at 410000 KRW were being sold at up to 18.78 million KRW.
Pink Villa
6 days ago
- Entertainment
- Pink Villa
G-Dragon and BLACKPINK's 2,500 concert tickets seized from scalping ring base, know what happened
A large-scale ticket scalping ring has been busted in Taiwan after illegally profiting from the high demand for G-Dragon's Übermensch World Tour. The group also hoarded tickets for BLACKPINK's upcoming concert, selling them at eye-watering markups. According to reports from Taiwanese outlets on July 23, Taiwan's Criminal Police Department confirmed the arrest of four individuals. Among them was a man identified as Mr. Liu. The arrests are linked to illegal ticket resales for G-Dragon 's concerts held at the Taipei Arena from July 11 to 13. 2,500 G-Dragon and BLACKPINK tickets seized Following a tip-off, authorities raided the group's base of operations on July 15, discovering massive quantities of illicit materials. These included over 2,500 exchange codes and printed tickets for G-Dragon and BLACKPINK concerts. Authorities also found 5.4 million TWD (approximately KRW 7.7 million or 164,000 USD) in cash. Officials also confiscated 500 tickets for BLACKPINK 's Kaohsiung concert scheduled for October. It suggests the ring had already set its sights on future high-profile events. Scalping syndicate used bots, fake IDs to resell G-Dragon tickets at 10x prices Investigations revealed the scalping operation went far beyond simple resales. Mr. Liu is reportedly in his 40s. He allegedly worked with a Hong Kong-based engineer who used a ticketing bot and ID generator to flood online platforms and secure bulk purchases. Each ticket cost Liu a commission of 2,000–3,000 TWD (approx. 90,000–140,000 KRW), in addition to the face value. These tickets were then resold at inflated prices. Entry passes originally worth 800 TWD (around 30,000 KRW) were listed for 9,800 TWD (460,000 KRW). Meanwhile VIP tickets costing 8,980 TWD ( 420,000 KRW) were flipped for as much as 55,000 TWD (2.58 million KRW). Liu's team even created fake identification documents to bypass Taiwan's real-name ticketing policy. They station collaborators in hotels near the venues to facilitate transactions and verification on-site. BLACKPINK 2023 ticket scandal traced to same group Authorities believe the same group may be linked to a separate scandal that erupted in March 2023. At the time, BLACKPINK's tour tickets, originally priced at 410,000 KRW, were found being scalped for up to 18.78 million KRW, nearly 45 times the original cost. This case reignites concerns over unchecked ticket scalping in Asia's live entertainment industry. The issue is especially alarming as K-pop concerts continue to see skyrocketing demand.
The Hindu
16-07-2025
- The Hindu
Hyderabad-based gem merchant held for stealing from foreigners in Bengaluru star hotels
The High Grounds police on Wednesday arrested a 57-year-old gem merchant from Hyderabad for stealing valuables from foreign delegates in star hotels in the city. The accused, Chintakindi Srinivasulu, was a gemstone trader who resided in an apartment in Hyderabad. Srinivasulu would gather details about conferences held in star hotels from the media and attend them, posing as a delegate. The accused would target foreign delegates and steal their valuables, especially foreign currency, Hakay Akshay Machindra, DCP (Central Division), said. With his arrest, the police have recovered $270 USD, $2,900 TWD (Taiwanese currency), $2,000 AUD (Australian currency), and 10,000 LAK (Lao currency) from him. The accused had attended a conference at the Shangri-La Hotel in June this year and stole $300 USD and $ 3,000 TWD from a delegate identified as Roger Ninepo Sheng. Based on a complaint, the police tracked down the accused through technical evidence found at the scene of the crime. The accused is involved in two such cases, including one within the Sadashiva Nagar police station limits this year. The police are further investigating to ascertain his criminal background.
