Latest news with #city-state
Yahoo
2 days ago
- Business
- Yahoo
Singapore Set to Hold Policy as Economy Shows Tariff Resilience
(Bloomberg) -- Singapore's central bank will likely leave its monetary policy unchanged for the first time this year, adopting a wait-and-see approach as policymakers gauge looming US tariffs that risk weighing on growth. Budapest's Most Historic Site Gets a Controversial Rebuild San Francisco in Talks With Vanderbilt for Downtown Campus Can This Bridge Ease the Troubled US-Canadian Relationship? Trump Administration Sues NYC Over Sanctuary City Policy Fourteen of 19 economists in a Bloomberg survey forecast the Monetary Authority of Singapore, which uses the exchange rate rather than interest rates to stabilize prices, will maintain its settings on Wednesday. Five, including Goldman Sachs Group Inc. and Bank of America, expect easing to continue. The MAS loosened policy in January for the first time in five years, and again in April as the case to support the economy became stronger, following US President Donald Trump's tariff threats and the ensuing global market ructions. Singapore's policy review comes ahead of the US Federal Reserve on July 31, with Chair Jerome Powell under increasing pressure from Trump to cut interest rates. The Fed is widely expected to hold steady, as it awaits clarity on the inflation impact from Trump's tariffs, amid a wave of global cuts from Canada to the UK and Australia. Forecasters expecting a hold cite Singapore's economic stability, with preliminary growth estimates this month showing the city-state dodged a technical recession — defined as two consecutive quarters of contraction. The faster-than-expected growth was led by manufacturing, services export and construction. Chua Hak Bin, economist at Maybank Securities Pte Ltd. sees the MAS leaving its settings unchanged through the rest of the year, 'in view of the resilient economic outlook and benign, but stabilizing core inflation.' By contrast, Kai Wei Ang, Asean economist for Bank of America NA, is predicting an easing though he reckons the decision will be a 'close call.' Ang compared the current situation with April 2016, when the economy was producing close to its potential and yet the MAS eased because core inflation was forecast to average below 2%. Like in 2016, the economy's negative output gap has narrowed but the outlook for core inflation appears to be 'more benign,' Ang said. At the same time, Singapore's real effective exchange rate is 'elevated,' he said, suggesting the central bank will 'instill its preemptive stance by flattening the slope in July, rather than wait till October.' To meet its mandate of 'medium-term price stability,' the MAS intervenes in the foreign exchange market to manage its currency within a range. It describes that process publicly, but only in general terms without providing specific figures or targets. The main components of that policy are guiding the 'slope' of the dollar's appreciation, the 'center' of that slope and the 'width' of the trading band it targets. The five analysts predicting an easing on Wednesday, for instance, expect the MAS to slightly reduce the slope of its policy band for its main Singapore dollar measure - the nominal effective exchange rate, known as S$NEER. The MAS also doesn't have an explicit inflation target, though it has previously said that a core inflation rate of just under 2% on average 'is consistent with overall price stability in the economy.' The gauge stood at 0.6% in June. Earlier this month, MAS Managing Director Chia Der Jiun said core inflation should remain subdued with a resurgence of underlying price pressures unlikely, while noting that policymakers are alert to risks on both sides. One major uncertainty is the impact of US tariffs, not only on Singapore's economy but global growth as well. Singapore was hit with a proposed 10% rate, lower than its Southeast Asian neighbors. But with trade equaling about three times its GDP, it remains exposed to any sustained slowdown in global commerce. Seven of nine economists who responded to a question about the impact of US tariffs on Singapore's monetary policy said the MAS was more likely to ease over 2025 and 2026. The same number expect the city-state to end up with a US import levy of 10% or lower, while three expect the rate to rise. The view among many monetary officials around the world is that Trump's attempt to repatriate manufacturing and rewire commerce, if enduring, may be more of a danger to growth rather than posing a threat to consumer prices. As a result, a technical recession is still possible in Singapore as the effect from businesses front-running higher US tariffs fade. 'The global outlook is uncertain,' said Philip Wee of DBS Bank Ltd. 'We will be looking out for hints of a third easing at the October review, given the central bank's base case scenario for global economic activity to slow.' --With assistance from Shinjini Datta. Burning Man Is Burning Through Cash It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Elon Musk's Empire Is Creaking Under the Strain of Elon Musk Confessions of an American Who Helped North Korea's Wild Remote Worker Scheme Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts ©2025 Bloomberg L.P. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Independent Singapore
21-07-2025
- Business
- Independent Singapore
Pre-trial conference for Ong Beng Seng case rescheduled to July 28
YT screencapture SINGAPORE: The pre-trial conference for property tycoon and hotelier Ong Beng Seng has been rescheduled to Monday next week (Jul 28). Mr Ong had been due to plead guilty on Apr 2 in connection with the corruption case involving former transport minister S Iswaran , but he was given more time to obtain medical records from his doctors. In February, it was reported that he was suffering from multiple myeloma , a rare cancer that develops in the plasma cells of a person's bone marrow, and had been undergoing chemotherapy for the illness. The date for Mr Ong to plead guilty was then moved to July 3 , following a Jun 10 pre-trial conference. The businessman, who is based in Singapore, made his fortune as a hotelier and is the managing director of Hotel Properties Limited. As of late 2022, he and his wife, Christina Ong, had an estimated net worth of S$1.75 billion and were listed as the 24th richest people in Singapore. He is best known for his part in bringing Formula 1 to Singapore. As a personal friend of F1 boss Bernie Ecclestone, he helped seal the deal in 2007 that brought the race to Singapore. F1 launched in the city-state in 2008. Former transport minister S Iswaran was, at the time, junior trade minister, and had been involved in negotiations with parties, including Mr Ong's company, Hotel Properties Limited (HPL), and Mr Ecclestone. In 2023, however, Mr Ong was arrested in connection with the scandal involving Iswaran, who was slapped with multiple charges after receiving gifts worth hundreds of thousands of dollars from two businessmen, including Mr Ong. On Oct 4, 2024, Mr Ong was charged in the Singapore District Court with one offence under Section 165 of the Penal Code and another offence under Section 204A of the Penal Code. HPL, which Mr Ong founded and where he had served as managing director, said earlier this year in a Singapore Exchange (SGX) announcement that he would enter a guilty plea to the charge of obstruction of justice. The other charge would be taken into consideration for sentencing. HPL announced on Apr 29 that Mr Ong would step down as managing director 'to devote more time to manage his medical conditions.' Mr Ong's pre-trial conference had originally been set for this Wednesday (Jul 23) but was scheduled for a later date upon request, although who made the request is not indicated in the court system. /TISG Read also: Property tycoon and hotelier Ong Beng Seng to step down as HPL managing director on April 29 to devote more time to cancer treatment () => { 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); } });
Independent Singapore
15-07-2025
- General
- Independent Singapore
'In Singapore, everything works, so why does it sometimes feel like something's missing?'
SINGAPORE: The city-state is often admired by people all over the world. The country is known for its extraordinary accomplishments: top-notch infrastructure, effective governance, low crime rates, and a solid rule of law. For most people, it's an archetype of a well-managed society, but sometimes, people would wonder: What's the trade-off? This reflective question was posed by a Reddit user who has lived in Singapore and found much to respect about it, yet there is something he found unsettling. 'Everything works, but somehow it feels like life happens within boundaries — not just legal ones, but social, emotional, creative ones too… Even art and culture sometimes seemed like they were performed more than lived.' He wasn't criticising Singapore, he stressed, but simply asking: Do locals ever feel a kind of emotional or creative flatness? Or is this just how it appears to outsiders? The responses were swift and meaningful. One commenter remarked, 'It's a common expat feeling, especially if you come from non-East Asian countries.' Another user saw it differently. 'Boring is good. I like boring. That means I have the time, space, and freedom to create my own excitement.' Also, there lies the inconsistency. What one individual thinks of as flat or excessively curated, another one sees it as a valuable gift — harmony, stability, and the choice to exist without anxiety. One local clarified how his non-local spouse, while at first feeling similar emotional distance, but the longer they stayed, the spouse came to profoundly appreciate everything that Singapore has to offer. 'Safety and security breed a certain culture and mindset, and not necessarily a bad one,' they wrote. 'The spontaneity you're talking about… often comes from more chaotic and unstructured environments. It's a double-edged sword.' In societies where tomorrow is undefined, people may create intense, more evocative social bonds as an endurance mechanism. There's something beautiful in that, but there's also defenselessness, risk, and tension. By contrast, Singapore allows its residents to live without the continuous dread of unpredictability. Another commenter further expressed a bigger outlook: 'Singapore creates an environment where all the fundamental aspects of life are well taken care of. The residents are then given the liberty to pursue the life they want, as long as they do not disrupt the order of society.' It's a delicate sense of balance — order as opposed to impulsiveness, safety against creative autonomy. One user referred to a YouTube video where a vacationer made comparisons about living in seven global cities. According to this netizen, every place has its pros and cons: the U.S. has freedom, but safety is a problem; Europe offers quality of life, but there is limited convenience; India is affordable but messy; Australia is safe but comes with very high taxes. Eventually, she opted for Singapore, not for being the best in any single category, but for doing well in all categories. After a while, the conversation highlighted a profound reality — every city is moulded by its exceptional past, distinct policies, unique culture, and priorities. Singapore isn't just 'any other city.' It is what it is — a deliberate design built on certainty, discipline, and distinction. For many, that might feel emotionally subdued. For others, it's precisely what makes the city feel like home. See also Three Singapore books to be made into TV series And maybe, just maybe, what feels like 'missing' is merely something different — a softer kind of contentment.
