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Singapore dollar, Malaysian ringgit, and Thai baht face sharp decline in Asia as US dollar surges after Trump’s presidential election victory

Mary Alavanza
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0
Singapore dollar, Malaysian ringgit, and Thai baht face sharp decline in Asia as US dollar surges after Trump’s presidential election victory

SINGAPORE: The Singapore dollar, Malaysian ringgit and Thailand’s baht fell sharply today, leading to declines among Asian currencies as the US dollar strengthened amid bets for Donald Trump to win the US presidential election, Malay Mail reports.

The Singapore dollar slid 1.6 per cent, reaching a three-month low and marking its worst single-day drop since November 2011.

The Malaysian ringgit, Southeast Asia’s top-performing currency this year, also saw a 1.3 per cent drop to its lowest level since mid-August.

A Reuters poll indicated that Bank Negara Malaysia (BNM) will likely keep its key interest rate steady at 3.00 per cent. Earlier this week, BNM stated it is ready to address any excessive volatility in the ringgit.

Thailand’s baht also declined, falling 1.3 per cent to a two-month low. South Korea’s won joined the downward trend, dropping 1.5 per cent to its lowest level since mid-April.

Meanwhile, the Indonesian rupiah dropped 0.8 per cent, reaching a near three-month low.

An official mentioned that Indonesia’s central bank is also ready to stabilise the rupiah, potentially through interventions to address any excessive volatility.

Ken Cheung Kin Tai, chief Asian FX strategist at Mizuho Bank, explained that “regional investors are particularly worried about the impact from tariffs because most Asian economies rely on trade growth.”

According to MUFG analysts, the South Korean won, Singapore dollar, Malaysian ringgit, and Thai baht could face greater challenges with Mr Trump’s win due to their reliance on exports and their exposure to any slowdown in China’s economy.

The yuan and Mexican peso are considered especially vulnerable to a stronger dollar and higher tariffs under Mr Trump’s policies.

The peso fell to 20.7080 against the dollar, its lowest level since August 2022.

Across the region, stock markets showed mixed results: Seoul’s market was down 1 per cent, while shares in Taipei rose 1 per cent and Kuala Lumpur gained 0.4 per cent.

On Wednesday, The New York Times reported that Donald J. Trump was elected as the 47th president, marking his comeback after losing to Joseph R. Biden Jr. four years ago.

His win was confirmed around 5:30 am Eastern time when he secured Wisconsin, a battleground state, bringing him past 270 electoral votes.

Malay Mail reported that analysts see Mr Trump’s proposed tariffs and immigration policies as likely to increase inflation, which could raise bond yields and the dollar, putting pressure on trading partners’ currencies.

The dollar index, which measures the greenback against six major currencies, rose 1.42 per cent.

US Treasury yields also hit multi-month highs, driven by early election returns showing Mr Trump leading Democrat Kamala Harris, especially in states with a strong Republican lean.

With US President Trump’s win confirmed, the focus shifts to how his policies will impact Asian markets. Will regional currencies continue to struggle, or will market sentiment change in the coming weeks? /TISG

Read also: Malaysian ringgit may strengthen if Kamala Harris wins US election, analysts say

Featured image by Depositphotos (for illustration purposes only)

Besides high cost of living in Singapore, women with Polycystic Ovary Syndrome are another reason behind SG’s declining fertility rate

Mary Alavanza
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0
Besides high cost of living in Singapore, women with Polycystic Ovary Syndrome are another reason behind SG’s declining fertility rate

SINGAPORE: When talking about Singapore’s declining fertility rate, which fell to a historic low of 0.97 in 2023, the focus is often on personal choices, such as prioritising careers and the desire for financial freedom.

Also, a survey by the Institute of Policy Studies (IPS) revealed that 7 in 10 young Singaporeans see marriage as “unnecessary” due to stress and high cost of living.

Among those aged 21 to 34, 70% feel that marriage isn’t essential, and 72% in the same group believe that having children within marriage is not a requisite.

Among those aged 35 to 49, 63% feel the same, while 49% of people aged 50 to 64 also think children are unnecessary.

In addition, almost half (44%) of Singaporeans feel that having children will delay their path to financial freedom by about 15 years, according to the Financial Freedom Index survey by Singlife.

However, there is also a lesser-known reason behind this.

For some women, the issue isn’t just about choice.

Polycystic Ovary Syndrome (PCOS)

One in every 10 Singaporean women faces a medical condition called Polycystic Ovary Syndrome (PCOS), which is one of the leading causes of infertility.

PCOS is a hormonal disorder that affects a woman’s ability to conceive. It is responsible for 75% of cases where women struggle to ovulate or release eggs.

PCOS also comes with the risk of developing other serious health conditions, such as diabetes and heart disease.

But the biggest emotional impact for many women is the difficulty in having children, which can feel like a personal failure.

Angelia Ng, founder of Babies Bliss, a fertility wellness provider in Singapore, says many women only discover they have PCOS when they try to conceive.

“Most aspiring mothers with PCOS end up being recommended in-vitro fertilisation (IVF) to conceive.

But while it can help achieve desired results, IVF is also expensive, invasive, and emotionally exhausting. IVF can take many attempts, each leaving a grave mental and financial toll in its wake,” she said.

She noted that it’s a trauma many of her clients share when they come to her for help, but Ms Ng is working to change the way people think about PCOS and fertility.

She advocates for more holistic approaches, such as Fertility Strengthening Massage (FSM), instead of focusing solely on clinical intervention.

FSM improves blood circulation to the reproductive organs, helping women with PCOS manage their symptoms and improve their chances of conceiving.

According to Ms Ng, many women have reported positive results, with better egg quality and more successful ovulation, without conventional medical treatments’ invasiveness. /TISG

Featured image by Depositphotos (for illustration purposes only) 

Singapore accelerates EV charging infrastructure to meet 2030 sustainability goals

Jewel Stolarchuk
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0
Singapore accelerates EV charging infrastructure to meet 2030 sustainability goals

SINGAPORE: The Land Transport Authority (LTA) has reported that Singapore has now installed over 15,300 electric vehicle (EV) charging points nationwide as part of the government’s push to establish a sustainable transportation network.

This is a milestone towards Singapore’s ambitious goal to expand the network to 60,000 charging points by 2030, a move intended to support the island’s growing number of electric vehicle users.

Currently, about 7,100 of these charging stations are open to the public, with the remaining units located in private facilities, such as condominium parking areas.

To make it easier for drivers to find charging stations, locations are accessible through the MyTransport.SG app or apps managed by specific EV charging operators.

Most public chargers use alternating current (AC), a slower type ideal for overnight charging. However, LTA plans to add fast-charging options to address the need for quicker turnarounds.

The proposed fast chargers will enable drivers to boost battery levels from 20% to 80% in approximately one hour, significantly cutting the recharge time compared to standard AC chargers.

Efforts to expand EV infrastructure have also reached residential areas, with one in every two car parks at Housing and Development Board (HDB) estates now outfitted with charging points.

The LTA said it is committed to making all HDB Towns EV-ready by 2025, equipping nearly 2,000 car parks with EV chargers to serve public and private housing residents.

The recent increase in charging infrastructure coincides with rising EV adoption across the country. In early 2024, over one-third of all new car registrations were electric, pointing to the shift toward greener vehicles.

Majority of diabetes sufferers in Singapore believe their sugar level is under control when it’s actually not

Jewel Stolarchuk
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0
Majority of diabetes sufferers in Singapore believe their sugar level is under control when it’s actually not

SINGAPORE: A recent survey by Abbott, a leading pharmaceutical and healthcare products company, has shed light on the alarming disconnect between diabetes patients’ perceptions of their health management and their actual practices.

The study involved 352 local respondents and revealed that while over half of those surveyed believe they effectively control their diabetes, significant gaps in awareness and practice remain.

Key findings from the survey indicate a strong consensus among participants regarding the influence of diet on blood sugar levels.

An overwhelming 90% of respondents acknowledged that diet is critical in managing their condition. However, this understanding does not translate into consistent health monitoring.

Notably, 51% of patients reported not regularly testing their blood sugar levels at home, citing reasons such as inconvenience or a belief that monitoring is unnecessary.

Furthermore, the survey highlights a concerning disparity in diabetes management among those who consider themselves effectively controlling the disease.

Although nearly 65% of respondents expressed confidence in their diabetes management skills, over 60% had glycosylated haemoglobin (HbA1c) levels above 7%.

Elevated HbA1c levels, which represent average blood sugar readings over the past three months, are linked to an increased risk of diabetic complications.

Healthcare experts have expressed concern over these findings, emphasizing the critical need for regular blood sugar monitoring.

They point out that without consistent testing, patients are likely unaware of how their dietary habits impact their blood sugar levels.

This lack of monitoring could lead to serious health consequences, undermining the patient’s confidence in their ability to manage their diabetes effectively.

The survey results serve as a wake-up call for patients and healthcare providers to address the gap between knowledge and practice in diabetes management.

Experts recommend increased educational efforts to encourage regular blood sugar testing and a more proactive approach to dietary management to help patients lower their risk of complications.

Featured image by Depositphotos (for illustration purposes only)

POFMA order: Fake news correction directions issued to Meta after FB & IG users reposted statements by activist group on executions in Singapore

Anna Maria Romero
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0
POFMA order: Fake news correction directions issued to Meta after FB & IG users reposted statements by activist group on executions in Singapore

SINGAPORE: On Tuesday (Nov 5), the Ministry for Home Affairs instructed the Office for the Protection from Online Falsehoods and Manipulation Act (POFMA) to issue targeted corrections to Meta over posts on Facebook and Instagram.

MHA said in a media release that it was aware of 10 Facebook and 30 Instagram reposts that had been put up on Oct 23 and 24.

The ministry added that these reposts on social media were false statements made by the activist group Transformative Justice Collective on Oct 2.

These posts were said to have contained false statements in relation to the scheduling of executions in Singapore, as well as the prosecution of drug trafficking charges.

On Oct 5, the group was issued a correction direction and was required to state that the posts contained false statements, which TCJ complied with the following day.

However, MHA wrote that TCJ had “chosen to communicate falsehoods that they knew or should have known contained false statements” when they put their posts again in late October.

With the POFMA office issuing Targeted Correction Directions to Meta, the platform is required to alert users who have seen the reposted content that these contain false statements.

Additionally, Meta needs to provide Facebook and Instagram users with the link issued by the government of Singapore that clarifies the issue:

“Corrections regarding false statements concerning legal processes for Prisoners Awaiting Capital Punishment and the prosecution of drug trafficking charges.”

The clarification allows the public to examine the falsehoods and facts without requiring the original posts to be removed, and they can decide the truth for themselves.

In related news, MHA announced on Oct 31 that activist Kokila Annamalai, who is part of TCJ, was opting not to comply with the Oct 5 correction direction order despite being repeatedly reminded to do so.

Neither is Ms Annamalai seeking to challenge the POFMA order in court.

In a Facebook post, she said she stood by everything she had written but had not decided to defy the POFMA order.

Those convicted of failing to comply with a correction direction without a reasonable excuse may face a fine of as much as $20,000, a jail term of as long as one year, or both.

Those found guilty of communicating a false statement of fact may be fined as much as $50,000, jailed for up to five years, or both. /TISG

Read also: POFMA correction order issued to activist group Transformative Justice Collective over claims about death row prisoner

Changi Airport Group’s $273 million runways and taxiways investment tax break appeal gets denied by High Court

Jewel Stolarchuk
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0
Changi Airport Group’s $273 million runways and taxiways investment tax break appeal gets denied by High Court

SINGAPORE: The High Court dismissed Changi Airport Group’s (CAG) appeal for a tax break on $273 million infrastructure, including runways and taxiways.

The judgment, delivered by Judge Choo Han Teck, reaffirms the Comptroller of Income Tax’s earlier decision to deny capital allowances on these assets, classifying them as “structures” rather than “tools of trade.”

The dispute centres on CAG’s claims for capital allowances made on Nov 1 last year, which sought to offset significant capital expenditure for the tax years 2011, 2012, and 2013.

CAG’s expenditures for the assets in question totalled $272,575,162. CAG and the Comptroller agreed that the purpose of the runways and taxiways was to ensure the safe landing, takeoff, and taxiing of aircraft.

However, Judge Choo ruled in favour of the Comptroller’s interpretation, which categorized these assets as fundamental airport structures rather than operational tools essential to business processes.

Judge Choo noted that while these runways and taxiways are integral to airport operations, their primary function as structures outweighed any operational or navigational support role they may provide to the aerodrome.

The court’s focus, Judge Choo clarified, was on the assets’ structural purpose rather than their operational importance in CAG’s business.

He added that allowances for navigation-related functions had already been granted for separate aerodrome equipment, such as airfield lighting and instrument landing systems, directly supporting aircraft navigation.

The decision stresses a key differentiation in tax law between physical infrastructure and operational equipment, impacting how airport infrastructure may be categorized for tax relief in the future.

“Lacks a sense of responsibility” — Resident calls out another resident for throwing food trash on the floor at Jurong West block

Anna Maria Romero
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0
“Lacks a sense of responsibility” — Resident calls out another resident for throwing food trash on the floor at Jurong West block

SINGAPORE: A Singaporean took to social media to express that he felt irritated after seeing rubbish from a McDonald’s meal left behind on the floor near a stairwell instead of being disposed of properly.

Facebook user 梁智茪 posted photos of the trash on the Complaint Singapore group page on Tuesday (Nov 5).

“Which person lacks a sense of responsibility and just threw their food here without putting it in the trash?” he wrote.

He added that the building where the rubbish was found is at Jurong West Avenue 1, and one of the photos posted by 梁智茪 shows the location as Block 538.

Commenters on 梁智茪’s post encouraged him to report the matter to the National Environment Agency (NEA). However, the post author said he did not know who was responsible for the rubbish.

梁智茪 added that the food trash was there when he left for work that morning and was still there when he returned later that day.

Others sadly noted that seeing improperly disposed of trash is not that uncommon.

The photos posted by 梁智茪 are surprising, given Singapore’s reputation for cleanliness, and fines are slapped on people who do not dispose of rubbish properly.

Tourists who plan on visiting the city-state are regularly warned against littering, defined as putting any article or thing in a public place except in a rubbish bin provided for that purpose, including plastic cups, tissue papers, cigarettes, and rubber bands.

Case in point: in 2019, a man was fined S$300 after getting caught shooting just two rubber bands on a public road at Jurong East, NEA said.

After a man received notice of his violation, he posted his ticket online, which then went viral.

So yes, Singapore takes littering very seriously indeed.

First offenders can be fined as much as S$2,000. Repeat offenders may be made to pay an eye-watering S$10,000 in fines, and high-rise litterers will be asked to appear in court.

“If you commit a littering offence under the EPHA, you may be arrested without a warrant by any police officer or authorised officer and taken before the courts or served with a notice to attend court at a particular time,” this law website says.

The Independent Singapore has reached out to 梁智茪 for further comments or updates. /TISG

Read also: S$300 fine for leaving rubber band behind; littering, a serious offence in Singapore

DBS says Trump win could boost SGX, SATS but negatively impact REITs

Jewel Stolarchuk
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0
DBS says Trump win could boost SGX, SATS but negatively impact REITs

SINGAPORE: As the United States approaches its pivotal elections, experts from DBS Bank are closely monitoring the potential ramifications for Singapore’s equity markets.

According to their analysis, the results of the elections will likely play a significant role in shaping market performance in the coming months, extending possibly into 2025.

DBS warns that a substantial victory for the Republican Party could lead to negative consequences for specific sectors.

Real Estate Investment Trusts (REITs) and companies with significant exposure to the Chinese market may face increased pressure if a red sweep occurs.

Conversely, some companies might stand to benefit from such an outcome.

SATS and ST Engineering are expected to gain from US reshoring initiatives, while the Singapore Exchange (SGX) and iFAST could see advantages from increased market volatility.

Additionally, ComfortDelGro and Singapore Airlines are likely to thrive due to stable oil prices, and Sheng Siong is anticipated to perform well, given its strong domestic market presence.

In contrast, a scenario where Kamala Harris assumes the presidency may foster a more favourable environment for regional markets.

DBS analysts suggest that her leadership could lead to a more stable global trade environment and greater policy continuity, which would be advantageous for the region’s economic landscape.

DBS also identifies several Singaporean firms that could benefit from anticipated rate cuts and a more favourable inflation outlook, including Frasers Centrepoint Trust (FCT), CapitaLand Ascendas REIT (CLAR), and Mapletree Industrial Trust (MINT).

These companies are well-positioned to leverage improved economic conditions if rates decrease.

Regardless of the election outcome, DBS points to potential opportunities for companies such as Venture Corporation and Frencken, which could benefit from technology supply chain diversification into the ASEAN region.

Seatrium may also find support as the next administration focuses on clean energy and oil and gas sectors.

DBS predicts that a calm election outcome, coupled with lower interest rates, could propel the Straits Times Index (STI) towards its year-end target of 3750.

However, they caution that a significant Republican victory and rising interest rates could lead to increased market volatility, with support levels potentially dropping to 3480 or even 3340.

2NE1 extends its 15th-anniversary celebration by adding three cities to its Asia tour

Lydia Koh
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0
2NE1 extends its 15th-anniversary celebration by adding three cities to its Asia tour

KOREA: It has been reported by Allkpop that 2NE1 is adding more stops to its Asian tour.

On Nov 6 KST, YG Entertainment announced that 2NE1 will expand their “2024-25 2NE1 Asia Tour [Welcome Back]” with three additional cities.

The group will play in Macau on Feb 22 and 23, Ho Chi Minh City on Feb 15 and 16, and Kuala Lumpur on Feb 1.

This expansion adds five shows to the tour, creating more opportunities for fans to experience the iconic group live.

Photo: Wikipedia/2NE1

Outstanding performances

With these added dates, the tour now spans 12 cities and 25 shows, celebrating 2NE1’s 15th anniversary with fans across Asia.

YG Entertainment expressed gratitude for the enthusiastic global support, stating:

“We’re expanding the tour to meet the love we’ve received. Fans can expect outstanding performances as our way of giving back.”

2NE1’s ticket sales have been exceptional, with shows in Seoul, Manila, Kobe, Hong Kong, Tokyo, Singapore, Bangkok, and Taipei selling out quickly.

This response highlights their continued popularity and legacy as one of K-pop’s pioneering girl groups.

Memorable live experience

The tour is highly anticipated, with fans looking forward to a dynamic setlist that showcases 2NE1’s musical range combined with YG Entertainment’s signature production quality.

Audiences can expect a memorable live experience that reflects the group’s lasting impact.

The tour began successfully on Nov 4, 5, and 6 with the “2024 2NE1 Concert [Welcome Back]” held in Seoul’s Olympic Hall.

2NE1 will continue to excite other major cities, including Manila, Jakarta, Kobe, Hong Kong, Tokyo, Singapore, Bangkok, Kuala Lumpur, Taipei, Ho Chi Minh City, and Macau.

YG Entertainment founded the groundbreaking South Korean girl group 2NE1 in 2009.

The group’s four talented members were Minzy, Park Bom, Dara, and CL. They immediately became well-known for their distinctive sound, stirring live performances, and catchy tunes.

“When The Phone Rings” features Chae Soo Bin, a sign language interpreter, at a pivotal moment

Lydia Koh
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0
“When The Phone Rings” features Chae Soo Bin, a sign language interpreter, at a pivotal moment

KOREA: According to Soompi, MBC’s upcoming drama When the Phone Rings offers a first look at Chae Soo Bin’s character!

The story of Hong Hee Joo (Chae Soo Bin) and Baek Sa Aeon (Yoo Yeon Seok), a couple who were married for convenience, is told in the drama based on a popular web novel.

Their relationship takes a dramatic turn after a mysterious, threatening phone call.

Photo: Instagram/MBC Drama

Making significant changes

Hong Hee Joo, a sign language interpreter who has been mute since a childhood injury, is portrayed by Chae Soo Bin.

Trapped in a marriage of convenience, she faces a terrifying ordeal when kidnapped by an unknown figure, leading her to reassess her life and make significant changes.

Chae Soo Bin shared her admiration for her character, saying, “I was moved by Hee Joo’s resilience and warmth. Despite her struggles, she begins to express her emotions and strives to change her life.”

Something accessible

She also discussed her efforts to portray sign language naturally on screen.

“As a sign language interpreter, I strived to make my signing seem genuine. Though I’m familiar with basic greetings in various languages, sign language was a fresh and demanding challenge.

I hope this drama can bring viewers closer to sign language and make it feel more approachable.”

On Nov 22 at 9:50 p.m. KST, When the Phone Rings will premiere.

Chae Soo Bin is a talented South Korean actress known for her versatile roles and captivating performances. In 2014, she debuted as an actress in the movie “My Dictator.”

Her role in the popular historical drama “Love in the Moonlight” from 2016 helped her gain recognition.

She quickly transitioned into leading roles in dramas like “The Rebel,” “Strongest Deliveryman,” “I’m Not a Robot,” “Where Stars Land,” and “A Piece of Your Mind.”

The gifted South Korean actor Yoo Yeon Seok is well-known for his compelling performances and wide range of roles.

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