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Bank Negara Malaysia ready to address excessive ringgit volatility, urges markets to look beyond “short-term currency dynamics”

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MALAYSIA: Bank Negara Malaysia (BNM) said it is ready to address any excessive volatility in the ringgit, urging markets to consider looking beyond “short-term currency dynamics.”

In an emailed statement to Bloomberg News, BNM said, “BNM remains vigilant and is ready to offer liquidity when required.”

The central bank highlighted that Malaysia’s “strong fundamentals, positive economic prospects and domestic structural reforms, complemented by ongoing initiatives to encourage flows, will continue to provide enduring support to the ringgit.”

The ringgit dropped by 5.8% against the US dollar in October, marking its steepest monthly decline in about eight years, The Edge Singapore reports.

The currency’s fall came as investors reconsidered their expectations for US interest rate cuts, causing them to avoid riskier assets amid political uncertainty in the lead-up to the US election.

Despite recent declines, the ringgit has been the best performer among emerging market currencies this year, thanks to Malaysia’s economic growth, which has exceeded forecasts, fuelled by domestic demand and investments from major tech companies. 

To address its budget deficit, the government also plans to cut blanket fuel subsidies.

This year, Malaysia’s policymakers have encouraged state-linked firms, funds, and private sector firms to bring back earnings held abroad to support the ringgit, which rebounded from a 26-year low in February.

BNM acknowledged that, as a small and open economy, Malaysia’s currency will remain influenced by global financial market trends and short-term currency dynamics.

The central bank stated that its role in the foreign exchange market is to “manage excessive volatility in the exchange rate and ensure orderly market conditions.” /TISG

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

Featured image by Depositphotos (for illustration purposes only)

BIGBANG’s G-Dragon admits to Daesung and Taeyang he began watching dating shows while serving in the military

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KOREA: According to Allkpok, in a recent appearance on Zip Daesung on Nov 1, G-Dragon revealed he first got into watching dating shows during his mandatory military service, a habit he’s found hard to shake.

Sitting down for a meal and a candid conversation with his fellow BIGBANG members Taeyang and Daesung, G-Dragon spoke about various topics, including his recent solo release and Taeyang’s appearance at Jo Se Ho’s wedding.

Reflecting on the differences in music promotion, Daesung noted how album releases used to involve press conferences, but now, they only last two weeks due to limited broadcasting.

G-Dragon agreed, saying, “I spent seven years training only to perform for two weeks.”

Photo: Wikipedia/G-Dragon

Wanted to look cool

G-Dragon also recounted his nervousness about joining Taeyang on stage at a recent concert. He said he wanted to look cool when he arrived.

The conversation took a lighter turn when Daesung asked G-Dragon if he still watches dating shows like EX-change. G-Dragon admitted that he hasn’t had much time recently, but he used to watch every episode.

He chuckled as he confessed to picking up a “harmful” habit in the military. “I saw a dating show for the first time there, and we’d all talk about it afterwards. It was easy to get drawn in, waiting for the next episode.”

Anticipation more intense

G-Dragon humorously added that, during his military service, they couldn’t pay for episodes and had to wait three weeks between releases, making the anticipation even more intense.

G-Dragon, whose real name is Kwon Ji Yong, is a popular K-pop artist and a member of the group BIGBANG. Known as the “King of K-pop,” he is a talented rapper, singer, songwriter, record producer, and entrepreneur.

G-Dragon was born in Seoul, South Korea, on Aug 18, 1988, and started out as a child model and actor.

Home sales plummet in Q3 as buyers retreat amid market turmoil, while commercial property thrives

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SINGAPORE: In the third quarter of 2024, the landed home market saw a notable slowdown, with sales volume decreasing by 3.7% quarter-on-quarter, totalling 414 transactions.

According to property consultancy Huttons in a report from the Singapore Business Review, many buyers held off on purchases during the Lunar Seventh Month.

They anticipated a possible interest rate cut later in September.

Buyers more cautious

An influx of new non-landed property launches also influenced the landscape, prompting potential buyers to explore their options more thoroughly.

Among the various property segments, detached homes faced the sharpest decline, with transactions plummeting from 46 in Q2 to just 27 in Q3.

Semi-detached homes also experienced a decrease, albeit more moderate, with sales slipping from 136 to 130.

As a result of the reduced transaction volume, the overall transaction value fell significantly, down 11.8% year-on-year to approximately $2.1 billion.

In terms of pricing, landed homes in Q3 ranged widely, with 99-year leasehold properties priced between $0.5 million and $14.2 million, while 999-year and freehold options reached from $1.6 million to an impressive $20 million.

The most affordable sale was a semi-detached home at $0.5 million, whereas the highest-priced transaction was a freehold property in Clementi Park that fetched $20 million.

Districts 13, 15, 16, 19, and 28 emerged as the most sought-after areas for landed homes during the quarter, reflecting shifting buyer preferences in a changing market.

On the commercial/investment fronts

On the other hand, Singapore’s commercial property market is holding steady, driven by robust demand for office spaces and a steady stream of investment inquiries, according to the Q3 2024 Global Commercial Property Monitor, as reported by the Singapore Business Review.

This account highlights a bright outlook, thanks to favourable credit conditions and ongoing investor interest, despite some challenges in specific sectors.

Demand for office space remains strong, showing a net balance of +25, up from +18 last quarter.

Overall occupier demand for commercial properties is also healthy, with a net balance of +6, reflecting sustained interest in available listings.

The supply of rental properties is encouraging, as evidenced by a net balance of +14 from respondents who noted adequate availability.

On the investment front, interest is thriving, with a net balance of +30, indicating a surge in inquiries—nearly double the previous quarter’s +17.

Credit conditions have notably improved, with a net balance of +33, a significant jump from +9, suggesting that financing options for the commercial property sector are increasingly favourable.

King Charles and Queen Camilla go on an Ayurvedic retreat on private visit to India

INDIA: King Charles and Queen Camilla made a stopover in India on the way back from their royal tour to Australia and Samoa. According to a Reuters report, the royal couple made a stop in Bengaluru to visit the Soukya International Holistic Health Centre.

The couple have been to India several times and have been known to visit wellness centres in the country as well. The Ayurvedic retreat they went to this time offers Ayurvedic as well as homoeopathic treatments and yoga and meditation sessions.

CNN reported that a Buckingham Palace representative said on Wednesday: “Their Majesties had a short private stopover in India to help break the long journey back from Samoa. They return to the UK this morning.”

The flight from Apia, the Samoan capital, back to London takes more than 30 hours and requires a layover. One source said the couple decided to break the journey at a location they were familiar with and had visited before.

King Charles, who has been diagnosed with cancer, will continue his treatment when he returns to the United Kingdom. The Australia and Samoa trip was his first long-haul trip since he was diagnosed earlier this year.

He attended the biennial Commonwealth Heads of Government Meeting on Saturday. Britain’s PA Media news agency said that he would be resuming regular overseas travel in 2025. He will be following the regular foreign royal tour schedule as long as the green light is given by his doctors.

According to a palace official, the recent trip was a perfect tonic that had lifted the King’s spirits, his mood and his recovery.

“We’re now working on a pretty normal=looking full overseas tour programme for next year, which is a high for us to end on, to know that we can be thinking in those terms,” PA Media reported, quoting the palace official.

 

Property tycoon Ong Beng Seng granted leave amid legal troubles

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SINGAPORE: In a significant development, property tycoon Ong Beng Seng has been granted permission to leave Singapore during ongoing court proceedings, where he faces serious charges.

On an S$800,000 bail

According to the Business Times, the 78-year-old businessman appeared in the State Courts with his lawyer on Thursday, securing approval for a work-related trip that will take him to London, Boston, Gibraltar, and Spain. However, he must post an additional bail of S$800,000 for this travel.

Ong had previously been released on S$800,000 bail following a court appearance on October 4, stemming from a criminal investigation involving former transport minister S. Iswaran.

He faces charges including abetment under Section 165, which prohibits public servants from accepting gifts of value from individuals with whom they have official dealings without proper payment.

Court documents reveal that Ong allegedly encouraged Iswaran to accept a lavish trip in December 2022, offering him a flight from Singapore to Doha aboard Ong’s private plane, valued at US$7,700.

The arrangement also included a one-night stay at the Four Seasons Hotel in Doha, costing S$4,737.63, and a business-class return flight from Doha to Singapore, priced at S$5,700.

Other charges

In addition to these charges, Ong is also accused of obstructing justice by allegedly warning Iswaran that the Corrupt Practices Investigation Bureau (CPIB) had seized the flight manifest from their trip, leading Iswaran to request that Ong bill him for the flight to evade investigation.

Ong, who is the chairman of the Formula One race promoter Singapore GP, has been embroiled in a high-profile corruption probe involving Iswaran, who was sentenced to 12 months in prison earlier this month for accepting valuable gifts from Ong.

Collaborators

The duo has a long history together, having collaborated in the mid-2000s to secure Singapore as the venue for Formula One’s first-ever night race, which debuted in 2008.

While Ong is currently not facing any additional charges related to Iswaran, if convicted of abetting a public servant in obtaining gifts, he could face up to two years in prison, fines, or both. For the charge of obstructing justice, he could be imprisoned for up to seven years, fined, or face both penalties.

Ong is scheduled to return to court on November 15, as he navigates this high-stakes legal battle.

RI student launches petition to remove principal due to rumours of proposed changes

SINGAPORE: A petition was begun online calling for the “immediate” removal of Aaron Loh, the Principal of Raffles Institution.

Started on Oct 24, the petition purported to have been written by an unnamed RI student and posted on the Change.org platform has gotten 689 signatures as of the writing of this article.

Mr Loh, himself an alumni of RI, has had a career in education since 2006. He was appointed Principal late last year and assumed the role on Dec 17, 2023.

The petition claims that Mr Loh has shown disregard for the students’ welfare and brought up a number of changes that he has been rumored to plan to bring about.

One of these changes concerns wearing the school uniform four days a week beginning next year. The petitioner questioned whether this would bring about “character” and “identity building,” which appear to be the reason given for the change.

The petitioner wrote that wearing the full uniform, especially given today’s climate, would make the students feel uncomfortably warm.

Another matter the petitioner brought up was the removal of Judo as a CCA option from the school, which is the subject of a separate petition from another student.

The petition writer also touched on a recent incident of racism, saying that the Principal’s remarks in the aftermath of the incident had been insufficient.

“The role of a principal is crucial in determining the academic and emotional success of the students. RI deserves a principal who will listen to us, work for us, and prioritize our needs; a principal who understands the pressures we face and helps us navigate them,” the petition reads.

An Oct 30 report in The New Paper said that the proposed changes had been leaked from internal meetings and involved adjustments to the curriculum, modifications to the facilities, and a restructuring of CCAs, among others.

TNP underlined, however, that the changes to CCAs are a significant bone of contention.

The piece also mentioned that a plan to remove air-conditioning from specific areas in the school was the most controversial of the changes, giving rise to concerns over whether students would learn well in a hot and humid environment.

As one commenter on Reddit pointed out, “Full uni + Reduced aircon in an increasingly hot weather sure is not a good way to be liked by your students.”

Another asked if Mr Loh’s own office has an air-conditioner.

“If he cannot explain the reason for aircon removal, he better make sure there is no aircon installed in his room,” wrote a Reddit user. /TISG

Read also: Eugene Wijeysingha, ex-headmaster of Raffles Institution and education visionary, dies aged 90

Singaporean with a job that pays $200,000/ year in the US asks if he should come home

SINGAPORE: A Singaporean who has a high-paying in the United States sought advice as to whether or not he should return home.

While u/BoringCheapAsian wrote in his Oct 31 post on r/askSingapore that he feels homesick and misses his wife and child, he’s uncertain about his employment prospects in Singapore.

The post author explained that he’s 40 and earns $200,000 a year in his corporate job. And whether that’s in SGD or USD, it’s still an excellent salary.

Moreover, he also wrote that he possesses a green card, which gives him permanent residency in the US, and both the firm and the industry where he works is “very stable.”

However, when he attempted to find a job in Singapore, he had been unsuccessful, with the applications he sent out not receiving a response.

He also expressed concerns over high living costs in Singapore and added that some of his friends have encouraged him to stay in the US. But his family lives in Singapore, since they prefer it to America.

I’m at a loss, really. On one end, I love the work-life balance, space, and materialistic lifestyle (car, house, etc). at the same time, I feel really lonely without my wife and kid with me,” he wrote.

To some commenters, it’s pretty obvious that the post author would be better off in the US, although his challenge would be to get his family to come and live with him there.

And when he explained that his son has a few more years at a polytechnic, followed by National Service training, commenters said he could encourage his son to go to a US university afterward.

Another asked if he is able to work remotely for his company.

A commenter who grew up with a parent working in another country encouraged the post author to reunite with his family as soon as possible, regardless of which country they decide to live in.

“It won’t be easy for your relationship with your child if they start feeling like you abandoned them for your job,” they added.

Many Reddit users acknowledged that it is a hard choice to make, with one pointing out that the post author will have to make sacrifices either way.

“There’s no right or wrong answers. And we cannot say it’s right or wrong because it’s your life, not mine or ours. Hence, you choose your answer. Also: trust your instincts and choice, otherwise you’ll likely regret it,” a Reddit user wrote. /TISG

Read related: Singaporean burnt out at their demanding job seeks suggestions for a “relaxing” one

Malaysia police seize over $2 million in ransom; major breakthrough in Johor businessman kidnapping

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MALAYSIA: In a significant breakthrough, Malaysian police have recovered over RM7 million (approximately S$2.1 million) of the RM20 million ransom paid for the release of a Johor businessman kidnapped on October 13.

According to The Straits Times, Bukit Aman Criminal Investigation Department director Mohd Shuhaily Mohd Zain announced the recovery during a press conference held at the Johor police headquarters on October 30.

The crime suspects

The seized funds in various currencies, which included RM1.95 million in cash, $1 million, and 400,000 Tether in cryptocurrency (valued at around RM1.75 million), were obtained following the arrests of 14 suspects.

The suspects, detained between October 22 and October 29, allegedly played various roles in the kidnapping plot, from orchestrating the crime to disposing of evidence. Notably, a subgroup was tasked with managing the cryptocurrency aspect of the ransom.

Among those arrested, 11 are locals, including a woman who is related to the victim, while the remaining suspects are Vietnamese nationals, also including a woman. Their ages range from 23 to 58, and they are currently in police custody until November 5.

In addition to the ransom money, authorities confiscated a pistol, 250 live rounds, and a pair of handcuffs.

Motive not established yet

When questioned about the motives behind the kidnapping, Commissioner Shuhaily indicated that investigations are ongoing, with efforts underway to locate additional suspects who remain at large. He noted that some of the apprehended individuals have prior criminal records.

The victim, a 59-year-old developer who was kidnapped early in the morning and released just before noon on the same day, subsequently filed a police report later that evening. Initially, the kidnappers demanded a staggering RM30 million ransom, but after negotiations, they settled for RM20 million.

 

M’sian military will probe extreme bullying case at military school

MALAYSIA: The Malaysian armed forces will be looking into fresh accusations of reports of bullying after a hot iron was pressed on the chest of a student at the Malaysian National Defence University (MNDU).

According to a South China Morning post report, the student was tortured by another senior student who put an iron on his chest until there were burn marks.

The defence ministry posted on its Facebook page on Wednesday that the case was being investigated.

“The Armed Forces stress that investigations will be thorough and will not protect or compromise with any party involved in the case.”

The bullying claims upset many Malaysians who condemned the action, saying that the university is dangerous. The university produces many military officers and future leaders in the armed forces.

There have even been calls for UPNM to shut down, especially since this was not the first incident. In July this year, the Malaysian Court of Appeal handed the death penalty to six students for killing a fellow cadet at the university. The boy, Zulfarhan Osman Zulkarnain was 21 years old when six of his fellow students took turns pressing a steam iron on him, burning his body and his private parts. He died 10 days after the incident.

Comments on Facebook called for serious action.

“This is not ragging, it is already maximum bullying, torture. People like this cannot be let off,” commented Shawal Ali.

Another comment stated, “Their mindsets are worse than inmates at Henry Gurney.”

(Henry Gurney is a juvenile correctional facility in Malaysia that has gained infamy).

Parents Action Group for Education head Noor Azimah Rahim said the recent case showed that there was an urgent need for administrators to tighten procedures to prevent this from happening again and again.

She said there should be a safe avenue for students to report such incidents as well.

“There must be immediate action taken to prevent any untoward incident.”

According to data from the Ministry of Education, almost 5,000 cases of bullying have been reported in 2023.

Woman asks, “Is it normal for a relationship to turn stale after 2 years of dating?”

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SINGAPORE: A woman recently asked on r/sgdatingscene, a Reddit forum, whether it’s normal for a relationship to turn stale after only two years of dating.

She added, “What if one party does not put in effort to make new memories anymore? Is it usual for guys to stop putting in as much effort as they used to?”

In the comments section, several users shared that it’s not uncommon for relationships to experience periods of stagnation, especially after the initial excitement fades.

One user commented, “The question I would ask is that in the first 2 years of dating, did you put in effort too? A lot of women act super passive in their relationship, almost like they are just there for the ride along rather than lead the relationship in any sense.

“There is a strong expectation on men to do all the planning and execution in a relationship. And this can cause some men to put in less effort over the years because if the result is the same regardless of effort, why bother?”

Another commented, “A lot of times, guys start off super enthusiastic. At a level that they just can’t maintain and at the same time, they make all these promises which they can’t keep half the time.

“As a guy, I was very aware of this when going into a relationship and thus I did not make promises and controlled my initial enthusiasm.”

Others suggested that the woman take a step back and really think about whether this is the person she wants to spend her life with. They encouraged her to consider if she feels comfortable just being with him in silence and what it might be like if he doesn’t put in more effort in the future.

On the flip side, they also recommended that she talk to her partner about her worries and see if they can work things out together moving forward.

What to do when your relationship feels stale after 2 years

A 2003 study by Richard Lucas and his team found that the initial excitement of falling in love tends to fade after about two years, at which point happiness levels often return to where they were before the relationship started.

While this can feel like a ‘stale’ phase, it’s actually a common and natural part of long-term relationships. This shift can actually signal a move towards a more comfortable and stable phase, where the couple has settled into a deeper, more enduring connection.

To make this transition smoother, therapists recommend trying out these four things:

Step out of your comfort zones. Spice things up with your partner by trying something new and exciting together. Excitement is a powerful emotion that can reignite those feelings of passion and connection. So step outside your comfort zone and try an activity that’s totally out of the ordinary.

Show them that you still care. Get to know what truly excites your partner—their passions, goals, and dreams—and be there to cheer them on. Encourage them, support them, and celebrate their wins together. Helping each other go after what matters most can bring you closer and make for some awesome shared memories.

Hug them from time to time. Research also shows that increasing nonsexual touch—like holding hands, hugging, or gentle touches—can strengthen feelings of connection and support in a relationship.

Do things together. Go out for a movie, take a walk in the park, or plan regular date nights together. Even a simple coffee or dinner after work can keep the spark alive. Make sure to put in the effort and not take your partner for granted—it’s the little moments that make a big difference.

Read also: Man says his inconsiderate neighbour has been very noisy for the past 4 months, constantly hammering and drilling in the morning and evening

Featured image by Depositphotos (for illustration purposes only)