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“Obama brushed me off, Trump reached out” – Dennis Rodman breaks down on live TV as Trump-Kim meet

Retired basketball star Dennis Rodman broke down on live television during a CNN interview, as US President Donald Trump and North Korean leader Kim Jong Un met this morning at Sentosa, Singapore.

A former NBA player and Hall-of-Famer, Rodman is known for his unique friendship with Kim. Rodman has made five trips to Pyongyang since his “friend for life” – as he describes Kim – took power.

After Rodman first visited the secretive state in 2013 accompanied by members of the Harlem Globetrotters basketball team, he organised a team of North Korean basketball players for an exhibition match commemorating Kim’s birthday the next year in 2014.

The prolific athlete who has won several NBA awards made waves last June, during his most recent trip to North Korea, when he gifted Kim a copy of Trump’s best-selling book, The Art of the Deal.

Rodman arrived in Singapore in the wee hours of the morning today, to witness history being made. Speaking to CNN’s Chris Cuomo, Rodman became emotional as he described how he believed this historic meeting would happen even when others did not believe it.

Breaking down in tears as he described how he received death threats and couldn’t return home for 30 days after he expressed hope that relations between the US and North Korea would improve, Rodman revealed that Kim offered to have peace talks during former US President Barack Obama’s time in office but that Obama “did not give me the time of the day…he brushed me off” when he tried to broach the topic.

Wearing a MAGA hat featuring Trump’s famous electoral slogan, Rodman added that Donald Trump reached out to him: “Donald Trump reached out, he called his secretary, she called me and said ‘Donald Trump is so proud of you, he likes you a lot.’ And that means a lot. I don’t want to take any credit, we can all take credit and I’m just so glad this is happening.”

Earlier in the interview, Rodman shared that Kim Jong Un is a “big kid” who is not used to promises being fulfilled.

Describing how achieving the difficult task of organising a basketball team for Kim’s birthday prompted Kim to share that “this is the first time someone’s ever kept their word to me and their country,” Rodman revealed that this was the point when he realised that Kim and his people just want someone who is “trustworthy”.

Adding that Kim is “all about the 21st century, about progressing his country,” Rodman predicted that if Trump goes into the meeting with an open heart, he could pull what appears to be the impossible off:

Trump and Kim shared a historic handshake at the Capella hotel in Sentosa this morning as they kicked off the unprecedented meeting. The pair spoke to reporters for a few minutes before entering into a private session.

The private session concluded shortly and the leaders are presently in an extended bilateral meeting, with their aides.

Kim told the media, “The way to come here was not easy … the old prejudices and practices worked as obstacles, but we have overcome them and we are here today” while Trump revealed after the one-on-one session that the meeting was “Very good, very very good…Working together, we will get it taken care of.”

https://www.facebook.com/ChannelNewsAsia/videos/10155651691247934/

Thakral Corporation plans acquisition of office property at Riverwalk for $9 million

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Thakral Corporation Ltd (TCL) announced on 21st May that it planned to acquire a 18,998 sq ft (or 1,765 square metres) office property at The Riverwalk in Singapore, as part of its strategic thrust to expand its investment portfolio in Southeast Asia.

The proposed acquisition of the office property, which is an interested person transaction subject to approval by shareholders, will be made via a Put and Call Option Agreement signed between TCL and Thakral Investment Holdings Pte Ltd.

While the entire shareholding of Thakral Realty (S) Pte Ltd (“TRSPL”) will be purchased for a net sum of S$9 million, the total  consideration to acquire the proposed office property will be S$30 million, taking into account TRSPL’s current outstanding loan of S$21 million.

TRSPL owns The Riverwalk office property, which has a lease tenure of 99 years commencing 15 December 1980. The office unit is fully-tenanted and has a valuation of S$30.5 million (according to a recent valuation conducted by Jones Lang LaSalle Property Consultants Pte Ltd or “JLL”).

The value of the proposed acquisition of the office property is based on commercial terms taking into consideration the book value and net tangible assets of TRSPL, the outstanding property loan of S$21 million and the location, size and value of the office unit, which is located on the third storey of a 27-storey commercial and residential development which comprises a four-storey commercial space with basement shopping podium and a 21-storey apartment tower.

Situated along the Singapore River and close to the Central Business District (CBD), The Riverwalk is surrounded by several key commercial and government buildings and is easily accessible by public transport (including buses and the Clarke Quay MRT station) and the Central Expressway (CTE).

Upon the completion of the proposed acquisition of the office property, TCL will sign a 3-year leaseback agreement with the tenants of the office unit. The monthly rental will be S$5.50 per square foot (inclusive of building maintenance fees and sinking fund contributions). The gross monthly rental will be in the region of S$101,739.

Mr. Inderbethal Singh Thakral, TCL’s Chief Executive Officer, said, “We believe that real estate in South East Asia – especially Singapore – is in a sweet spot. Given the uptrend in the local property market and Singapore’s improving economic outlook, demand for well-located commercial office space is expected to grow. We are therefore entering the Singapore market at an opportune time as the value of such office buildings is forecast to appreciate in the coming years.”

A bottom is in sight for industrial property market

He added: “The rental revenue from our investment in this Riverwalk office unit will also provide us a stable source of recurring income.”

To finance the proposed acquisition, the Group (comprising of TCL and its subsidiaries) will deploy some of the proceeds garnered from the recent sale of its warehouse properties in Hong Kong.

The Group said that it will hold an Extraordinary General Meeting at a later date to seek shareholders’ approval for the proposed acquisition. A circular to shareholders containing further details of the proposed acquisition will also be issued in due course.

Thakral Corp was once known for selling TV sets and cameras, but is now a diversified company listed on the Singapore stock exchange involved in manufacturing, logistics and property development in India, China and south-east Asia.

Since 2011, one of Thakral Corp’s subsidiary  Thakral Capital Holdings, has invested (in partnership with big fund players such as Aberdeen and Apollo) more than A$300 million (S$311 million) of capital in Australia’s property market.

Thakral Corp said that its proposed acquisition of the leasehold office property at the Riverwalk Singapore is in line with the company’s strategic expansion plans in Southeast Asia.

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Living with neighborhood violence may shape teens’ brains

Community violence has effects on teen behavior. New research looks into their brains. AP Photo/Ben Margot

Flinching as a gunshot whizzes past your window. Covering your ears when a police car races down your street, sirens blaring. Walking past a drug deal on your block or a beating at your school.

For kids living in picket-fence suburbia, these experiences might be rare. But for their peers in urban poverty, they are all too commonplace. More than half of children and adolescents living in cities have experienced some form of community violence – acts of disturbance or crime, such as drug use, beatings, shootings, stabbings and break-ins, within their neighborhoods or schools.

Researchers know from decades of work that exposure to community violence can lead to emotional, social and cognitive problems. Kids might have difficulty regulating emotions, paying attention or concentrating at school. Over time, kids living with the stress of community violence may become less engaged in school, withdraw from friends or show symptoms of post-traumatic stress, like irritability and intrusive thoughts. In short, living in an unsafe community can have a corrosive effect on child development.

Few studies, though, have specifically looked at the toll community violence may take on the growing brain. Recently, I studied this question in collaboration with a team of researchers here at the University of Southern California. Our goal: to see whether individuals exposed to more community violence in their early teen years would show differences in the structure and function of their brains in late adolescence.

Witnessing crime has lots of downstream effects.
ATOMIC Hot Links, CC BY-NC-ND

Connecting community violence to the brain

My colleague Gayla Margolin, an expert on youth exposure to violence, has been following a sample of Los Angeles-area youth for over a decade. When these teens were about 13 years old, she asked them to fill out a checklist of community violence experiences: hearing gun shots, witnessing a beating, seeing someone do drugs, watching someone get arrested or chased by the police, seeing someone get chased by a gang, or seeing someone get threatened with a beating or stabbing. For our current study, we added these items together to get an overall sense of how much violence each teen had witnessed in his or her neighborhood.

About four years after they took the community violence survey, when the youth were around 17 years old, we asked 22 of them to lie down in a magnetic resonance imaging (MRI) machine while we scanned their brains. When we examined the images we’d collected, we zeroed in on two small but critically important structures near the base of the brain: the hippocampus and the amygdala.

The hippocampus and amygdala are beneath the cortex of the brain.
Blamb/Shutterstock.com

The hippocampus, a curved structure shaped like the seahorse it is named after, plays a role in learning and memory. Stress hormones seem to shrink this structure, and adverse childhood experiences like abuse and neglect have been linked with smaller hippocampal volumes later in life. One recent review of research on child maltreatment found that early abuse and neglect predicted smaller hippocampal size in 30 out of 37 studies that looked at the connection.

In our current study, we also measured the size of the amygdala, an almond-shaped structure located close to the hippocampus that is known for its involvement in emotion and threat-related processing. Childhood adversity has also been tied to the size of the amygdala, although this research has been mixed: Some studies have found that people exposed to early stress show smaller amygdala volumes, some show larger amygdalae and some show no relationship at all.

In addition to looking at the size of the hippocampus and amygdala, we also looked at patterns of interconnection between these structures and other regions of the brain. Which parts of the brain “talked” more to each other, as reflected by more tightly correlated levels of activation?

A neural signature of community violence?

In our data, we found that witnessing violence in early adolescence predicted smaller volumes of both the hippocampus and amygdala in this group of teens.

We didn’t measure the absolute size of these structures – instead we tested the relationship between community violence and brain volume. In other words, if our participants told us at around age 13 that their neighborhoods were higher in crime and violence, the size of these critical brain structures looked smaller about four years later, compared to teens who reported less community violence. Interestingly, this link held up even after we controlled for the youth’s socioeconomic status (family income and education) and their present-day exposure to community violence.

These brain regions showed stronger connectivity with the hippocampus among youth exposed to greater community violence.
Darby Saxbe, CC BY-ND

We also found that, among youth exposed to more community violence, the right hippocampus showed stronger connections with other brain regions linked to emotion processing and stress, perhaps suggesting that these youth were more vigilant to potential threat. If you’re used to encountering dangerous situations, maybe you and your brain learn to stay alert to avoid the next potential threat that lurks around the corner.

Our study dovetails with other research on early stress and the brain but is the first to specifically look at the link between community violence and the size and connectivity of the hippocampus and amygdala. Our sample was quite small and limited by the fact that we scanned the youth only once, in late adolescence. Therefore, although our measure of community violence was collected about four years before the scan, we have no way of knowing for sure whether community violence actually led to changes in the hippocampus and amygdala. It’s possible these brain differences preceded the youths’ exposure to community violence. For these reasons, this study should be considered preliminary and needs to be corroborated by much more research.

Despite its limitations, this work takes a first step in showing that community violence is linked with detectable differences in the teen brain in ways that are consistent with other forms of early adversity like abuse and neglect. These effects might be due to stress hormones that flood the developing brain and affect the growth of neural structures like the hippocampus and amygdala.

Youth with smaller hippocampal volumes may show learning and cognitive difficulties, whereas smaller amygdala volumes have been linked with depression risk and behavior problems. In other words, if, as we suspect, community violence has a toxic effect on the brain, downstream effects may emerge both at school and at home. And those effects converge with the deficits in attention, cognition and emotion regulation that other researchers have already noted in youth exposed to community violence. They may even endure into adulthood and contribute to a cascade of risk for further problems in employment and education.

Although community violence may be widespread, that doesn’t mean it’s acceptable. Developing kids and teens deserve to feel safe at home, in their schools and in their neighborhoods. As our results and those of many other studies show, growing up in a violent or chaotic environment seems to leave traces on the brain, and may put youth at risk for other problems down the line. Although we don’t usually think of street lights, after-school programs and revitalized park spaces as brain-building improvements, public investment in urban neighborhood safety and quality may have wide-ranging benefits for teens at risk.

The Conversation

Darby Saxbe receives funding from the National Science Foundation.


Source: Science-Technology

Tourism to the US is in a ‘Trump slump’ – truth or fiction?

Travel is up around the world — but not to the US. Rawpixel.com/shutterstock

Are fewer people visiting the U.S. now that Trump is president?

Some have blamed the Trump administration for a sharp downturn in international tourist arrivals in 2017, as measured last September. A more recent revision of the numbers suggests that might not be accurate.

So what’s driving the latest trends in U.S. tourism – and what does that mean for the nation’s image on the global stage?

I am a researcher who studies tourism. Many factors impact the volumes of travel between countries, including travelers’ income levels, exchange rates, diplomatic relations and hospitality infrastructure. Even the release of a movie can affect the volume of tourists.

Many elements played a part in the lackluster performance of the U.S. international tourism industry in the past two years. Ample evidence shows that the Trump administration contributed to this. It’s hard to quantify the exact amount, but it’s likely less significant than many people think.

Inbound tourism is flat

Inbound tourism is very important to the economy of the U.S., as it brings in international visitors and foreign currency. In 2016, visitors to the U.S. generated US$245 billion in travel spending. That counted as one-third of U.S. service exports, making tourism number one among that category.

However, in 2016, the number of international tourists to the U.S. dropped by more than 2 percent, while international tourism spending remained almost flat. This is in sharp contrast to a 4 percent increase worldwide in international arrivals in 2016.

Data for 2017 are less clear. Numbers on the U.S. are still being revised by the National Travel and Tourism Office. The United Nations World Tourism Organization reported that international tourism arrivals worldwide in 2017 were up 7 percent. I believe the U.S. is unlikely to match this pace, even with revised numbers.

The causes of the flat performance deserve a little more in-depth investigation.

First, as a mature tourist destination, it’s very hard for the U.S. to generate 5 to 7 percent of increase annually. The U.S. is a long-haul destination for China, South Korea and Europe. In terms of tourism worldwide, residents from those areas generated the most growth last year. Those citizens are more likely to travel to nearby destinations.

Second, among all the factors affecting travel between nations, exchange rates might be the one of most important, since they determine visitors’ spending power. Canada is the largest inbound nation for the U.S. In 2016, 19.3 million Canadians visited – a quarter of total international visitors. The value of its currency has been dropping compared to U.S. dollars in recent years.

Trump administration’s impact

Has the new administration played a role in tourism numbers?

Strictly speaking, to investigate the effect of one factor on international arrivals, you would have to conduct a controlled experiment. For example, you could tell half of the world’s population, randomly, that Trump is our president and the other half it was Hillary Clinton, then measure the different amounts of visitors from those populations. Of course, that’s not possible.

However, many data points hint at the Trump administration’s impact on tourism. International visitation from certain countries is declining. There were already 3 percent fewer visitors from the Middle East to the U.S. in 2016.

What’s more, data on airline reservations tell a similar story. Olivier Jager, the CEO of ForwardKeys, a company that specializes in air reservation data, has been tracking changes since President Trump took office. In a March 2017 report, air bookings from seven Muslim countries in the Trump administration’s travel ban decreased 80 percent from last year.

An updated news release shows strong recovery in the Americas, but bookings from the long-haul market remain flat, lagging behind an uptick trend globally.

Finally, international sentiment toward new U.S. policy is now mostly negative. The Pew Research Center found the overall image of the U.S. suffered a sharp decline since Trump took office.

There’s also some anecdotal evidence. For example, in the responses to a Facebook post by The New York Times, many Europeans said they would avoid trips to the U.S. due to the Trump administration. Recently, one of our own colleagues, Dr. Mark Harvitz of the University of Waterloo, declined to travel to the U.S. to accept an award due to a self-imposed travel ban to the U.S.

However, there are exceptions: Chinese visitors are actually more likely to visit the U.S. under the Trump administration.

In conclusion, the Trump part of “Trump slump” might be true, but international tourism to the U.S. can hardly be described as a slump. It would be more accurate to say that the U.S. is lagging behind other nations. We cannot put all the blame on the Trump administration.

The U.S. has a strong reputation as an international destination, due to its wonderful naturally endowed resources and its cultural influence around the world. However, perhaps it’s time for the tourism industry to beef up its marketing muscle, in order to mitigate the negative political climate and to boost continuing growth.

The Conversation

Bing Pan does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.


Source: US-Politics

John McCain helped build a country that no longer reflects his values

Arizona Sen. John McCain – scion of Navy brass, flyboy turned Vietnam war hero and tireless defender of American global leadership – now faces terminal brain cancer.

I am a scholar of American politics. And I believe that, regardless of his storied biography and personal charm, three powerful trends in American politics thwarted McCain’s lifelong ambition to be president. They were the rise of the Christian right, partisan polarization and declining public support for foreign wars.

Republican McCain was a champion of bipartisan legislating, an approach that served him and the Senate well. But as political divides have grown, bipartisanship has fallen out of favor.

Most recently, McCain opposed Gina Haspel as CIA director for “her refusal to acknowledge torture’s immorality” and her role in it. Having survived brutal torture for five years as a prisoner of war, McCain maintained a resolute voice against U.S. policies permitting so-called “enhanced interrogations.” Nevertheless, his appeals failed to rally sufficient support to slow, much less derail, her appointment.

Days later, a White House aide said McCain’s opposition to Haspel didn’t matter because “he’s dying anyway.” That disparaging remark and the refusal of the White House to condemn it revealed how deeply the president’s hostile attitude toward McCain and everything he stands for had permeated the executive office.

So McCain ends his career honorably and bravely, but with hostility from the White House, marginal influence in the Republican-controlled Senate, and a public less receptive to the positions he has long embodied.

The outlier

McCain’s first run for the presidency in 2000 captured the imagination of the public and the press, whom he wryly referred to as “my base.” His self-confident “maverick” persona appealed to a more secular, moderate constituency who like him, might be constitutionally opposed to the growing political alignment between the religious right and the Republican Party.

McCain enthusiastically bucked his party and steered his “Straight Talk Express” through the GOP primaries with a no-holds-barred attack on Pat Robertson and Rev. Jerry Falwell. The two were conservative icons and leaders of the Christian Coalition and the Moral Majority.

McCain branded Robertson and Falwell “agents of intolerance” and “empire builders.” He charged that they used religion to subordinate the interests of working people. He said their religion served a business goal and accused them of shaming “our faith, our party, and our country.” That message earned McCain a primary victory in New Hampshire but his campaign capsized in South Carolina, where Republican voters launched George W. Bush, the stalwart evangelical, on his path to a presidential victory in 2000 against Democratic nominee, Vice President Al Gore.

By 2008, McCain saw the political clout of white, born-again, evangelical Christians. By then, they comprised 26 percent of the electorate. Bowing to political winds, he adopted a more conciliatory approach.

McCain’s willingness to defend America as a “Christian nation” and his controversial choice of Alaska Gov. Sarah Palin, an enthusiastic standard bearer for the Christian right, as his running mate, signaled the electoral power of a less tolerant, more absolutist “values-based” politics.

McCain’s about-face reveals a political pragmatist willing to make peace with the Christian right and accept their ability to make or break his last attempt at the presidency.

His strategy reflected his tendency to abandon principles if they threatened his quest for the presidency. Having railed eight years prior against the hypocrisy of the right-wing religious leadership, McCain may have felt some personal discomfort kowtowing to the dictates of self-appointed moral authorities. But the electorate had changed since then, and McCain showed he was willing to shift his position to accommodate their beliefs.

The primary that year also required an outright appeal to independents and even crossover Democrats. That would potentially provide enough votes to boost him past George W. Bush, whose campaign had already expressed allegiance to the conservative religious agenda.

In 2008, Mitt Romney, a devout Mormon considered religiously suspect by many evangelicals, emerged as McCain’s main rival for the nomination.

Sensing an opportunity to establish a winning coalition, McCain jettisoned his former objections to the political influence of the religious right, shifting from antagonism to accommodation. In doing so, McCain revealed his flexibility again on principles that might fatally undermine his overriding ambition – winning the presidency.

In fact, the incorporation of the religious right into the Republican Party represented but one facet of a more consequential development. That was the fiercely ideological partisan polarization that has come to dominate the political system.

The lonely Republican

Rough parity between the parties since 2000 has intensified the electoral battles for Congress and the presidency. It has supercharged the fundraising machines on both sides. And it has nullified the “regular order” of congressional hearings, debates and compromise, as party leaders scheme for policy wins.

Fueled by highly engaged activists, interest groups and donors known as “policy demanders,” partisan polarization has overwhelmed moderates in our political system. McCain was a bipartisan problem-solver and was willing to compromise with Democrats to pass campaign finance reform in 2002. He worked with the other side to normalize relations with Vietnam in 1995. And he joined with Democrats to pass immigration reform in 2017.

But he was also one of those moderates who ultimately found himself on the outside of his party.

McCain’s dramatic Senate floor thumbs-down repudiation of the Republican effort to repeal and replace Obamacare turned less on his antipathy to Trump and more on his disgust with a broken party-line legislative process.

On an issue as monumental as health care, he insisted on a return to “extensive hearings, debate, and amendment.” He endorsed the efforts of Sens. Lamar Alexander, a Republican, and Patty Murray, a Democrat, to craft a bipartisan solution.

Foreign and defense policy was McCain’s signature issue. He wanted a more robust posture for American global leadership, backed by a well-funded, war-ready military. But that stance lost support a decade ago following the Iraq War disaster.

McCain’s 2008 presidential campaign slogan of “Country First” signified not only the model of his personal commitment and sacrifice. It also telegraphed his belief in the need to persevere in the war on terror in general and the Iraq and Afghanistan wars in particular.

But by then, 55 percent of registered independents, McCain’s electoral base, had lost confidence in the prospects for a military victory. They favored bringing the troops home.

Over the course of six months that year, independent support for the Iraq war fell from 54 percent to 40 percent. Overall opposition to the troop “surge” was at 63 percent. Barack Obama’s promise to wind down America’s military commitment and do “nation-building at home” resonated with an electorate wearied by the conflict and buffeted by their own economic woes.

Advocate for global leadership

McCain continues to assert the primacy of American power. He decries the country’s retreat from a rules-based global order premised on American leadership and based on freedom, capitalism, human rights and democracy.

Donald Trump stands in contrast. Trump, like Obama, promises to terminate costly commitments abroad, revoke defense and trade agreements that fail to put
“America First,” and rebuild the nation’s crumbling infrastructure.

In his run for the presidency, Trump asserted that American might and treasure had been squandered defending the world. Other countries, he said, took advantage of U.S. magnanimity.

In Congress, Republicans have become cautious about U.S. military interventions, counterinsurgency operations and nation-building. They find scant public support for intervention in Syria’s civil war.

Seeing Russia as America’s implacable foe, McCain has sponsored sanctions legislation and prodded the administration to implement them more vigorously.

Accepting the Liberty Medal in Philadelphia, McCain repudiated Trump’s approach to global leadership.

He declared, “To abandon the ideals we have advanced around the globe, to refuse the obligations of international leadership for the sake of some half-baked, spurious nationalism cooked up by people who would rather find scapegoats than solve problems is as unpatriotic as an attachment to any other tired dogma of the past that Americans consigned to the ash heap of history.”

McCain has spent his life committed to principles that, tragically – at least for him – have fallen from favor.

He faces great personal peril now – at the same time that the country’s repudiation of the principles he’s championed may put the nation at risk.

The Conversation

Elizabeth Sherman does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.


Source: US-Politics

Dollar and stocks rise after Trump-Kim document signing, though analysts are cautious

One immediate positive sign of the historic summit between US President Donald Trump and North Korean leader Kim Jang Un is that the US dollar reached a 3-week high after the two leaders signed a “comprehensive deal” for the complete denuclearization of Korea.

The dollar is at it’s highest rate since May 23, rising around 0.4 per cent to 110.490 yen.

The US President said at a press conference that he and Mr. Kim have forged “a special bond” and that he expects that the relationship the US has with North Korea will  improve. He called the summit meeting “really very positive” and said that “a lot of progress” had been made.

Both the US dollar and the Korean won showed gains. Stocks in Europe also rose, with investors showing confidence after the summit. London’s FTSE, the Frankfurt DAX, the Paric CAC and the Dublin market were all higher.

However, the euro showed losses from its three week high, slipping down 0.2 per cent from $1.1840 to $1.1764. However, the European market stabilized after Italy announced yesterday that it would stay within the single currency system.

In Asia, markets in Tokyo and Hong Kong have also showed gains.

It looks like a busy week ahead for markets all over the world, since policy meetings are set for the European Central Bank on June 14 and the US Federal Reserve for June 12. The Brexit vote in London this week will also be affecting the market.

This week, the US Federal Reserve is also expected to raise interest rates for the second time this year.

However, not all experts are overly optimistic about the success of the Trump-Kim summit, given the proven history of failure concerning talks with North Korea. They said that the summit in Singapore had a low bar to clear because of this.

Many of them believe that the larger threat is the current tariff dispute stemming from Mr. Trump refusing to stand with the Group of Seven in a united front. He withdrew US support for a joint communique that had been previously committed to. Mr. Trump left the G7 summit in Canada last weekend ahead of other world leaders in order to fly to Singapore, the venue of his meeting with the North Korean leader.

Both France and Germany sharply criticized the US President for his actions.

Mr. Trump has also been critical of Justin Trudeau, Canada’s Prime Minister, calling him “very dishonest and weak.”

Projected population growth of 6.3 million in 2030 expected to impact property market upswing

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The current property market upswing has encouraged buyers and investors to re-enter  the Singapore property market in anticipation of higher future property prices. A research report by DBS Insights said that the high land prices and momentum seen in the collective sales (en-bloc) market where developers have invested close to $27 billion in over 60 development sites since early 2017, are two of the main reasons of the property market upswings.

The report noted that these sites are expected to yield more than 26,000 units, which will be launched in 2018-2019, and with displaced households waiting to buy a replacement home, coupled with expectations of higher selling prices by developers in the medium term, indicators point towards a sustained property market upswing.

This is evidenced by the 11 per cent rise in transaction volumes in 1Q18 and 3.9% y-o-y rise in the property market index. the report said. The bank analysed the longer-term demand drivers in the property market that would drive up property prices, and said:

“At our assumed population range of 6.3m-6.5m by 2030, we project annual demand for primary homes will come in at 13k-16k till 2023, before tapering off to an average of 12k-13.5k units. These forecasts are above the historical average of 12k units transacted over 2001-2017.
We believe that the upgraders market will be a key driver with c.17,000 HDB households per year eligible to upgrade to the private sector after the 5-year minimum occupation period. A wild card will come from potential foreigner purchases, which are not factored in our numbers, and could be as high as an additional 10% of total transactions.
This implies a CAGR (compound annual growth rate) of 1.5%-3.2% over 12 years. Supporting these forecasts is sustained income growth of 2.0%-2.5% p.a. and transaction velocity is expected to remain at/above historical average. The supply absorption rate is also projected to remain healthy at <4.0years, underscoring the case for higher property prices.
With our expectations that income growth will keep pace with projected rise in property prices, we believe that household affordability should remain close to the historical average in 2030. With developers cognisant that households are “quantum sensitive”, the average home size is projected to shrink by c.20% to 840 square feet. On a per square foot (psf) basis, this will translate to a range of c.S$2,300-S$2,900 psf from S$1500 currently.
Demand and property prices are closely linked to economic prospects and any unexpected economic disruption resulting in higher unemployment rates or income growth could lead to fall/slower growth in prices. In addition, the sector is also susceptible to policy risk which could have an impact on demand for property.”

The report further noted that based on the extrapolation of current population growth rate (both citizen growth
rates and foreigner inflow) over the 2015-2017, total population is projected to grow to only 6.3 million by 2030.

The bank analysed that this lower population growth provided for a bear case scenario and serve as a check on the property market upswing.

property market upswingThe report said that given the different demand, income growth and the population growing to 6.3 million, it projected property prices to grow by 1.5 per cent in this period.

It added: “Developers have kept the price quantum fairly constant over the past few years and the average transaction value has remained stable…however, given the robust bids for land prices, we believe that the average transaction value per unit will start to rise more significantly from 2018 onwards.”

Over the last 5 years, developers kept the transaction quantum stable in supporting the property market upswing by shrinking house sizes, the report said.

“In 2001, average unit size was 1,400 sq ft but this declined by 40% to 1,083 sqft by 2016. This trend will continue. We forecast unit sizes to shrink to 840 sqft by 2030, above the government’s guideline that the average size of each development should not be smaller than 70 sqm (750 sqft).”

DBS noted that the government has, in the past few years, maintained a tight immigration policy, and cautioned that a further tightening will result in a lower-than-projected growth affecting the property market upswing.

“Our positive call on the Singapore property market is premised on a 2030 population of 6.5m. However, if Singapore’s population misses that target, we could see demand for homes falling below our target of 15k-16k per  annum. In our bear case scenario of 6.3m population, demand for homes is projected to be at 12,000 homes, in line with historical demand levels, implying that there is less impetus for prices to rise on a sustainable basis.
The government has, in the past few years, maintained a tight immigration policy. A further tightening resulting in a lower-than-projected growth in non-resident growth rates might mean lower rental demand and thus result negatively impact property prices. In achieving our population growth target of 6.5m, we have assumed a 2.3% growth rate, vs 2015-2017 growth rate of 2.0%.
We have not assumed any policy tightening in our forecasts. The recent hawkish tone from the government, warning of an exuberant property market could imply potential tightening measures if prices run up too fast. In our view, a more than 10% rise in property prices in a year may prompt the government to tighten.
Our assumption of a long term income growth of 2.5% over 2018-2030 is supported by stable economic growth conditions over the next 12 years. While we do not foresee any near term trigger for us to turn cautious, any external shock from geopolitical risks or economic black swan events resulting in a economic downturn and a rise in the unemployment rate will result in a downshift in prices. In our analysis, we find that prices tend to fall when the unemployment rate rises to > 3.5%, compared to the current 2.0%.”

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Amos Yee crowdfunds for fellow pedophilia supporter

On his Facebook page on June 8, controversial former child star, YouTube personality, and blogger Amos Yee made an appeal for financial support for a fellow pedophilia supporter on YouTube. The YouTuber, Youth Liberation, had just had his legal name and his parents’ address revealed online, and is in need of money“for survival.”

According to Yee, Youth Liberation was in dire financial straits because he had been asked to leave his parents’ home for his public support for pedophilia. Additionally, his YouTube account has been flagged many times and was suspended.

The teenager included a link showing a video of a speech from Youth Liberation, as well as another link telling viewers how they can send support.

Youth Liberation said on his Patreon page that the donations he needed will provide some peace of mind; should almost be able to cover basic needs and the up-keep of video editing software. I define basic needs as food, water and shelter. It’s crucial that these are covered so I can focus on this work,” and he asked for $320 monthly.

Yee’s YouTube channel, “Brain and Butter,” was terminated last month because of his support for pedophilia, citing violations of community guidelines. YouTube drew much criticism for running an advertisement for child development on Yee’s channel.

According to Yee’s Facebook post, Youth Liberation is now moving to Morocco in the hopes of living there. If financial support is unable, Yee asked for encouraging words, calling Youth Liberation an “important and powerful voice in our community.”

Yee, now 19, is an award winning former child actor who first got into trouble in 2015 Singapore after posting critical videos about Prime Minister Lee Kwan Yew shortly after his death, videos that many found to be offensive. He was arrested on charges of “intention of wounding the religious feelings of Christians”, obscenity, and “threatening, abusive or insulting communication.” He was arrested and received a four-week jail sentence, served in remand.

After being jailed twice, Yee moved to the US, where he sought asylum. He spent nine months in detention before being granted asylum in late September, 2017. In the US, Yee continued to receive both flak and support for his controversial posts on pedophilia and other topics on YouTube and Facebook. He has asked for, and was given, funds from his supporters on social media. However, his account on Facebook has been suspended for 30 days, also for violation of community standards. His Twitter account also received a suspension last year.

“Miser” surprises everyone by leaving millions to charity

Despite his reputation for miserliness, Loh Kum Mow surprised his family and friends by leaving a good portion of his $20 million fortune to charitable institutions. Mr. Loh died of natural causes in December 2016 at the age of 89.

Mr. Low’s work as a sub-accountant for many years at what was then known as Public Insurance Company (now MS First Capital Insurance) as well as stock market investments made him a millionaire.

The four recipients of Mr. Loh’s benevolence are the following 

  • Bo Tien Welfare Services Society
  • National Kidney Foundation (NKF)
  • Thye Hua Kwan Moral Charities
  • Ren Ci Hospital

Each of these institutions received approximately S$840,000 and were told about the donation a few months ago, upon the full liquidation of Mr. Loh’s shares.

Mr. Loh’s sisters each received 6%, and his four nieces and nephews each got 13.75% of his fortune.

Denny Chua, the honorary secretary of Bo Tien Welfare Services Society, said that the gift will put Bo Tien, which is a voluntary as well as a non-profit organization, on more solid financial ground to assist more people in need. Bo Tien is fully dependent on donations from the public.

Tim Oei, CEO of NKF, expressed his gratitude for Mr. Loh’s generous donation, saying that the organization rarely receives such a large amount, and that more than 4000 patients of NKF are sure to benefit from it. The NKF has allotted Mr. Loh’s donation for the operational expenses of one of the foundations dialysis centers at Block 633 Ang Mo Kio Avenue 6.  “His legacy gift will certainly go a long way in fulfilling our mission of giving life and hope, enabling us to bring better care and integration, and provide stronger support to patients at the community level,” Mr. Oei said.

Thye Hua Kwan announced that Mr. Loh’s legacy will go towards their free clinics, multi-race and religious events, and other services that they offer, and Ren Ci will strengthen their patient care and rehabilitation program with the donation they’ve received.

Charlie Loh, Mr. Loh’s nephew and executor, described his uncle as a self-made man, who rose from poverty as the son of a fishmonger.  Born in Guangdong, he moved to Singapore when he was three years old. During World War 2 he worked as a translator for the Japanese. 

In his 30’s, Mr. Loh obtained an accountancy certification from Cambridge, despite only having had a few years of formal education in Mandarin. In his 40’s he married a member of the same firm. The couple had no children of their own.

Mr. and Mrs. Loh shared the same thrifty habits, such as dressing simply. His nephew said that the only branded item his uncle used was a much-repaired Seiko watch. His frugal ways were so well-entrenched in his character that the only time he repaired the roof of his own house was when it was near collapse, and he had received a official warnings about it.

But he was loyal to the members of his family, and paid for his grandmother’s elderly care home fees for many years when she suffered from dementia and needed a feeding tube, and he also sent money to his extended family in China every year. 

Mr. Loh was able to visit his relatives in Shantou in 2014, which was one of the last wishes he made before dying in 2016.

After Mrs. Loh died six years ago, Mr. Loh chose the charitable institutions that would benefit from his donations. Mr. Charlie Loh believes that his uncle chose the NKF since he had suffered from diabetes for more than four decades, and that the other charities were chosen because Mr. Loh had experienced the suffering of his wife, mother and others from chronic illnesses.

A tablet has been laid in his honor and memory at Thye Hua Kwan Temple’s Hall of Filial Piety in Sengkang West, as a symbol of Thye Hua Kwan Moral Charities’ gratitude. 

Man outside St. Regis shouts at police about unnecessary $20 million cost for Trump-Kim summit

Earlier this afternoon, a video was circulating on social media and Whatsapp messenger of a man raving outside Tanglin Shopping Centre beside the St. Regis hotel.

At what seemed to be a diversion of pedestrian traffic, the elderly man took the opportunity to lash out at a police officer about rising costs of living alongside the S$20 million bill of the Trump-Kim summit.

The man was gesticulating and shouted at the police officer, “This is not my country, this is your money ah? 12 per cent water increase, 12 per cent electricity increase and you tell me go off.”

The police officer then asked him to calm down and to walk through, “Go down this way, it’s a short cut”, the officer said.

The man seemed to get more agitated and retorted, “Why don’t you walk round? Why don’t you walk round short cut? Why don’t you short cut yourself?”.

He also repeated, “You take 12 per cent increase in electricity, 30 per cent increase in water, to spend money like this? Waste of [people’s] money.”

He then also shouted in dialect, “Waste of resources”, and “Earlier die, the better”.

Through the incident, the police officer calmly dealt with the man and repeatedly asked him to “calm down”.

The officer was lauded by netizens who said that he was able to keep his cool and handle the situation very professionally.

Many also said that in other countries, the man would have been tasered by the police for his behaviour.

The video, which was also shared on Facebook page ROADS.sg received 26,000 views, almost 360 shares and 400 reactions.


obbana@theindependent.sg