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75% Singapore businesses benefit from free-trade agreements when entering new markets: Survey

Jewel Stolarchuk
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75% Singapore businesses benefit from free-trade agreements when entering new markets: Survey

SINGAPORE: A recent survey by the Singapore Business Federation has stressed the significant advantages that free trade agreements (FTAs) provide to local companies venturing into international markets.

According to the survey, which encompassed over 800 businesses across the financial, manufacturing, and retail sectors, approximately 75% of these companies reported tangible benefits from the convenience afforded by FTAs.

The survey carried out in the final quarter of the previous year reveals a notable improvement in companies’ understanding of FTAs.

The business comprehension rate has surged from 62% in 2021 to 85% in the past year, reflecting a deeper awareness and better grasp of the agreements’ implications and opportunities.

Despite these positive trends, some businesses still grapple with the practicalities of FTAs. 43% of the surveyed companies indicated that the terms of the agreements hold no relevance to their operations.

Additionally, 25% of respondents admitted to not fully understanding the content of the agreements, highlighting ongoing gaps in awareness and engagement.

This survey provides a comprehensive overview of how local companies navigate the complexities of international trade and the varying degrees of benefit they are experiencing from current trade policies. /TISG

NUS study reveals eating more fruits could reduce depression risk in later life

Jewel Stolarchuk
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NUS study reveals eating more fruits could reduce depression risk in later life

SINGAPORE: In a significant new study conducted by the Yong Loo Lin School of Medicine at the National University of Singapore (NUS Medicine), researchers have found that increasing fruit intake during middle age may substantially lower the risk of developing depression in later years.

The study, which spanned nearly two decades, involved a cohort of 13,738 participants from the Singapore Chinese Health Study and provides compelling evidence supporting the mental health benefits of fruit consumption.

The longitudinal research revealed that individuals who consumed at least three servings of fruit daily were at least 21% less likely to experience depression related to ageing than those who ate fewer than one serving a day.

This correlation highlights a significant preventive measure against depression linked with ageing.

The study analyzed the consumption patterns of 14 commonly eaten fruits in Singapore, including oranges, tangerines, bananas, papayas, watermelons, apples, and honey melons.

The findings suggest that the high levels of antioxidants and anti-inflammatory micronutrients—such as vitamin C, carotenoids, and flavonoids—found in these fruits might be responsible for the observed benefits.

These nutrients are known to reduce oxidative stress and inhibit inflammatory processes, which could play a role in mitigating the risk of depression.

Interestingly, the study found no such association between vegetable consumption and depressive symptoms, indicating that fruits may have a unique impact on mental health that vegetables do not provide.

The results were published in the Journal of Nutrition, Health and Aging, emphasizing the potential role of dietary choices in managing mental health over time.

Professor Koh Woon Puay, Principal Investigator of the study and a key figure in the Healthy Longevity Translational Research Programme at NUS Medicine, commented on the findings:

“Our study underscores the importance of fruit consumption as a preventive measure against aging-related depression.

Participants who consumed at least three servings of fruits a day saw a significant reduction in their likelihood of developing depression. This could be easily integrated into daily routines by consuming one to two servings of fruits after each meal.”

He added, “… our study found no significant difference between fruits with high and low glycemic indices in terms of their effect on depressive symptoms.

Therefore, individuals with diabetes can choose fruits with a lower glycemic index to avoid raising blood sugar levels.” /TISG

Singapore central bank pledges $100M to boost AI and quantum technologies in finance

Jewel Stolarchuk
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Singapore central bank pledges $100M to boost AI and quantum technologies in finance

SINGAPORE: In a significant move to bolster technological advancements in the financial sector, the Monetary Authority of Singapore (MAS) has pledged up to $100 million to support the integration of artificial intelligence (AI) and quantum computing.

This funding commitment is part of the Financial Sector Technology and Innovation Grant Scheme (FSTI 3.0), as detailed in a recent statement by the central bank.

MAS’s initiative aims to establish Singapore as a leading hub for AI and quantum technologies within the financial industry.

The newly allocated funds will be channelled through various grant categories designed to foster innovation and enhance security in the sector.

A key component of this initiative is the introduction of a quantum track featuring three distinct grants: Technology Centres, Technology Innovation, and Security.

The Technology Centres grant offers funding covering up to 50% of manpower and other qualifying expenses related to quantum computing and security functions over 24 months.

This grant is aimed at developing robust quantum capabilities within financial institutions.

The Technology Innovation grant will provide co-funding of up to 50% to support the exploration and implementation of quantum solutions.

This grant is designed to encourage financial institutions to experiment with and adopt quantum technologies, potentially revolutionizing how complex financial problems are solved.

The Security grant, meanwhile, offers support of up to 30% for the development and experimentation of quantum technology-related pilots.

This grant is focused on enhancing the security aspects of financial operations, ensuring that as new technologies are adopted, they do not compromise the integrity and safety of financial data and transactions.

In addition to the quantum track, MAS has announced enhancements to the AI and data grant scheme under FSTI 3.0.

This enhancement aims to assist financial institutions in establishing AI innovation centres within Singapore and accelerate the adoption of industry-wide AI solutions.

The support provided under this scheme is expected to drive significant advancements in AI applications, fostering a more innovative and efficient financial ecosystem.

The substantial financial support aims to spur innovation, attract top-tier talent, and position Singapore as a leader in integrating AI and quantum computing in finance. /TISG

Shin Min Ah plays a beautiful but calculating woman in new romantic drama “No Gain No Love”

Lydia Koh
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Shin Min Ah plays a beautiful but calculating woman in new romantic drama “No Gain No Love”

Shin Min Ah’s character hinted before the premiere of tvN’s upcoming drama “No Gain No Love”.

Written by Kim Hye Young, known for “Her Private Life,” this rom-com centres on Son Hae Young (Shin Min Ah), a woman who fakes a marriage to avoid financial loss, and Kim Ji Wook (Kim Young Dae), who becomes her fake husband to avoid causing harm.

 

Photo: Instagram/tvN

Ambitious demeanor

Shin Min Ah’s character, Son Hae Young, is portrayed as someone who detests losing money in any situation. Facing the possibility of missing out on a promotion, she devises a plan for a fake marriage.

Newly released stills show Son Hae Young’s relaxed yet ambitious demeanour. Whether she sports a casual hairstyle or a bun, her charming face and curious gaze intrigue viewers with the calculated strategy she hides beneath her exterior.

In “No Gain No Love,” Shin Min Ah will reveal a new facet of her charm, blending her endearing qualities with bold dialogue.

The production team praised her portrayal of Son Hae Young, noting her sophistication and unparalleled presence in every scene.

“Through Shin Min Ah’s amazing metamorphosis, viewers can anticipate the essence of romantic comedy that will surely elicit admiration,” they continued. The drama will make its KST debut on August 26 at 8:50 p.m.

Seasoned actress

Shin Min Ah is a well-known South Korean actress and model who has captivated audiences for over two decades.

She began her career as a teen model in 1998, quickly becoming a household name in South Korea due to her energetic presence in commercials.

She switched to acting in 2001, making her feature debut in “Volcano High.” Her big break came with the 2005 movie “A Bittersweet Life,” which demonstrated her range as an actor and brought her much attention.

Singapore dollar’s odds are high to be Asia’s best-performing currency for 3rd year straight

Anna Maria Romero
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Singapore dollar’s odds are high to be Asia’s best-performing currency for 3rd year straight

SINGAPORE: As the city-state’s central bank, the Monetary Authority of Singapore, appears to be determined to keep using a firm exchange rate to fight against inflation, the odds are looking good for the Singapore dollar to outperform other Asian currencies for the third consecutive year, Bloomberg reported on Monday (July 22).

The Singapore dollar is one of the most-traded currencies in Asia and around the world, representing around 2 per cent of daily forex trades.

Singapore’s economic strength and stability and its reputation as a financial hub have contributed significantly to having one of the strongest currencies in the region.

Currently, the Singdollar is ranked third in Asia behind the Hong Kong dollar and the Indian rupee. Bloomberg added, however, that it is catching up with the other two currencies.

TD Securities macro strategist Alex Loo says,  “We expect SGD to continue its outperformance in the second half as we don’t expect MAS to aggressively reduce the slope of the S$NEER policy band this year.

SGD should continue to benefit from the appreciation path of the policy band, while the pickup in growth momentum and upswing in global trade should bolster SGD’s appeal to investors.”

Read also: Lawrence Wong to inherit “healthy economy” from PM Lee as Singdollar surpasses peers with 40% advance

The Hong Kong dollar, pegged to the US dollar since 1983, has been performing well this year. However, a likely Federal Reserve rate cut on the horizon poses a considerable threat to its currency.

Bloomberg added that the Indian rupee is also showing signs of weakness.

Unlike other countries that manage inflation through monetary policy, MAS controls prices by managing the Singapore dollar (SGD) exchange rate.

This means that the weaker the Singapore dollar is, the more expensive goods are for Singaporeans. Conversely, a strong Singdollar means more affordable goods and lower inflation.

“The key objective of MAS’ monetary policy is to ensure medium-term price stability that is conducive to sustainable growth of the economy. This means consistently ensuring that inflation is low and stable over a time frame of more than a year.

Households and businesses can plan for the longer term without worrying about prices rising too quickly, and there is a firm foundation for the economy to grow,” the central bank says in an explainer on its website. /TISG

Read also: Retail sector decline as more Singaporeans shop overseas because of stronger Singdollar

Workers’ Party holds forum for first-time voters

Anna Maria Romero
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Workers’ Party holds forum for first-time voters

SINGAPORE: The Workers’ Party Youth Wing (WPYW) announced on Monday (July 22) that it will be hosting a forum titled “So You’re Voting For The First Time?” on Aug 4 from 2:00 to 4:00 pm.

WPYW invites the youth to join an “enlightening forum tailored” to them and their “political influence—voting, volunteering, and envisioning a fairer future for all.”

Sengkang GRC MP Jamus Lim, the WPYW President, will be moderating the event with four panellists, including party chair Sylvia Lim, who is described tongue-in-cheek on the event poster as a “voter extraordinaire.”

FB screengrab/ WPYW

The other panellists include first-time voter Christian, second-time voter Mu’tasim, and third-time voter Jackson. Assoc Prof Lim was announced as the new WPYW head in a media release on Wednesday (July 17).

The Sengkang GRC MP, 48, took over from Nathaniel Koh, 49, who is also a member of the WP Central Executive Committee. Mr Koh, in turn, stepped up as the head of the party’s youth wing in the wake of the resignation last year of Nicole Seah, who held the position from 2021 to 2023 and had been set to finish her second term in 2025.

Read also: Jamus Lim for WP Youth Wing head role raises eyebrows given his age

Ms Seah stepped down from her position and resigned from the party last July, sometime after the 2020 General Election. Mr Perera also resigned from the party and his seat in Parliament.

The announcement that Assoc Prof Lim would lead the party’s youth wing was greeted with enthusiasm by supporters, who have expressed good wishes for the WP to do well in the next GE, whenever that will be.

The GE must be held before Nov 23, 2025, though there has been some speculation that it may happen before the end of the year.

The WP announced in June that its secretary-general, Pritam Singh, and Ms Lim, would retain their positions. Further appointments, significantly that lawyer Fadli Fawzi had been co-opted into the WP CEC, were announced on July 17.

WPYW’s forum for first-time voters will be held at the House of Offline on 18 Penhas Road. Interested parties may do so via the QR code on the event poster or through registering here. Admission to the forum is free of charge.

The Independent Singapore has been told that the event is open to members of the media on an RSVP basis. /TISG

Read also: Jamus Lim: We have no idea when the election will be

“Now she’s only 34kg” — Maid seeks help for severely malnourished colleague after working with her employer for just 9 months

Yoko Nicole
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“Now she’s only 34kg” — Maid seeks help for severely malnourished colleague after working with her employer for just 9 months

SINGAPORE: A maid sought help online after discovering that one of her fellow domestic helpers was suffering from severe malnutrition.

In a post on the Facebook group ‘MDW in Singapore,’ she revealed that her colleague, also from the same country as her, has only worked for her employer for nine months.

Unfortunately, during this brief period, her colleague’s health has worsened.

“She is very skinny and doesn’t have enough food at all because now she’s only 34 kg,” she wrote. She also saw her picture and noted that she looked extremely thin, almost like she had nothing but skin and bones.

She then asked others in the group whether it was okay to report this issue to the Ministry of Manpower (MOM) because her colleague was now “very scared.”

“I’m just waiting for the address so that I can give it to MOM. Thank you so much,” she added.

“The 6ME doctor will find it and will investigate her.”

In the comments section, one netizen advised her to “investigate thoroughly” before making any decisions. She urged the helper to understand the situation first and ask her colleague why she was malnourished.

The netizen also pointed out that, in some cases, domestic helpers might not like the food provided by their employers but may be hesitant to voice their concerns.

This reluctance can sometimes stem from being picky eaters or fearing negative repercussions.

Another netizen added that the helper should ask her colleague if she truly wants help.

She explained that domestic helpers in Singapore undergo a SIT IN PROGRAM (SIP) before starting work, which includes training on where and how to seek help.

Given this, she questioned why the helper herself could not be proactive in seeking assistance.

She emphasized that Singapore is a safe country where no one is above the law, but abuse can happen when helpers choose to remain silent.

The netizen also reminded helpers that the Ministry of Manpower (MOM), Centre for Domestic Employees (CDE), Foreign Domestic Worker Association for Social Support and Training (FAST), HOME (Humanitarian Organisation for Migration Economics), and the police are always available if they need any help.

Additionally, during the 6-month medical check-up, helpers can inform the doctor if they need assistance.

A third netizen said:

“If your friend is not getting enough food and is losing weight, well the 6ME (6-monthly medical examination) doctor will find it and will investigate her (asking some questions) because MOH/MOM is also monitoring housemaids’ health and condition !!

It is also up to you if you really want to try to report to the MOM or call your friend ‘s agent and consult them first.”

Read also: Maid’s employer is concerned that her helper isn’t “close and sweet to her kids… play with them… giggle with them”

Featured image by Depositphotos

“Neighbour from hell” won’t stop his “consistent knocking” throughout the day and night — Resident pleas for help

Beatrice Del Rosario
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“Neighbour from hell” won’t stop his “consistent knocking” throughout the day and night — Resident pleas for help

SINGAPORE: A frustrated resident took to an online forum to rant and seek advice from Singaporeans after claiming that her neighbour won’t stop making knocking noises at night.

“If anyone has got any way to help, please let me know. I just want to sleep,” she pleaded.

“How to stop a neighbour from hell?” was the post title that got the attention of many Singaporeans after a stressed-out resident shared her experience with an allegedly problematic neighbour.

“We are new homeowners who just moved in May 2024,” the woman shared. “Everything was pretty peaceful initially until this consistent knocking started happening two weeks after moving in.”

According to her post, the “incessant knocking” happens throughout the day but also late at night.

“I have recordings of the knocking at 11 pm, 12 am, 1 am, 3 am, 4 am, 5 am, 6 am… then it happens again during the day at 9 am, 11 am, 1 pm, 2 pm, 4 pm so on so forth.

We went around to check and neighbours told us that the particular neighbour from hell (downstairs) went crazy after his divorce.

Some told us he directly uses his fists to bang against the top of the ceiling for stress relief. The owners who sold us the unit told us there was knocking two years ago, but stopped after they lodged a complaint to HDB.”

“We empathise with his tragic life, but can he be tragic and emo without afflicting our lives? I’m heavily pregnant right now–with the baby kicking and the body aches, it’s bad enough already. The additional knocking just makes me extra fatigued.”

Read also: Pregnant woman urged against escalating complaint with Scoot Airlines about change in flight time

“Incessant knocking” allegedly does not stop

According to the post, despite having confronted the man on more than one occasion, he has not changed his behaviour.

“We told him to please be considerate and stop knocking while people are sleeping. His response: 1) he’s used to knocking his arm against the wall 2) we go down and stop him every time he knocks.”

The woman then shared her frustration over the man’s still having no change in behaviour despite trying different methods.

“Anyway, it’s been close to three months, I’ve made many recordings of the knockings (timestamped of course), called the police multiple times, called HDB, and emailed CMC–NOTHING WORKED.”

In an update, the woman shared that another resident was also “at (their) limit with the uncle’s knocking.

The uncle spoke to us and kept saying he’s used to it already, showed my husband that he uses his elbows and legs to kick/knock against the wall. Then he said, ‘What you want me to do? I’m already used to it.’

My husband replied, ‘Then (how about us)? Why don’t you do this instead.’ Then showed him a video of a punching bag and told him to maybe get something like that to kick. Uncle just said ‘Orh’ and closed the door on him…

We’ll be looking for an affordable punching bag as a gift. Hopefully, it’d help. Will update again.”

Many online users empathised with the pregnant woman and her husband and left messages of support and advice.

“I don’t have a solution for you but I just want to say I empathise with your situation excessively,” said one.

“My wife was also pregnant when my neighbours were doing renovation and it was quite annoying to say the least especially when you need rest after a long day.

Since you are also pregnant now I suggest when things start to get bad you consider going over to ur parents’ or inlaws’ place to stay, and especially after the baby is born. Stay strong and all the best to you and hope your situation becomes better.”

Featured photo: Depositphotos

Read also: Pregnant admin staff laments she is unhappy at work but needs the job for CPF contributions

“My fellow passengers and I are sweating buckets” — Train user asks if SMRT is “skimping on aircon” to cut cost

Beatrice Del Rosario
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“My fellow passengers and I are sweating buckets” — Train user asks if SMRT is “skimping on aircon” to cut cost

SINGAPORE: A commuter took to an online forum to share his thoughts on temperature control on the SMRT, asking if public transportation is “skimping on aircon.” According to the passenger, people were “sweating buckets” during the trip.

“Is it (just) me or is SMRT skimping on aircon?” the train user wrote in an online group for all things Singapore.

“So right now I am in one of the fancy new SMRT trains along the NSL but my fellow passengers and I are sweating buckets. People are waving anything like a fan.

And recently stations like Tanjong Pagar and Raffles Place (have been) literal heat zones too without aircon at the platform level,” he added.

The writer then asked, “Are they really trying to skimp on aircon since the train itself can move? Is it an environmental initiative? A cost-saving measure?”

Commuters weigh in on “skimping on aircon” post

Many others responded to the post, with a handful agreeing and sharing their experiences. “Yes totally. Don’t know why no one has complained,” wrote one.

Another shared:

“Yes. Those underground stations always feel hot on the SMRT side, conversely never felt hot on the circle line or NEL platforms. Only (on the) NSL and EWL sides. The white, red and orange livery trains on NSL also are saunas.

Take them every day and NKT 1 has cold enough aircon.

The much older black and red livery with a flat front driver cabin is the best on both EWL and NSL, super strong aircon, even better are the oldest white and red livery C151s.

The new Alstom ones are also pretty good from my limited rides with them on the EWL. But certainly, compared to a few years ago they definitely have reduced the cooling.

Don’t know if it’s to save costs, or (to be) environmentally friendly or post-Covid measures.”

A third responded by saying:

“They are refurbishing the Aircon on the NSEWL because most of them are 30 years old already. The refurbished stations (like Orchard) are properly cold while others like Toa Payoh are hot because they are using temporary aircon.”

“Has been for years,” commented a fourth.

“Still remember taking the trains as a kid and feeling the blast of cold air on the train and the cool stations. Feels like they have been turning up the thermostats and turning down the fan speeds over the last 20ish years.

Aircon too cold you can put on more layers; too warm I cannot remove more layers. Though occasionally there are certain trains where there is a vent blasting cold air at particular seats…”

Featured image: Depositphotos

Read also: ComfortDelGro app allegedly deducted S$2K through passenger’s PayLah after driver canceled ride

Lower inflation in retail and services eases Singapore core inflation to 2.9% YoY in June

Mary Alavanza
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Lower inflation in retail and services eases Singapore core inflation to 2.9% YoY in June

SINGAPORE: Lower inflation in retail and other goods, as well as services, has eased Singapore’s core inflation to 2.9% year-on-year (YoY) in June, down from 3.1% in May, according to a statement issued on July 23 by the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI).

The Edge Singapore reported that the core Consumer Price Index (CPI) remained flat month-on-month (MoM).

Increases in recreation and culture, and housing and utilities were balanced by declines in clothing and footwear, healthcare, and miscellaneous goods and services.

Headline inflation, or CPI all-items, also fell to 2.4% YoY in June, down from 3.1% in May. The drop in headline inflation was largely due to a decline in private transport costs and the easing of core inflation.

Headline inflation decreased by 0.2% MoM as transport costs dropped by 0.9%.

MAS and MTI noted in their outlook statement that global prices of energy and most food commodities have stayed “relatively stable” in recent months.

Looking ahead, MAS expects core inflation to follow a “gradual moderating trend” for the rest of 2024, with a noticeable decrease anticipated in the fourth quarter.

Private transport inflation is also expected to ease from last year, with the larger supply of certificates of entitlement (COE) this year.

Core inflation for 2024 is expected to average between 2.5% and 3.5%. The prediction for headline inflation is currently under review and will be updated in MAS’s monetary policy statement in July.

The 2019-based CPI basket includes 6,800 brands and varieties divided into 10 main expenditure categories. MAS’s core inflation measure excludes accommodation and private transport costs. /TISG

Read also: ADB expects Singapore’s economic growth to soar and inflation to slow but “several factors could keep rice prices high in 2024”

Featured image by Depositphotos

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