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Singapore shares open lower on Thursday—STI dropped by 0.6%

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SINGAPORE: Singapore shares open lower on Thursday, July 18, after mixed results seen in US and European markets overnight.

The Straits Times Index (STI) dropped by 0.6%, losing 20.25 points to settle at 3,469.32 by 9:01 am, as reported by The Business Times.

The broader market had 89 losers outnumbering 29 gainers, as 50.5 million securities worth S$86.1 million were traded.

Genting Singapore was the most actively traded stock by volume. Its shares decreased by 1.2%, down S$0.01 to S$0.855, with 6.1 million shares exchanged. Singtel also saw a decline of 1.3%, or S$0.04, bringing its share price to S$2.98, with 5.2 million shares traded. In contrast, Marco Polo Marine saw a 1.7% rise, or S$0.001 to S$0.061, with 2.1 million shares transacted.

The three local banks also started the day lower. DBS fell by 0.8%, or S$0.28, to S$37. UOB slipped by 0.2%, or S$0.06, to S$32.90, and OCBC dropped by 0.6%, or S$0.09, to S$15.13.

In the US, markets closed mixed on Wednesday. The S&P 500 and Nasdaq ended lower amid concerns about tech stocks being overbought. However, the Dow Jones Industrial Average continued its upward trend, achieving a third consecutive record high. This gain was attributed to an inflow of funds into underperforming sectors. The Dow rose by 0.6%, closing at 41,198.08. The S&P 500 fell by 1.4%, ending at 5,588.27, while the tech-heavy Nasdaq Composite dropped by 2.8% to 17,996.92.

European markets ended lower for the third straight day on Wednesday. Investor sentiment was dampened by ongoing US-China trade tensions, with the focus shifting to the upcoming rate decision of the European Central Bank.

The pan-European Stoxx 600 index fell by 0.5% to 514.83, hitting a one-week low. The technology sub-index took a significant hit, dropping by 4.5%, the biggest single-day decline since December 2022. /TISG

Read also: Singapore stocks open slightly higher on Wednesday

Featured image by Depositphotos

BTS’ SUGA D-DAY album returns to Billboard 200, peaking at number 169 following vinyl release

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Over a year after its debut, BTS member SUGA’s first solo album, “D-DAY,” has returned to the Billboard 200 chart.

Following its vinyl release, the 2023 album re-entered the chart at number 169.

“D-DAY,” released on April 21, 2023, through BIGHIT MUSIC, is SUGA’s debut studio album and the final instalment of a trilogy that began with his mixtapes “Agust D” in 2016 and “D-2” in 2020.

On July 16, Billboard announced that SUGA’s “D-DAY,” released under his stage name Agust D, had re-entered its Top 200 Albums chart, ranking the most popular albums in the United States.

The album’s sixth non-consecutive week at No. 169 on the chart was made possible by the vinyl release. Initially, “D-DAY” debuted at No. 2, tying the record for the highest ranking achieved by a Korean solo artist.

Comeback on Billboard 200

“D-DAY” made a comeback on the Billboard 200 and peaked at No. 2 on the Vinyl Albums chart and No. 3 on the World Albums chart.

Its position of hitting seventh on the Top Album Sales list and eighth on the Top Current Album Sales chart further demonstrated its excellent sales record in the US.

SUGA also returned to Billboard’s Artist 100 under Agust D, marking his seventh week on the chart as Agust D and his eighth overall.

With ten tracks, “D-DAY” features collaborations with IU, Ryuichi Sakamoto, BTS bandmate J-Hope, and Woosung of The Rose. Two singles, “People Pt. 2” featuring IU, which was released on April 7, and “Haegeum,” which debuted with the album, were used to promote the project.

Music videos were released for both singles, along with a third video for the track “Amygdala” on April 24.

Rich with social commentary

The album is rich with social commentary and personal reflections, addressing themes of liberation.

Agust D explores freedom from emotional burdens and the control of past and future influences, questioning whether liberation is “a blessing or a curse.” He encourages listeners to focus inward rather than on past regrets or future fears.

Hyeri set to star in new mystery thriller drama “Friendly Rivalry”

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Hyeri from Girl’s Day will be making a comeback on the small screen! After earlier reports that she was in talks for the upcoming drama “Friendly Rivalry,” it was confirmed on July 17 that Hyeri will take on the lead role in this series.

Created by Song Chae Yoon, ‘Friendly Rivalry’ is a mystery thriller based on a webtoon about an intense rivalry between a seemingly perfect high school student, Yoo Jae Yi and an innocent transfer student, Woo Seul Gi.

Initially becoming best friends, they gradually reveal their darker sides and desire to become No. 1 in school.

Photo: Instagram/Hyeri

Friendship and obsession

Hyeri will portray Yoo Jae Yi, a character from a privileged family with good looks and a high IQ, who excels academically even in a competitive school environment.

She is adept at manipulating situations to her advantage. Her life takes a turn when she becomes interested in the newcomer Woo Seul Gi, leading to a precarious relationship where the lines between friendship and obsession blur.

“Friendly Rivalry” is scheduled for release in 2025. Stay tuned for more updates!

Hyeri, also known by her full name, Lee Hye-ri, is a South Korean entertainer known for her music and acting.

She debuted in 2010 as the youngest member of the popular girl group Girl’s Day, known for hits like “Something” and “Expectation.” Girl’s Day disbanded in 2021 after a successful run.

Successful career

Hyeri gained recognition for her acting skills in various dramas, with a breakthrough role in “Reply 1988” (2015), which became the highest-rated cable drama in Korea at the time.

She has won awards for her performances in dramas like “Moonshine” (2021) and “May I Help You” (2022). In July 2024, it was confirmed that Hyeri will star in the upcoming mystery thriller drama “Friendly Rivalry.”

Hyeri gained the moniker “Nation’s Little Sister” for her endearing demeanour after appearing on the well-liked variety show “Real Men” in 2014.

She demonstrated her wit and variety talents as a cast member of the “Amazing Saturday” music variety show from 2018 to 2020.

Rat that was spotted at Orchard Central dubbed Don Don Donki’s new mascot “Ratatouille’ by netizens

SINGAPORE: Netizens, with their ever-creative and playful minds, have dubbed the rat that made an unexpected appearance at Orchard Central as Don Don Donki’s new mascot, whimsically naming it “Ratatouille.”

This moniker is a nod to the beloved animated film about a rat who dreams of becoming a chef, which some netizens thought was a fitting name for the little critter.

According to 8world, the rat was sighted in the dining area of the Don Don Donki supermarket, situated on the mall’s second basement floor.

Chen Jingfen (transliterated from Mandarin), retail business director of Far East Organization, which manages Orchard Central, informed Channel 8 that the staff reported the incident at 2:20 pm on Sunday (Jul 14).

Responding swiftly, the mall took action by thoroughly cleaning and disinfecting the affected zones. They also reassured their patrons of their commitment to maintaining cleanliness by collaborating with all tenants to enhance pest control measures.

A photo of the rat in action has since made its way onto Reddit, capturing the little critter confidently strolling across a table positioned in front of a shelf filled with various alcoholic beverages.

Photo: Reddit/ user PhotographOld5934

The Reddit user who shared the photo humorously captioned it with: “Rat-cceeing a new workplace.”

Rather than expressing disappointment, netizens couldn’t resist injecting humor into the situation. One user quipped, “Rats love alcohol too,” while another playfully remarked, “Wow, Seletar Disney rumor confirmed!”

In a related incident last year, a mouse was spotted scurrying around inside an MRT train, amusing netizens who nicknamed it “Jerry.” A TikTok video of the mouse showed passengers remaining nonchalant as it moved about, with some lifting their feet to let it pass.

Some netizens commented that the mouse was very cute and compared it with Jerry in the classic cartoon “Tom and Jerry”. 

One netizen said, “Jerry just got off work and needs to take the MRT home.” Another joked that the recent hot weather must have caused the rodent to rush into the train to enjoy the air-conditioning.

Read more: Jerry, the mouse, takes MRT after work to go home?

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

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SINGAPORE: A Singaporean commuter recently raised concerns on social media after claiming that the ComfortDelGro (CDG) app deducted approximately S$2,000 from her PayLah account following the cancellation of a ride that cost around S$15.

According to her, she had used a promotional code via PayLah to get a S$2 discount on the ride. However, the ride was cancelled by the driver, prompting an automatic deduction of S$2,000 from her linked bank account through PayLah.

“Since my PayLah is set to auto-deduct, it directly deducted S$2,000 from my bank account with a bunch of S$30 transactions in one go. And it’s not reflected in my PayLah. Now I’m out S$2,000,” she explained.

Despite contacting her bank and reaching out to CDG, she claimed “no answer was given”,  only assurances that her case would be escalated to the relevant department. Now her S$2,000 was nowhere to be found.

Concerned netizens advised her to file a police report and involve other regulatory bodies to address the alleged unauthorised deductions.

One commenter suggested, “Go make a police report. Say that you suspect CDG has stolen S$2,000 of your money through unauthorised deductions from your bank account. Then, send a copy of the police report to CDG (censoring any sensitive information) and see if that prompts action. Also, send a copy to your bank. You should also consider making a report to other relevant agencies that deal with this kind of matter.”

Another pointed out, “How can DBS say this is not their fault? If your bank account shows top up to PayLah, but there is no money nor deduction in PayLah then this is in fact an issue that the bank needs to resolve. How can the bank have no record of where your money went?”

Others shared similar experiences, with one commenter recounting, “Had something similar before but a much smaller amount, basically I just went going back and forth between the bank and the merchant repeatedly (because bank told me to find merchant, and merchant told me to find bank) until one of them responded.”

While some were more nonchalant in their approach stating, “just give it time” or “they will refund you eventually,” another advised, “But don’t stop pestering CDG or your bank or the police just in case.”

The Independent Singapore has contacted CDG and DBS for comment.

/TISG

Read also: Grab called out for giving two low-value vouchers instead of a refund; company initiates measures to avoid recurrence

PAP mouthpiece’s article against anti-death penalty activists slammed as “low-quality drivel”

SINGAPORE: A prominent lawyer who supports the use of the death penalty in the context of drug trafficking lambasted an article in Petir, the official organ of the ruling People’s Action Party.

In a Facebook post on July 17 (Wednesday), Yeoh Lian Chuan described the article as “terribly low-quality drivel”, adding, “It is quite disappointing that this level of thinking is what the PAP’s mouthpiece stands for.”

The piece, which has no author indicated, is titled “The delusions of the anti-death penalty activists,” and was published on May 10 this year.

It criticized the actions of individuals and groups that have spoken up against capital punishment in Singapore as “virtue signalling.” It also said the activists are “either naïve at best or plagued by a saviour complex.”

It added that “Singapore might be an outlier when it comes to drugs, but it is a badge of honour we hold dear and part of our exceptionalism.

Perhaps when anti-death penalty activists stop their chase for virtue, they might start seeing drug traffickers for what they are. Scourge of the earth and proxy murderers who do not deserve our sympathy.”

Mr Yeoh expressed dissatisfaction with the perspective taken in the piece and called capital punishment an issue of “deep moral significance.”

He added that it is an issue that various people may have “honest, reasonable, deeply held beliefs” regarding whether a State may take one’s life as a punishment for crime, and if this is the case, which crimes are so grave that they are deserving of such final sanction.

Significantly, he added, “Bearing in mind also that all human acts, include the justice system, are perforce fallible.”

Several Facebook users have commented on his post, including one who opined that he was curious about the ruling party’s approach to Petir.

He added, “It almost seems as if the Party has deliberately decided to use the party organ to channel its MAGA-like elements.”

Mr Yeoh agreed that “Petir has a distinct MAGA slant” and wrote that he doesn’t “favour this type of political rhetoric.”

As of this year, among the 193 member states and two observer states in the United Nations, 53—or 27 per cent, have kept the death penalty in law and practice.

Amnesty International noted in May that the number of executions last year rose to its highest number since 2015.

Among the 1,153 executions that took place in 2023, 508 executions were for drug-related offences, including five that were reported to have taken place in Singapore. /TISG

Read also: ‘The death penalty is not a deterrent’ — Richard Branson weighs in on executions in Singapore this week

“Nepo baby” tag follows Goh Jin Hian in the wake of latest High Court ruling

SINGAPORE: Former Singapore Prime Minister Goh Chok Tong’s son Goh Jin Hian is being called a “nepo baby” in online forums after the High Court ruled that he is liable to pay US$146 million (S$196 million) plus interest for losses suffered by the now-insolvent marine fuel supplier Inter-Pacific Petroleum (IPP).

Justice Aedit Abdullah’s comprehensive 170-page judgment outlines the gravity of Goh’s negligence as IPP director, particularly his lack of awareness regarding IPP’s cargo trading business, which the court identified as a “vehicle of fraud” leading to disastrous consequences for the company. Goh served on IPP’s board from June 28, 2011, until August 2019.

In his ruling, Justice Abdullah emphasized the extent of Goh’s carelessness, noting, “The mere fact that Dr Goh had not been a perpetrator of the fraud did not mean that he was not responsible for its disastrous consequences on IPP.” He further criticized Goh’s misfeasance and nonfeasance, stating that it was his failure to be aware of the cargo trading business that allowed fraudsters to exploit the company.

The court’s decision follows an appeal by Goh against a February ruling that held him liable for breaches of director’s duties and statutory duties. Deloitte & Touche, acting as IPP’s judicial managers and later liquidators, sued Goh to recover the substantial losses, accusing him of gross negligence during his directorship.

According to the liquidators, the fraudulent activities involved significant trade financing from IPP’s two largest creditors, Malayan Banking (Maybank) and the Singapore branch of Societe Generale (SocGen). They argued that Goh failed to address numerous red flags and missed critical opportunities to investigate the company’s financial irregularities.

The court found Goh negligent for not investigating US$132 million in receivables purportedly owed to IPP by Mercuria Energy Trading. These invoices, issued between September 2017 and early 2018, were for bogus transactions, and Goh’s failure to verify them allowed further fraudulent drawdowns.

Additionally, Justice Abdullah rejected Goh’s defense that the company’s business structure absolved him from needing to scrutinize its financials. The judge asserted, “A director’s duty to make inquiries… is intended to ensure that the director is sufficiently on top of the company’s affairs to prevent the company from entering into a crisis in the first place.”

The court also dismissed Goh’s claim that he had transitioned to a non-executive role from July 2015, finding evidence of his continued active involvement in IPP’s management post-transition.

Beyond the current ruling, Goh faces further legal challenges. In September 2023, he and three others were charged with 132 counts related to false trading offences. Goh alone is facing 39 charges under the Securities and Futures Act for allegedly manipulating the share price of New Silkroutes, a healthcare and energy firm, during various periods in 2018.

Aside from being called a “nepo baby,” Goh has drawn criticism for being “blur” in his capacity as IPP director. Singaporeans responding to the latest High Court ruling online expressed surprise that he continued collecting salaries or board fees but “genuinely thought he had no responsibilities or accountability.”

TISG/

Singapore named safest city for tourists by Forbes Advisor

SINGAPORE: Singapore has been named the safest city for tourists, according to a recent list compiled by Forbes Advisor. The study, which compared 60 international cities across seven key metrics, highlighted Singapore’s exceptional safety standards, earning it the top spot.

Forbes Advisor’s ranking considered various factors including natural disasters, digital security risks, and crime risks. Singapore was noted for its Level 1 safety rating from the US State Department, the highest level of safety assessment available. This rating underscores the city’s robust measures to ensure the well-being of its residents and visitors.

One of the standout aspects of Singapore’s safety is its minimal natural disaster risk. The city-state’s geographic location shields it from severe natural calamities such as typhoons and earthquakes, contributing to its top ranking.

The quality of healthcare services and city infrastructure in Singapore also received high marks, ranking second lowest for both health security and infrastructure security risks. This indicates that the city provides excellent medical services and maintains a reliable and safe urban environment.

In terms of digital security, Singapore was rated second lowest for risk, reflecting a secure internet environment where citizens and tourists can use digital services without significant concerns.

Overall, Singapore achieved a perfect risk score of 0 out of 100, setting it apart as the epitome of urban safety.

Following Singapore, Tokyo, Japan, and Toronto, Canada, secured the second and third positions respectively. Both cities were recognized for their strong safety measures and low-risk environments, although they did not match Singapore’s exceptional overall safety score.

On the opposite end of the spectrum, Caracas, Venezuela, was ranked as the riskiest city, with a perfect risk score of 100 out of 100. The city’s high crime rates and severe health security issues were significant factors in this ranking. The US State Department has issued its highest travel warning against visiting Caracas.

Karachi, Pakistan, and Yangon, Myanmar, also ranked poorly, with risk scores of 93.12 and 91.67 out of 100 respectively. These cities face significant challenges in terms of safety, including high crime rates and health security concerns.

TISG/

Daughter says her mother falsely filed a domestic violence case against her father; she then asks for help online

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SINGAPORE: Unsure of where to turn to, a young Singaporean sought help online after her mother filed a false domestic violence case against her father.

Recounting the entire incident on r/SingaporeRaw, the youngster shared that her mother filed it on the night she came home extremely drunk.

Initially, it was she who had fought with her mother because her mother had puked all over the bathroom and left without cleaning it.

She confronted her mother about cleaning up the mess. However, her mother reacted “aggressively” and asked her harshly, “Where the heck is the puke?”

“So obviously, I pointed to the places while CLEANING UP her mess. She proceeded to scold me and used a lot of harsh words on me and ultimately told me to just ‘go to die’,” she wrote.

During this point, her father came home from a long day of work and overheard the entire commotion.

“He told her to just shut up and go to sleep if she’s drunk. Instead, she shouted at him and it escalated into a verbal argument,” the daughter said.

Her mother, however, took it up a notch when she saw she was losing the argument. She called the cops on him and even asked for an ambulance, falsely claiming she had been assaulted.

“Cops came and took our statements and my mum insisted on going to the hospital for ‘head injury’, which is literally non-existent because I was in between the two of them and was holding my dad back till the cops arrived,” she continued.

“Also, I have requested the cops to do a blood alcohol test in the hospital to prove the point where she’s drunk and the cops told me the hospital will definitely do it,” she added.

Despite knowing her father’s innocence, she couldn’t shake her worry upon recalling that her mother had filed a Personal Protection Order (PPO) against him ten years ago.

“The reason why she filed for an PPO back then was because she was caught cheating with several men (I was the one who found out everything) and she filed for it ‘just in case’ if anything happens,” she explained.

She feared this past incident could resurface and be used against her father.

“Honestly, my mum is just a horrible woman who decided to cheat just because my dad wasn’t well-off anymore (dad used to be a businessman but went bankrupt because of the 2008 financial crisis) and wasn’t able to provide her the life she’s used to,” she wrote.

“If anyone knows how the standard procedure works or in this case, will he get charged? Thank you everyone.”

“Get your dad to file divorce and leave your mom.”

After reading about the young Singaporean’s dilemma, advice from the online community poured in. Many urged her to support her father and encouraged him to seek legal counsel to protect himself from false accusations.

One user commented, “If you have evidence of abuse, counter file for a PPO and DEO (Domestic Exclusion Order) against your mother.”

Another suggested, “Well, your write-up is very useful. It is a contemporaneous account of what happened. The court is likely to give it weight. Print out a copy and keep it.”

A third user, who happened to be a lawyer, also clarified to her that her father will not get into trouble since her mother had no injury and because she can attest as a witness that no violence occurred.

If she’s still concerned, however, the lawyer recommended her to go to a free legal clinic, such as Pro Bono SG South East CDC, SMU Pro Bono Centre, SCWO Legal Clinic, etc. to obtain some more concrete advice.

He added, “I recommend going for one of those that are “by appointment” rather than “walk in”. Reason being you will be asked to provide a short summary of your case beforehand, and the lawyer will have an opportunity to do some research (and there is a higher likelihood that the lawyer assigned will be knowledgeable in this area).”

Others, meanwhile, advised her to seek help from a Family Service Centre or to cut off her mother entirely from their lives

One user suggested, “Get your dad to file divorce and leave your mom.”

Read also: Praise for mother who hit her son for hitting a cat?

Featured image by Depositphotos

No-strings-attached cash payouts actually improved needy families’ lives instead of being “a waste”: Awwa

SINGAPORE: Contrary to concerns that no-strings-attached cash payouts would be wasted or disincentivize low-income families from working, Awwa’s Family Empowerment Programme has demonstrated significant improvements in the lives of the disadvantaged in Singapore.

The initiative, which provided financial aid ranging from $300 to $550 per month to 75 low-income households between May 2022 and November 2023, yielded improvements in both job security and mental health for the beneficiaries.

Ms Irawati, a 37-year-old mother of five, was one of the beneficiaries of the pilot programme. She began 2022 in a state of exhaustion and despair, struggling to feed her children, as her husband’s income as a delivery rider was unstable. Her situation improved dramatically when she started receiving $550 monthly through the program.

This financial assistance gave her the confidence and stability to secure full-time employment as an office cleaner, transforming her outlook on life.

The program, a randomized control trial—the first of its kind in Singapore for unconditional cash transfers—was designed to empower families by allowing them to make their own financial decisions without preconditions. Inspired by similar international initiatives, the program aimed to lift the mental strain of financial stress and provide recipients with autonomy and dignity.

By the end of the program, 60% of participants who received the cash were classified as “well” in terms of psychological distress, compared to 36% in the control group. Additionally, 27% of those receiving the cash reported better job security, a notable increase from the 15% in the control group. More participants in the cash group also reported improved training and advancement opportunities.

The positive effects of the program were highlighted at an event on July 17 at the Awwa Home and Day Activity Centre in Pasir Ris, attended by President Tharman Shanmugaratnam and First Lady Jane Ittogi.

Ms. Huixia See Toh, Awwa’s director of family services, emphasized the program’s goal to empower families to make their own decisions. She highlighted research indicating that chronic poverty severely limits cognitive functioning and the ability to plan for the future.

The program was designed with the assistance of Tri-Sector Associates, a social impact firm, and initially funded with $750,000 from Standard Chartered Bank. Upon meeting specific outcomes related to education, skills upgrading, and employment, Temasek Trust pledged an additional $750,000 for a second phase.

The promised funds will soon be disbursed as the outcomes have been met, Awwa said.

Despite initial resistance to the idea of unconditional cash transfers, concerns that recipients would lack work incentive or misuse funds were disproved. Tri-Sector CEO Kevin Tan noted that alleviating financial stress had a profoundly positive impact on recipients’ mental well-being.

Dr Ng Kok Hoe, a senior research fellow at NUS’s Lee Kuan Yew School of Public Policy, added in an interview with the Straits Times that such cash transfers not only provide resources but also grant recipients autonomy and dignity by showing trust in their decision-making capacities.

Ms Irawati echoed these sentiments, describing how the cash assistance gave her hope and empowerment. It enabled her to buy healthier food and educational materials for her children, and even obtain a motorcycle license, allowing her to work as a food delivery rider temporarily.

She expressed her gratitude, saying, “I was able to tell my kids, ‘Yes we can go out to eat; Yes mummy can buy you this,’ which motivated me to work and succeed, and to help others.”

TISG/