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Singapore overtakes Beijing as Asia’s top startup ecosystem

SINGAPORE: Singapore has emerged as Asia’s leading startup ecosystem, displacing Beijing from the top spot, according to the latest Global Startup Ecosystem Report (GSER) by Startup Genome and the Global Entrepreneurship Network.

In the 2024 GSER rankings, Singapore climbed to seventh place globally, up one position from last year, while Beijing slipped to eighth. This advancement highlights Singapore’s robust growth and strategic positioning in the region.

The report noted that Singapore’s startup ecosystem generated an impressive US$144 billion in ecosystem value between July 1, 2021, and December 31, 2023. This figure marks a 27% compound annual growth rate compared to the prior two-year period, reflecting the city-state’s economic vitality and innovation prowess.

Ecosystem value, as defined in the report, measures economic impact through the valuation of startups and the value of exits.

“Singapore’s ascent as the core of the Pan Asia Startup Ecosystem hub brings together visionary founders and investors to advance Deep Tech- and AI-driven innovations, cementing its position as a leading force in the region,” said Atsushi TaiTairco-founder and chairman of The Edgeof, and Managing Director of Mistletoe Singapore.

Singapore remains just behind Boston, which holds the sixth spot, but leads ahead of other major Asian cities including Seoul (9th), Tokyo (10th), and Shanghai (11th). Silicon Valley retained its top position as the best global startup ecosystem for the fifth consecutive year, with New York and London tied for second place.

The city-state’s ecosystem now boasts over 4,500 tech startups, supported by 400 venture capital firms, and 240 accelerators, venture builders, and incubators, as per the report’s findings. Despite the growing challenges faced by startups globally over the past year, Singapore’s ecosystem has continued to thrive, demonstrating resilience and adaptability in a competitive market.

The GSER report ranks the top 40 global ecosystems and identifies emerging trends shaping the startup landscape. Singapore’s continued rise reflects its strategic efforts to foster innovation, attract investment, and build a supportive environment for entrepreneurs.

TISG/

Majority of cybersecurity professionals unable to identify deepfake attacks

SINGAPORE: In today’s rapidly evolving cyber landscape, less than half of Singapore’s cybersecurity professionals feel confident in their ability to identify attacks using deepfakes, according to a new report from cybersecurity firm Bitdefender.

The report highlights significant challenges as AI-assisted social engineering attacks emerge as a predominant threat, posing a considerable risk to organizations across the island nation.

The findings reveal that only 49% of IT and security teams believe they can effectively spot deepfake-related cyber attacks, indicating a critical gap in defensive capabilities.

Deepfakes, manipulated media that can convincingly imitate real individuals, are increasingly being used to deceive and manipulate organizations. This brings to the fore a growing need for enhanced training and tools to address such sophisticated threats.

Over the past year, more than half of Singaporean organizations (57%) experienced data breaches or data leaks, a notable increase compared to the previous year. Despite this rise, Singapore still maintains the lowest volume of data breaches globally, a mixed signal that highlights both progress and ongoing vulnerability.

The report identifies phishing and social engineering (38.5%), ransomware (33.5%), insider threats (33.5%), and software vulnerabilities or zero-days (33.5%) as the leading cybersecurity threats faced by Singaporean entities. These issues reflect a broad spectrum of attack vectors, emphasizing the diverse challenges in the current threat landscape.

Managing cloud environments also presents significant hurdles. Half of the respondents cited identity access management and maintaining cloud compliance as their main challenges.

Additionally, only 50% of the organizations conduct regular audits and assessments of their cloud infrastructure, suggesting a need for improved cloud security practices.

In response to the escalating threat environment, nearly all (97%) of Singapore’s cybersecurity professionals plan to boost investment in proactive measures, such as penetration testing and red teaming. This strategic pivot indicates a proactive stance in fortifying defenses against increasingly sophisticated attacks.

“We continue to see an escalation of attacks, in terms of volume, variety of attack surfaces, and sophistication – particularly those enabled by AI,” said Paul Hadjy, Vice President of APAC and Cyber Security Services at Bitdefender. “To combat this, Singapore companies must seek more advanced cybersecurity solutions and focus on attracting and managing the right talent.”

As cybersecurity threats continue to evolve, the report highlights the urgency for Singaporean organizations to enhance their defensive strategies, particularly against AI-driven threats like deepfakes. The emphasis on proactive measures and talent development is expected to be crucial in navigating the complexities of the modern cyber threat landscape.

TISG/

Kimly acquires coffee shop at Serangoon for S$13.15 million, 60 years left on lease

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SINGAPORE — Kimly Limited, one of Singapore’s largest coffee shop chain operators in Singapore, announced on Tuesday (June 11) that it has exercised the option to purchase a coffee shop property located at Serangoon Central priced at S$13.15 million.

The proposed acquisition will be made through the company’s wholly-owned subsidiary, Choh Dee (S204) Food House from Lee Quan Enterprises. The property at Block 204 Serangoon Central, is a two-storey HDB shophouse unit comprising a coffee shop on the ground floor and a three-room HDB flat on level two.

The property has a strata floor area of 358 sqm. With a 90-year leasehold that commenced on October 1, 1994, the property has a remaining lease term of approximately 60 years.

The proposed acquisition for the Serangoon Central coffee shop is expected to complete on or around Dec 10 2024, or four weeks after the unconditional approval has been granted by HDB.

In a filing to the Singapore Exchange (SGX) on Tuesday, the company explained that the proposed acquisition is in line with the group’s strategy to expand its network of food outlets in Singapore and to establish new food outlets and food stalls as and when suitable strategic locations become available.

“The Group expects to strengthen its presence in the market by opening more food stalls under its food retail division, which is complemented by its central kitchen, and will continue to explore opportunities to acquire and/or operate more strategically-located coffeeshops in mature estates with established footfalls,” said the company.

The book value of the coffee shop property at Serangoon Central is S$14 million, and it includes a stamp duty of S$890,000. An independent valuation report by GB Global completed on June 7 this year, commissioned by Kimly, had put the market value of the property at S$13.7 million. Kimly added that the purchase will be “satisfied by way of cash and funded by the company’s internal resources.”

The proposed acquisition is subject to the coffee shop being sold with a condition of tenancy ending on 31 August 2025, which will be transferred upon completion; as well as the written approval of HDB and, including other the relevant authorities. 

If HDB approval is not obtained by Sep 10, Choh Dee (S204) or Lee Quan Enterprises has the option to rescind within a seven-days notice. All monies paid by Choo Dee (S204) to Lee Quan Enterprises shall be refunded without any interest or deductions and neither party has any further claims or demand against the other.

The groups said that the proposed acquisition of the coffee shop property at Serangoon is not expected to have any significant impact on their financial performance for the current financial year.

Photo: website screengrab / Kimly Limited

Kimly’s group currently operates and manages an extensive network of 86 food outlets, 172 food stalls, 12 Tonkichi, as well as Tenderfresh restaurants and four Tenderfresh kiosks across the heartlands of Singapore.

Kimly’s first half financial year 2024 report revealed a net profit of S$16 million, accompanied by a significant 1.9% revenue growth. The S$158.5 million revenue was driven primarily by the performance of the group’s outlet management and food retail division. The group’s gross profit margin also saw an increase of 0.5% to 27.8%, compared to 27.3% in 1H FY 2023.

In the report, the group noted that; “Singapore grapples with numerous challenges amid a competitive landscape and soaring operational expenses.”

It added, “F&B establishments are expected to struggle with the ongoing manpower shortages, despite offering higher pay to attract and retain talent. Additionally, escalating costs of raw materials and utilities pose a significant hurdle, putting considerable strain on food outlets to offer competitive prices while ensuring sustainable profitability.”

Despite facing a challenging economic environment, Kimly which is listed as 1D0 on the SGX, declared an interim dividend of one cent per share, marking an increase of 78.6% as compared to 0.56 Singapore cents per share in 1H FY2023. At closing of business on Wednesday, June 12, Kimly shares are trading at 0.32 cents.

TISG/

Conservative US Supreme Court justices’ differences revealed in secret recordings

The conservatives are said to have a 6-3 majority on the US Supreme Court, including Chief Justice John G Roberts, Jr. However, there are differences. The chief justice does not share the views of hardline conservative Justice Samuel A. Alito, Jr.

The differences were caught on tape when a woman posing as a Catholic conservative secretly recorded her conversations with them without their knowledge at an exclusive gala at the Supreme Court last week,

Justice Alito said compromise between the left and right might be impossible in America and agreed with the woman that the nation should return to a place of godliness.

“One side or the other is going to win,” Justice Alito told the woman,  Laura Windsor.  “There can be a way of working, a way of living together peacefully, but it’s difficult, you know, because there are differences on fundamental things that really can’t be compromised.”

The judge agreed with Windsor when she said that “people in this country who believe in God have got to keep fighting for that, to return our country to a place of godliness”.

“I agree with you, I agree with you,” he responded.

Chief Justice Roberts differs with Justice Alito

His comments were in marked contrast to the views expressed by Chief Justice Roberts. The chief justice shot down Windsor’s suggestion that the court had an obligation to lead the country on a more “moral path”.

“Would you want me to be in charge of putting the nation on a more moral path?” said Chief Justice Roberts. “That’s for people we elect. That’s not for lawyers.”

Windsor sought his views on religion, saying: “I believe that the founders were godly, like we’re Christians, and I think that we live in a Christian nation and that our Supreme Court should be guiding us in that path.”

Chief Justice Roberts retorted, “I don’t know if that’s true.”

He added: “I don’t know that we live in a Christian nation. I know a lot of Jewish and Muslim friends who would say maybe not, and it’s not our job to do that.”

The chief justice did not think the country was irreparably divided. He pointed out that the United States had managed crises as severe as the Civil War and the Vietnam War.

Windsor secretly recorded the justices at an annual black-tie event for the Supreme Court Historical Society, a charity that preserves the court’s history and educates the public about its role. The gala was open only to members, not journalists, and tickets cost $500.

The charity criticized the secret recordings, edited and shared on social media.

“We condemn the surreptitious recording of justices at the event, which is inconsistent with the entire spirit of the evening,” it said.

Woman explains why she made secret recordings

Windsor describes herself as a documentary filmmaker and “advocacy journalist”.

She said she had no other way to report on the candid thoughts of the justices.

“We have a court that has refused to submit to any accountability whatsoever — they are shrouded in secrecy,” Windsor said. “I don’t know how, other than going undercover, I would have been able to get answers to these questions.”

She did not tell the justices she was a journalist and that they were being recorded. She said she had to record the justices secretly to ensure that her account would be believed.

“I wanted to get them on the record,” she said. “So recording them was the only way to have proof of that encounter. Otherwise, it’s just my word against theirs.”

Source: The New York Times

The post Conservative US Supreme Court justices’ differences revealed in secret recordings appeared first on The Independent News.

“Schedule F”: Trump’s plan towards authoritarianism?

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Donald Trump is championing a controversial plan to overhaul the civil service system. A move that critics warn could lead to unprecedented government control and pave the way for authoritarianism. At the heart of the plan is Schedule F.

This proposed classification would make firing tens of thousands of federal employees significantly easier.

This sweeping change could fundamentally alter the federal government’s landscape, stripping job protections from civil servants who currently enjoy merit-based safeguards and the right to appeal disciplinary actions.

Schedule F – what it is

Conservatives, including Trump, argue that the president should have more control over the federal bureaucracy. Trump has been particularly vocal, insisting it needs to be “brought to heel.” To this end, he created Schedule F through an executive order in October 2020.

The order aimed to reclassify federal workers in “confidential, policy-determining, policy-making, and policy-advocating positions” as “at-will” employees, stripping them of civil service protections and making them vulnerable to being fired for any reason or none at all.

Trump has made it clear that, if re-elected, he will revive Schedule F. In a campaign video last year, he pledged to “remove rogue bureaucrats,” promising to wield this power “very aggressively.”

Potential impact sparks alarm

The potential impact of Schedule F has sparked alarm among federal employees, political scientists, union leaders, and watchdog groups. They fear that at-will employment would stifle dissent, making government workers hesitant to raise concerns that conflict with their superiors’ political agendas.

“You can see where it can grind work to a halt,” said Joe Spielberger, policy counsel at the Project on Government Oversight. “Even people trying to do the right thing [would] be afraid that if they do something wrong, they’ll be out of a job.”

Critics like Donald Moynihan, a professor of public policy at Georgetown University, argue it would invite “politicization and patronage throughout the federal workforce.” He believes that under a president not committed to democratic norms, seizing control of the bureaucracy is a classic strategy for advancing authoritarian governance.

As Trump campaigns on the promise of enacting Schedule F, the nation faces a crucial question: will this proposed restructuring ensure a more accountable and efficient government, or will it erode the democratic principles on which the United States was built? The answer could shape the future of American democracy.

Sources:

Trump plan to gut civil service triggers pushback

Trump’s plan to gut civil service protections was harsher than estimated

The ‘Chilling’ Trump Plan That Could Pave the Way for Authoritarianism

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The post “Schedule F”: Trump’s plan towards authoritarianism? appeared first on The Independent News.

Angry ex-employee cyber attacks his former company, causing it to suffer financial loss close to S$1M

SINGAPORE: A former employee who hacked into the company’s computer systems and deleted 180 servers was given a jail sentence of two years and eight months on one charge of unauthorized access to computer material.

The rash actions of Kandula Nagaraju cost technology services company NCS S$917,832. Another charge was taken into consideration for his sentencing.

The 39-year-old Nagaraju, an Indian national, is said to have been “confused and upset” after being sacked due to his poor work performance.

He believed that he had performed well and “made good contributions” in his duties for NCS, according to a report in CNA.

Kandula was employed at NCS from November 2021 to November 2022 as part of a team of 20 people who managed its quality assurance computer system that tested new programs and software before they were launched.

One hundred and eighty virtual servers made up the system. Fortunately, no sensitive information was stored on the servers.

The ex-employee went back to India after he was fired from NCS.

On his laptop, he used the administrator login credentials to gain access to the system on six separate occasions between Jan 6 and 17, 2023, even though he was fully aware that he had been fired from his job and had no permission to do so.

By the following month, he was back in Singapore with a new employer but stayed with a roommate who worked at NCS. Kandula then used his roommate’s Wi-Fi to access the NCS system again.

On March 18 and 19, 2023, he used computer scripts he had written to delete NCS’ virtual servers one at a time. Kandula had unauthorized access to the servers 13 times in March.

When the company attempted to access the system on March 20, it discovered it could not do so and that the servers had been deleted.

NCS filed a police report on April 11, handing over to the authorities the IP addresses discovered during the internal investigations after the system became inaccessible.

The police seized Kandula’s laptop and discovered that he had carried out a Google search regarding scripts for deleting virtual servers. /TISG

Read also: MINDEF rejects TikToker’s claim that he hacked into its system

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

SINGAPORE: The retail sector in Singapore is facing a downturn as more Singaporeans shop overseas due to the stronger Singapore dollar.

Recent data from the Department of Statistics, reported by Channel News Asia, reveals a 1.2% year-on-year decline in retail sales for April, marking the sector’s weakest performance since December.

Meanwhile, some sectors, like automotive, have shown resilience, while others, particularly consumer goods like clothing and footwear, department stores and mini-marts, have witnessed a notable drop in sales.

Analysts attribute this decline to various factors, including reduced consumer spending following the first-quarter concert boom and other events.

Concerns regarding the labour market have prompted households to adopt a more cautious approach to their expenditures.

According to Selena Ling, Chief Economist and Head of Global Markets Research & Strategy of OCBC:  “Even though we are getting rising visitor arrivals, maybe they are a little bit more careful about what they spend on.

Here on the domestic consumption side as well, if the labour market really is cooling, then I suppose Singapore households also will be turning a little bit more cautious in this high-for-longer type of interest rate environment.”

The report from CNA also noted that sales of food and beverage services increased by 0.3% year-on-year in April, continuing its growth from March.

Although it is increasing slowly, sales turnover for restaurants and fast food outlets is declining.

As Singapore uses the exchange rate more than interest rates to control the economy, the local dollar gets stronger than other countries’ currencies to help with high prices when inflation increases.

However, the Singapore Retailers Association (SRA) highlighted the consequences of this approach.

According to a report by The Straits Times, the SRA pointed out that the appreciation of the local currency, combined with Singaporeans’ love for travel, drives consumers to seek more budget-friendly options abroad, particularly in destinations like Japan, South Korea, and Malaysia.

SRA also emphasised that many Singaporeans view a day trip to Johor Bahru as a convenient option for a weekend getaway or public holiday, where they often shop at significantly lower costs than in Singapore.

For example, one can get a full manicure and pedicure that costs S$35 in Johor Bahru, compared to between S$80 and S$120 in Singapore.

SRA noted that the strengthened currency encourages Singaporeans to go on more overseas holidays despite the additional expenses incurred.

On the other hand, Singaporean retailers feel the pinch as the prices of goods and services have risen for tourists due to the strengthening of the Singapore dollar.

“This is why the increase in tourist numbers did not result in stronger retail sales,” SRA remarked.

Professor Qian Wenlan from the National University of Singapore Business School also added that weak consumer demand may stem from the uncertain economic outlook, causing people to be cautious.

She believes that specific incentives, such as lower sales tax, are necessary to encourage more locals to spend domestically rather than overseas.

Despite the significant contribution of tourists to Singapore’s gross domestic product (GDP), domestic spending remains a key driver of consumption.

Professor Qian emphasises that this is a “reminder for us to keep an eye on the domestic demand, which is a strong indicator of economic health.”

This shift in consumer behaviour presents challenges for local retailers, who are now exploring strategies such as converting consumers to online shopping and engaging regulars with events to revive sales.

Professor Qian noted, “So, if people are reluctant to spend, overall, it’s not a very good sign.” /TISG

Read also: SG vs MY shopping prices: Unresistable JB bargains Singaporeans sacrifice themselves for hours in traffic

Could the opposition party capitalize on the foreign talent issue against PAP in the next GE?

SINGAPORE: After the Singapore Democratic Party placed foreign workforce and immigration policies front and centre last month during its campaign launch for the next election, some analysts are saying that these are among the main issues the opposition will use to criticize the ruling People’s Action Party, the South China Morning Post reported on June 11.

SDP’s secretary-general Chee Soon Juan said that immigration policies have contributed to widened income inequality and eroded the nation’s sense of identity, urging the government to commit to a detailed roadmap and timeline for reducing Singapore’s dependence on foreign workers.

“We are going to tell the incoming Prime Minister, Mr Lawrence Wong, to tell Singaporeans that the PAP must keep to its promise to significantly reduce the inflow of foreign workers,” he said on May 11, shortly before Mr Wong took office.

He added, “The PAP must tell Singaporeans very specifically how much it will reduce the inflow of foreign workers and by when. Give us figures. When is your end goal? Tell us.”

People’s Voice chief Lim Tean, meanwhile, asked in a recent social media post, “With Job Insecurity, Super High Cost Of Living And Immigration, Amongst Others, Are You Surprised That Singaporeans Are The Most Stressed People in South East Asia?”

And for the Progress Singapore Party, the only other opposition group with seats in Parliament aside from the Workers’ Party, manpower and foreign workers have been chief among the policy issues the PSP has long talked about.

PSP Non-constituency Member of Parliament Leong Mun Wai said in an interview last year that while Singapore needs foreign manpower, “we believe that the government’s current policies around foreign labour are overall causing harm to Singaporeans.

Therefore, we have called for a recalibration of our current foreign labour policies to create a win-win situation for both Singaporeans and non-Singaporeans.”

The SCMP piece quoted observers as saying that it’s unsurprising that opposition parties have zeroed in on immigration as a hot topic.

It quoted Singapore University of Social Sciences lecturer Kasthuri Prameswarenas saying that the cost of living and inflation, the “influx of foreigners that burden an already stressed infrastructure,” and “employment in better-paying jobs for Singaporeans” are among the issues the opposition would focus on and “hold the incumbent party to task in its management of these challenges.”

The piece also cited a survey from the Institute of Policy Studies in 2021 showing that 70 per cent of 2,000 Singaporeans polled believed stringent limits should be placed on the number of foreign workers coming into Singapore.

However, it pointed out that the issue is not a uniquely Singaporean one but echoes a growing anti-immigrant sentiment found elsewhere across the globe. /TISG

Read also: SDP to spotlight foreign workforce and immigration policies at upcoming General Election

Triple Threat Romance Drama: Kang Hoon, Shin Hye Sun and Lee Jin Wook to star alongside each other in ‘To My Harry’

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Genie TV’s upcoming original drama ‘To My Harry’ (working title) is penned by Han Garam and directed by Jeong Ji Hyun and Heo Seok Won.

The story revolves around announcer Eun Ho (played by Shin Hye Sun), who has developed a new personality due to a profound emotional wound, and her ex-boyfriend Hyun Oh (played by Lee Jin Wook), who hides his own scars.

This drama promises a refreshing, healing romance.

In ‘My Dear Harry,’ Kang Hoon plays Kang Joo Yeon, an announcer and Military Academy graduate.

Joo Yeon, characterized by his simple appearance and cold demeanour, has remained single and led a lonely life, having attended boys’ middle school, boys’ high school, and the Military Academy.

Viewers are intrigued about why Joo Yeon chose a career as an announcer instead of becoming an officer and how his challenging interactions with female colleagues will unfold into romance.

Photo: Instagram/Kang Hoon

Unique acting style

Kang Hoon has demonstrated his acting range across various genres in numerous works, including The Red Sleeve, Little Women, The Secret Romantic Guesthouse, and A Time Called You.

His unique acting style has captivated audiences domestically and internationally, and there is keen interest in his transformation for this new role.

‘My Dear Harry’ will be available on Genie TV, Genie TV Mobile, and ENA in the second half of 2024.

Known for historical dramas

Kang Hoon is a rising South Korean actor known for his performances, particularly in historical dramas. Born in 1991, he graduated with a degree in Theatre & Film from the University of Suwon and is signed with Npio.

‘The Red Sleeve’ (2021), ‘A Time Called You’ (2023), and ‘The Secret Romantic Guesthouse’ (2023) have garnered Kang Hoon a great deal of recognition. He has also showcased his versatility in ‘Little Women’ (2022) and ‘You Are My Spring’ (2021).

Recently, he joined the variety show ‘Running Man’ as a temporary member following Jun So Min’s departure in May 2024.

‘Dead baby cockroach’ found near cake; bakery wants ‘private settlement’ but customer reports case to SFA anyway

SINGAPORE: An unhappy customer took to social media after an unwanted discovery in the box of the birthday cake he ordered: an insect he described as a “dead baby cockroach.”

However, what added insult to injury appeared to be how the bakery handled the situation.

On Tuesday (June 11), a Facebook user named Jeff Soh posted on not one but two group pages called Complaint Singapore about the incident, saying he bought a Chocolate Classico cake from the Four Leaves bakery at HarbourFront Centre outlet on June 9.

Mr Soh said he put the cake in the refrigerator after he got home and only took it out that night to present it to the birthday celebrant.

But much to his dismay, he added that they found the dead baby cockroach on the cake board next to the sweet treat.

He then phoned Xiao Hong, the shop supervisor, to inform her about the situation. However, since the company’s central kitchen was already closed, she said she could do nothing more than inform the store outlet manager, Daniel.

Mr Soh said that Daniel called him back an hour later but Mr Soh was unhappy with the call, claiming that the manager “was more interested to know how the cockroach came about and (how) to arrange to retrieve the ‘evidence’.”

Moreover, he added that Daniel sought “a private settlement without offering any remedial actions. He was also suggesting going for a private settlement and not alert the relevant agency.”

Additionally, since Mr Soh already reported the incident to the Singapore Food Agency (SFA) on June 10, Four Leaves has allegedly rejected his request for a refund.

“I wish to bring this issue to light so that consumers are aware of this unhygienic establishment in handling food and more importantly the extremely poor customer service standards displayed by the company staff & its senior management,” wrote Mr Soh, who also posted photos of the cake, along with the insect beside it.

The Independent Singapore has contacted Mr Soh and Four Leaves Bakery for further comments and updates.

Meanwhile, SFA has spoken to AsiaOne, underlining that food safety is a collective responsibility. The agency has said it will look into the matter.

“While SFA puts in place and enforces the regulatory measures, food operators must play their part by adhering to good food hygiene and preparation practices. Food operators should also ensure their premises are clean and well-maintained.” /TISG

Read also: Cedele issues apology after customer finds cockroach ‘roaming around’ her ondeh ondeh cake