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Good Hands has taken good care of Sinki as SGD has outahine other currency
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Singapore dollar outshines peers with 40% advance under PM Lee
BloombergUpdated Mon, 22 April 2024 at 10:55 am SGT·2-min read
Lee Hsien Loong (Photographer: Lionel Ng/Bloomber)
By Abhishek Vishnoi and Masaki Kondo
(Bloomberg) — When Lawrence Wong succeeds Lee Hsien Loong as Singapore’s new prime minister next month, he will inherit not only a healthy economy but also robust local assets from a rallying currency to outperforming bonds and stocks.
Since Lee entered office in 2004, the Singapore dollar has risen about 40% against the currencies of the city-state’s major trading partners, more than twice the gain for the US dollar in the same context, Bloomberg-compiled data show. Total returns on Singapore government bonds have outpaced their global peers by around 16 percentage points in the same period.
Bloomberg, official data
Bloomberg, official data
Underpinning the popularity of Singapore’s currency and sovereign debt is an economy that has more than doubled in size to S$532.3 billion ($390 billion) under Lee’s 20-year stewardship that will end on May 15, with total assets under management climbing more-than-eight-fold to S$4.9 trillion. Lee has also turned the small island into one of the world’s preeminent financial hubs and an attractive destination for global talent.
Bloomberg
The city-state’s stock market is also a big beneficiary of a strong local currency. Based on US dollar terms, the Straits Times Index has outperformed the MSCI Asean Index, a gauge of Singapore’s Southeast Asian neighbors, by nearly 32 percentage points since Lee took office.
Bloomberg
The city-state’s stock market is also a big beneficiary of a strong local currency. Based on US dollar terms, the Straits Times Index has outperformed the MSCI Asean Index, a gauge of Singapore’s Southeast Asian neighbors, by nearly 32 percentage points since Lee took office.
Lawrence Wong, Singapore's deputy prime minister and finance minister in Singapore, on Monday, Aug. 15, 2022. Photographer: Ore Huiying/Bloomberg (Bloomberg)
That said, more than half of the locally listed companies are trading below their book value, according to Bloomberg-compiled data, a reflection of the lack of high-growth firms in a small, mature economy.
“There is scope for Wong to take steps to support local equities,” said Nirgunan Tiruchelvam, head of consumer and Internet at Aletheia Capital. “It is possible that the nation’s sovereign wealth funds can invest more money into local markets. He may also look at increasing incentives for listing companies in Singapore market.”
—With assistance from Sanjit Das.
https://www.scmp.com/news/asia/sout...y-smile-about?module=top_story&pgtype=section
Singapore’s US$400 billion economy, soaring currency give next PM Lawrence Wong plenty to smile about
- Wong, the city state’s incoming PM, will inherit a currency that has risen 40 per cent against its major trading partners over the past two decades
- Under his predecessor Lee Hsien Loong, the economy has doubled in size and total assets under management have climbed to US$3.6 trillion
Bloomberg
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Published: 2:03pm, 22 Apr 2024
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When Lawrence Wong succeeds Lee Hsien Loong as Singapore’s new prime minister next month, he will inherit not only a healthy economy but also robust local assets from a rallying currency to outperforming bonds and stocks.
Since Lee entered office in 2004, the Singapore dollar has risen about 40 per cent against the currencies of the city state’s major trading partners, more than twice the gain for the US dollar in the same context, data compiled by Bloomberg shows.
Total returns on Singapore government bonds have outpaced their global peers by around 16 percentage points in the same period.
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Published: 2:03pm, 22 Apr 2024
Why you can trust SCMP
Listen to this article
When Lawrence Wong succeeds Lee Hsien Loong as Singapore’s new prime minister next month, he will inherit not only a healthy economy but also robust local assets from a rallying currency to outperforming bonds and stocks.
Since Lee entered office in 2004, the Singapore dollar has risen about 40 per cent against the currencies of the city state’s major trading partners, more than twice the gain for the US dollar in the same context, data compiled by Bloomberg shows.
Total returns on Singapore government bonds have outpaced their global peers by around 16 percentage points in the same period.
Underpinning the popularity of Singapore’s currency and sovereign debt is an economy that has more than doubled in size to S$532.3 billion (US$391 billion) under Lee’s 20-year stewardship that will end on May 15, with total assets under management climbing more than eight-fold to S$4.9 trillion (US$3.6 trillion).
Lee has also turned the small island into one of the world’s pre-eminent financial hubs and an attractive destination for global talent.
The city state’s stock market is also a big beneficiary of a strong local currency. Based on US dollar terms, the Straits Times Index has outperformed the MSCI Asean Index, a gauge of Singapore’s Southeast Asian neighbours, by nearly 32 percentage points since Lee took office.
Lee has also turned the small island into one of the world’s pre-eminent financial hubs and an attractive destination for global talent.
The city state’s stock market is also a big beneficiary of a strong local currency. Based on US dollar terms, the Straits Times Index has outperformed the MSCI Asean Index, a gauge of Singapore’s Southeast Asian neighbours, by nearly 32 percentage points since Lee took office.
https://asia.nikkei.com/Business/Ma...ngapore-gain-spending-power-as-ringgit-slumps
The ringgit's fall against the Singapore dollar creates gains for Malaysians working in Singapore. © Reuters
DYLAN LOH, Nikkei staff writerMarch 21, 2024 11:15 JST
Malaysians working in Singapore gain spending power as ringgit slumps
Migrants eye properties, cars at home as salaries rise in local currency terms
The ringgit's fall against the Singapore dollar creates gains for Malaysians working in Singapore. © Reuters
DYLAN LOH, Nikkei staff writerMarch 21, 2024 11:15 JST
SINGAPORE -- Pius Chuo, a 30-year-old Malaysian working as a business development executive for an energy company in Singapore, plans to buy a house back home this year, as real estate is becoming more affordable relative to his income as the Malaysian currency falls.
"With the weakening ringgit, it is indeed enticing me to look at Malaysian property more because the impact of the foreign exchange rate is magnified with larger transactions," he said.
The ringgit fell against the U.S. dollar close to a level last touched during the Asian Financial Crisis a quarter century ago. On the other hand, the Singapore dollar is one of the strongest currencies in the region and is relatively stable against the U.S. dollar.
"With the weakening ringgit, it is indeed enticing me to look at Malaysian property more because the impact of the foreign exchange rate is magnified with larger transactions," he said.
The ringgit fell against the U.S. dollar close to a level last touched during the Asian Financial Crisis a quarter century ago. On the other hand, the Singapore dollar is one of the strongest currencies in the region and is relatively stable against the U.S. dollar.
According to exchange statistics from Singapore's Monetary Authority, one Singapore dollar buys about 3.5 ringgit now, compared to 3 ringgit five years ago. This creates currency gains for tens of thousands of Malaysians working in the city-state, who already earn much higher pay than they would in their home country.
Mitchell Gan is another Malaysian migrant who has found himself in a stronger position to support his family back home. Last month, the 31-year-old casino host collected the keys to a new car for his family, which he bought for 140,000 ringgit ($29,700) -- an upgrade over his previous, smaller vehicle, purchased in 2015 for 80,000 ringgit. He also started sending his son to a private school last year.
"I just bought a new car. And rather than putting a 10% down payment and borrowing 90%, I put more money for the down payment and took a smaller loan," he said.
Gan has been working in Singapore since 2018, earning an income above SG$4,000 monthly and remitting about SG$1,000 to his family after every payday. "My wife does not need to pay any expenses. I support all the expenses [at home]," he said.
Mitchell Gan is another Malaysian migrant who has found himself in a stronger position to support his family back home. Last month, the 31-year-old casino host collected the keys to a new car for his family, which he bought for 140,000 ringgit ($29,700) -- an upgrade over his previous, smaller vehicle, purchased in 2015 for 80,000 ringgit. He also started sending his son to a private school last year.
"I just bought a new car. And rather than putting a 10% down payment and borrowing 90%, I put more money for the down payment and took a smaller loan," he said.
Gan has been working in Singapore since 2018, earning an income above SG$4,000 monthly and remitting about SG$1,000 to his family after every payday. "My wife does not need to pay any expenses. I support all the expenses [at home]," he said.
The weak local currency in Malaysia could make Singapore look more attractive for work. Malaysia's Statistics Department, in a 2022 survey of over 5,000 Malaysians at home and in Singapore, found that "good job opportunities," "better salary" and "high Singapore dollar currency exchange rate" were the top three pull factors for working in the city-state.
U.S.-based multinational staffing agency ManpowerGroup told Nikkei Asia that the number of applications it received from Malaysian applicants for jobs in Singapore increased twofold in December-January compared to the same period a year earlier.
The number of Malaysian migrants in Singapore has steadily increased over the past decades, with many seeking jobs next door for better fortunes. Malaysia's Human Resources Minister V. Sivakumar said that some 1.13 million out of 1.86 million Malaysians who have migrated overseas resided in Singapore as of 2022. On the other hand, the tiny city-state has been able to tap Malaysia as a source of manpower, particularly in areas like healthcare and security.
U.S.-based multinational staffing agency ManpowerGroup told Nikkei Asia that the number of applications it received from Malaysian applicants for jobs in Singapore increased twofold in December-January compared to the same period a year earlier.
The number of Malaysian migrants in Singapore has steadily increased over the past decades, with many seeking jobs next door for better fortunes. Malaysia's Human Resources Minister V. Sivakumar said that some 1.13 million out of 1.86 million Malaysians who have migrated overseas resided in Singapore as of 2022. On the other hand, the tiny city-state has been able to tap Malaysia as a source of manpower, particularly in areas like healthcare and security.
In addition, hundreds of thousands of Malaysians commute to Singapore daily, crossing a narrow strait that separates the city-state and Malaysia. Malaysian Transport Minister Anthony Loke earlier this year noted that 350,000 people cross the Causeway bridge linking the southern Malaysian state of Johor to its Singaporean neighbor in the south daily for work, education and visits.
However, the weak ringgit adds to the long-standing concern about talent drain from Malaysia. A 2011 World Bank report highlighted: "For Malaysia to succeed in its journey to high income, it will need to develop, attract and retain talent," adding that "Brain drain does not appear to square with this objective: Malaysia needs talent, but talent seems to be leaving."
Experts suggest Malaysia needs to create more attractive jobs for local talent. "At the end of the day, I would say it's just about opportunities and what opportunities exist in a country," Lewis Ng, chief operating officer for Asia at online employment marketplace SEEK, which runs job portals in Southeast Asian markets, told Nikkei Asia. "In Singapore, in areas like tech and potentially finance and banking, I would say there are probably strong opportunities."
However, the weak ringgit adds to the long-standing concern about talent drain from Malaysia. A 2011 World Bank report highlighted: "For Malaysia to succeed in its journey to high income, it will need to develop, attract and retain talent," adding that "Brain drain does not appear to square with this objective: Malaysia needs talent, but talent seems to be leaving."
Experts suggest Malaysia needs to create more attractive jobs for local talent. "At the end of the day, I would say it's just about opportunities and what opportunities exist in a country," Lewis Ng, chief operating officer for Asia at online employment marketplace SEEK, which runs job portals in Southeast Asian markets, told Nikkei Asia. "In Singapore, in areas like tech and potentially finance and banking, I would say there are probably strong opportunities."
Thanks to the billionaires who register their income on the island instead of back Home. As non resident, no need to Pay income taxes
https://sg.yahoo.com/finance/news/foreign-banks-told-singapore-not-201754838.html
Sun, 21 April 2024 at 4:17 am SGT2-min read
'We engage on a variety of issues — not only on international developments but also economic and social issues': PMO
Singapore's top political leadership has given international banks operating in this financial hub an "unusual series" of briefings on geopolitics, with the key message that the country can remain stable and neutral at a time of rising tension between China and the West, reported the Financial Times.
Topics raised at the briefings, held over the past six months, included not just US-China rivalry, but also conflict in the Middle East, the ongoing war between Russia and Ukraine.
Foreign banks here told Singapore is not 'tilting' towards China in series of 'unusual' briefings: FT
The Edge SingaporeSun, 21 April 2024 at 4:17 am SGT2-min read
'We engage on a variety of issues — not only on international developments but also economic and social issues': PMO
Singapore's top political leadership has given international banks operating in this financial hub an "unusual series" of briefings on geopolitics, with the key message that the country can remain stable and neutral at a time of rising tension between China and the West, reported the Financial Times.
Topics raised at the briefings, held over the past six months, included not just US-China rivalry, but also conflict in the Middle East, the ongoing war between Russia and Ukraine.
The banks were also assured they will not face "unnecessary regulation" following a high-profile $3 billion money-laundering case involving a dozen or so ethnic Chinese, reported the FT.
Approvals for setting up private banking accounts and family offices now take longer, following a busy boom over the past few years which swelled Singapore's total AUM to $4 trillion.
According to the FT, ministers who met the banking executives included the co-ordinating minister for national security Teo Chee Hean, a top public official; foreign minister Vivian Balakrishnan, trade and industry minister Gan Kim Yong and minister for home affairs K Shanmugam.
Ft, citing one of the attendees, said the US-China tensions “featured heavily” in the talks, and that Singapore tried to correct a “misperception” that it is tilting towards China.
Approvals for setting up private banking accounts and family offices now take longer, following a busy boom over the past few years which swelled Singapore's total AUM to $4 trillion.
According to the FT, ministers who met the banking executives included the co-ordinating minister for national security Teo Chee Hean, a top public official; foreign minister Vivian Balakrishnan, trade and industry minister Gan Kim Yong and minister for home affairs K Shanmugam.
Ft, citing one of the attendees, said the US-China tensions “featured heavily” in the talks, and that Singapore tried to correct a “misperception” that it is tilting towards China.
They were trying to explain that Singapore is not neutral but is friendly with both and chooses according to its own interests depending on the situation,” they said.
The Prime Minister's Office, in response to FT, noted that public officials have been regularly engaging with various groups, including banks and finance institutions all this while.
“We engage on a variety of issues — not only on international developments but also economic and social issues . . . Participants appreciate the opportunity to engage with ministers and public officials."
The Prime Minister's Office, in response to FT, noted that public officials have been regularly engaging with various groups, including banks and finance institutions all this while.
“We engage on a variety of issues — not only on international developments but also economic and social issues . . . Participants appreciate the opportunity to engage with ministers and public officials."
https://sg.yahoo.com/finance/news/h...uts-on-china-slowdown-high-pay-021848927.html
HK Bankers facing very dim outlook
HK Bankers facing very dim outlook
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