Market Review and Outlook
THE Straits Times Index (STI) ended Friday (Sep 22) slightly higher after paring early losses. The STI rose 0.1 per cent or 2.01 points to 3,204.82 at the close.
Asia-Pacific markets turned in a mixed performance, with the Chinese bourses clocking gains and faring better than their regional counterparts.
The VIX index, which measures stock volatility and is often called the “fear gauge”, rose after hitting its lowest level since 2020 last week, said managing partner of SPI Asset Management, Stephen Innes. He noted that the expected increased volatility over the next few weeks is valid, especially as the October earnings season approaches.
Local News to Watch
Singapore Is Japan’s Top Property Investor in 2023
Singapore became the biggest investor in Japan’s real estate sector this year, lured by the yen’s weakness and growing demand in logistics and hospitality industries, according to Knight Frank LLP.
Inflows from the city-state totaled almost $3 billion so far in 2023, followed by investors from the US, Canada, and the United Arab Emirates, according to a report published this month.
Singapore’s sovereign wealth fund GIC Pte’s purchase of six warehouses in Japan from Blackstone Inc. for $800 million contributed significantly to that, said Christine Li, Knight Frank’s head of Asia-Pacific research, in the report.
Singapore Unlikely to Make Caregiving Leave Mandatory
Singapore is unlikely to take the labour movement’s suggestion to make caregiving leave mandatory, with employers saying such a move would be untenable without financial support from the government.
Last Wednesday (Sep 20), the National Trades Union Congress (NTUC) called on the government to introduce statutory paid caregiving leave, among several recommendations to help workers who are caring for elderly, disabled or ill family members.
Defining “family members” as individuals related by blood, marriage or adoption, NTUC added that such legislation should cover chronic illnesses and both physical and mental conditions. It did not suggest exactly how much leave should be given.
Singapore Banks Scrutinise Customers in Wake of $2.4BN AML Scandal
Singapore banks have stepped up scrutiny of customers from a range of countries including China and re-doubling processes to identify the sources of wealth in the wake of the S$2.4bn (US$1.8bn) money-laundering scandal.
Banks are focusing on customers from countries including China, Vanuatu, Turkey, St Kitts and Nevis, Dominica and Cyprus.
The probe has widened to include banks, precious metals dealers, real estate agents and golf clubs. The government has also faced scrutiny about the case and how such lapses happened despite strict AML laws.
Singapore Records Crypto Asset Seizures Worth $28M
The Singapore Police Force has seized more assets in relation to an ongoing money laundering probe, bringing the total value of confiscated funds to more than S$2.4 billion.
The latest development is in connection to an ongoing money laundering case considered one of Singapore’s largest crackdowns involving 10 foreign nationals of Chinese origin with passports from Cyprus, Turkey, Cambodia, Ni-Vanuatu, and China. In August, authorities raided various residences and arrested the foreigners who allegedly laundered funds from criminal proceeds and committed forgery.
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