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In Singapore, where living costs are skyrocketing, many are turning to personal loans for relief. While these loans can ease financial burdens, they come with strings attached. As the city grapples with inflation and a new 9 per cent GST hike, the question arises: Is a personal loan the right answer? Understanding how these loans work is crucial for any borrower. The flexibility of personal loans makes them appealing. They can cover everything from weddings to urgent expenses, allowing repayments to fit within monthly budgets. However, the potential drawbacks are significant. Late payments can increase costs and damage credit scores, leading to difficulties in securing future loans. Ultimately, a personal loan can be a useful tool – but only if used wisely and with a clear plan for repayment. Here's what you should know about taking personal loans in Singapore.
UOL and CapitaLand have signed an option to purchase Thomson View condo for $810 million, significantly lower than the original S$918 million reserve price. The deal hinges on obtaining consent from at least 80 per cent of the condo's owners. Situated on a 5-hectare site, the condo's sale would represent the largest en bloc transaction since May 2023. The companies plan to redevelop the site into a 1,240-unit condominium, capitalising on its prime location near MRT stations and schools. The acquisition, which will be financed through bank loans and internal resources, is expected to conclude by February 2026. More on the en bloc sale of Thomson View condo here.
Singapore's Ministry of Health (MOH) aims to integrate Traditional Chinese Medicine (TCM) into its Healthier SG programme, allowing TCM practitioners to collaborate with Western doctors. Health Minister Ong Ye Kung emphasised the importance of a selective, evidence-based approach to ensure the integration is beneficial. Patients could be referred between TCM practitioners and general practitioners for vaccinations and screenings, enhancing preventive care. Funding adjustments will be necessary to support TCM practitioners, with an expected rise in Healthier SG's annual budget. An accreditation framework for TCM professionals is also in development, set to launch in 2026, promoting collaboration in healthcare. More on the proposed collaboration between TCM practitioners and Western doctors in Singapore here.
Madame Tussauds Singapore is celebrating its 10th anniversary with a range of exciting events and promotions, including Halloween and Deepavali festivities. The attraction has welcomed millions of visitors since its opening in 2014, and this year, it proudly celebrated its three millionth visitor. Looking ahead, the attraction plans to introduce new features and exhibits in 2025 to enhance engagement. More on the 10 years of wax magic at Madame Tussauds Singapore here.
A recent study indicates that cognitive performance decreases after midnight, prompting concerns for night owls. A neurologist notes that while night owls may experience some benefits, such as enhanced creativity, staying up late can lead to increased negative emotional responses and risky behaviours. The research underscores the importance of aligning sleep patterns with natural circadian rhythms to maintain cognitive function and overall well-being. Here's why night owls should rethink their sleep patterns.
A Singaporean man accidentally threw his S$2,900 iPhone 16 Pro Max into a rubbish chute while clearing out his flat in Teck Whye on 18 October. After realising his mistake minutes later, Woon Ban Chee, 22, panicked and reached out to local authorities for help. Fortunately, workers at the e-waste recycling firm Alba found the phone while sorting through trash at their Tuas plant. The device was returned to Woon without damage, though its case was quite smelly. Grateful for the recovery, he now cleans his phone daily and shares his story to thank those who helped him, who politely declined his offer of reward.
Total employment in Singapore grew by 24,100 in the third quarter of 2024, more than doubling from the previous quarter. Unemployment rates dipped to 1.8 per cent, while retrenchments fell to 2,900, signalling a stable job market. However, hiring and wage expectations have softened, with companies exhibiting caution for the fourth quarter. The Ministry of Manpower (MOM) highlights the importance of adapting to economic shifts through various support programs. Here's the latest on Singapore's labour market.
Singapore's Temasek cautions that a Trump presidency could hinder global growth and adversely affect US companies, despite expectations of lower taxes and deregulation. While investors see potential short-term benefits, Temasek's Chief Investment Office Rohit Sipahimalani warns of uncertainties from tariffs and their broader economic implications. With Temasek planning substantial investments in the US, the firm anticipates increased market volatility in 2025. Additionally, Sipahimalani emphasises the importance of how China implements fiscal stimulus in the face of ongoing economic challenges. More on why Temasek thinks a Trump victory could be bad for global markets here.
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Joel Balbin
Will a Trump win derail global economic progress? Singapore's Temasek thinks so.
Singapore's state-owned investment firm, Temasek, has issued a cautionary outlook regarding the potential economic consequences of a Donald Trump victory in the upcoming US presidential election.
Rohit Sipahimalani, Chief Investment Officer at Temasek International, expressed concerns that a Trump administration could slow global growth, ultimately impacting US companies, despite prevailing beliefs that his presidency would favour financial markets.
In a recent interview, Sipahimalani noted that while many investors anticipate lower taxes and deregulation under Trump, the longer-term picture appears more complex.
He suggested that a victory for Kamala Harris, the Democratic candidate, would likely benefit emerging markets, contrasting with a Trump win that could strengthen the dollar and raise interest rates.
Sipahimalani elaborated that tariffs introduced during a Trump administration could create uncertainty detrimental to investments.
This uncertainty could adversely affect global growth and create ripple effects beyond emerging markets, ultimately harming the broader economy.
He emphasised that a significant portion of revenues for S&P 500 companies – approximately 25 per cent – comes from international markets, linking global dynamics to domestic corporate performance.
Temasek, which manages a portfolio valued at $389 billion, is actively shifting its investment strategy to focus more on the US, with plans to invest US$30 billion over the next five years.
Despite this, Sipahimalani warned that markets are likely to experience increased volatility in 2025, highlighting the need for investors to be wary of "tail risks," or low-probability events that could have severe consequences.
On the topic of China, Sipahimalani reiterated that the effectiveness of fiscal stimulus measures will depend more on their implementation than on the total amount invested.
He predicted a challenging year ahead, marked by market fluctuations and the need for continual adjustments in policy as Chinese authorities navigate economic recovery.
This surge reflects a strong economy and indicates a favourable employment outlook for both residents and non-residents.
Key sectors driving this growth include Information & Communications, Professional Services, and Health & Social Services, which are providing quality job opportunities for local workers.
Unemployment rates remained low, decreasing to 1.8 per cent in September from 1.9 per cent in August.
Resident unemployment held steady at 2.6% per cent while citizen rates were unchanged at 2.7 per cent.
These figures suggest a stable job market, well within the non-recessionary range, which bodes well for job seekers and the economy as a whole.
Retrenchments also declined, falling from 3,270 in the second quarter to 2,900 in the third quarter, a drop of 11.3 per cent.
Most sectors saw stable or reduced retrenchment numbers, with corporate restructuring cited as the leading cause.
This trend indicates a healthier job market and less workforce instability, even as companies adapt to changing business environments.
Despite these positive indicators, hiring and wage expectations for the fourth quarter of 2024 have diminished.
Only 43.2 per cent of companies reported intentions to hire, down from 49.4 per cent in the previous quarter.
Additionally, only 15.6 per cent plan to increase wages, reflecting caution amid ongoing global economic uncertainties.
Nonetheless, there is optimism for continued employment growth, particularly with year-end hiring for the festive season anticipated.
The Ministry of Manpower (MOM) emphasises the need for both employers and workers to adapt to the evolving economic landscape. Programs aimed at job redesign, skills training, and career coaching are available to enhance workforce resilience.
Singapore's Ministry of Health (MOH) is exploring the integration of Traditional Chinese Medicine (TCM) into its Healthier SG initiative, aiming to enhance preventive healthcare.
Health Minister Ong Ye Kung announced that TCM practitioners may collaborate with Western doctors, and certain TCM treatments could be subsidised in public clinics and hospitals.
This proposal reflects an effort to create a balanced and evidence-based approach to healthcare in Singapore.
Ong emphasised that while there is substantial clinical evidence supporting various TCM treatments, the integration process should be selective.
He advised against a blanket inclusion or rejection of TCM, highlighting the need for careful consideration when combining these distinct healthcare systems.
With one in five Singaporeans consulting TCM practitioners, Ong sees this integration as an opportunity to engage more individuals in preventive health measures.
Under the proposed collaboration, patients could be referred from TCM practitioners to general practitioners (GPs) for essential services like vaccinations and screenings, while continuing their TCM care.
This dual-care model aims to enhance the Healthier SG initiative, which encourages personalised health strategies for Singaporeans.
The funding structure of Healthier SG will need to accommodate TCM practitioners, with some fees redirected to support their involvement.
Currently, the MOH allocates approximately $400 million annually to Healthier SG, with expectations for this amount to increase as enrolment grows.
Ong urged all stakeholders to maintain an open mind about this integration.
Additionally, the MOH is working on an accreditation framework for TCM practitioners, set to be introduced in 2026, which will streamline the licensure process and encourage collaboration with Western medical providers.
This framework aims to uphold professional standards and ensure that TCM practitioners meet eligibility criteria for participation in the expanded Healthier SG program.
Comparatively, neighbouring countries offer a mix of petrol prices, but they all fall short of Singapore's steep costs.
In Thailand, a litre goes for about $1.40, meaning a full tank for a Toyota Camry costs $84.
Meanwhile, in Indonesia, petrol hovers around $1.36 per litre, leading to a similar fill-up price.
While these regional neighbours are pricier than Malaysia, they are still more affordable than Singapore, which has drivers longing for cheaper days.
Over in Hong Kong, the situation is even bleaker.
With petrol prices can go up to $4.30 per litre, filling a Toyota Camry there can cost up to $258.
Despite the high costs, Hong Kong drivers still have to fork out big bucks to travel.
In the United States, drivers can fill their tanks for about $1.25 per litre.
A full tank in a Toyota Camry costs $75, allowing for a comfortable drive from Los Angeles to San Francisco.
While still expensive, it's a far cry from the pain felt at Singaporean pumps.
The UK also shares the high price blues, with petrol priced at $2.89 per litre, making a full tank cost a staggering $173.
While Singaporeans may be sweating at the pump, their Malaysian neighbours continue to enjoy affordable drives and long-distance travel without breaking the bank.
Personal loans, which are not tied to specific purchases, can provide immediate financial relief for large expenses or help consolidate existing debts.
When applying for a personal loan, borrowers receive a lump sum from a bank or lender, which must be repaid over time with interest.
This flexibility allows individuals to manage significant expenses, such as weddings or holidays, by breaking them down into more manageable monthly payments.
For example, borrowing $10,000 for a major event could result in monthly repayments that fit within one's budget.
However, potential drawbacks are associated with personal loans.
Borrowers face long-term financial obligations, as they will repay more than the borrowed amount.
Failure to make timely payments can lead to increased costs due to high interest rates and late fees, and prepayment penalties may apply for those wishing to pay off their loans early.
Late or missed payments can harm credit ratings, complicating future borrowing options for loans or credit cards.
Additionally, there is a risk that borrowers may misuse loan funds on non-essential purchases rather than necessary expenses, which could lead to further financial strain.
While personal loans can offer essential support for managing rising living costs, they require careful consideration and responsible usage.
Those unsure about taking a loan should explore alternative financial strategies, such as improved budgeting and government assistance programs designed to alleviate financial pressure.
But a young man's experience in Singapore brings the phone's toughness closer to home after he thought he had lost his month-old iPhone 16 Pro Max for good when he accidentally threw it into a rubbish chute.
Woon Ban Chee, 22, was taking out the trash from his Teck Whye flat on 18 October when he mistakenly tossed the device worth $2,900 along with his waste.
Realising his mistake only minutes later, he felt a surge of panic.
Woon, who recently left his job as a waiter to care for his sick mother, immediately contacted his town council and the waste disposal company for assistance.
He described his anxiety-filled night, worrying that he might never see his phone again.
Although he attempted to replace it at an Apple Store, he was told he couldn’t get a new one.
Fortunately, Woon's story took a positive turn when workers at the e-waste recycling firm spotted his phone while sifting through trash at their Tuas facility, approximately 21 kilometres from where it was discarded.
They managed to retrieve the device without any visible damage, although the case was notably “smelly.”
After recovering his phone, Woon expressed immense relief and gratitude towards the workers who found it.
Despite offering a reward to the workers, they politely declined, emphasising their satisfaction in helping him.
A recent study warns that night owls may need to rethink their late-night habits, as research indicates that cognitive function declines after midnight.
Neurologist Elizabeth Klerman from Harvard University emphasises the importance of understanding how late-night wakefulness affects health and safety.
The study, known as 'Mind After Midnight', posits that the human body operates on a natural 24-hour cycle that regulates emotions and behaviours.
Historically, humans have been more effective in daylight, which aligns with evolutionary patterns of hunting and gathering.
Researchers express concern that increased negative emotional responses during late-night hours may lead to risky behaviours.
Despite some benefits associated with being a night owl, such as higher cognitive test scores in certain individuals, the evidence suggests that nighttime wakefulness can impair brain function.
Klerman highlights that many people awake at odd hours may not realise their cognitive abilities are compromised, which could have broader implications for their well-being.
The findings call for more research to better understand the ramifications of late-night activities on brain health.
Klerman advocates for increased awareness of the potential risks associated with nocturnal lifestyles, suggesting that prioritising sleep before midnight is crucial for maintaining cognitive function and overall safety.
Madame Tussauds Singapore marks 10th anniversary with exciting events
Madame Tussauds Singapore is commemorating its 10th anniversary with a vibrant series of events and promotions, reflecting a decade of captivating experiences.
Since its opening in 2014 at Imbiah Lookout, Sentosa, the wax museum has welcomed millions of visitors eager to meet lifelike figures of their favourite stars and historical figures.
To celebrate this milestone, the attraction has organised family-friendly festivities, including Halloween and Deepavali celebrations, along with exclusive offers for Mastercard holders.
The Halloween event is designed to be a whimsical yet spooky adventure for families, featuring beloved movie characters and staff in costume.
In addition to Halloween, Madame Tussauds is also celebrating Deepavali, the Festival of Lights, with colourful decorations and engaging activities.
A major highlight of the anniversary is the welcoming of the three millionth visitor, who received a special prize package.
This achievement underscores the museum's popularity and importance as a key tourist destination in Singapore.
General Manager Steven Chung expressed gratitude to visitors for their support over the years and emphasised the commitment to providing unforgettable experiences.
Looking ahead, Madame Tussauds Singapore plans to unveil exciting new features in 2025, including revamped interactive exhibits and new wax figures.
Thomson View Condo's sale price slashed to $810 million
UOL Group and CapitaLand Development (CLD) have signed an option agreement to purchase Thomson View condominium for S$810 million, marking a significant move in Singapore's real estate market.
The 255-unit private condo, located on Bright Hill Drive, was completed in 1987 and sits on a sprawling 5-hectare site.
The deal comes at a price 12 per cent lower than the original reserve price of $918 million, a reduction made possible by a supplemental agreement signed by around 65 per cent of the condo owners.
The acquisition is a joint venture between UOL and CLD, with both companies contributing 50 per cent to the deal.
UOL's subsidiary, Singapore Land Group, will manage the transaction.
This sale will be the largest en bloc deal since Chuan Park's sale earlier this year, indicating renewed interest from developers in prime properties.
The Thomson View site is strategically located near Upper Thomson MRT Station and popular schools, enhancing its appeal to potential residents.
UOL Group CEO Liam Wee Sin and CLD CEO Tan Yew Chin emphasised the site’s exceptional attributes and their plans to transform it into a 1,240-unit condominium, taking advantage of the limited supply in the vicinity.
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