Singapore ministers to take legal action against Bloomberg over ‘libellous’ article; CPF changes for 2025: Lower interest, higher savings, Special Accounts close: Singapore live news

Using Central Provident Fund (CPF) savings to buy a condo or HDB flat may seem convenient, but experts caution that it could affect your long-term financial health.

CPF funds grow at guaranteed interest rates, and by tapping into them for property purchases, you risk depleting your retirement savings.

There are also limits to how much CPF can be used for a home loan, and automatic repayments could lead to complacency, especially if interest rates rise.

Instead, consider using cash for your monthly instalments, as it could help you avoid missing out on CPF’s higher returns or even paying more for your mortgage over time.

Before deciding, it's important to weigh the pros and cons and ensure your property choices align with your future financial goals.

Here are the reasons to reconsider using CPF to buy property.

The Ministry of Home Affairs (MHA) has directed The Online Citizen (TOC) Monday (16 Dec) to issue a correction over false claims in an article published on 22 Nov regarding the death penalty.

The Protection from Online Falsehoods and Manipulation Act (POFMA) Correction Direction requires the online publication to add a notice to its original article and posts on social media platforms to clarify the inaccuracies.

The MHA condemned TOC’s allegations that the government uses POFMA to suppress dissenting views on the death penalty, calling the claim "false."

The ministry emphasised that POFMA Directions are issued only when false statements are made and when it serves the public interest.

The correction notices must include the government's stance alongside the original posts, ensuring transparency and enabling readers to form their own conclusions, rather than limiting freedom of expression.

TOC’s article also misrepresented comments made by Home Affairs Minister K Shanmugam during a CNN interview, claiming contradictions in Singapore’s drug policies.

The MHA clarified that the article selectively quoted the minister, omitting key facts and misleading readers about the country’s stance on drugs.

In full context, the minister's statement highlighted Singapore's success in reducing drug-related offences and the importance of the country’s “zero-tolerance” approach, which includes the death penalty as a key deterrent to drug trafficking.

The MHA also pointed out that the article failed to provide the full context of the minister's remarks, which emphasised that while Singapore's approach has been effective, the nation continues to face significant challenges due to a more permissive regional drug environment.

The government stresses that its tough anti-drug stance, including capital punishment, has significantly lowered drug trafficking into Singapore, with the country’s crime rates remaining low.

Following the directive, TOC has added the correction notice to its website and social media platforms, where the false claims were originally published.

The government has reiterated its commitment to promoting open discussion, while ensuring that falsehoods are corrected for the benefit of the public.

Read more on the MHA POFMA Correction Direction to TOC here.

A new report from investment platfor Syfe and dating app Coffee Meets Bagel reveals a major shift in Singapore’s dating scene.

The 2024 "Love Meets Money" survey shows that women’s financial independence is now shaping modern relationships.

In 2024, 25 per cent of women are comfortable dating a partner who earns less than them, a sharp contrast to previous years.

Financial discussions, once taboo, are becoming more normalised, with 85 per cent of singles open to talking about money early in a relationship.

The survey also highlights evolving dating etiquette, such as more women willing to split the bill on the first date.

As financial compatibility gains importance, more singles are seeking partners who prioritise money management and long-term financial goals.

Mahathir Mohamad, Malaysia’s 99-year-old former prime minister, has defied the limits of age, continuing to offer advice on health and politics.

His secret to a long life?

Moderation in everything, from eating to working.

In a recent interview, he shared that the true measure of age is not years, but health and function.

As a political force, Mahathir’s longevity is remarkable, but his life is also filled with controversies.

Recently, he faces scrutiny for a decision made in 2018 involving Malaysia’s sovereignty claims over Pedra Branca, an island disputed with Singapore.

Despite calls for a criminal investigation, Mahathir stands by his actions, claiming they were made in consultation with the cabinet.

Read on Mahathir's longevity secret here.

Singaporean businesses are taking a cautious approach to AI investments, with 74 per cent of companies scaling back due to trust concerns, according to a global report by data integration and analytics solution platform Qlik.

The research surveyed 4,200 senior decision-makers worldwide, highlighting significant barriers to AI adoption in Singapore, where over 74 per cent of businesses report reduced AI investment due to trust issues, various media reported.

The study reveals that while 90 per cent of senior decision-makers in Singapore acknowledge AI’s potential to drive strategic goals and increase profits, many AI projects are stalling in the planning stages.

A staggering 34 per cent of businesses have more than 50 AI initiatives stuck in the scoping phase, a number far exceeding the global average of 11 per cent.

Furthermore, 11 per cent of companies have cancelled or paused more than 50 projects after they reached the planning phase.

Data governance challenges, budget constraints, and a shortage of trusted data are significant obstacles contributing to these delays.

According to Qlik’s findings, nearly 30 per cent of businesses cite these issues as major barriers, with data governance and untrusted data affecting AI effectiveness.

Additionally, a shortage of skilled personnel to both develop and deploy AI solutions has hampered progress, slowing down the overall adoption.

Trust, however, remains the most critical hurdle.

The research shows that 37 per cent of global AI decision-makers believe their senior management lacks confidence in AI, while 42 per cent feel the same about their employees.

In Singapore, this issue is even more pronounced, with 74 per cent of local businesses saying trust concerns are slowing AI investments.

This lack of trust has led many companies to favour developing AI solutions internally (72 per cent), rather than adopting ready-made solutions, despite 79 per cent of decision-makers acknowledging the value of off-the-shelf AI tools.

Read more on global firms' cut back on AI spending due to trust issues here.

Malaysia's Proton launched its first-ever electric vehicle, the e.MAS 7, in Kuala Lumpur Tuesday (17 Dec).

With prices starting at RM105,800 ($32,000), the e.MAS 7 is a competitive addition to the Malaysian EV market, which has been dominated by foreign players like Tesla and BYD.

The vehicle comes in two models, offering impressive range – up to 410km on the Premium model – and fast-charging capabilities.

The launch is part of Malaysia’s wider plan to see electric vehicles account for 20% of new vehicle sales by 2030.

Prime Minister Anwar Ibrahim hailed the launch as a key step in advancing local manufacturing and green technology.

Geely’s substantial investment in Proton’s Tanjong Malim plant will further enhance the company’s EV production capacity.

Read on Proton unveiling of first Malaysia-made electric vehicle here.

Singapore Airlines (SIA) Group reported strong growth in November 2024, with passenger traffic rising by 8.3 per cent year-on-year, reaching 3.3 million passengers.

The group's combined capacity grew by 9.3 per cent, with both SIA and Scoot benefiting from increased global demand.

Cargo operations also performed well, rising by 10.3 per cent, driven by a surge in freighter charters.

While the group's passenger load factor was slightly down to 87 per cent, the growth in capacity suggests confidence in continued expansion.

Additionally, SIA launched daily services to Beijing's Daxing International Airport, further solidifying its presence in China.

Despite some minor declines in load factors, the airline's continued network expansion signals a positive trajectory for the future.

Read on SIA Group's robust growth in November 2024 here.

A 28-year-old Chinese national was sentenced to seven months in prison for retrieving nearly half a million dollars' worth of stolen luxury goods in Singapore.

Wu Jinxing, a food delivery rider in China, was flown to Singapore on a one-day mission to retrieve stolen luxury items.

Wu was recruited by his longtime friend, Wu Jianxin, to recover goods that had been stolen in a burglary earlier in the year.

The items, including a luxury Hermès Birkin bag and cash, were hidden along Singapore's Rail Corridor.

The police, who had been alerted to the crime, set up surveillance and arrested Wu on 27 July as he arrived to collect more loot.

Wu was paid 30,000 yuan ($5,600) for his involvement, which prosecutors noted was part of a larger transnational crime syndicate.

Despite his limited role as a “runner,” the court sentenced him to seven months for facilitating a complex criminal operation.

He could have been jailed for up to 10 years’ or fined up to $500,000, or both for handling the benefits of criminal conduct.

Read on how the police caught Wu retrieving $500k of stolen luxury goods here.

India’s population has surged to 1.45 billion, surpassing China, but its fertility rate has dropped dramatically, particularly in the southern states.

Kerala, Tamil Nadu, and Karnataka now have fertility rates lower than many European countries, raising concerns about an ageing population and its impact on economic growth.

Leaders in these states are advocating for policies to encourage higher birth rates, but demographers warn that the country is ageing too quickly, and the focus should instead be on extending the working age and promoting active ageing.

With the first delimitation exercise since 1976 scheduled for 2026, there are fears that southern states may lose political power due to their declining populations.

India’s demographic dividend is at risk, and urgent steps are needed to support the elderly population, which is already facing economic hardship.

Read on India's changing demographics here.

After record-breaking heat and heavy rain earlier this month, Singapore is expected to see drier weather in the last week of December, the Meteorological Service Singapore (MSS) said Monday (16 Dec).

The second fortnight of December is expected to see below-average rainfall, with the last week of 2024 being particularly dry.

However, brief periods of wind and passing showers are anticipated due to a strengthening of northerly winds.

The first half of December brought a mix of scorching heat and heavy showers.

A record-breaking 36.2°C was recorded at Paya Lebar on 7 Dec, surpassing the previous highest daily temperature for December of 35.9°C.

Thundery showers were frequent, especially in the afternoon, with a particularly heavy rainfall event on 3 Dec, when 109.6mm was recorded in Bedok.

As the year draws to a close, daily maximum temperatures are expected to hover between 32°C and 34°C, with the possibility of exceeding 34°C on a few days.

The weather conditions are reflective of the ongoing Northeast Monsoon, which has dominated the island's weather patterns for much of December.

Though the last week of December will be drier, Singaporeans should still prepare for sporadic showers and gusty winds.

For those hoping for a dry Christmas, there’s good news – it looks like Singaporeans may get some respite, with rain likely to ease up just in time for the holiday season.

For ongoing updates on the weather, residents are encouraged to check the Meteorological Service Singapore (MSS) website or download the myENV app for real-time alerts and forecasts.