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SINGAPORE, Oct 18 (Reuters) - The International Monetary Fund (IMF) downgraded its 2023 and 2024 growth forecasts for China, saying its recovery was "losing steam" and citing weakness in its property sector. The report projected that a prolonged housing market correction in China would in the near-term "trigger greater financial stress among property developers and larger asset quality deterioration". The IMF's 2023 outlook for Asia and the Pacific was brighter, with IMF calling it "the most dynamic region this year". Growth in Asia and the Pacific, however, is expected to slow to 4.2% next year. Central banks in the region, however, should guard against easing monetary policy prematurely, the IMF added.

Persons: Kanupriya Kapoor Organizations: Monetary Fund, IMF, Thomson Locations: SINGAPORE, China, Asia, Disinflation, Japan, Central

A view of the Monetary Authority of Singapore's headquarters in Singapore June 28, 2017. In a move that surprised economists, the Monetary Authority of Singapore (MAS) said it would shift to a quarterly schedule of policy statements in 2024 from semi-annual. The MAS maintained the prevailing rate of appreciation of its currency policy band known as the Singapore dollar nominal effective exchange rate, or S$NEER. As part of the increased frequency of its policy statements, monetary policy will be reviewed in January, April, July and October instead of just April and October. Prior to April, the MAS tightened monetary policy five times in a row, including in two off-cycle moves last year.

Persons: Darren Whiteside, Chua Hak Bin, Chua, Selena Ling, Ling, Xinghui Kok, Kanupriya Kapoor, Martin Petty, Sam Holmes Organizations: Monetary Authority, REUTERS, Rights, Monetary Authority of Singapore, MAS, Singapore, Gross, Reuters, Thomson Locations: Singapore, Rights SINGAPORE

Cars for sale are parked at used car dealerships in Singapore October 17, 2022. Including COE, registration fees and taxes, a new standard Toyota Camry Hybrid currently costs S$251,388 ($183,000) in Singapore, compared with $28,855 in the U.S. A small, government-subsidised flat in Singapore costs about S$125,000. Now Guan lives without a car, focusing on other perks that Singapore offers for his family. "As a family man, it doesn’t affect me much as Singapore still has a good and stable education system. ($1 = 1.3725 Singapore dollars)Reporting by Xinghui Kok; Editing by Miyoung Kim and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

Persons: Edgar Su, COEs, Tan Ern Ser, Tan, Jason Guan, Guan, Xinghui Kok, Miyoung Kim, Gerry Doyle Organizations: REUTERS, Rights, Toyota Camry, Toyota Rush, COE, Singapore, Thomson Locations: Singapore, Rights SINGAPORE, U.S

SINGAPORE, Oct 3 (Reuters) - Singapore said it was expecting more arrests and seizures as the Asian financial hub investigates one of its biggest cases of suspected money laundering, in which the value of assets seized now stands at S$2.8 billion ($2 billion). The government will set up an inter-ministerial panel to review the anti-money laundering regime, reflecting learning points drawn from the case, she said. She was one of three cabinet ministers responding to almost 60 questions filed by lawmakers on the case. The case had been on the radar of police since 2021, after the filing of suspicious transaction reports by financial institutions, Teo said. "We started investigations because we suspected that offences had been committed in Singapore," Teo added.

Persons: Josephine Teo, Indranee Rajah, Teo, Xinghui Kok, Martin Petty, Clarence Fernandez, Alison Williams Organizations: Thomson Locations: SINGAPORE, Singapore, China

The Straits Times Illustrations/Cel Gulapa via REUTERS/File Acquire Licensing Rights Read moreSINGAPORE, Sept 21 (Reuters) - The total value of assets seized in Singapore's biggest money laundering case has swelled to S$2.4 billion ($1.76 billion), police said on Wednesday. Last month, 400 police officers ran simultaneous raids across Singapore and arrested 10 foreigners in an anti-money laundering swoop. Police have said the 10 suspects were allegedly "laundering the proceeds of their overseas organised crime activities, including scams and online gambling". During the raids, police seized S$1 billion worth of assets including bank accounts, S$23 million in cash, luxury homes, cars, bags, watches and two gold bars. The amount was updated to S$1.8 billion in early September as investigations led authorities to assets in Swiss banks.

Persons: Su Baolin, Su Haijin, Chen Qingyuan, Su Wenqiang, Lin Baoying, Zhang Ruijin, Wang Dehai, Su Jianfeng, Vang Shuiming, Wang Baosen, Xinghui Kok, Michael Perry Organizations: The Straits, REUTERS, Police, Thomson Locations: Singapore, SINGAPORE, Cyprus, Cambodia, Dominica, China, Turkey, Vanuatu

Seven years in, Country Garden has invested 20 billion ringgit ($4.3 billion) in the project, Forest City said, a far cry from the initial $100 billion plan. "Seeing is believing," Forest City said in an email response. "The land plot itself is valuable," a Singapore-based bondholder of Country Garden said, while highlighting the complications of dealing with a local government joint-venture. Last month, Malaysia's central bank said local banks had limited exposure to Country Garden amid concern about its financial stress. Anwar, Malaysia's prime minister, has designated Forest City a "special financial zone" to attract investment, which Forest City said would help with its marketing.

Persons: Foo Gee Jen, Anwar Ibrahim, Anwar, Malaysia's, Yang Ming Han, Loh, Loh Wee Loon, I'm, Xinghui Kok, Xie Yu, Anne Marie Roantree, Lincoln Organizations: ISKANDAR PUTERI, Garden, Forest, Malaysian, Reuters, Thomson Locations: KUALA LUMPUR, ISKANDAR, Malaysia, Garden's, City, Johor, Singapore, Forest City, Malaysian, Forest, Loh Wee, China, Johor Sultan, Iskandar Puteri, Kuala Lumpur, Yantoultra, Hong Kong

[1/2] A view of watches seized during a police raid, in Singapore, in this handout picture released on August 16, 2023. He faced new charges related to the seizure from him of three properties, more than S$6 million in six bank accounts, cryptocurrencies and a car worth over S$1 million. Their lawyers sought bail but gave no indication of how the suspects would answer the money laundering allegations. Eight more suspects are wanted and 12 are assisting in investigations, police have said. ($1 = 1.3520 Singapore dollars)Reporting by Xinghui Kok; Editing by Martin PettyOur Standards: The Thomson Reuters Trust Principles.

Persons: Chen Qingyuan, Su Wenqiang, Xinghui Kok, Martin Petty Organizations: Singapore Police Force, Facebook, REUTERS, Rights, Thomson Locations: Singapore, Cyprus, Cambodia, Dominica, China, Turkey, Vanuatu

[1/3] Presidential candidate Tan Kin Lian, speaks to the media and supporters at the nomination centre in Singapore August 22, 2023. About three-quarters of Singapore's 3.5 million citizens are ethnic Chinese, with the rest of the population ethnic Malays, ethnic Indian or Eurasian. Tan was also one of four candidates who ran for president in the 2011 election. Singapore's president sits for a 6-year term. ($1 = 1.3568 Singapore dollars)Reporting by Xinghui Kok, Additional reporting by Chen Lin; editing by Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Tan Kin Lian, Caroline Chia, Tharman Shanmugaratnam, Lee Hsien Loong, Ng, Halimah, Tan, Xinghui Kok, Chen Lin, Miral Organizations: REUTERS, Rights, Action Party, Thomson Locations: Singapore

[1/5] A view of watches seized during a police raid, in Singapore, in this handout picture released on August 16, 2023. The raids on at least nine locations netted assets totalling a staggering S$1 billion, police said. A police statement said the group was suspected to be laundering proceeds from overseas organised crime, including scams and online gambling. Singapore has in recent years seen an influx of foreign money. ($1 = 1.3618 Singapore dollars)Reporting by Xinghui Kok; Editing by Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

Persons: David Chew, Xinghui Kok, Raju Gopalakrishnan Organizations: Singapore Police Force, Facebook, REUTERS Acquire, Rights, Cypriot, Police, Monetary Authority, Thomson Locations: Singapore, Orchard, Sentosa, tony, China, Cambodia, Cyprus, Vanuatu, Chew

SINGAPORE, Aug 15 (Reuters) - Singapore's central bank released a regulatory framework on Tuesday intended to bolster the stability of single-currency stablecoins. The framework will apply to non-bank issuers of single-currency stablecoins pegged to the Singapore Dollar or any G10 currencies where their circulation exceeds S$5 million, said the Monetary Authority of Singapore (MAS). The central bank has to hold legislative consultations before Parliament passes amendments that would bring the framework into force. Single-currency stablecoins are a type of cryptocurrency pegged to a traditional asset like national currencies. The reserve assets must be at least at 100% of the outstanding single-currency stablecoins that are in circulation.

Persons: Xinghui Kok, Simon Cameron, Moore Organizations: Singapore, Monetary Authority of Singapore, MAS, UST, U.S . House Financial Services, Thomson Locations: SINGAPORE, Singapore, U.S

SINGAPORE, Aug 11 (Reuters) - Three bulk carriers were robbed in the Singapore Strait earlier this week, a Singapore-based regional maritime security centre on Friday. One of the busiest commercial waterways in the world has seen a spike in piracy in recent years. The incidents of "petty crime" happened between Aug 8-9, when the ships were in the Phillip Channel in the Singapore Strait, said the Information Fusion Centre, which is a regional facility hosted by the Singapore navy. One of the ships was flagged to Cyprus, while the other two carried Liberia flags, the centre said in a statement. "Majority of the incidents involved bulk carriers, and tugs and barges with low freeboard and slow speed while underway, and the incidents occurred in hours of darkness," it said.

Persons: Xinghui Kok, Kanupriya Kapoor Organizations: Information Fusion, Singapore, Thomson Locations: SINGAPORE, Singapore, Cyprus, Liberia, India, Indonesia, South Korea

SINGAPORE, Aug 11 (Reuters) - Singapore will hold a presidential election on Sept. 1 if more than one candidate is nominated to run for the largely ceremonial post, the government said on Friday. This year's presidential election in the diverse city-state will be open to all ethnic groups, unlike the last time, in 2017, when the post was controversially reserved for those of Malay ethnicity. The 2017 election was uncontested when applications from four candidates were rejected, sparking a rare protest by several hundred people in a city park who raised a banner with the message "ROBBED OF AN ELECTION #NotMyPresident". They will have to get certificates of eligibility from the Presidential Elections Committee to stand. Singapore has about 3.5 million citizens, about three-quarters of them ethnic Chinese, 12.5% ethnic Malay and 9% ethnic Indian, with the rest classified as Eurasians.

Persons: Halimah, Singapore's, Tharman Shanmugaratnam, Ng Kok, George Goh, Xinghui Kok, Jason Neely, Robert Birsel Organizations: Presidential, Thomson Locations: SINGAPORE, Singapore, Malay

SINGAPORE, Aug 2 (Reuters) - Singapore's prime minister on Wednesday said his ruling party had "taken a hit" over a spate of scandals including a graft probe and senior lawmakers' resignations, which shocked the city-state otherwise known as a haven of political stability. He said such incidents involving ministers are rare, and that the ruling People's Action Party (PAP) has "zero tolerance" for corruption. "...The PAP has taken a hit but we will show Singaporeans that we will uphold standards and do the right thing, so that trust is maintained," he said. While the PAP has maintained a grip on power since 1959, voters, already bruised by high living costs, have raised eyebrows at the graft probe and resignations of two senior PAP lawmakers on account of an "inappropriate relationship". When asked why their relationship was kept under wraps since late 2020, Lee said, "I should have forced the issue earlier".

Persons: Lee Hsien Loong, Iswaran, General's Chambers, Lee, Kanupriya Kapoor Organizations: Transport, Action Party, Thomson Locations: SINGAPORE, Singapore

[1/2] Supporters of the ruling People's Action Party (PAP) wait for their candidates at a nomination center ahead of the general elections in Singapore September 1, 2015. Analysts said the events may not bode well for the PAP, which has ruled Singapore uninterrupted since 1959. "These events appear to have created some public speculation about the PAP's approach to privilege, restraint, and authority," said National University of Singapore political scientist Chong Ja Ian. Prime minister-in-waiting Lawrence Wong said the government would be forthcoming about the corruption case - even if the information was damaging or embarrassing. But political scientist Walid Jumblatt Abdullah at Nanyang Technological University said Lee had enough political goodwill to ride this out.

Persons: Edgar Su, bode, Lee Hsien, Singapore's, Lee Kuan Yew, Chong Ja Ian, Lee, Lawrence Wong, Iswaran, Chong, Lee's, Walid Jumblatt Abdullah, Gillian Koh, Walid, Wong, Xinghui Kok, Robert Birsel Organizations: Action Party, REUTERS, National University of Singapore, Transport, Nanyang Technological University, Institute of Policy, Thomson Locations: Singapore, SINGAPORE

SINGAPORE, July 17 (Reuters) - Two senior lawmakers from Singapore's ruling party have resigned over their "inappropriate relationship", Prime Minister Lee Hsien Loong said on Monday, the latest high-profile scandal in a city-state otherwise known for its political stability. Resignations of senior PAP members are rare in Singapore, where the party has been in power since 1959, before the country's independence in 1965. Separately, the opposition Workers' Party (WP) said on Monday it was looking into an "inappropriate exchange" between two of its senior members after a video surfaced online that appeared to show them holding hands in a restaurant. Events like these are unusual in Singapore, which prides itself on being corruption-free and holding politicians to high moral standards. Political scientist Chong Ja Ian at the National University of Singapore said Monday's developments were "relatively controllable issues" that would not affect Singapore's political stability.

Persons: Lee Hsien Loong, Lee, Tan Chuan, Jin, Cheng Li Hui, Cheng, Ong Beng Seng, Chong Ja Ian, Chong, Chen Lin, Martin Petty, Kanupriya Kapoor Organizations: Action Party, Workers ' Party, WP, National University of Singapore, Thomson Locations: SINGAPORE, Singapore

SINGAPORE, July 7 (Reuters) - After standing in line for 36 hours, Qayyum Lukman on Friday emerged triumphant from a kiosk where he had just scored tickets to see pop sensation Taylor Swift perform in Singapore, her only stop in Southeast Asia next year. I don’t know what to think, indescribable, I’m very happy I got tickets! Indonesian Friski Riana, 31, joined virtual queues of millions of fans, even borrowing her friend's credit card to try and get tickets. [1/5]Qayyum Lukman, 25, full-time national servicemen, poses with a Taylor Swift vinyl album, as he waits first in line to buy Taylor Swift concert tickets, at a post office in Singapore July 7, 2023. Hours after the pre-sale closed, touts were marking up S$358 ($264.73) tickets to at least S$1,000 on marketplace app Carousell.

Persons: Qayyum Lukman, Taylor Swift, Swift, Lukman, I’m, ”, couldn't, Edgar Su, Friski, Thailand's, Pita Limjareonrat, Lavender, Chayut, Ananda, Kanupriya Kapoor, Simon Cameron, Moore Organizations: REUTERS, Coldplay, Business Times, Twitter, Thomson Locations: SINGAPORE, Singapore, Southeast Asia, Thailand, Malaysia, Indonesia, Vietnam, British, Jakarta, Bangkok, Manila, Kuala Lumpur, Ananda Teresia

Change is afoot in the conservative city state with a softening of attitudes and growing tolerance of gay issues, which some members of the LGBT community and academics attribute to the November lifting of a ban on sex between men. But the historic lifting of the ban was not all welcomed by LGBT people. The repeal of the gay sex ban was not universally welcomed. LGBT issues are appearing in the typically conservative domestic media, known for toeing the government line. The Islamic Religious Council of Singapore this month advised teachers to "address socio-religious issues, including LGBT issues, with wisdom, kindness, compassion and mercy".

Persons: Yeo Sam Jo, Yeo, JoJo Sam Clair, Laavanya Kathiravelu, Carol, Dot, Nishanthiy Balasamy, Corinna Lim, Lim, Cally Chia, Ching Chia, Ching, Clement Tan, Pink Dot, We're, Tan, Xinghui Kok, Chen Lin, Robert Birsel, William Mallard Organizations: Nanyang Technological University, Institute of Policy, Islamic, Council of, Pink, Thomson Locations: SINGAPORE, Singapore, Council of Singapore, Instagram

SINGAPORE, June 4 (Reuters) - Senior officials from about two dozen of the world's major intelligence agencies held a secret meeting on the fringes of the Shangri-La Dialogue security meeting in Singapore this weekend, five people told Reuters. "Participants have found such meetings held on the sidelines of the (dialogue) beneficial." The United States, Britain, Canada, Australia and New Zealand operate what is called the Five Eyes network to gather and share a broad range of intelligence, and their intelligence officials meet frequently. Ukraine's deputy defence minister, Volodymr V. Havrylov, was at the Shangri-La Dialogue but said he did not attend the intelligence meeting. Haines was among the official U.S. delegates to the Shangri-La Dialogue.

Persons: National Intelligence Avril Haines, Samant Goel, Volodymr, Anthony Albanese, Defense Lloyd Austin, Li Shangfu, Haines, William Burns, Biden, Xinghui Kok, Raju Gopalakrishnan, Greg Torode, Gerry Doyle Organizations: Reuters, National Intelligence, Research, Singapore Ministry of Defence, U.S, Embassy, New Zealand, Australian, Defense, Chinese Defence, CIA, Thomson Locations: SINGAPORE, Singapore, U.S, China, United States, Britain, Canada, Australia, New, Ukraine, Japan, Indonesia, South Korea, Beijing

Speaking at the Shangri-La Dialogue, Asia's top security summit, Austin said that open lines of communication between U.S. and Chinese defence and military leaders were essential to avoid conflict and bolster stability in the Asia-Pacific. "The more that we talk, the more that we can avoid the misunderstandings and miscalculations that could lead to crisis or conflict." China's Minister of National Defence Li Shangfu had this week declined an invitation to meet Austin at the security summit. On Friday, the two shook hands on the sidelines of the conference but did not hold detailed talks, the Pentagon said. "(AUKUS) promotes greater stability and security," Austin said.

Persons: Defense Lloyd Austin, Caroline Chia, Austin, Austin Austin, National Defence Li Shangfu, Antony Blinken, Liu Pengyu, General, Lei, Zhao Xiaozhuo, Zhao, Xi Jinping, Joe Biden, Xinghui Kok, Joe Brock, Chen Lin, Gerry Doyle, Kanupriya Kapoor, Greg Torode, Ryan Woo, Idrees Ali, Phil Stewart, Yew, Raju Gopalakrishnan Organizations: Defense, REUTERS, United, People's, National Defence, Austin, Pentagon, Academy of Military Sciences, Global Times, U.S, China's Academy of Military Sciences, Australia, Thomson Locations: Singapore, China, Taiwan, Asia, Pacific SINGAPORE, United States, South China, People's Republic of China, U.S, Washington, TAIWAN, Beijing, Ukraine, Pacific, Australia, Japan, India, Philippines

SINGAPORE, June 1 (Reuters) - Tensions between the United States and China are expected to loom over Asia's top security meeting this week, as China has declined a bilateral meeting between the superpowers' defence chiefs. The Shangri-La Dialogue, which attracts top defence officials, senior military officers, diplomats, weapons makers and security analysts from around the globe, will take place June 2-4 in Singapore. More than 600 delegates from 49 countries will attend the meeting, which opens with a keynote address by Australian Prime Minister Anthony Albanese. China's new Defence Minister Li Shangfu, however, has declined to meet U.S. Defence Secretary Lloyd Austin, the Pentagon said on Monday. Other key issues that are likely to be discussed include ongoing tensions in the disputed South China Sea and East China Seas.

Persons: Anthony Albanese, Li Shangfu, Lloyd Austin, General Li, Li, Xi Jinping, Zhang Youxia, Drew Thompson, Lee, Thompson, Chong Ja Ian, Lynn Kuok, Kuok, Xinghui Kok, Greg Torode, Raju Gopalakrishnan, Gerry Doyle Organizations: Australian, Defence, U.S, Pentagon, Central Military Commission, Lee Kuan Yew, of Public, National University of Singapore, NUS, International Institute for Strategic Studies, East China Seas, Thomson Locations: SINGAPORE, United States, China, Singapore, Beijing, U.S, Ukraine, Taiwan, North, Korean, Russia, East, Britain, Australia, Japan, India

SINGAPORE, May 8 (Reuters) - China is hammering out details with Singapore on a bilateral visa-free travel arrangement, according to Beijing's embassy, a move that could boost arrivals in the city-state from what was its biggest pre-pandemic tourism market. There were 3.6 million Chinese visitors to Singapore in 2019, more than any other country, who spent a combined S$4.1 billion ($3.09 billion). Many Chinese have in recent years been keen to invest, move assets or relocate to Singapore, with some buying into luxury real estate. Among Singapore's 4 million citizens and permanent residents, three-quarters are of Chinese ethnicity and many speak Mandarin, making it easy for mainland Chinese to navigate the country. Singaporeans were allowed 15-day visa-free visits prior to the pandemic.

REUTERS/Edgar SuSINGAPORE, April 27 (Reuters) - Vera Liu, a Singapore property agent, was panicking in the wee hours of Thursday morning after new property taxes saw two of her deals fall through. Policymakers are growing concerned that foreign investors increasingly see Singapore property as a hot asset class, squeezing out locals. Christine Sun, the senior vice president of research & analytics at OrangeTee & Tie, called it a "freezing measure" for foreign buyers. Shares of Singapore property companies fell on Thursday, with City Development (CTDM.SI) and UOL Group (UTOS.SI), which have large Singapore footprints, hit hardest. "There's little impact on the other 90%," said Mak, who has been analysing Singapore property for more than two decades.

EV made up almost 12% of all car sales in Singapore last year, up from almost 4% in 2021, according to the Land Transport Authority. Still, EVs represented just 1% of cars on the road, a Reuters analysis of ownership data found. In Singapore, a small island with an extensive public transport system, only about 12 cars are owned per 100 people. Over the past decade, the number of Ferraris (RACE.MI) in Singapore has grown by 67% and Lamborghinis by 38%. ($1 = 1.3264 Singapore dollars)Reporting by Xinghui Kok; additional reporting by Kevin Krolicki; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Edgar SuSINGAPORE, March 23 (Reuters) - The United States does not see an imminent threat of China invading Taiwan but is ready to defend the self-ruled island, a senior U.S. official said on Thursday in Singapore. "Anyone who contemplates an act of aggression that would involve the United States is making a very serious mistake," he said. Kendall said China has done "a number of things that are fairly aggressive", including "militarising" the South China Sea, the strategic trade corridor in which several countries have overlapping claims. China claims most of the waterway as its territory and has said the United States is the biggest driver of militarisation in the region. The Chinese military said on Thursday it monitored and drove away a U.S. destroyer that had illegally entered waters around the Paracel Islands in the South China Sea.

[1/3] Admiral John C. Aquilino, Commander of the United States Indo-Pacific Command speaks at the IISS Special Lecture in Singapore March 16, 2023. REUTERS/Caroline ChiaSINGAPORE, March 16 (Reuters) - The current friction in the Indo Pacific is alarming and "trending in the wrong direction", but the U.S. presence was not an effort to contain or invite conflict with China, a senior U.S. admiral said on Thursday. Admiral John Aquilino, Commander of the U.S. Indo-Pacific Command, said an "AUKUS" partnership between Australia, Britain and the United States to provide Australia with nuclear-powered submarines was to boost its defence capability. Aquilino said the United States, with its exercises and patrols in the region, was not seeking conflict or to contain China, and would not support Taiwan's independence. "There's a place for China in this world to adhere and follow the rules like all the rest of us do," he said.

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