PM Wong slams Calvin Cheng's Gaza remarks as unacceptable ;US tariffs push MAS to rethink currency policy: Singapore live news

Yahoo

11-04-2025

Hello to all our readers, Yahoo Singapore will be bringing you live news updates today. The editorial team will be curating the latest must-know local and international news.
First off, Prime Minister Lawrence Wong has denounced former Nominated Member of Parliament (NMP) Calvin Cheng's Gaza-related remarks, calling them "completely insensitive and unacceptable." Cheng faced backlash after suggesting that pro-Palestinian activists should be relocated to Gaza and barred from returning. He has since apologised in person to Islamic leaders and expressed regret online. However, his legal threats against critics have raised doubts about the sincerity of his apology. Ministers Masagos Zulkifli and K Shanmugam, along with Singapore Islamic Scholars and Religious Teachers Association (PERGAS), publicly condemned the remarks for undermining Singapore's social harmony. Wong emphasised the need to nurture national cohesion, especially in uncertain times. Singapore's unity, he said, is not guaranteed – it must be protected.
Meanwhile, US President Donald Trump's new tariffs are rocking global markets – and Singapore is set to respond by easing currency policy. All economists surveyed by Bloomberg predict the Monetary Authority of Singapore (MAS) will flatten its Singapore dollar's nominal effective exchange rate (S$NEER) slope next week, possibly to 0 per cent. That would mark the second easing in 2025, as Singapore scrambles to protect growth from slowing exports. The MAS's unique approach to monetary policy means it tweaks exchange rates, not interest rates. With GDP exposure to the US at 7 per cent, Singapore may be the next big economy to lean hard into stimulus.
Read more in our live blog below, including the latest local and international news and updates.
Prime Minister Lawrence Wong has called out former Nominated Member of Parliament (NMP) Calvin Cheng over recent social media remarks about pro-Palestinian activists, labelling them 'completely insensitive and unacceptable.'
Cheng had suggested sending activists to Gaza and ensuring they never return to Singapore.
The backlash was swift and wide-reaching, with Wong emphasising Singapore's founding commitment to treating minorities with dignity and equality.
The remarks struck a nerve in multicultural Singapore, where national cohesion is a deeply held value.
Wong made his comments after a visit to Madrasah Aljunied, where he met Islamic leaders Ustaz Mohamad Hasbi and Ustaz Pasuni Maulan.
Wong called on citizens to protect the unity that makes Singapore unique.
Cheng later apologised to the Islamic leaders in person and expressed remorse online, but also filed legal complaints against individuals he accused of misrepresenting his remarks as Islamophobic.
Critics argue the apology was undercut by this legal action, raising questions of sincerity and privilege.
Muslim Affairs Minister Masagos Zulkifli condemned Cheng's remarks saying the comments crossed a line.
Law and Home Affairs Minister K Shanmugam said he has very different views on Israel/Palestine from Cheng's.
The Singapore Islamic Scholars and Religious Teachers Association (PERGAS) also issued a strong statement, calling Cheng's remarks inflammatory, dismissive, and harmful to social cohesion.
They stressed the responsibility of public figures to promote respectful discourse.
Singapore is poised to ease its monetary policy again next week, with economists predicting the central bank will flatten the slope of its currency band to support growth amid escalating global trade tensions triggered by US tariffs.
Economists polled by Bloomberg expect the Monetary Authority of Singapore (MAS) to reduce the slope of the Singapore dollar's nominal effective exchange rate (S$NEER) band.
Some analysts say the slope could be flattened to 0 per cent, an aggressive move that signals concern about global volatility.
UBS predicts a 'larger-than-usual' easing, while Barclays sees a chance MAS could also recenter the band downward, effectively allowing the Singapore dollar to weaken.
This move would mark the second policy easing by MAS in 2025, following a January adjustment – the first in five years.
The latest trigger: steep tariffs imposed by US President Donald Trump, including a 10 per cent duty on Singapore exports, and up to 145 per cent on China.
Singapore's economy, heavily dependent on trade, faces mounting headwinds.
About 7 per cent of its GDP is tied to US spending, making it one of the most exposed in Southeast Asia.
Prime Minister Lawrence Wong has warned of a significant slowdown, hinting that recession risks are real.
Unlike most central banks, MAS does not control interest rates.
Instead, it uses the exchange rate as its main policy tool, adjusting the slope, level, and width of the S$NEER band to manage inflation and growth.
This unique framework reflects Singapore's highly open economy, where the exchange rate matters more than interest rates.
Economists caution that a drastic flattening of the slope could rattle markets.
With global trade disruption mounting, eyes are on MAS's Monday announcement – and how far it's willing to go to keep Singapore's economy afloat.
Prime Minister Lawrence Wong has called out former Nominated Member of Parliament (NMP) Calvin Cheng over recent social media remarks about pro-Palestinian activists, labelling them 'completely insensitive and unacceptable.'
Cheng had suggested sending activists to Gaza and ensuring they never return to Singapore.
The backlash was swift and wide-reaching, with Wong emphasising Singapore's founding commitment to treating minorities with dignity and equality.
The remarks struck a nerve in multicultural Singapore, where national cohesion is a deeply held value.
Wong made his comments after a visit to Madrasah Aljunied, where he met Islamic leaders Ustaz Mohamad Hasbi and Ustaz Pasuni Maulan.
Wong called on citizens to protect the unity that makes Singapore unique.
Cheng later apologised to the Islamic leaders in person and expressed remorse online, but also filed legal complaints against individuals he accused of misrepresenting his remarks as Islamophobic.
Critics argue the apology was undercut by this legal action, raising questions of sincerity and privilege.
Muslim Affairs Minister Masagos Zulkifli condemned Cheng's remarks saying the comments crossed a line.
Law and Home Affairs Minister K Shanmugam said he has very different views on Israel/Palestine from Cheng's.
The Singapore Islamic Scholars and Religious Teachers Association (PERGAS) also issued a strong statement, calling Cheng's remarks inflammatory, dismissive, and harmful to social cohesion.
They stressed the responsibility of public figures to promote respectful discourse.
Singapore is poised to ease its monetary policy again next week, with economists predicting the central bank will flatten the slope of its currency band to support growth amid escalating global trade tensions triggered by US tariffs.
Economists polled by Bloomberg expect the Monetary Authority of Singapore (MAS) to reduce the slope of the Singapore dollar's nominal effective exchange rate (S$NEER) band.
Some analysts say the slope could be flattened to 0 per cent, an aggressive move that signals concern about global volatility.
UBS predicts a 'larger-than-usual' easing, while Barclays sees a chance MAS could also recenter the band downward, effectively allowing the Singapore dollar to weaken.
This move would mark the second policy easing by MAS in 2025, following a January adjustment – the first in five years.
The latest trigger: steep tariffs imposed by US President Donald Trump, including a 10 per cent duty on Singapore exports, and up to 145 per cent on China.
Singapore's economy, heavily dependent on trade, faces mounting headwinds.
About 7 per cent of its GDP is tied to US spending, making it one of the most exposed in Southeast Asia.
Prime Minister Lawrence Wong has warned of a significant slowdown, hinting that recession risks are real.
Unlike most central banks, MAS does not control interest rates.
Instead, it uses the exchange rate as its main policy tool, adjusting the slope, level, and width of the S$NEER band to manage inflation and growth.
This unique framework reflects Singapore's highly open economy, where the exchange rate matters more than interest rates.
Economists caution that a drastic flattening of the slope could rattle markets.
With global trade disruption mounting, eyes are on MAS's Monday announcement – and how far it's willing to go to keep Singapore's economy afloat.