Market Focus Daily: Wednesday, June 4, 2025
Asian stocks track Wall Street up after jobs data; Korean stocks rise to enter bull market, bonds sink after Lee elected President; Iron ore markets head for shake-up as Singapore-linked Simandou nears production.
Synopsis: Market Focus Daily is a closing bell roundup by The Business Times that looks at the day's market movements and news from Singapore and the region.
Written and hosted by: Emily Liu (emilyliu@sph.com.sg)
Produced and edited by: Chai Pei Chieh & Claressa Monteiro
Produced by: BT Podcasts, The Business Times, SPH Media
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AsiaOne
4 hours ago
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South Korea's Lee Jae-myung, Trump agree to work towards swift tariff deal, Lee's office says, World News
SEOUL/WASHINGTON - US President Donald Trump and South Korea's new president Lee Jae-myung agreed to work toward a swift tariff deal in their first phone call since Lee was elected this week, Lee's office said on Friday (June 6). Trump has imposed tariffs on South Korea, a long time ally with which it has a bilateral free trade deal, and pressed it to pay more for the 28,500 US troops stationed there. Separately, Trump allies have aired concerns about Lee's more conciliatory stance towards China, Washington's main geopolitical rival. Lee, a liberal, was elected on June 3 after former conservative leader, Yoon Suk Yeol, was impeached and ousted. The future of South Korea's export-oriented economy may hinge on what kind of deal Lee can strike with Trump, with all of his country's key sectors from chips to autos and shipbuilding heavily exposed to global trade. His term began on Wednesday. "The two presidents agreed to make an effort to reach a satisfactory agreement on tariff consultations as soon as possible that both countries can be satisfied with," Lee's office said in a statement. "To this end, they decided to encourage working-level negotiations to yield tangible results." Trump invited Lee to a summit in the US and they plan to meet soon, according to a White House official. Analysts say the first opportunity for the two to meet could be at a G7 summit in Canada in mid-June. Lee's office said the two leaders also discussed the assassination attempts they both experienced last year as well as their enthusiasm for golf. Lee underwent surgery after he was stabbed in the neck by a man in January last year, while Trump was wounded in the ear by a bullet fired by a would-be assassin in July. South Korea, a major US ally and one of the first countries after Japan to engage with Washington on trade talks, agreed in late April to craft a "July package" scrapping levies before the 90-day pause on Trump's reciprocal tariffs is lifted, but progress was disrupted by the change of governments in Seoul. Lee said on the eve of the elections that "the most pressing matter is trade negotiations with the United States." Lee's camp has said, however, that they intend to seek more time to negotiate on trade with Trump. While reiterating the importance of the US-South Korea alliance, Lee has also expressed more conciliatory plans for ties with China and North Korea, singling out the importance of China as a major trading partner while indicating a reluctance to take a firm stance on security tensions in the Taiwan Strait. Political analysts say that while Trump and Lee may share a desire to try to re-engage with North Korea, Lee's stance on China could cause friction with the US A White House official said this week that South Korea's election was fair, but expressed concern about Chinese interference in what analysts said may have been a cautionary message to Lee. Speaking in Singapore last week, US Defence Secretary Pete Hegseth said many countries were tempted by the idea of seeking economic co-operation with China and defence co-operation with the United States, and warned that such entanglement complicated defence co-operation. [[nid:718821]]
Independent Singapore
5 hours ago
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‘Make space for Singaporeans to dream': Business struggles spark debate featuring Calvin Cheng over rent, manpower, and the future of local business
SINGAPORE: A recent Facebook post by businessman and former Nominated Member of Parliament Calvin Cheng has stirred heated conversation online, after he suggested that rising rents are not the primary cause of Singapore's F&B crisis—and that the government should resist interfering in the free market, especially by imposing rental controls or mandating support for local entrepreneurs. Cheng didn't shy away from admitting that the closures have been heartbreaking—familiar neighbourhood hangouts, late-night bars where friends gathered, even family-run cafes that felt like home, have all folded one after another. Yet he urged us to pause before pointing fingers at landlords. 'Most mall spaces are still taken,' he reminded readers, suggesting that behind every lease negotiation is a landlord weighing risks—sometimes betting on higher rents only to discover too late that demand has shifted. In his view, it's not a matter of landlords callously letting spaces sit empty; it's a delicate, often agonising decision that can leave both tenant and landlord worse off if the timing or market dynamics don't line up. 'It is simplistic to just blame rentals,' he wrote. 'Most of the time, landlords also take a gamble during renewal… If they make the wrong decision, they may end up with a lower rent.' Cheng also claimed that many local F&B entrepreneurs overestimate their financial capacity and falter due to inexperience, rather than being unfairly priced out. Manpower shortages and government policy While defending the market's self-regulation on rents, Cheng was more critical of the government's stance on manpower quotas, especially in the service sector. He asserted that tight restrictions on hiring foreign workers could have led to increased labour costs and service inefficiencies. See also Stories you might've missed, June 16 'I am often served by young, inexperienced and/or disinterested local service staff who never see F&B as a long-term career,' he said. 'If the government really wants to do something, they should relax the quotas on foreign manpower.' Cheng concluded that excessive government intervention in the market often leads to unintended consequences: 'When local entrepreneurs shut down, everyone loses their livelihoods anyway.' Yet Cheng's criticism of young local workers in the F&B sector has struck a raw nerve among many Singaporeans, especially youth and their families, who see part-time service jobs not as careers, but as lifelines. In a country where the cost of living continues to rise sharply—from transport fares to food prices and education costs—40% of polytechnic and university students take up part-time work at cafés, fast-food chains, or bubble tea outlets simply to make ends meet. For some, it's pocket money. For others, it's helping to pay for tuition fees, rent, or to lighten the financial burden on their families. To many of these young workers, the implication that they are 'disinterested' or 'inexperienced' misses the point. The service roles they hold are rarely career pathways—they're a means of economic and social survival in the city. For every customer served with a weary expression, there may be a backstory of exams, caregiving duties, or savings goals stretched thin by the realities of urban school life. Backlash from entrepreneurs and advocates His remarks were met with swift rebuttals from industry figures and local entrepreneurs, many of whom argue that the state has a responsibility to protect small businesses in the face of mounting structural disadvantages. Credit: Calvin Cheng Facebook Wally Tham, owner of the social impact marketing agency Big Red Button, issued one of the most widely resonant rebuttals. 'If the government doesn't protect small local businesses, and Singapore cannot produce large enterprises, we won't have a local culture of business,' Tham wrote. 'Imagine all restaurants only serving Mala offerings and all services imported from the West.' Tham's emphasis on preserving space for uniquely Singaporean business voices—both literal and symbolic—was echoed by other commenters who see rental costs as more than just an economic issue. Cheng, however, dismissed this framing. 'Business is not a culture. Business is about making money,' he replied. 'Good service is a business proposition… Culture is just a misnomer.'hmm. The emotional economics of leasing In a separate comment, Kina Huang, who identified herself as having three decades of experience working with landlords, shared a more human-centred critique. She called attention to what she described as a growing ruthlessness in commercial leasing practices, even toward long-standing, loyal tenants. Credit: Calvin Cheng Facebook 'If a business has been around for more than 15 years, they must have been doing something right. And if they have to close, something external must have gone terribly wrong,' she said. See also MOM: 3 workplace fatalities in 2020 to date 'Lease renewal should be renamed Lease Increment Exercise,' she concluded her comment. Huang recounted how only one leasing agent she encountered in 30 years showed genuine empathy toward tenants, suggesting that most decisions in the space are coldly transactional. A bigger question: What kind of country do we want? Do we want a country where only the biggest players can afford the rent and survive, or do we want to make sure there's still breathing room for the smaller spots that give our neighbourhoods personality? It's tempting to let free-market forces decide—after all, high-profile brands bring in foreign investments and big leases fuel massive growth. But when a local hawker or startup can't renew their lease because the rent jumps too much, it isn't just a business closing: it's one less place where friends meet for kopi, one less corner of our community. If the sheer cost of business keeps squeezing smaller operators, soon there won't be any local names left on the storefronts—just global logos. The real test is whether we can find a way to let big and small businesses coexist, so that big brands, aspiring and small entrepreneurs feel at home here. That balance can shape what Singapore looks and feels like in the years ahead.
Business Times
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