Daily Debrief: What Happened Today (Jun 30)
Stories you might have missed
First train for JB-Singapore Rapid Transit System unveiled; service to start by December 2026
First China-made train for the cross-border rail system to be tested in Singapore, ahead of preparation for passenger service.
Anti-scam law that lets police freeze potential victims' bank accounts to kick in on Jul 1: MHA
Officers may order banks to restrict a potential scam target's banking activities as a 'last resort' once other options have been exhausted.
Tighten en bloc rules, encourage reuse so more private housing blocks stand for over 50 years
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Apply lessons from Golden Mile Singapore project.
Singtel CEO Yuen Kuan Moon's pay up 16.8% at S$8.2 million; S$2.8 billion cash holdings to help group navigate challenges
It sees IT services company NCS and data centre Nxera as key growth engines.
Singapore electricity, gas prices to fall for July to September on lower fuel costs
electricity tariffs before goods and service tax (GST) for households will fall by 2.3 per cent or 0.65 cent per kilowatt-hour (kWh) from the prior quarter amid lower energy costs.
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CNA
an hour ago
- CNA
Trump says no plans to extend tariff pause after Jul 9
US President Donald Trump dashing hopes of an extension to a 90-day pause on tariffs. He has said he plans to stick to the Jul 9 deadline. The UK is the only nation to have struck a deal so far, while a temporary truce is in effect with the US and China. Mr Trump said he will start sending out letters to notify trading partners of their tariff rates. With just 10 days to go, Asian nations are racing against the clock to hammer out an agreement. Nick Harper reports from Washington DC.
Online Citizen
an hour ago
- Online Citizen
Police can freeze accounts under anti-scam law taking effect on 1 July 2025 in Singapore
SINGAPORE: The Protection from Scams Act 2025, passed by Parliament on 7 January 2025, will come into force on 1 July 2025, according to a statement from the Ministry of Home Affairs (MHA). The legislation grants new powers to police and commercial affairs officers under Section 64 of the Police Force Act. Officers may now issue restriction orders (ROs) to banks to limit the banking and credit activities of individuals suspected of being scam targets. These measures are described as a 'last resort' and will be used only when other efforts to dissuade potential scam victims have failed. Restriction orders will block banking activities to prevent scam-related losses According to the MHA, restriction orders can be issued when an officer has 'reasonable belief' that an individual may transfer funds to a scammer, withdraw cash for that purpose, or use a credit facility to benefit a scammer. Officers will assess each case based on the available facts, including input from individuals and their family members. An RO may also be issued if it is deemed 'necessary' to protect an individual from harm. Once an RO is in place, affected individuals will face immediate restrictions. These include blocked transfers via online and mobile banking, PayNow, and over-the-counter services. ATM access and all credit facilities – such as credit card transactions and personal loan access – will also be frozen. systemically important banks: DBS, OCBC, UOB, Citibank, Hongkong and Shanghai Banking Corporation, Malayan Banking and Standard Chartered. However, the MHA clarified that ROs can also be issued to other banks if there is 'reasonable suspicion' that funds may be channelled from those institutions to scammers. Affected individuals may apply to access their funds for legitimate purposes, such as daily expenses or bill payments. Such applications will be reviewed on a case-by-case basis by the police. Duration, appeal process, and accountability of restriction orders ROs will initially be valid for up to 30 days and may be extended by additional 30-day increments, up to a maximum of five times. After 180 days, the order will lapse, even if the individual is still considered at risk of being scammed. Nonetheless, an RO may be cancelled before the end of the 30-day period if the police determine that the individual is no longer vulnerable to scams. An appeal mechanism is in place. Individuals subject to ROs, or joint account holders of affected accounts, may appeal to the Commissioner of Police. The order will remain active while the appeal is pending, and the Commissioner's decision will be final, the MHA said. Scam losses hit record high as authorities seek stronger protection The implementation of the Act follows a marked increase in scam cases in Singapore. According to the Singapore Police Force's annual scam report released on 25 February 2025, total scam losses in 2024 reached S$1.1 billion. This figure represents a 70% jump from the S$651.8 million lost in 2023. Police also recorded a new high of 51,501 scam cases in 2024, up from 46,563 the previous year. While most of the cases (over 70%) involved losses of under S$5,000, the median loss per case stood at approximately S$1,300. The sharp rise in scams and financial losses has prompted the government to enhance preventive powers through legislation. The new law aims to provide timely intervention to prevent irreversible financial harm to potential victims.
CNA
3 hours ago
- CNA
Hong Kong's New World Development gets US$11.24 billion refinancing
Hong Kong builder New World Development said on Monday (Jun 30) it had received commitments for a HK$88.2 billion (US$11.24 billion) loan refinancing, as the builder finalises a crucial lifeline in a distressed property market. New World's refinancing, poised to be one of the largest ever seen in Hong Kong, concludes months of negotiations over a debt package designed to steer the company away from the brink of default. The deal offers a temporary reprieve, while China's prolonged property downturn continues to cast a shadow over the developer's outlook. New World said it had refinanced portions of its existing offshore unsecured debt, including bank loans, through a new facility, and had also aligned the terms of its remaining loan agreements. The new facility consists of multiple tranches of bank loans with different maturities, with the earliest being Jun 30, 2028. The refinancing includes terms such as financial covenants and security over certain assets that provide the firm with greater flexibility to effectively manage its ongoing business operations and financial requirements, the company said. 'We would like to express our sincere gratitude to the banking community for their continued support. This is a testament to the confidence placed in our operation,' said Echo Huang, CEO of New World. She added that the Group's financial management strategy is to prioritise reducing indebtedness and improving cash flow.
