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Independent Singapore
a day ago
- Business
- Independent Singapore
‘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.
Yahoo
08-04-2025
- Business
- Yahoo
DBS, Bank of China customer data compromised in ransomware attack on vendor; Ex-NMP Calvin Cheng's remarks on Gaza draw sharp criticism in Singapore: Singapore live news
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. A recent ransomware attack on Toppan Next Tech (TNT), a vendor responsible for printing customer statements for DBS Bank and Bank of China (BoC) in Singapore, exposed personal data of thousands of customers. Around 8,200 DBS customers had their names, addresses, and loan details potentially compromised, while 3,000 Bank of China customers were also affected. While the attack did not expose sensitive financial data or login credentials, it underscores the growing threat of ransomware attacks. Both banks are working closely with the Cyber Security Agency (CSA) and the Monetary Authority of Singapore (MAS) to monitor affected accounts and communicate with customers. CSA has issued advisories to help organisations protect their systems and data from similar attacks, including a ransomware response checklist. The attack highlights the need for organisations to bolster their cybersecurity measures to prevent costly disruptions. Read on the ransomware attack that compromised DBS and BoC user data here. Meanwhile, former Nominated Member of Parliament (NMP) Calvin Cheng's comments about pro-Palestinian activists have sparked a heated debate in Singapore. His controversial post, suggesting that disruptive activists be relocated to Gaza, has drawn strong criticism from religious and political leaders. The Singapore Islamic Scholars and Religious Teachers Association (PERGAS) condemned Cheng for dehumanising remarks that could threaten Singapore's multiracial cohesion. Cheng, however, defended his words, claiming they were not aimed at any race or religion but directed at specific activists. The controversy also prompted Singapore ministers like Masagos Zulkifli and K Shanmugam to voice disagreement. As the situation unfolds, Cheng has announced legal action against those he claims have misrepresented his comments. Read more in our live blog below, including the latest local and international news and updates. Controversial remarks by former Nominated Member of Parliament (NMP) Calvin Cheng about pro-Palestinian activists have sparked widespread criticism in Singapore. His inflammatory Facebook post suggesting that activists from the Monday of Palestine Solidarity group be relocated to Gaza has drawn sharp criticism from both the Muslim community and political figures. Cheng's remarks were deemed inflammatory, with several groups condemning his suggestion as Islamophobic and deeply troubling. The Singapore Islamic Scholars and Religious Teachers Association (PERGAS) publicly condemned Cheng's comments, highlighting the risk they posed to Singapore's delicate social cohesion. 'His remarks are dehumanising and dismissive, especially in light of ongoing global humanitarian crises,' the association stated. Pergas also expressed concern that Cheng's statements could sow division within Singapore's multiracial society. Cheng's comments were made on 13 March, in response to activists disrupting People's Action Party (PAP) Meet-the-People Sessions (MPS). The activist group had been accused of provoking negative portrayals of MPs by staging disruptive protests. Cheng, in his post, offered to fund the relocation of the activists to Gaza on the condition that they would not return. He further stated that he would cover business class flights for the leaders of the group and walking shoes for the rest of their followers. While Cheng defended his comments, claiming that they were directed only at disruptive activists and not based on race or religion, the backlash continued to grow. His statements have led to calls for accountability from political leaders, including Minister for Muslim Affairs Masagos Zulkifli and Law and Home Affairs Minister K Shanmugam, both of whom publicly disagreed with Cheng's views on the Israel-Palestine conflict. Foreign Minister Vivian Balakrishnan also distanced himself from the post, reporting unauthorised activity on his Facebook account. In response to the uproar, Cheng announced his intentions to take legal action against individuals he claims have misrepresented his words. He maintains that his comments were misunderstood and that they were never meant to generalise or target any particular race or religion. A ransomware attack on Toppan Next Tech (TNT) has left thousands of DBS and Bank of China (BoC) customers vulnerable. DBS reported that approximately 8,200 customers were impacted by the breach, with affected data including names, postal addresses, and loan details tied to DBS Vickers trading accounts and Cashline loans. Similarly, the Bank of China revealed that around 3,000 customers were affected. The compromised customer statements were dated between December 2024 and February 2025, and were sent to TNT in encrypted form, though it remains unclear if the attacker was able to decrypt them. Although no financial data or login credentials were exposed, personal information such as names, addresses, and loan account details were compromised. DBS has stopped all printing tasks with TNT as a precaution and is enhancing monitoring on affected accounts. Additionally, the banks are prioritising customer communication and ensuring affected customers are informed about the situation. The Cyber Security Agency (CSA) and the Monetary Authority of Singapore (MAS) are working closely with the affected banks. Both agencies are also providing direct support to TNT's investigation to determine the scope of the breach and to ensure containment. The MAS has urged DBS and Bank of China to ensure that risk-mitigating measures are in place and has emphasised the importance of transparent communication with customers during and after a cyberattack. The agencies have also issued advisories for organisations to strengthen their defences against ransomware, noting that the frequency and sophistication of these attacks are increasing. CSA has provided specific guidance on preventing ransomware attacks, which can severely disrupt business continuity. Additionally, they've released a ransomware response checklist for organisations that fall victim to such attacks. Read on the ransomware attack on DBS and BoC here. Controversial remarks by former Nominated Member of Parliament (NMP) Calvin Cheng about pro-Palestinian activists have sparked widespread criticism in Singapore. His inflammatory Facebook post suggesting that activists from the Monday of Palestine Solidarity group be relocated to Gaza has drawn sharp criticism from both the Muslim community and political figures. Cheng's remarks were deemed inflammatory, with several groups condemning his suggestion as Islamophobic and deeply troubling. The Singapore Islamic Scholars and Religious Teachers Association (PERGAS) publicly condemned Cheng's comments, highlighting the risk they posed to Singapore's delicate social cohesion. 'His remarks are dehumanising and dismissive, especially in light of ongoing global humanitarian crises,' the association stated. Pergas also expressed concern that Cheng's statements could sow division within Singapore's multiracial society. Cheng's comments were made on 13 March, in response to activists disrupting People's Action Party (PAP) Meet-the-People Sessions (MPS). The activist group had been accused of provoking negative portrayals of MPs by staging disruptive protests. Cheng, in his post, offered to fund the relocation of the activists to Gaza on the condition that they would not return. He further stated that he would cover business class flights for the leaders of the group and walking shoes for the rest of their followers. While Cheng defended his comments, claiming that they were directed only at disruptive activists and not based on race or religion, the backlash continued to grow. His statements have led to calls for accountability from political leaders, including Minister for Muslim Affairs Masagos Zulkifli and Law and Home Affairs Minister K Shanmugam, both of whom publicly disagreed with Cheng's views on the Israel-Palestine conflict. Foreign Minister Vivian Balakrishnan also distanced himself from the post, reporting unauthorised activity on his Facebook account. In response to the uproar, Cheng announced his intentions to take legal action against individuals he claims have misrepresented his words. He maintains that his comments were misunderstood and that they were never meant to generalise or target any particular race or religion. A ransomware attack on Toppan Next Tech (TNT) has left thousands of DBS and Bank of China (BoC) customers vulnerable. DBS reported that approximately 8,200 customers were impacted by the breach, with affected data including names, postal addresses, and loan details tied to DBS Vickers trading accounts and Cashline loans. Similarly, the Bank of China revealed that around 3,000 customers were affected. The compromised customer statements were dated between December 2024 and February 2025, and were sent to TNT in encrypted form, though it remains unclear if the attacker was able to decrypt them. Although no financial data or login credentials were exposed, personal information such as names, addresses, and loan account details were compromised. DBS has stopped all printing tasks with TNT as a precaution and is enhancing monitoring on affected accounts. Additionally, the banks are prioritising customer communication and ensuring affected customers are informed about the situation. The Cyber Security Agency (CSA) and the Monetary Authority of Singapore (MAS) are working closely with the affected banks. Both agencies are also providing direct support to TNT's investigation to determine the scope of the breach and to ensure containment. The MAS has urged DBS and Bank of China to ensure that risk-mitigating measures are in place and has emphasised the importance of transparent communication with customers during and after a cyberattack. The agencies have also issued advisories for organisations to strengthen their defences against ransomware, noting that the frequency and sophistication of these attacks are increasing. CSA has provided specific guidance on preventing ransomware attacks, which can severely disrupt business continuity. Additionally, they've released a ransomware response checklist for organisations that fall victim to such attacks. Read on the ransomware attack on DBS and BoC here.
Yahoo
03-04-2025
- Politics
- Yahoo
Singapore foreign minister denies liking controversial Palestine post, reports ‘unauthorised activity' to Meta
SINGAPORE, April 2 — Singapore Foreign Affairs Minister Dr Vivian Balakrishnan has reported 'unauthorised activity' on his Facebook page to Meta after a 'like' appeared on a post by former Nominated Member of Parliament Calvin Cheng that has sparked controversy. Dr Balakrishnan denied engaging with the post, which was made on March 13 and targeted a pro-Palestinian activist group. 'I did not 'like' the post by Calvin Cheng. I do not share those views,' he said on Facebook today. 'I have since taken measures to enhance account security.' The minister's press secretary confirmed to Channel News Asia (CNA) that a report has been filed with Meta, which is now investigating the matter. In his March 13 post, Cheng criticised members of the Monday of Palestine Solidarity group, who have been accused of disrupting Meet-the-People Sessions held by the ruling People's Action Party (PAP). He suggested funding their relocation to Gaza on the condition that they do not return. He also said he was 'offering business class to the leaders' and suggested that their 928 followers could be given walking shoes for 'a slow hike.'
