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Taiwan dollar leads Asia FX rally
Taiwan dollar leads Asia FX rally

Business Recorder

time4 days ago

  • Business
  • Business Recorder

Taiwan dollar leads Asia FX rally

BENGALURU: The Taiwan dollar bounced back on Tuesday, driving gains among Asian currencies as the US dollar softened, while equity markets remained upbeat in the face of a looming tariff deadline. The Taiwan dollar rose to as high as 29.164 per US dollar after sinking 2.5% in the previous session. The central bank aggressively intervened in the currency markets right at the end of the first half of the year, three traders told Reuters on Monday. Shares in Taipei climbed more than 2% to their highest level since March 7. Analysts attributed the Taiwan dollar's rebound to investors correcting its month-end weakness on Monday. Substantial hedging needs from low ratios, exporters' forex conversions, and equity-related inflows continue to fuel the rally, said Fiona Lim, a senior forex strategist at Maybank Singapore. The US dollar edged lower as uncertainty over the Senate's push to pass President Donald Trump's fiscal and spending plan weighed on sentiment, driving investors to diversify amid internal party splits. Trump's recent criticism of the Federal Reserve and its chief, Jerome Powell, added pressure on the dollar, fuelling worries about the US central bank's independence and credibility. Dollar weakness lifted Asian currencies, with the Malaysian ringgit up 0.5% at its highest level since October 2. The Philippine peso inched up 0.1%, while the Indonesian rupiah added 0.3%. Meanwhile, the Singapore dollar was hovering near its highest level since October 2014. With the July 9 US tariff deadline approaching, investors are bracing for fallout as trade talks with its partners yield little progress. 'Overall, Asian currencies could continue to climb in the backdrop of Fed cuts, benign oil prices, USD, and a stable China (improving June PMIs),' Lim added. Stock markets in the region advanced, with South Korean equities up 1.4%. Shares of chipmaker Samsung Electronics rose 1.3%, while battery maker LG Energy Solution added 0.3%.

MOTAC committed to improvements to MM2H programme
MOTAC committed to improvements to MM2H programme

The Sun

time15-05-2025

  • Business
  • The Sun

MOTAC committed to improvements to MM2H programme

SINGAPORE: The Malaysian Tourism, Arts and Culture Ministry (MOTAC) is continuously enhancing the Malaysia My Second Home (MM2H) programme to boost transparency, simplify processes, and increase policy flexibility in response to the changing global landscape, said its minister Datuk Seri Tiong King Sing. He said the enhanced MM2H programme is shaping up to be one of the world's premier long-term residency platforms, offering Platinum, Gold, and Silver tiers to cater to the diverse needs of high-net-worth individuals, families, retirees, and digital nomads. 'It is more than a visa – it is a comprehensive lifestyle proposition encompassing premium living standards, internationally accredited healthcare, quality education, safety, and seamless ASEAN connectivity,' he posted on Facebook on Thursday. Earlier, during his working visit here, Tiong launched the Maybank Premier MM2H – Your Gateway to Malaysia promotional event, held in collaboration with Maybank Singapore. At the event, the minister encouraged Singaporeans not only to visit Malaysia but to consider it as their next strategic base. He highlighted that Malaysia offers an attractive extension to their lifestyle and business ecosystem—providing cost-effective living, premium infrastructure, and access to broader regional markets without compromising on quality. 'Malaysia is more than a destination – it is a strategic choice. Choosing Malaysia as your second home means gaining access to one of Southeast Asia's most liveable, well-connected, and investment-friendly countries,' he was quoted as saying in a MOTAC statement. MOTAC said the collaboration with Maybank Singapore provides participants with access to trusted financial advisory services and seamless onboarding support, making it easier for Singaporean clients to explore MM2H options with confidence and convenience. The event was held in two sessions, with over 60 participants attending the morning session and more than 140 in the evening, demonstrating strong and sustained interest in the MM2H programme among Singaporeans. In 2024, Malaysia welcomed 18,855,680 visitors from Singapore, a 27.2 per cent increase from 2023 and surpassing the pre-pandemic 2019 figure by 10.7 per cent. Singaporean visitors also contributed RM27.94 billion in tourism receipts in 2024, an increase of 29.5 per cent from the previous year. MOTAC said the MM2H programme has similarly drawn strong interest, with Singapore ranking as the third-highest source country for applications in the first quarter of this year -- trailing only Taiwan and China.

Malaysia woos Singaporeans with revamped MM2H residency scheme
Malaysia woos Singaporeans with revamped MM2H residency scheme

New Straits Times

time15-05-2025

  • Business
  • New Straits Times

Malaysia woos Singaporeans with revamped MM2H residency scheme

SINGAPORE: The Malaysian Tourism, Arts and Culture Ministry is continuously enhancing the Malaysia My Second Home (MM2H) programme to boost transparency, simplify processes, and increase policy flexibility in response to the changing global landscape, says its minister Datuk Seri Tiong King Sing. He said the enhanced MM2H programme was shaping up to be one of the world's premier long-term residency platforms, offering Platinum, Gold, and Silver tiers to cater to the diverse needs of high-net-worth individuals, families, retirees, and digital nomads. "It is more than a visa – it is a comprehensive lifestyle proposition encompassing premium living standards, internationally accredited healthcare, quality education, safety, and seamless Asean connectivity," he posted on Facebook on Thursday. Earlier, during his working visit here, Tiong launched the Maybank Premier MM2H – Your Gateway to Malaysia promotional event, held in collaboration with Maybank Singapore. At the event, he encouraged Singaporeans not only to visit Malaysia but to consider it as their next strategic base. He said that Malaysia offered an attractive extension to their lifestyle and business ecosystem — providing cost-effective living, premium infrastructure, and access to broader regional markets without compromising on quality. "Malaysia is more than a destination – it is a strategic choice. Choosing Malaysia as your second home means gaining access to one of Southeast Asia's most liveable, well-connected, and investment-friendly countries," he was quoted as saying in a statement from the minsitry. The ministry said the collaboration with Maybank Singapore provided participants with access to trusted financial advisory services and seamless onboarding support, making it easier for Singaporean clients to explore MM2H options with confidence and convenience. The event was held in two sessions, with over 60 participants attending the morning session and more than 140 in the evening, demonstrating strong and sustained interest in the MM2H programme among Singaporeans. In 2024, Malaysia welcomed 18,855,680 visitors from Singapore, a 27.2 per cent increase from 2023 and surpassing the pre-pandemic 2019 figure by 10.7 per cent. Singaporean visitors also contributed RM27.94 billion in tourism receipts in 2024, an increase of 29.5 per cent from the previous year. The ministry said the MM2H programme had similarly drawn strong interest, with Singapore ranking as the third-highest source country for applications in the first quarter of this year – trailing only Taiwan and China. – BERNAMA

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