Latest news with #SINGAPORE
Straits Times
5 days ago
- Business
- Straits Times
Singapore shares rise, tracking regional gains; STI up 0.3%
Find out what's new on ST website and app. Across the broader market, advancers outnumbered decliners 370 to 163, after 1.8 billion securities worth $1.4 billion were traded. SINGAPORE - The benchmark Straits Times Index (STI) continued its record-breaking streak for a second day running to close higher on July 15. The STI rose 0.3 per cent or 10.61 points to 4,119.82, after hitting an intra-day high of 4,129.77. Across the broader market, advancers outnumbered decliners 370 to 163, after 1.8 billion securities worth $1.4 billion were traded. The top gainer on the benchmark index was investment company Jardine Matheson Holdings, which rose 3.9 per cent or US$1.92 to US$51.45. The biggest decliner was property developer UOL. The counter fell 1.3 per cent or $0.09 to $6.75. Beverage distributor Thai Beverage was the most actively traded counter by volume, with 56.2 million units worth $26.7 million traded. The counter rose 1.1 per cent or $0.005 to $0.475. Regional bourses mostly ended July 15 higher. Japan's Nikkei 225 rose 0.6 per cent and Hong Kong's Hang Seng Index was up 1.6 per cent. Australia's ASX 200 gained 0.7 per cent, while South Korea's Kospi rose 0.4 per cent. Mr Stephen Innes, managing partner of SPI Asset Management, said that market watchers still expect the US Federal Reserve to reduce interest rates in 2025. However, whether the rate cuts will be a 'smooth descent' depends on the level of inflation. If the US' tariffs affect the prices of household goods and durable consumption, driving up the upcoming figures for the US consumer price index – which is an indicator for inflation – cuts to interest rates might be thrown off course, Mr Innes added.
Straits Times
6 days ago
- Business
- Straits Times
Jail for woman who opened bank accounts that received over $640m including scam proceeds
Sign up now: Get ST's newsletters delivered to your inbox Singaporean Zin Nwe Nyunt, 58, had admitted that she did not know where the money came from. SINGAPORE – A woman who incorporated a wholesale trading firm before its bank accounts received over US$500 million (S$640 million) including scam proceeds was sentenced to a year and six months' jail on July 14. Singaporean Zin Nwe Nyunt, 58, had admitted that she did not know where the money came from. In earlier proceedings, the court heard that in August 2021, police received information that an Australian investment scam victim had transferred US$1.8 million to several bank accounts maintained by companies in Singapore. Three of the companies later transferred more than $480,000 to a bank account belonging to a firm called Unione, which Zin Nwe Nyunt had incorporated. In March, she pleaded guilty to two counts of working together with a male Myanmar national, who was her husband's childhood friend, to carry out a business of providing a payment service in Singapore without a licence. She had earned 'commissions' totalling more than $170,000, while Nyan Win, the man she worked with, received over $110,000. The latter, who is a 61-year-old Singapore permanent resident, had earlier pleaded guilty to similar charges and is expected to be sentenced on July 30. Top stories Swipe. Select. Stay informed. Singapore Singapore to train more aviation and maritime officials from around the world Business Singapore's economy sees surprise expansion in Q2 despite US tariff uncertainty: Advance estimate Singapore Same person, but different S'porean Chinese names? How have such naming practices evolved? Business From wellness zone to neurodivergent room: How companies are creating inviting, inclusive offices Singapore Swift action needed to stop vaping's slide from health risk to drug epidemic Singapore Govt will continue to support families, including growing group of seniors: PM Wong at PCF Family Day Singapore Art by Pathlight students to be displayed along Singapore River Sport Jannik Sinner dethrones Carlos Alcaraz to capture maiden Wimbledon crown It all started in 2019 when a Myanmar national known as Ko Phillip, who purportedly operated a commodities trading business, told Nyan Win that he was looking for someone to incorporate a company in Singapore to assist him in his business. The company in Singapore would then open corporate bank accounts which would be used to receive and transfer funds on Ko Phillip's instructions. Under this arrangement, he offered Nyan Win a commission of 0.5 Myanmar kyat (S$0.0003) for every US$1 received. Nyan Win was interested in this opportunity. However, he was uncertain whether he could set up a corporate bank account through Piyar International, a company that dealt with motor vehicles where he was a director. Without revealing details, Deputy Public Prosecutor Ryan Lim told the court in March this was because banks had previously closed Piyar's corporate bank accounts. Nyan Win then approached Zin Nwe Nyunt's husband and told him about this potential business opportunity with Ko Phillip. Court documents stated that the two men were childhood friends. As the husband was holding a full-time job, he suggested that Zin Nwe Nyunt assist in the new firm's incorporation instead. It was later agreed between Zin Nwe Nyunt and Nyan Win that the corporate bank accounts would be controlled by Nyan Win. Commissions would then be split between the pair. Zin Nwe Nyunt incorporated Unione and, at different times, opened one corporate account each with three banks. She then handed over items including the internet banking details to Nyan Win. DPP Lim had said that from 2020 to 2021, Nyan Win liaised with Ko Phillip to make arrangements for money to be received into Unione's corporate bank accounts. Zin Nwe Nyunt and Nyan Win did not know where the funds came from. However, the pair also did not perform any checks to ascertain the nature of the funds received or the legitimacy of Ko Phillip's claims that he was operating a 'commodities business'. Between January and July 2020, Nyan Win used one of Unione's bank accounts to receive more than US$150 million before the money was transferred out. On July 21, 2020, the bank closed the account due to many suspicious transactions. Following the closure of this account, Zin Nwe Nyunt took instructions from Nyan Win and opened a corporate account with another bank. Between July 2020 and April 2021, Nyan Win used this new account to receive more than US$250 million before the money was transferred out. DPP Lim said that between August 18, 2020, and March 24, 2021, a third bank account was used to receive more than US$127 million and over US$119 million was transferred out. On July 14, Zin Nwe Nyunt's bail was set at $20,000, and she is expected to begin serving her sentence on Aug 15.
Arab News
11-07-2025
- Business
- Arab News
Oil Updates — crude climbs on potential Russia sanctions; OPEC+ output, tariffs weigh
BEIJING/SINGAPORE: Oil prices rose on Friday after US President Donald Trump said he would make an announcement regarding Russia, raising the prospect of more sanctions on the major oil producer, while tariff concern and rising OPEC+ output capped gains. Brent crude futures were up 19 cents, or 0.28 percent, at $68.83 a barrel as of 7:08 a.m. Saudi time. US West Texas Intermediate crude ticked up 24 cents, or 0.36 percent, to $66.81 a barrel. So far this week, Brent has added 0.8 percent and WTI has dipped 0.2 percent. Both contracts lost more than 2 percent on Thursday as investors worried about the impact of Trump's evolving tariff policy on global economic growth and oil demand. 'This morning, prices have recouped some of this decline after President Trump said he plans to make a 'major' statement on Russia on Monday. This could leave the market nervous over the potential for further sanctions on Russia,' ING analysts wrote in a client note on Friday. Trump has expressed frustration with Russian President Vladimir Putin due to the lack of progress on peace with Ukraine and Russia's intensifying bombardment of Ukrainian cities. Tight market fundamentals with improving seasonal demand has also lent some support to oil prices, as has renewed Houthi attacks on vessels sailing through the Red Sea, BMI analysts said in a weekly report. A sign of demand improvement was the prospect of Saudi Arabia shipping about 51 million barrels of crude oil in August to China, the biggest such shipment in over two years. Pressuring prices this week was an agreement on Saturday by the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, to raise production by 548,000 barrels per day in August. ING analysts said there might be one more increase for September before a pause. These increases should move the global market into a large surplus in the fourth quarter, intensifying downward pressure on prices, ING analysts said. OPEC cut its forecasts for global oil demand in 2026 to 2029 because of slowing Chinese demand, the group said in its 2025 World Oil Outlook published on Thursday. Global demand is likely to average 106.3 million barrels per day in 2026, OPEC said, versus 108 million bpd estimated in last year's forecast.
Straits Times
10-07-2025
- Straits Times
Man charged over suspected role in money mule activities involving $80,000
Sign up now: Get ST's newsletters delivered to your inbox Officers from Ang Mo Kio Police Division arrested Wong Chun Hou while he was allegedly attempting to collect additional funds from a victim. SINGAPORE – A man is facing charges over his suspected role in money mule activities involving $80,000. On July 10, Wong Chun Hou, 27, was handed one charge each for possessing and attempting to possess property that represented benefits from criminal conduct. He allegedly committed the offences on July 8 . According to court documents, Wong is accused of having $5,000 in his possession and attempting to possess $75,000 . The money is allegedly benefits from criminal conduct. The police said they received a report on June 24 from a victim, who claimed she was deceived into handing over $90,000 in cash to unknown individuals over two occasions in an online cryptocurrency investment scam. The money was allegedly meant to top up her online investment account, which was later discovered to be fake. Officers from Ang Mo Kio Police Division arrested Wong while he was allegedly attempting to collect additional funds from the victim. Top stories Swipe. Select. Stay informed. World Trump's ambassador nominee to Singapore Anjani Sinha has a rough day at Senate hearing Asia Dr Mahathir at 100: Still haunted by the Malay Dilemma Singapore What's next for PSP following its post-GE leadership shake-up? Singapore 'Give a positive review': Hidden AI prompt found in academic paper by NUS researchers Singapore NDP 2025: Diamond formations, 'multi-axis' fly-past to headline parade's aerial display Business New Career Health SG initiative launched to support both S'pore workers and employers Multimedia 60 objects to mark SG60: Which is your favourite? Singapore Apex court upholds SMC's conviction of doctor who gave patients unapproved hormones He was also said to have collected $5,000 from another victim in a similar scam . Wong's case was adjourned for investigations to be completed. It will be heard again on Aug 7 . The police said they take a serious stance against those involved in money mule activities. 'To avoid being an accomplice in these crimes, members of the public should always reject seemingly attractive money-making opportunities promising fast and easy payouts ... the use of their Singpass accounts (and) bank accounts, or allowing their personal bank accounts to be used to receive and transfer money for others.' In 2024, scam victims in Singapore lost $1.1 billion, marking a record high amount of losses suffered in a single year. Almost 25 per cent of this involved cryptocurrency, a surge from the 6.8 per cent of total losses in 2023. A total of 51,501 scam cases were recorded in 2024, compared with 46,563 cases in the previous year.
Straits Times
09-07-2025
- Straits Times
3 men arrested over evasion of more than $800k in cigarette duties and taxes
Sign up now: Get ST's newsletters delivered to your inbox A total of 7,500 cartons of duty-unpaid cigarettes were seized during the operation in Gul Drive, in Tuas. SINGAPORE - Three Malaysian men have been arrested over the evasion of $812,384 in cigarette duties and taxes following an enforcement operation on June 10 . A total of 7,500 cartons of duty-unpaid cigarettes were seized during the operation in Gul Drive , in Tuas, said Singapore Customs in a statement on June 17. During the operation, Customs officers observed the t rio, aged 40, 30 and 24 , transferring brown boxes between two Malaysian-registered vehicles , said the statement. Some 7,400 cartons of duty-unpaid cigarettes were seized from a prime mover attached to a trailer, and another 100 cartons were seized from a multi-purpose vehicle (MPV). Investigations revealed that the vehicles had entered Singapore separately . Some 7,400 cartons of unpaid-duty cigarettes were seized from a prime mover attached to a trailer. PHOTO: SINGAPORE CUSTOMS The 30-year-old suspect had allegedly driven the prime mover with cartons of duty-unpaid cigarettes hidden among coffee products. The 24-year-old suspect had allegedly assisted in transferring the cartons to the MPV, while the 40-year-old was allegedly tasked with delivering them to customers in Singapore. The three suspects are believed to have been recruited by unidentified individuals in Malaysia . Top stories Swipe. Select. Stay informed. Singapore Singapore to hire 1,000 new educators annually in the next few years, up from 700 Singapore Pritam's appeal against conviction and sentence over lying to Parliament set for Nov 4 Asia Why Japan and South Korea are on different paths in the latest US trade salvo World Trump says steep copper tariffs in store as he broadens his trade war Opinion Hyper-competitive classrooms feed the corporate world's narcissist pipeline Singapore Female primary school teacher allegedly committed sex acts with underage male student Singapore Man charged after he allegedly threw glass bottle at bus window, injuring passenger Singapore Police officer taken to hospital after motorcycle accident on PIE Another 100 cartons were seized from a multi-purpose vehicle. PHOTO: SINGAPORE CUSTOMS Court proceedings are ongoing. Those involved in any fraudulent evasion of duty or goods and services tax (GST) can be fined up to 40 times the amount of goods and services tax evaded, jailed for up to six years, or both. Vehicles seized in such offences will also be forfeited.
