Latest news with #SingaporeDollar
Yahoo
26-05-2025
- Business
- Yahoo
Singapore Dollar Strengthens on Possible Quickening of ‘Sell America' Trade
The Singapore dollar strengthened against its U.S. counterpart in the Asian session on the possible quickening of the 'sell America' trade.
Indian Express
20-05-2025
- Business
- Indian Express
Assets worth Rs 1.5 cr seized after raids at multiple locations: ED in money laundering case
THE DIRECTORATE of Enforcement (ED), Kolkata Zonal Office, conducted extensive search operations on May 16 across multiple cities, including Mumbai, Bengaluru, Jalandhar, Indore and Kolkata, the agency said in a statement on Tuesday. The raids were part of an ongoing investigation into M/s TM Traders and M/s KK Traders (operating as TP Global FX/ IX Global) under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. During the coordinated operations, the ED recovered and seized/froze significant assets. These include foreign currencies such as US Dollar, Singapore Dollar and Dirham, amounting to approximately Rs. 6,42,973. Gold bullion worth Rs 55,74,667 and bank balances of approximately Rs 94 lakh were also seized. Additionally, property documents, various digital devices, and other incriminating documents were recovered. The total value of assets seized in this latest round of searches is estimated to be over Rs. 1.5 Crore. The ED initiated its investigation based on First Information Reports (FIRs) registered by Kolkata Police, Maharashtra Police, and Gujarat Police against M/s T M Traders, M/s K K Traders, TP Global FX, and others under various sections of the Indian Penal Code (IPC), 1860. According to the Reserve Bank of India (RBI), the website of TP Global FX is neither registered with the central bank nor does it possess any authorization for forex trading. The RBI had previously issued an Alert List, including the name of TP Global FX, through a press release dated September 7, 2022, to caution the public against unauthorised trading platforms. The ED said investigations have revealed a 'sophisticated deception' orchestrated by individuals identified as Prasenjit Das and Tushar Patel. They allegedly utilised numerous dummy companies to lure investors into a fraudulent scheme, promising high returns on forex trading investments through TP Global FX. The investigation further uncovered that the Directors and promoters of IX Global, namely Viraj Suhas Patil and Joseph Martinez, actively promoted TP Global FX as their preferred broker, with members and users of IX Global utilizing TP Global FX brokerage services for their forex trading activities. The agency said that multiple FIRs have been registered across the country against TP Global FX/ IX Global/ IX Academy Pvt/ and various influencers/promoters of IX Global, including Viraj Suhas Patil, Tushar Patel, and Joseph Martinez. These complaints allege that the public was lured into investing money under the guise of high returns through forex trading on the TP Global FX/ IX Global platforms. Previously, the ED arrested Shailesh Kumar Pandey, Prasenjit Das and Viraj Suhas Patil in connection with this case. Assets worth approximately Rs 270 crore, including cash, gold, real estate, hospitality establishments, office spaces, agricultural land, vehicles, crypto currencies, and bank balances, were seized, frozen, or attached in those earlier actions. The agency has already filed two Prosecution Complaints against the arrested individuals, and the Hon'ble Special Court (PMLA) has taken cognizance of the offence of money laundering.
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CNA
19-05-2025
- Business
- CNA
Money Talks - MT Explains: How Singapore's S$NEER monetary policy can affect your coffee and holidays
Money Talks Play S$NEER – the Singapore dollar nominal effective exchange rate - is a critical component of Singapore's monetary policy. Jeff Ng, head of Asia macro strategy at Sumitomo Mitsui Banking Corporation, tells Andrea Heng how this affects the price of our daily coffee or our shopping sprees on holiday.
CNA
19-05-2025
- Business
- CNA
Money Talks Podcast: MT Explains - How Singapore's S$NEER monetary policy can affect your coffee and holidays
S$NEER – the Singapore dollar nominal effective exchange rate - is a critical component of Singapore's monetary policy. Jeff Ng, head of Asia macro strategy at Sumitomo Mitsui Banking Corporation, tells Andrea Heng how this affects the price of our daily coffee or our shopping sprees on holiday. Here's an excerpt from the conversation: Andrea Heng, host: Does a stronger currency necessarily translate to more spending power, or does it come at a cost to Singaporeans? Say we earn in Singdollar, but we also have to spend in Singdollar, right? So in my head, the benefits are offset in a way? Jeff Ng, head of Asia macro strategy at Sumitomo Mitsui Banking Corporation: Yes. So I think it's always appropriate to have the right policy, the right strength in terms of the Singapore dollar. So imagine a worker, if the Singapore dollar is too strong, maybe he doesn't even have a job in the first place. Then they will not have even the Singdollar to spend anyway. So it has to be at the appropriate level. Then when you look at the price adjustments, it's at the right stage for Singapore and their workers to be able to spend on all international products. Because when the currency is too strong, whatever you're exporting becomes quite expensive as well. Andrea: And then no one wants to buy your stuff. So when we spend that money, then it becomes a benefit to us overseas. And that's why we saw so many Singaporeans traveling, because our Singdollar was stronger than say, the Japanese yen. Is that a good example of how it benefits us in return? Jeff: Yes, but on the other hand, it is also bad for the economy, right? Because instead of spending in Singapore and boosting retail sales, you are spending overseas. Andrea: How does a stronger dollar affect our investments? And if the S$NEER is adjusted to weaken the currency, how do we then make our portfolio adjustments, if any? Jeff: So if the Singapore dollar is so strong, when other countries think about investing in Singapore, they do not have so much to convert to Singapore dollars. It's too strong. So I think, of course, it has to be at a balanced level.
Yahoo
19-05-2025
- Business
- Yahoo
Singapore Dollar Strengthens Slightly, Buoyed by U.S. Credit-Rating Downgrade
The Singapore dollar strengthened slightly against its U.S. counterpart in the Asian session, buoyed by last Friday's downgrade of the U.S. credit rating.
