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Straits Times
a day ago
- Business
- Straits Times
Japan leads global long-bond drop as spending takes centre stage
The yield on Japan's 30-year notes jumped the most in two months and those on similar-maturity German bonds flirted with their loftiest levels in 14 years. Yields for long-term debt from Japan and Germany to the UK and France rose on July 14 as growing concern over widening fiscal deficits dented demand. The yield on Japan's 30-year notes jumped the most in two months and those on similar-maturity German bonds flirted with their loftiest levels in 14 years. For these countries, fiscal concerns are usurping central-bank interest-rate policies as the main factor to watch. While the selloff is less pronounced in the US, 30-year yields there still touched the highest in a month. Japanese election largesse and Mr Donald Trump's weekend tariff announcements were the immediate cause of the latest nudge higher. They tapped into deeper concerns about excessive government debt, fire-hose spending, too many bonds coming to market, and inflation that's still much too sticky in developed markets around the world. 'Monetary policy has taken a backseat as primary policy focus, to be replaced by what is happening with budgets and national debts,' said Mr Benoit Anne, senior managing director and head of markets insights group of MFS Investment Management. That's all well and good if investors are willing to finance it, Mr Anne said, but past episodes have shown that investors can quickly develop 'an acute case of fiscal profligacy skepticism.' While shorter-maturity yields track the path of interest rates more closely – and are posting smaller moves on the expectation of cuts – a loss of appetite at the long end of the yield curve is a more direct reflection of the fear that growing piles of sovereign debt around the world could ultimately reach a tipping point. In the US, the rate on 30-year debt was up three basis points to 4.98 per cent as of 11am in New York and has now risen more than 20 basis points since the start of the month. Top stories Swipe. Select. Stay informed. World Trump arms Ukraine and threatens sanctions on countries that buy Russian oil Multimedia From local to global: What made top news in Singapore over the last 180 years? Singapore Turning tragedy into advocacy: Woman finds new purpose after paralysis Singapore HSA intensifies crackdown on vapes; young suspected Kpod peddlers nabbed in Bishan, Yishun Opinion Sumiko at 61: When beauty fades, why do some accept it better than others? Singapore Man charged over distributing nearly 3 tonnes of vapes in one day in Bishan, Ubi Avenue 3 Singapore Man allegedly attacks woman with knife at Kallang Wave Mall, to be charged with attempted murder Singapore Ex-cop charged after he allegedly went on MHA portal, unlawfully shared info with man 'The 30-year Treasury is right around 5 per cent and likely breaks back up,' said Mr George Bory, chief investment strategist, fixed income at Allspring Global Investments, on Bloomberg Radio July 14. 'The reality is deficit spending by governments is very prevalent around the world and the relief valve is the long end of the curve.' Investors remain uneasy over the prospect that Trump's One Big Beautiful Bill Act will add trillions to the national debt pile over the coming decade. Still, those concerns have eased in recent weeks, and the nation's 30-year debt has performed better than most developed nation peers year-to-date, despite dizzying swings. Traders are now looking to key inflation data due July 15. The long-end in the government bond market is 'going to be pinned at these levels,' and will only come down as growth slows, according to Mr Calvin Yeoh, portfolio manager at hedge fund Blue Edge Advisors in Singapore. He's positioned in so-called steepener trades in US Treasuries, betting that two and five-year notes will outperform 10- and 30-year notes, respectively. 'Everyone – the US, Japan, Europe – is on the fiscal bus headed to inflationville with a full tank of gas,' Mr Yeoh said. Japan, Germany Governments are on a path of greater issuance: Berlin abandoned decades of fiscal austerity this year to revamp its military and infrastructure; in Japan, an election struggle in the upper house is prompting pledges of spending hikes and tax cuts to woo voters. The 30-year Japanese yield advanced more than 10 basis points, nearing the record high last seen in May. The BOJ ended its negative rate policy in 2024 and has raised borrowing costs twice since then. Officials are widely expected to keep their benchmark rate unchanged at 0.5 per cent on July 31. Waning demand for super-long notes is also due to traditional buyers such as life insurers trimming purchases – mirroring a similar dynamic in the UK – as well as the BOJ trying to gradually back out of the market after becoming the dominant holder. 'This is a different environment than in the past,' said Barclays Securities Japan head of Japan FX and rates strategy Shinichiro Kadota. 'I think it's quite unique to this election.' In Germany, 30-year notes fell, lifting the yield three basis points to 3.25 per cent, the highest since 2023. German Chancellor Friedrich Merz said Mr Trump's threat of 30 per cent tariffs would hit exporters in Europe's largest economy 'to the core.' The UK and France, meanwhile, have seen borrowing costs jump as they struggle to reduce their vast debt piles. Strategists at Morgan Stanley point out that while the share of government bonds globally has grown in proportion to all debt – including treasuries, investment grade, high yield, emerging market hard-currency and local-currency debt – they're still 'well below the 2012 peak.' 'However, in the end, investors – not models – judge debt sustainability,' the strategists wrote. BLOOMBERG
Straits Times
a day ago
- Politics
- Straits Times
Trump sours on Putin, but bromance may not be over
Find out what's new on ST website and app. US President Donald Trump (right) who had vowed to end the Ukraine war, said he was 'disappointed' in Russian President Vladimir Putin. Washington - Ever since his political rise a decade ago, Donald Trump has sung the praises of Vladimir Putin – the Russian president was a 'strong leader' who, perhaps more important, would often say 'very good things' about him. With his announcement July 14 of new arms for Ukraine via Europe and tariff threats on Russia, Mr Trump's bromance with Mr Putin has hit a new low – but it may not have run its course. Mr Trump, who had vowed to end the Ukraine war within a day of returning to the White House, said he was 'disappointed' in Mr Putin, who has kept attacking Ukraine as if the leaders' telephone conversations 'didn't mean anything.' 'I go home, I tell the first lady, 'You know, I spoke to Vladimir today, we had a wonderful conversation. She said, 'Oh really? Another city was just hit.' ' 'I don't want to say he's an assassin, but he's a tough guy. It's been proven over the years. He's fooled a lot of people,' Mr Trump said. Mr Trump quickly rejected that he was among those fooled and again insisted that the 2022 invasion of Ukraine was the fault of his predecessor Joe Biden, who championed a hard line on Russia. Brandishing his favorite weapon, Mr Trump gave Russia 50 days to comply before facing 100 per cent tariffs on countries that purchase from Russia, but stopped short of backing a bill before Congress for up to 500 per cent tariffs. Top stories Swipe. Select. Stay informed. World In reversal, Trump arms Ukraine and threatens sanctions on countries that buy Russian oil Multimedia From local to global: What made top news in Singapore over the last 180 years? Singapore HSA intensifies crackdown on vapes; young suspected Kpod peddlers nabbed in Bishan, Yishun Singapore Man charged over distributing nearly 3 tonnes of vapes in one day in Bishan, Ubi Avenue 3 Opinion Sumiko at 61: When beauty fades, why do some accept it better than others? Singapore Public healthcare institutions to record all Kpod cases, confiscate vapes: MOH, HSA Singapore Man allegedly attacks woman with knife at Kallang Wave Mall, to be charged with attempted murder Singapore Ex-cop charged after he allegedly went on MHA portal, unlawfully shared info with man Russia's own trade with the United States has slowed down to a trickle. Mr Trump had 'promised that he could get Putin to the negotiating table, and he has failed to do that,' said Ms Heather Conley, a former State Department policymaker on Russia now at the conservative American Enterprise Institute. His tariff threat 'shows frustration that he has failed to do it, but I don't see it as a big policy change,' she said. The great deal-maker? Mr Trump stunned European allies on Feb 28 when he publicly berated Ukrainian President Volodymyr Zelensky at the White House, telling him he was ungrateful for billions of dollars in weapons under Mr Biden. Mr Trump then briefly held up new military and intelligence. For the US president, a transactional-minded businessman, Mr Putin committed a key offence – undermining Mr Trump's self-image as a deal-maker. 'For six months, President Trump tried to entice Putin to the table. The attacks have gone up, not down,' Senator Lindsey Graham, a Trump ally who has led the push for tough new sanctions on Russia, told CBS News show 'Face The Nation.' 'One of the biggest miscalculations Putin has made is to play Trump,' Mr Graham said. Yet Mr Trump has repeatedly shown a willingness to trust Mr Putin, despite firm warnings from within the US government. Most famously, he sided with Mr Putin over US intelligence at a 2018 news conference having met in Helsinki after the Russian president denied meddling to support Mr Trump in his first election. For observers of Mr Putin, the longest-serving leader in Moscow since Stalin, there was never much chance he would accept compromise on Ukraine or work with the West. Mr Putin has rued the demise of Russia's influence with the fall of the Soviet Union as a historic calamity and rejected the idea that Ukraine has its own historical identity. With Russia making small but steady gains on the battlefield and bringing in North Korean troops, Mr Putin has put his entire country on war footing, Ms Conley said. 'The Kremlin has thrown everything into this,' she said. 'President Putin believes that this is just going to be a slow erosion of Ukraine's position and the West's position, and he will win this conflict on its own merits,' she said. Mr Mark Montgomery, a retired US rear admiral and Senate policy aide, said Mr Putin believed in what has been referred to as TACO – Trump Always Chickens Out. Mr Putin 'thought he could take it to the limit each time, and he found out he was wrong', said Mr Montgomery, a senior fellow at the Foundation for Defense of Democracies, a hawkish research group. 'I don't think this stops until Putin feels either weapons system pain or economic pain that he cannot sustain.' AFP
Straits Times
2 days ago
- Sport
- Straits Times
Starc record as Australia bowl out Windies for 27 to win third test
Find out what's new on ST website and app. Mitchell Starc delivered the fastest five-wicket haul in test history on Monday as Australia crushed the West Indies by 176 runs in the third test in Kingston, Jamaica to complete a 3-0 series sweep. Starc took 15 balls to wreck the West Indies top order in a brilliant display that left the home side's run chase in tatters, before returning to take his sixth wicket after Scott Boland's hat-trick. West Indies were bowled out for 27, the second-lowest total in test history after New Zealand's 26 against England in 1955. Starc shattered the previous record for a five-for by four balls, surpassing Ernie Toshack (1947), Stuart Broad (2015) and Boland (2021), who needed 19 deliveries to achieve the feat. The drama began on the first delivery of West Indies' second innings, when Starc enticed John Campbell to nick an outswinger to wicketkeeper Josh Inglis. Debutant Kevlon Anderson shouldered arms to a ball that jagged back and struck his pad four balls later, before Brandon King edged on to his stumps as the hosts found themselves three wickets down with no runs on the board. Starc then trapped Mikyle Louis lbw to become the fourth Australian to reach 400 test wickets alongside Shane Warne, Glenn McGrath and Nathan Lyon. Top stories Swipe. Select. Stay informed. Singapore HSA intensifies crackdown on vapes; young suspected Kpod peddlers nabbed in Bishan, Yishun Singapore Man charged over distributing nearly 3 tonnes of vapes in one day in Bishan, Ubi Avenue 3 Singapore Public healthcare institutions to record all Kpod cases, confiscate vapes: MOH, HSA Singapore Man allegedly attacks woman with knife at Kallang Wave Mall, to be charged with attempted murder Singapore Singapore boosts support for Timor-Leste as it prepares to join Asean Singapore UN aviation and maritime agencies pledge to collaborate to boost safety, tackle challenges Singapore High Court dismisses appeal of drink driver who killed one after treating Tampines road like racetrack Singapore 18 years' jail for woman who hacked adoptive father to death after tussle over Sengkang flat Two balls later, he trapped Shai Hope lbw and he finished with figures of 6-9. At tea, the West Indies stood at a precarious 22-6, needing 182 runs for victory and staring down the barrel of cricket's ultimate embarrassment, with five runs needed to avoid the lowest-ever total. And the drama was far from over. Boland dismissed Justin Greaves, Shamar Joseph and Jomel Warrican to claim a hat-trick that left West Indies at 26-9, level with New Zealand's record. In the end, it was a narrow escape for the hosts as they added another run before Starc returned to bowl Jayden Seales. Earlier, Australia were dismissed for 121, their lowest score against West Indies in 30 years, with Alzarri Joseph completing career-best figures of 5-27 and Shamar Joseph 4-34. REUTERS
Straits Times
2 days ago
- Health
- Straits Times
Then and now: No country for old habits in Singapore
Whether 1845 or 2025, some things in Singapore never change. Snippets on how we reported them then and now. A poster put up in 1948 in New Bridge Road to warn people against spitting and spreading tuberculosis. 'No spitting campaign gets a big start,' declared a Page 1 article on Aug 2, 1958, the year before Singapore achieved self-governance. Anti-spitting posters were put up, including at the City Council building, a rally was held to spread the message, and thousands of letters passing through post offices in Singapore were stamped with the words 'Don't Spit'. Spitting – and its potential to spread disease – was a public health menace, and it had plagued Singapore for a long time. Beyond reporting, The Straits Times has served as a platform for civic frustration and concern, with readers writing in regularly to express alarm at the poor hygiene of their fellow men. Reports over the decades also show that while the tools to fight bad habits have changed – from posters to urine detectors – the message has remained constant. In 1925, a century ago, a reader wrote in to suggest that anti-spitting notices be displayed in government offices, trams, eating houses and other public places. 'The spitting that goes on in our trams is positively dangerous,' said the reader, adding that a crackdown on spitting might help prevent the spread of tuberculosis. The problem of keeping public places clean persisted beyond World War II, alongside worries about malnutrition in the population. In 1947, a doctor wrote to the paper to note that spitting in the street and buses was far too common: 'I have even shared a taxi with a man who occupied his time expectorating on the floor.' Top stories Swipe. Select. Stay informed. Singapore HSA intensifies crackdown on vapes; young suspected Kpod peddlers nabbed in Bishan, Yishun Singapore Man charged over distributing nearly 3 tonnes of vapes in one day in Bishan, Ubi Avenue 3 Singapore Public healthcare institutions to record all Kpod cases, confiscate vapes: MOH, HSA Singapore Man allegedly attacks woman with knife at Kallang Wave Mall, to be charged with attempted murder Singapore Singapore boosts support for Timor-Leste as it prepares to join Asean Singapore UN aviation and maritime agencies pledge to collaborate to boost safety, tackle challenges Singapore High Court dismisses appeal of drink driver who killed one after treating Tampines road like racetrack Singapore 18 years' jail for woman who hacked adoptive father to death after tussle over Sengkang flat A worker clearing up rubbish at the Padang after an anti-spitting rally and concert in 1958. PHOTO: ST FILE In 1949, the municipal commission of Singapore was reportedly considering imposing a stiff fine and even jail for those caught spitting. A reader wrote in to argue against such penalties, questioning if these would even make a dent in the problem, 'when half of Singapore spits'. Complaints about public cleanliness and disgusting habits like spitting and peeing in public cropped up from time to time even after Singapore gained independence in 1965 and became more developed. In 1981, a reader wrote in after witnessing a bus driver, who had stopped at a traffic light, clearing his throat to spit out the window 'nonchalantly' on the road. Noting that it was a common habit, the writer added: 'It is a disgusting and appalling habit and most unhygienic, to say the least. What if the spitter happens to be a carrier of tuberculosis or flu germs or who knows what other contagious diseases?' In May 1984, another 'Stop Spitting Campaign' was mounted by the Government to educate the public on the evils of spitting in public places. As part of the campaign, the Registry of Vehicles took the no-spitting message to 40,000 public transport workers, with stickers, posters and advertising panels spreading the campaign slogan: 'Stop That Spitting Habit – It's Dirty. It Spreads Disease.' A giant poster on the marble columns of the Singapore City Council on Aug 1, 1958, proclaiming the start of the council's anti-spitting campaign. The poster is designed to convey, without words, the message 'Do not spit'. PHOTO: ST FILE The act of spitting took on greater menace during the severe acute respiratory syndrome (Sars) epidemic and later the Covid-19 pandemic. The authorities cracked down on spitting during the Sars epidemic in 2003. In May that year, the National Environment Agency nabbed 31 people for spitting in public and made an example of 11 by charging them in court. Each offender was named and made to pay a fine of $300. In June 2020, during the Covid-19 pandemic, a woman was charged over hurling abuse and spitting at an employee in a KFC outlet. In April the same year, a man was jailed for spitting on the floor of a hotel lobby and shouting 'corona, corona'. Besides spitting, another nuisance in the 1970s and 1980s was urinating in lifts, when more Singaporeans started moving into high-rise public housing. A resident of Block 18 Marine Terrace wrote to The Straits Times in 1977 to complain about how the three lifts in the block 'are always full of urine'; in 1987, grassroots leaders in Telok Blangah launched a campaign against urinating in lifts by putting up posters and giving out pamphlets, after complaints about smelly lifts. In January 1988, the Housing Board started installing urine detectors in some estates, the paper reported in a Feb 28, 1988, article headlined 'More caught on film with their pants down'. A 79-year-old man in Tampines and two boys aged seven and nine in Ang Mo Kio were among those who were arrested. The urine detectors could pick up on the salt content in urine, which would activate a video recording and stop the lift. The culprit would be freed by a lift rescue team and handed over to the police. By 1997, the problem looked to be under control in HDB estates with the greater introduction of urine detectors, The Straits Times reported. It was harder to eradicate it from other public places. In 2008, a stink was raised about the stench of urine that hung over a walkway to the Esplanade; also causing olfactory offence were suspicious puddles in the stairwells of buildings like Lucky Plaza or Hong Lim Complex. Urinating in public remains a nuisance. In January 2025, three men were separately caught urinating at Outram Park, Potong Pasir and Tanah Merah MRT stations. The paper reported in the same month that an astonishing average of 600 people were fined each year for urinating or defecating in public from 2020 to 2024.
Straits Times
2 days ago
- Straits Times
Paralysed woman shares her journey of rebirth at annual My Community Festival
Ms Jean Ling with her husband Jake Oh and their three children, Summer, six, Evan, two, and Adel, five months. SINGAPORE - The tears still flow for Ms Jean Ling at the memory of the accident that left her paralysed from the waist down 11 years ago. While she was on holiday in New Zealand in March 2014, her car skidded off a road and slammed into a tree just before a planned horse-riding trip. She had broken ribs, punctured lungs and severe spinal cord injuries. For four months, she stayed at a rehabilitation facility in Christchurch learning to navigate life with her disability. During that time, Ms Ling, 42, said she 'cried every night at the thought that I could never walk again'. 'And I wondered if I could still have a happy life, get married or take care of myself?' The answers to those questions have been yes, yes and yes. Despite a permanent disability, Ms Ling, a procurement executive, is living life to the fullest now, and is determined to be an advocate for disability inclusion. Top stories Swipe. Select. Stay informed. Singapore HSA intensifies crackdown on vapes; young suspected Kpod peddlers nabbed in Bishan, Yishun Singapore Man charged over distributing nearly 3 tonnes of vapes in one day in Bishan, Ubi Avenue 3 Singapore Public healthcare institutions to record all Kpod cases, confiscate vapes: MOH, HSA Singapore Man allegedly attacks woman with knife at Kallang Wave Mall, to be charged with attempted murder Singapore Singapore boosts support for Timor-Leste as it prepares to join Asean Singapore UN aviation and maritime agencies pledge to collaborate to boost safety, tackle challenges Singapore High Court dismisses appeal of drink driver who killed one after treating Tampines road like racetrack Singapore 18 years' jail for woman who hacked adoptive father to death after tussle over Sengkang flat She will share her story of resilience and rebirth with visitors to local charity SPD at the upcoming My Community Festival, which will take place from Aug 1 to 17. The sixth edition of the annual festival, organised by non-profit group My Community, invites participants to explore how communities across Singapore experience and celebrate life's beginnings. There will be over 70 guided tours, experiences and discussions curated around the theme My First Journey. Topics range from post-partum rituals and confinement meals, to spiritual renewal and emotional recovery. 'This year's theme invites us to honour not just the moment we are born, but the many times we are reborn – through pain, through faith, through choice,' said My Community executive director Kwek Li Yong. Whether it is the woman who overcomes cancer and learns to live again, the man who walks again with a new limb, or the former offender who is given a second chance – these are all first journeys long after they thought their lives were over, he added. For Ms Ling, her 'rebirth' came when she woke up to hear the doctor tell her that her spinal cord injuries meant she could never walk again. 'I'm a crazy, extroverted kind of person. Mentally, I accepted it, though emotionally I had not,' she said. Eventually, while she was undergoing rehabilitation in New Zealand, she found strength in the courage of others whom she got to know there, such as an 18-year-old who broke her neck and spinal cord after a diving mishap, and a honeymooning couple from Hong Kong who had a car accident that robbed the bride of her speech and mobility. Back in Singapore, she spent eight months at the Transition To Employment programme at SPD, receiving therapy and support. Through mutual friends, she met Mr Jake Oh, an engineer, and they got married in 2017. 'I thought nobody would love me,' said Ms Ling, now a mother of three children, aged four months to five years old. 'The fact is, I even lost a lot of friends after the accident. We simply drifted apart. They might think they had better not disturb me, or that it was not convenient for me to go out.' Through mutual friends, Ms Jean Ling met Mr Jake Oh, an engineer, and they got married in 2017. ST PHOTO: GAVIN FOO Ms Ling, the face of SPD's 2022 public education campaign which challenges societal stereotypes about people with disabilities, said: 'I want more people to understand the difficulties we face every day.' These include everyday challenges, such as wheelchair users having to compete with others to use the lifts during peak hours. 'It has to start with the young. Schools should have talks to teach children (to have) empathy towards people with disabilities. They should help the young understand what people with disabilities are going through, and teach them to react appropriately around them,' she said. She once got into a lift and overheard a child complaining to the parents: 'Why (does) this auntie on the wheelchair want to squeeze in? I cannot move.' Ms Ling wants to set a good example for her two daughters and a son. While she has to depend on her husband and domestic helper to bathe her children or pick up their toys – 'These seemingly simple tasks are difficult for me,' she said – she tries to be there for her children whenever she can, including preparing their meals. Her adventurous spirit has endured, too, as she focuses on the 'ability' in her disability. In 2017, she returned to New Zealand to try adaptive skiing, skydiving and horseback riding. She also challenged herself to try indoor rock climbing aided by a special harness in Singapore and scuba diving in Malaysia. Since becoming a mother, Ms Ling has put her adventures on hold, prioritising her loved ones. 'I feel I have the responsibility to my family and not risk my life in case of another freak accident,' she said. More information on the My Community Festival is available on /
