Singapore's CPF scores big in global pension index; Trump’s odds dwindle as Harris gains momentum in US election: Singapore live news

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hand of an older woman holding Singaporean banknotes
Singapore's Central Provident Fund (CPF) system ranks fifth globally, scoring 78.7 in the Mercer CFA Institute Global Pension Index, highlighting its effectiveness and robust framework. (Photo: Getty Images)

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Hello to all our readers, Yahoo Singapore will be bringing you live news updates today.

In a world where many countries struggle to secure retirement for their citizens, Singapore shines brightly. Ranking fifth in the world, the Central Provident Fund (CPF) ensures citizens can save adequately for their golden years, according to the latest Mercer CFA Institute Global Pension Index. With a score of 78.7, Singapore's pension system is a beacon of hope for retirees. The CPF offers a strong structure that ensures adequacy, sustainability, and integrity. Challenges remain as the population ages, necessitating ongoing reforms and education. More on how the CPF leads the way in retirement security here.

With Election Day just around the corner, Vice President Kamala Harris is making waves by leading in crucial polls, challenging former President Donald Trump in a high-stakes showdown. Harris has pulled ahead of former President Donald Trump in Iowa, shaking up the presidential race just days before polling day. With over 75 million ballots already cast, early voting is reaching unprecedented levels, the turnout will be crucial in determining who secures the necessary electoral votes. More US election coverage here.

Ever found yourself lost in a sea of abbreviations while texting? You’re not alone. A recent study reveals the 20 most confusing text abbreviations among Singaporeans. Topping the list is “TLDR,” a term often misunderstood despite its frequent use in online conversations, with a staggering 79,080 searches. This abbreviation serves as a shorthand summary for lengthy posts, allowing users to get the gist without reading everything. Following closely is "NSFW" (Not Safe For Work) with 76,320 searches, a critical term in a digital landscape rife with content warnings. Other notable entries include "POV" (Point Of View), "GOAT" (Greatest Of All Time), and "SMH" (Shaking My Head), each playing pivotal roles in online conversations. Understanding these terms not only enhances communication but also helps users engage more effectively with current cultural references. More on the text abbreviations that baffles Singaporeans the most here.

Tao Yaqiong, the wife of co-founder of collapsed cryptocurrency hedge fund Three Arrows Capital Zhu Su, has managed to sell a mansion she owns in Singapore for $51 million, despite a court-imposed freeze against some of the couple’s other assets. The so-called good class bungalow (GCB) sits on 1,446 square meters (15,568 square feet) of land at Dalvey Road, near the Singapore Botanic Gardens. Tao bought the house for $28.5 million in 2020 and has since redeveloped it. Assets subject to the disposal ban include another mansion on Yarwood Avenue, which Zhu bought with his wife for $48.8 million in late 2021 in their role as trustees, and sought to sell in 2022, Bloomberg previously reported. It also includes another smaller house owned by Zhu in Balmoral Road. More on the $51 million mansion sale by the wife of disgraced Three Arrows Capital co-founder Zhu Su here.

Wet weather returns to Singapore in November, with frequent thundery showers forecasted nearly every afternoon. The predicted rainfall is set to be above average after a dry spell in late October. The forecast suggests residents should prepare for rain and warmer temperatures. More on the latest weather forecast in Singapore here.

A Singapore court has granted two siblings protection orders against each other following a dispute over late-night cleaning. The brother claimed his sister's late-night cleaning invaded his privacy and caused him distress, leading to multiple hospitalisations. The sister argued her actions were necessary due to her siblings' neglect. Read on the unusual family court case in Singapore here.

At a charity auction held at the Shangri-La Singapore on Saturday (2 Nov), President Tharman Shanmugaratnam’s exquisite calligraphy artwork fetched an astounding $308,888. The piece, inscribed with the phrase "同心协力,与时并进" (tóng xīn xié lì, yǔ shí bìng jìn), symbolises unity and progress – an apt reflection of the event's spirit. Bidders from various sectors came together to support the Singapore Red Cross, which is celebrating its 75th anniversary. Proceeds from the auction will bolster essential programmes aimed at helping children, families, and the elderly in need. The evening also featured a range of auction items, from luxury artworks to exclusive travel packages. This successful event not only raised significant funds but also strengthened the bonds of compassion and support within Singapore.

A recent report by loan matching platform Lendela reveals alarming trends in debt among Singapore’s young adults. As the cost of living rises, loan applications from those aged 20 to 35 surged by 140 per cent over two years. Key reasons for borrowing include debt consolidation, bills, and home-related expenses, indicating a deepening financial strain. Millennials are particularly affected, often facing significant life expenses like mortgages and family care. With many young adults struggling to manage existing debts, financial literacy and support are critical for fostering long-term stability. More on the rising borrowing trends among Singapore’s youth here.

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  • Featured

    Young adults face rising debt in Singapore

    Serious looking young couple discussing over financial bills while using laptop in living room. Couple paying bills together online. Making financial plan together. Doing online banking on laptop, paying taxes, managing personal budgets, discussing finances, managing online stock trades, making college tuition planning for children...
    As the cost of living continues to escalate, many young Singaporeans find themselves drowning in debt, with a startling 140 per cent rise in loan applications, according to a report by loan matching platform Lendela. (Photo: Getty Images)

    A recent report reveals a troubling trend: middle-class young adults in Singapore are increasingly burdened by debt.

    According to loan matching platform Lendela, loan applications from those aged 20 to 35 have surged, with young adults now accounting for nearly half of all loan requests, as the cost of living continues to rise.

    The average loan size sought by this group has also climbed, reflecting growing financial pressures tied to essential living expenses.

    The study indicates a 140 per cent increase in loan applications from young adults over the past two years, although their overall share of applications has decreased by 20 per cent.

    Young adults now apply for an average loan of $13,000, with amounts reaching as high as $270,000.

    The primary reasons for borrowing include debt consolidation (31.8 per cent), bills (19.3 per cent), and home-related expenses (6.7 per cent), underscoring the urgent financial challenges faced by this demographic.

    Millennials, particularly those in the middle-income bracket, have seen a notable rise in loan applications, often linked to significant life expenses such as mortgages, family care, and education costs.

    Over 30 per cent of applications from millennials earning more than $84,000 reflect the increasing financial strain they encounter.

    This trend is exacerbated for Gen Z borrowers, whose favourable debt serviceability ratios have declined, indicating greater difficulties in managing existing debts.

    The report highlights a critical need for financial literacy and support, as more young adults turn to loans to cope with their economic realities.

    Bryan Tay, Lendela's Singapore country manager, emphasises the importance of maintaining a healthy credit profile to navigate these pressures.

    “While credit options need to remain accessible in a high-cost environment and to young adults who need them, it’s incredibly important for the long term financial health of younger borrowers that they maintain a healthy credit profile,” Tay said.

    “This involves paying on time and in full, as well as how many debt and credit facilities they have, on top of several other indicators, and can significantly influence the financing options available to them, as well as the associated costs,” he added.

    As discussions around the cost of living persist in Singapore's public discourse, the data serves as a stark reminder of the financial challenges affecting the nation’s younger generations.

    With the economic landscape evolving, understanding the borrowing behaviours and financial health of young adults becomes increasingly essential for policymakers and financial institutions alike. Addressing these issues may be key to fostering long-term financial stability for Singapore's middle-class youth.

    (Note: All figures quoted in the report are for share of applications, not total volume of applications, unless otherwise stated.)

    Read on how the rising cost of living hits young Singaporeans hard here.

  • Featured

    Tharman’s calligraphy fetches over $208,000 for charity auction

    President Tharman Shanmugaratnam's calligraphy sold for $208,888 at a charity auction for the Singapore Red Cross on Saturday, 2 November 2024. (Photo: Calligraphy – Singapore Red Cross/Facebook; Tharman – REUTERS/Denis Balibouse)
    President Tharman Shanmugaratnam's calligraphy sold for $208,888 at a charity auction for the Singapore Red Cross on Saturday, 2 November 2024. (Photo: Calligraphy – Singapore Red Cross/Facebook; Tharman – REUTERS/Denis Balibouse)

    A stunning piece of calligraphy by President Tharman Shanmugaratnam raised an impressive $208,888 at the Singapore Red Cross (SRC) charity auction held Saturday (2 Nov) at the Shangri-La Singapore.

    This remarkable artwork, inscribed with the Chinese phrase "同心协力,与时并进" (tóng xīn xié lì, yǔ shí bìng jìn), embodies the spirit of unity and progress.

    The calligraphy piece, measuring 66cm by 124.5cm, drew significant interest, starting at a bid of $25,000.

    The winning bid came from Fang Angzhen, founder of Angen Fund Management.

    The auction attracted a diverse group of philanthropists, community leaders, and corporate executives eager to support the SRC’s mission.

    Funds raised from this auction will directly benefit SRC's essential programs that support children, youth, families, persons with disabilities, and elderly individuals living alone.

    This aligns with the organisation’s commitment to serving vulnerable communities throughout Singapore.

    In addition to Tharman’s calligraphy, the charity auction featured a variety of other items, including artworks, a sculpture, a bottle of 18-year single malt whiskey, and a pair of round-trip business class tickets on Gulf Air.

    These items fetched between $4,300 and $100,000, further contributing to the overall success of the event.

    This year marks the 75th anniversary of the Singapore Red Cross, and the charity gala served as a crucial fundraising effort to ensure its programs continue to thrive.

  • Featured

    Singapore mansion fetches $51 million from disgraced Three Arrows Capital co-founder's wife

    Three Arrows Capital office in Singapore. (PHOTO: Suvashree Ghosh/Bloomberg)
    Tao Yaqiong, wife of Three Arrows founder Zhu Su, sold a $51 million mansion in Singapore amid financial troubles following the hedge fund's collapse. (Photo: Suvashree Ghosh/Bloomberg)

    Tao Yaqiong, wife of Zhu Su, co-founder of the collapsed cryptocurrency hedge fund Three Arrows Capital, has sold her Singapore mansion for S$51 million ($38.5 million).

    The sale, completed recently, comes despite a court-imposed freeze on many of the couple's assets.

    The luxurious good class bungalow, located on Dalvey Road near the Botanic Gardens, covers 1,446 square meters (15,568 square feet) of land.

    Tao purchased the property in 2020 for S$28.5 million and has since redeveloped it, making the sale particularly notable given the couple's financial woes.

    Zhu Su and fellow co-founder Kyle Davies saw their hedge fund implode in 2022 after poor investment decisions.

    As a result, they have faced significant regulatory scrutiny, including nine-year bans from Singapore's financial market and other legal challenges.

    Despite these setbacks, Tao’s sale is a rare financial win for the family.

    The couple's assets remain under a global freeze initiated by liquidators Teneo, who argue creditors are owed approximately US$3.3 billion following the fund's collapse.

    The buyer, Chrispianto Karim, a Singapore citizen and member of the influential Indonesian Karim family, has added the property to his portfolio, showcasing the continued demand for high-end real estate in Singapore, even amid financial turbulence.

    Read on the $51 million mansion sale by the wife of disgraced Three Arrows Capital co-founder Zhu Su here.

  • Featured

    Singaporeans struggle with confusing text abbreviations

    The word
    The word "TL;DR" is lined with gold letters on wooden planks. 3D illustration image

    Well, hopefully you won't find this article TLDR.

    In a digital landscape dominated by quick conversations and social media, understanding text abbreviations is crucial, yet many Singaporeans find themselves puzzled.

    A recent study by Preply has identified the 20 most confusing text abbreviations, revealing a significant gap in knowledge among the younger generation.

    Topping the list is “TLDR,” which stands for “Too Long Didn’t Read,” with an astounding 79,080 Google searches for its meaning last year.

    This abbreviation is commonly used to summarise lengthy posts, yet it remains widely misunderstood.

    Following closely is “NSFW” or “Not Safe For Work,” which racked up 76,320 searches.

    This term serves as a crucial warning for potentially inappropriate content, particularly in professional settings.

    Other abbreviations such as “POV” (Point Of View) and “GOAT” (Greatest Of All Time) are also causing confusion.

    With search volumes of 62,520 and 61,320 respectively, these terms are frequently used in social media conversations, especially among Gen Z.

    Meanwhile, “SMH” (Shaking My Head) rounds out the top five, showing how the language of youth culture is evolving.

    The study underscores the challenges faced by both native and non-native English speakers in Singapore.

    Despite English being a primary language, the rapid adoption of slang and abbreviations from various online platforms complicates understanding.

    The multicultural environment in Singapore only adds to the confusion, making these shortcuts even harder to decipher.

    Read on the most confusing text abbreviations in Singapore here.

  • Featured

    Singapore's CPF is paving the way for secure retirements

    CPF logo. (Yahoo News Singapore file photo)
    Singapore’s pension system stands out as one of the best in the world, securing the fifth spot in the 2024 Mercer CFA Institute Global Pension Index with a score of 78.7. (Yahoo News Singapore file photo)

    Singapore's pension system ranks fifth globally in the 2024 Mercer CFA Institute Global Pension Index, scoring 78.7 and earning a B+ grade.

    The Central Provident Fund (CPF) is the cornerstone of this system, ensuring that citizens save for retirement, housing, healthcare, and education.

    With its strong framework, Singapore effectively addresses the financial needs of its ageing population.

    The CPF mandates contributions from both employees and employers, creating a robust pool of savings.

    This approach ensures a high adequacy score of 79.8, reflecting the system's ability to provide sufficient retirement income.

    Furthermore, the sustainability score of 74.3 indicates that the system can support benefits for future generations.

    Singapore’s pension integrity shines with a score of 83.0, highlighting strong governance and regulatory measures.

    This fosters public trust, ensuring that citizens have confidence in their retirement savings.

    The government also promotes flexible retirement options, allowing individuals to invest their CPF savings based on personal risk preferences.

    However, challenges lie ahead.

    As Singapore's population ages, policymakers must adapt the system to meet the needs of a growing number of retirees.

    Enhancing financial literacy and providing ongoing public education will be crucial in preparing citizens for their retirement.

    Singapore’s proactive approach to retirement savings positions it as a model for other countries.

    As global demographic shifts continue, the island nation’s pension system will be closely watched for best practices in retirement planning.

    Find out what makes Singapore's CPF a model for retirement savings here..

  • Singapore siblings dispute leads to court orders over cleaning issues

    The Family Justice Courts (PHOTO: Dhany Osman / Yahoo News Singapore)
    In an unusual family court case, two siblings were granted protective orders against each other, stemming from a long-standing conflict over late-night cleaning practices in their shared home. (Photo: Dhany Osman / Yahoo News Singapore)

    A peculiar sibling dispute in Singapore culminated in a family court granting personal protection orders (PPOs) between a brother and sister.

    The brother, who felt his privacy invaded by his sister's late-night cleaning, received a partial domestic exclusion order (DEO) preventing her from entering his bedroom.

    The brother claimed that for eight years, his sister would enter his room uninvited, often late at night, to clean.

    He reported significant distress from these actions, resulting in multiple admissions to the Institute of Mental Health (IMH).

    In contrast, the sister defended her behaviour by stating she aimed to maintain hygiene in their shared living space, which she believed her siblings neglected.

    During the court proceedings, the siblings presented conflicting narratives.

    The brother's discomfort stemmed from his sister entering his room between 10pm and 11pm and cleaning until the early hours of the morning.

    The sister, however, argued her late-night cleaning was dictated by her work schedule and was necessary due to her siblings’ lack of cleanliness.

    The court found the sister's actions could be considered continual harassment.

    The judge noted that while cleaning typically is a caring act, the circumstances in this case suggested otherwise.

    He emphasised the need to respect personal boundaries, especially within a shared living space.

    Ultimately, both siblings were granted protective orders against each other, with the court noting the need to safeguard their well-being amid ongoing tensions.

    Read on the unique sibling dispute in Singapore here.

  • November brings thundery showers to Singapore

    A man walks with an umbrella as buildings are shrouded with rain at Marina Bay in Singapore on January 9, 2024. (Photo by Roslan RAHMAN / AFP) (Photo by ROSLAN RAHMAN/AFP via Getty Images)
    Singapore expects thundery showers and warmer temperatures in November as inter-monsoon conditions dominate. (Photo: ROSLAN RAHMAN/AFP via Getty Images)

    As inter-monsoon conditions prevail, the first fortnight of November is set to bring moderate to heavy thundery showers across the island.

    Residents can expect these showers primarily in the afternoons, with some extending into the evenings.

    The forecast predicts above-average rainfall during this period, driven by light and variable winds.

    This wet weather follows a relatively dry second half of October, which saw significantly lower rainfall compared to historical averages.

    The period recorded just 57.6mm of rain at Choa Chu Kang, while some areas reported rainfall levels 85% below average.

    In contrast, the upcoming days promise a more typical November with increased precipitation.

    Daily maximum temperatures during the first two weeks of November will likely range between 32°C and 34°C, with a few days possibly exceeding this range.

    Such warm conditions, coupled with the forecasted rain, suggest a mix of humidity and cooler afternoon breezes.

    In addition to afternoon showers, Singapore may experience Sumatra squalls, which could bring widespread thundery rain and gusty winds on some mornings.

    These weather patterns are common during this transitional monsoon period, reflecting the region's dynamic climate.

    For ongoing updates on the weather, residents are encouraged to check the Meteorological Service Singapore (MSS) website or download the myENV app for real-time alerts and forecasts.

  • Harris vs Trump intensifies in US election showdown

    FILE PHOTO: Democratic Vice President Kamala Harris and Republican opponent former U.S. President Donald Trump are seen in a combination of file photographs taken in Chandler, Arizona, U.S., October 10, 2024 and in Evans, Georgia, U.S., October 4, 2024. REUTERS/Evelyn Hockstein and Octavio Jones/File Photo
    As the election draws near, will Kamala Harris maintain her lead, or will former president Donald Trump rally his supporters in time to clinch victory? REUTERS/Evelyn Hockstein and Octavio Jones/File Photo

    As the countdown to the US presidential election intensifies, Vice President Kamala Harris and former President Donald Trump are locked in a fierce battle for the White House.

    A recent poll from the Des Moines Register shows Harris leading Trump by three points in Iowa, a state pivotal to Trump's past victories. This shift has prompted a scramble in betting markets, with Trump’s odds falling sharply.

    Harris is capitalising on key issues such as women's rights and healthcare, appealing to voters energised by recent Supreme Court decisions.

    “This election is our chance to turn the page and build a better future,” she stated at a rally in Georgia, drawing large crowds and significant enthusiasm from women voters.

    Meanwhile, Trump is rallying his supporters with a message of strength and resilience, despite recent controversies surrounding his campaign.

    His speeches focus on a grim vision of the future if Harris is elected, aiming to mobilise his base with stark warnings.

    “Do you want to lose your job and your home?” he asked during a rally in Virginia.

    Early voting is reaching unprecedented levels, with over 75 million ballots already cast.

    This surge indicates a highly engaged electorate, which could significantly influence the final outcome, especially in battleground states.

    Analysts suggest that turnout will be crucial in determining who secures the necessary electoral votes.

    OCBC’s investment strategy highlights that a Harris victory, alongside a clean sweep of Congress by Democrats, may be "neutral to positive" for both equities and bonds.

    They also note the importance of the Electoral College over popular votes, the potential for post-election uncertainty, and how the outcome could significantly impact fiscal policies and market performance.

    As Election Day approaches, both candidates ramp up their efforts across the nation, with the stakes higher than ever for the political landscape.

    More US election coverage here.