Singapore shares rose 1.2% this week as investors digested the latest comments from U.S. Federal Reserve Chair Jerome Powell. Powell said Tuesday that the central bank would have already cut interest rates if it weren’t for U.S. President Donald Trump’s tariff initiatives.

In terms of star stocks, YZJ Fin Hldg rose 23%; $TCIL HK$(T15.SI)$ rose 17%; HPL rose 9%; Top Glove fell 9%; Alibaba HK SDR 5to1, Meituan HK SDR 5to1 fell 6%.

Market News

Singapore Tightens Property Measures to Cool Housing Market

Singapore introduced fresh measures to tame housing prices, raising the stamp duty for those who sell their private homes within four years.

The changes take effect for all private residential properties purchased from Friday, according to a joint statement from the Ministry of National Development, Ministry of Finance and Monetary Authority of Singapore late on Thursday. 

The holding period for homes which will incur a seller’s stamp duty will be extended to four years from three. The rates payable will rise to 16% from 12% within the first year.

YZJ Financial Incorporates YZJ Maritime Development as Subsidiary at Issued and Paid-up Share Capital of US$100

YZJ Fin Hldg released an update on Wednesday (Jul 2) that its proposed spin-off company YZJ Maritime Development has been incorporated as a wholly owned subsidiary in Singapore.

It was incorporated on Apr 28 this year, at an issued and paid-up share capital of US$100, comprising 100 ordinary shares issued at US$1 per share.

This subsidiary currently serves as a holding company of YZJ Financial, and the group presently owns the entire share capital in YZJ Maritime.

Top Glove Issues Shares Upon Exercise of Warrants

Top Glove issued 1,355 shares pursuant to the exercise of warrants, according to a filing with the Singapore Exchange on Tuesday.

The company issued 1,350 shares at 1.27 ringgit per share and 5 shares at SG$0.38 per share.

The issued shares will be listed on July 2, the filing said.

Alibaba’s US$7 Billion Subsidy Deepens China’s Instant E-Commerce War with JD.com, Meituan

Alibaba’s instant commerce service announced on Wednesday a substantial subsidy programme totalling 50 billion yuan (US$7 billion) over the next 12 months for both consumers and merchants, intensifying the fierce competition in China’s on-demand delivery sector, where JD.com and Meituan are also major players.

Consumers using Taobao’s in-app Shangou service, the instant commerce business of Alibaba, will enjoy significant incentives, including cash vouchers, free purchase coupons, and subsidised prices on select items, according to the company.

Merchants will benefit as well, receiving support through store launch subsidies, product discounts, delivery subsidies, and reduced or waived commissions. Alibaba owns the South China Morning Post.

Singapore Monetary Authority Penalises 9 Banks, Institutions for 2023 Money Laundering Case

The Monetary Authority of Singapore penalised six banks and three other financial institutions a total of S$27.45 million ($21.5 million) on Friday in relation to the country's biggest ever money laundering scandal in 2023.

The banks involved - Credit Suisse, UOB, UBS, Citibank, Julius Baer, and LGT Bank - were each penalised between S$1 million and S$5.8 million.

Brokerage firm UOB Kay Hian, asset management firm Blue Ocean Invest and trust and fund services company Trident Trust Company Singapore were also penalised S$2.85 million, S$2.4 million and S$1.8 million respectively.

The penalties mark the conclusion of MAS's enforcement actions against financial institutions.