Weekly Market Update - 4 July 2022

Rents Rising In Singapore

Rents are skyrocketing in Singapore, particularly in the prime accommodation favored by expatriate residents, as surging demand from locals and newer arrivals collides with pandemic-induced delays in supply. Rental prices for the private properties leased by expats are rising on average by 20% to 40%, according to 10 real estate agents interviewed by Bloomberg, though some landlords are even asking for double the previous rent.

Source: Bloomberg

Expanding NATO

Finland and Sweden took a major step on their way to NATO membership after Turkey dropped its opposition to their bids, all but ensuring the military alliance’s expansion on Russia’s doorstep. The move “sends a very clear message to President Putin that NATO’s door is open,” NATO Secretary-General Jens Stoltenberg said.

Turkey agreed to support inviting the two Nordic countries into the military alliance, after receiving pledges from them addressing security concerns. Read more here on how the expansion shores up the alliance’s weakest flank. The news came after Russia defaulted on foreign debt for the first time since 1918 and as Russian President Vladimir Putin embarked on his first foreign trip since the invasion of Ukraine began.

Source: Bloomberg

Most Wanted

Ruja Ignatova, the woman also known as ‘Cryptoqueen,’ is being added to the FBI’s list of Ten Most Wanted fugitives for allegedly swindling millions of investors into sending her at least $4 billion in the OneCoin cryptocurrency company she founded. US authorities on Thursday said Ignatova was the mastermind behind OneCoin, which they called one of the largest pyramid schemes in history.

Source: Bloomberg