Is our Universe inside a Black Hole?
- Thread starter Leongsam
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Boss Sam, u mean the Debt Blackholes??
Photographer: Wei Leng Tay/Bloomberg
By Ishika Mookerjee
June 21, 2025 at 9:05 AM GMT+8
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This week, Ishika Mookerjee watches the economic downturn hit even the affluent; Reinie Booysen and David Scanlan queue up to get their holiday money in Singapore’s currency corridor; and Saira Asher tries a super-salty pizza.
But lurking in founder Marc Nicholson’s apologetic message to customers was a line that also reflects a broader economic reality — both the level of spending and frequency of visits by clients was “trending down,” he said.
1880 might yet see a revival, but the gathering political and economic clouds are gradually darkening the outlook even for the well off.
With businesses facing high rentals and rising costs, the uncertainties of a global trade war, a revived cold war and a rapidly escalating hot war in the Middle East are fanning worries for an economy that was already preparing for a technical recession. Singapore itself may currently only face Donald Trump’s “minimum” 10% reciprocal tariff rate, but 10% is more than the average profit margin for most companies, and the island is closely integrated with countries facing much higher tariff barriers.
This week’s gloomy data at home included a surprise decline in May exports, followed by a steep drop in the nation’s forecast economic growth. In the central bank’s quarterly survey, economists and analysts predicted GDP will increase by 1.7% in 2025, compared with 2.6% in the March poll.
How Is the Economic Downturn Affecting Singapore’s Rich?
Photographer: Wei Leng Tay/Bloomberg
By Ishika Mookerjee
June 21, 2025 at 9:05 AM GMT+8
Save
Translate
You're reading the Singapore Edition newsletter
Go beyond the headlines with insights into one of Asia's most dynamic economies. Delivered weekly.
Bloomberg may send me offers and promotions.
By submitting my information, I agree to the Privacy Policy and Terms of Service.
Each week we bring you insights into one of Asia’s most dynamic economies. If you haven’t yet, please sign up here.
This week, Ishika Mookerjee watches the economic downturn hit even the affluent; Reinie Booysen and David Scanlan queue up to get their holiday money in Singapore’s currency corridor; and Saira Asher tries a super-salty pizza.
Biting the Rich
The sudden closure of 1880, one of Singapore’s archetypal private-member clubs for the rich, has been chalked up to bad maneuvers from the management, including an untimely expansion into Hong Kong and Bali. Some former members have taken to social media to vent their frustration.But lurking in founder Marc Nicholson’s apologetic message to customers was a line that also reflects a broader economic reality — both the level of spending and frequency of visits by clients was “trending down,” he said.
1880 might yet see a revival, but the gathering political and economic clouds are gradually darkening the outlook even for the well off.
With businesses facing high rentals and rising costs, the uncertainties of a global trade war, a revived cold war and a rapidly escalating hot war in the Middle East are fanning worries for an economy that was already preparing for a technical recession. Singapore itself may currently only face Donald Trump’s “minimum” 10% reciprocal tariff rate, but 10% is more than the average profit margin for most companies, and the island is closely integrated with countries facing much higher tariff barriers.
This week’s gloomy data at home included a surprise decline in May exports, followed by a steep drop in the nation’s forecast economic growth. In the central bank’s quarterly survey, economists and analysts predicted GDP will increase by 1.7% in 2025, compared with 2.6% in the March poll.
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If you bother to google “neil degrasse tyson conman”, you wouldn’t even bother about this conman.
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