Twelve MPs rose to ask for clarifications during the debate, although only Non-Constituency Member of Parliament Leong Mun Wai objected to the Bill.
Several MPs wanted a clear definition of “national security interest” and raised questions about safeguards against abuse of ministerial powers. They also highlighted concerns that the law would have a dampening effect on foreign direct investments into Singapore.
DEFINITION OF NATIONAL SECURITY
MPs pointed out that the concept of national security was fundamental to the Bill, but had not been explained or defined clearly.
Nominated Member of Parliament Raj Joshua Thomas noted that different legislations have defined national security interests slightly differently.
“While it may appear pedantic, it is important for us to have consistency of definitions across statutes, especially when the use of a particular term or particular similar terms confer wide-ranging powers to the respective minister as it does in this Bill,” he said in parliament.
A clearer definition would also give guidance to the Office of Significant Investments Review, while helping companies to avoid being “inadvertently caught” by the provisions of the Bill, he added.
NMP Neil Parekh Nimil Rajnikant also asked for clarification on what constitutes national security interests.
“I ask for this clarification as in many other jurisdictions, the ambiguity surrounding this definition has led to significant losses for investors,” he said, without giving specific examples.
Associate Professor Razwana Begum Abdul Rahim, also an NMP, said it may not be feasible to include a definition given the ever-changing nature of national security.
However, she asked if the Ministry of Trade and Industry (MTI) would consider developing an “evidence-based, robust and flexible risk-assessment tool” that can be used across ministries to identify what is and is not an issue of national security.
During Mr Gan’s closing speech, he said he initially wanted greater clarity as well, but changed his mind after extensive deliberations internally and with advisers, and after studying legislation introduced overseas.
“I came to a conclusion that (sometimes) less is more, especially in today’s world where the global landscape changes very quickly,” he said.
“Providing a specific definition of national security or specific examples of such threats would not only constrain our ability to act quickly to address new risks that may emerge over time, but also expose Singapore’s vulnerabilities,” said Mr Gan.
He said that in the context of this Bill, national security would cover areas critical to Singapore’s sovereignty and security, including its economic security and the continued delivery of essential services.
He also said that MTI had reached out to all the entities being considered for designation as critical entities over the last few months, and is discussing ways to mitigate the regulatory impact of being so designated.
“I would encourage members not to speculate at this point which particular entity will be designated,” he said.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
