Welcome to the Singapore Edition newsletter. 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, Bill Faries takes stock of the stories that grabbed our readers’ attention the most in 2024. John Cheng reviews some record, and near-record, performances in the markets, and Saira Asher samples cider last popular in the 15th century at a French restaurant in New Bahru. 

And before the New Year’s Eve parties and fireworks get going, a huge thank you to you, our loyal readers of the Singapore Edition. After today, we’ll take a week off and return in early January. Happy 2025!

Singapore Wrapped — 2024

The year began with Singapore readers honing in on economic anxieties: one of January’s most read stories focused on the surging costs for the right to buy a car, including $200,000 Toyotas. Another centered on the sudden closure of local hedge fund Asia Genesis Asset Management, citing “unprecedented” losses after bad bets on China and Japan.

January was also when Bloomberg profiled Johor Sultan Ibrahim Iskandar, the billionaire who became Malaysia’s king that month. Sultan Ibrahim is seen as a key backer of a Johor-Singapore special economic zone we featured later in the year.

Things turned decidedly upbeat in March, with Singapore the envy of Southeast Asia for hosting a week’s worth of economy-boosting concerts by Taylor Swift. That was before regional sniping over the financial incentives used to lure her here — and only here — took hold.  

April and May brought about an epochal shift in Singapore politics with the handover of power after 20 years in office by Lee Hsien Loong to Lawrence Wong, leader of the “4G” team. Now Wong’s biggest task may be settling on a date for Singapore’s next election — which has to take place before the end of 2025. 

Our story on Sultan Ibrahim Iskandar was one of the most read this year. Photographer: HASNOOR HUSSAIN/Getty Images

In that same period, we all learned to keep our seatbelts fastened after severe turbulence on a Singapore Airlines flight returning from London left one person dead and scores wounded. The fatality was a rare one for the industry, but in its aftermath airlines became more assertive about asking travelers and staff to buckle in. 

The second half of 2024 saw readers flock to hyper-local stories — the potential demolition of late-PM Lee Kuan Yew’s home and the political headache it was creating for the government drew plenty of interest — and geopolitics. Two China-linked pieces, including Beijing’s expanding bullet train network and the Xi Jinping-Joe Biden dynamic at APEC — were among the most read as the year wound down. 

Market dynamics are likely to be among the most read stories heading into 2025. And the inauguration of Donald Trump as the 47th president of the US on Jan. 20 will have reverberations that are sure to keep the world — and our trade-dependent city-state — steeling itself for unpredictability. Enjoy the holiday break while you can. --Bill Faries

Weekend Catch-Up

A selection of the best of Bloomberg storytelling, from podcasts and video to explainers and feature stories.

Read:

• We interviewed the once-exiled son of Thailand’s king, who said the royals must allow criticism
• Asia’s richest tycoons have dropped out of this elite $100 billion club
• How South Korea’s `hurry hurry’ culture helped bring down a president

Watch:

WATCH: Inside the Shadowy World of Professional Scambaiting, from Bloomberg Investigates

• We meet basketball superstar Steph Curry

Listen:

• Hear why China’s housing rescue plan is falling short
• How Germany's slow-motion economic disaster may doom Europe, on the Big Take podcast

Market Place:

Bringing you up to speed on the most interesting moves in the markets this year.

It’s been an almost-record year for the the Straits Times Index, which has been hovering just below its 2007 high for weeks now. Given the index’s makeup, that performance underscores what a solid year it has been for banks like DBS, OCBC and UOB. Their ability to maintain profitability despite expectations of lower interest rates, as well as stable dividend payouts, has kept enticing investors.

More broadly, the index’s success also reflects the country's importance as a wealth management hub, with local lenders continuing to enjoy strong inflows from the region. But don’t expect the celebrations to last: delistings now outnumber IPOs and some prominent regional companies have decided to go public elsewhere. 

Beyond the bourse, the Singapore dollar advanced to its strongest in almost a decade in September as traders weighed the difference between the local monetary authority’s relatively hawkish policy outlook compared with that of the Federal Reserve, which embarked on an easing cycle. But the local dollar — like most of the world’s currencies — has since stumbled in the wake of Trump's election. — John Cheng

The Limelight:

Who’s in the news in Singapore’s global, multicultural population.

It’s been nearly 30 years since Singapore-based “rogue trader” Nick Leeson shocked the world with a series of stock bets that brought down Barings Bank, the UK’s oldest. The then-28-year-old tried to flee, first to Kuala Lumpur and then London, but was captured en route and returned to Singapore, where he served more than six years at Changi prison.

Nick Leeson in 2018, long past his days in a Changi cell. Photographer: Stuart C. Wilson/Getty Images Europe

Leeson returned to the public eye this week, penning a column for Bloomberg in which he said the financial world still hasn’t learned the lessons from his own affair back in 1995. He cited the recent experience of Macquarie Group Ltd, which was fined about $16 million for allowing a trader to book hundreds of fictitious transactions to hide his losses. 

“The more things change, the more they stay the same,” Leeson wrote. 

Leeson’s life in Singapore — he was said to enjoy drinks at Harry’s in Boat Quay — was as extensively detailed at the time as any modern-day influencer. And if his warnings are true, expectations for a tumultuous 2025 in global markets mean more rogue traders are likely to surface. — Bill Faries

The Review: Le Clos

From the best spots for a business lunch to drinks with the boss, we sample the city’s eateries, bars and new experiences.

The New Bahru development continues drawing crowds despite being less accessible by public transport and restaurant Le Clos takes up a big portion of that, offering French wines and comfort food. At the helm is JC Cadoret, who used to work as a trader and consultant before starting a series of wine-forward concepts in Singapore, including retailer Gaston and, most recently, Clos Pasoh. When the lease on that location ran out, Le Clos came to the New Bahru cluster earlier this year.

The dining area at Le Clos in Singapore. Le Clos

The Vibe. You enter into the deli and wine room, going through an entryway into a sizeable dining and alfresco areas. The casual furniture, plants running through the middle and Persian-style carpets on the floor, give it a relaxed vibe compared to more upscale French restaurants — and reflects its more reasonable price-point.

Can You Conduct a Meeting Here? For sure. The tables are set far apart and there are alfresco spots that afford more privacy, but the location makes it a taxi-ride away for the CBD crowd. It filled up considerably on the Tuesday evening we visited and soon took on a boisterous and festive atmosphere.

What About a Romantic Dinner? For couples who appreciate wine it makes for a good night out. And you can buy wine as well as glassware to take home from the shop for the next time you host.

Hungry yet? Shallot tatin, Sanchoku wagyu tomahawk, Hokkaido scallop with parsnip, roasted chicken, turbot with garlic vinaigrette, watermelon feta & mint salad. Source: Nikko Pascua/Le Clos

What We’d Order Again. The wine is the star of the show here. Each course came with a wine pairing with labels you won’t easily find elsewhere. The starters of octopus tempura with Espelette pepper mayo and croque Basque chorizo were served with a dry champagne from Drappier. The main course of mussels came with a 2022 Anjou Blanc from the Loire Valley. The raspberry tarte, also available at the deli, was worth trying alongside a cider popular in the 15th century made from a fruit called corm.

Need to Know. Le Clos serves wine from 2pm-midnight every day. Lunch is only served Thursday-Sunday and will set you back about $35 per person, not including drinks. Make that about $60 per person for dinner. Wines, desserts and the deli items are also available for purchase. — Saira Asher

Have a place you’d like us to review or feedback to share? Get in touch at sgedition@bloomberg.net.

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