The Week In Five Numbers: Oh Dear, OSIM International

In a surprise move, the Monetary Authority of Singapore said that it will remove the modest and gradual appreciation path of the Singapore dollar nominal exchange rate (S$NEER). The local currency fell about 1% against the US dollar to S$1.36 on the news. Not many people saw this coming.

In other currency-related happenings, Japan has warned the market that the yen should not be seen as a one-way bet. Chief cabinet secretary, Yoshihide Suga, said an agreement with the G20 to avoid competitive devaluation did not mean that Japan cannot intervene against currency moves. The yen is still trading at around a 17-month high against the US dollar at ¥109.2. You’ve been warned.

The Monetary Authority of Singapore said offshore vehicles are not illegal. The comment followed the leak of the Panama Papers, which contained more than 11.5 million encrypted documents from the offices of Panamanian law firm Mossack Fonseca. It’s time to put this story to bed.

There might be some very red faces at investment bank Credit Suisse. Someone at the investment bank forgot to account for the two-cent dividend payable on OSIM International (SGX: O23) shares. The Securities Industry Council (SIC) has intervened by telling Ron Sim to raise his offer to S$1.41 or S$1.39 ex-dividend to account for the “forgotten” dividend payment. How embarrassing.

And finally, a New Jersey resident faces a US$2,000 fine or 90 days in jail for flying a flag emblazoned with Donald Trump’s name. According to local laws, the flag violates an ordinance that prohibits the display of political signs more than 30 days ahead of an election.

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