Crypto News: Election buzz in Singapore

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Singapore's ruling People's Action Party has never lost a general election in the six decades since the country won independence. And it hasn't been close.

In 13 ballots since 1965, the party now led by Prime Minister Lawrence Wong has controlled at least 89% of parliamentary seats. Despite that track record, the tiny but wealthy island nation is buzzing about the next vote on May 3, announced yesterday.

One major reason is that it will be the first since Wong took over from Lee Hsien Loong, who ran the country for the past two decades. The son of Singapore founder Lee Kuan Yew ended up extending his time in office after the last election in 2020, which saw a shakeup in the ruling party following his appointed successor stepping aside.

For 52-year-old Wong, a strong mandate would help ensure a smooth transition for the next generation of political leaders into his cabinet, and give him surer footing to navigate a brewing global trade war that is already impacting the city-state.

The uncertainty surrounding US President Donald Trump's trade war should help Wong convince voters that now is the time for political stability and the party that has transformed the colonial trading port into Asia's wealthiest nation should stay in power.

The opposition is arguing that the government is fearmongering over tariffs, and says it wants seats in parliament to not only provide a check on the PAP's power, but also ensure alternative views are heard.

Top of mind will be high living costs as Wong turns to cash handouts and social-welfare programs to ease the economic pain. That's included thousands of dollars in unemployment benefits, childcare subsidies, healthcare and education support — all on top of a world-renowned public housing program that's allowed nine in 10 Singaporeans to own a home.

The PAP dominance of past elections also means it doesn't take much for the opposition to make an impact. The last election proved that even modest gains would give it a more powerful voice and could have a considerable impact on policy decisions.

That will bring some drama to next month's vote. — Philip Heijmans

Supporters during Wong's swearing-in ceremony in May 2024. Photographer: Nicky Loh/Bloomberg

Global Must Reads

Trump launched a probe into possible tariffs on critical minerals, including the rare-earth elements of which China dominates both mining and processing and which are crucial to building jet engines, advanced computers and optics and communications equipment. The US president urged China to reach out to try to resolve the escalating trade fight between the world's two largest economies. A source says Beijing is open to talks if Washington shows it more respect.

China's economy showed surprising strength in early 2025, expanding 5.4% in the first quarter thanks to consumer subsidies and a rush of export shipments to beat tariffs, although the impasse with Trump over the trade war is darkening its outlook and fueling calls for stimulus. The head of the European Union Chamber of Commerce in China said the nation needs to revise its industrial policies to avoid further backlash and build international ties.

The US appears to have tempered its demands for the payback of aid by Ukraine during talks over an economic deal, sources say. Following negotiations in Washington last week, the Trump administration has reduced its estimate for the US assistance provided to Kyiv since the start of Russia's full-scale invasion from $300 billion to about $100 billion, bringing it closer to Ukraine's estimate of more than $90 billion.

The site of a missile attack in Sumy, Ukraine, on Sunday. Photographer: Oleg Voronenko/AFP/Getty Images

The Trump administration backed away from comments by its top Middle East envoy Steve Witkoff that the US will focus on restricting Iran's uranium enrichment and missile capability rather than dismantling its entire nuclear program. Meanwhile, Israeli Prime Minister Benjamin Netanyahu sparred with Emmanuel Macron over the French president's plan to recognize a Palestinian state and encourage other countries to do the same.

Lawmakers have rebuffed a key part of Nigerian President Bola Tinubu's economic reform agenda, exposing a century-old fracture in national politics between the wealthier Christian south and predominantly Muslim north. That's pressuring a budget that's also being strained by Trump's trade war, which has collapsed the price for oil — the mainstay of the economy.

Election posters for Bola Tinubu and running mate Kashim Shettima in Lagos, Nigeria, in February 2023. Photographer: Benson Ibeabuchi/Bloomberg

Italian premier Giorgia Meloni is meeting Trump at the White House, with tariff relief and defense on her mind and hoping a diplomatic win will enshrine her in the big leagues with Germany and France.

The US lifted sanctions it had imposed over alleged corruption on a senior minister in Hungarian Prime Minister Viktor Orban's government, underscoring the stark shift in bilateral ties under Trump.

Romania's ruling coalition could beat back a far-right surge in next month's presidential election as its candidate gains momentum. Crin Antonescu would lose to pro-Russian candidate candidate George Simion in the first-round on May 4, but win a runoff, according to a poll by AtlasIntela.

Brazil's government granted political asylum to the former first lady of Peru, Nadine Heredia, who was sentenced to 15 years in prison for laundering campaign contributions.

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Chart of the Day

Trump's drive to reshape global trade and security has shocked Europe's long-sluggish financial markets into life. Across assets of all stripes, the Old Continent is collectively trouncing the US in a way that's rarely happened before. The euro is the strongest in three years. German bonds last week beat Treasuries by the most to date. And while the trade war has knocked European shares, they're turning out to be more resilient than American ones.

And Finally

Trump's first trade war with China in 2018 triggered a boom in Vietnam, but the surging volume of incoming parts and outbound finished goods put the Southeast Asian nation's transport system under severe strain. The government has responded by launching one of the biggest infrastructure drives in its history, spending billions of dollars to expand highways. The ambitious projects hinge on one key commodity: sand from neighboring Cambodia.

A dredger pumps sand from the bottom of the Mekong River near the Cambodia-Vietnam border. Photographer: Thomas Cristofoletti/Bloomberg Businessweek