Singapore Edition: The challenge facing the new young candidates

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It's been a week of juggling election news and the ongoing economic turmoil from the US government's trade policy. In this edition, Karoline Kan and Ishika Mookerjee look at the line-up of young candidates who may have to deal with the fallout. Justina T. Lee salutes one of the old guard who is bowing out. And if you're feeling stressed out by the market gyrations, campaigns and economic broadsides, Derek Wallbank has a solution for you: pizza.

New Faces

In a bid to connect with a changing electorate, the ruling People's Action Party has introduced the largest slate of new faces in history. With Lawrence Wong seeking a strong public mandate in his first election as leader, the PAP is fielding more women and younger candidates, covering a broader set of professional backgrounds.

Of the 32 new PAP candidates, 13 are women — the most new female candidates in the party's history. Half of the new faces are under 40. Candidates with a background in the private sector also have a good showing, a shift from the party tradition of drawing from government ministries, the military and other public sector posts.

"They will inject fresh energy, new ideas and diverse perspectives to strengthen our team for Singapore," Wong says.

Several political stalwarts have retired, including Deputy Prime Minister Heng Swee Keat (see below), Senior Minister Teo Chee Hean and Minister for Defense Ng Eng Hen.

Read: A Guide to Singapore's Election

Opposition parties are also talking about the need to broaden their slate. The Workers' Party promised candidates that "aim to represent the diverse Singaporean population." Progress Singapore said its candidates are "highly talented and diverse."

Lawrence Wong addresses supporters of his People's Action Party on April 23. Photographer: Ore Huiying/Bloomberg

Analysts say such efforts are not just a response to political competition, but a reflection of the voter base. In the 2020 election, 1.36 million eligible voters were female versus 1.28 million males. Last year, the median age of Singapore citizens was 43.4 — close to the average of the PAP's new candidates.

But there are wider shifts at work too. The younger generation of voters are more likely to believe in political diversity and competition in the system, and the society and international environment have become a lot more complex, said Eugene Tan, associate professor of law at Singapore Management University.

That global environment looms large as polling day approaches, with the nation caught in the middle of the largest global trade war in decades. As Wong wrote in a recent social media post: "The global conditions that enabled Singapore's success over the past decades may no longer hold."

The slate of new lawmakers that emerges from next week's vote are likely to get a baptism of fire. —Karoline Kan and Ishika Mookerjee

Follow the election results on May 3 with the latest news and analysis on our blog, which goes live before the polls close at 8 p.m. Next week's Singapore newsletter will be a special election edition on Sunday, May 4.

Weekend Catch-Up

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

Read:

Singapore billionaires are unsettled by moves to narrow the wealth gap.
Home prices rise faster than expected before polls.

Watch:

Why JD Vance's India trip sticks out.
China EVs steal the spotlight at the Shanghai Auto Show.

How bond vigilantes made Trump blink: watch the Bloomberg Originals documentary.

Listen:

The Chinese toy company that's defying tariffs.
An investor's guide to the Australian election.

Market Place: Bad Blood

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

Singapore annual general meetings are typically low-energy affairs, attended mostly by pensioner shareholders. Not so this week at City Developments, where more than 400 attendees watched as Executive Chairman Kwek Leng Beng sat stone-faced while his board engaged in a slew of barbs and bickering.

Kwek Leng Beng departs CDL's annual general meeting on April 23. Photographer: Lionel Ng/Bloomberg

Just two months ago, Kwek had sued his son, Chief Executive Officer Sherman Kwek, and other board members, accusing them of plotting a boardroom coup, only to abruptly drop the lawsuit a few weeks later. Despite the effort to present a re-united front, the bad blood was evident, with one longtime director reviving the coup accusations and urging shareholders not to re-elect those responsible.

Pointed remarks and colorful metaphors followed. One director at the center of the feud, whose appointment had been expedited, tried to justify the pace using the analogy of a doctor trying to save a child bitten by a snake and disregarding hospital procedure to seek parental consent before treatment.

Another board member, longtime fund manager Chong Yoon Chou, rebuked the suggestion that the speed of events during the feud hadn't broken any rules, with the analogy: "You can drive within the speed limit, but if there are people crossing the road you still need to slow down."

Despite the fracas, all the directors were overwhelmingly re-elected, but even Sherman admitted the firm was "at one of the lowest points."

One shareholder went even further. The meeting, said Gary Saw, was "quite a disaster." —Low De Wei and Sheryl Lee

The Limelight: Heng Swee Keat

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

News that Heng Swee Keat, former heir apparent for the top job in Singapore, won't run in the May 3 election may not have come as a surprise for some, but his absence will be felt.

Heng is a familiar face in Singapore's financial arena, having served six years as managing director of the central bank as well as his stints as deputy prime minister and finance minister. Known as a diligent, business-friendly technocrat, he was back at his job running the Finance Ministry three months after suffering a stroke during a cabinet meeting in 2016.

Heng Swee Keat Photographer: Roslan Rahman/AFP

Heng, 64, bowed out as the designated successor to then-Prime Minister Lee Hsien Loong in 2021, saying that he would likely be too old to take over when the Covid-19 pandemic was over. He won allies in the business community with his soft-spoken nature and collaborative approach, but the poorer-than-expected showing of the ruling party in the 2020 elections drew questions about his overall popularity.

"I believe now is the right time to make way for a new team of capable individuals," Heng wrote in a Facebook post on Wednesday. —Justina T. Lee

The Review: Puffy Bois

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

Puffy Bois is an intentionally irreverent mashup, a bar where nothing is quite specific but everything makes sense. What started as an experiment between friends at Hong Lim Food Centre is now one of your bartender's favorite bars, slinging up serious drinks and some of the best pizzas in town.

It's run by Sam Ng and Zul Zaba, who met while Sam was a brand ambassador and Zul a distributor for Australian gin distillery Four Pillars. After years toiling in an if-you-know-you-know second floor venue on Bali Lane, they've upgraded to a spot on Duxton Road, next to RPM and down the street from the venerable agave/rice speakeasy Cat Bite Club.

The vibe. A sign at the front encourages guests to be on their best behavior in language I can't repeat in this newsletter. Inside it's industrial-chic, with a stone backdrop to the bar that the team found when they chiseled through the subway tiles they inherited. What's served in the glass is fancy — everything else isn't. Copper-colored walls play off black metal fixtures, while street lights outside the front window reflect off copper balls dangling from the ceiling. High-top tables sport metal baskets underneath to hold handbags.

The bar at Puffy Bois. Source: Puffy Bois

Can you conduct a meeting here? Maybe, if you got in early, but this isn't a "meeting" sort of place. A date night, though? Absolutely.

What we'd order again. Nobody knows the recipe to Puffy Bois' signature drink because it changes every time it's ordered. The What What (S$23) is a sort of customized gimlet where you pick the spirit, and they pair it with a citrus base that blends lemon, lime, calamansi and pink grapefruit. My go-to is mezcal, for a smoky-citrus blend, while my friend Steph swears by a cognac starter. If you can't decide, Sam defaults to gin with a hint of sweet basil.

As for the food, you're getting a pizza, the only question is which. The 11-12-inch pies are served whole (S$24-S$28) or by the quarter (S$6.50-S$7.50). The menu isn't long, but it changes and the deep ends can get wild. Offerings have included clams and squid ink, or capers and Nduja, a spicy Calabrian sausage. I like the classics. Every pizza place should have a good pepperoni, and here that means a two-day-proofed sourdough, lightly blistered, tomato sauce, stretchy cheese and a heap of salty real-pork pepperoni from Australia. The only thing you'll want after a slice is another one.

A pizza-cocktail combination. Source: Puffy Bois

Pro tip. Look for the porcelain jars of scratch-made chilli that is tolerably hotter than what you're used to — like a prodigal son of Lao Gan Ma.

Need to know. Puffy Bois is at 15 Duxton Road. It opens at 6 p.m. and starts filling up around 7. No dress code and no reservations — they'll tell you to squish in and make friends if it's busy — but call ahead for groups of eight or more. —Derek Wallbank

Have a place you'd like us to review or feedback to share? Get in touch at [email protected].

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