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Singapore’s luxury car sales plummet after money-laundering scandal

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Singapore’s luxury car sales plummet after money-laundering scandal

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Luxury car sales in Singapore have plummeted as buyers shun ostentatious displays of wealth after the government raised taxes on the vehicles and stepped up due diligence checks in response to a $2bn money-laundering scandal.

The number of new Bentley, Ferrari, Jaguar and Rolls-Royce models sold in the city-state dropped by as much as three-quarters last year compared with 2023, as wealthy buyers shunned luxury brands following a damaging money-laundering case in which police seized scores of flashy vehicles.

“Most of the luxury cars bought in recent years were by Chinese customers,” said Anson Lee, managing director of luxury car dealership Euro Performance Asia. “Following the scandal, you are now seeing the market stagnate.

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“I still have Chinese customers, but they want to keep a low profile, so the whole market has slowed down,” said Lee, adding that his customers increasingly preferred electric vehicles.

EV sales have rocketed, particularly for Chinese manufacturer BYD, which was the second top-selling car brand in Singapore last year after only entering the market in 2020.

BYD sales hit 6,191 in 2024, a fourfold increase on the year before, while Tesla sales more than doubled to 2,384, according to figures from the Land Transport Authority.

At the same time, new Rolls-Royce sales dropped from 95 to 23 last year, while the figure for Ferrari fell from 97 to 29. The number of new Jaguars nearly halved to 27, while Bentley sales fell to 25 from 58.

Bentley attributed the decline to the run-out of existing models, with new versions of the Continental GT and Flying Spur entering the market only at the start of this year. It expects sales to improve with the availability of the new cars.

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Jaguar, Ferrari and Rolls-Royce declined to comment.

Singapore has seen an influx of wealth in recent years, especially from Chinese nationals, as it competes to be Asia’s premier asset and wealth management hub, but the ambitions have also come with risk.

The city-state was rocked two years ago by a money-laundering case involving individuals linked to a gang from China’s Fujian province. During raids on properties across the island, police seized 77 vehicles.

At one property, four cars with a combined value of S$4.7mn (US$3.5mn) were confiscated, including a red Rolls-Royce Dawn, a black Rolls-Royce Cullinan, a red Porsche 911 Targa and a white Toyota Alphard.

“You see a lot fewer red Rolls-Royces cruising around Singapore these days,” said a person involved in the case in which 10 individuals have been sentenced.

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A red Rolls-Royce is loaded on to a flatbed tow truck in front of a modern building, with several people, including a police officer, observing and documenting the scene
Police seize a red Rolls-Royce Dawn at the residence of one of the suspects in Singapore’s $2bn money-laundering case in October 2023 © Ore Huiying/Bloomberg

Dealers said one of the reasons for the decline in new luxury vehicles was that the confiscated cars were being sold back to the market. Singapore’s justice minister, K Shanmugam, said last month that the government had so far sold 33 of the seized cars.

In response to the scandal, Singapore’s government ordered luxury car dealers, property agents and gemstone sellers to check sources of financing for their most expensive products and report buyers they suspected of having criminal links.

“We have [always had] to do our due diligence on customers, but this has become more sensitive because of the money-laundering case,” said Lee.

Luxury car sales have also been hit by a higher tax introduced in 2023 to cool what the government perceived as an overheated market coming out of the Covid-19 pandemic.

Taxes on the most expensive cars — those priced above S$80,000 — rose to 320 per cent from 220 per cent. The government also introduced changes to limit the resale value of cars.

Another consideration for buyers is the cost of certificates of entitlement, which residents must obtain before they are allowed to purchase a car. The prices are based on a bidding system to control the number of vehicles on the road.

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For the most powerful models, the certificates currently cost just under S$117,000, up from S$96,000 a year ago but significantly below the S$150,000 pricetag in November 2023, reflecting a drop in demand for high-end vehicles.

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Trial begins for officer accused of failing to protect children during Uvalde shooting

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Trial begins for officer accused of failing to protect children during Uvalde shooting

Flowers and candles are placed around crosses to honor the victims killed in a school shooting, May 28, 2022, outside Robb Elementary School in Uvalde, Texas.

Jae C. Hong/AP


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Jae C. Hong/AP

CORPUS CHRISTI, Texas — One of the first police officers to respond to the 2022 school shooting in Uvalde, Texas, goes on trial Monday on charges that he failed to protect children during the attack, when authorities waited more than an hour to confront the gunman.

Adrian Gonzales, a former Uvalde schools officer, faces 29 counts of child abandonment or endangerment in a rare prosecution of an officer accused of not doing more to stop a crime and protect lives.

The teenage gunman killed 19 students and two teachers at Robb Elementary in one of deadliest school shootings in U.S. history.

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Nearly 400 officers from state, local and federal law enforcement agencies responded to the school, but 77 minutes passed from the time authorities arrived until a tactical team breached the classroom and killed the shooter, Salvador Ramos. An investigation later showed that Ramos was obsessed with violence and notoriety in the months leading up to the attack.

Gonzales and former Uvalde schools police chief Pete Arredondo were among the first on the scene, and they are the only two officers to face criminal charges over the slow response. Arredondo’s trial has not yet been scheduled.

The charges against Gonzales carry up to two years in prison if he is convicted. The trial, which is expected to last up to three weeks, begins with jury selection.

Gonzales pleaded not guilty. His attorney has said Gonzales tried to save children that day.

Police and Texas Gov. Greg Abbott initially said swift law enforcement action killed Ramos and saved lives. But that version quickly unraveled as families described begging police to go into the building and 911 calls emerged from students pleading for help.

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The indictment alleges Gonzales placed children in “imminent danger” of injury or death by failing to engage, distract or delay the shooter and by not following his active shooter training. The allegations also say he did not advance toward the gunfire despite hearing shots and being told where the shooter was.

State and federal reviews of the shooting cited cascading problems in law enforcement training, communication, leadership and technology, and questioned why officers waited so long.

According to the state review, Gonzales told investigators that once police realized there were students still sitting in other classrooms, he helped evacuate them.

Some family members of the victims have said more officers should be indicted.

“They all waited and allowed children and teachers to die,” said Velma Lisa Duran, whose sister Irma Garcia was one of the two teachers who were killed.

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Prosecutors will likely face a high bar to win a conviction. Juries are often reluctant to convict law enforcement officers for inaction, as seen after the Parkland, Florida, school massacre in 2018.

Sheriff’s deputy Scot Peterson was charged with failing to confront the shooter in that attack. It was the first such prosecution in the U.S. for an on-campus shooting, and Peterson was acquitted by a jury in 2023.

At the request of Gonzales’ attorneys, the trial was moved about 200 miles (320 kilometers) southeast to Corpus Christi. They argued Gonzales could not receive a fair trial in Uvalde, and prosecutors did not object.

Uvalde, a town of 15,000, still has several prominent reminders of the shooting. Robb Elementary is closed but still stands, and a memorial of 21 crosses and flower sits near the school sign. Another memorial sits at the downtown plaza fountain, and murals depicting several victims can still be seen on the walls of several buildings.

Jesse Rizo, whose 9-year-old niece Jackie was one of the students killed, said even with three-hour drive to Corpus Christi, the family would like to have someone attend the trial every day.

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“It’s important that the jury see that Jackie had a big, strong family,” Rizo said.

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Cuba says 32 Cuban fighters killed in US raids on Venezuela

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Cuba says 32 Cuban fighters killed in US raids on Venezuela

Havana declares two days of mourning for the Cubans killed in US operation to abduct Nicolas Maduro.

Cuba has announced the death of 32 ⁠of its ​citizens during the United States military operation to abduct and detain Venezuelan President Nicolas Maduro and his wife in Caracas.

Havana said on Sunday that there would be two days of mourning on ‌January 5 and ‌6 in ⁠honour of those killed and that ‌funeral arrangements would be announced.

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The state-run Prensa Latina agency said the Cuban “fighters” were killed while “carrying out missions” on behalf of the country’s military, at the request of the Venezuelan government.

The agency said the slain Cubans “fell in direct combat against the attackers or as a result of the bombing of the facilities” after offering “fierce resistance”.

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Cuba is a close ally of Venezuela’s government, and has sent military and police forces to assist in operations in the Latin American country for years.

Maduro and his wife have been flown to New York following the US operation to face prosecution on drug-related charges. The 63-year-old Venezuelan leader is due to appear in court on Monday.

He has previously denied criminal involvement.

Images of Maduro blindfolded and handcuffed by US forces have stunned Venezuelans.

Venezuelan Minister of Defence General Vladimir Padrino said on state television that the US attack killed soldiers, civilians and a “large part” of Maduro’s security detail “in cold blood”.

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Venezuela’s armed forces have been activated to guarantee sovereignty, he said.

‘A lot of Cubans’ killed

US President Donald Trump, speaking to reporters on board Air Force One on Sunday, said that “there was a lot of death on the other side” during the raids.

He said that “a lot of Cubans” were killed and that there was “no death on our side”.

Trump went on to threaten Colombian President Gustavo Petro, saying that a US military operation in the country sounded “good” to him.

But he suggested that a US military intervention in Cuba is unlikely, because the island appears to be ready to fall on its own.

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“Cuba is ready to fall. Cuba looks like it’s ready to fall. I don’t know how they, if they can, hold that, but Cuba now has no income. They got all of their income from Venezuela, from the Venezuelan oil,” Trump said.

“They’re not getting any of it. Cuba literally is ready to fall. And you have a lot of great Cuban Americans that are going to be very happy about this.”

The US attack on Venezuela marked the most controversial intervention in Latin America since the invasion of Panama 37 years ago.

The Trump administration has described Maduro’s abduction as a law-enforcement mission to force him to face US criminal charges filed in 2020, including “narco-terrorism” conspiracy.

But Trump also said that US oil companies needed “total access” to the country’s vast reserves and suggested that an influx of Venezuelan immigrants to the US also factored into the decision to abduct Maduro.

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While many Western nations oppose Maduro, there were many calls for the US to respect international law, and questions arose over the legality of abducting a foreign head of state.

Left-leaning regional leaders, including those of Brazil, Colombia, Chile and Mexico, have largely denounced Maduro’s removal, while countries with right-wing governments, from Argentina to Ecuador, have largely welcomed it.

The United Nations Security Council plans to meet on Monday to discuss the attack. Russia and China, both major backers of Venezuela, have criticised the US.

Beijing on Sunday insisted that the safety of Maduro and his wife be a priority, and called on the US to “stop toppling the government of Venezuela”, calling the attack a “clear violation of international law“.

Moscow also said it was “extremely concerned” about the abduction of Maduro and his wife, and condemned what it called an “act of armed aggression” against Venezuela by the US.

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Here’s a partial list of U.S. elected officials opposing Trump’s invasion of Venezuela

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Here’s a partial list of U.S. elected officials opposing Trump’s invasion of Venezuela

Protesters rally outside the White House Saturday, Jan. 3, 2026, in Washington, after the U.S. captured Venezuelan President Nicolás Maduro and his wife in a military operation.

Julia Demaree Nikhinson/AP


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Julia Demaree Nikhinson/AP

President Trump’s move to depose Venezuelan President Nicolás Maduro has drawn praise inside the United States, especially from Republican leaders. But the invasion also faces significant skepticism, questions about legality, and full-throated opposition from some elected officials across the political spectrum.

Here’s a survey.

Some Republicans condemn, or question, Trump’s invasion

While most conservative lawmakers voiced support for Trump’s action, a small group of Republican House members and GOP Senators described the move as unlawful or misguided.

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“If the President believes military action against Venezuela is needed, he should make the case and Congress should vote before American lives and treasure are spent on regime change in South America,” said Rep. Thomas Massie, a Republican from Kentucky, speaking on the House floor. “Do we truly believe that Nicolás Maduro will be replaced by a modern-day George Washington? How did that work out in Cuba, Libya, Iraq or Syria?”

Rep. Marjorie Taylor Greene, R-Ga., posting on social media, voiced skepticism that the true goal of Trump’s invasion was to stop the flow of drugs into the United States. She also described the military action as a violation of conservative “America First” principles.

“Americans disgust with our own government’s never ending military aggression and support of foreign wars is justified because we are forced to pay for it and both parties, Republicans and Democrats, always keep the Washington military machine funded and going,” Greene posted on X. “This is what many in MAGA thought they voted to end. Boy were we wrong.”

Rep. Don Bacon, R-Neb., a retired U.S. Air Force Brigadier General, generally praised the military operation, but he also said the precedent of U.S. military intervention could embolden more aggressive action by authoritarian regimes in China and Russia.

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“Freedom and rule of law were defended last night,” Bacon said on X, referring to the invasion of Venezuela, “but dictators will try to exploit this to rationalize their selfish objectives.”

At least three Republican Senators also voiced concern or skepticism about the invasion and its legal justification, while also celebrating the fall of Maduro.

“In this case, a leader who monopolized central power is removed in an action that monopolizes central power,” Kentucky Sen. Rand Paul wrote on the platform X. “Best though, not to forget, that our founders limited the executive’s power to go to war without Congressional authorization for a reason—to limit the horror of war and limit war to acts of defense.”

GOP Senators Lisa Murkowski and Dan Sullivan, both of Alaska, said Maduro’s ouster would make the United States and the world safer, but suggested the operation could turn into a quagmire for U.S. troops.

“Late last year, I voted to proceed to debate on two resolutions that would have terminated the escalation of U.S. military operations against Venezuela absent explicit authorization from Congress,” Murkowski wrote on the platform X. She added that she expects further briefings from Trump officials on the “legal basis for these operations.”

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“The lessons learned from what took place after the United States deposed another Latin American indicted drug lord—Panama’s Manuel Noriega in 1989—could prove useful, as could the painful and difficult lessons learned after the U.S. invasion of Iraq in 2003,” Sullivan wrote on X.

Most Democrats condemn the invasion

Most Democratic lawmakers and elected officials also described Maduro as a dictator, but they generally condemned Trump’s action. At a press conference Saturday, New York City’s new Mayor Zohran Mamdani told reporters he phoned Trump and voiced opposition to the invasion.

“I called the President and spoke with him directly to register my opposition to this act and to make clear that it was an opposition based on being opposed to a pursuit of regime change, to the violation of federal and international law,” Mamdani said.

Democratic minority leader Sen. Chuck Schumer of New York accused Trump of acting in bad faith and violating the U.S. Constitution. “The idea that Trump plans to now run Venezuela should strike fear in the hearts of all Americans,” Schumer said in a post on X. “The American people have seen this before and paid the devastating price.”

According to Schumer, the Trump administration assured him “three separate times that it was not pursuing regime change or or military action without congressional authorization.”

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California’s Democratic Sen. Adam Schiff, a frequent Trump critic, posted a series of comments on X describing Saturday’s military action and Trump’s proposed U.S. occupation of Venezuela as potentially disastrous.

“Acting without Congressional approval or the buy-in of the public, Trump risks plunging a hemisphere into chaos and has broken his promise to end wars instead of starting them,” Schiff wrote.

“Donald Trump has once again shown his contempt for the Constitution and the rule of law,” said Vermont’s Independent Sen. Bernie Sanders, in a video posted on social media, where he described the U.S. invasion as “imperialism.”

“This is the horrific logic of force that Putin used to justify his brutal attack on Ukraine,” Sanders said.

Rep. Alexandria Ocasio-Cortez, Democrat of New York, also spoke harshly of the military strike, describing it as an effort by Trump to distract attention from domestic troubles in the United States.

“It’s not about drugs. If it was, Trump wouldn’t have pardoned one of the largest narco traffickers in the world last month,” Ocasio-Cortez said, referring to Trump’s decision to free former Honduran President Orlando Hernandez, who had been convicted in the U.S. of helping smuggle more than 400 tons of cocaine into the U.S.

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“It’s about oil and regime change. And they need a trial now to pretend that it isn’t. Especially to distract from Epstein + skyrocketing healthcare costs,” Ocasio-Cortez added on X.

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