Daily roundup: What is the best way to meet the people's needs? SM Lee, Jamus Lim debate COE scheme — and other top stories today, World News
1. What is the best way to meet the people's needs? SM Lee, Jamus Lim debate COE scheme
While they are both keen on addressing the needs of Singaporeans, Senior Minister Lee Hsien Loong and the Workers' Party MP Jamus Lim disagreed on the means of doing so, according to an exchange between the two on Facebook on Wednesday (July 16)... » READ MORE
2. Michelin Bib Gourmand 2025: Boon Tong Kee in Balestier and Kotuwa among 11 new entries on list
The 2025 Michelin Bib Gourmand list is out and 11 establishments in Singapore have been added to the list... » READ MORE
3. 'Everyone's time is respected': ComfortDelGro to introduce new taxi cancellation, waiting fee policy
ComfortDelGro, Singapore's largest taxi operator, will be implementing a new cancellation and waiting fee policy for customers who book taxis through the CDG Zig app... » READ MORE
4. 'I hope Wang Xiaofei earns a lot of money': Ken Chu scolded for selling products by Barbie Hsu's ex-husband, explains his actions
Taiwanese singer-actor Ken Chu has responded to netizens criticising him for selling products by Barbie Hsu's ex-husband, Chinese businessman Wang Xiaofei... » READ MORE
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Business Times
13 minutes ago
- Business Times
Asia: Hong Kong leads stocks higher, yen gains as Ishiba vows to stay
[HONG KONG] Equities mostly rose on Monday on optimism countries will reach US trade deals before an August 1 deadline, while the yen gained after Japanese Prime Minister Shigeru Ishiba said he would stay in office despite another election defeat. Hong Kong topped 25,000 points for the first time in three years as tech giants advanced following strong earnings from Taiwanese chip giant TSMC and news US titan Nvidia would be allowed to export key semiconductors to China. While only three countries have signed agreements to avoid the worst of Donald Trump's tariffs, analysts said investors were hopeful that others - including Japan and South Korea - will follow suit. The upbeat mood has been helped by a series of largely positive US economic data releases that suggested the world's top economy remained in rude health, helping to push Wall Street to multiple record highs. In early trade, Hong Kong climbed to as high as 25,010.90 - its highest level since February 2022 - thanks to a strong performance in ecommerce leaders Alibaba and and food delivery provider Meituan. Tech has been boosted after Nvidia said last week that it will resume sales of its H20 artificial intelligence chips to China after Washington pledged to remove licensing restrictions that had halted exports. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up A surge in Chinese money supply sparked by Beijing's stimulus measures has added to the jump in Hong Kong's market, which has spiked around 25 percent since the turn of the year. There were also gains in Shanghai, Singapore, Seoul, Wellington, Manila and Jakarta. Sydney and Taipei slipped, while Tokyo was closed for a holiday. The yen strengthened against the dollar after Ishiba vowed to stay on even after his ruling coalition lost its overall majority in Sunday's lower house elections, months after it suffered a similar fate in an upper house vote. The losses came amid growing anger at the surging cost of living, including a doubling in the cost of rice. Analysts said that while the result was bad for the Liberal Democratic Party (LDP) and its partner Komeito, the fact that the prime minister would remain in office provided some stability for now. The yen hit 147.79 per dollar in early trade but pared the gains to sit at 148.45 - still stronger than Friday's finish. The currency had been weighed in recent weeks by expectations a bad defeat would lead to more spending and tax cuts. Despite Ishiba's decision to stay, pressure will grow on the coalition to cut or abolish consumption tax, something Ishiba has opposed in view of Japan's colossal national debts of more than 200 per cent of gross domestic product. It also comes as he struggles to reach a trade deal with Trump, who has threatened tariffs of 25 percent on goods from Japan. He said 'the deadline of (US) tariffs is coming on Aug 1. Until then we have to do our best with our body and soul'. US Treasury Secretary Scott Bessent said on Friday a 'mutually beneficial trade agreement... remains within the realm of possibility'. Jiji Press reported that Ishiba would inform a meeting of senior LDP figures on Monday that he will stay in office. If he did go, it is unclear who might step up to replace him now that the government needs opposition support in both chambers to pass legislation. The election result 'now raises a host of questions, including whether... Ishiba remains in power or decides to resign, how potentially expansionary could fiscal policy become, and will domestic politics be a hurdle in reaching a potential trade agreement with the US?', wrote Paul Mackel, global head of forex research at HSBC. Others suggested the yen could still come under pressure, and possibly top 150 for the first time since March, owing to lingering uncertainty about the leadership. AFP
Straits Times
44 minutes ago
- Straits Times
China starts construction on world's largest hydropower dam in Tibet
Find out what's new on ST website and app. The dam will be located in the lower reaches of the Yarlung Zangbo River and could affect millions downstream in India and Bangladesh. HONG KONG - China's Premier Li Qiang announced the start of construction on what will be the world's largest hydropower dam, located on the eastern rim of the Tibetan plateau and estimated to cost around US$170 billion (S$218 billion), the official Xinhua news agency said. The project is part of China's push to expand renewable energy and reduce carbon emissions . Consisting of five cascade hydropower stations, the dam will be located in the lower reaches of the Yarlung Zangbo River and could affect millions downstream in India and Bangladesh. Mr Li described the hydropower project as a 'project of the century' and said special emphasis 'must be placed on ecological conservation to prevent environmental damage', Xinhua said in its report on July 19. The authorities have not indicated how many people the Tibet project would displace and how it would affect the local ecosystem, one of the richest and most diverse on the plateau. But according to Chinese officials, hydropower projects in Tibet will not have a major impact on the environment or on downstream water supplies. India and Bangladesh have nevertheless raised concerns about the dam. Non-governmental organisations including the International Campaign for Tibet say the dam will irreversibly harm the Tibetan plateau and that millions of people downstream will face severe livelihood disruptions. Top stories Swipe. Select. Stay informed. Singapore Priority for singles, higher quota for second-timer families to kick in from HDB's July BTO exercise Singapore Witness stand not arena for humiliation in sex offence cases, judge reminds lawyers Asia PM Ishiba under siege after trouncing in Upper House polls as 'Japanese First' Sanseito gains Business Bigger, quieter, greener: High-volume low-speed fans see rising demand in warming Singapore Singapore New home owners in Singapore find kampung spirit on BTO Telegram groups Singapore What would it take for S'pore to shed the dirty image of its blue recycling bins? Business DBS hits record high above $47; CDL up after director Philip Yeo announces resignation Business Singapore dollar faces downward pressure from US tariffs, expected policy shift The dam is estimated to have a capacity of 300 billion kilowatt-hours (kWh) of electricity annually and is expected to help meet local energy demand in Tibet and the rest of China. The project will play a major role in meeting China's carbon peaking and carbon neutrality goals, stimulate related industries such as engineering, and create jobs in Tibet, Xinhua said in December 2024, when the project was first announced. A section of the Yarlung Zangbo falls a dramatic 2,000m within a short span of 50km, offering huge hydropower potential. The Yarlung Zangbo becomes the Brahmaputra river as it leaves Tibet and flows south into India's Arunachal Pradesh and Assam states and finally into Bangladesh. China has already started hydropower generation on the upper reaches of the Yarlung Zangbo, which flows from the west to the east of Tibet. REUTERS
Asia News Network
an hour ago
- Asia News Network
China's 15th five-year plan to see enhanced innovation, deepened international cooperation
July 21, 2025 BEIJING – China will intensify efforts to advance high-quality trade development, deepen international cooperation and bolster innovation to further boost exports during the 15th Five-Year Plan (2026-30) period, the country's top commerce official said on Friday. Speaking at a news conference in Beijing, Commerce Minister Wang Wentao said these measures will foster an open, cooperative and mutually beneficial global trading landscape that promotes shared development. Wang said that despite external pressures, China further cemented its position as a major global trading nation, with notable progress in high-quality development during the 14th Five-Year Plan period (2021-25). The country's foreign trade reached $6.16 trillion in 2024, up 32.4 percent from 2020, maintaining its position as the world's largest trading nation for the eighth consecutive year, according to the Ministry of Commerce. 'Chinese exporters have shown remarkable resilience, actively adapting to changes and driving transformation,' he said, adding that they are accelerating product upgrades, especially by enhancing technological content, while also expanding into new markets and channels, and exploring innovative business models. The commerce minister said that China's foreign trade-related production and supply chains have become more complete, flexible and efficient, reinforcing the country's ability to navigate external uncertainties and laying a solid foundation for sustained and high-quality trade growth. Noting that any attempt to forcibly 'decouple' economic and trade ties between China and the United States is destined to fail, Wang said the bilateral economic relationship has endured fluctuations, with cooperation remaining anchored in economic fundamentals and reflecting the shared interests and expectations of people in both countries. As economic globalization has encountered mounting challenges and unilateralism and protectionism have continued to rise in recent years, China International Trade Representative Li Chenggang said that the world's economic order and governance system have come under significant strain. In response, China has reaffirmed its commitment to the multilateral trading system and has worked to expand its network of high-standard free trade agreements, advancing both multilateral and regional cooperation in parallel, said Li, who is also vice-minister of commerce. 'In addition to completing negotiations on the Version 3.0 China-ASEAN Free Trade Area agreement earlier this year, China has also incorporated rules on emerging sectors such as the digital and green economy into its trade negotiations,' he added. Reflecting China's broader commitment to high-standard opening-up, foreign investment has also played a key role in supporting the country's economic development. China utilized a total of $708.73 billion in foreign investment during the 14th Five-Year Plan period by the end of June this year, reaching the target set in the national commerce development plan six months ahead of schedule. Ling Ji, vice-minister of commerce and deputy China international trade representative, said that foreign-invested companies have contributed one-third of China's foreign trade and one-quarter of its industrial added value, while creating over 30 million jobs, making a significant contribution to the country's economic development. In a renewed push to draw more global capital, China on Friday introduced 12 targeted measures to encourage foreign companies to reinvest in the Chinese market and boost the effective use of foreign investment. The new policy, jointly issued by the National Development and Reform Commission and six other government bodies, said that China will support eligible foreign-invested companies reinvesting profits domestically through flexible land use, tax incentives, streamlined procedures, financial support and improved services to encourage high-quality foreign reinvestment projects. Jiangsu Mobis Automotive Parts Co Ltd, an automobile lamp and airbag manufacturer and subsidiary of South Korea's Hyundai Mobis Co in Yancheng, Jiangsu province, has strengthened its earning capacity since joining the Authorized Economic Operator (AEO) program in 2024, with support from the local government. The AEO program, promoted by the World Customs Organization, fosters partnerships between customs authorities and businesses to enhance supply chain security and streamline global trade through simplified procedures. 'Since joining the program, we have expanded to become a global supplier of components to more automakers in Japan and Southeast Asia,' said Zheng Yinyin, a manager at the company's foreign trade unit. The company, which employs more than 1,000 people, saw its exports soar 44.5 percent year-on-year to 430 million yuan ($60 million) between January and June, data from Nanjing Customs showed.
