CNA938 Rewind - Could a groundbreaking geothermal discovery bring us closer to net zero?
Samuell Ang is a veteran organisational leader whose career journey spans the Private, Public and People sectors. He's held senior positions in industries like food and beverage, fast moving consumer goods, wearable technology, and pharmaceuticals. At one point, he was also a vice principal at an MOE school. Earlier this year, he stepped down as CEO of Edible Garden City urban farming social enterprise, a role he held for six years. Samuell shares how he successful transitioned between such different sectors and thrived in each of his roles. He also shares how a simple act by one of his teachers may have changed the trajectory of his life's journey, and instilled in him a core leadership trait that continues to inspire his approach to people-building.
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Business Times
an hour ago
- Business Times
Trump asks Intel boss Tan Lip-Bu to resign: What you need to know about the Singapore-raised veteran
[SINGAPORE] US President Donald Trump has called on Singapore-raised Intel chief executive officer Tan Lip-Bu to resign because of what he called conflicts of interest. 'The CEO of Intel is highly conflicted and must resign, immediately,' Trump wrote on Truth Social on Thursday (Aug 7). 'There is no other solution to this problem. Thank you for your attention to this problem!' While Trump did not provide evidence or elaborate further on what potential conflicts of interest Tan - who was appointed in March 2025 - might have, this comes after questions were raised about Tan's links to China . Republican Senator Tom Cotton this week asked the chairman of Intel's board to answer questions about the Tan's ties to China and investments he made there before he was picked as Intel's leader. Cotton flagged concerns about Tan's ties to Cadence Design Systems - a tech company Tan led for over a decade that in July pleaded guilty to violating US export controls by selling hardware and software to China's National University of Defense Technology. Intel shares fell 3.14 per cent at close on Thursday but was up slightly in extended trading. Armed with more than 20 years of semiconductor and software experience, Tan, 65, is Intel's fourth permanent CEO in seven years. He was tasked with turning around the chipmaking giant, one of the world's largest by revenue, which today faces fierce competition from rivals the likes of Nvidia. 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 Here are some things to know about Tan: Malaysia-born and Singapore-grown Nanyang University alumni, with a love for basketball and fighting fish His childhood past times were basketball, playing with fighting fish and collecting spiders. PHOTO: ST Born in 1959 in Muar, Johor, Tan's nomadic early years were spent in the Malaysian state, Kuala Lumpur and Singapore. His childhood pastimes were basketball, playing with fighting fish and collecting spiders. Majoring in physics at the private Chinese university Nanyang University (NU), popularly known as Nantah, from 1975 to 1978, he graduated at just 19. He later left for the US to pursue a master's degree in nuclear engineering at the Massachusetts Institute of Technology between 1978 and 1981 on a scholarship, and then began a doctorate in the field before giving it up to pursue a master's degree in business administration at the University of San Francisco from 1981 to 1983, his LinkedIn profile shows. As a young man, he displayed business flair by securing funding for research projects while a student. In 2022, he was conferred the Robert N Noyce Award, the Semiconductor Industry Association's highest honour that recognises individuals for outstanding achievement and leadership in the field. Tan pictured with Deputy Prime Minister Heng Swee Keat at the launch of the Nanyang Frontier Fund. PHOTO: BT FILE From 2006 to 2011, Tan served as trustee of Nanyang Technological University (NTU), the public university that occupies the site of the now defunct NU. Alumni rolls of former NU students were transferred to NTU. In 2024, he pledged S$3 million to support NTU's first artificial intelligence professorship, and helped launch the university's S$50 million venture capital (VC) fund – the Nanyang Frontier Fund – dedicated to supporting its deep-tech spinoffs. He is now an American citizen and lives in San Francisco. Multi-hyphenate tech startup investor who led 'reinvention' of former company he helmed A longstanding Silicon Valley investor, Tan has extensive experience in the semiconductor space and is active in several companies. He poured money into semiconductor and hardware startups at a time when others favoured less risky investments such as software, The New York Times said. He believes in taking 'calculated risks', he told The Straits Times. Forbes dubbed him 'pioneer of Asian VC', a nod to how he began investing in Asian tech companies before it was in fashion. Tan was formerly CEO of Nasdaq-listed US tech and computational software company Cadence Design Systems from 2009 to 2021. PHOTO: CADENCE DESIGN SYSTEMS Tan was formerly CEO of tech and computational software company Cadence Design Systems from 2009 to 2021 and is credited for its turnaround. Cadence, a Nasdaq-listed US company, makes software for major chip designers including Intel. Under his charge, its revenue grew from around US$850 million to US$3 billion, and its stock price shot up nearly 5,000 per cent, The Straits Times reported. Tan is also the founding managing partner of early-stage VC fund Walden Catalyst Ventures and chairman of international VC firm Walden International. He holds 'significant public company board experience' and presently sits on Credo Technology Group's and Schneider Electric's boards, said Intel. He was previously on the boards of Hewlett Packard Enterprise and SoftBank Group, reported Reuters. 'Lip-Bu is an exceptional leader whose technology industry expertise, deep relationships across the product and foundry ecosystems, and proven track record of creating shareholder value is exactly what Intel needs in its next CEO,' said Frank Yeary, interim executive chair of Intel's board. 'Throughout his long and distinguished career, he has earned a reputation as an innovator who puts customers at the heart of everything he does, delivers differentiated solutions to win in the market and builds high-performance cultures to achieve success,' Yeary added. Tan also became executive chairman of Nvidia competitor SambaNova Systems in May 2024. Navigating Intel's future: chip foundry and takeover offers Tan is stepping up at a time when Intel's fate murky, as talks of a once-implausible takeover resurfaced recently. With the company struggling in what Bloomberg called 'the toughest period in its 56-year history', news broke in September 2024 that it was approached by Qualcomm for a potential acquisition – possibly one of the biggest merger and acquisition deals ever. As future CEO, Tan will have to face potential takeover suitors and decide whether to stick with Gelsinger's stance – that splitting Intel is unnecessary. He has expressed intent to continue down Gelsinger's path to turn Intel into a semiconductor foundry – a contract manufacturer that makes products for outside clients. Addressing employees in a company website memo, Tan said he was confident of turning Intel around. He wrote: 'We will work hard to restore Intel's position as a world-class products company, establish ourselves as a world-class foundry and delight our customers like never before.' 'I am joining because I believe with every fibre of my being that we have what it takes to win.'
Business Times
an hour ago
- Business Times
Wealth firms are preparing richest Australians for pension tax fallout
[MELBOURNE] A looming pensions tax on rich Australians is sparking a flurry of behind-the-scenes planning by the nation's wealth managers, who say clients are actively exploring strategies to shield multi-million dollar balances. Under legislation set to reach the Senate in the coming weeks, pension balances of A$3 million (S$2.5 million) and above would face an additional 15 per cent tax on top of the current 15 per cent rate. The proposal, set to affect about 80,000 people, has triggered a wave of interest from affluent savers looking to use trusts, insurance bonds and other strategies to shift funds. 'People are definitely spooked,' said Tim Cudlipp, a partner and investment advisor at Sydney-based Escala Partners, which serves high-net-worth and family office clients. Some of the options Australians are considering include company structures that face corporate tax rates on earnings, instead of higher personal rates, and family trusts where levies are imposed on beneficiaries, not balances. 'People use a trust to distribute to their kids, for example, to reduce the income tax that they are paying,' Cudlipp said. The anticipated change has also reignited the appeal of insurance bonds, which can offer preferential tax treatment after a long lock-up period. While those products have grown in popularity in the past couple of years, the new tax proposal 'has shifted more and more focus there,' said Singapore-based financial adviser Jarrad Brown, who works with Australian clients in the city-state. Others are looking at moving retirement assets into low-risk fixed income investments to avoid short-term gains that would lead to a higher tax bill. 'That's definitely something that we are starting to discuss with clients,' Cudlipp said. 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 Clients are mostly being advised to wait until there's clarity on the outcome of the legislation, while they explore the options available to them. 'We are not entirely sure of exactly where it's going to land,' Peter Nevill, a Sydney-based partner at Viola Wealth, said of the legislation. 'The treatment of unrealised capital gains is a big sticking point for a lot of people.' Another point of contention is that the A$3 million threshold is not indexed, meaning its real value will erode over time as inflation rises. With Australia's pension system now more than three decades old, a growing number of workers are saving consistently throughout their entire careers. That increases the likelihood that more people will eventually be caught by the tax. 'Within 15 to 20 years, it will be pulling a decent chunk of Australians into it,' said Sarah Abood, chief executive officer of the Financial Advice Association Australia. She added that taxing unrealised capital gains could force some individuals to sell assets in order to meet tax liabilities. Australia's A$4.1 trillion pension industry has become the envy of the world and grown into a global powerhouse. But critics argue its tax settings have rendered the system a high-wealth accumulation vehicle. Treasurer Jim Chalmers, who first unveiled the tax in 2023, said in June the measure would make the system more equitable and financially sustainable. To pass the legislation, the government must secure support from Senate crossbenchers, creating a potential roadblock. Labour has accused the opposition Liberal-National coalition of refusing to negotiate, while the Greens say they are open to talks with the Treasurer. Meanwhile, wealthy Australians are also considering accelerating intergenerational gifting to reduce balances, Nevill said. 'One of the easiest solutions is just pull it out and give it to the kids,' he said. BLOOMBERG
CNA
an hour ago
- CNA
CNA938 Rewind - Economics of economy rice: What goes into the cost of your mixed rice?
Public response to the recently introduced colour-coded price labels at Hjh Maimunah and Koufu economy rice stalls has been largely positive. Still, some customers feel the system could be clearer. This colour-coded labels system came about following incidents of inconsistent economy rice pricing. Hairianto Diman and Susan Ng look at the cost that goes into a plate of mixed rice with Song Seng Wun, economic advisor, CGSI.
