ST Headstart: Having a savings plan for big expenses
Big expenses like a house, renovations or even a dream vacation may sometimes feel out of reach. But these goals can be more achievable with a clear savings plan, as my colleague Rosalind finds. In her latest Young & Savvy column, she advises being less impulsive with purchases, and explains why doing so does not mean completely cutting back on things that bring you joy.
For cash-strapped first-jobbers, managing finances can be a challenge, and making every dollar count is essential. When you're just starting out and looking to buy insurance, what types should you prioritise? In this Headstart on Record episode, I explore the different types of insurance products and share tips on how to turn away those pushy insurance agents, and help you make informed choices about your coverage.
Speaking of being cash-strapped, Crazy Rich Asians actor Henry Golding did not always have a multi-million dollar net worth. In this interview, he tells me about how he went from teenage barbershop assistant to walking red carpets at Hollywood premieres.
Finally, find out what goes on in a day of the life of a private investigator in Singapore.
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AsiaOne
9 hours ago
- AsiaOne
Singapore can deliver and thrive in a fragmented global economy: Morgan Stanley analysts, Money News
SINGAPORE — As investors look in bewilderment at the fast-deteriorating global economic landscape under US President Donald Trump's onslaught on globalisation, some analysts are looking to Singapore as one of the few safe havens worldwide. One of these analysts is Derrick Kam, a Singapore-based Asia economist at US investment bank Morgan Stanley who believes the Republic is one of the few that offers more visibility on growth potential, political stability and governance quality. He believes that Singapore has a proven track record of making policies needed to adapt to a changing global economic environment. "Where Singapore excels is sort of being able to spot these global trends and try to navigate through them... and then get ahead of them," he said in an interview with The Straits Times, along with the bank's head of Asean research Nick Lord. Both the analysts recently co-authored a research report, Singapore At 60: Unlocking Wealth Creation, which tells investors that "now is the time to build exposure to this dynamic and enterprising market". The report references post-independence Singapore turning 60 in 2025. The report highlights the various initiatives Singapore has launched in recent years — to reinforce its hub industries and implement emerging technologies such as artificial intelligence (AI) to boost productivity — which could see its household net assets almost doubling to reach US$4 trillion (S$5.13 trillion) by 2030. Morgan Stanley sees the surge in household net assets as a tangible sign of real wealth creation — the process of growing assets and financial resources over time to achieve financial security and independence. The bank believes that wealth creation will be an essential part of the process by which developed economies such as Singapore will support their populations and mitigate risks inherent in a multipolar world, with an ageing population, changing patterns of energy production and consumption, and spread of new technologies. "The next step forward, we believe, will be wealth creation — building upon Singapore's established brand and economic success to further grow the country's capital and global financial standing," the Morgan Stanley analysts said in the report. The report highlights prospects of the Singapore stock market after the launch earlier in 2025 of a series of measures by the Equities Market Review Group, established by the Monetary Authority of Singapore. Morgan Stanley believes the market reforms — including a $5 billion Equity Market Development Programme announced in February — could drive up return on equities and other market multiples and lead to a doubling of stock market capitalisation by 2030. On hub industries, Morgan Stanley expects Singapore to reinforce its energy hub by also becoming a major trading centre for liquefied natural gas and carbon trading as the world moves from fossil fuels to renewables. Already home to 400 global traders that transact 20 per cent of the world's energy and metals trade, Singapore could see services related to carbon trading alone generate as much as US$5.6 billion in gross value to its economy by 2050, according to the Economic Development Board's estimates. Singapore is also the world's third-largest foreign exchange (FX) trading hub after London and New York, and the biggest in the Asia-Pacific. Almost US$1 trillion of FX is traded in Singapore every day. Morgan Stanley expects that as Asian currencies take a larger share of daily global FX trade, this would make Singapore a more crucial currency trading centre, even if it does not surpass London or New York. The bank believes that Singapore can become a more significant transport and tourism hub as well, with airport capacity expansion projects and technology enhancements supporting its long-term growth goals. The Singapore Tourism Board's 2040 road map targets tourism receipts reaching $50 billion. Changi Airport plans to invest $3 billion to improve services over the next six years. It will also start the construction of Terminal 5 and open it to the public in the mid-2030s. Finally, Singapore — along with Japan and Malaysia — is likely to get a disproportionate amount of investments for new data centres and generative AI investments by the likes of Amazon Web Services, Microsoft, GDS and other regional and global hyperscalers. Singapore has 26 subsea cables landing across three sites — one of the highest in Asia — and its domestic infrastructure is set to be upgraded to support 10 gigabits-per-second broadband speeds within the next five years. "We believe strengthening its leadership position in key hub industries and continuing to adopt technological advancements will yield strong productivity gains for Singapore," Mr Kam said in the interview. He estimates that AI adoption can potentially help Singapore sustain medium-term gross domestic product growth of around 3 per cent, which would keep Singapore as one of the fastest-growing developed economies in the world. The Morgan Stanley analysts do recognise the risks that can hinder Singapore's progress on these initiatives, but they believe its proactive policymaking will keep it a step ahead of others. The Singapore Government is trying to be as proactive as it can be. Soon after the April 2 launch of Trump's reciprocal tariff policy, the Republic set up the Singapore Economic Resilience Taskforce to help businesses and workers navigate the immediate uncertainties arising from the US tariffs and related global developments. On Aug 4, it launched an Economic Strategy Review (ESR) to help ensure Singapore thrives in the new global economic landscape. The ESR comprises five committees, each co-chaired by two political office-holders who will be joined by private sector, union and other stakeholders. The committees will engage widely with businesses and workers and other stakeholders and publish their recommendations by mid-2026. Most analysts believe similar initiatives helped the country manage crises in the past, including the more recent Covid-19-induced downturn. Lord said: "So the question is: Can Singapore adapt more successfully than others? And the track record would suggest it probably can." [[nid:720154]] This article was first published in The Straits Times . Permission required for reproduction.
Straits Times
14 hours ago
- Straits Times
askST Jobs: How to deal with the dread of returning to work after a holiday?
Sign up now: Get ST's newsletters delivered to your inbox It is common for people to feel some unease when returning to work after a break. In this series, manpower correspondent Tay Hong Yi offers practical answers to candid questions on navigating workplace challenges and getting ahead in your career. Get more tips by signing up to The Straits Times' Headstart newsletter. Q: I feel trepidation about returning to work after a holiday. How can I make getting back to work more painless? A: It is common for employees to feel some unease when returning to work after a break, says Ms Juliana Pang, a counsellor at mental health platform Intellect. 'Some of my clients tell me that they start counting down the days to their return, and this can make it difficult for them to enjoy the tail end of their vacation.' Other symptoms of post-holiday slump to look out for include mood changes, anxiety and ruminating about the impending return. Stress stemming from the mental burden of managing overflowing inboxes, backlogged tasks or looming deadlines could be the root cause of these symptoms, Ms Pang says. 'Others may worry about the challenging personalities they have to interact with on their return. Even when the actual workload is reasonable, the mental shift back into work mode can feel daunting.' Ms Pang says it is helpful to note the intensity and duration of any symptoms faced. 'If they start to affect your daily functioning and ability to manage regular interpersonal interactions, it may be a sign of something more serious than just discomfort. 'Being aware of how your mind and body react during this transition can reveal important clues about your overall well-being.' If these reactions become overwhelming or persist for a prolonged period, seeking support from a mental health professional can be a valuable step towards addressing the underlying causes of the stress, Ms Pang adds. It is possible to start making preparations for one's duties before the holiday ends to ease the transition, says Dr Vincent Oh, senior lecturer in psychology at the Singapore University of Social Sciences. However, he adds, this move reduces work-life separation. 'Personally, I would suggest that during one's vacation, one should strive to live in the present and cherish the joys of taking a break.' Dr Oh says research suggests that savouring the present moment during positive experiences helps people gain more from them and improves their happiness. 'It can be difficult not to worry about one's upcoming return to work as our minds have a natural tendency to focus on 'unsolved problems', and such invasive thoughts can happen even when one tries not to worry. 'It's okay to have such thoughts, and when they come, take a few deep breaths but slowly try to return your attention to the present moment and savour the joy of being on break.' It also helps to collect mementoes of the holiday, such as souvenirs or photos, Dr Oh says. This helps workers to relive the joys of their holiday after it is over. As for what someone can do when they clock in for work again, Dr Oh encourages taking a problem-focused approach to clearing tasks at hand. 'When we feel dreadful and overwhelmed by our work, it's very tempting to avoid it or procrastinate, but this ultimately prolongs the problem and doesn't solve it, which further worsens our anxiety. 'Rather, it is better to take an organised approach to getting things done.' Creating a checklist of tasks to be cleared, in order of priority, can also help provide a sense of progression and validate your success in getting things done, which eventually reduces anxiety towards uncompleted tasks, Dr Oh says. Ms Pang says another approach to consider is to begin with smaller, more manageable items to rebuild momentum. She also encourages scheduling one or two 'buffer days' to recharge at home before actually starting work again. 'Allowing time to recover from travel, re-establish routines and mentally shift back into work mode can make a noticeable difference.' She adds: 'Avoiding late-night flights before your first day back also helps ensure you're well rested and ready to re-engage.' It is also crucial to set aside time for self-care routines, even as you readjust your routine, Ms Pang says. 'Re-establishing healthy habits, such as exercising, having a regular sleep schedule, and a balanced diet, can help counteract the effects of jet lag or holiday indulgence. 'Incorporating mini-breaks like a midday walk or short breaks from the workstation can support both mental clarity and emotional well-being.'
Straits Times
a day ago
- Straits Times
‘Every day, we think about how to upgrade': China's factories see rise in robot adoption
Sign up now: Get ST's newsletters delivered to your inbox Robotic arms lift freshly pressed plastic parts out of hot metal moulds and onto a conveyor belt at Midea's air-conditioner factory in Guangzhou. – When Mr Sun Huihai first began working at a factory in the southern manufacturing belt of Guangdong some 13 years ago, his colleagues were all humans. Now, they are joined by more than 200 robots that can work around the clock, seven days a week, to help produce air-conditioners for home appliances giant Midea. Rows of bright orange robot arms whir at all hours of the day, fishing freshly pressed plastic parts out of hot metal moulds and onto a long conveyor belt. Driverless robots with blinking lights store these parts in a multi-storey warehouse, and later take them to be assembled into units that are sold in China and around the world. The number of robots put to work on the factory floor increases every year, said Mr Sun, 37, who heads the plant's engineering department. 'Every day, we think about how to upgrade and make manufacturing here more intelligent,' he told The Straits Times. Scenes like this have become more common across China, as the 'factory of the world' turns to robotics to sustain and turbocharge its manufacturing juggernaut. Top stories Swipe. Select. Stay informed. Singapore Over 118,000 speeding violations in first half of 2025; situation shows no signs of improvement: TP Singapore Israel's plan to step up Gaza offensive dangerous and unacceptable: MFA Singapore Four men arrested in Bukit Timah believed to be linked to housebreaking syndicates Singapore Criminal trial of Hyflux founder Olivia Lum and five others starts Aug 11 Singapore Why some teens cook despite Singapore's da bao culture Singapore Man arrested over hacking attempt on RedeemSG portal Singapore 'We could feel the heat from our house': Car catches fire in Bidadari area Asia 'Pain in the neck': Cable theft on the track derails train speed and schedules in Malaysia Over the past decade, the number of industrial robots on China's factory floors has increased more than six times to over 1.7 million, as companies grappled with rising wages and a shortage of workers willing to staff production lines. China now has the world's third-highest density of robots in its manufacturing industry, trailing South Korea and Singapore in first and second place respectively, according to the International Federation of Robotics' figures for 2023, the latest available. Their deployment is poised to increase further as China continues its transition from low-value, labour-intensive production to advanced manufacturing – a national priority. 'At any given time, China cannot do without the manufacturing industry,' said Chinese President Xi Jinping in 2023. 'The state will strongly support the development of high-end manufacturing.' Policymakers in China, wary of the hollowing out of industries which can occur when countries get richer, have long pushed for greater automation to keep factories competitive. A decade ago, the government rolled out 'Made in China 2025', a plan to upgrade manufacturing and become a production hub for high-tech sectors such as robots. Rebates, subsidies and other incentives have been offered to encourage factories to automate. A rise in domestic production of industrial robots has also reduced prices, making the machines more affordable. Factories in China pumped out nearly 370,000 of such robots in the first half of 2025, up 35.6 per cent from the previous year, according to figures from the National Bureau of Statistics. At the Midea factory in Nansha, Guangzhou, where Mr Sun works, there are 204 robotic arms and 82 automated guided vehicles. They are supplied by Kuka, a German industrial robot giant which the Chinese company bought over. One section of the plant, where plastic parts for the air-conditioner are moulded and retrieved, is dubbed a 'dark (heideng)' area. It is so named because of the high degree of automation: In theory, it can run without humans or any lights on, but in practice, it is brightly lit here at the plant. Not every part of the factory is as automated, a costly endeavour. Humans are needed to staff assembly lines, maintain the machines, and check the quality of manufactured parts. The facility employs some 4,000 workers during peak season, Mr Sun said. Mr Sun Huihai, 37, has worked for 13 years at Midea's air-conditioner factory in Guangzhou. ST PHOTO: JOYCE ZK LIM Elsewhere, other manufacturers of electrical items, electronics and cars – the main users of industrial robots in China – have also ramped up the use of technology on their factory floors. 'Dark factories' have become a buzzword to describe the most advanced of China's production facilities. Such operations have reportedly been adopted by companies ranging from home appliance giants Xiaomi and Gree to automakers Changan and Zeekr. As robot adoption picks up pace, one question that arises is: What will happen to the more than 100 million workers whom China's manufacturing sector employs? The automation drive has at times been dubbed 'replace humans with robots (jiqi huanren)'. In 2021, Gree's chairman said that the company's 'dark factory' had slashed the need for workers at the plant from 10,000 to 1,000. In Mr Sun's telling, employment at Midea's air-conditioner factory has remained roughly unchanged from a decade ago. What has changed, he said, is productivity. The number of air-conditioners the factory produces has more than tripled from 2015, company figures show. Academics Nicole Wu and Sun Zhongwei, who interviewed and surveyed factory workers in southern China just prior to the Covid-19 pandemic, found that these individuals were not too concerned about robots just yet. 'Contrary to the more pessimistic assessments of automation, most manufacturing workers in Guangdong – who are buffered by steady increases in demand and a chronic labour shortage – appear to be unfazed by technological change at present,' they wrote in a paper published in 2025. China now has the world's third-highest density of robots in its manufacturing industry. ST PHOTO: JOYCE ZK LIM As China's birth rate falls and the population grows more educated, it has become more difficult for factory bosses to fill jobs, said Professor Sun Zhongwei, who studies industrial relations and social security at the South China Normal University. He is not worried that the automation drive will go so far as to undermine the manufacturing jobs often seen as a means of stabilising employment, because market forces are at play. Automation is a rational process, and industrial robots are a sizeable investment, Prof Sun said. 'Companies will need to calculate whether the cost of the machinery justifies the wages saved.' Still, he added, the biggest losers as manufacturing goes high-tech are lower-educated, older migrant workers who lack the skills to remain relevant. Many will have to return to their rural homes to do odd jobs, while others might find employment as service staff. Back at the Midea factory, Mr Wang Liangcai, 26, an engineer, believes that his job is safe from automation for now. 'Equipment still needs to be maintained, it can't do so itself,' he said. 'But if you think about the long run... we also don't know how things will be.'
