Singapore's S$5 Billion Stock Market Revival Begins With a Whisper
Hoi Yuet Woo chats to retail investors to find out if Singapore stocks are getting exciting yet. Benicia Tan digs deeper into the recent cyberattacks on Singapore's critical information infrastructure. Katrina Nicholas dines on Violet Oon's high-end Peranakan delights.
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Yahoo
25 minutes ago
- Yahoo
Indonesia eyes 'sovereign AI fund' to drive development, document shows
JAKARTA (Reuters) -Authorities overseeing the development of artificial intelligence in Indonesia have proposed a "sovereign AI fund" to finance the archipelago's ambitions to become a regional hub for the fast-growing technology, a government document showed. Last month, Reuters reported that Southeast Asia's largest economy would release its first national roadmap on AI in a bid to attract foreign investment as it looks to join the global AI and chip-making race. The race has seen neighbouring Malaysia secure billions of dollars from global tech firms seeking to build critical infrastructure to meet growing demand for cloud and AI services. The Indonesia strategy, released in the form of a 179-page white paper seen by Reuters, recommends, among other things, a sovereign AI fund mainly handled by the country's new sovereign wealth fund Danantara Indonesia, which controls over $900 billion in assets. Danantara Indonesia did not immediately reply to a request for comment. The paper did not specify the amount that would be needed, but estimated a 2027 to 2029 timeline to set up the fund, and a public-private model to finance Indonesia's AI push. It also suggests increasing fiscal incentives for domestic investors in AI, without providing details. The strategy paper, which the communications and digital ministry said still awaits public feedback before the final draft, maps Indonesia's computational readiness for AI and makes recommendations for AI-related policy strategies until 2030. "Indonesia right now is in the early stages of AI adoption," the document reads. Industry players including Chinese giant Huawei and Indonesia's biggest technology company GoTo contributed to the report. An April report by the Boston Consulting Group said ASEAN nations were positioned for substantial AI-driven gains, with GDP contributions ranging from 2.3% to 3.1% by 2027, and Indonesia could see the highest impact in terms of absolute gross domestic output growth. The roadmap also details challenges for Indonesia including a lack of talent, low research funding, uneven connectivity outside big cities, risks of misinformation and data leaks. Global tech companies have courted the AI drive in Indonesia, including Nvidia and Microsoft. Sign in to access your portfolio
CNN
27 minutes ago
- CNN
Trump wanted manufacturers to diversify away from China. Now many that heeded that call face stiff new tariffs
As US tariffs on China surged over the past decade, South and Southeast Asia became key destinations for foreign and Chinese companies to diversify their supply chains. But with US President Donald Trump's protectionist swing going truly global in his second administration, these nations now find themselves caught in the crossfire – facing some of the highest tariffs in the world and a rapidly shifting global trade order that could pinch American consumers. Many regional leaders publicly celebrated the new US tariff figures when they were released last week, keen to remind domestic audiences that they were lower than those initially threatened by Trump. But analysts and economists warn the new levies are still historically steep and should not be shrugged off. 'It's a gut punch to these countries and they need to try to negotiate it lower,' said Dan Ives, global head of research at financial services firm Wedbush Securities. 'The worry is US is trying to cut off China's export routes and it speaks to the high tariffs facing these nations.' Country-specific tariffs aren't the only concern for nations and businesses in the region. The Trump administration has announced a separate extra 40% tariff on so-called 'transshipments,' goods shipped from a high-tariff country to a low-tariff country before being re-exported to the US. Thanks to its geographic positioning, large youth populations, burgeoning middle classes and growing infrastructure, South and Southeast Asia are regions of competing interest and competition for the US and China. Early in the 2.0 trade war between the US and China, Chinese leader Xi Jinping boarded an Air China jumbo jet bound for Southeast Asia, marking his first foreign trip of the year. As the Trump administration was lobbing tariffs and demands in April, Xi was meeting with trade partners in Vietnam, Cambodia and Malaysia, positioning China as a reliable partner and defender of global trade. Over the recent decades, many countries in the region built themselves up with global and Chinese investors looking to diversify away from China, transforming them into export-driven economies. US-China tensions that flared during Trump's first term and the Covid-19 pandemic accelerated the Southbound shift. Labor-intensive industries — from garments to footwear and lower-end electronics manufacturing and assembly — became pillars of economic growth. But now, with Trump's global tariff blitz and sweeping levies on transshipments, that momentum is facing serious headwinds, as companies are being forced to rethink whether maintaining operations in the region still makes commercial sense. When Trump initially threatened his 'Liberation Day' reciprocal tariffs on April 2, South and Southeast Asia shuddered. Cambodia faced 49%, Laos 48% and Bangladesh 37%. The new levies unveiled continued to impose steep rates on several nations in the region. Among the highest levies were 40% on Laos and Myanmar, the second-highest behind only 41% on Syria, however neither have a particularly large trade relationship with the US. The rates on places like Cambodia, Vietnam, Indonesia, Malaysia and Thailand – all of which have become key low-cost manufacturing hubs for US consumers – were lowered to 19 or 20%. Publicly, regional leaders reacted positively to their final tariff rate with the US. Cambodia (19%) described it as good news for the people and its economy, Malaysia (19%) called its final rate a 'significant achievement' and Bangladesh (20%) praised the result of its trade negotiations as a 'decisive diplomatic victory'. But for Deborah Elms, head of trade policy at the Hinrich Foundation, an organization that focuses on trade, the idea that the lower tariff rates are a win is 'misguided.' 'These rates are very high, and they only look less high because the US used this nonsense formula in April, and the way that the formula was designed really punished firms located in countries where they export a lot to the US, but they import relatively little, mostly because they're much poorer than the United States,' she said. 'It's really lose-lose,' she added, explaining that it's a setback for American consumers and companies, as well as export-reliant Asian economies. One silver lining for these countries, however, is that most received relatively similar tariff rates of around 20% – meaning garment powerhouses like Bangladesh, Cambodia, Vietnam, and Sri Lanka are not significantly worse off than their competitors. The threat of further transhipment tariffs adds an extra layer of bureaucracy for both businesses both globally and in the US. The US already imposes penalties and fines on transshipped goods that undergo minimal or no substantial transformation in a third country after leaving their country of origin. The new 40% tariff will be applied on top of those existing penalties, a senior administration official told CNN. But Trump's definition of transshipment in his latest tariff announcement has appeared to take on a much broader meaning – with China as the unmistakable target. 'What Trump seems to be using when he talks about transshipment is Chinese content. So that's a very different definition of transshipment, as in, anything that comes from Asia is suspect for transshipment,' Elms said. Uncertainty remains for countries and businesses in the region as White House officials have yet to clarify how the tariff will be defined, which goods will be targeted, and how their contents will be evaluated. This is not the first time Trump has sought to impose tariffs on these indirect shipments. In a deal with Vietnam, one of the earliest deals he struck since April, he also included 40% tariffs on transhipped goods, in additions to 20% on the Southeast Asian country's exports to the US. Though not explicitly named in the deal, China vehemently protested at the time and said it would take 'strong measures' to protect its rights. Last week, after Trump's announcement of the transshipment tariffs, China reiterated its view that 'tariff and trade wars have no winners.' 'Protectionism harms the common interests of all countries,' said foreign ministry spokesperson Guo Jiakun. For South and Southeast Asian countries, Trump's tariffs are poised to reshape supply chains in the region over the medium to longer term, while driving down overall trade with the US, according to Louise Loo, head of Asia economics at research firm Oxford Economics. 'We are already seeing some moderation in what we think are rerouted trade in the recent monthly trade figures out from various economies in Asia,' she said. Meanwhile, the years-long trend of companies diversifying their productions from China to South and Southeast Asia may come under mounting pressure because of the transshipment tariffs. 'The new punitive treatment would either short-circuit this Southbound shift in manufacturing we'd seen over the past decade, or incentivise more creative ways of rerouting by Chinese manufacturers,' Loo said. What could happen is that manufacturers of low-margin, labour-intensive sectors such as furniture and toys could reshore back to China given the shrinking cost advantages and potential to benefit from greater economies of scale, she said. And for products that rely heavily on US market access like household appliances, nearshoring may become a more attractive option, she added. But other experts were less convinced that Trump's tariff would halt or even reverse the offshoring of manufacturing from China. 'China's labor costs have been rising and it is gradually losing competitiveness in some more labor intensive lower end manufacturing,' said Lynn Song, chief Greater China economist at Dutch bank group ING. He added that with most countries still facing lower tariff rates than China, tariffs alone are unlikely to derail the broader trend of investment. On the contrary, the new measures could even accelerate Chinese manufacturing expansion abroad, Song said. 'If transshipment tariffs are targeting Chinese made goods making a stop with minimal value added in Vietnam before being sent to the US, it could make sense to relocate part of the manufacturing process to Vietnam so that it still qualifies as a Made in Vietnam product,' he said. CNN's Phil Mattingly contributed reporting.
Associated Press
27 minutes ago
- Associated Press
F88 officially lists 8.26 million shares on UPCoM
HANOI, VIETNAM - Media OutReach Newswire - 11 August 2025 - F88 Investment Joint Stock Company (F88) on August 8 officially listed over 8.26 million shares for trading on the UPCoM platform. Over 8.26 million shares of F88 was officiallt listed on the UPCoM platform. Photo courtesy of F88 With a reference price of VNĐ634,900 (US$24) per share on its first trading day, F88 now holds the highest market price among all listed companies across Vietnam's three stock exchanges, marking the beginning of a new chapter in its journey to standardise corporate governance and tap into the domestic capital market. This milestone marks the first time a pawnbroking enterprise in Viet Nam has been publicly listed and traded on the stock exchange. Beyond a significant step toward transparency, F88's listing sets a new operational benchmark for the legal pawn sector in particular and the alternative finance industry in general – a sector that has long faced negative perceptions and limited access to capital. On May 6, 2025, F88 was officially recognised by the State Securities Commission as a public company and deemed eligible to register for share trading in accordance with legal regulations. At the time of listing, F88's charter capital stood at over VNĐ82.6 billion, corresponding to more than 8.26 million outstanding shares. The company has also received approval to issue bonus shares from share premium reserves at a ratio of 1,200 per cent, which will increase its charter capital to over VNĐ1.1 trillion. This is an internal capital restructuring activity that does not dilute shareholder equity and is aimed at preparing for the company's next phase of growth, aligned with its operational scale. 'The official listing on UPCoM is not only a development milestone for F88 but also a pioneering move, introducing a new standard of transparency for Vietnam's alternative finance industry. This is a crucial step in enhancing our ability to access public capital, serving our long-term business goals. F88 clearly understands that entering the capital market is not just about transparency and regulatory oversight – it also serves as a financial catalyst to help us scale, upgrade operations, and get closer to our future target of listing on HoSE,' said Phung Anh Tuan, Chairman of the Board of Directors at F88. According to a special report published by FiinGroup in June 2025, Vietnam's pawnbroking market had an estimated outstanding loan balance of VNĐ200 trillion (approximately $8 billion) in 2024. Of this amount, 'new-generation' pawn enterprises like F88 currently hold a market share of about 3.2%, indicating substantial room for future growth. Another notable trend is that while the number of traditional pawnshops is declining, new-generation pawn outlets – which integrate technology, centralised management and diverse services – are expanding rapidly. To date, F88 operates 888 stores across 34 provinces and cities, accounting for around 70 per cent of all new-generation pawn outlets in Vietnam. The company aims to reach 1,000 transaction points by 2026 and expand to 2,000 stores by 2030. In addition to secured lending, F88 is also accelerating its growth in microinsurance and agent banking services. Through its strategic partnership with Military Commercial Joint Stock Bank (MBBank), F88 is gradually developing a model of 'modern financial transaction offices' that provide essential services such as customer identification, deposits/withdrawals, fund transfers, loan referrals, and collection/payment services. F88 is also rapidly pushing digital transformation through its MyF88 platform – a mobile application that recorded over 105,000 online loan customers just two months after launch. By 2026, the company targets to have 80 per cent of transactions conducted digitally, aiming to optimise operational efficiency and enhance customer experience. For 2025, F88 has set a revenue growth target of 33 per cent. In the first half of the year, the company recorded VNĐ1.74 trillion in revenue, up 30 per cent year-on-year. Of this amount, revenue from lending activities reached VNĐ1.5 trillion, growing 28 per cent. Insurance and other services generated VNĐ199.6 billion and VNĐ6 billion, respectively, increasing by 45 and 360 per cent thanks to broader product coverage and effective cross-selling. Total disbursement value reached VNĐ7.1 trillion, up 36 per cent over the same period, while the net write-off ratio (net charge-offs to average outstanding loans) remained at 2.35 per cent. These results brought the company VNĐ321 billion in pre-tax profit – more than triple the figure from the same period last year. Backed by a sustainable operating platform, transparent financials, and a clear digitalization strategy, F88 is steadily strengthening its governance capabilities, refining capital structure, and standardising operations to meet public company standards. The official UPCoM listing represents not only a transformation in capital structure but also reaffirms F88's pioneering role in shaping a transparent, regulated, and legally compliant alternative finance market where the public can access trustworthy and civilised financial services. Hashtag: #F88 The issuer is solely responsible for the content of this announcement. About F88: Founded in 2013, F88 is a pioneering enterprise in Vietnam's alternative finance sector, serving customer segments underserved by traditional banks. With a mission to expand access to legal, transparent, and convenient financial services, F88 has steadily developed a modern financial agency model that integrates three core services: secured lending, microinsurance, and basic banking services. Over its development journey, F88 has successfully raised capital from reputable institutional investors such as Mekong Capital, Vietnam Oman Investment, and Granite Oak – enabling the company to grow in both capital and operational scale. As of 2025, F88 operates a network of 888 transaction points in 34 provinces and cities, making it the largest distribution network in Vietnam's alternative finance sector. F88 has earned recognition through a series of prestigious domestic and international awards, including being named a top workplace in Asia by Great Place to Work. It is also the first and only alternative finance company in Viet Nam to receive the Gold-level Client Protection Certificate (CPC) – the world's first standard for protecting financial service users. In April 2025, FiinRatings announced it had upgraded F88's credit rating outlook from 'Stable' to 'Positive,' citing strong improvements in asset quality and the company's continuously strengthened market leadership position.
