US and UK differ on Gaza policy but share common goals, says VP Vance
SEVENOAKS, England - Britain and the United States may disagree about how to address the crisis in Gaza but they share common goals in the region, U.S. Vice President JD Vance said at the start of a meeting with British Foreign Secretary David Lammy in southern England.
Vance, who has previously criticised Britain and its governing Labour Party, landed with his wife Usha and their three children in London before heading to Chevening, the large, red-brick country residence used by the British foreign minister.
Appearing before reporters and TV cameras, the two leaders exuded plenty of bonhomie, with Lammy recommending Vance enjoy a coastal walk in Kent and the vice president professing his "love" for Britain.
Asked about Britain's plan to recognise Palestine, Vance said the U.S. and Britain had a common goal to resolve the crisis in the Middle East, adding: "We may have some disagreements about how exactly to accomplish that goal, and we'll talk about that today."
Vance also reiterated that the U.S. had no plans to recognise a Palestinian state, saying he didn't know what recognition actually meant, "given the lack of a functional government there."
Britain, by contrast, has taken a harder stance against Israel, declaring its intention to recognise Palestine along with France and Canada to put pressure on Israeli leader Benjamin Netanyahu over the continuing conflict and humanitarian crisis in Gaza.
Earlier on Friday, Vance and Lammy also went fishing in the lake behind Chevening House, appearing relaxed in blue button-down shirts and sharing a laugh.
Top stories
Swipe. Select. Stay informed.
Singapore PM Wong calls on S'poreans to band together for nation to remain exceptional in National Day message
Opinion Singapore must look ahead, prepare to ride next wave of change
Singapore Nation building is every Singaporean's responsibility, not the work of one party alone: Pritam
Singapore Four foreign leaders to attend NDP 2025 at the Padang
Singapore Relaxed rules 'not a silver bullet', but a step in right direction, say nightlife businesses
Singapore Non-invasive depression treatment TMS helps engineer get his life back
Business Singapore's digital banks trim deposit rates, mirroring moves by incumbent players
Singapore Chief Justice allows founder of site that ran fake KKH story to be called to the Bar
Vance joked to reporters that the "one strain on the special relationship" between Britain and the U.S. was that all his children had caught fish but that the British foreign minister had not.
"Before beginning our bilateral, the Vice President gave me fishing tips, Kentucky style," Lammy said in a post on X.
After spending two nights in Chevening's bucolic surroundings with Lammy, the Vances will travel to the Cotswolds, a picturesque area of English countryside and a popular retreat for wealthy and influential figures, from footballers and film stars to media and political figures.
The visit comes amid heightened transatlantic tensions, domestic political shifts in both countries and increased attention on Vance's foreign policy views as he emerges as a key figure in President Donald Trump's administration.
A source familiar with the planning described the trip as a working visit that will include several official engagements, meetings and visits to cultural sites. Vance is also expected to meet with U.S. troops.
Vance and Lammy will also discuss the war in Ukraine, the pair told reporters.
Close to Chevening House, a small group of protesters had gathered, some waving Palestinian flags and one holding up a sign showing a meme of a bald Vance. REUTERS
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
18 minutes ago
- Straits Times
Are you set to retire comfortably in Singapore?
Sign up now: Get ST's newsletters delivered to your inbox Generic photo of an elderly couple strolling near Clementi 448 Market & Food Centre, on Aug 26, 2024. Can use for story on ageing population, senior, independent, health care, Geriatrics, Elder care, Assisted living, Nursing home, Retirement, Dementia, Alzheimer disease, Longevity, Palliative care, Mobility aid, and Chronic illness. SINGAPORE – You're in your 50s, the kids are grown and off your hands, the mortgage is nearly paid off and a comfortable retirement beckons, but life's next chapter can bring unexpected challenges. A friend who thought he had more than enough to retire on had to stop work earlier than planned to care for her elderly parents and a dependent sibling. Such surprises, along with longer life expectancy and higher living costs, can derail the best-laid plans, making preparations for your golden years more critical than ever. The road to retirement requires immediate attention, from understanding how far your savings will stretch to making sense of the Central Provident Fund (CPF) and various government support schemes. Healthcare becomes a key focus. A comprehensive insurance plan covering critical illness and long-term care is crucial, says Mr Harpreet Bindra, chief executive of HSBC Life Singapore. This can help offset the financial impact of unexpected medical emergencies and ensure access to necessary care without depleting your savings. Ms Irma Hadikusuma, chief marketing and healthcare officer at AIA Singapore, reminds us that 'retirement isn't just a finish line; it marks the start of a new, potentially decades-long chapter in your life without an active income'. So how much do you really need for a comfortable retirement? Experts have sobering advice on this and whether it makes sense to those close to retiring to take up new insurance plans. Top stories Swipe. Select. Stay informed. Singapore PM Wong calls on S'poreans to band together for nation to remain exceptional in National Day message Singapore Nation building is every Singaporean's responsibility, not the work of one party alone: Pritam Singapore Four foreign leaders to attend NDP 2025 at the Padang Singapore 'This is home', for retired shop owner putting up 11th flag display in Toa Payoh to mark SG60 Singapore Singapore leaders send congratulatory letters to South Korean counterparts to mark 50 years of ties Singapore Relaxed rules 'not a silver bullet', but a step in right direction, say nightlife businesses Business Singapore's digital banks trim deposit rates, mirroring moves by incumbent players Singapore Chief Justice allows founder of site that ran fake KKH story to be called to the Bar So how much? A nest egg of $1 million has long been a common aspirational retirement target. With this much in cash and liquid assets, a retiree can expect a comfortable withdrawal of more than $4,000 a month over 20 years after retirement. Other retirement sums have also been bandied about – from $550,000 to $1.9 million. Fortunately, CPF Life, a national longevity insurance annuity scheme, provides Singaporeans and permanent residents with a monthly income from age 65 for as long as they live. If you hit 55 in 2025, you can give your retirement income from age 65 a big jump if you plan for the current CPF Enhanced Retirement Sum of $426,000. Doing so will enable you to receive $3,300 a month. A DBS study found that the median CPF payout covers over half the median expenses of its retiree customers. According to the 2023 Household Expenditure Survey, households with non-working individuals aged 65 or over spent an average of $2,349 per month. This means aspirational needs will have to be supplemented by income-generating solutions such as unit trusts or other investments to complement the CPF payouts. What constitutes 'enough' is deeply personal. 'For some, it may include travel, dining out frequently and pursuing hobbies. For others, it could simply mean covering essential financial needs without worry,' says Mr Bindra. 'What remains important to remember is that individuals need to plan not just for today's cost of living, but for years to come.' The focus shouldn't be on hitting a universal number, but more on building a plan that is tailored to your needs and flexible enough to evolve through life stages. Integrating both wealth and health to help you face the future with confidence, he says. Mr Jason Lim, head of product management at Prudential Singapore, suggests that you ask yourself some questions to determine your financial readiness: What is your desired retirement lifestyle and the estimated expenses? Do you have sufficient income streams or savings to fund this lifestyle? Do you have adequate health insurance coverage for retirement? How much debt or liabilities will you have and how will you service them? Do you have an emergency fund to cover unexpected expenses? Common mistakes in planning Mistake 1: Thinking it's too late to start The most pervasive myth among late starters is that if you've missed the golden window for compounding in your 20s or 30s, it is pointless to start now. But financial planning is a journey, not a race. While you may not be able to fully harness the magic of compounding, you can certainly avoid the paralysis of inaction. 'No matter what their horizon, there are always steps that pre-retirees can take to ensure that they are prepared for retirement,' says Mr Thomas Lee, chief product officer at Manulife Singapore. Even modest action such as calculating your current net worth, for example, lays the groundwork, he adds. From there, a clear-eyed inventory of assets, liabilities and likely future income can transform a sense of helplessness into agency. The next step is to map out your goals and determine realistic actions which can range from topping up your CPF account to setting up a regular savings plan. Mistake 2: Assuming spending will decrease with age It is a fallacy to think that as life slows down, so too will our expenses. The CPF's Retirement and Health Study shows that spending often accelerates in later years, driven by healthcare, housing modifications and, increasingly, helping out with grandchildren or enjoying the leisure previously deferred. Planning with rose-tinted glasses and assuming your cost of living will magically halve only set up nasty surprises. Instead, aim for conservative estimates on spending, and factor in inflation, new hobbies, travel or unexpected family obligations. Mistake 3: Grossly underestimating healthcare costs The most common mistake pre-retirees make is underestimating healthcare costs and overestimating how long their savings will last. While Singaporeans are covered by Medishield Life or Integrated Shield Plans, and have access to government subsidies, these safety nets are not enough as not all expenses are covered. 'Outpatient costs, for example, can add up, especially if one is suffering from a major illness that requires substantial cash outlay,' Mr Lee says, adding that a critical illness policy may be helpful. Working Singaporeans who rely on company-provided insurance coverage while employed must remember that this will typically lapse upon retirement, just as higher medical needs emerge. Mistake 4: Too conservative It is common for pre-retirees to move all their investments into conservative ones or assets with guarantees. Ms Hadikusuma says while these options may offer higher certainty, their returns are often low and may not keep up with inflation. As we are living longer, retirement can stretch over 20 years or more, so your money needs to keep growing throughout that time. Higher-risk assets have the potential to withstand inflation and market fluctuations and deliver better long-term returns. 'A better approach is to gradually reduce your investment risk during your retirement years, rather than making an abrupt shift, and to ensure you secure a sufficiently diversified source of income before and during retirement,' she adds. Mistake 5: Not reviewing plans Early and consistent planning is essential as retirement is not a one-off event but an evolving strategy that requires regular reviews and adjustments, ideally with a trusted financial adviser, Mr Bindra says. This ensures that your plan remains robust and relevant throughout retirement, providing confidence, dignity and freedom in later life. Is it too late to buy insurance? It's never too late to review your protection needs, but as you approach retirement, it's important to focus on healthcare coverage. Health risks increase with age, so ensure you have suitable medical insurance to manage expenses and reduce out-of-pocket costs. Buying life insurance in your 50s may not be the best choice if you have no dependants or debt, says Ms Hadikusuma. 'It may be more practical to direct those funds towards health-related coverage, topping up your CPF, building income-generating investments or strengthening your emergency fund,' she adds. If you do need life insurance, choose plans with shorter premium terms and ensure you can afford the premiums with your retirement cash flow or MediSave balances. That said, if you have dependants, you can consider plans with shorter premium terms of five or 10 years that allow you to complete your financial obligations before retirement, she says. The goal is to identify a plan that offers adequate protection without over-stretching current finances, Mr Bindra adds. Getting on track A good gauge to see if you are on track to securing a comfortable retirement is to look at your projected monthly income in retirement, which includes CPF Life payouts, savings, investments and insurance. Compare them against your estimated expenses, which typically range from 70 per cent to 90 per cent of your current spending, according to FWD Insurance Singapore. You are likely on track if your projected income meets or exceeds these needs, with added buffers for inflation and healthcare costs. Here's a list to help you: What to keep: Policies with fully paid-up premiums, as these continue to offer coverage without additional financial commitments. This includes your protection, savings and life insurance. What to review and adjust: Policies that require ongoing premium payments into your retirement years. If these payments are likely to strain your retirement income, consider adjusting the coverage amount, which may lower the premium payments, Ms Hadikusuma says. Health insurance premiums typically rise with age and if the cost becomes unsustainable, consider switching to a plan that aligns with both your healthcare needs and budget. Always seek professional advice from your trusted financial consultant before making any decisions. For both protection and health insurance, the critical consideration is premium sustainability – ensuring you can continue to afford the premiums comfortably during retirement. If necessary, consider adjusting your coverage level or benefits before retirement while your health status still qualifies you for plan changes. Safeguarding against unplanned medical costs often requires securing additional policies such as critical illness cover well before retirement. The earlier you apply, the more affordable (and certain) the cover. Relying solely on employer perks, or even public healthcare coverage, can leave significant blind spots. A Manulife Asia survey conducted in 2025 found that Singaporeans are acutely aware of the risks. Despite this, nearly half of their assets outside property are still kept in cash – hardly ideal when you consider the eroding effects of inflation over 20 years or more. Many realise the need for diversified investments for long-term income. Ms Koh Hui Jian, chief executive of Manulife Investments Singapore, says diversifying investments, building sustainable income streams and making better use of idle cash are essential steps in future-proofing your financial plans. 'With inflation and longevity top of mind, it's important to start early and stay invested, even into retirement,' she says. Ultimately, experts say knowing that our expenses are manageable and that our health is at its best provides the peace of mind to enjoy our golden years to the fullest. As Prudential's Mr Lim notes: 'As the saying goes, health is wealth. Maintaining good health through good diet, exercises, and regular check-ups can reduce the likelihood and severity of health shocks, which may need us to dip into our retirement funds.'
Straits Times
an hour ago
- Straits Times
Bessent leads broad search for Fed chair that includes Bullard, Sumerlin
Sign up now: Get ST's newsletters delivered to your inbox WASHINGTON - US Treasury Secretary Scott Bessent is leading a search for a successor to Federal Reserve chairman Jerome Powell, with an expanded list that includes a longtime economic consultant and a past regional Fed president, a source familiar with the process told Reuters on Aug 8. The list includes St Louis Fed president James Bullard and Mr Marc Sumerlin, a former economic adviser to President George W. Bush, the source said, confirming an earlier report by the Wall Street Journal that said there were now about 10 contenders for the spot. President Donald Trump last week said he had narrowed the list to four. National Economic Council director Kevin Hassett and former Fed governor Kevin Warsh remain under consideration, along with current Fed governor Christopher Waller, the source told Reuters. Mr Trump has pressured Mr Powell all year to cut interest rates, building on his past comments critical of the Fed chief that emerged during his first term as president shortly after he elevated Mr Powell to the Fed chair role. Mr Powell's term ends in May. Critics have said the president should let Mr Powell complete his term as chairman without interference. Mr Hassett, Mr Warsh and Mr Waller have all signalled support for lower rates, which Mr Trump had indicated would be a requirement for the job. Top stories Swipe. Select. Stay informed. Singapore PM Wong calls on S'poreans to band together for nation to remain exceptional in National Day message Singapore Nation building is every Singaporean's responsibility, not the work of one party alone: Pritam Singapore Four foreign leaders to attend NDP 2025 at the Padang Singapore 'This is home', for retired shop owner putting up 11th flag display in Toa Payoh to mark SG60 Singapore Singapore leaders send congratulatory letters to South Korean counterparts to mark 50 years of ties Singapore Relaxed rules 'not a silver bullet', but a step in right direction, say nightlife businesses Business Singapore's digital banks trim deposit rates, mirroring moves by incumbent players Singapore Chief Justice allows founder of site that ran fake KKH story to be called to the Bar Mr Bullard, who left the St Louis Fed in 2024 to be dean of Purdue University's business school, was Mr Waller's boss before Mr Trump plucked the regional Fed's research director from under Mr Bullard to serve on the Fed Board. As recently as May, he said he thought the Fed would probably be able to cut rates by September. The recent monetary policy views of Mr Sumerlin were not immediately clear. It was also not clear what a broader list of candidates would mean for the timing of an appointment. The president moved quickly to name an ally to the Fed Board this week after Fed governor Adriana Kugler, a Biden appointee who did not support rate cuts, unexpectedly resigned as of the end of this week. Council of Economic Advisers Stephen Miran will serve out the remaining months of Ms Kugler's term, which ends on Jan 31. Mr Trump has indicated a search continues for someone who could fill the Fed Board role for a 14-year term beginning Feb 1. REUTERS
Straits Times
an hour ago
- Straits Times
Nasdaq ends at record high as US stocks post solid weekly gains
Sign up now: Get ST's newsletters delivered to your inbox Traders working on the floor of the New York Stock Exchange, in New York City. NEW YORK - The Nasdaq posted a second straight record on Aug 8 as US equities concluded a winning week on an upbeat note amid optimism over artificial intelligence and less uncertainty over trade policy. All three major indices finished solidly higher, with the tech-rich Nasdaq Composite Index up 1 per cent at 21,450.02, its second all-time closing high in a row. The Dow Jones Industrial Average climbed 0.5 per cent to 44,175.61, while the broad-based S&P 500 advanced 0.8 per cent to 6,389.45, narrowly missing a record. 'We're back into that mode where AI enthusiasm has been renewed and continues to fuel the gains,' said Mr Angelo Kourkafas, senior global investment strategist at Edward Jones. Investors took reassurance from the Trump administration's willingness to exempt the semiconductor industry from onerous tariffs if companies commit to investing in the United States. 'Part of the relief was that the tariffs on a very important sector around the US outlook on earnings, which is tech and AI, is mostly left unaffected,' Mr Kourkafas said. Apple, which pledged increased US investment at a White House meeting this week, rose significantly for the third straight day with 4.2 per cent gain. Top stories Swipe. Select. Stay informed. Singapore PM Wong calls on S'poreans to band together for nation to remain exceptional in National Day message Singapore Nation building is every Singaporean's responsibility, not the work of one party alone: Pritam Singapore Four foreign leaders to attend NDP 2025 at the Padang Singapore 'This is home', for retired shop owner putting up 11th flag display in Toa Payoh to mark SG60 Singapore Singapore leaders send congratulatory letters to South Korean counterparts to mark 50 years of ties Singapore Relaxed rules 'not a silver bullet', but a step in right direction, say nightlife businesses Business Singapore's digital banks trim deposit rates, mirroring moves by incumbent players Singapore Chief Justice allows founder of site that ran fake KKH story to be called to the Bar Other large tech names with outsized increases included Netflix, Google parent Alphabet and Facebook parent Meta. Among other names, Expedia rose 4.1 per cent as the travel company lifted its annual earnings and revenue projections. The company cited strength in advertising and in its business-to-business bookings. AFP
