Businesses finding ways to cash in ahead of pop star's only stop in Asia
Businesses in Singapore are creating themed events to cash in on the hype ahead of Lady Gaga's concert, including themed parties, hotel promotions and specially-flavoured local pancakes. Some firms say this is part of a longer-term strategy to boost sales as the nation looks to cement its reputation as a regional events hub. Natalie Ong and Alexandra Anand report.
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CNA
an hour ago
- CNA
China exports slow as trade war takes toll
BEIJING: Chinese exports grew slower than expected in May, according to official data on Monday (Jun 9), as shipments to the United States tumbled amid global trade turmoil triggered by Donald Trump's tariff blitz. The figures also showed imports suffered a forecast-beating drop, with weak domestic consumption in the world's number two economy highlighted by data earlier in the day revealing another month of falling prices. The 4.8 per cent year-on-year drop in overseas shipments last month was an improvement on April but bigger than the 6.0 per cent forecast in a survey of economists by Bloomberg. The reading included a 12.7 per cent plunge in exports to the US compared with April, when Trump unveiled his eye-watering tariffs on China. Imports from the US tanked 17.9 per cent after Beijing imposed tit-for-tat measures. Exports tumbled by a third year-on-year in May. In contrast, the data showed shipments to Vietnam increased from the previous month. Those to other Southeast Asian countries, including Malaysia, Thailand, Singapore and Indonesia, all declined slightly after soaring in April, the figures indicated. "The trade war between China and the US led to sharply lower exports to the US, but the damage was offset by stronger exports to other countries," Zhiwei Zhang, resident and Chief Economist at Pinpoint Asset Management, said in a note. "The trade outlook remains highly uncertain at this stage," he added, pointing to the impact of "frontloading", when overseas buyers increase shipments ahead of potentially higher tariffs. CONSUMER PRICES Monday's readings added to concerns about the Chinese economy, with a report from the National Bureau of Statistics (NBS) showing the consumer price index - a key measure of inflation - dropped 0.1 per cent year on year in May. The reading, which was slightly better than expected but marks the fourth straight month of falling prices, comes as Beijing struggles to boost the sluggish domestic consumption seen since the end of the pandemic. Leaders' failure to kickstart demand threatens their official growth targets and complicates their ability to shield their economy from Trump's tariff blitz. While deflation suggests the cost of goods is falling, it poses a threat to the broader economy as consumers tend to postpone purchases under such conditions, hoping for further reductions. A lack of demand can then force companies to cut production, freeze hiring or lay off workers, while potentially also having to discount existing stocks - dampening profitability even as costs remain the same. Deepening a slump that has now lasted more than two years, factory gate prices also dropped in May, the NBS said on Monday. The producer price index decline of 3.3 per cent - accelerating from a 2.7 per cent drop in April - was faster than the 3.2 per cent estimated in the Bloomberg survey. Representatives from China and the US are expected to meet on Monday in London for another round of high-stakes trade talks, markets hope will ease tensions between the economic superpowers. A key issue in the negotiations will be Beijing's shipments of rare earths, crucial to a range of goods including electric vehicle batteries and which have been a bone of contention between the two for some time. Figures Monday showed Chinese exports of 17 minerals rose last month to 5,865 from 4,785 tons in April. The London talks will be the second set of formal negotiations between the two since Trump launched his global trade blitz on Apr 2. They were announced after a phone call last week between Trump and Chinese President Xi Jinping, which the US president described as "very good".
Business Times
2 hours ago
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Atome to get US$75 million from Lending Ark as credit demand grows
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CNA
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Income Insurance chairman Ronald Ong to stand down
SINGAPORE: Income Insurance's chairman Ronald Ong will retire from the company's board, it said on Monday (Jun 9). He will, however, remain on the board of NTUC Enterprise, Income Insurance's parent company. Mr Ong, who began serving on the Income Insurance board in 2018 and became its chairman in 2019, will not seek re-election at the company's upcoming annual general meeting on Jun 24, it said in a media release. It added that Mr Ong led the company through its corporatisation, as it transitioned from a co-operative – NTUC Income Insurance Co-operative – to a company governed by the Companies Act. In a statement, NTUC Enterprise chairman Lim Boon Heng said: "I would like to thank Ronald for his leadership over the past seven years at Income Insurance. "Ronald remains on the NTUC Enterprise board and will be steering the private investment portfolio within NTUC Enterprise going forward, leveraging his deep expertise, wide network and strong commitment to create value for customers and shareholders." Income Insurance said that its board and management were grateful to Mr Ong "for his guidance and steadfast leadership over the years". "Under Mr Ong's leadership, Income Insurance weathered the COVID-19 pandemic, succeeded in corporatisation and also enhanced its digital capabilities," the company said. Mr Ong said that it had been an honour to serve on Income Insurance's board. "I have had the privilege of working alongside a talented and dedicated team, and the experience has been both humbling and rewarding," he added. Income Insurance said that its board had begun a succession process to appoint a new chairperson. "Further details will be shared at the upcoming annual general meeting," it said. The tail end of Mr Ong's tenure as chairman saw Income Insurance embroiled in a saga involving a proposed deal that would have seen it taken over by German insurer Allianz. In July last year, Allianz made an offer of about S$2.2 billion (US$1.6 billion at the time) for a 51 per cent stake in Income Insurance. NTUC Enterprise said at the time that it would remain a "substantial" shareholder in Income Insurance if the sale went through.
