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Asia First - Mon 30 Jun 2025

Asia First - Mon 30 Jun 2025

CNA21 hours ago

02:27:19 Min
From the opening bell across markets in Southeast Asia and China, to the biggest business interviews and top financial stories, tune in to Asia First to kick-start your business day.

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CNA938 Rewind - TalkBack: JB-SG RTS Link - Will it encourage you to take the train instead of driving across?
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CNA938 Rewind - TalkBack: JB-SG RTS Link - Will it encourage you to take the train instead of driving across?

CNA938 Rewind Play The Johor Bahru-Singapore RTS Link marked a key milestone with the unveiling of its first train. As this long-awaited cross-border rail project edges closer to reality, will it encourage you to take the train instead of driving across? Lance Alexander and Daniel Martin speak with transport analyst Terence Fan, Assistant Professor in Strategy and Entrepreneurship at Singapore Management University.

Trump is ‘fast forwarding' the inevitable future of a multipolar world: George Yeo
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Trump is ‘fast forwarding' the inevitable future of a multipolar world: George Yeo

[SINGAPORE] US President Donald Trump may be at the centre of several global events today, but he did not create the increasingly multipolar world – he is merely fast-forwarding inevitable events, said George Yeo, Singapore's former foreign minister. 'Trump himself is not the author of big events, he's being carried by big events,' he said. 'He will come, he will go, and he will have quickened the arrival of a multipolar world,' he added, speaking at UBS' mid-year outlook conference in Singapore on Tuesday (Jul 1). Moderating Yeo's session was Tan Min Lan, head of the chief investment office for Asia-Pacific at UBS. Discussing the current state of global affairs, Yeo said China does not want to escalate tensions, while the US likely finds it difficult to escalate. The wars in the Middle East and Ukraine are keeping the US occupied – which benefits China, he 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 Meanwhile, China wants to maintain its relations with everyone, and Yeo said it is not in its interests today to make use of its critical advantages, such as in rare earth. 'So if both sides stay rational, there should be stability for maybe another five to 10 years,' he said. Nevertheless, Yeo noted, it is likely not possible to separate economic interests from security alliances when it comes to dealing with China, unlike with the US. 'China has always used trade for state craft, taking advantage of the fact that it is the biggest market, and that in any bilateral relationship you need me more than I need you,' he said. This comes as China's strength lies in the homogeneity of its civilisation, Yeo added. 'Every time they are at peace, they have the world's biggest market, a degree of specialisation, (unmatched) division of labour, and therefore productivity, which astonishes everybody.' Security concerns As security concerns pick up globally, Yeo also discussed US-China tensions over Taiwan, where he thinks that the two superpowers are not likely to reach an arms fight. '(China) can just conduct more exercises, add more friction, and eventually convince the Taiwanese that independence is an illusion, but still be prepared to talk and give Taiwanese people tremendous autonomy,' he said. Given Taiwan's current capabilities, such as with chip production through TSMC, Yeo expects that China's interest is to have the former continue as a different system within the rubric of one China. Meanwhile, he noted that the US has succeeded in getting many of its European allies to spend more on defence. But once these countries become more self-confident militarily, they will depend less on the US, which will be reflected in how they articulate their own interests in the future, he said. 'So Trump is fast forwarding the future, because sooner or later, the Europeans will have to find their own centre and equilibrium vis a vis America, China, Russia, the Middle East and Africa,' he said. The international game For others in Asia, including Singapore, Yeo said Asean must 'be wise enough' to not let ongoing wars in the Middle East and Ukraine affect the region. 'Keep the peace in the region – another generation of peace, and South-east Asia will be transformed beyond recognition,' Yeo said. He noted that it is important to understand that the world is becoming multipolar – not just in terms of politics, but also in economics and culture. People must be prepared to speak several languages, understand various cultures, and work multiple systems, and not be stuck with one particular system. This is especially so as the US clampdown on China's tech ambitions has pushed the latter towards self-sufficiency, Yeo noted. Yeo expects some bifurcation of the tech ecosystem, where China will set 'many of the standards in the future'. In the meantime, however, the US enjoys a 'tremendous legacy', which should continue for decades ahead, he added. Meanwhile, as South-east Asia becomes increasingly integrated with the larger Chinese economy, it is important for the region to keep options open, to maintain autonomy, he said. Yeo also expects that China does not want to take over South-east Asia, so that it will not lose its homogeneity. 'We know for sure that we're in a great transition to a multipolar world, but the shape of that multipolar world and how the poles interact one another – that is something still unfolding with great drama before us.'

Citigroup hires ex-Nomura veteran Kiyota, insider Nagasaka as Japan co-heads for investment banking
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Citigroup hires ex-Nomura veteran Kiyota, insider Nagasaka as Japan co-heads for investment banking

Citigroup Inc has hired veteran investment banker Akira Kiyota from Nomura Holdings Inc and promoted insider Taiji Nagasaka as co-heads of investment banking for Japan, it said on Tuesday. The appointments, effective October 1, underscore a push by Wall Street banks to expand their presence in Japan after a rebound in M&A activity and as companies pursue strategic deals in a more favourable interest rate environment. Japan became the largest market for private equity deals in Asia-Pacific last year accounting for 30 per cent of the region's total deal value, largely driven by take-private deals, according to a report by consultancy Bain & Co. That compares to a much smaller figure of 5 per cent to 10 per cent historically. Kiyota has worked at Nomura, Japan's biggest investment bank and brokerage, for over two decades and was most recently senior managing director and global head of mergers and acquisitions. Nagasaka currently serves as Citigroup's Japan head of investment banking products and equity capital markets. In a related move, Masuo Fukuda will assume the expanded role of vice chair for Japan and Asia North investment banking while retaining his existing position as vice chair of Citi Japan.

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