Klarna swings to $3 million adjusted profit in Q1
Klarna's comparable result for the January-March period of 2024 stood at a loss of $2 million when adjusting for the sale of its Klarna Checkout (KCO) business.
The company said its overall revenue grew to $701 million from a year-ago $621 million.
In the United States alone, revenue grew 33 per cent year-on-year, Klarna said.
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Business Times
7 hours ago
- Business Times
National Day Rally: Centring workers while embracing innovation
[SINGAPORE] Even as innovation and technology are key to the country's new economic blueprint, jobs remain the priority, Prime Minister Lawrence Wong said in his second National Day Rally speech on Sunday (Aug 17). 'Ultimately, our economic strategy is about jobs, jobs and jobs,' he said. 'That's our number one priority.' In a speech with few policy announcements, three new moves were about jobs: community-based job matching ; improvements to a scheme for mid-career workers ; and government-funded traineeships for fresh graduates . In the first National Day Rally of the current government term, PM Wong thanked citizens for the mandate given to the People's Action Party in the 2025 General Election , and laid out how his team will take the country forward. He covered five themes: the economy; supporting youths; seniors; building infrastructure for the future; and fostering a collective 'Singapore spirit'. In a more troubled and turbulent era, where rivalry is intensifying and trust is in short supply, Singapore cannot resign itself to being a bystander, said PM Wong. 'We will take charge of our own destiny.' 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 A new economic blueprint Many deals have been struck since the US first announced its 'Liberation Day' tariffs in April. Yet even when tariffs were lowered, their rates are still high, noted PM Wong. US-China negotiations also remain unresolved. While the 10 per cent baseline tariff on Singapore is the lowest rate available, 'this gives us little comfort', he added. The US could raise the baseline rate, or set higher tariffs on industries such as pharmaceuticals and semiconductors, which are key for Singapore's economy. Singapore needs a new economic blueprint with refreshed strategies for its future, which is why the Singapore Economic Resilience Taskforce was convened. One overarching priority is innovation and technology, said PM Wong. Noting the fruits of past research and development (R&D) efforts, he said the same long-term approach now applies to frontier technologies such as quantum computing. 'But it's not just about cutting-edge R&D,' he said. 'Equally, if not more important, is how quickly new technologies are adopted across the entire economy.' Artificial intelligence (AI), for instance, is already being used in everyday life and in the civil service. But he added: 'The real game changer lies in using AI to raise productivity and create new value through every part of the economy.' Singapore will help companies big and small to harness AI and automation to stay competitive, he said. Yet technology will also disrupt jobs, with some roles disappearing even as new ones – requiring higher skills but fetching better pay – emerge. Said PM Wong. 'I assure you: even as we embrace AI and technology, we will not lose sight of our key priority. Singaporeans will always be at the centre of everything we do.' The government will not rush to adopt technology, but will instead work with unions and workers to equip them for new opportunities through upskilling and job redesign. Community Development Councils (CDCs) will lead a new town-based job-matching initiative, with details to be shared by the mayors soon. As the CDCs have strong networks with local businesses and community partners, they are 'well-placed' to match jobseekers – particularly those who prefer working closer to home – with vacancies, said PM Wong. The SkillsFuture Level Up programme for mid-career workers will also see two key enhancements. The programme provides S$4,000 in SkillsFuture credits as well as training allowances of up to S$3,000 a month, for up to 24 months, for full-time studies. Now, workers will be able to claim a portion of the training allowance for part-time courses. Eligible courses will also be expanded to include more conducted by industry leaders and private training providers. Youth and seniors Jobs for fresh graduates were another focus. Noting their concerns about jobs, PM Wong announced a new government-funded traineeship programme. This will be for fresh graduates from the Institute of Technical Education, polytechnics and universities. It will begin with a 'more focused roll-out', but will be scaled up if the economy worsens, said PM Wong. While youths today enjoy more opportunities than ever, they face a very different and complex set of challenges, he noted. Besides graduate jobs, he addressed digital concerns – such as online harms and AI use in schools – and the threat of vaping. Besides e-cigarettes, many vapes are laced with addictive and harmful substances, noted PM Wong. Singapore will therefore treat vaping as a drug issue and take much stronger action. Those selling vapes with harmful substances will face stiffer penalties, including jail sentences. Vaping addicts will receive supervision and rehabilitation to help them quit. Besides nurturing youths, Singapore will also take good care of its seniors, said PM Wong. Existing initiatives such as Healthier SG and Age Well SG encourage seniors to lead healthy and active lives. But one major gap remains, he said: long-term care and living arrangements. Singapore will thus build 'Age Well Neighbourhoods' to support seniors where they live. These estates will be more senior-friendly with relevant spaces and facilities; expanded home-based services; and improved access to healthcare. The first of such neighbourhoods will be in Toa Payoh and 'one to two other areas with a high concentration of seniors'. Building a future Towards the end of the rally, PM Wong turned to Singapore's infrastructure, noting coastal defences against rising sea levels and highlighting plans for three northern towns : Woodlands, Kranji and Sembawang. 'Land is limited and precious, so we will take proactive steps to protect whatever we have,' he said. 'At the same time, we have to continually rejuvenate and refresh our existing land, and re-imagine new uses for them.' He elaborated on ideas from the Draft Master Plan released by the Urban Redevelopment Authority in June, which aim to make the towns more vibrant. For instance, transport infrastructure in Woodlands will be improved to support the Johor-Singapore Special Economic Zone in achieving its potential. At the same time, work continues to protect Singapore against climate change and rising sea levels – starting with the most vulnerable areas, such as the 'Long Island' project for the south-eastern shorelines and protection works around Changi Bay. For Singapore to continue progressing, good plans are just the first step, said PM Wong. 'What matters just as much, and even more, is the collective will of our people.' The country must be a 'we-first' society, where the collective good is put above personal interest and Singaporeans step forward 'to take responsibility for one another', he said. In other countries, such ground-up action arises because governments are ineffective, noted PM Wong. In contrast, Singapore's government strives to be more efficient and responsive. But Singapore should not become a society where people rely solely on the government, he added. 'It's about all of us – government, businesses, workers and unions, community groups and civil society – doing our part.' 'That's how my team and I intend to lead,' he said. 'Not just doing things for Singaporeans, but doing things with Singaporeans.'
Business Times
7 hours ago
- Business Times
National Day Rally: Singaporeans the key priority while nation embraces innovation
[SINGAPORE] Even as innovation and technology are key to the country's new economic blueprint, jobs remain the priority, Prime Minister Lawrence Wong said in his second National Day Rally speech on Sunday (Aug 17). 'Ultimately, our economic strategy is about jobs, jobs and jobs,' he said. 'That's our number one priority.' In a speech with few policy announcements, three new moves were about jobs: community-based job matching ; improvements to a scheme for mid-career workers ; and government-funded traineeships for fresh graduates . In the first National Day Rally of the current government term, PM Wong thanked citizens for the mandate given to the People's Action Party in the 2025 General Election , and laid out how his team will take the country forward. He covered five themes: the economy; supporting youths; seniors; building infrastructure for the future; and fostering a collective 'Singapore spirit'. In a more troubled and turbulent era, where rivalry is intensifying and trust is in short supply, Singapore cannot resign itself to being a bystander, said PM Wong. 'We will take charge of our own destiny.' 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 A new economic blueprint Many deals have been struck since the US first announced its 'Liberation Day' tariffs in April. Yet even when tariffs were lowered, their rates are still high, noted PM Wong. US-China negotiations also remain unresolved. While the 10 per cent baseline tariff on Singapore is the lowest rate available, 'this gives us little comfort', he added. The US could raise the baseline rate, or set higher tariffs on industries such as pharmaceuticals and semiconductors, which are key for Singapore's economy. Singapore needs a new economic blueprint with refreshed strategies for its future, which is why the Singapore Economic Resilience Taskforce was convened. One overarching priority is innovation and technology, said PM Wong. Noting the fruits of past research and development (R&D) efforts, he said the same long-term approach now applies to frontier technologies such as quantum computing. 'But it's not just about cutting-edge R&D,' he said. 'Equally, if not more important, is how quickly new technologies are adopted across the entire economy.' Artificial intelligence (AI), for instance, is already being used in everyday life and in the civil service. But he added: 'The real game changer lies in using AI to raise productivity and create new value through every part of the economy.' Singapore will help companies big and small to harness AI and automation to stay competitive, he said. Yet technology will also disrupt jobs, with some roles disappearing even as new ones – requiring higher skills but fetching better pay – emerge. Said PM Wong. 'I assure you: even as we embrace AI and technology, we will not lose sight of our key priority. Singaporeans will always be at the centre of everything we do.' The government will not rush to adopt technology, but will instead work with unions and workers to equip them for new opportunities through upskilling and job redesign. Community Development Councils (CDCs) will lead a new town-based job-matching initiative, with details to be shared by the mayors soon. As the CDCs have strong networks with local businesses and community partners, they are 'well-placed' to match jobseekers – particularly those who prefer working closer to home – with vacancies, said PM Wong. The SkillsFuture Level Up programme for mid-career workers will also see two key enhancements. The programme provides S$4,000 in SkillsFuture credits as well as training allowances of up to S$3,000 a month, for up to 24 months, for full-time studies. Now, workers will be able to claim a portion of the training allowance for part-time courses. Eligible courses will also be expanded to include more conducted by industry leaders and private training providers. Youth and seniors Jobs for fresh graduates were another focus. Noting their concerns about jobs, PM Wong announced a new government-funded traineeship programme. This will be for fresh graduates from the Institute of Technical Education, polytechnics and universities. It will begin with a 'more focused roll-out', but will be scaled up if the economy worsens, said PM Wong. While youths today enjoy more opportunities than ever, they face a very different and complex set of challenges, he noted. Besides graduate jobs, he addressed digital concerns – such as online harms and AI use in schools – and the threat of vaping. Besides e-cigarettes, many vapes are laced with addictive and harmful substances, noted PM Wong. Singapore will therefore treat vaping as a drug issue and take much stronger action. Those selling vapes with harmful substances will face stiffer penalties, including jail sentences. Vaping addicts will receive supervision and rehabilitation to help them quit. Besides nurturing youths, Singapore will also take good care of its seniors, said PM Wong. Existing initiatives such as Healthier SG and Age Well SG encourage seniors to lead healthy and active lives. But one major gap remains, he said: long-term care and living arrangements. Singapore will thus build 'Age Well Neighbourhoods' to support seniors where they live. These estates will be more senior-friendly with relevant spaces and facilities; expanded home-based services; and improved access to healthcare. The first of such neighbourhoods will be in Toa Payoh and 'one to two other areas with a high concentration of seniors'. Building a future Towards the end of the rally, PM Wong turned to Singapore's infrastructure, noting coastal defences against rising sea levels and highlighting plans for three northern towns : Woodlands, Kranji and Sembawang. 'Land is limited and precious, so we will take proactive steps to protect whatever we have,' he said. 'At the same time, we have to continually rejuvenate and refresh our existing land, and re-imagine new uses for them.' He elaborated on ideas from the Draft Master Plan released by the Urban Redevelopment Authority in June, which aim to make the towns more vibrant. For instance, transport infrastructure in Woodlands will be improved to support the Johor-Singapore Special Economic Zone in achieving its potential. At the same time, work continues to protect Singapore against climate change and rising sea levels – starting with the most vulnerable areas, such as the 'Long Island' project for the south-eastern shorelines and protection works around Changi Bay. For Singapore to continue progressing, good plans are just the first step, said PM Wong. 'What matters just as much, and even more, is the collective will of our people.' The country must be a 'we-first' society, where the collective good is put above personal interest and Singaporeans step forward 'to take responsibility for one another', he said. In other countries, such ground-up action arises because governments are ineffective, noted PM Wong. In contrast, Singapore's government strives to be more efficient and responsive. But Singapore should not become a society where people rely solely on the government, he added. 'It's about all of us – government, businesses, workers and unions, community groups and civil society – doing our part.' 'That's how my team and I intend to lead,' he said. 'Not just doing things for Singaporeans, but doing things with Singaporeans.'
CNA
8 hours ago
- CNA
NDR 2025: Singaporeans remain key priority as AI reshapes economy, says PM Wong
SINGAPORE: Amid concerns over the impact of artificial intelligence on jobs, Prime Minister Lawrence Wong assured Singaporeans that they remain the central focus of the country's economic strategy. 'Singaporeans will always be at the centre of everything we do,' he said during his National Day Rally speech on Sunday (Aug 17). Acknowledging that technology will lead to some roles evolving and others disappearing, Mr Wong said new jobs will also emerge. To help Singaporeans seize new job opportunities, he announced a new job-matching initiative to be led by the five Community Development Councils (CDCs), which will help connect jobseekers with vacancies. He noted that while previous waves of technological change improved job quality and pay, many now fear AI may replace entire occupations. 'I understand these concerns, and I assure you: even as we embrace Al and technology, we will not lose sight of our key priority.' Mr Wong stressed that innovation and technology are vital to raising productivity and improving lives in a sustainable way. Singapore has invested in research and development for over two decades, including an early bet on biomedical sciences that proved valuable during the COVID-19 pandemic. 'We are applying the same long-term approach to other frontier technologies,' he said, highlighting quantum computing as an example. Beyond cutting-edge research, Mr Wong said it is important for new technologies to be adopted across the wider economy. Recalling the nationwide computerisation drive in the 1980s, he said students were exposed to computers in schools and community centres, while workers received training. 'With each new wave of technology, we adapted. We upgraded. We lifted our whole country up,' he said. ERA OF AI The world is now entering an era shaped by artificial intelligence – what Mr Wong called the 'defining technology of our time'. He noted that AI is progressing rapidly and will transform how people live, work and interact. AI is already being deployed across industries. The civil service uses it to transcribe and summarise calls. Tuas Port is highly automated, and Changi Airport is exploring automation for baggage handling and airside operations. American multinational corporation GE Vernova has a high-tech facility in Singapore that uses AI to detect anomalies in turbine components so that repair works can be carried out. Local firms such as Q&M Dental are also using AI to help dentists analyse X-rays. 'There are many, many more possibilities,' said Mr Wong. 'We will equip and empower every enterprise, especially our SMEs to harness Al effectively, and sharpen their competitive edge.' SUPPORT FOR WORKERS Singapore will not rush to adopt technology without ensuring support for workers, Mr Wong said. The government will work closely with unions and workers to redesign jobs and empower employees. 'Ultimately, our economic strategy is about jobs, jobs and jobs – that's our number one priority,' he said. To that end, a new job-matching initiative will be launched at the town level by the five CDCs. With their local networks of merchants, SMEs and community partners, they are well-placed to match jobseekers with vacancies – especially those who prefer to work closer to home. The mayors will share more details on the scheme soon, he added. A SkillsFuture Level Up programme for those 40 and older was also introduced last year, Mr Wong said. Under the programme, eligible mid-career workers receive S$4,000 (US$3,100) in SkillsFuture credits and training allowances of up to S$3,000 a month for those who take time off from work to study full-time. As announced in his Budget 2025 speech, part of the training allowance can be claimed for part-time courses. Course offerings will also be expanded to include programmes by private providers and industry leaders, in addition to institutes of higher learning. Singapore must continue building a dynamic economy that creates good jobs and better lives for all Singaporeans, said Mr Wong. 'We may not be able to match other countries in size or scale. But we will stay ahead in ideas, in innovation, and in our collective will to move forward – together as one united people.'
