Trump-backed World Liberty proposes $1.5 billion crypto holder, Bloomberg News reports
The structure of the deal is yet to be finalised, the report said, citing people familiar with the matter, adding that large investors in the crypto and tech space had been approached for the venture.
Reuters could not immediately verify the report. World Liberty declined to comment.
World Liberty, a "decentralised platform" which counts Donald Trump and his sons as co-founders according to its website, has earned the family $500 million since its launch, according to Reuters' calculations.
World Liberty tokens, known as $WLFI, are not classified as securities by the Securities and Exchange Commission and are hence not subject to the same level of scrutiny as investments like stocks.
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CNA
31 minutes ago
- CNA
Commentary: South Korea needs reassurance, but Trump may make demands instead at their upcoming summit
BUSAN: Later this month, South Korean President Lee Jae-myung will hold his first summit with US President Donald Trump. As a mid-sized US ally dependent on US security guarantees and market access, the summit is very important for South Korea. It will be closely watched for signals about the future of the alliance. Unlike previous US presidents, who uniformly supported the US-South Korea alliance, Mr Trump has a more unpredictable approach to US alliances. During his first term, he criticised the cost of stationing American troops abroad and pushed allies to shoulder more of the burden. At times, he appeared to cast doubt on whether the US would honour its security commitments. Still, South Korea accommodated Mr Trump, with then-president Moon Jae-in going to great lengths to keep diplomacy on track, even publicly stating that Mr Trump deserved a Nobel Peace Prize for his historic summit in Singapore with North Korean leader Kim Jong Un in 2018. But much has changed since then, and Mr Lee's visit to Washington will reflect that. Only into his second month in office, Mr Lee is navigating a far more complex geopolitical environment, including a deepening US-China rivalry, a more provocative North Korea and shifting regional alliances. At the same time, he faces the task of consolidating public support early in his term. Mr Trump, meanwhile, is in his second term as president with fewer conventional guardrails than before. He is no longer surrounded by the serious diplomatic professionals of his first term. Compounding matters, Mr Lee has no flashy diplomatic event to offer. Unlike in 2018, North Korea has expressed no interest in meeting either Mr Lee or Mr Trump. TRADE LIKELY TO TAKE CENTRE STAGE Three issues are likely to dominate the upcoming summit. Mr Lee will have little room to avoid the concessions Mr Trump will almost certainly demand. The first issue is trade. In a last-minute deal last week, South Korean negotiators persuaded Washington to reduce threatened tariffs on Korean goods from 25 per cent to 15 per cent before they went into effect. But many details about the deal remain unclear. Adding to the uncertainty, Mr Trump on Wednesday (Aug 6) announced plans to impose a tariff of about 100 per cent on imported semiconductors unless companies manufacture in the US. Seoul has said there will be limited impact from future US tariffs on chips as it had secured 'most-favoured-nation' status in the trade deal, but South Korean chipmakers remain on edge as Mr Trump has yet to provide key details. Mr Lee will likely be eager to seek clarity on this. The US is South Korea's largest export market, and South Korea's diversification options are poor. South Korea's second-largest export market is China, but those ties come with geopolitical costs. The US, even under Mr Trump, is a less politically and militarily risky trade partner. Mr Trump will probably ask for more investment commitments from South Korea, beyond the US$350 billion Seoul has already pledged to invest in the US. SECURITY COMMITMENTS The second issue is defence. Mr Lee will likely seek a reaffirmation of the US-South Korea security relationship, something that, in previous administrations, would have been routine. Under Mr Trump, however, longstanding US security commitments have come under renewed scrutiny. Earlier this year, Mr Trump made a series of controversial statements, including remarks about potentially taking over Greenland and Canada - both of which belong to NATO - as well as the Panama Canal. He also reportedly suggested launching air strikes against drug cartels in Mexico and pushed Ukraine to cede territory to Russia to end the war. It is unclear if Mr Trump would fight for any US ally, including South Korea. Even if Mr Trump agrees to alliance-supporting language in the summit's final statement, concerns remain about the reliability of such commitments considering his unpredictable approach to foreign policy. To get a verbal alliance commitment from Mr Trump, Mr Lee will probably have to make concessions on one of Mr Trump's favourite grievances about US allies - how much they pay to support US troops stationed in-country. South Korea has 28,500 US soldiers. South Korea pays about half the bill for their support. Mr Trump previously demanded that South Korea, variously, double, triple, or quintuple that payment. He probably will again. South Korea is wealthy enough to pay more, and a US retrenchment from South Korea would likely spark massive capital flight. So Mr Lee is likely to accept a higher payment. THE NORTH KOREA FACTOR North Korea is the third issue. In April, the head of the United Nations' nuclear watchdog warned that North Korea's nuclear arsenal had ballooned "exponentially' and was 'completely off the charts'. There are no inspectors on the ground. No active agreements are in place. And Pyongyang shows little interest in returning to talks. The North likely has as many as 100 warheads, plus missiles that can range the continental United States. North Korea has repeatedly threatened to use them against both South Korea and America. If the US meets its alliance commitment to South Korea in the event of a conflict with North Korea, US military bases - in South Korea, Japan, or Guam - will almost certainly become potential targets for North Korean missile strikes, possibly even involving nuclear weapons. In a worst-case scenario, the US mainland might also be at risk. So the risks of the US commitment to South Korea have gone up enormously. Former president Joe Biden was a committed, old-style internationalist and continued to insist the US would fight despite the rising nuclear threat. Mr Trump is more transactional and may be more reluctant to engage in a conflict that could carry the risk of a nuclear strike on US territory. It is unclear what Mr Lee can offer Mr Trump to overcome this risk anxiety - perhaps yet further trade or base costs concessions. Of these three issues, North Korea's nuclear weapons are now the biggest challenge in the US-South Korean relationship. If the US were not aligned with South Korea, North Korea would not threaten nuclear strikes on the US homeland. If the US did not enter a second Korean war - if it dodged its alliance commitment to South Korea - its Asia-Pacific territories would not become targets. Conversely, if the US abandons South Korea over these threats, then South Korea will almost certainly nuclearise. It is a harsh choice. As it is, support for nuclear armament in South Korea is already gaining momentum. Public opinion polls frequently indicate over 70 per cent support for developing domestic nuclear capabilities. Mr Lee and Mr Trump must grapple with all these issues. While President Lee has a good sense of them and will go to Washington prepared, the results of the summit will likely depend less on what South Korea brings to the table, and more on what kind of partner the US is prepared to be.
CNA
31 minutes ago
- CNA
Intel CEO to visit White House on Monday, WSJ reports
Intel CEO Lip-Bu Tan is set to visit the White House on Monday after U.S. President Donald Trump called for his removal last week, the Wall Street Journal reported on Sunday, citing people familiar with the matter. Reuters could not immediately confirm the report. Intel and the White House did not immediately respond to requests for comment. Tan is expected to have a extensive conversation with Trump while looking to explain his personal and professional background, the report said, adding that he could propose ways Intel and the U.S. government could work together, the report added. Tan hopes to win Trump's approval by showing his commitment to the U.S. and guaranteeing the importance of keeping Intel's manufacturing capabilities as a national security issue, the report added. Last week, Trump demanded the immediate resignation of Tan, calling him "highly conflicted" due to his ties to Chinese firms and raising doubts about plans to turn around the struggling American chip icon.
Straits Times
an hour ago
- Straits Times
Singapore can deliver and thrive in a fragmented global economy: Morgan Stanley analysts
Sign up now: Get ST's newsletters delivered to your inbox The analysts say Singapore has a proven track record of adapting to a changing global economic environment. SINGAPORE - As investors look in bewilderment at the fast-deteriorating global economic landscape under US President Donald Trump's onslaught on globalisation, some analysts are looking to Singapore as one of the few safe havens worldwide. One of these analysts is Mr Derrick Kam, a Singapore-based Asia economist at US investment bank Morgan Stanley who believes the Republic is one of the few that offers more visibility on growth potential, political stability and governance quality. He believes that Singapore has a proven track record of making policies needed to adapt to a changing global economic environment. 'Where Singapore excels is sort of being able to spot these global trends and try to navigate through them... and then get ahead of them,' he said in an interview with The Straits Times, along with the bank's head of Asean research Nick Lord. Both the analysts recently co-authored a research report, Singapore At 60: Unlocking Wealth Creation, which tells investors that 'now is the time to build exposure to this dynamic and enterprising market'. The report references post-independence Singapore turning 60 in 2025. The report highlights the various initiatives Singapore has launched in recent years – to reinforce its hub industries and implement emerging technologies such as artificial intelligence (AI) to boost productivity – which could see its household net assets almost doubling to reach US$4 trillion (S$5.13 trillion) by 2030. Morgan Stanley sees the surge in household net assets as a tangible sign of real wealth creation – the process of growing assets and financial resources over time to achieve financial security and independence. The bank believes that wealth creation will be an essential part of the process by which developed economies such as Singapore will support their populations and mitigate risks inherent in a multipolar world, with an ageing population, changing patterns of energy production and consumption, and spread of new technologies. Top stories Swipe. Select. Stay informed. Singapore 55,000 BTO units to be launched from 2025 to 2027, will help moderate HDB resale prices: Minister Singapore First voluntary redevelopment projects for HDB flats likely to be launched in first half of 2030s Singapore Israel's plan to step up Gaza offensive dangerous and unacceptable: MFA Singapore Over 118,000 speeding violations in first half of 2025; situation shows no signs of improvement: TP Singapore Four men arrested after Bukit Timah police op believed to be linked to housebreaking syndicates Singapore 'It's so close': Crowds turn up for Red Lions, mobile column at National Day heartland celebrations Singapore 'We could feel the heat from our house': Car catches fire in Bidadari area Singapore 65-year-old ice cream man helps spread smiles with cool treats in Income giveaway 'The next step forward, we believe, will be wealth creation – building upon Singapore's established brand and economic success to further grow the country's capital and global financial standing,' the Morgan Stanley analysts said in the report. The report highlights prospects of the Singapore stock market after the launch earlier in 2025 of a series of measures by the Equities Market Review Group, established by the Monetary Authority of Singapore. Morgan Stanley believes the market reforms – including a $5 billion Equity Market Development Programme announced in February – could drive up return on equities and other market multiples and lead to a doubling of stock market capitalisation by 2030. On hub industries, Morgan Stanley expects Singapore to reinforce its energy hub by also becoming a major trading centre for liquefied natural gas and carbon trading as the world moves from fossil fuels to renewables. Already home to 400 global traders that transact 20 per cent of the world's energy and metals trade, Singapore could see services related to carbon trading alone generate as much as US$5.6 billion in gross value to its economy by 2050, according to the Economic Development Board's estimates. Singapore is also the world's third-largest foreign exchange (FX) trading hub after London and New York, and the biggest in the Asia-Pacific. Almost US$1 trillion of FX is traded in Singapore every day. Morgan Stanley expects that as Asian currencies take a larger share of daily global FX trade, this would make Singapore a more crucial currency trading centre, even if it does not surpass London or New York. The bank believes that Singapore can become a more significant transport and tourism hub as well, with airport capacity expansion projects and technology enhancements supporting its long-term growth goals. The Singapore Tourism Board's 2040 road map targets tourism receipts reaching $50 billion . Changi Airport plans to invest $3 billion to improve services over the next six years. It will also start the construction of Terminal 5 and open it to the public in the mid-2030s. Finally, Singapore – along with Japan and Malaysia – is likely to get a disproportionate amount of investments for new data centres and generative AI investments by the likes of Amazon Web Services, Microsoft, GDS and other regional and global hyperscalers. Singapore has 26 subsea cables landing across three sites – one of the highest in Asia – and its domestic infrastructure is set to be upgraded to support 10 gigabits-per-second broadband speeds within the next five years. 'We believe strengthening its leadership position in key hub industries and continuing to adopt technological advancements will yield strong productivity gains for Singapore,' Mr Kam said in the interview. He estimates that AI adoption can potentially help Singapore sustain medium-term gross domestic product growth of around 3 per cent, which would keep Singapore as one of the fastest-growing developed economies in the world. The Morgan Stanley analysts do recognise the risks that can hinder Singapore's progress on these initiatives, but they believe its proactive policymaking will keep it a step ahead of others. The Singapore Government is trying to be as proactive as it can be. Soon after the April 2 launch of Mr Trump's reciprocal tariff policy, the Republic set up the Singapore Economic Resilience Taskforce to help businesses and workers navigate the immediate uncertainties arising from the US tariffs and related global developments. On Aug 4, it launched an Economic Strategy Review (ESR) to help ensure Singapore thrives in the new global economic landscape. The ESR comprises five committees, each co-chaired by two political office-holders who will be joined by private sector, union and other stakeholders. The committees will engage widely with businesses and workers and other stakeholders and publish their recommendations by mid-2026. Most analysts believe similar initiatives helped the country manage crises in the past, including the more recent Covid-19-induced downturn. Mr Lord said: 'So the question is: Can Singapore adapt more successfully than others? And the track record would suggest it probably can.'
