How Apple gave ‘the gift of fire' to Chinese electronics firms
A new book explains how Apple's obsession with sleek design and efficiency supercharged China's electronics sector – and why decoupling may be impossible.
It was Christmas 1998, and a secret commercial experiment was under way in an Apple facility in Ang Mo Kio.
A team of over 20 employees had just flown in. Over the next few months, they would toil six days a week, sometimes up to 15 hours a day, to master a single task: learning how to assemble Apple's brightly coloured iMac, which came with a chunky cathode ray tube monitor imported from LG in South Korea.
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Straits Times
2 hours ago
- Straits Times
Fast Lane: Cupra's three models, customised Bentley SUV, OneMotoring stops accepting PayPal
Sign up now: Get ST's newsletters delivered to your inbox Incoming: Cupra Formentor (left) and Terramar (right) are among the new models to be introduced in Singapore on July 31. Petrol-powered Cupra ready Spanish car brand Cupra will be launching three petrol-powered models in Singapore: the Leon hatchback and two sport utility vehicles (SUVs) – the Formentor and Terramar – on July 31. These are the first non-electric models to be introduced since Volkswagen Group Singapore announced that it was taking over the distributorship of the brand here in 2023. The Leon is the most familiar nameplate among the three, having been available here before Cupra was spun off as an independent brand from Volkswagen-owned Spanish brand Seat in 2018. The latest model is powered by a 1.5-litre mild-hybrid engine. At 4,451mm long, the facelifted Cupra Formentor VZ is broadly a rival to the BMW X2. It has a 2-litre turbocharged engine rated at 328hp and 440Nm of torque, giving the SUV a 0-100kmh timing of 4.8 seconds. The Formentor is the first model to be developed as a Cupra-only model without a Seat-branded equivalent. It was offered in pre-facelift form between 2021 and 2023 by the brand's previous representative in Singapore. The updated version features the brand's more aggressive design, similar to the flamboyant Tavascan electric vehicle. The Terramar is slightly lower and longer overall than the Volkswagen Tiguan. The version to be offered in Singapore is powered by a 1.5-litre turbocharged engine with mild-hybrid technology. New car owners frustrated by large touchscreens: Survey Love and hate: Owners are attracted by the large screens in their new cars, but dread having to go through multiple steps to access basic controls. ST PHOTOS: CHONG JUN LIANG Enormous touchscreen infotainment systems are the leading source of complaints among US car owners in the first 90 days of ownership. This was among the findings in the 2025 Initial Quality Study released by American consumer intelligence company JD Power. Top stories Swipe. Select. Stay informed. World Trump says countries to start paying tariffs on Aug 1, floats range of 10% to 70% Singapore Sengkang murder: Man accused of killing elderly mother escorted back to crime scene Singapore Multiple charges for man accused of damaging PAP campaign materials on GE2025 Polling Day Singapore Jail for man who recruited 2 Japanese women for prostitution at MBS Asia Malaysia dismantles ISIS network involving workers from Bangladesh Asia Chinese national missing in Thailand rescued, embassy warns of shady job offers Business Central banks tweak US dollar reserves, with euro and gold gaining ground: UBS survey Singapore Seller's stamp duty rates for private homes raised; holding period increased from 3 years to 4 According to Mr Frank Hanley, its senior director of auto benchmarking, owners are drawn to large touchscreens because of their visual appeal, but become increasingly frustrated by how accessing key vehicle functions like the climate control settings involve multiple taps and swipes at the screen. 'By retaining dedicated physical controls for some of these interactions, automakers can alleviate pain points and simplify the overall customer experience,' he added. Premium vehicles were also found to have more quality issues than mass-market models, especially with the exterior. Among the variety of propulsion solutions, plug-in hybrids were more problematic than pure electric vehicles. The study also found that carmakers are struggling to provide cupholders that are able to accommodate the increasing variety of shapes and sizes of reusable containers that consumers are using. Into its 39th year, the latest study is based on responses from 92,694 car buyers and those who are leasing new model year 2025 cars. Besides surveying them after 90 days of ownership, it also factors in repair visit data based on real-world events reported to new car dealers. Black and pink customised Bentley took 132 hours to build Pretty in pink: The specially customised Bentley SUV took 132 hours to build. PHOTO: BENTLEY MOTORS Bentley has unveiled a customised candy pink-coloured Bentayga EWB Azure, complete with painted 22-inch wheels and an interior that is a mix of black and pink. The car was commissioned by a customer of Bentley Palmyra, a dealer in New Jersey, United States. The special SUV took 132 hours to build, of which 24 hours were spent on the exterior paint and 18 hours went towards producing the trim panels and wood set for the cabin. Being the extended wheelbase version of the SUV, the car features the Bentley Airline Seat option, which has 22-way adjustment, an auto climate sensing system and a massage function. Between the rear seats is an integrated cooler that can carry a 750ml bottle, along with two handcrafted Cumbria Crystal flutes, housed behind a frosted glass door. No more PayPal at OneMotoring from July 6 From July 6, OneMotoring, a website by the Land Transport Authority (LTA), will no longer accept payment by PayPal for its digital services, such as renewing road tax. Instead, payment can be done using credit cards, Google Pay or Apple Pay. From June 30, a limited access code instead of the last four characters of the owner's identification number will be used for some services, such as getting a vehicle's scrap value. In its memo sent to motor dealers, LTA said the move was to enhance the access security for such services. Ex-Ferrari boss joins McLaren Group Road race: New board director Luca di Montezemolo will be involved with the production car side of the McLaren business. PHOTO: MCLAREN AUTOMOTIVE Former Ferrari boss Luca di Montezemolo has joined the board of McLaren in a move that the Italian supercar company may not take too kindly to. Reuters reported that the 77-year-old Italian was registered as a director of Abu Dhabi-owned McLaren Group, which controls McLaren Automotive that is based in Woking, Britain, on June 27. Mr Montezemolo joined Ferrari in 1973 as founder Enzo Ferrari's assistant. He became team manager in 1974, a year before the late Austrian triple Formula One (F1) champion Niki Lauda secured his first title. He also headed the race team when racing ace Michael Schumacher won five of his career wins between 2000 and 2004. He stepped down as Ferrari's chairman in 2014. While British company McLaren is a relative newcomer in making road-going sports cars – the first model, the MP4-12C, was launched in 2010 – its rivalry with Italian team Ferrari in F1 goes back decades. Italian sports newspaper Tuttosport called the latest move 'a slap in the face of Ferrari'. In an interview with Italian news agency Ansa, Mr Montezemolo said his heart 'is and always will be red' and his new role was on the automotive side and did not involve F1.
Straits Times
2 hours ago
- Straits Times
Central banks tweak US dollar reserves, with euro and gold gaining ground: UBS survey
Sign up now: Get ST's newsletters delivered to your inbox Some institutions are reducing greenback holdings as Trump policies drive a re-assessment of risk. SINGAPORE - Although the US dollar is set to remain as the dominant currency in official reserves, it could have a shakier foothold in the years ahead, with the euro, renminbi and gold poised to gain ground. Economic and geopolitical risks are driving a re-evaluation of US dollar holdings, according to a UBS survey of 40 central banks and reserve managers. The majority of respondents had little trust in US President Donald Trump's right-leaning Make America Great Again (Maga) policies, which include tariffs and cost-cutting measures. Nearly a third of respondents had reduced or were planning to reduce their exposure to US assets. Dr Massimiliano Castelli, head of global sovereign markets strategy and advice at UBS Asset Management, said there were clear signs of diversification from the US dollar over the past year, with the euro being the biggest beneficiary of the move. For instance, more than half of respondents that altered their currency allocations lowered their dollar holdings, with only 23 per cent making additions. In contrast, almost 70 per cent of the respondents added to their euro reserves. UBS expects allocations to the euro and renminbi to continue to grow, in line with the findings of its previous survey. These currencies are 'most likely to benefit from macroeconomic and geopolitical shifts over the next five years', Dr Castelli said. Top stories Swipe. Select. Stay informed. World Trump says countries to start paying tariffs on Aug 1, floats range of 10% to 70% Singapore Sengkang murder: Man accused of killing elderly mother escorted back to crime scene Singapore Multiple charges for man accused of damaging PAP campaign materials on GE2025 Polling Day Singapore Jail for man who recruited 2 Japanese women for prostitution at MBS Singapore Seller's stamp duty rates for private homes raised; holding period increased from 3 years to 4 Asia Malaysia dismantles ISIS network involving workers from Bangladesh Asia Chinese national missing in Thailand rescued, embassy warns of shady job offers Asia Indonesian rescuers widen search for missing after ferry sinks Global central banks continue to keep the majority of their currency reserves in dollars, and this is unlikely to change. The reserves can be used for trade or to fulfil international obligations. But geopolitical developments and President Trump's fluctuating trade policies have put pressure on the US dollar. It has fallen by more than 10 per cent against a basket of major currencies in the first half of this year. This marked the greenback's worst first-half performance since 1973, when then US President Richard Nixon stopped allowing the currency to be converted to gold at a fixed rate. Most of the annual survey's respondents did not believe that Mr Trump's Maga policies would give a long-term boost to the US economy. Respondents cited the erosion of independence of the Federal Reserve, the weakening of the rule of law, and deterioration of economic data as their top concerns. They also raised the possibility of the US weakening the dollar in the future, which would boost the attractiveness of its exports. Dr Castelli told The Straits Times that 'Trump 2.0 policies have raised a lot of questions for reserve managers'. However, he said UBS has yet to see outflows from US Treasuries to non-US-dollar bond markets. One asset that has grown in prominence is gold, which is typically seen as a safe haven in times of uncertainty. A total of 36 per cent of respondents added to their gold reserves in the past year. More than half said they would raise their allocations to the precious metal over the next 12 months. 'Gold remains in strong demand and is expected to deliver the highest risk-adjusted returns over the next five years,' Dr Castelli said. 'The diversification trend across currencies, asset classes and regions is accelerating as a result of recent macroeconomic and geopolitical shifts,' he added.
Straits Times
3 hours ago
- Straits Times
Trump says countries to start paying tariffs on Aug 1, floats range of 10% to 70%
Sign up now: Get ST's newsletters delivered to your inbox Many major trading partners, such as Japan, South Korea and the European Union, are still working to finalise deals. WASHINGTON – US President Donald Trump said that his administration will start sending out letters to trading partners on July 4 setting unilateral tariff rates, which he said countries would have to begin paying on Aug 1. Mr Trump told reporters that about '10 or 12' letters would go out on July 4, with additional letters coming 'over the next few days'. 'I think by the ninth they'll be fully covered,' Mr Trump added, referring to a July 9 deadline he initially set for countries to reach deals with the US to avoid higher import duties he has threatened. 'They'll range in value from maybe 60 or 70 per cent tariffs to 10 and 20 per cent tariffs,' he added. The top tier of that range, if formalised, would be higher than any tariffs the president initially outlined during his 'Liberation Day' rollout in early April. Those ranged from a 10 per cent baseline tariff on most economies up to a maximum of 50 per cent. Mr Trump did not elaborate on which countries would get the tariffs or whether that meant certain goods would be taxed at a higher rate than others. He said that countries would 'start to pay on Aug 1. The money will start going to come into the United States on Aug 1'. Mr Trump has long threatened that if countries fail to reach deals with the US before next week's deadline, he would simply impose rates on them, raising the stakes for trading partners who have rushed to secure agreements with his administration. Top stories Swipe. Select. Stay informed. Singapore Seller's stamp duty rates for private homes raised; holding period increased from 3 years to 4 Singapore Sengkang murder: Man accused of killing elderly mother escorted back to crime scene Singapore Multiple charges for man accused of damaging PAP campaign materials on GE2025 Polling Day Singapore Jail for man who recruited 2 Japanese women for prostitution at MBS Asia Japan urges evacuation of small island as 1,000 quakes hit region Asia Indonesian rescuers widen search for missing after ferry sinks World Trump's sweeping tax-cut and spending Bill wins congressional approval The US President initially announced his higher so-called 'reciprocal' tariffs on April 2, but paused those for 90 days to allow countries time to negotiate, putting in place a 10 per cent rate during that interval. So far, the Trump administration has announced deals with the UK and Vietnam and agreed to a truce with China that saw the world's two largest economies ease tit-for-tat tariffs. Asked on July 3 if more deals were on the way, Mr Trump responded that 'we have a couple of other deals, but you know, my inclination is to send a letter out and say what tariffs they are going to be paying'. 'It's much easier,' he said. Mr Trump announced the Vietnam deal on July 2, saying that the US would place a 20 per cent tariff on Vietnamese exports to the US and a 40 per cent rate on goods deemed transshipped through the nation – a reference to the practice whereby components from China and possibly other nations are routed through third countries on their way to the US. While the rates are lower than the 46 per cent duty Mr Trump imposed on Vietnam initially, they are higher than the universal 10 per cent level. And many of the particulars of the deal are still unclear, with the White House yet to release a term sheet or publish any proclamation codifying the agreement. Still, investors who have eagerly anticipated any deals between the US and trading partners were buoyed on July 2 by the Vietnam announcement, which saw share prices of American manufacturers with facilities in the country rise. Many major trading partners, however, such as Japan, South Korea and the European Union, are still working to finalise deals. Mr Trump has expressed optimism about reaching an agreement with India but has spoken harshly about the prospects of an accord with Japan, casting Tokyo as a difficult negotiating partner. He intensified his criticism this week, saying that Japan should be forced to 'pay 30 per cent, 35 per cent or whatever the number is that we determine'. The President on July 2 also said he was not considering delaying next week's deadline. Asked about any potential extension of talks, US Treasury Secretary Scott Bessent said earlier that Mr Trump would make the final call. 'We're going to do what the president wants, and he'll be the one to determine whether they're negotiating in good faith,' Mr Bessent said on CNBC when asked whether the deadline might be lengthened. BLOOMBERG
