Fashion's recession indicators: How clothes and beauty trends are warnings of tough times ahead
SINGAPORE – Recession indicators have become the talk of the online world.
They typically include inflation, rising unemployment and declining gross domestic product . But not all the signs are coded in stock market fluctuations.
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Straits Times
an hour ago
- Straits Times
Russia expects India to keep buying its oil and seeks China-India-Russia talks
Sign up now: Get ST's newsletters delivered to your inbox Roman Babushkin, charge d'affaires at the Russian embassy in India, attends a press conference in New Delhi, India, August 20, 2025. REUTERS/Adnan Abidi NEW DELHI - Russia expects to continue supplying oil to India despite warnings from the United States, Russian embassy officials in New Delhi said on Wednesday, adding that Moscow hopes trilateral talks will soon take place with India and China. U.S. President Donald Trump has announced an additional tariff of 25% on Indian goods exported to the U.S. from August 27, as a punishment for buying Russian oil, which constitutes 35% of India's total imports compared with a negligible 0.2% before the Ukraine war. "I want to highlight that despite the political situation, we can predict that the same level of oil import (by India)," Roman Babushkin, the charge d'affaires at the Russian embassy in India, told a press briefing. He predicted India and Russia would find ways to overcome Trump's latest tariffs in their "national interests". Trade talks between India and the U.S. broke down over the opening up of India's vast farm and dairy sectors, as well as its purchases of Russian oil. The total tariff announced on Indian goods entering the U.S. is 50%. The Indian foreign ministry did not immediately reply to an emailed request for comment. It has previously said the U.S. decision to single out India for Russian purchases was "extremely unfortunate". Top stories Swipe. Select. Stay informed. Singapore 18 persons nabbed and 82 vapes seized in HSA ops in Raffles Place and Haji Lane Singapore Woman trapped between train doors: Judge rules SBS Transit '100% responsible' Life 'Loss that's irreplaceable': Local film-makers mourn closure of indie cinema The Projector Singapore COE premiums up in all categories except motorcycles; Cat A price climbs 2.5% to $104,524 Singapore Nearly 2 years' jail, caning for man caught with at least 100 sexually explicit videos of children Singapore MyRepublic's policy of not imposing download speed limits to stay after takeover: Starhub Singapore Staff member found with active TB after screening at 2 pre-schools; no children diagnosed so far: CDA Singapore Grab users in Singapore shocked by fares of over $1,000 due to display glitch Russia's Deputy Trade Commissioner Evgeny Griva on Wednesday said buying oil from Russia is "very profitable" for India, which will not want to change its supplier. On average Russia gives a 5%-7% discount to Indian buyers, he said, adding that Russia has a "very, very special mechanism" to continue oil supplies to India. In addition, he said Russia had started accepting Indian rupee payments for its goods after the resolution of issues that had trapped billions of dollars worth of funds in Indian banks. 'GREATER EURASIAN PARTNERSHIP' As tensions between Washington and New Delhi rise, high-profile visits from New Delhi and Beijing in recent weeks have raised hopes on the part of the Asian neighbours that ties damaged by a 2020 border clash can be repaired. Indian Prime Minister Narendra Modi plans to visit China for the first time in over seven years later this month. The planned visit was reported by Reuters last week, even as other high profile exchanges, including Chinese Foreign Minister Wang Yi's two-day visit to New Delhi, concluded. At the same time, Russia is trying to revive long-standing plans for a trilateral meeting with India and China to help them forge a "greater Eurasian partnership". "As far as the trilateral is concerned, we are quite hopeful that this format will be resumed sooner rather than later because its importance is not questioned," Babushkin said. "This is closely linked to the Russian initiative of the establishment of the greater Eurasian partnership," Babushkin said. Russian President Vladimir Putin will meet Modi in New Delhi by the end of year, he said. Putin, Modi and Chinese President Xi Jinping are also expected to all attend the Shanghai Cooperation Organisation starting August 31. REUTERS
Straits Times
an hour ago
- Straits Times
S'pore firms eager to tap stablecoins and AI for overseas expansion
Sign up now: Get ST's newsletters delivered to your inbox Ms Sarita Singh, Stripe's managing director for Southeast Asia, India and Greater China, said stablecoins offer the speed and the reach to stay competitive in a global economy. SINGAPORE – Artificial intelligence and digital currency could help local firms keen on expanding abroad, but they face hurdles such as differing regulations in new markets , noted a study. It found that 85 per cent of businesses polled were confident about reaching customers in new markets within the next year while 62 per cent plan to adopt stablecoins for payments. Stablecoins are a type of cryptocurrency whose value is pegged to a currency, commodity or financial instrument to reduce price volatility. They are seen as a more stable medium of exchange – particularly for international trade – than volatile tokens like bitcoin. Yet around 25 per cent of those surveyed said they were not familiar with stablecoins, with only 19 per cent already using them. The poll also noted that 93 per cent of respondents are already using or intend to adopt agentic AI within the next 12 months, while 50 per cent or so expect at least 11 per cent of their sales to come from AI-driven channels by 2030. The study of 400 business owners and senior decision makers in Singapore was conducted in July by payments giant Stripe. Ms Sarita Singh, Stripe's managing director for Southeast Asia, India and Greater China, said that cross-border payments in Singapore surged over 30 per cent year on year in 2024. Top stories Swipe. Select. Stay informed. Singapore 18 persons nabbed and 82 vapes seized in HSA ops in Raffles Place and Haji Lane Singapore Woman trapped between train doors: Judge rules SBS Transit '100% responsible' Singapore COE premiums up in all categories except motorcycles; Cat A price climbs 2.5% to $104,524 Singapore Grab users in Singapore shocked by fares of over $1,000 due to display glitch Singapore Nearly 2 years' jail, caning for man caught with at least 100 sexually explicit videos of children Singapore MyRepublic's policy of not imposing download speed limits to stay after takeover: Starhub Singapore Staff member found with active TB after screening at 2 pre-schools; no children diagnosed so far: CDA Singapore Emergency broadcast system to alert S'pore public to disasters via their mobile phones: Edwin Tong 'We expect new technologies like stablecoins and AI to accelerate businesses' growth,' she added. Around 60 per cent of businesses here expect cross-border sales to grow over the next 12 months, but they face hurdles expanding to new markets, with differing regulations as well as shipping and logistics challenges the main concerns. Ms Singh, who was speaking at Stripe Tour 2025 on Aug 20, said stablecoins offer the speed and the reach to stay competitive in a global economy. She also pointed to Singapore's announcement of a stablecoin regulatory framework in 2023 that in turn sparked similar moves from Hong Kong, South Korea and other economies. Stripe unveiled new products and updates focused on stablecoins and AI at its annual event, held this year at Marina Bay Sands. The company, which provides financial services tools to businesses, introduced over 50 upgrades across payments, revenue and embedded finance tools. It also processes stablecoin payments from around 120 countries and recently announced stablecoin financial accounts for customers from more than 100 countries. Stripe introduced an AI foundation model earlier this year that can detect complex payment patterns and signals that were previously out of reach. This allowed the firm to lift its detection rate for attacks on large businesses by 64 per cent.
Straits Times
2 hours ago
- Straits Times
Hong Kong democrat Jimmy Lai's lawyer defends basic rights in trial's final stretch
Sign up now: Get ST's newsletters delivered to your inbox FILE PHOTO: Media tycoon Jimmy Lai, founder of Apple Daily, looks on as he leaves the Court of Final Appeal by prison van, in Hong Kong, China February 1, 2021. REUTERS/Tyrone Siu/File Photo HONG KONG - The lawyer for Hong Kong media tycoon Jimmy Lai argued on Aug 20 that supporting individual rights is not a crime in the final stretch of a closely watched and years-long national security trial. Lai, 77, who founded the pro-democracy Apple Daily newspaper, has pleaded not guilty to two charges of conspiracy to collude with foreign forces, and a charge of conspiracy to publish seditious material. He faces a maximum life sentence. The trial is widely seen as a test for judicial independence in the financial hub under national security laws that were imposed by China in 2020 in response to mass pro-democracy demonstrations. Lai, a longstanding critic of the Chinese Communist Party, is one of the most high-profile figures to face prosecution under the law. His trial has been condemned by some countries like the United States as politically motivated. Hong Kong and Chinese authorities say Lai is being given a fair trial. Lai's lawyer Robert Pang, who began his final legal submission on Aug 20, said Lai had been defending and exercising basic rights. 'It is not wrong to support freedom of expression. It is not wrong to support human rights,' Mr Pang told the three-judge panel that is expected to deliver a verdict later this year once this current round of final legal submissions is concluded after around one week. Top stories Swipe. Select. Stay informed. Singapore 18 persons nabbed and 82 vapes seized in HSA ops in Raffles Place and Haji Lane Singapore Woman trapped between train doors: Judge rules SBS Transit '100% responsible' Singapore COE premiums up in all categories except motorcycles; Cat A price climbs 2.5% to $104,524 Singapore Grab users in Singapore shocked by fares of over $1,000 due to display glitch Singapore MyRepublic's policy of not imposing download speed limits to stay after takeover: Starhub Singapore Emergency broadcast system to alert S'pore public to disasters via their mobile phones: Edwin Tong Life S'pore bands mark milestones with gigs: Silver Strings at 60, Mel & Joe at 55 and Lovehunters at 40 Singapore Singapore indie cinema The Projector owes over $1.2m to creditors 'Not wrong not to love the government' 'It is not wrong to try to persuade the government to change its policy. Nor is it wrong not to love a particular administration or even the country, because ... you can't force someone to think in one way or another,' Mr Pang added. One of the judges, Esther Toh, said that this was not what the prosecution argued. "It's not wrong not to love the government, but if you do that by certain nefarious means, then it's wrong," she said. Mr Pang also disputed the prosecution's citing of 161 articles published by the Apple Daily between April 1, 2019 and June 4, 2021 as seditious, saying they were 'insufficient to draw any inference' of a conspiracy. The prosecution alleges that Lai colluded with overseas officials including those in the first Trump administration to impose sanctions or conduct hostile activities against Chinese and Hong Kong authorities, including trade embargoes. Earlier on Aug 20, the prosecution wrapped up its final submission, saying there was 'overwhelming evidence' to show Lai was the 'mastermind' of the alleged conspiracy to collude with foreign forces. It added that Lai had done nothing to stop illegal activities engaged in by other co-conspirators and through advocacy groups critical of China, such as 'Stand With Hong Kong' and the Inter-Parliamentary Alliance on China (IPAC). Lai, whose health is fragile according to his family, was provided with a heart monitor and medication after the court was told that he had suffered heart 'palpitations'. Over 320 people have been arrested under the national security laws so far, including prominent activist Joshua Wong who is serving a 4-year, 8-month prison term for subversion, and now faces a fresh security charge. REUTERS
