PM Wong calls for bolder reforms in ASEAN, promises to keep bloc effective, relevant
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CNA
an hour ago
- CNA
New US tariff rates to kick in Aug 1 barring trade deals: Treasury Secretary
WASHINGTON: US tariffs will kick in on Aug 1 if trading partners from Taiwan to the European Union do not strike deals with Washington, Treasury Secretary Scott Bessent said on Sunday (Jul 6). The rates will "boomerang back" to the sometimes very high levels which President Donald Trump had announced on Apr 2 - before he suspended the levies to allow for trade talks and set a Jul 9 deadline for agreement, Bessent told CNN. Bessent confirmed comments by Trump to reporters aboard Air Force One on Friday in which he also cited a new deadline: "Well, I'll probably start them on Aug 1. Well, that's pretty early. Right?" The president said he had signed 12 letters to be sent out, likely on Monday. The tariffs were part of a broader announcement in April where Trump imposed a 10 per cent duty on goods from almost all trading partners, with a plan to step up these rates for a select group within days. But he swiftly paused the hikes until Jul 9, allowing for trade talks to take place. Countries have been pushing to strike deals that would help them avoid these elevated duties. So far, the Trump administration has unveiled deals with the United Kingdom and Vietnam, while Washington and Beijing agreed to temporarily lower staggeringly high levies on each other's products. As his Jul 9 deadline approaches, Trump has repeatedly said he plans to inform countries of US tariff rates by sending them letters. Aboard Air Force One on Friday, Trump said sending notices would be much easier than "sitting down and working 15 different things ... this is what you have to pay, if you want to do business (with) the United States." Bessent pushed back at CNN host Dana Bash's assertion the administration was using threats rather than negotiations, and denied that Trump was setting a new deadline with the August 1 date. "It's not a new deadline. We are saying, this is when it's happening, if you want to speed things up have at it. If you want to go back to the old rate that's your choice," he said. He said the playbook was to apply "maximum pressure" and cited the European Union as an example, saying they are "making very good progress" after a "slow start."
Independent Singapore
4 hours ago
- Independent Singapore
S'porean earning under S$3K asks: How is everyone affording flats, holidays, and maids?
Photo: Depositphotos/ amenic181 (for illustration purposes only) SINGAPORE: Scrolling up and down social media, it's easy to be overwhelmed by the high points – pals and families snapping pictures of their new HDB apartments, interesting holiday retreats, and the jubilant bedlam of expanding families. But underneath the surface, many are silently grappling with an exacting question — How are they making all these possible? A current Reddit post put this predicament in honest, relatable terms. The user, with an income less than S$3,000/month with CPF contributions and wrestling with health problems, asked the internet: How are people able to afford to buy flats, take several outings, raise kids, and sometimes, with maids? The disparity was unambiguous—while some people appeared to prosper with maids and regular retreats, the poster wriggled just to get by. This post hit a chord. The responses were an enlightening glimpse into the often-unseen layers of Singapore's economy and society. One common theme was the divide between median salaries and individual experiences. While the median monthly income with CPF is nearly S$6,000, that figure only says a small fraction of the story. For most, having an income less than S$3,000 is a hard-hitting truth, particularly with escalating prices and overall cost of living, healthcare expenditures, and the burden of financial commitments such as car loans and credit card debts. See also Artist claims he has sex with Mona Lisa 'Big commitments can lock you in,' one commenter said. 'If you lose your job, those loans don't disappear. The stress can be crushing.' Others indicated that the 'lustrous lives' on social media frequently are often just a façade of hidden struggles. A couple's Instagrammable holiday snapshot may conceal marital pressures; the delighted owner of a condo might be deep in debt. This selective sharing produces an impression of uniform success that isn't generally accurate. Several commenters voiced disappointment with the job market. Fresh graduates, in spite of the headlines hyping S$4,000+ beginning salaries, often face cut-rate job propositions. This conversation is a strong reminder that the economic challenges confronting many today aren't always evident. Underneath stories of accomplishment and beautiful lives, many are facing tough choices and privations. Usually in silence.
Business Times
6 hours ago
- Business Times
Gold, pesos and lasers: What's on Fidelity's investment radar
[HONG KONG] A weakening US dollar and volatile equity markets were among the hotly discussed themes at Fidelity International's Asia-Pacific Media Investment Conference in Hong Kong on Thursday (Jul 3). Speaking at the event, the firm's portfolio managers and analysts – who collectively manage US$900.7 billion in assets – outlined investment opportunities they are eyeing across currencies, commodities, and emerging markets. Here are some of the key picks: 1. Betting against the greenback The US dollar could continue to weaken, said Matthew Quaife, global head of multi asset, who favours the euro and yen. 'If I were to shut my eyes and say: 'Will the dollar be weaker or stronger in a year's time?' I think it would be weaker against the euro and yen,' he said. The greenback has fallen 11.65 per cent and 8 per cent year to date against the euro and yen, respectively, as at Friday's close. 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 weaker dollar means that investments in euro- or yen-denominated assets – such as equities or bonds – would deliver higher returns when converted back to US dollars. 2. Gold still glitters 'We continue to like gold; we've liked gold for a while, so obviously that's been a good trade,' said Quaife. 'It's likely going higher, even though it's gone a long way.' Spot gold prices have climbed 27.11 per cent year to date, fuelled by safe-haven demand amid US dollar weakness. While the metal has already 'run some distance', it could rise further if investors rotate out of US Treasuries, Quaife added: 'If even a small amount of US Treasury money goes chasing (after) gold, it can really run.' 3. Long on Philippine government bonds Philippine central bankers may cut rates again amid sluggish growth, said portfolio manager Terrence Pang, making local currency government bonds an attractive bet. 'We certainly see potential to cut (interest rates) twice, if the growth continues to be sluggish,' he said. The Bangko Sentral ng Pilipinas last trimmed its policy rate to 5.25 per cent in June, its lowest in two-and-a-half years. With bond prices typically rising when interest rates fall, Pang sees upside in this space. He also flagged the currency angle: while most Asian currencies have rebounded to pre-conflict levels after the Israel-Iran war, the peso has lagged by '1-and-a-bit' per cent – offering what he called a 'currency kicker'. 4. Chinese lidar on the rise Lidar sensor adoption in Chinese cars is accelerating fast, with 15 to 20 per cent of cars sold this year expected to come fitted with lidar, said portfolio manager Dale Nicholls. 'That's up from 5 to 10 per cent in 2024, and 1 to 2 per cent in 2023, so the growth is exponential,' he said. Used in autonomous vehicles and self-driving functions, lidar – or light detection and ranging – is also expanding into robotics applications, such as autonomous vacuum cleaners. Nicholls did not name specific stocks, citing company policy, though China's top players in the space include Hesai Group and RoboSense Technology.
