Daily Debrief: What Happened Today (May 5)
Singapore retail sales rebound in March, up 1.1% after prior dip
[SINGAPORE] The Republic's retail sales rose 1.1 per cent in March, reversing February's 3.5 per cent decline, data from the Department of Statistics showed on Monday (May 5).
Far East Organization puts Tuas asset with big redevelopment potential on the market
[SINGAPORE] Far East Organization has put on the market a sizeable industrial property in Tuas with substantial redevelopment potential.
Singapore dollar surges against US dollar as Asia currencies rally on trade hopes
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Asian currencies rallied on Monday on hopes of a thaw in the US-China trade war and regional tariff deals with the Trump administration.
As T-bill, SSB yields fall, here's where to invest for higher yields: analysts
[SINGAPORE] Yields are steadily declining, which is bad news for investors looking for a safe corner to park their cash.
Gates Foundation to open office in Singapore – its 12th worldwide
[SINGAPORE] The Gates Foundation – one of the world's largest private philanthropic organisations – will be opening an office in Singapore, said Bill Gates on Monday.
Grab appoints Alejandro Osorio as new managing director for Singapore
[SINGAPORE] Ride-hail and delivery giant Grab announced on Monday that Alejandro Osorio has been appointed as managing director of Grab Singapore.
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Straits Times
an hour ago
- Straits Times
Trump, tech and Texas: What's next for the US?
Sign up now: Get ST's newsletters delivered to your inbox The weight of a new era is pressing in. The Trump presidency is unfolding against the backdrop of technological disruption, escalating political tensions and shifting demographics. Can the US adapt quickly enough? ST's US Bureau Chief Bhagyashree Garekar reports as America counts down to its 250th birthday in 2026. Protesters raise signs at the State Capitol in Austin on Aug 16 during the Fight the Trump Takeover. – Friends in Washington warned me that I was going to Texas at exactly the wrong time and season – that Austin was going to be uncomfortably hot and sticky. Being a transplant from Singapore, that scared me not at all. But they were right. Texas is hot all right. It is smack-dab in the middle of a political fight, instrumental in either keeping US President Donald Trump's hold on power or weakening it midway into his term in the 2026 congressional elections. The Lone Star state's economy also runs hot; it is the fire underneath the bubbling pot of the national economy. Record numbers of businesses flock here every year, contributing to its gross domestic product of more than US$2.6 trillion (S$3.3 trillion), making it a larger economy than Canada, South Korea or Australia. For 13 straight years, Texas has led the nation in job-creating projects. But while the numbers are impressive, they do not tell the whole story. Top stories Swipe. Select. Stay informed. Singapore NDR 2025: New govt-funded traineeship scheme for ITE, poly, university graduates Singapore NDR 2025: CDCs to spearhead new effort to match job seekers to roles nearer to home, says PM Wong Singapore NDR 2025: US baseline tariff of 10% on Singapore offers 'little comfort', says PM Wong Singapore NDR 2025: More avenues for S'poreans to be heard, get involved will be opened up, says PM Wong World European leaders to join Zelensky for Ukraine talks with Trump Sport Third time's the charm as Aaron Liang dethrones Samuel Kang en route to national squash title Asia Mandarin with Taiwanese characteristics: Taipei leverages language as soft power tool Asia 'Rats from the sky': Urban India finds itself divided on pigeons To grasp Texas, skip the stats and simply look around Austin. The state capital has an unsettled air, like the city itself is on the move, hurrying into a future hastily imagined. More than US$20 billion in new projects is reshaping its skyline, reinventing neighbourhoods, workspaces, shopping areas and parks. On the somewhat unkempt roads, it feels as though the future, too, is hurrying to find a foothold amid the ruins of the past. At a traffic junction, I saw a motorist honk at a Waymo robotaxi when it waited a beat too long after the traffic light turned green. The sight is a little unsettling: There is no one behind the wheel of the medium-sized car. The traffic is heavy. The driverless car moves forward in a smooth motion, with no jerks or starts, almost like a tracking shot in a movie. A head is visible from behind, a lone passenger in the back seat. More than 100 driverless taxis operate in Austin, thanks to a partnership between Google's Waymo and Uber in March 2025. Tesla's robotaxi service launched a pilot programme in June 2025, using Model Y cars. ST PHOTO: BHAGYASHREE GAREKAR It would not be the first time that a frontier spirit is shaping the next chapter of the American story. Redistricting the red wall Texas is Trump country, maybe even more than a Republican one. The state has voted red in every presidential election since 1980. But Mr Trump's 2024 victory was still special as it set the record for the most votes ever – more than six million – received by a presidential candidate in Texas. And now, as he exerts the power of his office to recast the US in his own image, Mr Trump is counting on a Texas 'wall' that will prevent the Democrats from stymieing his agenda. 'We're entitled to five more seats,' Mr Trump declared in early August, calling on Texan Republicans to redraw congressional district boundaries to build on the party's advantage in the US House of Representatives. The Republicans currently hold a slim majority of five seats in the House. A redistricting exercise can potentially add five more by improving the chances of flipping Democrat-held seats. Redistricting is done every decade to keep up with population shifts. Texas last refreshed district boundaries in 2021 and no law prevents a do-over. There is no mystery about the political urgency behind the push. It is designed to ensure that Mr Trump can spend his final two years in office with Congress at his back instead of in his way. The Democrats, who would then need a much larger national vote shift to win the House, are putting up quite a fight. The week after I arrived in Austin, state Democratic legislators fled to other states to deny the Texas government a quorum to hold the session to effect redistricting. Governor Greg Abbott asked them to 'come back and fight like Texans' and threatened to arrest or remove them from office if they did not return to the legislature. They are still away. The seriousness of the effort serves to underscore Mr Trump's sway in the state. But redistricting is by no means a foolproof endeavour. The infamous 'midterm effect' may just be too strong to be stopped by a few lines redrawn on the electoral map. It is almost a law in US politics that the party holding the presidency loses seats in midterm elections. The Democrats, however, are not well placed to take advantage of an anti-incumbency wave. The party is in disarray, leaderless and dispirited by the sweeping changes being pushed through by the White House. Still, the prospect of gains in the midterms may push them to campaign harder, knock on more doors and pump more flesh. It is also possible that the moment of crisis throws up a leader who can seize it. There is some hope, in progressive corners of the party, about a new Democratic star rising in the east. Mr Zohran Mamdani, a young politician with an easy manner and the ability to 'connect' with people, is the runaway favourite to win the New York City mayoral election set for Nov 4 and become its first Muslim mayor. The 33-year-old is being celebrated with the same fervour I saw in 2008 for the young Barack Obama in his presidential campaign. But Mr Mamdani will have to prove himself as mayor, and it would be unusual if a New York liberal emerged as the voice of Middle America. If nothing changes before 2026, the outcome of the midterms could come down to redistricting. Indeed, the Texas effort has set off a national scramble. California and at least six other states have said they will also look at redrawing congressional maps in a fight for the 'future of the republic'. In sum, Texas is at the heart of what is becoming a soul-searching on the national scale: How much is power worth, and what will you do to keep it? Mr Trump's answer seems to be: everything, and anything. For him, all roads to 2026 run through Texas. Testing ground It is easy to spot the poster child of the Texan economy from afar. The distinctive long, flat roof of Tesla chief executive Elon Musk's Gigafactory, its solar panels glinting in the sun, is unmissable from the window of a plane landing at Austin airport. It is what many Austinites point at, with pride, as a symbol of the state's tech cred and future-oriented economy. The factory reportedly employs around 20,000 – with the average annual wage standing at US$74,000 – and boosts local skill sets, start-ups and suppliers. Seen as a prime example of government and private industry partnership, it is a calling card for the successful Texas mix of the low-tax, low-regulation climate. Above all, it is proof that the US still makes things – that it still has a future in manufacturing. 'You've got to see it,' said my hairdresser, although she said it had made traffic worse in her area and added pointedly that she could not afford a Tesla even if she took on a second job. At the very least, the Texas experience suggests that tech might not remain a West Coast thing. California might still host tech's brain trust, but Texas is its muscle – building big and furious. The explosion of data centres makes that point. The state now ranks second, only behind Virginia, in erecting the physical infrastructure for artificial intelligence (AI). The mother of them all is Stargate, a US$500 billion project backed by OpenAI, Oracle and SoftBank. Coming up in Abilene, a three-hour drive from Austin, it is a strategic bet on US leadership in AI. It is also Texas claiming ownership of the 21st century's great tech frontier. More in your face – or at least in your lane – are the driverless taxis in Austin. With its permissive regulatory environment, the city is quickly becoming a testing ground for tomorrow's mobility. The pioneer Waymo, Alphabet's autonomous vehicle (AV) arm, operates more than 100 self-driving vehicles which can be ordered on the Uber app. Tesla's pilot robotaxi project, with a smaller fleet of Model Y cars, is about to go commercial in September. Amazon's Zoox and Volkswagen's van-like AVs also have a presence. While AI and AVs speak of the state's embrace of the future, oil still holds sway, funding politics, culture and the very sense of the state's self-reliance. The state has a reputation for friendliness towards people seeking a fresh start – nearly one in five residents is an immigrant. But there is also some wariness of outsiders who do not share the state's narratives. A leader in Mr Mamdani's mould will elicit a limited welcome here. Except perhaps in Austin, the famously liberal capital of a conservative state that proudly embraces its 'weirdness' and wants to remain the last holdout against the advancing tide of sameness. Texans cherish their distinct identity – think cowboy hats, boots and guitars, Tex-Mex spices and, yes, guns. They also sport a chip on their shoulder: When they joined the union in 1845, they were already the Republic of Texas. They feel more than equal, it is often said, unwilling to be overshadowed. For now, Mr Trump sees the state as the lock on the door to keep his agenda safe. For the rest of the country, it's a reminder that scale, pragmatism and the will to act are still the forces shaping the US story. And like with every good Texas story, there is a sense that the real ending has not been written yet.
Straits Times
7 hours ago
- Straits Times
Global markets face shaky week ahead as US pressure mounts on Ukraine
Sign up now: Get ST's newsletters delivered to your inbox French President Emmanuel Macron attends a video conference with European Commission Ursula von der Leyen and Ukrainian President Volodymyr Zelenskiy as part of the so-called 'coalition of the willing', Sunday, Aug. 17, 2025 at the Fort de Bregancon in Bormes-les-Mimosas, France. Philippe Magoni/Pool via REUTERS LONDON - Defence stocks and energy markets are likely to be in focus this week, as European leaders rushed to back Ukraine in talks with U.S. President Donald Trump that may pressure Kyiv to accept a peace deal favouring Russia. Investors are watching for signs that the U.S. may move closer to Russia in a bid to exploit vast, untapped Arctic energy resources, in a major geopolitical shift that piles pressure on Europe to rapidly boost defence spending. Trump and Russian President Vladimir Putin ended their weekend summit in Alaska without securing a Ukraine ceasefire agreement, with the U.S. President then saying he now wanted a rapid peace deal that Kyiv should accept. Ukrainian President Volodymyr Zelenskiy is travelling to Washington on Monday for talks that leaders of nations including Germany, the UK and France will now join. "Trump seems inclined to reduce or even end US support for Ukraine. Putin got him interested in business deals," Berenberg Chief Economist Holger Schmieding said in a note to clients. "As a result, the US may lift its sanctions on Russia and invest in Russia instead," he added. "Europe will have to spend a lot more for its own defence." Top stories Swipe. Select. Stay informed. Singapore NDR 2025: New govt-funded traineeship scheme for ITE, poly, university graduates Singapore NDR 2025: CDCs to spearhead new effort to match job seekers to roles nearer to home, says PM Wong Singapore NDR 2025: US baseline tariff of 10% on Singapore offers 'little comfort', says PM Wong Singapore NDR 2025: More avenues for S'poreans to be heard, get involved will be opened up, says PM Wong World European leaders to join Zelensky for Ukraine talks with Trump Sport Third time's the charm as Aaron Liang dethrones Samuel Kang en route to national squash title Asia Mandarin with Taiwanese characteristics: Taipei leverages language as soft power tool Asia 'Rats from the sky': Urban India finds itself divided on pigeons DEFENCE STOCK RALLY Investors have bet on that outcome since February 2022, driving a supercharged rally in European aerospace and defence stocks with gains of over 600% for Leonardo and 1,500% for Germany's Rheinmetall. The euro has rallied 13% against the dollar this year and traded at about $1.17 on Friday. Bank of America strategist Michael Hartnett highlighted the potential for U.S.-Russia Arctic drilling projects to exploit 15% of the world's undiscovered oil and 30% of the world's undiscovered natural gas, resulting in a deep energy bear market. Brent crude, which dropped more than 1% to near $66 a barrel, on Friday, was still priced for a Ukraine peace deal, Hartnett cautioned, while Trump wanted lower energy prices for U.S. consumers. Ukraine's government bonds - key mood indicators - rallied when news of the summit emerged earlier this month but have stalled at a still-distressed 55 cents per dollar. "I would think they will be a bit weaker following the recent strength as the mood seems to favour Russia following Friday's summit," Aegon Asset Management head of emerging market debt Jeff Grills said. REUTERS
Straits Times
7 hours ago
- Straits Times
Russia will not give Ukraine security guarantee: Zelensky
Sign up now: Get ST's newsletters delivered to your inbox Ukrainian President Volodymyr Zelensky welcomed the idea of US security guarantees – but was less positive about Russia's intentions. BRUSSELS - Ukraine leader Volodymyr Zelensky on Aug 17 rejected the idea of Russia offering his country security guarantees, after US and EU officials promoted the possibility. White House envoy Steve Witkoff earlier said US President Donald Trump and his Russian counterpart Vladimir Putin agreed to 'robust security guarantees' for Ukraine during a meeting in Alaska on Aug 15. EU chief Ursula von der Leyen on Aug 17 hailed the proposal as an offer of Nato-style security guarantees from the United States. 'We welcome President Trump's willingness to contribute to (Nato) Article 5-like security guarantees for Ukraine, and the coalition of the willing, including the European Union, is ready to do its share,' Dr von der Leyen said. Mr Zelensky also welcomed the idea of US security guarantees – but was less positive about Russia's intentions. 'What President Trump said about security guarantees is much more important to me than Putin's thoughts, because Putin will not give any security guarantees,' he told a press conference in Brussels alongside Dr von der Leyen. 'Security means a strong army, which only Ukraine can provide. I believe that only Europe can finance this army.' Top stories Swipe. Select. Stay informed. Singapore NDR 2025: New govt-funded traineeship scheme for ITE, poly, university graduates Singapore NDR 2025: CDCs to spearhead new effort to match job seekers to roles nearer to home, says PM Wong Singapore NDR 2025: US baseline tariff of 10% on Singapore offers 'little comfort', says PM Wong Singapore NDR 2025: More avenues for S'poreans to be heard, get involved will be opened up, says PM Wong World European leaders to join Zelensky for Ukraine talks with Trump Sport Third time's the charm as Aaron Liang dethrones Samuel Kang en route to national squash title Asia Mandarin with Taiwanese characteristics: Taipei leverages language as soft power tool Asia 'Rats from the sky': Urban India finds itself divided on pigeons Dr Von der Leyen and Mr Zelensky also shared their thoughts on a possible meeting between Mr Trump, Mr Putin and the Ukrainian leader. 'So far, Russia gives no sign that the trilateral will happen and if Russia refuses, then new sanctions must follow,' Mr Zelensky said. Dr Von der Leyen had said she wanted to see the three-way meeting happen 'as soon as possible'. Mr Zelensky will meet Mr Trump in Washington on Aug 18, accompanied by Dr von der Leyen and other European leaders. AFP
