While You Were Sleeping: 5 stories you might have missed, June 25, 2025
People inspecting the apparent remains of a ballistic missile in northern Israel, following an attack by Iran on June 24. PHOTO: REUTERS
While You Were Sleeping: 5 stories you might have missed, June 25, 2025
US airstrikes failed to destroy Iran's nuclear sites, sources say
US airstrikes did not destroy Iran's nuclear capability and only set it back by a few months, according to one initial US intelligence assessment, as a shaky ceasefire brokered by President Donald Trump took hold between Iran and Israel.
Three sources familiar with the matter, who spoke on condition of anonymity, told Reuters of the preliminary assessment.
According to two of the sources, the assessment was prepared by the US Defence Intelligence Agency.
One of the sources said Iran's enriched uranium stocks had not been eliminated, and in fact the country's nuclear programme may have been set back only a month or two.
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Trump rattles Nato allies as he descends on summit
US President Donald Trump swept into Nato's Hague summit on June 24, with allies hoping a pledge to ramp up defence spending will keep the mercurial leader of the military superpower committed to protecting them.
Mr Trump joined leaders from Nato's 31 other members to kick off the two-day gathering with a dinner hosted by Dutch King Willem-Alexander in the ornate Orange Hall at his royal residence.
The alliance hopes to keep Mr Trump bound to its mutual defence vow by meeting his demand for a headline figure of 5 per cent of GDP on defence spending.
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UK govt to invest $1b to fight rising Chinese espionage
Chinese spying and attempts by Beijing to undermine Britain's democracy and economy have risen in recent years, the UK government said on June 24 in a report on the Asian giant.
Foreign minister David Lammy told Parliament the Labour administration would invest £600 million (S$1 billion) in its intelligence services as a result of the findings.
Prime Minister Keir Starmer commissioned an 'audit' of Britain's relations with Beijing after he swept to power in landslide general election win in July 2024.
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Brazilian tourist found dead after four days on volcano cliff
A Brazilian woman who fell off a cliff while hiking around Indonesia's second-highest volcano over the weekend was found dead on June 24, Brazil's government said, following days of rescue efforts hampered by adverse weather conditions.
Ms Juliana Marins, 27, was hiking with five friends on Mount Rinjani on June 21 when she slipped and fell off a cliff on the side of the 3,726m mountain, according to Indonesian authorities.
Located in West Nusa Tenggara province, the active volcano is a popular tourist site in the South-east Asian archipelago.
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Benfica edge Bayern to top Club World Cup group
Benfica's Andreas Schjelderup struck in the first half to seal a 1-0 win over Bayern Munich in sweltering heat on June 24, sending the Portuguese side to the top of Group C at the Club World Cup.
After securing their first-ever victory over Bayern, Benfica will face Chelsea or Esperance de Tunis in the last 16. Bayern, finishing second, are set to face Group D leaders Flamengo.
'I think our first half wasn't good at all. With the pitch and the heat, I just feared this wouldn't go as fluid as normal,' Bayern coach Vincent Kompany told DAZN.
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Business Times
11 minutes ago
- Business Times
China building ‘mega-sized consumption powerhouse', premier says
[BEIJING] Premier Li Qiang has projected confidence that China can turn consumption into a driver for the economy, while also casting his nation as a stabilising force in a rapidly shifting global trade landscape. Policymakers were growing the nation 'into a mega-sized consumer powerhouse on top of its solid foundation as a manufacturing power', Li said in a speech at the World Economic Forum's meeting in Tianjin on Wednesday (Jun 25). 'This will bring vast markets to enterprises from all countries.' He added that while the world was seeing a host of global trade frictions, China was positioned to 'to cross cycles, move forward steadily, and continue to inject more stability and certainty into the world economy'. Li did not directly mention the Trump administration's tariffs or Washington's tech curbs but called for 'all parties to avoid the politicisation of economic and trade issues,' saying Beijing's approach offered win-win outcomes. Chinese officials often express confidence they can build up the consumer sector into a key engine of the economy but the task is becoming more urgent as governments around the world push back on its huge amount of exports. Those tensions have been highlighted by a trade war with the US that is now in the midst of a fragile truce. The world's second-largest economy continues to struggle with weak consumer sentiment and deflationary pressures, although strong retail sales in May gave it some relief from US tariffs. Consumer enthusiasm for a government-subsidised home goods trade-in programme has been so great that provinces are quickly running out of funds the national government has distributed. State media has said that China will allocate the remaining 138 billion yuan (S$25 billion) in planned funds to provinces to ensure consumer access to subsidies throughout this year. Policymakers will likely need to step up support for the economy to achieve the target of around 5 per cent they set for this year. The government has increased spending at the fastest pace in three years to bolster growth, pushing the budget deficit to 3.3 trillion yuan by May. Global business executives and world leaders including Singaporean Prime Minister Lawrence Wong and Vietnamese Prime Minister Pham Minh Chinh, are attending the meeting also known as Summer Davos in the northern Chinese city of Tianjin. BLOOMBERG
Straits Times
17 minutes ago
- Straits Times
Indonesia still on alert despite Iran-Israel ceasefire
Despite no casualties from Iran's attack, airspace in the region was closed for a few hours on June 24 PHOTO: ARASH KHAMOOSHI/NYTIMES Follow our live coverage here. JAKARTA - Fears of an escalation in the conflict between Iran and Israel persist despite claims of a ceasefire between the two countries, with the Indonesian government expediting contingency planning as it finishes its first round of the evacuation of Indonesian nationals from the affected region. Hours before Iran and Israel agreed a ceasefire, Iran fired missiles at the Al Udeid air force base in Doha, Qatar on June 23 as a retaliation against the United States' bombing of Iranian nuclear facilities. The attack did not result in any casualties, as Iran had warned Qatar prior to the attack, as reported by Reuters. Despite no casualties from Iran's attack, airspace in the region was closed for a few hours on June 24, including that over Qatar and the United Arab Emirates, with a slew of airlines canceling their flights to the region, AFP reported. Among the flights affected was the one by Qatar Airways booked for at least 29 Indonesian nationals, the first batch of evacuees from Iran who fled the country through a 16-hour land trip to neighboring Azerbaijan. Indonesia's Foreign Ministry told reporters on June 24 that the evacuees would instead return to Jakarta on a Turkish Airlines flight, arriving more than two hours later than the initial schedule at Soekarno-Hatta International Airport in Tangerang, Banten. The ministry went on to say that it continued to 'monitor from a close range the escalation in the conflict between Israel, the US and Iran'. 'The ministry appeals to its citizens currently in the Middle East to increase their vigilance [and] avoid locations hosting assets of conflicting nations,' said the Indonesian ministry's citizen protection director Judha Nugraha in a statement. Prepare for the worst The renewed appeal for heightened alertness came despite US President Donald Trump's announcement that he had successfully negotiated a ceasefire between Iran and Israel. But less than 12 hours after the announcement, both countries threw accusations at each other that they had violated the deal and continued attacking each other beyond the agreed time the ceasefire was meant to start. All Indonesian representatives and embassies in Middle Eastern countries continue to be on high alert and on standby despite the ceasefire announcement in anticipation of any possible further escalation in the region, said Indonesia's Foreign Ministry director for Middle Eastern affairs Ahrul Tsani. 'Our representatives continue to monitor and remain responsive to any developments occurring, especially those in countries with US military bases,' Mr Ahrul told The Jakarta Post on June 24, listing countries such as Bahrain, Kuwait, Qatar and Iraq. Several Indonesian embassies in the listed high-alert countries have also begun circulating alert notices to citizens outlining responses to possible escalations, including calls to start packing important documents such as passports and employment contracts. Close call As officials call for calm amid the rising tensions, the Indonesian diaspora in the Middle East has been unnerved by the recent attacks. Mr Achmad, 42, was working in a restaurant in Doha when he suddenly felt the reverberation from an explosion at the Al Udeid base, located only about 30 minutes' drive from the Qatari capital. Panicking restaurant guests fled the restaurant after the explosion was felt. Qatari officials tried to calm down people by telling them not to panic or escalate things, said Mr Achmad. 'But I'm honestly worried. I saw with my own two eyes a missile being intercepted. I can't even describe the sound it created,' Mr Achmad told the Post on June 24. 'I'm just letting things be for now. I'm still breathing and standing. I just hope that there won't be any second wave of attacks. I won't know what to do in that case,' he said, explaining that he would lose his job in Doha if he were to be evacuated back to Indonesia. Indonesia's Foreign Ministry previously said that all evacuations of Indonesians from Iran and Israel would be voluntary rather than mandatory. The government has not issued any official diplomatic statement on the Iran-Israel conflict following Washington's decision to intervene on June 22, although its senior security ministry has called for all parties to return to the negotiating table. On June 22, Indonesia President Prabowo Subianto held a meeting with several ministers, including Jndonesia's Foreign Minister Sugiono, in his private residence in Hambalang, Bogor regency, West Java. The discussions revolved primarily around 'the dynamics of current global conditions and its effects on Indonesia's national interests', the State Secretariat wrote in a statement. The officials also discussed preparations for 'strategic steps' to protect national interests during the closed-door talks. THE JAKARTA POST/ ASIA NEWS NETWORK Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
an hour ago
- Straits Times
China seizes moment to globalise renminbi as dollar doubts mount
Chinese policymakers see erratic US decision-making as the most favourable backdrop to promote the renminbi. PHOTO: REUTERS – China is launching a sweeping campaign to promote the renminbi's global role, seizing what officials see as a rare strategic opening. With the dollar facing multiple challenges, Beijing is accelerating its longstanding campaign to reduce global reliance on the world's reserve currency. What sets the latest push apart is timing: Chinese policymakers see erratic US decision-making and geopolitical tensions as the most favourable backdrop in years to promote the renminbi. The latest measures aim to not just facilitate trade, but also open China's financial markets and embed the renminbi more deeply in investment flows. They include easing capital controls, expanding cross-border payment systems, and launching new financial products to attract foreign investors. Beijing's hope is that a more internationalised renminbi may reshape trade and global finance and challenge the dollar's dominance in reserve portfolios. 'The measures to further integrate China with the global financial system feel like steps in the right direction, as China wants to make sure that the yuan is in the conversation of important global currencies,' said chief Greater China economist at ING Bank Lynn Song. Role in monetary system In a speech last week, Chinese central bank governor Pan Gongsheng envisioned a new global currency order with a reduced role for the dollar. He outlined a vision in which China's financial markets are more open and the renminbi plays a central role in the world's capital flows. To push that vision, the People's Bank of China plans to establish an international operation centre for the digital renminbi in Shanghai. It is also exploring the launch of the country's first domestic currency futures, which could compete with similar hedging tools in offshore markets like Singapore and Chicago. In Hong Kong, a fast payment system was launched over the past weekend. It allows residents to wire payments in renminbi or the Hong Kong dollar to the mainland for trade and services, further integrating the two markets. The city's exchange is also expected to add renminbi-denominated counters to the southbound stock link. Cryptocurrency linkages are on the table as well. Hong Kong's Secretary for Financial Services and the Treasury Christopher Hui said recently he will not rule out the possibility of linking stablecoins with the renminbi, though he noted risks, exchange rates, monetary policy and other factors would have to be considered. His comments came after the US Senate passed legislation on a dollar-pegged stablecoin and Hong Kong's approval of its own stablecoin regulatory framework in May. China is also taking steps to further facilitate capital flows by opening more domestic trading products to foreign investors later in 2025. The authorities plan to raise quotas for local residents to invest their renminbi in overseas securities, which would increase the currency's international circulation. 'China could be seizing the opportunity to promote RMB internationalisation,' Ms Zhi Xiaojia, an economist at Credit Agricole Corporate and Investment Bank said, adding that further steps, such as deepening the offshore renminbi liquidity pool, could sustain the momentum. China's own payment system, the Cross-Border Interbank Payment System (CIPS), is also gaining traction. It expanded recently to cover more foreign banks including UOB, Bangkok Bank and First Abu Dhabi Bank. For the first time, CIPS' overseas participants cover offshore renminbi centres in Africa, the Middle East, Central Asia and Singapore. These are set to increase renminbi settlements in China's cross-border transactions, where the currency has already overtaken the dollar in recent years. While the Chinese currency still accounts for just 2.2 per cent of global reserves, its share in China's cross-border transactions has already overtaken the dollar. In the nation's goods trade, renminbi settlement stood at 26 per cent in May and could rise to 40 per cent by year-end, according to Mr Xing Zhaopeng, senior strategist at Australia & New Zealand Banking Group. Still, China faces challenges. An economic slowdown, deflationary pressures and lower bond yields have complicated efforts to push the renminbi forward. 'On the fundamental level, wider international use of yuan rests on a robust economy and further progress in capital account convertibility,' Morgan Stanley economists led by Robin Xing wrote in a note last week. Join ST's Telegram channel and get the latest breaking news delivered to you.
