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Business Times
10 minutes ago
- Business Times
HSBC disbands team focused on managing geopolitical risks
[LONDON] HSBC Holdings is disbanding a team of staffers that were focused on identifying and managing geopolitical risk even as the possibility of such threats has ratcheted up since US President Donald Trump returned to power. The move will impact fewer than 10 roles across Asia, Europe and other regions, according to people familiar with the matter. Some of those staffers have been given the opportunity to apply for other jobs within the lender, they said, asking not to be identified discussing personnel information. The London-headquartered firm is the world's largest trade bank and an anchor of commerce between the Asia-Pacific region and the rest of the world. As the largest non-US clearer of US dollars, it has become highly sensitive to the political jostling between Washington and Beijing, who have engaged in a tit-for-tat trade war this year prior to a truce that has appeared to stabilise ties for the moment. The firm's geopolitical team was responsible for helping top HSBC managers identify risks in countries the company has a presence in, people familiar with the matter said. Some in the team also advised clients at times, they said. 'We continue to focus on supporting our clients as they navigate a complex and fast-moving international environment,' according to a statement from HSBC. Fast-changing geopolitics have weighed on banks' results in recent months. Investment-banking revenue at the five biggest Wall Street lenders is still almost 40 per cent below the 2021 peak as that uncertainty weighed on merger and IPO volumes. Some rivals have sought to seize on the trend. JPMorgan Chase debuted a Center for Geopolitics in May to offer clients advice on everything from 'the new Middle East chessboard' to 'the endgame in the Russia-Ukraine war,' according to a statement at the time. Goldman Sachs Group and Lazard also offer clients advice on the topic. The HSBC move comes as Wells Fargo suspended travel to China after one of its top trade financing bankers was blocked from leaving the country, the latest case of authorities imposing exit bans on staff of foreign firms. The disbanding of HSBC's team is the latest change under chief executive officer Georges Elhedery, who has been pushing through a sweeping overhaul of Europe's largest lender ever since he took the reins last year in order to curb costs. BLOOMBERG
CNA
10 minutes ago
- CNA
US Congress approves US$9 billion in Trump cuts to foreign aid, public media
WASHINGTON: US Republicans early on Friday (Jul 18) approved President Donald Trump's plan to cancel US$9 billion in funding for foreign aid and public broadcasting, vowing it was just the start of broader efforts by Congress to slash the federal budget. The cuts achieve only a tiny fraction of the US$1 trillion in annual savings that tech billionaire and estranged Trump donor Elon Musk vowed to find before his acrimonious exit in May from a role spearheading federal cost-cutting. But Republicans - who recently passed a domestic policy bill expected to add more than US$3 trillion to US debt - said the vote honoured Trump's election campaign pledge to rein in runaway spending. "President Trump and House Republicans promised fiscal responsibility and government efficiency," House Speaker Mike Johnson said in a statement just after the vote. "Today, we're once again delivering on that promise." Both chambers of Congress are Republican-controlled, meaning a mostly party-line House of Representatives vote of 216 to 213, moments after midnight, was sufficient to approve the Senate-passed measure. The bill now heads to the White House to be signed by Trump, who praised his backers in the House. "REPUBLICANS HAVE TRIED DOING THIS FOR 40 YEARS, AND FAILED... BUT NO MORE. THIS IS BIG!!!" he wrote on Truth Most of the cuts target programmes for countries hit by disease, war and natural disasters. But the move also scraps US$1.1 billion that the Corporation for Public Broadcasting was due to receive over the next two years. Conservatives say the funding - which goes mostly to more than 1,500 local public radio and TV stations, as well as to public broadcasters NPR and PBS - is unnecessary and has funded biased coverage. The bill originally included US$400 million in cuts to a global AIDS programme that is credited with saving 26 million lives, but that funding was saved by a rebellion by moderate Republicans. "DARK DAY" The vote was a win for Trump and fiscal hawks seeking to support the mission of the so-called Department of Government Efficiency (DOGE), launched by Musk as Trump was swept to power, for radical savings. Congress had already approved the cash that was clawed back, and Democrats framed the bill as a betrayal of the bipartisan government funding process. They fear Trump's victory clears the way for more "rescissions packages" cancelling agreed spending. "Instead of protecting the health, safety and well-being of the American people, House Republicans have once again rubber stamped Donald Trump's extreme, reckless rescissions legislation," House Minority Leader Hakeem Jeffries said in a joint statement with fellow top Democrats. Republicans need some Democratic votes to keep the government funded past September, and the minority party had threatened to abandon any plans for cooperation if the DOGE cuts went ahead. Jeffries and fellow Democrats seemed to suggest as much on Friday. "Tonight's vote... makes it clear that House Republicans are determined to march this country toward a painful government shutdown later this year," they said in the statement. Although they are in the minority, Democrats have leverage in funding fights because a budget deal would need at least 60 votes in the 100-member Senate and Republicans only have 53 seats. Senate Minority Leader Chuck Schumer called it "a dark day for any American who relies on public broadcasting during floods, hurricanes, tornadoes, and other disasters."
Straits Times
41 minutes ago
- Straits Times
What's in a fob? The surprising complexity of designing car keys
The key fob for Bentley vehicles is likened to a business card for the luxury car brand. With 905 horsepower and a 0-100kmh sprint time under three seconds, the Lotus Eletre is more powerful than a Lamborghini Huracan and faster than a Porsche 911 Carrera. The US $230,000 (S$296,000) sport utility vehicle (SUV) is also the foundation of Lotus' plan to electrify its line-up. So, designing the right key fob for it was… well, key. It is an interesting subject – the fob. The way a consumer first interacts with a car is also one of the least relevant details of the driving experience. Yet, it serves as a handshake: A good design will communicate brand values, even status. A lot more thought goes into creating a fob than drivers may realise. 'We didn't want an over-featured key that becomes a big, bulky thing,' says Mr Mat Hill, head of interior design at Lotus. BMW's oversized 'display key' from 2015 was a cautionary tale: A US$670 option with so many functions that it required a touchscreen, the gadget was discontinued in 2022 because of low consumer interest. 'It's not about technology for technology's sake,' Mr Hill says. 'It's about, 'Does it actually make my life better?' ' Top stories Swipe. Select. Stay informed. Singapore 30% of aviation jobs could be redesigned due to AI, automation; $200m fund to support workers: CAAS Singapore Residents in South West District get help to improve employability, find career opportunities Singapore Alleged Kpod peddler filmed trying to flee raid in Bishan charged with 6 offences Singapore UOB awarded $17.7m in civil suit against Lippo Marina Collection over inflated housing loans Life Kinokuniya opens third bookstore in Raffles City, weeks ahead of schedule Business DBS shares rally to a new record as STI clocks yet another high Singapore 5 foreigners charged over scheme to deliberately get arrested in S'pore to sell sex drugs Asia Lightning strikes kill 33 people in eastern India For the Eletre, designers spent six months developing a smooth ceramic fob that resembles a guitar pick, also the shape of the Lotus logo. The grey device has one button, which locks and unlocks the vehicle. They nicknamed it 'the pebble'. It is ingeniously simple, handsome and – crucially, at less than 7.6cm across – small. 'If you've got a nice suit on, it doesn't spoil the line when it's in your pocket,' Mr Hill says. That less-is-more sensibility is a rarity in the automotive world. Fobs can now start a car as you approach; unlock the front door (and rear, separately, if you want); open the boot to varying heights; adjust the temperature; tell you if the windows are up; and give you the battery life and fuel range. With the rise of push-button ignitions, fobs are also functionally the keys too. Things have come a long way since Cadillac introduced a radio-based keyless entry for the Allante in the 1980s. A modern fob generally consists of an electronic circuit board, a battery and a switch pack that receives signals from sensors. Sometimes, a metal emergency key is hidden inside. The key fob of the BMW 750Li xDrive (2015) came with a display. PHOTO: BMW The design can speak volumes. Porsche 911 fobs evoke the silhouette of the cars themselves. So do the soft lines of the Mercedes-Benz smart keys that unlock E-classes. Volvo's rectangular fobs recall the brand's historically brick-shaped fleet. And at Audi, Ford, Subaru and Toyota, they have merged into a softly rounded coffin-like shape. Still, others denote serious status, such as the ovoid disks from Bentley. The company spent two years and €1.5 million (S$2.37 million) developing the Continental GT's fob to feel like the interior of the car. The key has a knurling pattern along its edges, just like the interior controls, and shiny chrome accents. 'We see the key fob like a business card for Bentley,' says Mr Darren Day, head of interior design. The brand's 'B' badging went on the top of the key because that is how people see it when it is left on a table or a bar. 'It's that first impression,' he adds. A key that does not match the excellence of the vehicle works against it. In 2025 , when Cadillac premiered its Rolls-Royce competitor, the US$360,000 Celestiq, it included the same plastic fob found across the General Motors line-up, albeit in a leather sheath with stitches like a baseball mitt. Compared with the slinky lines of the hatchback itself, it was woefully incongruous. Conversely, while the credit card-like 'keys' for Rivian Automotive's R1T and Tesla's Cybertruck may repel Luddites, they match the high-tech feel of those electric vehicles. They also signal an inflection point. 'In the future, the key fob will be obsolete,' says Ms Rebecca Lindland, managing director of automotive at Allison Worldwide, a marketing consulting firm. Hyundai put fingerprint sensors in its SUVs as far back as 2019, while Ford is developing facial recognition. Ms Lindland operates her Alfa Romeo Stelvio almost exclusively via the smartphone app. 'The whole ecosystem needs to feel like an extension of my phone,' she says. A low battery does not faze her the way losing an actual key does. It is always easier, quicker and cheaper to charge a dead mobile phone than to order a new fob. 'At least with the app, there's a support system,' Ms Lindland says. In fact, Lotus' Mr Hill says half of Eletre buyers do not even care how cool the pebble looks. 'Early adopters are heavy users of the app,' he says. 'A key can be a nuisance.' His father-in-law, however, still wants to feel something in his pocket when he leaves the car. 'It's that bit of cognitive recognition,' Mr Hill says. And the pebble holds one clear advantage over his phone: With its tough ceramic shell, it will fare better if he drops it. Bloomberg
