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Straits Times
3 hours ago
- Straits Times
Don't count out globalisation: Ravi Menon
Sign up now: Get ST's newsletters delivered to your inbox Former MAS chief Ravi Menon said that globalisation will continue to take place, driven by economic and market forces in search of efficiency and growth. SINGAPORE – The fragmenting of the global economy will be an enduring trend, but this does not mean that the world will inevitably become less integrated and interdependent. Despite visible setbacks such as tariffs and rising protectionism, former central bank chief Ravi Menon argued on July 29 that globalisation will continue to take place, driven by economic and market forces in search of efficiency and growth. But given the opposing forces acting on the global economy, the onus is on countries to scan the horizon, discern underlying trends and shape a new form of globalisation, Mr Menon said at a July 29 conference organised by the Institute of Policy Studies and Singapore Business Federation. He noted that world trade reached recorded highs following the US-China tariffs imposed during the first Trump administration, and that today's highly integrated supply chains would be very difficult to untangle. The law of comparative advantage – which posits that countries benefit from specialising in producing goods and services they are good at – is also 'extremely difficult to dislodge', said Mr Menon, who became Singapore's first ambassador for climate action following his retirement from the Monetary Authority of Singapore on Jan 1, 2024. 'Business people know this – they see supply chains shifting and configuring, not completely collapsing and breaking down,' he said. 'Like water in nature, trade finds a way... maybe less efficient, more frustrated, but it seems to find a way.' Top stories Swipe. Select. Stay informed. Singapore Grace Fu apologises for Tanjong Katong sinkhole, says road may stay closed for a few more days Singapore Terrorism threat in Singapore remains high, driven by events like Israeli-Palestinian conflict: ISD Singapore S'pore can and must meaningfully apply tech like AI in a way that creates jobs for locals: PM Wong Singapore 7, including child and firefighter, taken to hospital after fire breaks out in Toa Payoh flat Sport IOC president Kirsty Coventry a 'huge supporter' of Singapore Singapore Man on trial for raping woman who hired him to repair lights in her flat Singapore Doctor who forged certificates for aesthetic procedures gets 4 months' jail Singapore ICA inspector obtained bribes in the form of sex acts from 6 foreign men in exchange for his help While an 'inordinate amount of attention' has been put on trade in goods, Mr Menon pointed out that globalisation consists of a range of other cross-border flows – such as in services, investment, finance and talent – and countries need to understand what is going on in each of them. At the panel discussion, there was broad agreement that the US, which had long promoted the global trading system, was no longer willing to do so. Former US trade negotiator Wendy Cutler said she does not see the US going back to being a global leader on issues such as trade and climate change, even after President Donald Trump's second term. 'It's going to be a very different (America), I don't see us again becoming the guardians and the leaders of this rules-based trading system,' said Ms Cutler, who is vice-president of the Asia Society Policy Institute. Short of that, there are things that the US and other countries can do to keep globalisation going, such as with smaller groups of like-minded countries working together and striking sectoral agreements, she added. Fellow panellist Muhamad Chatib Basri said one way that Asean countries can do so, perhaps even with external partners, is through flexible coalitions where common ground can be reached. The former Indonesian finance minister said such issues of mutual interest include pandemic resilience and energy security, particularly in renewables. Mr Menon highlighted two other ways in which a renewed globalisation could take shape: countries' desire for greater supply chain resilience, and new drivers of integration such as the digital and green economies. On the first, he noted that the trend is towards diversification and near-shoring to manage supply chain risks. Climate change and the attendant impact on food supplies and trade routes also mean countries need to go beyond traditional risk assessments to understand their supply chain vulnerabilities, he added. On the flipside, the likelihood is that the digital and green economies will be key pillars of future growth, which represent new opportunities for deeper economic integration between countries. These include areas such as common standards for environmental goods and services, the cross-border flow of green finance, and trading of carbon credits, said Mr Menon. But he emphasised that the most important enabler of continued globalisation is for countries to have sound economic and social policies that deliver shared prosperity at home. Much of the current backlash against globalisation is due to countries failing to upskill their workforce, bring in new investments, and consciously spread the benefits across their societies, he added. During the question-and-answer segment, Ambassador-at-Large Tommy Koh asked whether, in this new paradigm, countries should get used to a world without American leadership. He noted that the US today is against free trade, globalisation and multilateralism. It has also withdrawn from institutions such as the World Health Organisation and global pacts such as the Paris Agreement . Yet, all these things are not dead, he noted. 'America is important, but it is not indispensable. We should get used to the idea of a world without America,' he said to applause from the audience. Ms Cutler said in reply that the US is a diverse country, and that while President Trump is pursuing certain policies, it does not mean he has unanimous support from Americans. 'Maybe you don't like some of the stuff we're doing now, but that doesn't mean the world doesn't need or doesn't want America, or America can't help... or change, looking forward,' she said. 'So I would just caution everyone to avoid this black-and-white kind of description of where things stand.'
Independent Singapore
5 hours ago
- Independent Singapore
'Why do some Singaporeans feel more entitled than others?'
SINGAPORE: In the Lion City, where social policies intend to strike a sense of balance between fairness and practicality, few schemes have triggered as much discussion as the CDC coupons. These government-issued vouchers are aimed at easing the load of escalating living costs, yet an ostensibly modest gesture of assistance has kindled a bigger discussion about equality, privilege, and the public's perception of prosperity. Recently, a Redditor voiced curiosity about the mounting bitterness observed online. 'I am by no means a wealthy person,' the poster wrote, 'but I keep seeing comments about how it's unfair that someone living in a landed property gets the same vouchers as someone in an HDB flat. I genuinely want to understand—why do people feel entitled to more?' It's a question that opened the floodgates to a variety of outlooks and perceptions, demonstrating that the problem isn't just about dollars and cents—it's about ideals, insights, and messaging. The problem with equality in benefits A common response from commenters was the strain between fairness and equity. While the government gives the same amount of CDC vouchers to rich and poor citizens alike, the lived reality of Singaporeans extensively differs. As one commenter clarified, 'Should poor people get more monetary benefit from the government than rich people? That's a far more complex issue than 'poor people are entitled.'' See also Cost of living issues at the top of voters' minds in GE2025 runup Unquestionably, while some contend that equal dispersal mirrors national harmony, others feel the system should account for need. A S$300 voucher might hardly register for a high-income home, but for households earning the minimum wage, it could mean a week's worth of groceries. It's not just the money—it's the message A vital aspect, according to netizens, is how the government sets these vouchers. The official description is that the CDC vouchers are intended to 'alleviate the cost of living.' That kind of messaging, many claim, sets the belief that the more economically disadvantaged one is, the more help one should receive. 'If it was, say, a tax rebate,' one Redditor pointed out, 'the rich get more and no one complains, because it's seen as a discount on taxes—something they already pay more of. But when vouchers are positioned as support, people feel it should be given based on need, not equality.' Another added, 'If the message was simply, 'we're returning a budget surplus to all citizens,' I don't think people would be as upset.' What do people really want? Underneath the discussion, there's a sense that the real issue isn't just about coupons—it's about acknowledgment and reprieve. Lower-income people often feel the pinch of mounting expenditures more intensely and want that hardship addressed in concrete ways. 'The vouchers can cover a month's worth of basic expenses for some families,' one netizen wrote. 'So, when others use it to buy luxuries, it feels like a slap in the face.' However, it's not only the 'have-nots' who are disgruntled. As one noted, even high-income earners sometimes complain they're being deceitfully overtaxed or that the system doesn't reward them sufficiently, even though many of them have benefited from scholarships or overseas funding in the past. 'There will always be people unhappy,' one Redditor wisecracked. 'They lack contentment—so it's not just the lower income.' Gratitude vs entitlement The most surprising insight came from a commenter who thought that gratitude has become increasingly rare across all income brackets. 'People will never be grateful for what's being given,' he said. 'It doesn't matter if they're high-income or low-income.' It's a sceptic's mindset, but it can lead to a deeper challenge for legislators — even benevolent initiatives can provoke hatred if the public sees them as skewed from actual realities and societal values. A question of perspective Eventually, the poster wasn't aiming to attack or protect any side but was trying to understand why ' people feel entitled to more.' Yes, all Singaporeans work hard, but hardship is not always gauged in hours—it's gauged in values and outcomes. When someone living paycheck to paycheck gets the same aid as someone with financial resources, the result can feel more like nominal equality than real equity. And that's the actual core of the debate — not who deserves what, but how we describe fair-mindedness in a society that strives for both meritocracy and sympathy.
CNA
5 hours ago
- CNA
Foxconn to suspend share trading on July 30 pending major announcement
TAIPEI :Foxconn, also known as Hon Hai Precision Industry, said it will suspend share trading on July 30 pending a major announcement. In Taiwan, companies typically halt trading ahead of announcements, including investments, asset sales and mergers or strategic partnerships, that could affect share prices.
