Russia's Ryabkov says Trump administration's contradictory signals makes life difficult
MOSCOW - A senior Russian diplomat said on Thursday that U.S. President Donald Trump's administration's contradictory actions and words made it difficult though Moscow was dedicated to working on improving ties with Washington.
"The Trump administration is very contradictory in its actions and statements. This does not make the work easy," Deputy Foreign Minister Sergei Ryabkov was quoted as saying by the state TASS news agency.
"Nevertheless," he quoted as saying, "we are persistently and consistently pursuing a course towards normalizing our relations."
Ryabkov said that Russia knew how to resist any possible additional sanctions out of Washington, Interfax news agency reported.
"We know how to resist sanctions. We see that in recent years we have developed tools and schemes that make it possible, by and large, to fill certain needs to a large extent through import substitution," Ryabkov said. REUTERS
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Business Times
an hour ago
- Business Times
Tariff heat sees Europe boost its focus on Vietnam and Indonesia
[HO CHI MINH CITY / JAKARTA] Europe's engagement with South-east Asia is ramping up, from the recent 150 million euro (S$224.5 millon) investment in a new Vietnam engineering hub by German software giant SAP to the UK's removal of barriers for pharmaceutical exports to Vietnam and the European Union's landmark trade deal with Indonesia. The push is being fuelled by geopolitical tensions and US President Donald Trump's Aug 7 tariff package – a flat rate of 15 per cent on most EU imports, in addition to existing steep duties on EU steel and vehicles – which has made selling to the US market costlier and less predictable for European exporters. Ian Betts, chair of the British Chamber of Commerce in Indonesia, said that South-east Asian markets such as Indonesia and Vietnam are now viewed as a 'strategic hedge' against over-reliance on traditional Western markets as they offer dynamic consumer bases, expanding middle classes and improving regulatory frameworks. Stephen Olson, former US trade negotiator and visiting senior fellow at Iseas-Yusof Ishak Institute echoed the sentiment: 'The EU is clearly attempting to diversify its trade relations away from the US, and Asean is a key focal point.' Recent developments, including the breakthrough EU-Indonesia Comprehensive Economic Partnership Agreement (CEPA) and sector-specific pacts such as the UK-Vietnam pharmaceutical deal, underscore this structural shift. The pivot is supported by recent Allianz Trade surveys before and after the US' 'Liberation Day' tariffs on Apr 2, which found that European export interest towards South and South-east Asia doubled from 7 per cent to 14 per cent as trade links between the regions are intensifying with more free-trade agreements (FTAs). A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up The shifting sentiments were more evident when it came to supply-chain exposures. 'The trade war is creating opportunistic friendshoring (with) the Europe-Asia rapprochement,' Allianz analysts wrote. They pointed out that the Asia-Pacific has now become the preferred relocation destination for German companies with current links to North American supply chains – with 43 per cent opting for this, rising sharply from 28 per cent. 'We see a lot of manufacturing and industrial companies leveraging Vietnam as an expansion, and it creates opportunities for wider exchange (between Vietnam and Europe),' said Thomas Saueressig, member of the executive board of SAP, during a press briefing on Aug 7 to launch its new SAP Labs in Ho Chi Minh City. The German enterprise software giant plans to invest more than 150 million euros over the next five years to strengthen its engineering hub in Vietnam, the second in South-east Asia following the one in Singapore in 2022. '(How we try to boost SAP Labs here) is also a great next signal for more and further increased collaborations and partnerships across industries from Germany, Europe, to South-east Asia, specifically in Vietnam,' he added. Europe is not stopping at Indonesia or Vietnam. The Philippines embarked on a fresh round of FTA talks with the EU in June, with the next one scheduled in October. Negotiations with Malaysia and Thailand are also ongoing at various stages. 'Once (Indonesia-EU CEPA) is signed, I believe it opens the way for further conclusions and negotiations with other Asean member states,' said Edison Bako, executive director at the European Business Chamber of Commerce (EuroCham) in Indonesia. One of the key challenges for these countries, according to Olson, will be navigating differing perspectives on values-driven social issues and climate change – areas that the EU increasingly intertwines with its trade policies. Indonesian President Prabowo Subianto meeting European Commission President Ursula von der Leyen in Brussels on Jul 13. PHOTO: INDONESIA PRESIDENTIAL SECRETARIAT Indonesia-EU CEPA: Catalyst for broader engagement Politically concluded on Jul 14, 2025, the Indonesia-EU CEPA is set for legal finalisation by September and is poised to serve as a template for Europe's wider strategy in Asean. Under the CEPA, approximately 80 per cent of Indonesia's exports to the EU – including textiles, footwear, fisheries, palm oil and electric vehicle (EV)-related components – will benefit from immediate or gradual tariff elimination, boosting export competitiveness and improving market access. In return, EU companies will gain wider access to Indonesia's rapidly growing market of 280 million consumers, with key export opportunities in meat, dairy products and green technologies. Trade between the two sides is projected to grow by 50 per cent or more in the coming years under the new framework. '(The deal) would also open the floodgates in terms of the prospects for environmental sustainability and governance (ESG) standards here in Asean,' added Bako. Europe has emerged as one of the top seven sources of foreign investment in Indonesia, with inflows reaching US$4.59 billion in 2024, up 52 per cent from US$3.02 billion in the previous year, driven by growing interest in the EV, healthcare and resource sectors. 'The ongoing uncertainty in EU-US trade relations is prompting many to look more seriously at Asean,' said Fabian Kieble, chairman of EuroCham in Indonesia. 'Indonesia's EV battery and mining sectors are key areas of interest. The country's push for EVs aligns well with European expertise,' he added. Vietnam-UK sectoral strategy Vietnam has been playing a key role in Europe's Asia strategy, with the UK-Vietnam pharmaceutical agreement – confirmed on the same day as the announcement of CEPA between the EU and Indonesia – symbolising deeper engagement. 'We expect the diversification of trade partners this agreement provides to enhance the UK's resilience against global trade uncertainties while creating new growth opportunities in emerging markets across Asia,' Rachel Finlay, healthcare analyst at BMI, a unit of Fitch Solutions, wrote in a note last month. The deal removes non-tariff barriers for UK pharmaceutical exports and reinforces the Medicines and Healthcare products Regulatory Agency's standards as an internationally recognised benchmark – a move that could ripple through other Asean markets. 'This agreement also strengthens Vietnam's broader trade relationship with the UK, which could lead to expanded cooperation in other sectors such as finance and clean energy,' Sakshi Sikka, associate director of pharmaceuticals at BMI, added. Clarence Hoe, executive director of Americas and Europe at Enterprise Singapore also observed increased interest from European companies to participate in renewable energy infrastructure projects in South-east Asian markets due to the latter's vast potential and commitment to net zero targets, as well as pro-energy transition policies. Pha Lai thermal power plant in Hai Duong province, Vietnam. The UK and EU are the co-leads of the International Partners Group, which has been working with Hanoi to implement Vietnam's Just Energy Transition Partnership since December 2022. PHOTO: AFP Singapore: Asean's entry point for European firms While emerging South-east Asian economies present huge growth potential, Singapore remains Europe's launch pad into the region, with more than 19,000 European companies operating in the city-state. Recent manufacturing investments by Sanofi, Biotronik, Siltronic and NTS in Singapore highlight the 'queen bee' effect – where global firms cluster their suppliers and partners around the South-east Asian region, said Dino Tan, senior vice-president and head of Europe at Singapore Economic Development Board. Following the Europe-Singapore Digital Trade Agreement, which was finalised last year, London-headquartered fintech Wise expanded its Asia-Pacific hub in Singapore in April to better serve markets in the region. Norwegian gamified learning platform Kahoot launched its Asia-Pacific hub in the Republic in July, using Singapore as a gateway for its regional growth. 'Singapore is deepening regional economic integration within South-east Asia, which will make it easier for companies to do business in our region,' Tan noted. He highlighted initiatives such as the Johor-Singapore Special Economic Zone, announced earlier this year, as a strategic location that enables European companies to leverage the combined strengths of both Malaysia and Singapore to diversify their supply chains and continue scaling. Additional reporting by Goh Ruoxue in Singapore
Straits Times
an hour ago
- Straits Times
BTO income ceiling, age floor for singles being reviewed: Chee Hong Tat
Sign up now: Get ST's newsletters delivered to your inbox National Development Minister Chee Hong Tat said a continued strong supply of BTO flats is needed to make any changes to the eligibility conditions for flat buyers. SINGAPORE – The income ceiling for couples applying for Build-To-Order (BTO) flats, as well as the minimum age of 35 for singles purchasing flats, is being reviewed, and changes to these policies – if any – will depend on upcoming flat supply and demand, said National Development Minister Chee Hong Tat. Speaking to local media outlets on Aug 5, when he laid out some of his ministry's priorities, Mr Chee said a continued strong supply of BTO flats is needed to make any changes to the eligibility conditions for flat buyers. To this end, he said 55,000 BTO flats will be launched between 2025 and 2027 – 10 per cent more than the Government's previous supply commitment of 50,000 flats over the same period. Apart from potential changes to public housing policies, Mr Chee also made announcements on plans to enliven commercial spaces, as well as improve the maintenance of private estates. Eligibility conditions for flat buyers On BTO eligibility conditions that exclude couples who currently exceed the $14,000 income ceiling, as well as singles who are not aged 35 yet, from applying for flats, Mr Chee said these are still being reviewed. 'I want to assure Singaporeans that we are reviewing both income criteria and also the age requirement for singles, and at an appropriate time, we do intend to make some moves,' he said. 'But I want to make sure that when we make those moves, we will not end up with a situation where there's insufficient supply,' he added, noting that the Government has worked very hard to ease the BTO supply crunch caused by the Covid-19 pandemic, when many applicants were not able to choose flats, or faced a very long wait for their new homes. Top stories Swipe. Select. Stay informed. Singapore 55,000 BTO units to be launched from 2025 to 2027, will help moderate HDB resale prices: Minister Singapore Over 118,000 speeding violations in first half of 2025; situation shows no signs of improvement: TP Singapore Israel's plan to step up Gaza offensive dangerous and unacceptable: MFA Singapore Four men arrested in Bukit Timah believed to be linked to housebreaking syndicates Singapore Criminal trial of Hyflux founder Olivia Lum and five others starts Aug 11 Singapore Why some teens cook despite Singapore's da bao culture Singapore Man arrested over hacking attempt on RedeemSG portal Singapore 'We could feel the heat from our house': Car catches fire in Bidadari area From 2021 to 2024, 82,710 BTO flats were launched – more than 20,600 per year on average – while about 19,600 are slated to be launched in 2025, with 10,579 launched thus far. Mr Chee said demand for new flats remains strong, including from young couples who want to own their own home while also living near their parents, instead of the whole family living in the same flat – a practice more common in the past. Whether the income ceiling for couples and the minimum age for singles can be adjusted depends on the supply that can be introduced over the next few years, said Mr Chee. 'Because you can imagine, if we lower the age limit for singles, or if we raise the income threshold, there will be more applicants who qualify and therefore demand will go up,' he said, adding that this demand cannot be met without a strong supply of BTO flats. 'I think it's important for us to create the right conditions to be able to make these policy moves at an appropriate time.' Only when there is sufficient supply to meet increased flat demand can the income ceiling for couples, or age threshold for singles, be tweaked, he said. Business improvement districts The Ministry of National Development will propose new legislation to formalise the Business Improvement District (BID) model, said Mr Chee. This follows a successful pilot by the Urban Redevelopment Authority (URA) that has been ongoing since 2017. Under the BID programme , private-sector property owners and businesses take collective ownership of the precincts they operate in, by pooling funds for marketing, hospitality and organising events. Under the pilot BID programme, businesses in each participating precinct had to develop a multi-year business plan and contribute funds to roll out programmes. To kick-start the programme, the government offered support by matching every membership dollar raised dollar-for-dollar, up to a cap of $500,000 per annum. Four BIDs are still active – in Marina Central (from January 2020), Tanjong Pagar (from September 2019), the Singapore River (from April 2017) and Raffles Place (from January 2020) – while a BID for Marina Bay called the Marina Bay Alliance operated from January 2020 to December 2023. Programmes organised include the Singapore River Festival by Singapore River One, and District M, a pop and electronic music festival by the Marina Central BID. Mr Chee said the Government hopes that formalising the BID model will result in more BIDs being set up across Singapore. He added that the new laws will leverage the established BID framework and safeguards to allow commercial property owners to self-organise and form their own BIDs. In turn, commercial precincts are expected to be livelier with the insertion of new programmes. He said one sector that could be revitalised by the BID model is the nightlife industry . URA said the Government is aiming to enact the BID legislation within the next two years. Change-of-use applications To shorten regulatory processes and lower costs for some businesses, the Government is working on streamlining processes such that applications to URA will no longer be required. Currently, businesses need to obtain URA's permission for change of uses within commercial spaces in JTC business parks and community centres managed by the People's Association (PA) – a process that takes about two weeks and costs $500. URA's permission is also required for land-based solar farm projects, and comes with a $3,500 application fee. Mr Chee said the Government is working towards no longer requiring URA's permission to be granted in both these instances. URA said the rule tweaks regarding change of use will apply to 'selected commercial uses in PA's community centres' – for instance, changing a shop to a gym. The agency said JTC and PA will assess and administer proposals for authorised commercial uses on their respective premises, and work directly with tenants on operational matters. As for the rule changes for land-based solar farms, URA said they will apply to those to be set up on state and statutory board-owned land. 'The respective land owner agencies would have already obtained URA's upstream land use approval for the land-based solar projects,' said the agency. URA said the streamlined processes are expected to be implemented in 2026. Private estate maintenance Noting that both public and private estates in Singapore are ageing, Mr Chee said the Government is reviewing the Building Maintenance and Strata Management Act to better enable management corporation strata titles (MCSTs) to upgrade their developments. This comes on the back of a growing number of condominium developments grappling with deteriorating infrastructure and insufficient sinking funds to carry out major repair and replacement works. In addition, Mr Chee said that in line with Age Well SG – a national programme to support seniors to age well in their homes and their communities – the Government will study how the Building and Construction Authority's Accessibility Fund can better support MCSTs. The fund provides grants to building owners to upgrade their existing buildings with essential accessibility features, such as ramps, wheelchair-friendly lifts and accessible carpark spaces. Studies are still at the early stage, said Mr Chee.
Straits Times
an hour ago
- Straits Times
First voluntary redevelopment projects for HDB flats likely to be launched in first half of 2030s
Sign up now: Get ST's newsletters delivered to your inbox National Development Minister Chee Hong Tat said that the public will be consulted on the Vers framework in this term of Government. SINGAPORE – The Voluntary Early Redevelopment Scheme (Vers) for Housing Board flats will likely begin with a few sites in the first half of the 2030s, said National Development Minister Chee Hong Tat in a long-awaited update on the scheme. Looking ahead, the Government will focus its efforts on Vers, with no plans for further projects under the Selective En bloc Redevelopment Scheme (Sers), he told local media outlets in an interview on Aug 5. Mr Chee also gave an update on Home Improvement Programme II, or HIP II, which refers to the second round of upgrades that HDB flats will undergo , to last flat owners till the end of their 99-year lease. Under both Sers and Vers, the Government takes back flats before the end of their 99-year lease to redevelop them and meet housing needs. While Sers is a compulsory scheme, which gives the Government full discretion on which HDB precincts to redevelop, Vers will involve home owners of selected precincts aged about 70 and up choosing if they want their homes to be acquired by the Government for redevelopment, before their leases run out. Under Sers – which began in 1995 – home owners are compensated based on the market value of their flats when a project is announced. The latest Sers project, which is currently ongoing, involves Blocks 562 to 565 in Ang Mo Kio Avenue 3 and was announced in April 2022. Top stories Swipe. Select. Stay informed. Singapore 55,000 BTO units to be launched from 2025 to 2027, will help moderate HDB resale prices: Minister Singapore Over 118,000 speeding violations in first half of 2025; situation shows no signs of improvement: TP Singapore Israel's plan to step up Gaza offensive dangerous and unacceptable: MFA Singapore Four men arrested in Bukit Timah believed to be linked to housebreaking syndicates Singapore Criminal trial of Hyflux founder Olivia Lum and five others starts Aug 11 Singapore Why some teens cook despite Singapore's da bao culture Singapore Man arrested over hacking attempt on RedeemSG portal Singapore 'We could feel the heat from our house': Car catches fire in Bidadari area The terms of Vers have not been finalised. Mr Chee on Aug 5 set out the timeline for its implementation, in the first significant update since Vers was announced at the 2018 National Day Rally . 'In this term of government, our aim is to develop and flesh out the Vers framework,' said Mr Chee, who took office in May following the general election. The next election must be called by 2030. This includes 'setting parameters to identify possible Vers sites, ensuring sufficient homes are ready in time for residents who are involved in Vers to relocate to, and working out a fair package for Vers residents', he said. 'Unlike Sers, which involves precincts with high redevelopment potential, there is less financial upside to Vers, because the flats will be older, and hence the terms will be less generous,' he added. Mr Chee said that before Vers is launched in the 2030s, the authorities will seek Singaporeans' views and feedback on the scheme. He noted that Vers is a 'very long-term, very complex policy that will not only have to be fair to the current generation of flat owners, but must also be financially sustainable for future generations'. Once the public consultation is over, Vers will start 'with a few selected sites', said Mr Chee, adding that this will likely take place in the first half of the 2030s. 'We will continually review our processes as we go along, and progressively scale up Vers by the late 2030s,' he said. 'Our plan is to progressively offer Vers to selected estates in different parts of Singapore.' Referencing then Prime Minister Lee Hsien Loong's 2018 rally speech, in which he explained that Vers will need to be implemented in stages, Mr Chee said the redevelopment of Singapore's older estates will have to take place in a 'measured and considered way'. Several older estates were rapidly built up in the 1970s and 1980s to meet the urgent housing demand then, Mr Chee noted. Should the leases of flats in these estates be allowed to run their full course, many residents will need to be relocated, and many homes built within a short time in the 2070s and 2080s. 'This will be very disruptive to residents who are staying in these towns,' he said, adding that it will hence be better for redevelopment to take place progressively over two to three decades. Examples of towns built in the 1970s and 1980s include Marine Parade, Ang Mo Kio and Bedok. Some of Singapore's oldest flats on 99-year leases were completed as early as in 1962, making them 68 years old in 2030. These flats are located in areas such as Tanjong Rhu, Tiong Bahru and Dakota. Block 6 Jalan Batu was completed in 1962, and its 99-year lease began on 1969. PHOTO: LIANHE WANBAO Mr Chee said that ideally, new flats for residents of Vers projects will be built not too far from their existing homes. Their existing precinct can then be redeveloped, and used to build new homes for residents of a subsequent Vers project, he said. 'That's why you need to do this in stages, to avoid this massive disruption to the entire town, especially in towns where there are many, many flats that are about the same age,' said Mr Chee. Home Improvement Programme II On HIP II, Mr Chee said works undertaken will be more extensive than the current HIP, which takes place about 30 years after flats are built and includes improvements such as upgraded toilets and repairs to spalling concrete. He said this is because flats will undergo HIP II at the 60- to 70-year mark. These older units hence require more work. For instance, said Mr Chee, the corrosion-resistant repair method that was rolled out for spalling concrete repairs under HIP in 2024 will be adopted 'more extensively for older flats undergoing HIP II'. New solutions that are not currently in HIP will also be explored for HIP II, he said. Mr Chee cited new detection technologies, such as using microwave scanning to identify concrete spalling that cannot be seen from the surface, or to narrow down the path of water seepage. He added that HDB has used this technology in some real-life cases, and is currently analysing results so that it can be used for HIP II. Mr Chee said HIP II and Vers are not mutually exclusive – meaning flats could undergo HIP II and subsequently be offered Vers. As Vers projects will be spread out over two to three decades, there may still be a need for flats to undergo HIP II when they are around 60 years old, so they remain liveable until they are redeveloped under Vers – should they come under the scheme, he said. More details on HIP II will be announced at the next Budget debate in 2026, he added.
