Japan's Nidec posts rise of 2.3% in first-quarter operating profit
The result for the quarter ended June compared with an estimate of 60.18 billion yen in average profit from a survey of six analysts by LSEG.
The Kyoto-based firm stuck with its full-year operating profit forecast of 260 billion yen.
($1=146.2200 yen)
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Business Times
5 hours ago
- Business Times
Trump, EU's von der Leyen to meet to clinch trade deal
[GLASGOW] European Commission President Ursula von der Leyen is set to meet US President Donald Trump on Sunday (Jul 27) to clinch a trade deal for Europe that would likely see a 15 per cent baseline tariff on most EU goods, but end months of uncertainty for EU companies. US and EU negotiators huddled in final talks on tariffs facing crucial sectors like cars, steel, aluminium and pharmaceuticals before the meeting, which is expected at 1530 GMT on Trump's golf course in Turnberry, western Scotland. US Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick flew to Scotland on Saturday and EU Trade Commissioner Maros Sefcovic arrived on Sunday morning. Lutnick told 'Fox News Sunday' that the EU needed to open its markets for more US exports to convince Trump to reduce a threatened 30 per cent tariff rate that is due to kick in on Aug 1. 'The question is, do they offer President Trump a good enough deal that is worth it for him to step off of the 30 per cent tariffs that he set,' Lutnick said, adding that the EU clearly wanted – and needed – to reach an agreement. A separate US administration official was upbeat that a deal was possible. 'We're cautiously optimistic that there will be a deal reached,' the official said, speaking on condition of anonymity. 'But it's not over till it's over.' BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The EU deal would be a huge prize, given that the US and EU are each other's largest trading partners by far and account for a third of global trade. Ambassadors of EU governments, on a weekend trip to Greenland organised by the Danish presidency of the EU, held a teleconference with EU Commission officials on Sunday to agree on the amount of leeway von der Leyen would have. In case there is no deal and the US imposes 30 per cent tariffs from Aug 1, the EU has prepared counter-tariffs on 93 billion euros (S$140 billion) of US goods. EU diplomats have said a deal would likely include a broad 15 per cent tariff on EU goods imported into the US, mirroring the US-Japan trade deal, along with a 50 per cent tariff on European steel and aluminium for which there could be export quotas. EU officials are hopeful that a 15 per cent baseline tariff would also apply to cars, replacing the current 27.5 per cent auto tariff. Possible exemptions Some expect the 27-nation bloc may be able to secure exemptions from the 15 per cent baseline tariff for its aerospace industry and for spirits, though probably not for wine. The EU could also pledge to buy more liquefied natural gas from the US, a long-standing offer, and boost investment in the US. Trump told reporters there was 'not a lot' of wiggle room on the 50 per cent tariffs that the US has on steel and aluminium imports, adding, 'because if I do it for one, I have to do it for all.' The US president, in Scotland for a few days of golfing and bilateral meetings, told reporters upon his arrival on Friday evening that von der Leyen was a highly respected leader and he was looking forward to meeting with her. He said there was a 50-50 chance that the two sides could reach a framework trade pact, adding that Brussels wanted to 'make a deal very badly'. The EU now faces US tariffs on more than 70 per cent of its exports, with 50 per cent on steel and aluminium, an extra 25 per cent on cars and car parts on top of the existing 2.5 per cent and a 10 per cent levy on most other EU goods. EU officials have said a 'no-deal' tariff rate of 30 per cent would wipe out whole chunks of transatlantic commerce. A 15 per cent tariff on most EU goods would remove uncertainty but would be seen by many in Europe as a poor outcome compared to the initial European ambition of a zero-for-zero tariff deal on all industrial goods. Seeking to learn from Japan, which secured a 15 per cent baseline tariff with the US in a deal earlier this week, EU negotiators spoke to their Japanese counterparts in preparation for Sunday's meeting. For Trump, aiming to reorder the global economy and reduce decades-old US trade deficits, a deal with the EU would be the biggest trade agreement, surpassing the US$550 billion deal with Japan. So far, he has reeled in agreements with Britain, Japan, Indonesia and Vietnam, although his administration has failed to deliver on a promise of '90 deals in 90 days.' REUTERS
Independent Singapore
7 hours ago
- Independent Singapore
Remote work for Singaporean elders: How a 58 y/o man in SG secured his financial lifeline and retirement needs with just a laptop and Wi-Fi
SINGAPORE: When Lim Wei Ming sat at his Tanjong Pagar office one March morning, staring at his CPF retirement projections, he didn't see it as his golden years. Instead, he saw it as a financial black hole. Wei Ming saw his decades of dutiful saving and climbing the corporate ladder led to one cold, hard truth: even with the maximum Central Provident Fund (CPF) contributions, retirement in Singapore might be more sobering than celebratory. His calculations resulted in a modest S$2,800 monthly payout from CPF, compared to a real-world expense of nearly S$8,000, Maxthon quoted him as saying. Mortgage, mum's medical bills, daughter's overseas uni fees —all of that wasn't fiction. This is Singapore's retirement reality. But Lim, like hundreds of Singaporean seniors, discovered a game-changer: remote work. The remote work revelation What started as a pandemic necessity has evolved into a permanent, powerful solution, especially for older professionals. Remote work isn't just a lifestyle shift; it's a financial lifeline. For Singapore's pre-retirees and seniors, it's becoming the difference between scaling back or soaring ahead. The traditional model—work till 62, retire on CPF—is buckling under pressure. Today's retirees are living longer, facing higher costs, and often supporting both parents and adult children. It's the 'sandwich generation' crunch, Singapore edition. With CPF's Enhanced Retirement Sum now at S$426,000 and contribution rates increasing slightly for those aged 55–65, some progress has been made. But for many, it's still not enough to fund a 20-30-year retirement. That's where remote work comes in, with a dazzling array of benefits. Why remote work makes dollars and sense 🏦 1. Boosting CPF while you Zoom A 60-year-old who brings in S$4,000 a month remotely for five more years could add over S$50,000 to their CPF account. That's not pocket change—it could mean hundreds more per month in CPF LIFE payouts down the road. Add in compound interest at 4% (Special Account) and 2.5% (Ordinary Account), and remote work becomes an interest-generating engine. 🏘 2. Escape the CBD, embrace the world No office, no problem. Retirees are ditching the daily commute and expensive city rents for cosier, cheaper locales—some even across the Causeway. Whether it's a beachfront flat in Penang or a mountain view in Chiang Mai, they're stretching their dollars without sacrificing productivity. Even staying local, the savings add up—S$200 to S$400 a month in transport alone. That's before you count hawker lunches swapped for home-cooked meals and a farewell to overpriced work attire. 🧾 3. Sweetening the tax deal Singapore's territorial tax system means income earned abroad but not brought into the country is not taxable. Couple that with no capital gains tax and the ability to time when income is declared, and it becomes a tax playground for the financially savvy silver fox. 🏥 4. Keeping healthcare costs in check Working remotely means fewer MRT rides and fewer chances to catch something in a crowded lift. Add to that continued employer healthcare contributions and less pressure to tap into Medisave, and you've got a healthier, wealthier retirement runway. Flexible work law: The wind in their sails Since December 2024, Singapore employers are now required to formally consider flexible work requests, including remote options. Already, 76% of companies have hybrid policies in place. For older workers, this isn't just about convenience—it's empowerment. What jobs can you do? More than you think Sectors ripe for remote elder-preneurship include: Finance: Advisory, consulting, compliance—Singapore's financial brain trust is still in hot demand Advisory, consulting, compliance—Singapore's financial brain trust is still in hot demand Tech: With fintech booming, part-time remote gigs abound With fintech booming, part-time remote gigs abound Education: Corporate training, language classes, mentoring roles Corporate training, language classes, mentoring roles Legal & Compliance: Regulation never sleeps Regulation never sleeps Marketing & Communications: Content creation doesn't care about your age—just your storytelling chops Singapore's English-speaking edge and reliable digital infrastructure make it a regional powerhouse for remote expertise. You've got the knowledge. You've got the tools. You've even got the timezone. Why stop now? The game plan for retirement 2.0 Phase 1 (Ages 50–55): Prep Mode Upskill in digital tools (Zoom, Canva, Google Workspace, etc.) Build your LinkedIn game Learn the ropes of freelancing, consultancy, or digital entrepreneurship Phase 2 (55–65): Transition Mode Negotiate hybrid work options Start building your client base Use remote work income to top up CPF and Medisave accounts Phase 3 (65+): Flex and Thrive Work part-time, stress-free Mix CPF LIFE payouts with flexible gigs Keep the brain engaged and the wallet happy What could you earn? In one conservative case study: A pre-retiree earns S$2,500/month remotely Lives 20% cheaper thanks to a remote lifestyle Adds S$60,000 to CPF over 8 years Saves S$96,000 on living costs Total benefit is a cool S$156,000 In an optimistic scenario? Earn S$4,000/month consulting from across the border Slash living costs by 40% Build up S$280,000 in eight years That's not retirement. That's reinvention. From survival to strategy This isn't just theory. Singaporeans like Wei Ming and his colleague Sarah—both in their 50s—have turned this model into reality. They've swapped stress for strategy, and their daily commutes for consulting gigs. By leveraging Singapore's global brand and regulatory know-how, they now earn more, save more, and live more. From Singapore to Kuala Lumpur or Penang, or even Bali or Krabi, a growing community of Singaporean 'remote retirees' is proving that you don't have to retire from work—you just need to rethink or reinvent how and where you work. The world is your office Let's be clear: remote work isn't a luxury anymore—it's a necessity. It's the CPF booster, the health preserver, the tax hack, and the lifestyle upgrade wrapped into one. And in the face of a demographic tsunami, rising costs, and longer lifespans, it might just be the only lifeboat that floats. So if you're staring at your CPF projections with dread—or just sick of the daily jam on the PIE—take a page from Wei Ming's playbook. The world is your office, and your legacy doesn't have to come with a retirement countdown clock. All you need is Wi-Fi, expertise, and the will to hit 'Join Meeting.' In other news, which may also be of interest to senior citizens to give it a shot for your financial lifeline and retirement needs planning, a Singaporean couple has transformed their home into a multi-stream income engine, generating over S$3,000 to S$5,000 a month through practical, proven side hustles that are perfect for 2025. In a video that has been making waves among aspiring entrepreneurs, Darien (the hubby) breaks down 10 legitimate side hustles that Singaporeans can start right now. Some require skills, others need hustle, but all are achievable. Photo: YT screengrab/@darienandjoanna You can read more about them and find out how you too could turn your home into a money-making machine while you bake sourdough, play with dogs, or teach a workshop — all without stepping out of your front door over here: 'We make S$5000/month!' — Singaporean couple turns their S$1M condo into a passive income machine with 10 side hustle recommendations, working from home
CNA
9 hours ago
- CNA
Indian tech company TCS to cut workforce by 2%, affecting more than 12,000 jobs
BENGALURU :India's largest IT services provider Tata Consultancy Services will reduce its workforce by 2 per cent in its 2026 financial year, primarily affecting middle and senior management, the company said on Sunday. The company is retraining and redeploying staff as it enters new markets, invests in new technology and deploys AI, but about 12,200 jobs will be cut as part of the process, it said. "This transition is being planned with due care to ensure there is no impact on service delivery to our clients," the company added. India's $283 billion IT sector has had to contend with clients holding back non-essential technology spending because of weak demand, persistent inflation and lingering uncertainty over U.S. trade policies.
