Singapore's bank DBS first-quarter net profit drops 2%, but beat forecasts
DBS, which is also Southeast Asia's biggest lender by assets, said January-March net profit declined to S$2.9 billion ($2.24 billion) from S$2.95 billion a year earlier.
This however beat the mean estimate of S$2.82 billion from two analysts, according to LSEG data.
($1 = 1.2940 Singapore dollars)
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Sky News
24 minutes ago
- Sky News
Trade war: Trump reveals first nations to pay delayed 'liberation day' tariffs
Donald Trump has warned that all goods from Japan and South Korea will face tariffs of 25% from 1 August. The announcement, via his Truth Social platform, marks the restart of the threatened "liberation day" escalation that was paused in April, for 90 days, to allow for negotiations to take place with all US trading partners. The US president included copies of letters to the leaders of both Japan and South Korea informing them of the tariff rates. Those duties will come on top of sector-specific tariffs - such as 50% rates covering steel - which are already in force. He warned the rates could be adjusted "upward or downward, depending on our relationship with your country". Country-specific tariffs had been due to take effect from Wednesday this week but Mr Trump had earlier revealed that nations would start to get letters instead, setting out the US position. Duties would take effect from 1 August, without any subsequent deal being agreed, it was announced. The letters sent to Japan and South Korea cited persistent trade imbalances for the rates and included the sentence: "We invite you to participate in the extraordinary Economy of the United States, the Number One Market in the World, by far." He ended both letters by saying, "Thank you for your attention to this matter!" The European Union - the biggest single US trading partner - is among those set to get a letter in the coming days. Mr Trump has also threatened an additional 10% tariff on any country aligning itself with the "anti-American policies" of BRICS nations - those are Brazil, Russia, India, China and South Africa and whose members also include Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates. The UK, bar a massive shock U-turn, should be exempt. 2:49 The country was the first to be granted a trade deal, of sorts, in May and the Trump administration has claimed many others had been offering concessions since the clock ticked down to 9 July. The UK is not expected to face any changes to its current 10% rate due to the trade truce, which came into effect last week. While UK-made cars aerospace products face no duties under a new quota arrangement, it still remains to be seen whether 25% tariffs on UK-produced steel and aluminium will be cancelled. 5:08 They could, conceivably, even be raised to 50%, as is currently the case for America's other trading partners, because no agreement on eliminating the rate was reached when the government struck its deal in May. It all amounts to more uncertainty for the UK steel sector. A No 10 spokesman said on Monday: "Our work with the US continues to get this deal implemented as soon as possible. "That will remove the 25% tariff on UK steel and aluminium, making us the only country in the world to have tariffs removed on these products. "The US agreed to remove tariffs on these products as part of our agreement on 8 May. It reiterated that again at the G7 last month. The discussions continue, and will continue to do so." China and Vietnam have also secured some US concessions. The dollar strengthened but US stock markets lost ground in the wake of the letters to Japan and South Korea being made public, with the broad-based S&P 500 down by 1%. Stock markets in both Japan and South Korea were closed for the day but US-traded shares of SK Telecom and LG Display were down 7.5% and 5.8% respectively.
Sky News
36 minutes ago
- Sky News
Trade war: Trump reveals first two nations to pay delayed 'liberation day' tariffs
Donald Trump has warned that all goods from Japan and South Korea will face tariffs of 25% from 1 August. The announcement, via his Truth Social platform, marks the restart of the threatened "liberation day" escalation that was paused in April, for 90 days, to allow for negotiations to take place with all US trading partners. The president showed off copies of letters to the leaders of both Japan and South Korea informing them of the tariff rates. Those duties will come on top of sector-specific tariffs - such as 50% rates covering steel - already in force. He warned the rates could be adjusted "upward or downward, depending on our relationship with your country". Country-specific tariffs had been due to take effect from Wednesday this week but Mr Trump had earlier revealed that nations would start to get letters instead, setting out the US position. Duties would take effect from 1 August, without any subsequent deal being agreed, it was announced. The letters sent to Japan and South Korea cited persistent trade imbalances for the rates and included the sentence: "We invite you to participate in the extraordinary Economy of the United States, the Number One Market in the World, by far." He ended both letters by saying, "Thank you for your attention to this matter!" The European Union - the biggest single US trading partner - is among those set to get a letter in the coming days. Mr Trump has also threatened an additional 10% tariff on any country aligning itself with the "anti-American policies" of BRICS nations - those are Brazil, Russia, India, China and South Africa and whose members also include Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates. The UK, bar a massive shock U-turn, should be exempt. 2:49 The country was the first to be granted a trade deal, of sorts, in May and the Trump administration has claimed many others had been offering concessions since the clock ticked down to 9 July. The UK is not expected to face any changes to its current 10% rate due to the trade truce, which came into effect last week. While UK-made cars aerospace products face no duties under a new quota arrangement, it still remains to be seen whether 25% tariffs on UK-produced steel and aluminium will be cancelled. 5:08 They could, conceivably, even be raised to 50%, as is currently the case for America's other trading partners, because no agreement on eliminating the rate was reached when the government struck its deal in May. It all amounts to more uncertainty for the UK steel sector. A No 10 spokesman said on Monday: "Our work with the US continues to get this deal implemented as soon as possible. "That will remove the 25% tariff on UK steel and aluminium, making us the only country in the world to have tariffs removed on these products. "The US agreed to remove tariffs on these products as part of our agreement on 8 May. It reiterated that again at the G7 last month. The discussions continue, and will continue to do so." China and Vietnam have also secured some US concessions. The dollar strengthened but US stock markets lost ground in the wake of the letters to Japan and South Korea being made public, with the broad-based S&P 500 down by 1%. Stock markets in both Japan and South Korea were closed for the day but US-traded shares of SK Telecom and LG Display were down 7.5% and 5.8% respectively.
BreakingNews.ie
an hour ago
- BreakingNews.ie
Trump threatens 25% tax on goods imported from Japan and South Korea
President Donald Trump has placed a 25% tax on goods imported from Japan and South Korea, citing persistent trade imbalances with the two crucial US allies in Asia. Mr Trump provided notice of the tariffs to begin on August 1 by posting letters on Truth Social that were addressed to the leaders of both countries. Advertisement The letters warned both countries not to retaliate by increasing their own import taxes, or else the Trump administration would further increase tariffs. 'If for any reason you decide to raise your tariffs, then, whatever the number you choose to raise them by, will be added onto the 25% that we charge,' Mr Trump wrote in the letters to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae-myung. The letters were not the final word from Mr Trump on tariffs, so much as another episode in a global economic drama in which the US president has placed himself at the centre. He has declared an economic emergency to unilaterally impose the taxes, suggesting they are remedies for past trade deficits even though many US consumers have come to value car, electronics and other goods from Japan and South Korea. Advertisement But it is unclear what he gains strategically against China — another stated reason for the tariffs — by challenging two crucial partners in Asia who could counter China's economic heft. 'These tariffs may be modified, upward or downward, depending on our relationship with your country,' Mr Trump wrote in both letters. Because the new tariff rates go into effect in roughly three weeks, Mr Trump is setting up a period of possibly tempestuous talks among the US and its trade partners to reach new frameworks. Mr Trump initially sparked hysteria in the financial markets by announcing tariff rates on dozens of countries, including 24% on Japan and 25% on South Korea. In order to calm the markets, Mr Trump unveiled a 90-day negotiating period during which goods from most countries were taxed at a baseline 10%. Advertisement The 90-day negotiating period technically ends before Wednesday, even as multiple administration officials and Mr Trump himself suggested the three-week period before implementation is akin to overtime for additional talks. He is relying on tariff revenues to help offset the tax cuts he signed into law on July 4, a move that could shift a greater share of the federal tax burden on to the middle class and poor as importers would pass along much of the cost of the tariffs. His trade framework with Vietnam is clearly designed to box out China from routing its America-bound goods through that country, while the quotas in the United Kingdom framework would spare that nation from the higher tariff rates being charged on steel, aluminium and autos. The United States ran a 69.4 billion dollar trade imbalance in goods with Japan in 2024 and a 66 billion imbalance with South Korea, according to the Census Bureau. Advertisement
