Gates Foundation to open office in Singapore, Singapore News
SINGAPORE — The Gates Foundation will be setting up an office in Singapore, said its chairman Bill Gates on May 5.
Speaking at the Philanthropy Asia Summit convened by Temasek Trust's Philanthropy Asia Alliance, Gates said: "The Gates Foundation is putting an office here — to access the science, to partner with the philanthropic community."
Founded in 2000 by Gates and his then wife Melinda French Gates, the foundation is a philanthropic organisation that aims to fight poverty, disease and inequity around the world.
"I would say that Asian innovation is a part of why I am so excited about the progress we can make in health. Initially, when we thought of Asian innovation, we mostly thought about low cost — which is a great thing," Gates said during a dialogue with President Tharman Shanmugaratnam.
"I mean, the lowest-cost vaccines in the world are made in India, Indonesia — this region. But more and more, the innovation is about cutting-edge work."
Gates added: "Both (Gates Foundation and Breakthrough Energy) are very excited about what's going on in Singapore."
Breakthrough Energy is an umbrella group for energy and environmental efforts founded by Gates. It aims to accelerate innovation in sustainable energy and in other technologies to reduce greenhouse gas emissions.
The foundation's presence here will be established with the support of the Economic Development Board (EDB).
EDB said in a separate statement on May 5 that the establishment of a Singapore presence reflects the Gates Foundation's broader commitment to working alongside countries and partners to help more people live healthy and productive lives, and to accelerate progress towards achieving the UN's Sustainable Development Goals.
During the dialogue, Tharman touched on the importance of capacity building.
"We need a step-up in resources — public sector resources within countries, philanthropic money and private finance — but it's not just about volumes, but effectiveness," he said.
"So if you think of how we can best deploy even a billion dollars, I think we first have to refocus on building up the domestic capacity within countries for them to be more self-sufficient," he added, pointing to the importance of building up "domestic tax capacity" and the ability to execute budgets more effectively. Gates Foundation chairman Bill Gates (left) and President Tharman Shanmugaratnam at the Philanthropy Asia Summit on May 5. PHOTO: The Straits Times
"It's not a hopeless case at all. What many don't realise is that in the lowest-income regions of the world, several countries have significantly increased their tax revenues — by at least 2 to 3 percentage points of GDP (gross domestic product), without loss to economic growth. It's doable," he added.
"Developing capacity within countries has to be a renewed priority," Tharman said. "There's still huge potential for capacity development in Asia and in the developing world at large."
In a Facebook post on May 5, Prime Minister Lawrence Wong said he had a wide-ranging conversation on the challenges ahead, from clean energy to vaccine development, with Gates.
"Singapore looks forward to working closely with the Gates Foundation to advance innovation and improve lives — here in Asia and around the world," he wrote.
[embed]https://www.instagram.com/p/DJRKs8qSyJY/?utm_source=ig_web_copy_link&igsh=MzRlODBiNWFlZA==[/embed]
Senior Minister Lee Hsien Loong said on May 5 that he and Gates exchanged views over lunch on topics ranging from eradicating polio and measles to developing new technologies for nuclear power.
"We also discussed how the Gates Foundation could collaborate more with entities in Singapore, like Temasek Trust and the universities," he wrote in a LinkedIn post.
"The Gates Foundation is planning to establish a presence here, to support its work in our region with governments, philanthropies and institutions, in support of its global health and development goals.
"We welcome the Gates Foundation and others to continue to bring their businesses and interests here to Singapore and invest in our ecosystem and deepen our ties with the region."
[[nid:717738]]
This article was first published in The Straits Times. Permission required for reproduction.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
42 minutes ago
- Business Times
Global demand jumps for emerging Asia bonds on rate-cut bets, FX
[HONG KONG] Global investors are extending their purchases of sovereign bonds in emerging Asia on rate-cut wagers and stronger local currencies. Foreign funds bought US$2.9 billion in Malaysia conventional government bonds in May, according to Bank Negara Malaysia's latest data, the largest monthly inflow since October 2013. Their purchase of a net US$652 million of listed bonds in South Korea on Jun 5, marked the longest buying streak in more than two years, according to Financial Supervisory Service data. The inflows came as most emerging-Asian currencies strengthened this quarter, buoyed by an extended decline in the US dollar due to waning US exceptionalism and de-US dollarisation concerns. Growing expectations of lower borrowing costs in the region are also aiding bond sales, with issuers racing to secure financing ahead of any further wobbles in global markets. Traders are increasingly betting that Malaysia, South-east Asia's last holdout against interest rate cuts, will finally pivot to boost its economic growth amid trade uncertainties. The Bank of Korea cut benchmark rates by 25 basis points at May-end, while signalling more policy easing as US trade tariffs hit growth. Global investors have also poured US$1.7 billion and US$2.1 billion, respectively, into Thailand and Indonesian bonds since April, putting them on track for their largest inflows in at least three quarters. The demand has driven sovereign yields lower, with Thailand's 10-year benchmark falling to the lowest in nearly four years, while the similar Indonesia note is hovering close to a low in November. In South Korea, clarity over the political landscape is also lifting the prospect for the country's assets after months of leadership vacuum. This, in tandem with the forthcoming addition into FTSE Russell's World government Bond Index are buoying demand despite lingering concerns over additional debt supply to fund President Lee Jae-myung's fiscal spending plans. The benchmark Kospi Index climbed almost 2 per cent on Monday (Jun 9), leading gains in Asia, while Malaysia's main stock index rose by as much as 0.3 per cent. Global trade optimism was buoyed on Monday as top trade officials from US and China are set to hold fresh talks in London. BLOOMBERG
Business Times
4 hours ago
- Business Times
GCB market could reel from trade tariffs and business uncertainty.
[SINGAPORE] Owning a detached home in a Good Class Bungalow (GCB) Area is arguably the ultimate status symbol for the super rich in land-scarce Singapore. Located in leafy residential enclaves, these homes can be great for living and entertaining. They are also good stores of value, enabling owners to potentially enjoy robust capital appreciation. Recent GCB Area bungalow deals include the purchase by Diona Teh, a daughter of the late tycoon Teh Hong Piow, who founded Malaysia's Public Bank, of a Tanglin Hill area bungalow for S$93.9 million; and shipping entrepreneur Guo Ningbo's purchase of a Leedon Park detached home for S$45.8 million. The late pioneer architect Alfred Wong's Bin Tong Park GCB Area bungalow was also recently sold for S$45 million. As economic growth prospects dim due to trade uncertainties, could some of the fizz come off this much coveted segment of the housing market? There are 39 gazetted GCB Areas, of which the most prestigious include Chatsworth Park, Cluny Hill, Dalvey Estate and Nassim Road. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Bungalows in GCB Areas have to follow strict planning conditions to preserve their exclusivity and low-rise character. For example, a minimum plot size of 1,400 square metres or 15,070 square feet (sq ft) is stipulated as the planning norm for newly created bungalows in GCB Areas. GCB Area detached houses are also subject to generally more stringent development guidelines than bungalows outside GCB Areas, including maximum site coverage of 45 per cent. There are around 2,700 bungalows in GCB Areas and the stock of such homes is seen to be relatively stable. Typically, only Singapore citizens can buy a landed property in a GCB Area. One may need to spend S$35 million to acquire an old GCB Area bungalow, which sits on 16,000 sq ft of land, plus incur Buyer's Stamp Duty of over S$2 million. Building a new 12,000 sq ft home could cost an additional S$10 million. Doubtless, scarcity value and Singapore's draw as a place to live and invest for the super rich support lofty prices of GCB Area bungalows. Nonetheless, US President Donald Trump's trade tariffs could hurt prices of GCB Area bungalows. To correct trade imbalances with partners and bring manufacturing jobs back to the US, Trump is erecting trade barriers. Superpowers US and China are locked in intense competition. Much uncertainty surrounds how negotiations between the US and various trading partners will unfold as the US moves away from embracing multilateralism and free trade. Tough business and stock market outlook Against the above backdrop, corporate earnings in diverse sectors and economic growth in many countries including export dependent Asian nations will be significantly affected. Business owners in disparate fields such as consumer goods, finance, logistics, pharmaceuticals, resources and technology may find the going tough and see their wealth accumulation slow or net worth decline. As Asian business titans and their family members are key drivers of demand for trophy GCB Area homes here, the chilling effects of worsening business conditions could weigh on demand for such homes. Add to that, many of the super rich are heavily exposed to global financial markets. Weaker equities markets due to uncertain corporate earnings outlook and risks of recession in major economies could hurt the net worth of wealthy families and temper their appetite for big ticket property buys. Uncertainty and caution Moreover, uncertainty linked to abrupt and disruptive changes in the US' trade policies and heightened mistrust among nations as they become more assertive on their self-interest, may drive the wealthy to raise their cash holdings instead of tying up funds in relatively illiquid chunky physical property. A wealthy person may want to have more cash on hand to help deal with sudden cash flow difficulties in a business or declines in dividend income because of a global shock. Importantly too, people may be more keen to make big ticket buys when they are optimistic about the future and vice versa. If the super rich grow increasingly cautious and pessimistic on economic prospects because of disruption to the global trading system as well as America's retreat from providing security to allies and championing free trade, they could hesitate to commit to paying princely sums for GCB Area houses. No Covid pandemic-like recovery Certainly, the onset of the Covid pandemic induced much panic and fear among the super rich. Yet many billionaires and multi millionaires flourished during the pandemic as numerous governments generously helped business owners and interest rates fell. Critically, as effective vaccines rolled out, many businesses and economies recovered from the pandemic's dark days. As the US retreats from globalisation, businesses and stock markets may not reap the benefits of interest rates falling sharply, fiscal purses opening up to aid businesses or a new and effective trading system emerging rapidly. Many vendors will likely be firm with asking prices for their prized GCB Area homes. However, some vendors may have weaker holding power because of hits taken to their businesses and investment portfolios. In addition, recurring ownership-related costs of GCB Area homes, such as maintenance expenses and property tax, can be substantial. Excluding any rebate, the annual property tax of an owner-occupied detached house in a GCB Area with Annual Value (AV) of S$200,000 amounts to S$38,220. The annual property tax of the said home for a non-owner-occupier is S$61,200. A home's AV is the estimated gross annual rent of the property if it were to be rented out, excluding furniture, furnishings and maintenance fees. Might GCB Area bungalow owners face stiffer property taxes if fiscal spending rises to help deal with the fall-out from higher US tariffs? As it stands, property taxes on homes here are progressive with higher rates applying to pricier homes. GCB Area homes here will retain their shine especially as Singapore's safe haven premium may rise in an increasingly messy world. Still, as deglobalisation, rising business uncertainty and geopolitical tensions dim prospects for many of the super rich, their buying appetite for pricey GCB Area bungalows could weaken.
Business Times
5 hours ago
- Business Times
Asia: Markets rally ahead of latest China-US trade talks
[HONG KONG] Stocks rallied on Monday (Jun 9) on hopes that a fresh round of China-US trade talks later in the day will ease tensions between the economic superpowers, while investors were also cheered by forecast-topping US jobs data. The gains extended a run-up across global markets in recent weeks as fears about US President Donald Trump's tariff blitz subside and countries make deals with Washington. All eyes are on London, where top officials from China and the United States are due to meet for more negotiations aimed at preserving a fragile truce agreed last month that slashed eye-watering tit-for-tat levies. The talks come days after Trump and Chinese counterpart Xi Jinping held their first publicly announced telephone talks since the US president returned to the White House. They were helped by news that Beijing had on Saturday approved some applications for rare-earth exports, while plane giant Boeing will start sending commercial jets to China for the first time since April. Optimism that the two sides will make a breakthrough boosted Asian markets, with Hong Kong up more than one per cent, while Tokyo, Shanghai, Seoul, Singapore, Taipei and Manila also advanced. 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 gains followed a strong lead from Wall Street, where all three main indexes closed more than one per cent higher after figures showing the world's largest economy created a forecast-beating 139,000 jobs last month. While the figures for the previous two months were revised down, the data indicated that the economy remained robust, and tempered worries sparked by Wednesday's report by payroll firm ADP showing a big miss on private hiring. Eyes will now turn to the Federal Reserve as it decides whether to lower interest rates, with many economists warning that Trump's tariffs could reignite inflation, hit supply chains and drag on consumer sentiment. 'The May minutes and recent comments by several (policy board) members... suggest the Fed is highly attentive to the risk that tariffs will lead to a persistent inflation shock,' wrote analysts at Bank of America. 'Those risks could come into focus for markets by the fall.' Michael Hewson at MCH Market Insights remained positive for the outlook for the US economy. 'For now, the US economy continues to look reasonably resilient although the recent ADP jobs report showed some evidence of a slowdown in May,' he said in a commentary. 'However on the whole there is little sign that the economy is on the cusp of an economic shock at the moment, despite the unpredictable nature of the current US administration.' AFP
