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CNA938 Rewind - Stock take today: Japanese yen advances on election, Wall Street uncertain

CNA938 Rewind - Stock take today: Japanese yen advances on election, Wall Street uncertain

CNAa day ago
On the daily markets analysis on Open For Business, Andrea Heng and Hairianto Diman speak with Francis Tan, Chief Strategist for Asia at Indosuez Wealth Management.
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Trump, Xi aides discussed autumn US-China leaders' meeting, sources say
Trump, Xi aides discussed autumn US-China leaders' meeting, sources say

Straits Times

timean hour ago

  • Straits Times

Trump, Xi aides discussed autumn US-China leaders' meeting, sources say

US President Donald Trump and China's President Xi Jinping at the G20 leaders summit in Osaka, Japan, in June 2019. WASHINGTON/BEIJING - Aides to Mr Donald Trump and Chinese leader Xi Jinping have discussed a potential meeting between the leaders during a trip by the US president to Asia later this year, according to two people familiar with the plans. While plans for a meeting have not been finalised, discussions on both sides of the Pacific have included a possible stopover by Mr Trump around the time of the Asia-Pacific Economic Cooperation summit in South Korea or talks on the sidelines of the Oct 30 - Nov 1 event, the people said. Mr Trump has sought to lower tensions with Beijing in recent weeks after pausing a tit-for-tat tariff war that has upended global trade and supply chains. China has also sought the attendance of international guests, including some from the United States, for a Sept 3 Beijing ceremony commemorating the 80th anniversary of the end of World War Two, said a spokesperson for China's embassy in Washington in a briefing last week for reporters. The Kremlin said on July 21 that it did not rule out the possibility of Russian President Vladimir Putin and Mr Trump meeting in Beijing in September if Mr Trump decides to attend that ceremony. Mr Putin has confirmed his attendance. 'Diplomacy between heads of state plays an irreplaceable strategic leading role in Sino-US relations,' said Chinese Foreign Affairs Ministry spokesperson Guo Jiakun on July 21, declining to comment on a possible Trump-Xi meeting. The White House declined to comment. Top stories Swipe. Select. Stay informed. World US President Trump 'caught off guard' by Israel's strikes in Syria World US not rushing trade deals ahead of August deadline, will talk with China, Bessent says Opinion Singapore's vaping crisis lays bare the drug addiction nightmare for parents Singapore LTA seeks tailored solutions to improve Bukit Panjang LRT's maintenance inspections Multimedia 'It's very sad': She comforts loved ones turned away by inmates Singapore Subsidies and grants for some 20,000 people miscalculated due to processing issue: MOH Opinion Sumiko at 61: 7 facts about facial skin ageing, and skincare ingredients that actually work Opinion With Shatec cutting back operations, what's next for the hospitality sector? US Treasury Secretary Scott Bessent said on July 21 there would be 'talks in the very near future' between the countries. 'Trade is in a good place, and I think now we can start talking about other things. The Chinese, unfortunately ... are very large purchasers of sanctioned Iranian oil, sanctioned Russian oil,' he told CNBC. He added: 'We could also discuss the elephant in the room, which is this great rebalancing that the Chinese need to do.' Mr Trump has sought to impose tariffs on virtually all foreign goods, which he says will stimulate domestic manufacturing and which critics say will make many consumer goods more expensive for Americans. He has called for a universal base tariff rate of 10 per cent on goods imported from all countries, with higher rates for imports from some, including China. Imports from China have the highest tariff rate of 55 per cent. Mr Trump has set a deadline of August 12 for the US and China to reach a durable tariff agreement. Other points of friction between the countries include China's support for Russia, trade in fentanyl-related chemicals, regional security worries, and exit bans on some American residents. The most recent high-level US-China meeting was on July 11, when US Secretary of State Marco Rubio and Chinese Foreign Minister Wang Yi had what both described as a productive and positive meeting in Malaysia about how trade negotiations should proceed. Mr Rubio said then that Mr Trump had been invited to China to meet with Mr Xi, and said that both leaders 'want it to happen'. On July 18, China Commerce Minister Wang Wentao said China wants to bring its trade ties with the US back to a stable footing and that recent talks in Europe showed there was no need for a tariff war. REUTERS

Commentary: Tough to make a living writing books, but Singapore needs storytellers
Commentary: Tough to make a living writing books, but Singapore needs storytellers

CNA

time3 hours ago

  • CNA

Commentary: Tough to make a living writing books, but Singapore needs storytellers

SINGAPORE: As an author, one question I always get when I give talks at secondary schools is: How much does an author earn? I usually smile and say, 'It can vary widely for different authors and well, most of us are not James Patterson or Stephen King.' Authors earn royalties, which means we get a small percentage from every book sold. In Singapore and globally, royalties typically fall between 5 to 15 per cent of the book's selling price. That price could be based on the gross retail price or a net figure after costs. So if a book sells for S$20, a 10 per cent royalty earns you S$2 per book. And if that royalty is based on the net price, it's even less. Then there's the big question: How many books can an author sell? That depends on many things – whether the book is sold locally or internationally, how many titles the author has, their audience reach. But generally speaking, lifetime sales often range from a few hundred to a few thousand copies. Some books never even sell out their first print run of 1,000 copies or less. That first advance – which is basically a prepayment of royalties for a projected number of sales – might end up being the only money an author ever sees from their book. They only earn more once their book has 'earned out' the advance. So when aspiring writers ask if this is a sustainable career, my answer is: Honestly, not usually; many authors write while holding down a full-time job. Of course, there are occasional headlines about Singaporean authors landing lucrative book deals overseas. Jemimah Wei's The Original Daughter recently sold at auction for more than US$500,000. TOUGH LOCAL MARKET Singapore writers face some unique challenges. First, the market is small, so there are only so many people to sell to. Authors don't have many publishers to choose from, which limits their bargaining power during contract negotiation. Add to that Singapore's well-stocked libraries, which make readers more inclined to borrow than buy books. On top of it all, bookstores are dwindling, which means fewer places for local writers to sell their books. Singapore has made efforts to support its literary scene – largely through the National Arts Council and various grants. The SG Culture Pass, a scheme that will give each Singaporean S$100 to spend on the arts, including local literature, is a positive step. Organisations like Sing Lit Station and the Singapore Book Council have helped fuel ground-up initiatives, from school programmes and mentorships to community events. Major festivals like the Singapore Writers Festival and the Asian Festival of Children's Content (AFCC) have provided vital platforms for local authors to connect with readers and showcase their work. While these efforts have opened doors, sustaining a writing career in Singapore is still tough. Grants are helpful for specific projects, but they don't solve the bigger issue of long-term sustainability. What local authors need are more direct and consistent forms of support like better book advances, more robust marketing efforts and broader distribution channels. One area that was recently talked about is Public Lending Right (PLR) – a system used in countries like Canada, Australia, New Zealand, and across Europe. Through government funding, it compensates writers when their books are borrowed from libraries. This could provide a modest but meaningful income stream for local writers, especially in a market where book sales are limited. WHY SUPPORT SINGLIT? For every person who champions SingLit, there's probably someone else who doesn't read local books, nor sees the need to. But to say we can do without SingLit is shortsighted. When a country lacks stories written by its own people, it begins to lose its place in the global narrative. Without those voices, people grow up surrounded by borrowed perspectives, which slowly shapes how they see themselves and their culture. Young readers, especially, start to feel invisible. If no one in the stories they read looks like them, talks like them, or faces the same challenges, it sends a quiet message: Your life isn't worth writing about. That kind of absence chips away at self-worth and imagination. The impact of local stories is hard to measure – but it's real. I've seen it firsthand with my middle grade series, My BFF Is An Alien. The story follows a Singaporean girl and her unlikely friendship with an alien, and the adventures they go on together. Is this the kind of story that would score me a massive publishing deal? Probably not. Is it Booker Prize material? Again, probably not. But I've had young readers come up to me and say that my books made them want to become writers. I've had parents tell me it was my books that finally got their children hooked and sparked their interest in reading. That's not nothing. There are so many great middle grade books – but what made mine hit home for these readers wasn't just their fun plot or relatable themes. It was the fact that the readers could see themselves in the pages. They connected with my stories because it reflected something true about their lived experience. The voices sounded familiar. The setting felt like home. And that recognition – that 'hey, this is about me!' moment – is powerful. THE LOVE OF STORYTELLING One might ask: If writing pays so little, why do it at all? The simple answer for most is that we do it for the love of storytelling. We write stories we wish existed, stories we want to read and see out in the world. For me, My BFF Is An Alien was the story I wish I had when I started secondary school. That period in my life was incredibly lonely, and I would've loved to lose myself in a book that felt like it understood me. I also wrote it for my own children, so they had more choices beyond the Eurocentric stories I grew up with. Representation matters. When you see someone like you – a kid from your neighbourhood, someone who sounds like your friends – as the hero of a story, it changes what you believe is possible. That's not just fiction. That's hope. But for those stories to keep coming, writers need support – whether it's PLR schemes, grants, or just making sure their books are on shelves and in homes. Without enough backing, even the most passionate authors can burn out. In a time when artificial intelligence is creeping into creative spaces, the human voice has become even more precious. There's a soul behind stories that only people can bring – our humour, heartbreaks, quirks and lived truths. And in Singapore, that voice is rare. That's worth preserving and supporting.

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