While You Were Sleeping: 5 stories you might have missed, July 13, 2025
US President Donald Trump has threatened a 30 per cent tariff on European goods starting Aug 1, unless the US and EU agree a trade deal.
EU says it still wants US trade deal, will defend interests
The European Union said on July 12 it was ready to retaliate to defend its interests if the United States pressed ahead with imposing a 30 per cent tariff on European goods from Aug 1.
US President Donald Trump latest salvo surprised the bloc, the United States' largest trading partner, which had hoped to avoid an escalating trade war after intense negotiations and increasingly warm words from the White House.
Dr Ursula von der Leyen, head of the EU executive which handles trade policy for the 27 member states, said the bloc was ready to keep working towards an agreement before Aug 1, but was willing to stand firm.
EU ambassadors will discuss next steps on July 13, before trade ministers meet in Brussels on July 14 for an extraordinary meeting.
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Gaza truce talks in the balance as sides trade blame
PHOTO: AFP
Gaza ceasefire talks hung in the balance as Hamas and Israel on July 12 accused the other of blocking attempts to strike a deal, nearly a week into an attempt to halt 21 months of bitter fighting in the Palestinian territory.
A Palestinian source with knowledge of the indirect talks in Qatar told AFP that Israel's proposals to keep its troops in the war-torn territory were holding up a deal for a 60-day pause.
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World US slaps 30% tariffs on EU and Mexico; EU warns of countermeasures
But on the Israeli side, a senior political official, also speaking on condition of anonymity due to the sensitivities of the talks, accused the militants of inflexibility and deliberately trying to scuttle an accord.
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Trump threatens to revoke Rosie O'Donnell's citizenship
US President Donald Trump on July 12 said he might revoke talk show host Rosie O'Donnell's US citizenship after she criticised his administration's handling of weather forecasting agencies in the wake of the deadly Texas floods, the latest salvo in a years-long feud the two have waged over social media.
'Because of the fact that Rosie O'Donnell is not in the best interests of our Great Country, I am giving serious consideration to taking away her Citizenship,' Mr Trump wrote on his Truth Social platform, invoking a deportation rationale the administration has used in attempts to remove foreign-born protesters from the country.
'She is a Threat to Humanity, and should remain in the wonderful Country of Ireland, if they want her. GOD BLESS AMERICA!' he added.
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Japan's Hokkaido issues highest-level bear warning
PHOTO ILLUSTRATION: UNSPLASH
Hokkaido on July 12 issued a strong warning of brown bears in one of its towns after a fatal attack on a newspaper deliveryman there, making it the first time that the highest level of alert has been sent out in the northern prefecture.
The warning, affecting the town of Fukushima in south-western Hokkaido, is expected to be effective for a month through Aug 11.
The highest level of a three-stage alert is issued when a bear attacks a human in an urban area or its vicinity.
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Iga Swiatek revels in special Wimbledon triumph
PHOTO: AFP
Iga Swiatek bulldozed her way to a maiden Wimbledon title on July 12 to take her Grand Slam tally to six and although the Pole preferred not to rank her wins, she said her latest one felt a little more special than the others.
The 24-year-old has won four Suzanne Lenglen Cups in the last six editions of the French Open to establish herself as the 'Queen of Clay' and conquered the hardcourts of the US Open in 2022, but the grasscourts of Wimbledon have always proved slippery.
Having crossed the quarter-final hurdle for the first time this year, she brutally dismantled Amanda Anisimova 6-0 6-0 in the final to confirm herself as a versatile virtuoso of the women's game.
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Straits Times
39 minutes ago
- Straits Times
Britain offers discounts on EVs to boost demand
Find out what's new on ST website and app. The government said the £650 million funding for the Electric Car Grant will be available until 2028/29. LONDON - The British government will offer discounts worth up to £3,750 (S$6,460) to buyers of electric cars priced at £37,000 or below, it said on July 14, under a new scheme that aims to better align consumer demand with net zero emissions targets. The government will spend £650 million on the discount scheme, which will be available from July 16 to consumers once carmakers sign up for the scheme. As part of a wider goal of achieving net-zero greenhouse gas emissions by 2050, Britain wants to phase out sales of new petrol and diesel cars by 2030. But demand for electric cars has stalled with consumers citing high upfront costs as the main barrier. 'This EV grant will not only allow people to keep more of their hard-earned money – it'll help our automotive sector seize one of the biggest opportunities of the 21st century,' Transport Secretary Heidi Alexander said. The scheme follows calls from the automotive industry for EV incentives, as carmakers effectively need to sell more EVs each year to meet emissions targets, or pay fines. Britain scrapped a previous incentive scheme for electric vehicle purchases in 2022 as the then-Conservative government shifted focus to spending on expanding the public charging network. A number of European countries including Norway - which has the highest percentage of electric cars in Europe - as well as France and Germany offer incentives for EV buyers including subsidies and exemption from taxes. Top stories Swipe. Select. Stay informed. World Trump arms Ukraine and threatens sanctions on countries that buy Russian oil Multimedia From local to global: What made top news in Singapore over the last 180 years? Singapore Turning tragedy into advocacy: Woman finds new purpose after paralysis Singapore HSA intensifies crackdown on vapes; young suspected Kpod peddlers nabbed in Bishan, Yishun Opinion Sumiko at 61: Everything goes south when you age, changing your face from a triangle to a rectangle Singapore Man charged over distributing nearly 3 tonnes of vapes in one day in Bishan, Ubi Avenue 3 Singapore Man allegedly attacks woman with knife at Kallang Wave Mall, to be charged with attempted murder Singapore Ex-cop charged after he allegedly went on MHA portal, unlawfully shared info with man The British government in April relaxed some of the EV sales targets for carmakers, as the industry coped with new tariffs on sales to the US, its second largest market after the European Union. Ms Ginny Buckley, chief executive of advice website said nearly one in two electric models will be cheaper thanks to the 'long overdue' incentives. The government said the £650 million funding for the Electric Car Grant will be available until 2028/29. By contrast, carmakers had spent around £6.5 billion on electric car discounts since the government's EV sales targets were introduced at the start of 2024, Society of Motor Manufacturers and Traders CEO Mike Hawes told reporters in June. Mr Hawes welcomed the new grant on July 14, saying it was a 'clear signal' that now was the time for drivers to switch to an electric car. REUTERS
Business Times
an hour ago
- Business Times
Japan leads global long-bond drop as spending takes centre-stage
[LONDON] Yields for long-term debt from Japan and Germany to the UK and France rose on Monday (Jul 14) as growing concern over widening fiscal deficits dented demand. The yield on Japan's 30-year notes jumped the most in two months and those on similar-maturity German bunds flirted with their loftiest levels in 14 years. For these countries, fiscal concerns are usurping central-bank interest-rate policies as the main factor to watch. While the sell-off is less pronounced in the US, 30-year yields there still touched the highest in a month. Japanese election largesse and US President Donald Trump's weekend tariff announcements were the immediate cause of the latest nudge higher. They tapped into deeper concerns about excessive government debt, fire-hose spending, too many bonds coming to market, and inflation that's still much too sticky in developed markets around the world. 'Monetary policy has taken a backseat as primary policy focus, to be replaced by what is happening with budgets and national debts,' said Benoit Anne, senior managing director and head of the markets insights group of MFS Investment Management. That's all well and good if investors are willing to finance it, Anne said, but past episodes have shown that investors can quickly develop 'an acute case of fiscal profligacy scepticism'. While shorter-maturity yields track the path of interest rates more closely, and are posting smaller moves on the expectation of cuts, a loss of appetite at the long end of the yield curve is a more direct reflection of the fear that growing piles of sovereign debt around the world could ultimately reach a tipping point. 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 In the US, the rate on 30-year debt was up three basis points to 4.98 per cent as at 11 am in New York and has now risen more than 20 basis points since the start of the month. 'The 30-year Treasury is right around 5 per cent and likely breaks back up,' said George Bory, chief investment strategist, fixed income at Allspring Global Investments, on Bloomberg Radio Monday. 'The reality is deficit spending by governments is very prevalent around the world and the relief valve is the long end of the curve.' Investors remain uneasy over the prospect that Trump's One Big Beautiful Bill Act will add trillions to the national debt pile over the coming decade. Still, those concerns have eased in recent weeks, and the nation's 30-year debt has performed better than most developed nation peers year-to-date, despite dizzying swings. Traders are now looking to key inflation data due on Tuesday. The long end in the government bond market is 'going to be pinned at these levels', and will only come down as growth slows, according to Calvin Yeoh, portfolio manager at hedge fund Blue Edge Advisors in Singapore. He's positioned in so-called steepener trades in US Treasuries, betting that two and five-year notes will outperform 10- and 30-year notes, respectively. 'Everyone, the US, Japan, Europe, is on the fiscal bus headed to inflationville with a full tank of gas,' Yeoh said. Japan, Germany Governments are on a path of greater issuance: Berlin abandoned decades of fiscal austerity this year to revamp its military and infrastructure; in Japan, an election struggle in the upper house is prompting pledges of spending hikes and tax cuts to woo voters. The 30-year Japanese yield advanced more than 10 basis points, nearing the record high last seen in May. The Bank of Japan (BOJ) ended its negative rate policy last year and has raised borrowing costs twice since then. Officials are widely expected to keep their benchmark rate unchanged at 0.5 per cent on Jul 31. Waning demand for super-long notes is also due to traditional buyers such as life insurers trimming purchases, mirroring a similar dynamic in the UK, as well as the BOJ trying to gradually back out of the market after becoming the dominant holder. 'This is a different environment than in the past,' said Shinichiro Kadota, head of Japan FX and rates strategy at Barclays Securities Japan. 'I think it's quite unique to this election.' In Germany, 30-year notes fell, lifting the yield three basis points to 3.25 per cent, the highest since 2023. German Chancellor Friedrich Merz said Trump's threat of 30 per cent tariffs would hit exporters in Europe's largest economy 'to the core'. The UK and France, meanwhile, have seen borrowing costs jump as they struggle to reduce their vast debt piles. Strategists at Morgan Stanley point out that while the share of government bonds globally has grown in proportion to all debt, including treasuries, investment grade, high yield, emerging market hard-currency and local-currency debt, they are still 'well below the 2012 peak'. 'However, in the end, investors, not models, judge debt sustainability,' the strategists, led by Matthew Hornbach, wrote. BLOOMBERG
CNA
an hour ago
- CNA
Despite tariffs, it's still America first for Asia's legacy automakers
SEOUL: Toyota and Hyundai Motor may have a beef with US protectionism, but they have one thing in common with President Donald Trump: when it comes to global car markets, it's America first for Asia's legacy automakers. Trump's tariffs on imported automobiles have upended the outlook for the global industry, yet the US remains by far the most important market for Japan's Toyota, South Korea's Hyundai and Asian rivals, including Honda and Nissan. North America accounts for at least 40 per cent of the revenue at both Toyota and Hyundai, filings show. The market's importance is unlikely to change any time soon, industry insiders and analysts said, especially with China, now the world's biggest auto market, dominated by homegrown electric vehicle makers such as BYD. Those Asian legacy carmakers with more robust margins and a strong hybrid lineup - such as Toyota, Hyundai, Kia Corp and to a lesser extent Honda - are more likely to weather the US tariffs storm, and potentially take market share from weaker players like Nissan, analysts said. "The environment that we're in now is becoming increasingly harsh and uncertain, starting with US tariffs," Mazda executive officer Noriyuki Takimura told reporters at an event in Tokyo last week. Mazda aims to strike a balance between "defensive" measures like cost-cuts and "offensive" ones like strengthening its product lineup, he said. Two Hyundai insiders and two Japanese auto executives separately told Reuters they had no intention of downsizing their US businesses in response to tariffs, even as they acknowledged the difficulties ahead. All four spoke on condition of anonymity. The US is Toyota's biggest market in terms of vehicles. It sold 2.3 million vehicles there in 2024, including its Lexus brand, accounting for more than a fifth of its global total. As a source of revenue, North America was second only to Japan in the last financial year. Hyundai's North American revenue was the highest in almost a decade last year. Kim Chang-ho, an analyst at Korea Investment & Securities, estimated it generates around 60 per cent of its profits from the US, thanks to higher vehicle prices. Mocked in the US in the 1980s for its perceived shoddy quality, Hyundai doubled down there around a decade ago, especially after tensions between Beijing and Seoul and the rise of domestic electric vehicle (EV) makers saw it start to lose ground in China. "After years of putting in effort, our brand is finally gaining recognition in the US," one of the Hyundai insiders said. "So we will not take our hands off the US" "GAME OF CHICKEN" The US has seen a surge in demand for hybrids as consumers have become more concerned about the battery range, price and charging hassles of EVs. Fuel-efficient models such as hybrids will be a key driver to gaining market share, said Morningstar analyst Vincent Sun. Toyota, Hyundai and Kia have particularly strong hybrid offerings. So far, most legacy Asian automakers have avoided raising prices in the US, and stronger players are likely to continue to hold off doing so, despite lower profitability, analysts said. Instead, the focus will likely be on taking market share from lower-margin rivals like Nissan and Stellantis, analysts said. 'It will shape up like a game of chicken," said Kim Sung-rae, an analyst at Hanwha Investment & Securities. "Those who will hold up well will emerge as winners.' Over time, tariffs could be a catalyst to help drive consolidation in the industry, or at least deepen existing tie-ups. Investors wonder if tariffs could push Nissan to revive merger talks with Honda that fell apart this year. Mazda, which is 5.1 per cent owned by Toyota, and Subaru, which is 21 per cent owned by Toyota, could become more reliant on the bigger company. MORE INVESTMENT? While Hyundai and Kia have three US factories, they still import about two-thirds of the vehicles sold there. Toyota manufactured 1.3 million vehicles in the US last year, equal to 54 per cent of the vehicles it sold there. Japanese automakers have invested more than US$66 billion in US manufacturing since the 1980s, building some two dozen plants, according to the JAMA auto lobby group. At a White House event attended by Trump in March, Hyundai announced a US$21 billion investment plan, including a new steel factory, and a plan to boost US production capacity to 1.2 million vehicles a year. The tariffs are likely to encourage Japanese and South Korean automakers to invest more into expanding production capacity and localising supply chains to protect their positions, said Justinas Liuima of research firm Euromonitor International. They will also continue to benefit from one aspect of US protectionism: higher tariffs on Chinese EVs, which means they don't face the same Chinese competition in the US that they do in emerging Asian markets, Liuima said. China ships very few cars to the US, which imposed a 100 per cent tariff on imported Chinese EVs under the previous administration of President Joe Biden. One of the Japanese executives said it was not a matter of simply boosting US production, as high costs, especially of labour, would also weigh on profitability. "It is really a game-changer," Julie Boote, analyst at Pelham Smithers Associates in London, said about the potential longer-term tariff impact. Some automakers have held off giving guidance that takes into account tariffs for the full year, meaning investors may be in store for a rude awakening as companies adjust forecasts as they report quarterly earnings, she said.
