‘Mutually assured disruption': China's rare earths give US a reality check
After President Donald Trump's so-called 'Liberation Day' tariffs, Beijing hit back with export controls on seven rare earth elements and the magnets made from them.
Let's be honest: The 17 rare earth elements lurking at the bottom of the periodic table – with names like dysprosium and terbium – are hardly on most people's radars.
Even those with a passing grasp of chemistry likely have no idea what they look like, let alone what they are used for.
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Straits Times
5 minutes ago
- Straits Times
SG60: The future of Singapore's economy
Sign up now: Get ST's newsletters delivered to your inbox To remain a leading global hub, the Republic must double down on targeted policy innovation, societal adaptability and visionary leadership Singapore has a long history of transformation. As a small island nation of six million people, its economic ascent has been propelled by strategic location, good governance and pragmatic policymaking. As Singapore stands on the threshold of a new economic era, the central question is: What must we do today to thrive tomorrow? Over the next decade, the global landscape will be shaped by rapid technological advancement, climate change, demographic shifts, geo-economic fragmentation, and geopolitical polarisation. To remain a leading global hub and a resilient, vibrant society, Singapore must double down on targeted policy innovation, societal adaptability and visionary leadership. A legacy of reinvention Singapore has a long history of transformation. As a small island nation of six million people, its economic ascent has been propelled by strategic location, good governance and pragmatic policymaking. From a bustling trading post in precolonial times to an independent state in 1965, Singapore swiftly industrialised by attracting foreign direct investment and leveraging low-cost labour for export-oriented growth. In the 1970s, tightening labour markets and rising wages prompted a shift towards higher-value industries. Economic setbacks followed: oil shocks in 1975 and 1979, and a recession in 1985 due to eroded competitiveness. Singapore responded decisively, cutting wages and rebounding swiftly. A similar resilience was seen during the Asian financial crisis in 1997-1998, and the global financial crisis a decade later. Top stories Swipe. Select. Stay informed. Singapore Luxury items seized in $3b money laundering case handed over to Deloitte for liquidation Singapore MyRepublic customers air concerns over broadband speed after sale to StarHub Singapore Power switchboard failure led to disruption in NEL, Sengkang-Punggol LRT services: SBS Transit Singapore NEL and Sengkang-Punggol LRT resume service after hours-long power fault Business Ninja Van cuts 12% of Singapore workforce after 2 rounds of layoffs in 2024 Singapore Hyflux investigator 'took advantage' of Olivia Lum's inability to recall events: Davinder Singh Singapore Man who stabbed son-in-law to death in Boon Tat Street in 2017 dies of heart attack, says daughter Singapore Man who stalked woman blasted by judge on appeal for asking scandalous questions in court Structural reforms in the 2000s diversified the economy into financial and business services, high-tech manufacturing and the biomedical industry. Despite recent shocks – including economic disruptions due to the Covid-19 pandemic, higher global inflation and interest rates triggered by the war in Ukraine, protectionist trade policies and heightened US-China tensions – Singapore has responded by skilfully leveraging its fiscal buffers to turn adversity into opportunity. Embracing technological transformation Singapore now enters a critical phase of economic restructuring, driven by rapid advances in digitalisation and artificial intelligence (AI). The advent of generative AI, process automation and robotics presents a powerful opportunity to boost productivity and efficiency amid rising costs, a tight labour market and an ageing population. However, it also poses risks of widespread disruption to employment – particularly in middle-skill, routine and data-intensive jobs across manufacturing, finance, law, healthcare and transport. New entrants to the workforce will struggle to find employment in traditional shift demands a deliberate and inclusive national response. To maintain global competitiveness, the government must support both startups and incumbent enterprises in adopting emerging technologies and reshaping business models. Despite recent shocks, Singapore has responded by skilfully leveraging its fiscal buffers to turn adversity into opportunity. PHOTO: ST FILE Government agencies such as Enterprise Singapore and the Infocomm Media Development Authority should enhance funding and advisory services that help businesses embrace and pivot to digital and AI-augmented operations. Regulatory sandboxes and public-private test beds can help scale innovation while managing risk. At the same time, Singapore must proactively upskill its workforce. SkillsFuture must evolve into a dynamic, AI-enabled platform that offers real-time, individualised reskilling paths aligned with fast-changing job market needs. Workforce Singapore and tripartite partners should coordinate to deliver stackable skill credentials, apprenticeship programmes and career conversion programmes that offer portable skills across sectors. Protecting displaced workers and ensuring that young graduates have meaningful pathways into the new economy are essential for inclusive growth. Leveraging green growth as a strategic advantage The global climate change agenda is not just a moral imperative, but a strategic opportunity for Singapore to lead in green growth. Far from being a compliance exercise, the green transition is a source of innovation, investment and long-term competitiveness. As countries impose carbon pricing, border adjustment taxes, and stricter environmental, social and governance (ESG) mandates, early movers such as Singapore can gain significant strategic advantages. Singapore should aim to be the regional hub for carbon services, including carbon credit trading, emissions verification, and green finance. The Singapore Exchange and Monetary Authority of Singapore have been proactive in developing the regulatory framework and promoting sustainable finance, including green bonds, transition finance and ESG disclosure standards. Regional initiatives, such as Project Greenprint, can serve as models for digital infrastructure that enable reliable tracking of carbon emissions and sustainability metrics. Domestically, Singapore must accelerate decarbonisation by investing in solar energy, green hydrogen partnerships, energy storage systems and circular economy practices. Buildings and transportation – two high-emission sectors – should be fast-tracked for transformation through innovation grants and building codes. Climate resilience is equally critical. Defending coastal infrastructure and adapting to extreme weather must remain top priorities. Policymaking should align green objectives with commercial incentives to drive private-sector innovation and participation in the transition. Strengthening regional integration While Asia will remain the growth engine for the global economy in the coming years, the global trading system is being challenged by protectionist policies and the global supply chains that are reconfiguring in in the past, the supply chain reconfiguration presents an opportunity for Singapore to play a facilitating and coordinating role. Despite rising costs, Singapore remains a premier gateway to Asean and broader Asia. Deepening regional integration can mitigate domestic constraints and broaden opportunities. Singapore should champion seamless cross-border data flows, harmonised standards for e-commerce, and interoperable digital payment systems within Asean. Its leadership in the Asean Digital Economy Framework Agreement can help shape future-ready trade infrastructure. In professional services, Singapore's legal, healthcare and education sectors can be further internationalised by forming partnerships and regulatory bridges with neighbours. Additionally, Singapore can leverage its strengths in governance, dispute resolution and project finance to co-lead regional infrastructure development. Initiatives such as the Belt and Road – if aligned with transparency and sustainability – offer platforms where Singapore can serve as a neutral, trustworthy intermediary. Building an inclusive and resilient society A high-tech economy must not come at the cost of social cohesion. Technological and structural changes will exacerbate inequalities if left unmanaged. As the gig economy grows and traditional employment declines, Singapore must fortify its social compact by revamping and enhancing the social protection framework to reflect new modes of work and emerging vulnerabilities. Singapore must fortify its social compact by revamping and enhancing the social protection framework to reflect new modes of work and emerging vulnerabilities. PHOTO: ST FILE Gig workers, freelancers and part-time workers require access to portable benefits including health insurance, Central Provident Fund-style retirement savings and unemployment support. The rise of platform work necessitates adaptive policy tools – such as centralised benefits administration and universal access to basic protections – while preserving flexibility. Beyond labour reform, Singapore must address demographic pressures by empowering women, seniors and marginalised communities. Family-friendly policies – including affordable childcare, parental leave and caregiver support – can enhance workforce participation and help reverse declining fertility. Age-inclusive hiring, flexible working arrangements and senior training programmes are critical to extend productive lifespans. The goal is a society that is not just future-ready, but also future-inclusive. Redefining education Singapore's world-class education system has underpinned its economic success, but the education system must now evolve to keep up with the rapid rise of AI and digital technology, and their impact on the workplace. The nature of work is evolving more rapidly than traditional curricula can accommodate. Success in the AI era will depend not only on technical proficiency and knowledge acquisition, but also on agility, creativity and the capacity for lifelong learning. The education system must evolve to keep up with the rapid rise of AI and digital technology, and their impact on the workplace. PHOTO: ST FILE Education must become more experiential, interdisciplinary and learner-centric. Beyond academic rigour, schools should nurture curiosity, collaboration and ethical should learn to be more discriminating in their consumption of news and information in the age of social institutions must partner with industry to co-design programmes that equip students with evolving job market skills needed to operate in an AI-augmented environment. Most importantly, learning must continue throughout life. Lifelong learning should be normalised through incentives, digital credentials and recognition frameworks that value all forms of growth. Singapore has repeatedly turned challenges and adversity into opportunities and success – through industrialisation, globalisation, and constantly upgrading and moving up the global value chain. The next transformation will be more complex andchallenging – balancing technological efficiency with social equity, environmental sustainability with growth, and geopolitical risk with regional cooperation. The nation's small size need not be a weakness, but a strength – enabling agility, precision and unity of purpose. With visionary leadership, an inclusive society and a willingness to adapt and innovate, Singapore can once again defy the odds. The next decade offers not only challenges, but also an opportunity to write the next chapter of resilience, renewal and reinvention.
Straits Times
5 minutes ago
- Straits Times
SG60: How Singapore's SMEs are shaping a sustainable future for Asean
Sign up now: Get ST's newsletters delivered to your inbox They can catalyse responsible action locally and in the region, especially with better tools and stronger support Singapore's 60th birthday this year is an opportune time to reflect on how the nation has grown, and how the country's SMEs will carry us forward. The Singapore story is one of pragmatism, adaptability and entrepreneurial spirit, and nowhere is this better reflected than among the small and medium-sized enterprises (SMEs) that constitute more than 99 per cent of all locally registered companies. SMEs employ 70 per cent of Singapore's workforce and play a pivotal role in driving our economy. As suppliers to large enterprises, they are also vital links in the local, regional and global supply chains. With a small domestic market, Singapore's SMEs are under constant pressure to innovate, move quickly and look abroad to preserve long-term viability. The decisions they take have an outsized impact on how Singaporeans work and live. Singapore's 60th birthday this year is an opportune time to reflect on how the nation has grown, and how the country's SMEs will carry us forward. As we consider the role that SMEs play in our economic future, we should also reflect on their broader impact – both environmentally and socially. These businesses influence everything from carbon footprints to community well-being, and understanding these dimensions can help us identify ways to support their growth, resilience and sustainability. The sustainability challenge Sustainability pressures on SMEs are building on multiple fronts. In a 2024 survey conducted by Schneider Electric, 78 per cent of SME respondents reported losing contracts due to emissions reporting gaps. In another survey by the Singapore Business Federation, in partnership with Bain & Company, 60 per cent reported upstream supply chain pressures. Meanwhile, the average consumer is requiring more from retail brands. According to a PwC survey in partnership with UOB FinLab, 46 per cent of Asean consumers are making the more sustainable choice at checkout. SME business leaders are certainly ready and willing to adapt, as evidenced by the 87 per cent of respondents in the UOB Business Outlook Study 2024 who said that they believe in the importance of sustainability. Another survey, conducted by NTUC LearningHub and the Global Reporting Initiative, showed that 63 per cent of SMEs are open to training and toolkits. The sustainability opportunity This openness to change is good news, as new business opportunities are popping up for SMEs that are willing to invest in new ideas and capabilities. Consider the example of Novowatt, which is offering landlords a cost-effective way to install electric vehicle chargers on their premises. Novowatt bears the cost of installation and maintenance, and even shares charging fees with the landlords under a profit-sharing arrangement. Its innovative solution has allowed it to roll out 800 charge points at 200 condominiums in just within 30 months of operations. While Novowatt is a startup entering a new field with new technology, older companies can participate in the green economy too by upskilling their workers, seeking adjacencies and adapting their operations to new needs. Hup Lian Engineering, a 34-year-old steel fabrication and installation specialist, has been involved in solar panel installation projects for the Housing and Development Board (HDB). The company, a unit of Singapore Exchange-listed Chasen, has built on its expertise to fabricate and install steel frame structures for solar panels. Steel fabrication and installation specialist Hup Lian Engineering has been involved in solar panel installation projects for the HDB. PHOTO: HUP LIAN ENGINEERING It secured this win by offering HDB an innovative design using lighter composite materials that are more cost-effective. Sustainable regional supply chains Both Novowatt and Hup Lian Engineering demonstrate the role that SMEs can play in lowering carbon emissions. By spreading their wings and becoming exporters of sustainability services, they could extend their impact further. Singapore's various government incentives and its conducive environment for incubation already prime our SMEs well to support regional supply chains, while the country's reputation for strong governance and sustainability reporting should give them a competitive edge in building trust and alignment with international standards. Singapore SMEs are therefore well-positioned to lead by example and influence. With international buyers increasingly expecting their suppliers to report emissions and demonstrate sustainable practices, Singapore SMEs that act promptly can stand out. Building the Singapore SME brand As some companies dial back their environmental, social and governance (ESG) commitments, Singapore has a unique opportunity to build an SME brand in sustainability – one that is practical, reliable and regional in outlook. A Singapore SME that embraces sustainability today does not just protect its bottom line; it strengthens its licence to operate across Asean. To build such a brand and grow such a culture among our nation's SMEs however, requires a robust ecosystem that includes the participation of both the public and private sectors. UOB's suggestion for such an ecosystem consists of three pillars: clarity, capability and capital. First, SMEs need help with figuring out their first and subsequent steps. Free playbooks, advisory services and easy-to-use online tools do exist, but the volume of options can be overwhelming for a smaller organisation without the bandwidth to sift through them all. Second, SMEs need support to build their internal capabilities. Although grants are available to offset the cost of sustainability reporting, these need to be made more accessible and they also need to support capacity building. Finally, SMEs need patient capital to fund their expansion. While the sustainable financing industry is growing, SMEs remain on the periphery of this industry and deserve more attention. Doing our part Even as we advocate for Singapore SMEs, we are conscious of the need to do our part. UOB's FinLab Sustainability Innovation Programme has helped around 1,800 SMEs kickstart their ESG journeys. UOB also offers a free diagnostic tool, called the UOB Sustainability Compass, to help SMEs figure out their starting points; there is also the UOB Sage Programme to help SMEs access sustainability-linked financing. The bank also funded S$7 billion of green trade finance and recorded S$58 billion of sustainable financing last year. These are only small steps in what is a long journey though. If Singapore's first 60 years were about growth and resilience, we strongly believe that its next 20 years must be about leadership – and not just economic leadership, but also leadership in sustainability and inclusion. With the right scaffolding, we believe Singapore's SMEs are transition enablers that can help decarbonise value chains; nature-positive operators that safeguard our environment; and economic multipliers that help every member of the workforce step up into a greener economy.
Straits Times
5 minutes ago
- Straits Times
SG60: Designing progress, the Singapore way
Sign up now: Get ST's newsletters delivered to your inbox Design is the Republic's foundation and is a national advantage for the future Hospitality firm The Lo & Behold Group's New Bahru project demonstrates the power of design-led placemaking, one that builds community and relevance in the process. There is much to celebrate with our nation's 60th year of independence. Few countries have built so much, so deliberately, and in so little time post-independence. The Singapore story is one defined by clear intent – grounded in understanding real needs, long-term planning, as well as bold execution. This is design thinking at its highest. It echoes Senior Minister Lee Hsien Loong's words: 'Singapore is a nation by design. Nothing we have today is natural or happened by itself. Somebody thought about it, made it happen… nothing was by chance.' As a Unesco Creative City of Design, it is evident that great design can be found everywhere, from public housing to water systems, digital infrastructure and green urbanism. We designed for density, sustainability and accessibility. In doing so, design has made people feel considered. Seniors can gather, learn and connect at activity centres, and residents move with ease across neighbourhoods through lush park connectors. Over time, the same design sensibilities that shaped our city have filtered into how Singaporeans lead, create, and build. They are reflected in how Singapore's most forward-thinking business leaders innovate, how entrepreneurs craft new experiences, and how leaders pursue progress with both precision and care. A national mindset, a strategic asset In today's climate of disruptive new technologies, rising customer expectations, and urgent environmental pressures, operational efficiency alone isn't enough. What sets forward-looking businesses apart is clarity, agility, and above all, differentiation. Top stories Swipe. Select. Stay informed. Singapore Luxury items seized in $3b money laundering case handed over to Deloitte for liquidation Singapore MyRepublic customers air concerns over broadband speed after sale to StarHub Singapore Power switchboard failure led to disruption in NEL, Sengkang-Punggol LRT services: SBS Transit Singapore NEL and Sengkang-Punggol LRT resume service after hours-long power fault Business Ninja Van cuts 12% of Singapore workforce after 2 rounds of layoffs in 2024 Singapore Hyflux investigator 'took advantage' of Olivia Lum's inability to recall events: Davinder Singh Singapore Man who stabbed son-in-law to death in Boon Tat Street in 2017 dies of heart attack, says daughter Singapore Man who stalked woman blasted by judge on appeal for asking scandalous questions in court This is where design delivers. As part of our ongoing Nation by Design campaign, DesignSingapore Council has invited 60 individuals across business, creative and public sectors to share how design – and a sense of creative courage – has shaped their work and outlook. What emerged was a consistent theme: Design is identified as a strategic advantage. It allows organisation leaders and decision-makers to sharpen their value proposition, and apply problem-solving by design to make an impact in a fast-changing world. Design for purpose, not just performance A great example is Singapore's largest bank, DBS. Design and innovation are core to how the bank reimagines experience for customers, its people and systems. From simplifying everyday transactions to rethinking how customers manage their finances, DBS puts usability, trust and transparency at the heart of its service. The results speak for themselves: DBS was the first Asian bank to be recognised as World's Best Bank several years running. In our campaign, chief executive officer of DBS, Tan Su Shan, said: 'At DBS, design is deeply woven into our ways of working and cultural fabric. Design enables us to act with purpose, offer amazing solutions and experiences that make a lasting difference, and create impact beyond banking.' Hospitality firm The Lo & Behold Group, known for creating Singapore's most striking spaces such as the award-winning Odette and Tanjong Beach Club, shares a similar conviction. For its managing partner, Wee Teng Wen, design is about depth, not display. 'Design is not just how something looks. It's how it works, how it makes people feel, and how it tells a story,' he shared. 'In hospitality and placemaking, design is the difference between a space people pass through and one they remember. It shapes mood, encourages connection, and reflects values. In a world of sameness, good design becomes a form of quiet resistance – an invitation to feel, linger, and belong.' This philosophy is realised in the group's latest and most ambitious project, New Bahru, which opened last year to much fanfare. The creative cluster housing more than 40 local brands demonstrates the power of design-led placemaking, one that builds community and relevance in the process. It was also spotlighted in international publications such as the Australian Financial Review and Monocle, which hailed it as 'a lesson in what decent, walkable, human-scale design that brings local brands together can do for footfall'. Truly, design is not just decoration – it is direction. It is how smart companies stay sharp, in charge, and ahead in competition. Keeping the Singaporean edge As design becomes more central to how Singaporean companies create value and meaning, a broader shift is taking place. Design has made its way from the studio to the boardroom, from product development to organisational culture. Yet it remains under-leveraged. The question now is not whether design matters, but how we embed it across disciplines, leadership, and communities. After all, design is what makes innovation human. It turns smart ideas into usable, trusted real-world outcomes that people adopt and remember. Just as Singapore has rightly invested in engineering, biotechnology, logistics and digital literacy, it's time we invested in design capability – across industries and at scale. We need to start valuing design as a driver of national competitiveness as well as a strategic asset to how Singapore is perceived on the global stage. Realm of possibility Fellow Unesco Creative Cities of Design, Turin and in particular Seoul, show what is possible. Turin transformed from a post-industrial automobile town into a cultural European hot spot, while Seoul cemented its reputation as a creative powerhouse with its iconic films and music, cutting-edge design projects and dynamic urban energy. Singapore can similarly achieve this on both a cultural and economic level. Take DP Architects, a Singapore-born firm that now ranks among the world's largest architectural practices, with 16 offices worldwide and projects from Dubai Mall to Guangzhou Science City. Its CEO, Seah Chee Huang, attributes Singapore's design edge to our 'improbable beginnings (which) instilled a unique psyche: imagination and innovation driven by long-term vision and hyper-pragmatic mindset… a strength that positions us not just to participate but lead.' This mindset that is imaginative, intentional, and quietly radical is a competitive advantage waiting to be scaled. The real work lies in making this mindset widespread. Be it in cultivating design fluency in schools, where the next generation will shape the economy; in communities, where good design can drive positive impact; or in boardrooms, where the clarity and empathy design bring can anchor corporate purpose and unlock growth. This is the future we are committed to shaping through our campaign Nation by Design and other initiatives such as Learning by Design and the Singapore Design Week happening in September. We are also in the process of developing our next Design Masterplan that will chart the path for design and the critical role it will play in Singapore's future and our place in the world. We invite the public to contribute to the Masterplan on our website and co-create this together. Just as Singapore's transformation was never left to chance, neither should our future. In a world of volatility and complexity, it is those who design with care, conviction and courage who will lead – and last. Design laid our foundation. Our next chapter must be built not just by design, but by a nation of designers.
