Cut-throat price wars in China's 'instant retail' sector fuelling delivery mania
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
an hour ago
- Straits Times
US, China to resume tariff talks in effort to extend truce by 90 days
Find out what's new on ST website and app. US Treasury Secretary Scott Bessent and Chinese Vice-Premier He Lifeng will lead tariff talks on July 28, in Stockholm. STOCKHOLM – Senior US and Chinese negotiators will meet in Stockholm on July 28 to tackle longstanding economic disputes at the centre of the countries' trade war, aiming to extend a truce keeping sharply higher tariffs at bay. The South China Morning Post reported on July 27 that the two sides are expected to agree to extend the truce by three more months. China is facing an Aug 12 deadline to reach a durable tariff agreement with President Donald Trump's administration, after Beijing and Washington reached a preliminary deal in June to end weeks of escalating tit-for-tat tariffs. Without an agreement, global supply chains could face renewed turmoil from duties exceeding 100 per cent. The Stockholm talks, led by US Treasury Secretary Scott Bessent and Chinese Vice-Premier He Lifeng, take place a day after European Union chief Ursula von der Leyen meets Mr Trump at his golf course in Scotland to try to clinch a deal that would likely see a 15 per cent baseline tariff on most EU goods. Trade analysts on both sides of the Pacific say the discussions in the Swedish capital are unlikely to produce any breakthroughs but could prevent further escalation and help create conditions for Mr Trump and Chinese President Xi Jinping to meet later in 2025. Previous US-China trade talks in Geneva and London in May and June focused on bringing US and Chinese retaliatory tariffs down from triple-digit levels and restoring the flow of rare earth minerals halted by China and Nvidia H20 AI chips and other goods halted by the United States. Top stories Swipe. Select. Stay informed. Singapore Sewage shaft failure linked to sinkhole; PUB calling safety time-out on similar works islandwide Singapore Tanjong Katong Road sinkhole did not happen overnight: Experts Singapore Workers used nylon rope to rescue driver of car that fell into Tanjong Katong Road sinkhole Asia Singapore-only car washes will get business licences revoked, says Johor govt World Food airdropped into Gaza as Israel opens aid routes Sport Arsenal beat Newcastle in five-goal thriller to bring Singapore Festival of Football to a close Singapore Benchmark barrier: Six of her homeschooled kids had to retake the PSLE Asia S'porean trainee doctor in Melbourne arrested for allegedly filming colleagues in toilets since 2021 So far, the talks have not delved into broader economic issues. These include US complaints that China's state-led, export-driven model is flooding world markets with cheap goods, and Beijing's complaints that US national security export controls on tech goods seek to stunt Chinese growth. 'Stockholm will be the first meaningful round of US-China trade talks,' said Mr Bo Zhengyuan, Shanghai-based partner at China consultancy firm Plenum. Deals, deals, deals Mr Trump has been successful in pressuring some other trading partners, including Japan, Vietnam and the Philippines , into deals accepting higher US tariffs of 15 to 20 per cent. He said there was a 50-50 chance that the US and the 27-member European Union could also reach a framework trade pact, adding that Brussels wanted to 'make a deal very badly'. Two of Mr Trump's top trade officials, Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer, will attend the Scotland talks and then travel to Stockholm. Analysts say the US-China negotiations are far more complex and will require more time. China's grip on the global market for rare earth minerals and magnets, used in everything from military hardware to car windshield wiper motors, has proved to be an effective leverage point on US industries. Trump-Xi meeting? In the background of the talks is speculation about a possible meeting between Mr Trump and Mr Xi in late October. Mr Trump has said he will decide soon whether to visit China in a landmark trip to address trade and security tensions. A new flare-up of tariffs and export controls would likely derail any plans for a meeting with Mr Xi. 'The Stockholm meeting is an opportunity to start laying the groundwork for a Trump visit to China,' said Ms Wendy Cutler, vice-president at the Asia Society Policy Institute. Mr Bessent has already said he wants to work out an extension of the Aug 12 deadline to prevent tariffs snapping back to 145 per cent on the US side and 125 per cent on the Chinese side. Still, China will likely request a reduction of multi-layered US tariffs totaling 55 per cent on most goods and further easing of US high-tech export controls, analysts said. Beijing has argued that such purchases would help reduce the US trade deficit with China, which reached US$295.5 billion (S$379 billion) in 2024. China is currently facing a 20 per cent tariff related to the US fentanyl crisis, a 10 per cent reciprocal tariff, and 25 per cent duties on most industrial goods imposed during Mr Trump's first term. Mr Bessent has also said he would discuss with Mr He the need for China to rebalance its economy away from exports toward domestic consumer demand. The shift would require China to put an end to a protracted property crisis and boost social safety nets to encourage household spending. Mr Michael Froman, a former US trade representative during former president Barack Obama's administration, said such a shift has been a goal of US policymakers for two decades. 'Can we effectively use tariffs to get China to fundamentally change their economic strategy? That remains to be seen,' said Mr Froman, now president of the Council on Foreign Relations think-tank. REUTERS
Independent Singapore
5 hours ago
- Independent Singapore
Remote work for Singaporean elders: How a 58 y/o man in SG secured his financial lifeline and retirement needs with just a laptop and Wi-Fi
SINGAPORE: When Lim Wei Ming sat at his Tanjong Pagar office one March morning, staring at his CPF retirement projections, he didn't see it as his golden years. Instead, he saw it as a financial black hole. Wei Ming saw his decades of dutiful saving and climbing the corporate ladder led to one cold, hard truth: even with the maximum Central Provident Fund (CPF) contributions, retirement in Singapore might be more sobering than celebratory. His calculations resulted in a modest S$2,800 monthly payout from CPF, compared to a real-world expense of nearly S$8,000, Maxthon quoted him as saying. Mortgage, mum's medical bills, daughter's overseas uni fees —all of that wasn't fiction. This is Singapore's retirement reality. But Lim, like hundreds of Singaporean seniors, discovered a game-changer: remote work. The remote work revelation What started as a pandemic necessity has evolved into a permanent, powerful solution, especially for older professionals. Remote work isn't just a lifestyle shift; it's a financial lifeline. For Singapore's pre-retirees and seniors, it's becoming the difference between scaling back or soaring ahead. The traditional model—work till 62, retire on CPF—is buckling under pressure. Today's retirees are living longer, facing higher costs, and often supporting both parents and adult children. It's the 'sandwich generation' crunch, Singapore edition. With CPF's Enhanced Retirement Sum now at S$426,000 and contribution rates increasing slightly for those aged 55–65, some progress has been made. But for many, it's still not enough to fund a 20-30-year retirement. That's where remote work comes in, with a dazzling array of benefits. Why remote work makes dollars and sense 🏦 1. Boosting CPF while you Zoom A 60-year-old who brings in S$4,000 a month remotely for five more years could add over S$50,000 to their CPF account. That's not pocket change—it could mean hundreds more per month in CPF LIFE payouts down the road. Add in compound interest at 4% (Special Account) and 2.5% (Ordinary Account), and remote work becomes an interest-generating engine. 🏘 2. Escape the CBD, embrace the world No office, no problem. Retirees are ditching the daily commute and expensive city rents for cosier, cheaper locales—some even across the Causeway. Whether it's a beachfront flat in Penang or a mountain view in Chiang Mai, they're stretching their dollars without sacrificing productivity. Even staying local, the savings add up—S$200 to S$400 a month in transport alone. That's before you count hawker lunches swapped for home-cooked meals and a farewell to overpriced work attire. 🧾 3. Sweetening the tax deal Singapore's territorial tax system means income earned abroad but not brought into the country is not taxable. Couple that with no capital gains tax and the ability to time when income is declared, and it becomes a tax playground for the financially savvy silver fox. 🏥 4. Keeping healthcare costs in check Working remotely means fewer MRT rides and fewer chances to catch something in a crowded lift. Add to that continued employer healthcare contributions and less pressure to tap into Medisave, and you've got a healthier, wealthier retirement runway. Flexible work law: The wind in their sails Since December 2024, Singapore employers are now required to formally consider flexible work requests, including remote options. Already, 76% of companies have hybrid policies in place. For older workers, this isn't just about convenience—it's empowerment. What jobs can you do? More than you think Sectors ripe for remote elder-preneurship include: Finance: Advisory, consulting, compliance—Singapore's financial brain trust is still in hot demand Advisory, consulting, compliance—Singapore's financial brain trust is still in hot demand Tech: With fintech booming, part-time remote gigs abound With fintech booming, part-time remote gigs abound Education: Corporate training, language classes, mentoring roles Corporate training, language classes, mentoring roles Legal & Compliance: Regulation never sleeps Regulation never sleeps Marketing & Communications: Content creation doesn't care about your age—just your storytelling chops Singapore's English-speaking edge and reliable digital infrastructure make it a regional powerhouse for remote expertise. You've got the knowledge. You've got the tools. You've even got the timezone. Why stop now? The game plan for retirement 2.0 Phase 1 (Ages 50–55): Prep Mode Upskill in digital tools (Zoom, Canva, Google Workspace, etc.) Build your LinkedIn game Learn the ropes of freelancing, consultancy, or digital entrepreneurship Phase 2 (55–65): Transition Mode Negotiate hybrid work options Start building your client base Use remote work income to top up CPF and Medisave accounts Phase 3 (65+): Flex and Thrive Work part-time, stress-free Mix CPF LIFE payouts with flexible gigs Keep the brain engaged and the wallet happy What could you earn? In one conservative case study: A pre-retiree earns S$2,500/month remotely Lives 20% cheaper thanks to a remote lifestyle Adds S$60,000 to CPF over 8 years Saves S$96,000 on living costs Total benefit is a cool S$156,000 In an optimistic scenario? Earn S$4,000/month consulting from across the border Slash living costs by 40% Build up S$280,000 in eight years That's not retirement. That's reinvention. From survival to strategy This isn't just theory. Singaporeans like Wei Ming and his colleague Sarah—both in their 50s—have turned this model into reality. They've swapped stress for strategy, and their daily commutes for consulting gigs. By leveraging Singapore's global brand and regulatory know-how, they now earn more, save more, and live more. From Singapore to Kuala Lumpur or Penang, or even Bali or Krabi, a growing community of Singaporean 'remote retirees' is proving that you don't have to retire from work—you just need to rethink or reinvent how and where you work. The world is your office Let's be clear: remote work isn't a luxury anymore—it's a necessity. It's the CPF booster, the health preserver, the tax hack, and the lifestyle upgrade wrapped into one. And in the face of a demographic tsunami, rising costs, and longer lifespans, it might just be the only lifeboat that floats. So if you're staring at your CPF projections with dread—or just sick of the daily jam on the PIE—take a page from Wei Ming's playbook. The world is your office, and your legacy doesn't have to come with a retirement countdown clock. All you need is Wi-Fi, expertise, and the will to hit 'Join Meeting.' In other news, which may also be of interest to senior citizens to give it a shot for your financial lifeline and retirement needs planning, a Singaporean couple has transformed their home into a multi-stream income engine, generating over S$3,000 to S$5,000 a month through practical, proven side hustles that are perfect for 2025. In a video that has been making waves among aspiring entrepreneurs, Darien (the hubby) breaks down 10 legitimate side hustles that Singaporeans can start right now. Some require skills, others need hustle, but all are achievable. Photo: YT screengrab/@darienandjoanna You can read more about them and find out how you too could turn your home into a money-making machine while you bake sourdough, play with dogs, or teach a workshop — all without stepping out of your front door over here: 'We make S$5000/month!' — Singaporean couple turns their S$1M condo into a passive income machine with 10 side hustle recommendations, working from home
CNA
7 hours ago
- CNA
Indian tech company TCS to cut workforce by 2%, affecting more than 12,000 jobs
BENGALURU :India's largest IT services provider Tata Consultancy Services will reduce its workforce by 2 per cent in its 2026 financial year, primarily affecting middle and senior management, the company said on Sunday. The company is retraining and redeploying staff as it enters new markets, invests in new technology and deploys AI, but about 12,200 jobs will be cut as part of the process, it said. "This transition is being planned with due care to ensure there is no impact on service delivery to our clients," the company added. India's $283 billion IT sector has had to contend with clients holding back non-essential technology spending because of weak demand, persistent inflation and lingering uncertainty over U.S. trade policies.
