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Money Talks - Trump's tariffs sent European stocks tumbling. Is it time to invest?
The European stock market was outperforming the American markets in the first quarter of 2025. Then came US President Donald Trump's 'Liberation Day' and markets across Europe plunged. Should investors still look to Europe in the mid- and long-term? Yap Fook Hien, senior investment strategist, wealth solutions for Standard Chartered Bank breaks it down.
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CNA
14 minutes ago
- CNA
Israel's finance minister announces settlement plan to 'bury' idea of Palestinian state
TEL AVIV: Israeli far-right Finance Minister Bezalel Smotrich announced work would start on a long-delayed settlement that would divide the West Bank and cut it off from East Jerusalem, a move his office said would "bury" the idea of a Palestinian state. The Palestinian government, allies and campaign groups condemned the scheme, calling it illegal and saying the fragmentation of territory would rip up any internationally backed peace plans for the region. Standing at the site of the planned settlement in Maale Adumim on Thursday (Aug 14), Smotrich said Prime Minister Benjamin Netanyahu and US President Donald Trump had agreed to the revival of the E1 development, though there was no immediate confirmation from either. 'Whoever in the world is trying to recognise a Palestinian state today will receive our answer on the ground. Not with documents nor with decisions or statements, but with facts. Facts of houses, facts of neighbourhoods," Smotrich said. Israel froze construction plans at Maale Adumim in 2012, and again after a revival in 2020, because of objections from the US, European allies and other powers who considered the project a threat to any future peace deal with the Palestinians. The move could further isolate Israel, which has watched some of its Western allies condemn its military offensive in Gaza and announce they will recognise a Palestinian state. Palestinians fear the settlement building in the West Bank - which has sharply intensified since the 2023 Hamas attack on Israel that led to the Gaza war - will rob them of any chance to build a state of their own in the area. In a statement headlined "Burying the idea of a Palestinian state", Smotrich's spokesperson said the minister had approved the plan to build 3,401 houses for Israeli settlers between an existing settlement in the West Bank and Jerusalem. In Maale Adumim, Smotrich told Reuters the plan would go into effect on Wednesday. Breaking the Silence, an Israeli rights group established by former Israeli soldiers, criticised Smotrich, accusing him of encouraging West Bank settlement activity while the world's attention was on the Gaza war. "This land grab and settlement expansion will not only further fragment the Palestinian territory, but will further entrench apartheid," it said. Nabil Abu Rudeineh, the Palestinian president's spokesperson, called on the United States to pressure Israel to stop settlement building. "The EU rejects any territorial change that is not part of a political agreement between involved parties. So annexation of territory is illegal under international law," European Commission spokesperson Anitta Hipper said during a press briefing. Norwegian Foreign Minister Espen Barth Eide said the move showed that Israel "seeks to appropriate land owned by Palestinians in order to prevent a two-state solution". Qatar, which has mediated between Hamas and Israel in efforts to secure a ceasefire in Gaza, condemned Smotrich's actions as a "blatant violation of international law". HOUSE BUILDING "IN A YEAR" Peace Now, which tracks settlement activity in the West Bank, said there were still steps needed before construction. But if all went through, infrastructure work could begin within a few months, and house building in about a year. 'The E1 plan is deadly for the future of Israel and for any chance of achieving a peaceful two-state solution. We are standing at the edge of an abyss, and the government is driving us forward at full speed," Peace Now said in a statement. Palestinians were already demoralised by the Israeli military campaign which has killed more than 61,000 people in Gaza, according to local health authorities, and fear Israel will ultimately push them out of that territory. About 700,000 Israeli settlers live among 2.7 million Palestinians in the West Bank and East Jerusalem. Israel annexed East Jerusalem in a move not recognised by most countries but has not formally extended sovereignty over the West Bank. The UN and most world powers say settlement expansion has eroded the viability of a two-state solution by fragmenting Palestinian territory. The two-state plan envisages a Palestinian state in East Jerusalem, the West Bank and Gaza, existing side by side with Israel. Israel cites historical and biblical ties to the area and says the settlements provide strategic depth and security. Most of the global community considers all settlements illegal under international law. Israel rejects this interpretation, saying the West Bank is "disputed" rather than "occupied" territory. Britain, Canada, Australia and New Zealand imposed sanctions in June on Smotrich and another far-right minister who advocates for settlement expansion, accusing both of them of repeatedly inciting violence against Palestinians in the West Bank.
CNA
14 minutes ago
- CNA
Israel's Smotrich announces settlement plan to 'bury' idea of Palestinian state
TEL AVIV: Israeli far-right Finance Minister Bezalel Smotrich announced work would start on a long-delayed settlement that would divide the West Bank and cut it off from East Jerusalem, a move his office said would "bury" the idea of a Palestinian state. The Palestinian government, allies and campaign groups condemned the scheme, calling it illegal and saying the fragmentation of territory would rip up any internationally backed peace plans for the region. Standing at the site of the planned settlement in Maale Adumim on Thursday (Aug 14), Smotrich said Prime Minister Benjamin Netanyahu and US President Donald Trump had agreed to the revival of the E1 development, though there was no immediate confirmation from either. 'Whoever in the world is trying to recognise a Palestinian state today will receive our answer on the ground. Not with documents nor with decisions or statements, but with facts. Facts of houses, facts of neighbourhoods," Smotrich said. Israel froze construction plans at Maale Adumim in 2012, and again after a revival in 2020, because of objections from the US, European allies and other powers who considered the project a threat to any future peace deal with the Palestinians. The move could further isolate Israel, which has watched some of its Western allies condemn its military offensive in Gaza and announce they will recognise a Palestinian state. Palestinians fear the settlement building in the West Bank - which has sharply intensified since the 2023 Hamas attack on Israel that led to the Gaza war - will rob them of any chance to build a state of their own in the area. In a statement headlined "Burying the idea of a Palestinian state," Smotrich's spokesperson said the minister had approved the plan to build 3,401 houses for Israeli settlers between an existing settlement in the West Bank and Jerusalem. In Maale Adumim, Smotrich told Reuters the plan would go into effect on Wednesday. Breaking the Silence, an Israeli rights group established by former Israeli soldiers, criticised Smotrich, accusing him of encouraging West Bank settlement activity while the world's attention was on the Gaza war. "This land grab and settlement expansion will not only further fragment the Palestinian territory, but will further entrench apartheid," it said. Nabil Abu Rudeineh, the Palestinian president's spokesperson, called on the United States to pressure Israel to stop settlement building. "The EU rejects any territorial change that is not part of a political agreement between involved parties. So annexation of territory is illegal under international law," European Commission spokesperson Anitta Hipper said during a press briefing. Norwegian Foreign Minister Espen Barth Eide said the move showed that Israel "seeks to appropriate land owned by Palestinians in order to prevent a two-state solution". Qatar, which has mediated between Hamas and Israel in efforts to secure a ceasefire in Gaza, condemned Smotrich's actions as a "blatant violation of international law". HOUSE BUILDING "IN A YEAR" Peace Now, which tracks settlement activity in the West Bank, said there were still steps needed before construction. But if all went through, infrastructure work could begin within a few months, and house building in about a year. 'The E1 plan is deadly for the future of Israel and for any chance of achieving a peaceful two-state solution. We are standing at the edge of an abyss, and the government is driving us forward at full speed," Peace Now said in a statement. Palestinians were already demoralised by the Israeli military campaign which has killed more than 61,000 people in Gaza, according to local health authorities, and fear Israel will ultimately push them out of that territory. About 700,000 Israeli settlers live among 2.7 million Palestinians in the West Bank and East Jerusalem. Israel annexed East Jerusalem in a move not recognised by most countries but has not formally extended sovereignty over the West Bank. The UN and most world powers say settlement expansion has eroded the viability of a two-state solution by fragmenting Palestinian territory. The two-state plan envisages a Palestinian state in East Jerusalem, the West Bank and Gaza, existing side by side with Israel. Israel cites historical and biblical ties to the area and says the settlements provide strategic depth and security. Most of the global community considers all settlements illegal under international law. Israel rejects this interpretation, saying the West Bank is "disputed" rather than "occupied" territory. Britain, Canada, Australia and New Zealand imposed sanctions in June on Smotrich and another far-right minister who advocates for settlement expansion, accusing both of them of repeatedly inciting violence against Palestinians in the West Bank.
Straits Times
an hour ago
- Straits Times
India wants US ties based on mutual respect, says its arms purchases are on course
Sign up now: Get ST's newsletters delivered to your inbox FILE PHOTO: U.S. President Donald Trump and Indian Prime Minister Narendra Modi shake hands as they attend a joint press conference at the White House in Washington, D.C., U.S., February 13, 2025. REUTERS/Kevin Lamarque/File Photo NEW DELHI - India said on Thursday that it hoped relations with the United States would move forward based on mutual respect and shared interests, seeking to temper worries that ties were headed downhill in the aftermath of high tariffs imposed by Washington. A U.S. defence policy team will be in New Delhi this month for talks with Indian officials and its arms purchases from the U.S. are on course despite the strain in ties, the Indian foreign ministry said. A new friendship built between the two countries has hit a rough patch after President Donald Trump raised tariffs on Indian goods to 50% last week from an earlier 25% saying it was a penalty for India's continued imports of Russian oil. New Delhi has accused the U.S. of double standards in singling it out for Russian oil imports and called the tariffs unfair, unjustified and unreasonable. At the same time, it has also indicated that the warming of ties that began at the turn of the century covers a wide range of areas and should not be seen only through the prism of trade, although it hopes that trade talks will continue and result in a deal. "This partnership has weathered several transitions and we hope that the relationship will continue to move forward based on mutual respect and shared interests," Indian foreign ministry spokesperson Randhir Jaiswal told a regular media briefing. Purchases of military equipment from Washington were on course, Jaiswal said, adding that a U.S. defence policy team was expected in Delhi this month. Top stories Swipe. Select. Stay informed. Singapore Over 100 people being investigated for vape offences, say MOH and HSA Singapore Bukit Merah fire: Residents relocated as town council carries out restoration works Singapore askST: What to do in the event of a fire at home Singapore Jalan Bukit Merah fire: PMD battery could have started fatal blaze, says SCDF Singapore askST: What are the fire safety rules for PMDs? Asia AirAsia flight from KL to Incheon lands at wrong airport in South Korea Opinion Could telco consolidation spell the end of attractive mobile plans? Singapore From quiet introvert to self-confident student: How this vulnerable, shy teen gets help to develop and discover her strength Reuters reported last week that India has put on hold its plans to procure new U.S. weapons and aircraft and that a planned trip to Washington by the Indian defence minister had been cancelled. The Indian government subsequently said reports of a pause in the talks were wrong. REUTERS
