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Straits Times
09-07-2025
- Business
- Straits Times
Taiwan signals cautious optimism after avoiding US tariff letter
Sign up now: Get ST's newsletters delivered to your inbox Officials in Taipei are particularly eager to secure a deal with the Trump administration. TAIWAN – Taiwan indicated it was cautiously optimistic about talks with the US after it avoided getting a letter from the Trump administration notifying trading partners of new tariff rates. It would have been more favorable not to receive one of the missives, and getting one suggests a more difficult position in the talks, said a national security official in Taipei, who asked not to be identified discussing the sensitive matter. Taiwan was one of the relatively few parties that has been making steady progress in its negotiations with the US, the official added on July 8. Still, the official said a final verdict on the talks would have to wait until the two sides produced concrete results. US President Donald Trump sent letters to 14 trading partners with the new rates on July 7 before what had been a deadline this week for them to conclude negotiations. The notes also delayed the increased duties until Aug 1. US Commerce Secretary Howard Lutnick, speaking to CNBC on July 8 , said he expected an extra 15 to 20 letters to be released in the coming two days. Officials in Taipei are particularly eager to secure a deal with the Trump administration, both to maintain economic growth and to ensure their military backing from the US remains in place, as China ramps up its threats to the democracy of 23 million people. In June , Taiwan said it was making 'constructive progress' in a second round of talks with the US, and officials from Taipei were in Washington this week for a third session. Top stories Swipe. Select. Stay informed. Asia Why Japan and South Korea are on different paths in the latest US trade salvo World Trump says steep copper tariffs in store as he broadens his trade war Opinion Is Donald Trump unstoppable? Opinion Hyper-competitive classrooms feed the corporate world's narcissist pipeline Singapore Man charged after he allegedly threw glass bottle at bus window, injuring passenger Business 'It's our grandfather's company, we won't sell', says Wong family as shareholders reject GE delisting bid Singapore Police officer taken to hospital after motorcycle accident on PIE Asia Ex-Malaysian PM Najib's wife Rosmah awarded $30,000 in suit against TikToker Taiwan President Lai Ching-te has expressed willingness to increase imports from the US, including energy, agricultural and military goods, to lower the trade imbalance. His government's bid to diversify Taiwan's economic ties away from China and embrace the US has led to a trade surplus with America in the first half of 2025, exceeding its combined figure for Chinese and Hong Kong markets . BLOOMBERG
Straits Times
09-07-2025
- Automotive
- Straits Times
F1 the sport should be more like F1 the movie
Sign up now: Get ST's newsletters delivered to your inbox Ferrari's Lewis Hamilton waves to fans during the drivers parade before the British Grand Prix. NEW YORK – When the filmmakers behind the movie F1 decided to make the most authentic motor racing film ever seen, they reached out to Lewis Hamilton. The seven-time Formula One world champion signed on as a producer, and – with his input – the breathtaking, hyper-realistic racing has made the film a hit. However, F1's commitment to authenticity isn't absolute. For years, Hamilton has been critical of Formula One over its lack of diversity and gender equality. Rather than depict that reality, he pushed the producers to hire a cast that reflects 'how F1 should be in the future, or should be now', he explained in 2023, when the film was still in production. He got his wish. APX GP, the fictional team at the heart of F1, features prominent roles for women and under-represented groups (alongside Brad Pitt). By any measure, it's far more diverse than any actual team racing in 2025. So, what about the real-life sport? What's stopping it from reflecting the vision audiences are seeing in theaters – and how fast can it catch up? Top stories Swipe. Select. Stay informed. Asia Why Japan and South Korea are on different paths in the latest US trade salvo World Trump says steep copper tariffs in store as he broadens his trade war Opinion Is Donald Trump unstoppable? Opinion Hyper-competitive classrooms feed the corporate world's narcissist pipeline Singapore Man charged after he allegedly threw glass bottle at bus window, injuring passenger Business 'It's our grandfather's company, we won't sell', says Wong family as shareholders reject GE delisting bid Singapore Police officer taken to hospital after motorcycle accident on PIE Asia Ex-Malaysian PM Najib's wife Rosmah awarded $30,000 in suit against TikToker The current lack of diversity is quantifiable. In the history of Formula One, there has been only one Black driver: Hamilton. And the chances that a Black person is working in a different role on a racing team are similarly dismal. According to a 2021 report, less than 1 per cent of the Formula One workforce came from Black or other ethnic minority backgrounds. Women have faced their own struggles in the sport. As recently as 2022, women who worked in the series were paid, on average, 20 per cent less than their male counterparts, and comprised only around a third of the workforce. Meanwhile, the last female driver to score points in a Formula One race, Lella Lombardi, did so in 1975. The causes of Formula One's disparities are complex and varied. But like other motorsports, much of the problem comes down to the cost of participation. Go-karting is the starting point for most racing careers, and it isn't cheap. Last year, the Washington Post reported that parents can pay as much as US$10,000 to participate in elite-level karting competitions scouted by Formula One. The children who show talent and – this part is key – can afford it, advance to the next rung of competition, F4, which might cost as much as US$325,000 for a year of racing. The next two steps – F2 and F3 – require millions. In theory, an aspiring teenager can hustle for sponsors to pay these costs. In reality, though, family wealth and pre-existing connections to Formula One are all but necessary pre-requisites to getting on the ladder. Those who battle the financial odds often find themselves running up against other institutional barriers. For example, a 2023 report on women in motor sports found that sponsors are reluctant to invest in promising female drivers because there hasn't been a record of other women succeeding behind the wheel. In earlier decades, Formula One could prosper on the basis of exciting races and an atmosphere of (mostly) European exclusivity. But in recent years, fans – especially new fans – want deeper insights into the personalities and storylines that define a season. Social media provides that content, as do documentaries like Netflix's hit series Drive to Survive. But to really engage fans and make the sport more relatable, Formula One needs a cast as diverse as the F1 movie it helped make. To its credit, the sport is steering in the right direction. Last year, it adopted a new diversity and inclusion charter. It's also making a concerted effort to fund the development of women drivers, and to raise their visibility. Perhaps most importantly, it's established engineering scholarships to help students from under-represented backgrounds establish careers in the sport. None of these efforts will, on their own, diversify a sport rooted in European wealth and an image of exclusivity. Doing so will require that Formula One view diversity as a long-term commitment, not just a PR gesture as it has in the past. But if the series sticks with it, it can make one of the world's most elite sports more welcoming and – if the success of F1 is any indication – even more popular. BLOOMBERG
Straits Times
09-07-2025
- Business
- Straits Times
Man gets more than 2 years' jail and fine of over $4m for scheme to evade $3.5m in taxes on cars
Sign up now: Get ST's newsletters delivered to your inbox On July 8, Eric Tan Zhi Hao, 32, was sentenced to two years and four months' jail, and fined $4,194,000. SINGAPORE – A man involved in a scheme to under-declare to Singapore Customs the import values of vehicles, resulting in $3.5 million in excise duties and GST evaded, has been dealt with. On July 8, Eric Tan Zhi Hao, 32, was sentenced to two years and four months' jail, and fined $4,194,000. If Tan does not pay his fine, he will have to serve an additional 44 months in jail. Tan had earlier pleaded guilty to fraudulently evading excise duties and GST, laundering benefits from criminal conduct and obstructing the course of justice. Investigations revealed that since October 2022, Tan had conspired with three others to under-declare the value of motor vehicles imported by a company called Lightspeed Performance, which was a parallel importer of vehicles. Under this scheme, Tan used his company, Eagle 9 Automotive, as an intermediary to receive money from car retailers that purchased motor vehicles imported by Lightspeed into Singapore. Lightspeed would then bill Eagle 9 a partial amount of the actual value of the imported vehicles. Top stories Swipe. Select. Stay informed. Asia Why Japan and South Korea are on different paths in the latest US trade salvo World Trump says steep copper tariffs in store as he broadens his trade war Opinion Is Donald Trump unstoppable? Opinion Hyper-competitive classrooms feed the corporate world's narcissist pipeline Singapore Man charged after he allegedly threw glass bottle at bus window, injuring passenger Business 'It's our grandfather's company, we won't sell', says Wong family as shareholders reject GE delisting bid Singapore Police officer taken to hospital after motorcycle accident on PIE Asia Ex-Malaysian PM Najib's wife Rosmah awarded $30,000 in suit against TikToker To make up the shortfall in the actual value of the imported vehicles, Eagle 9 would make separate transfers under the guise of 'warranty payments' to two overseas companies owned by another man, also said to have had a role in the scheme. As a result, Lightspeed submitted incorrect declarations to Singapore Customs in relation to the import of 485 vehicles, and evaded excise duty and GST totalling $3,532,170.48. Of the 485 vehicles imported into Singapore under this scheme , Eagle 9 was used in the under-declaration of 190 cars, resulting in excise duty and GST of over $1 million being evaded. After the director of Lightspeed was arrested in May 2023, Tan and others involved in this affair deleted the messages they had sent in a WhatsApp group chat used to facilitate the execution of this scheme to avoid being incriminated should they be brought in. Tan also threw away his mobile phone which had evidence of his participation in the scheme, thus obstructing the course of justice. The cases of three others accused of being involved in the affair are still before the courts. Those involved in fraudulently evading any duty or GST on imported goods can be fined up to 20 times the amount of tax evaded, jailed for up to two years, or both.
Straits Times
09-07-2025
- Business
- Straits Times
Singapore-listed hospital operator IHH eyes Indonesia, Vietnam for expansion
Sign up now: Get ST's newsletters delivered to your inbox In Singapore, IHH operates 793 beds across four hospitals – Gleneagles Hospital (above), Mount Elizabeth Hospital, Mount Elizabeth Novena Hospital and Parkway East Hospital. Kuala Lumpur – IHH Healthcare is looking to potential new markets Indonesia and Vietnam as the Malaysian hospital operator continues building scale to offset rising healthcare costs in the region. Indonesia is attractive, thanks to its healthcare reforms and foreign ownership relaxation, while Vietnam has emerged as a booming market, according to chief executive officer Prem Kumar Nair. 'We get a lot of patients from Vietnam into our Singapore operations,' he said in an interview in Kuala Lumpur this week. In Singapore, IHH operates 793 beds across 4 hospitals – Gleneagles Hospital, Mount Elizabeth Hospital, Mount Elizabeth Novena Hospital and Parkway East Hospital, according to its website. It also has 30 Parkway Shenton clinics, as well as other specialty and ancillary services. The company currently operates more than 80 hospitals in 10 countries, including India and China, and has been actively acquiring healthcare facilities in recent years. It bought Island Hospital in Malaysia in 2024. Its Turkish unit Acibadem and Indian affiliate Fortis Healthcare also purchased hospitals in their respective markets in the last two years. The company has US$14 billion (S$17.9 billion) in market capitalisation and is the most valuable listed hospital operator in South-east Asia. The desire to widen expansion in the region comes as IHH looks to make up for rising import costs in the industry. The group is now procuring medical equipment, consumables and generic medications in bulk to cut costs on imported items, Mr Prem Kumar said. Top stories Swipe. Select. Stay informed. Asia Why Japan and South Korea are on different paths in the latest US trade salvo World Trump says steep copper tariffs in store as he broadens his trade war Opinion Is Donald Trump unstoppable? Opinion Hyper-competitive classrooms feed the corporate world's narcissist pipeline Singapore Man charged after he allegedly threw glass bottle at bus window, injuring passenger Business 'It's our grandfather's company, we won't sell', says Wong family as shareholders reject GE delisting bid Singapore Police officer taken to hospital after motorcycle accident on PIE Asia Ex-Malaysian PM Najib's wife Rosmah awarded $30,000 in suit against TikToker IHH is also planning to consolidate its presence in China, according to the CEO. It turned its clinic business into a profitable operation and is seeing rising number of patients at its hospital in Shanghai. Still, China's decision to ease restrictions on foreign investment in healthcare sector will not immediately sway IHH into expanding further in the world's second-largest economy. 'In China, the public sector is a very big competitor to private healthcare,' said Prem Kuma. 'We are the only foreign operator in China who has a combination of clinics, and an ecosystem, so we will build on it.' The company's priorities also include tapping growing opportunities in existing markets, where it's already committed to expanding hospital bed capacity by 33 per cent from 2024 through 2028 – a 4,000 bed target. 'There's no dearth of opportunities in the countries we operate,' he said. Beyond hospitals IHH booked RM6.29 billion ringgit (S$1.9 billion) in first-quarter revenue, an increase of 5.7 per cent from a year ago. Its profit slid 33 per cent to RM514 million, which the company attributed to exceptional accounting adjustments. Singapore, Turkey and Malaysia are currently its main revenue drivers, but the company expects India to become a major contributor in the coming years amid booming demand for private healthcare. With 35 hospitals, India already has IHH's biggest in-country network. Mr Prem Kumar said he was focused on growing out-of-hospital care in IHH's markets – including ambulatory surgical and care centres, along with primary care centres – to help control cost pressures. The group currently operates 60 healthcare facilities that aren't hospitals. 'If we depend on hospitals alone, healthcare costs are going to rise tremendously,' he said. Singapore already has such an ecosystem in place while Hong Kong is headed in that direction, Mr Prem Kumar said. Still, its home market of Malaysia doesn't allow hospital operators to also run other healthcare facilities. IHH plans to make representations to Malaysia's Health Ministry in hopes the rule will be changed. 'We definitely want to move, in Malaysia, into the out-of-hospital sector in a big way as well,' he said. Dual-listed IHH shares in Malaysia have dropped 8.4 per cent so far in 2025, while the Kuala Lumpur stock index has fallen around 7 per cent amid concerns over US tariffs. Its Singapore shares were trading at $2.03 as at 10.57am on July , down 7.3 per cent for the year. BLOOMBERG
Straits Times
09-07-2025
- Sport
- Straits Times
Understrength ACT Brumbies eye ‘big opportunity' against British & Irish Lions
Sign up now: Get ST's newsletters delivered to your inbox ACT Brumbies coach Stephen Larkham will only be able to count on one of his Wallabies players when they take on the British & Irish Lions on July 9. – Coach Stephen Larkham said on July 7 that the ACT Brumbies have a 'big opportunity' against the British and Irish Lions, but admitted they face a tough task with a team stripped of key Wallabies. The Brumbies are the strongest of Australia's four Super Rugby sides and will take heart from the Lions' struggles to grind past an understrength NSW Waratahs 21-10 at the weekend. They were also the only provincial team to beat the tourists when last in Australia in 2013, stunning Warren Gatland's men 14-12. But they will take on the might of England, Scotland, Ireland and Wales in Canberra on July 9 without their top players. Eight Brumbies were in the Australia team who needed a last-gasp try to beat Fiji 21-18 on July 6, and seven of them will not feature. They include veteran forwards James Slipper and Allan Alaalatoa, along with first-choice Wallabies backs Noah Lolesio, Len Ikitau and Tom Wright. Only lock Tom Hooper, who came off the bench, will play. Top stories Swipe. Select. Stay informed. Asia Why Japan and South Korea are on different paths in the latest US trade salvo World Trump says steep copper tariffs in store as he broadens his trade war Opinion Is Donald Trump unstoppable? Opinion Hyper-competitive classrooms feed the corporate world's narcissist pipeline Singapore Man charged after he allegedly threw glass bottle at bus window, injuring passenger Business 'It's our grandfather's company, we won't sell', says Wong family as shareholders reject GE delisting bid Singapore Police officer taken to hospital after motorcycle accident on PIE Asia Ex-Malaysian PM Najib's wife Rosmah awarded $30,000 in suit against TikToker 'The boys have been back in training for a couple of weeks and they are aware of how big an opportunity this is for them to take on the Lions,' said Larkham. 'We're under no illusions of the challenge that lies ahead. They are an incredibly strong and powerful side.' Hooper's brother Lachlan was also included in the Brumbies squad, with the pair set to play together for the first time in a professional capacity. Prop Lington Ieli, flanker Rory Scott, scrum-half Ryan Lonergan, centre David Feliuai and wing Corey Toole all start after recently being involved in the Wallabies training camp. Lock Cadeyrn Neville will face the Lions for the second time, having played for the Melbourne Rebels during the 2013 tour. Meanwhile, Lions coach Andy Farrell said places in the Test side for the series against Australia were still up for grabs despite his selection of what looked close to a first-choice team to play the Brumbies. 'I understand the speculation, but the truth of the matter is we've got a good side that's going to take the field on Wednesday,' he said on July 7. 'I'll tell you guys what I said to the team this morning, that there's always going to be speculation, but it's up to people to put the best foot forward for a Test spot. 'Players can play themselves in and play themselves out at the same time, but at the same time, what we're looking for is a cohesive team performance and that's at the forefront of what we're trying to achieve.' English lock Maro Itoje returns as skipper after being rested for the unconvincing victory over the Waratahs, as does Scottish fly-half Finn Russell. Russell's compatriot Blair Kinghorn survives from the side who played the Waratahs but will switch from the wing to his more familiar fullback role at Canberra Stadium. AFP, REUTERS
