Latest news with #LowTuckKwong
Barnama
6 days ago
- Business
- Barnama
Top News Headlines In Indonesia, Myanmar, Singapore, Thailand & Vietnam: May 25, 2025
The government is set to reintroduce electricity bill discounts for low-power households starting June 5, as part of a broader stimulus package aimed at boosting purchasing power. The Indonesian government announced a package of economic stimuli to boost people's purchasing power in the second quarter (Q2) of 2025, including a 50-per cent electricity discount for 79.3 million households in June and July. PREVENTIVE ACTION AS MONSOON LOOMS -- THE GLOBAL NEW LIGHT OF MYANMAR The Health Ministry is stepping up efforts on the prevention and control of respiratory infectious diseases that are prevalent during the monsoon season and COVID-19 preventive measures. Surveillance at airports, seaports and border camps has been enhanced. AGRI AND LIVESTOCK EXPORTS TO BOOST ECONOMY -- THE GLOBAL NEW LIGHT OF MYANMAR The government is encouraging citizens to prioritise agricultural and livestock production for exports. These sectors can generate income and improve the socioeconomic conditions. Bamboo pulp, consumer products made from bamboo and food products have export potentials. SINGAPORE 1. SPOTLIGHT ON BILLIONAIRES AND TYCOONS WHO CHOSE SINGAPORE TO SET UP THEIR FOUNDATIONS FOR CHARITY WORK -- THE STRAITS TIMES Some of the richest people in the world, such as American hedge fund billionaire Ray Dalio, Indonesian coal king Low Tuck Kwong and Brazil-born Facebook co-founder Eduardo Saverin, have set up foundations in Singapore to give to charitable causes in the past three years. TRUMP TARIFFS, ASEAN SUMMIT TO PRIORITISE NEW TRADE LINKS WITH OTHER POWERS: ANALYSTS -- CNA Diversification is likely to be the underlying theme at the upcoming 46th Association of Southeast Asian Nations (ASEAN) summit, as the bloc seeks new partnerships and closer ties with other major powers to cushion the impact from United States President Donald Trump's tariffs and isolationist policies, analysts say. THAILAND 1. MAE SAI FLOODING: MILITARY REINFORCES FLOOD BARRIERS, CLEARS DEBRIS UNDER THAI-MYANMAR FRIENDSHIP BRIDGE -- THE NATION Residents of Mae Sai and nearby areas are urged to stay vigilant and monitor updates from the authorities as the situation remains fluid and further rain is expected. 2. AI CAMERAS NET SUSPECTS IN TOURISTS HOT SPOTS MOMENTS AFTER THEIR DETECTION -- BANGKOK POST Tourism police have deployed AI-powered surveillance cameras at hot spots nationwide, resulting in nearly 200 arrests since July 2024. VIETNAM ONLINE GAMBLING GANG CRIPPLED -- VIETNAMPLUS Vietnamese and Lao police have smashed a major cross-border illegal online gambling syndicate involved in about RM210 million (US$50 million) worth of bets. Nearly 30 Vietnamese suspects involved in operating gambling websites and online betting platforms were detained. MANGOES DOMINATE CHINESE MARKET -- VIETNAMPLUS Vietnamese mangoes managed to capture 97 per cent of China's mango import market share in the first quarter of this year. This achievement was largely due to competitive pricing, maintaining consistent quality and timely supply. -- BERNAMA BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; BERNAMA TV on Astro 502, unifi TV 631 and MYTV 121 channels and BERNAMA Radio on FM93.9 (Klang Valley), FM107.5 (Johor Bahru), FM107.9 (Kota Kinabalu) and FM100.9 (Kuching) frequencies. Follow us on social media : Facebook : @bernamaofficial, @bernamatv, @bernamaradio Twitter : @ @BernamaTV, @bernamaradio Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial TikTok : @bernamaofficial
AsiaOne
7 days ago
- Business
- AsiaOne
Spotlight on billionaires and tycoons who chose Singapore to set up their foundations for charity work, Singapore News
SINGAPORE - Some of the richest people in the world, such as American hedge fund billionaire Ray Dalio, Indonesian coal king Low Tuck Kwong and Brazil-born Facebook co-founder Eduardo Saverin, have set up foundations in Singapore to give to charitable causes in the past three years. This comes as the Republic positions itself as a financial and philanthropic hub for Asia, driven by a flourishing wealth management sector and attractive tax incentives. On May 5, it was announced that the Gates Foundation, one of the world's largest philanthropic foundations, will set up an office in Singapore. Founded in 2000 by Microsoft co-founder Bill Gates and his former wife Melinda, the foundation aims to fight poverty, disease and inequity around the world. Gates, an American who turns 70 in October, is ranked 13th on Forbes' World's Billionaires List 2025, with an estimated wealth of US$108 billion (S$139 billion). The Commissioner of Charities (COC) told The Straits Times that about five new charities each year have been registered under the Grantmaker Scheme in the past three years. Typically funded by an individual, family or institution, philanthropic foundations are registered as charities under the Grantmaker Scheme, under which certain regulatory requirements are relaxed or waived to encourage philanthropy. According to checks by ST, some foundations that have registered as charities here in the past three years include: Dalio Foundation Elaine and Eduardo Saverin Foundation Low Tuck Kwong Foundation Salleh Marican Foundation Other foundations registered in the past three years include the Rao Family Foundation, started by Indonesian gold mining tycoon Jimmy Budiarto and his wife, and the Karim Family Foundation. The latter was set up by Bachtiar Karim, one of Indonesia's richest men and the chief executive of integrated palm oil firm Musim Mas Holdings, and his wife. In response to queries, Hari Menon, director for South and South-east Asia at the Gates Foundation, said it had received an invitation from the Economic Development Board (EDB) to establish an office in Singapore - its first in South-east Asia. He said: "We believe a Singapore presence will strengthen global health and development partnerships across the South-east Asian region, enhance cross-border collaboration, and reinforce Singapore's important role in innovation and philanthropy in the region." He added that the foundation is working through the legal and regulatory aspects of starting an office in Singapore, and operational plans will be shared in time. An EDB spokesperson said that the board engages leading companies, entrepreneurs and innovators from around the world about setting up their base in Singapore. This includes individual and business families that support the local innovation ecosystem through their foundations or family offices. As more ultra-rich individuals from all over the world shift their wealth management to Singapore, such as by setting up family offices here, it is often a natural extension for them to set up their philanthropic foundations here too, said Pauline Tan. Tan is the principal consultant at Soristic Impact Collective, a consultancy that publishes a report on the largest private philanthropic foundations in Singapore based on their annual grant disbursements. By the end of August 2024, there were 1,650 single family offices here, up from just 400 in 2020. Single family offices manage the wealth and financial affairs of only one family. The Republic's generous tax incentives for charitable giving, the availability of high-quality legal, financial and philanthropic advisory services, and the stable political and regulatory environment are among the reasons for the growing number of foundations being set up here by both foreigners and locals, Tan added. Singapore is also near countries in the region that some philanthropists want to help, she said. High-profile philanthropists such as Gates may have created more interest in giving among the very wealthy, creating a ripple effect due to their influence, she added. Tan said: "There is also a growing public expectation for those with significant resources to give back. With greater media attention, philanthropic giving is becoming part of the journey in life for some of the ultra-wealthy." Gates has said he plans to give away virtually all his wealth through the Gates Foundation in the next 20 years, to accelerate the foundation's work in global health and poverty alleviation. In a blog post on May 8, he said: "People will say a lot of things about me when I die, but I am determined that 'he died rich' will not be one of them. There are too many urgent problems to solve for me to hold on to resources that could be used to help people." [[nid:717742]] This article was first published in The Straits Times. Permission required for reproduction.
