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Straits Times
a day ago
- Business
- Straits Times
India PM Modi likely to meet Trump in US next month, newspaper reports
Sign up now: Get ST's newsletters delivered to your inbox U.S. President Donald Trump and Indian Prime Minister Narendra Modi prepare to 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 - Indian Prime Minister Narendra Modi is likely to meet President Donald Trump during a visit to the United States next month to attend the UN General Assembly meeting, the Indian Express newspaper reported on Wednesday, citing sources. Reuters could not immediately verify the information outside business hours. The General Assembly kicks off on Sept 9, but the annual meeting of heads of state and government will be held from Sept 23-29. Although the reason for the potential visit will be to attend the UN meeting in New York, a key objective will be to hold talks with Trump and iron out trade and tariff issues that have led to some souring of ties between the two countries, the newspaper reported. News of a possible Modi trip to the U.S. comes days after Trump announced an additional 25% tariff on Indian goods to penalise New Delhi for continuing to buy Russian oil. The penalty took the total levy on Indian goods exported to the U.S. to 50%, among the highest levied on any U.S. trading partner. Trade talks between New Delhi and Washington collapsed after five rounds of negotiations over disagreement on opening India's vast farm and dairy sectors and stopping Russian oil purchases. On Tuesday, U.S. Treasury Secretary Scott Bessent said several large trade agreements were still waiting to be completed, including with Switzerland and India, but New Delhi had been "a bit recalcitrant" in talks with Washington. Top stories Swipe. Select. Stay informed. Business S'pore banks face headwinds in rest of 2025, but DBS is pulling ahead, say analysts Singapore Sengkang-Punggol LRT line back to full service: SBS Transit World AI eroded doctors' ability to spot cancer within months in study Asia From Van Cleef to Vacheron, luxury gifts at centre of probe into South Korea's former first lady Singapore From survivable to liveable: The making of a green city Asia Malaysian flag hoisted upside down heats up debate ahead of national day celebrations Multimedia World Photography Day: Celebrating the art of image-making Singapore SG60: Many hands behind Singapore's success story Bessent told Fox Business Network's "Kudlow" he hoped the Trump administration could wrap up its trade negotiations by the end of October. "That's aspirational, but I think we are in a good position," he said, adding " I think we can be, we will have agreed on substantial terms with all the substantial countries." REUTERS
Straits Times
a day ago
- Business
- Straits Times
Japan police officer pens stories to expose reality of fraud
Sign up now: Get ST's newsletters delivered to your inbox The initiative comes amid a rise in so-called 'special fraud' cases in Japan. TOKYO - A Japanese prefectural police force is releasing works of short fiction penned by an officer to inform the public about the techniques used in fraud and the realities victims face amid an increase of such crimes. 'Officer K's Fraud Files' released online by the Kanagawa prefectural police includes a story of a retired man who falls victim to an investment scam perpetrated via a matching app, ending up losing his savings as well as distancing himself from his family. The initiative comes amid a rise in so-called 'special fraud' cases in Japan. A record-high 71.8 billion yen (S$622 million) was stolen in some 21,000 cases detected in 2024 involving scammers posing as police investigators or relatives, among others, according to the National Police Agency. In Kanagawa Prefecture alone, 6.6 billion yen was stolen, despite efforts by the police to raise awareness by handing out flyers and giving crime prevention lectures. The prefectural police released the first story in June with officials in the crime prevention team hoping such an approach would be a more effective way of showing the ways scams are perpetrated. A 39-year-old officer called 'K', an avid reader, was chosen to write the stories, although the officer had no professional writing experience. K remembers seeing an elderly woman who apologized repeatedly after she was blamed by her family for being swindled out of millions of yen, the official said. Top stories Swipe. Select. Stay informed. Business S'pore banks face headwinds in rest of 2025, but DBS is pulling ahead, say analysts Singapore Sengkang-Punggol LRT line back to full service: SBS Transit World AI eroded doctors' ability to spot cancer within months in study Asia From Van Cleef to Vacheron, luxury gifts at centre of probe into South Korea's former first lady Singapore From survivable to liveable: The making of a green city Asia Malaysian flag hoisted upside down heats up debate ahead of national day celebrations Multimedia World Photography Day: Celebrating the art of image-making Singapore SG60: Many hands behind Singapore's success story The second story, released in late July, portrays a university student who turns himself in to police after taking on 'dark part-time work', accepting jobs from a remote figure who orders him to be an accomplice in increasingly serious crimes. KYODO NEWS
Straits Times
a day ago
- Business
- Straits Times
Passwords under threat as tech giants seek tougher security
Sign up now: Get ST's newsletters delivered to your inbox Passwords are often weak and people re-use them across different online services, said cybersecurity experts. PARIS - Fingerprints, access keys and facial recognition are putting a new squeeze on passwords as the traditional computer security method – but also running into public hesitancy. 'The password era is ending,' two senior figures at Microsoft wrote in a July blog post. The tech giant has been building 'more secure' alternatives to log in for years – and has since May been offering them by default to new users. Many other online services – such as artificial intelligence giant OpenAI's ChatGPT chatbot – require steps like entering a numerical code emailed to a user's known address before granting access to potentially sensitive data. 'Passwords are often weak and people re-use them' across different online services, said Mr Benoit Grunemwald, a cybersecurity expert with Eset. Sophisticated attackers can crack a word of eight characters or fewer within minutes or even seconds, he pointed out. And passwords are often the prize booty in data leaks from online platforms, in cases where 'they are improperly stored by the people supposed to protect them and keep them safe,' Mr Grunemwald said. Top stories Swipe. Select. Stay informed. Singapore Sengkang-Punggol LRT line back to full service: SBS Transit World AI eroded doctors' ability to spot cancer within months in study Singapore From survivable to liveable: The making of a green city World US trade team will meet Chinese officials in two or three months, Bessent says Multimedia World Photography Day: Celebrating the art of image-making Asia DPM Gan kicks off India visit in Mumbai as Singapore firms ink investment agreements Business CDL H1 profit rises 3.9% to $91.2 million; board proposes special dividend of 3 cents per share Singapore SG60: Many hands behind Singapore's success story One massive database of around 16 billion login credentials amassed from hacked files was discovered in June by researchers from media outlet Cybernews. The pressure on passwords has tech giants rushing to find safter alternatives. Tricky switchover One group, the Fast Identity Online Alliance (Fido) brings together heavyweights including Google, Microsoft, Apple, Amazon and TikTok. The companies have been working on creating and popularising password-free login methods, especially promoting the use of so-called access keys. These use a separate device like a smartphone to authorise logins, relying on a pin code or biometric input such as a fingerprint reader or face recognition instead of a password. Mr Troy Hunt, whose website Have I Been Pwned allows people to check whether their login details have been leaked online, says the new systems have big advantages. 'With passkeys, you cannot accidentally give your passkey to a phishing site' – a page that mimics the appearance of a provider such as an employer or bank to dupe people into entering their login details – he said. But the Australian cybersecurity expert recalled that the last rites have been read for passwords many times before. 'Ten years ago we had the same question... the reality is that we have more passwords now than we ever did before,' Mr Hunt said. Although many large platforms are stepping up login security, large numbers of sites still use simple usernames and passwords as credentials. The transition to an unfamiliar system can also be confusing for users. Passkeys have to be set up on a device before they can be used to log in. Restoring them if a PIN code is forgotten or trusted smartphone lost or stolen is also more complicated than a familiar password reset procedure. 'The thing that passwords have going for them, and the reason that we still have them, is that everybody knows how to use them,' Mr Hunt said. Ultimately the human factor will remain at the heart of computer security, Eset's Mr Grunemwald said. 'People will have to take good care of security on their smartphone and devices, because they'll be the things most targeted' in future, he warned. AFP
Straits Times
a day ago
- Business
- Straits Times
Online vape sales in Malaysia thrive despite ban
Sign up now: Get ST's newsletters delivered to your inbox A simple search will bring up at least eight results on the first three pages, all leading to individual online vape stores. PETALING JAYA - The law in Malaysia bans the sale of vape-related products online, yet they remain widely available through Internet search engines. Almost a year after the Control of Smoking Products for Public Health Act (Act 852) came into force, effectively banning the sale of vapes and e-liquids, purchasing these items remains just a few clicks away. While these products are no longer found on e-commerce platforms when the term 'vape' is searched, keying in the name of specific brands reveals that these items are still being sold. On Internet search engines, sales are even more rampant. A simple search will bring up at least eight results on the first three pages, all leading to individual online vape stores. The only age verification process is on the landing page, where users are required to state if they are over 18. Users can easily bypass this by selecting 'yes' and can then freely browse and purchase products, as there is no further verification. Top stories Swipe. Select. Stay informed. Singapore Sengkang-Punggol LRT line back to full service: SBS Transit World AI eroded doctors' ability to spot cancer within months in study Singapore From survivable to liveable: The making of a green city World US trade team will meet Chinese officials in two or three months, Bessent says Multimedia World Photography Day: Celebrating the art of image-making Asia DPM Gan kicks off India visit in Mumbai as Singapore firms ink investment agreements Business CDL H1 profit rises 3.9% to $91.2 million; board proposes special dividend of 3 cents per share Singapore SG60: Many hands behind Singapore's success story There is also no requirement to verify one's age when making a purchase. Purchasing is straightforward and can be done through e-wallet and card payments. A quick search on Internet search engines also leads to multiple public groups on social media openly advertising vape devices and e-liquids. In these groups, photos, prices and product descriptions fill the media tab, creating a bustling online marketplace accessible to anyone. Here, buyers can contact the group admin, provide their details and make payment. The product will then be delivered to the buyer's preferred address. 'There is an extreme lack of enforcement for vape sales online. There seems to be no serious efforts in tackling this,' said anti-smoking activist NV Subbarow. The Consumers Association of Penang senior education officer said the lack of a detailed age verification required raises concerns, noting that anyone could just lie about being over 18. 'Some students even get these items from middlemen, who buy the devices online.' He reiterated the need for a total ban on vapes, urging for heavy penalties against lawbreakers. 'We can have hundreds of pages on regulations, but if there is no enforcement, it will all be wasted,' he said. Act 852 was enforced in phases from Oct 1, 2024. The first phase, which was enforced with immediate effect, covers regulations including the prohibition of smoking products from being sold in educational institutions, online platforms, markets and vending machines. The second phase of enforcement, which includes a display ban on smoking products, was revised to Oct 1, 2025. Under Regulation 6, the display ban at counters was scheduled to come into effect on April 1, 2025, involving some 51,000 retailers. Phase three, meanwhile, regulates how smoking products are packaged. THE STAR/ASIA NEWS NETWORK
Straits Times
a day ago
- Business
- Straits Times
China's property crisis hits new low with Evergrande delisting
Sign up now: Get ST's newsletters delivered to your inbox Evergrande's downfall is by far the biggest in a crisis that dragged down China's economic growth and spurred a record of distressed builders. HONG KONG – China Evergrande Group's delisting marks a bleak milestone for the nation's property sector, now in a fourth year of paralysis that continues to weigh down the world's second-largest economy. The company, once China's biggest developer by sales, will be removed from the Hong Kong stock exchange on Aug 25, a year and a half after the shares were suspended and almost 16 years after the Guangzhou-based firm was listed. The delisting comes as liquidators sifting through the books revealed that the developer's debt load now stands at about HK$350 billion (S$57.7 billion), much bigger than previously disclosed. The liquidators provided a stern assessment after more than a year of going through the balance sheet and the firm's web of entities, deeming its chances of pulling off a holistic restructuring as 'out of reach.' Once emblematic of China's housing boom, Evergrande's fall underscores the fragility of the market, where declining consumer confidence, oversupply, and mounting debt have stalled real estate recovery efforts. 'It's a symbolic moment for the mainland property sector,' said Mr Kenny Ng, a strategist at China Everbright Securities International. The drastic collapse 'will definitely leave a deep memory in all investors in the market.' Evergrande's downfall is by far the biggest in a crisis that dragged down China's economic growth and spurred a record of distressed builders. The company, which first defaulted on a dollar bond in December 2021, was once the country's largest developer by sales, and was worth more than US$50 billion (S$64.2 billion) in 2017 at its peak. Top stories Swipe. Select. Stay informed. Singapore Sengkang-Punggol LRT line back to full service: SBS Transit World AI eroded doctors' ability to spot cancer within months in study Singapore From survivable to liveable: The making of a green city World US trade team will meet Chinese officials in two or three months, Bessent says Multimedia World Photography Day: Celebrating the art of image-making Asia DPM Gan kicks off India visit in Mumbai as Singapore firms ink investment agreements Business CDL H1 profit rises 3.9% to S$91.2 million; declares 3 cent per share special dividend Singapore SG60: Many hands behind Singapore's success story Despite government stimulus, property sales remain sluggish this year, prompting analysts including UBS Group's to delay expectations of a recovery to mid-to-late 2026. New-home sales by the 100 largest developers have fallen more than 20 per cent for two consecutive months, China Real Estate Information data showed. Calls for further policy support for the residential market have grown louder as the slump drags on. Still, the Communist Party's decision-making Politburo refrained from adding property stimulus measures at a meeting in July after the Chinese economy held up surprisingly well in the face of US tariffs. Evergrande has been joined by a raft of firms in unraveling. On Aug 11, China South City was ordered to liquidate by Hong Kong's High Court after failing to win enough support from creditors for its restructuring proposal. Hong Kong's courts have issued at least six wind-up orders for Chinese developers since the crisis began in 2021. Evergrande's liquidation continues to remain the most complex and serves as a road map for other developers going through the same process. About US$150 billion of debt from the country's developers have fallen in distress. Even worse is that a growing number of builders that passed key milestones for restructuring proposals are now heading back to square one. Sunac China became the first major Chinese builder to pursue a second debt overhaul plan. Liquidators' chase Evergrande's liquidation has been a monumental task as the firm comprises 3,000 legal entities in multiple jurisdictions, as well as about 1,300 projects under development in more than 280 cities, according to the liquidators. They have assumed control of more than 100 companies related to the firm that collectively hold a value of HK$27 billion. There were also 3,000 projects under the Hong Kong-listed property management operation Evergrande Property Services Group. Creditors are especially paying close attention to the handling of this arm, since it 'represents a very substantial potential source of value' and are being given 'the highest priority' in terms of attention, the liquidators said. The liquidators said the realisation of assets has so far been 'modest' at US$255 million. Some US$167 million has been 'upstreamed' and linked to Evergrande, however, stakeholders should not assume that all of the money will be available to the company due to complex ownership structures, they said. A previous analysis by Deloitte estimated the recovery rate for Evergrande's offshore unsecured creditors stood at just 3.53 per cent. 'The announcement of Evergrande's delisting could add more pressure to mainland builder shares still trading,' said Mr Ng. 'It's a lesson to investors alerting them to spend more time to understand a company's business when earnings are growing too fast and to study policy shifts.' BLOOMBERG
