CNA938 Rewind - France and Singapore enter a comprehensive strategic partnership
France and Singapore will grow cooperation in areas like civilian nuclear energy, intelligence sharing and defence technology. This upgrades the two nations' relationship to a comprehensive strategic partnership (CSP) – marking Singapore's first CSP with a European country. Lance Alexander and Daniel Martin speak with Dr Oh Ei Sun, Senior Fellow, Singapore Institute of International Affairs.
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CNA
an hour ago
- CNA
Wall Street gains, dollar firms ahead of a big week for market risk
NEW YORK :U.S. stocks and the dollar firmed on Friday as investors girded themselves for the week ahead, which includes a Federal Reserve policy meeting, crucial corporate results and U.S. President Donald Trump's August 1 deadline for negotiating trade deals. "There's increasing confidence that the economy won't be derailed by tariffs," said Thomas Martin, Senior Portfolio Manager at GLOBALT in Atlanta. "In the meantime, companies are reporting good earnings, the economic numbers are coming in within the range and people want to own stocks. They don't want to miss out." All three indexes were modestly green in early trading, and were on course for weekly gains. Gold lost some shine, pressured by the dollar as healthy risk appetites lured investors away from the safe-haven metal. With Trump's negotiating deadline just a week away, the U.S. and its trading partners are scrambling to reach trade agreements, with European negotiators heartened by the deal with Japan announced on Tuesday. Intel's shares INTC.O dropped 9.4 per cent after the chipmaker forecast steeper-than-expected quarterly losses and said it had halted or scrapped new factory projects in the U.S. and Europe. More than a third of the companies in the S&P 500 have posted results, 80 per cent of which have beaten estimates, according to LSEG data. Analysts now expect year-on-year second-quarter earnings growth of 7.7 per cent, compared with the 5.8 per cent estimate as of July 1. Four members of the Magnificent 7 group of Artificial Intelligence-related megacap stocks - Amazon, Apple, Meta and Microsoft are on next week's earnings docket, and market participants will scrutinize the companies' conference calls for signs that AI expenditures are beginning to pay off and whether tariff-related uncertainties continue to weigh on forward guidance. U.S. economic data released on Friday showed an unexpected decline in new orders for core capital goods, as companies hold back on big ticket purchases amid the fog of ongoing trade talks. The Fed is expected to convene next week for a two-day monetary policy meeting, which is expected to culminate in a decision to let its federal funds target rate stand in the 4.25 per cent to 4.50 per cent range. The meeting comes at a moment in which Fed Chair Jerome Powell is facing criticism from Trump for not cutting rates. "The Fed is going to do what it's going to do and Powell is going to stay in his job," Martin added. "The economy is doing great, so they really don't need to lower short-term interest rates." "Inflation is still a question, so they're better off not lowering rates if they don't have to," Martin said. The Dow Jones Industrial Average rose 227.98 points, or 0.51 per cent, to 44,921.89, the S&P 500 rose 30.79 points, or 0.48 per cent, to 6,394.14 and the Nasdaq Composite rose 84.09 points, or 0.40 per cent, to 21,141.65. European shares settled lower as market participants parsed mixed corporate earnings and awaited developments in the U.S.-EU trade negotiations. MSCI's gauge of stocks across the globe rose 0.47 points, or 0.05 per cent, to 941.82. The pan-European STOXX 600 index fell 0.29 per cent, while Europe's broad FTSEurofirst 300 index fell 5.79 points, or 0.27 per cent Emerging market stocks fell 10.43 points, or 0.82 per cent, to 1,256.86. MSCI's broadest index of Asia-Pacific shares outside Japan closed lower by 0.93 per cent, to 661.15, while Japan's Nikkei fell 370.11 points, or 0.88 per cent, to 41,456.23. U.S. Treasury yields drifted higher in a subdued trading as investors braced for a data-heavy week, updates on U.S. trade talks, and a Federal Reserve policy meeting. The yield on benchmark U.S. 10-year notes fell 2.4 basis points to 4.384 per cent, from 4.408 per cent late on Thursday. The 30-year bond yield fell 2.3 basis points to 4.9265 per cent from 4.949 per cent late on Thursday. The 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, fell 1 basis points to 3.915 per cent, from 3.925 per cent late on Thursday. The dollar gained strength but remained on course for its biggest drop in a month as investors focused on economic data, tariff negotiations and central bank meetings on the calendar for next week. The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.25 per cent to 97.69, with the euro down 0.14 per cent at $1.1738. Against the Japanese yen, the dollar strengthened 0.42 per cent to 147.62. In cryptocurrencies, bitcoin fell 1.94 per cent to $116,468.56. Ethereum declined 2.42 per cent to $3,649.42. Oil prices softened as investors mulled downbeat economic news and signs of growing supply, despite optimism that U.S. trade deals could boost global economic growth. U.S. crude fell 1.32 per cent to $65.16 per barrel, while Brent fell to $68.44 per barrel, down 1.07 per cent on the day. Gold prices dropped in opposition to the firming dollar, amid signs of progress in U.S.-EU trade talks. Spot gold fell 0.87 per cent to $3,338.54 an ounce. U.S. gold futures fell 1.24 per cent to $3,329.10 an ounce.
Straits Times
2 hours ago
- Straits Times
Ukraine anti-corruption chief says his agency faces 'dirty information campaign'
Find out what's new on ST website and app. Semen Kryvonos, Director of the National Anti-Corruption Bureau of Ukraine, speaks during an interview with Reuters, amid Russia's attack on Ukraine, in Kyiv, Ukraine July 25, 2025. REUTERS/Yurii Kovalenko KYIV - Ukraine's top anti-corruption investigator said on Friday that he did not expect attempts to derail his agency's work to end, despite an abrupt U-turn by President Volodymyr Zelenskiy on curbing their independence that fuelled rare wartime protests. Semen Kryvonos, director of the National Anti-Corruption Bureau of Ukraine (NABU), said he was taken aback by attempts this week to curtail his agency's fight against graft but did not name those who may have been behind the legislation. "Everyone united around the idea of ruining our independence," Kryvonos told Reuters in an interview in Kyiv, referring to parliament passing the controversial measures. "This was a shock for me - how much demand had built up to destroy us." He spoke a day after Zelenskiy sought to defuse tensions by submitting legislation restoring the independence of NABU and its sister agency, the Specialised Anti-Corruption Prosecutor's Office (SAPO). Thousands of protesters took part in protests in Kyiv and other Ukrainian cities this week after lawmakers fast-tracked a bill granting a Zelenskiy-appointed general prosecutor power over the two bodies. The move had also threatened Kyiv's ties with the European Union and Western donors which have been a critical source of financial and military support during Russia's war in Ukraine. Kryvonos applauded Zelenskiy's reversal, but said NABU and SAPO remain a high-priority target for vested interests aiming to stymie their closely watched efforts to clean up. Top stories Swipe. Select. Stay informed. Singapore SMRT to pay lower fine of $2.4m for EWL disruption; must invest at least $600k to boost reliability Singapore MRT service changes needed to modify 3 East-West Line stations on Changi Airport stretch: LTA Singapore S'pore could have nuclear energy 'within a few years', if it decides on it: UN nuclear watchdog chief Life 'Do you kill children?': Even before independence, S'pore has always loved its over-the-top campaigns Singapore Lung damage, poor brain development, addiction: What vaping does to the body Singapore Tipsy Collective sues former directors, HR head; alleges $14m lost from misconduct, poor decisions Singapore Fine for couple whose catering companies owed $432,000 in salaries to 103 employees Singapore Kopi, care and conversation: How this 20-year-old helps improve the well-being of the elderly Parliament will consider Zelenskiy's new bill in a special session next week. But Kryvonos worries corrupt actors will step up a "dirty information campaign" already being waged against NABU on widely read anonymous Telegram channels, casting the agency as slow or ineffective. He did not identify the exact sources of resistance to his agency's work, saying only that they are "various representatives of the government, various financial groups". "Everyone who is offended by NABU and SAPO will be pushing out this message," Kryvonos said. 'SYSTEMIC WORK' AND THREATS Since Russia's February 2022 invasion, Ukraine has stepped up a campaign to eradicate the pervasive graft that has plagued its political culture for decades. Stamping out corruption is both critical to Kyiv's bid to join the EU and its effort to erase a legacy of autocracy and Russian rule. NABU and SAPO, launched with Western support after a 2014 revolution toppled a pro-Russian president, have levelled charges against lawmakers and senior government officials. In recent months, Kryvonos's agency has uncovered huge real estate schemes in the capital Kyiv and accused a then deputy prime minister of taking a $345,000 kickback. Kryvonos suggested such efforts had led to a sweeping crackdown this week that paved the way for the rollback of NABU's and SAPO's powers. Two NABU officials were arrested for suspected ties to Russia and nearly 20 other agency employees searched over lesser alleged infractions in a campaign critics said went too far. "All of this was a result of systemic work by NABU and SAPO, especially over the past half-year," he said, adding that he had also received "a huge amount" of threats. Despite winning a hard-fought victory this week, he said resistance was still widespread enough across the political landscape to pose a serious challenge. He cited the controversial law that had been supported by most of Zelenskiy's political party as well as opposition lawmakers and those associated with former pro-Russian factions. Political elites, Kryvonos said, "need to stop considering us as accept us as an important part of state institutions." REUTERS
CNA
2 hours ago
- CNA
Iran, European powers hold first direct nuclear talks since airstrikes as UN deadline nears
ISTANBUL: Iran and European powers held 'serious, frank, and detailed' talks on Friday (Jul 25) over Tehran's nuclear programme, as both sides seek to avoid a lapse of UN sanctions that could be automatically reimposed in October. The meeting in Istanbul marked the first direct contact between Iranian officials and Western diplomats since last month's Israeli and US airstrikes on Iran. It lasted about four hours at Iran's consulate and was attended by representatives from the European Union and the E3 group: France, Britain, and Germany. IRAN AND EUROPE EXCHANGE PROPOSALS Iranian Deputy Foreign Minister Kazem Gharibabadi said both sides presented specific ideas relating to nuclear inspections and sanctions relief. 'While seriously criticising their stances regarding the recent war of aggression against our people, we explained our principled positions, including on the so-called snapback mechanism,' he said. 'It was agreed that consultations on this matter will continue.' The E3 nations, along with China and Russia, remain parties to the 2015 nuclear deal from which the United States withdrew in 2018. That agreement had lifted international sanctions on Iran in exchange for curbs on its nuclear activities. SANCTIONS DEADLINE LOOMING The talks focused on the expiry of United Nations Security Council Resolution 2231, which underpins the 2015 nuclear deal and is due to lapse on Oct 18. If no action is taken by then, all UN sanctions on Iran will be lifted. However, the E3 could trigger the 'snapback' mechanism at least 30 days before that date, reimposing sanctions on sectors including energy, banking, and defence. To allow time for this process, European diplomats have set the end of August as a soft deadline to determine whether diplomacy with Iran can be revived. Officials say Tehran would need to make clear commitments, including eventual talks with Washington, renewed cooperation with the UN nuclear watchdog, and accounting for roughly 400 kg of near-weapons-grade uranium reportedly unaccounted for since last month's strikes. IRAN RESISTS PRESSURE TO EXTEND UN RESOLUTION Tehran has resisted the idea of extending Resolution 2231. A foreign ministry spokesperson called such suggestions 'meaningless and baseless' prior to the Istanbul meeting. Nevertheless, International Atomic Energy Agency (IAEA) Director General Rafael Grossi expressed cautious optimism. Speaking in Singapore, he said inspection visits could resume this year if technical arrangements are made. 'We need to agree on where to go, how to do it. We need to listen to Iran in terms of what they consider should be the precautions to be taken,' Grossi said. US STRIKES AND NUCLEAR FACILITIES The United States carried out five rounds of talks with Iran prior to June's military action, which President Donald Trump said had 'obliterated' Iran's alleged nuclear weapons ambitions. While Tehran maintains its programme is strictly civilian, NBC News has reported that a US intelligence review concluded that only one of the three targeted sites was heavily damaged, while the other two suffered less extensive harm. Iran has consistently denied it seeks to build a nuclear weapon.
