ST Headstart: Having a savings plan for big expenses
Big expenses like a house, renovations or even a dream vacation may sometimes feel out of reach. But these goals can be more achievable with a clear savings plan, as my colleague Rosalind finds. In her latest Young & Savvy column, she advises being less impulsive with purchases, and explains why doing so does not mean completely cutting back on things that bring you joy.
For cash-strapped first-jobbers, managing finances can be a challenge, and making every dollar count is essential. When you're just starting out and looking to buy insurance, what types should you prioritise? In this Headstart on Record episode, I explore the different types of insurance products and share tips on how to turn away those pushy insurance agents, and help you make informed choices about your coverage.
Speaking of being cash-strapped, Crazy Rich Asians actor Henry Golding did not always have a multi-million dollar net worth. In this interview, he tells me about how he went from teenage barbershop assistant to walking red carpets at Hollywood premieres.
Finally, find out what goes on in a day of the life of a private investigator in Singapore.
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Straits Times
6 hours ago
- Straits Times
Authorities say access to Changi intertidal areas unaffected by reclamation, in response to petition
Find out what's new on ST website and app. On July 2, The Straits Times reported that about 193ha of land off Changi will be reclaimed – roughly twice the size of Gardens by the Bay. SINGAPORE - Planned reclamation works to expand Changi Aviation Park will not affect access to popular intertidal areas off Changi Beach Park, the Housing Board and Urban Redevelopment Authority (URA) said in a joint statement on July 28. The authorities also said the environmental impact assessment report for the project contained security sensitivities that required confidentiality agreements before the public could view it. They were responding to concerns raised by nature enthusiasts over whether plans for the area will limit public access to the rich shorelines of Changi. At low tides, the area often draws people hoping to glimpse anemones, octopi, and other marine creatures. A petition raised by nature guide Neo Xiaoyun and environmental storyteller Julian Paul Lee called for HDB to scale back its plans for the reclamation in the light of the area's intertidal ecosystem. It also flagged concerns that the Government's consultation of the public over the works had been undermined by its use of non-disclosure agreements. On July 2, The Straits Times reported that about 193ha of land off Changi will be reclaimed – roughly twice the size of Gardens by the Bay. It is one-fifth smaller than originally planned in order to protect one of Singapore's largest seagrass meadows. Top stories Swipe. Select. Stay informed. Singapore Tanjong Katong sinkhole backfilled; road to be repaved after LTA tests Singapore Tanjong Katong Road sinkhole did not happen overnight: Experts Singapore New Mandai North Crematorium, ash-scattering garden to open on Aug 15 Singapore Not feasible for S'pore to avoid net‑zero; all options to cut energy emissions on table: Tan See Leng Singapore With regional interest in nuclear energy rising, S'pore must build capabilities too: Tan See Leng World US and EU clinch deal with broad 15% tariffs on EU goods to avert trade war Asia Displaced villagers at Thai-Cambodian border hope to go home as leaders set to meet for talks The intertidal areas near the project are one of the last accessible places for the public to experience the rich biodiversity of Singapore's shores, Ms Neo and Mr Lee wrote in the open letter created on July 13. To date, more than 1,440 people have signed the petition, which called for the Government to review the use of confidentiality agreements for environmental impact assessments and prioritise public access to non-sensitive information in these reports. Ms Neo and Mr Lee, both 29, wrote that the blanket use of a confidentiality agreement runs counter to the purpose of environmental assessments, which is to incorporate diverse views and protect natural heritage through public input. HDB and URA said it requires the public to view the hard copy of environmental impact assessments if there are considerations requiring confidentiality, including security sensitivities, such as in the case of the Changi North reclamation. They said: 'For such (assessments), rather than not disclose them altogether, we would facilitate the viewing of the reports, both during and after the public disclosure period, but would require viewers to sign a non-disclosure agreement, which covers the specific sensitive information within the report.' The authorities noted that most reports for environmental impact assessments are made online for public feedback for a stipulated period. Giving more details about the reclamation at Changi North, they said Carparks 6 and 7 of Changi Beach Park will not be affected. As part of the planning for the Changi North project, the HDB, in consultation with NParks, had engaged stakeholders who have local conservation experience and technical knowledge of the area's biodiversity and habitats. These included nature groups, youth representatives and academics. Ms Neo told ST that she welcomed the authorities' time and effort to engage with the petition, although there was still room for improvement. 'The use of confidentiality agreements are still worded quite broadly, so this still creates a chilling effect that dissuades meaningful civic engagement,' said the master's student studying geography and environment at the University of Hawaii. She suggested that the agencies and contractors for future assessments could consider consulting nature guides familiar with the affected areas, as their years of observational data and experience can complement surveys. The public feedback period for the proposed land reclamation works at Changi North has closed, but members of the public can still e-mail HDB to view the report. The reclamation project off Changi North is one of several to create more land at the eastern end of Singapore, including the reclamation of about 900ha off Changi Bay.
Straits Times
12 hours ago
- Straits Times
askST Jobs: How Gen Zs can apply smarter, not harder, in their job search
Find out what's new on ST website and app. Young professionals should make upskilling a priority, and stay informed on trends within and beyond the industry they are in, says an expert. In this series, journalist Megan Wee offers practical answers to candid questions on navigating workplace challenges and getting ahead in your career. Get more tips by signing up to The Straits Times' Headstart newsletter . Q: A recent LinkedIn survey of Gen Z job seekers found that 32 per cent struggle to highlight their skills during their job search, while 54 per cent wish they have a more efficient way to assess if they are a good fit for a role. Facing these challenges amid a competitive job market, how can young job seekers streamline the process? A: When it comes to job searching, young people are encouraged to approach it with intention, said LinkedIn Asia-Pacific's head of human resources, Ms Sumita Tandon. 'That means focusing on roles they're genuinely excited about and can see themselves growing in over the next couple of years – not just applying broadly,' she added. With companies increasingly employing skills-based hiring, she encourages young job seekers to focus on the core capabilities listed in the job descriptions, rather than the titles and number of years of experience needed. 'Many Gen Zs I speak to underestimate how much they've already learnt,' she said, explaining that many of them have subconsciously built valuable skills through school projects, co-curricular activities, internships, part-time jobs or volunteer work. These could include project management skills developed from organising a school event, people management skills from leading a student club, or problem-solving skills from volunteering. Top stories Swipe. Select. Stay informed. Singapore Sewage shaft failure linked to sinkhole; PUB calling safety time-out on similar works islandwide Singapore Tanjong Katong Road sinkhole did not happen overnight: Experts Singapore Workers used nylon rope to rescue driver of car that fell into Tanjong Katong Road sinkhole Asia Singapore-only car washes will get business licences revoked, says Johor govt World Food airdropped into Gaza as Israel opens aid routes Sport Arsenal beat Newcastle in five-goal thriller to bring Singapore Festival of Football to a close Singapore Benchmark barrier: Six of her homeschooled kids had to retake the PSLE Asia S'porean trainee doctor in Melbourne arrested for allegedly filming colleagues in toilets since 2021 Ms Evan Loke, director of the permanent division at recruitment firm Persolkelly Singapore, points out that job descriptions often contain broad terms, with the true expectations hidden between the lines. For example, 'strong communication skill' is not just about speaking well. It requires translating complex ideas between diverse teams, negotiating the scope of work with stakeholders and delivering persuasive presentations, she said. Ms Tandon added that given how LinkedIn profiles are recruiters' first stop in learning more about the candidates, it is worthwhile for job seekers to make their profiles work harder. For instance, instead of listing skills, job seekers can demonstrate how they have used these skills by providing real, concrete examples. Separately, Ms Loke emphasises quantifying the results of one's experience, like how many team members one leads in a role. Job seekers can also enhance their resumes and profiles with the addition of brief testimonials from people they have worked with, such as professors, managers or teammates, she added. Given how quickly the demand for job skills is changing, Ms Tandon stressed the importance of demonstrating a willingness to learn and grow by highlighting one's adaptability. Ms Loke suggested that young professionals keep a list of their accomplishments, enable smart job alerts and use easy-to-update resume templates. They can keep an ongoing list of their key skills – each accompanied by a few real-life examples – which helps with matching job requirements to their skills. Setting up job alerts based on one's top skills can also make it easier to find suitable job openings and allow one to observe patterns in how employers phrase their needs in such listings. Knowing the pattern would allow job seekers to curate a flexible template structured around specific skill groups, so that they can easily rearrange or swop out points to adapt the resume to the language of each job posting. 'One of the best things Gen Z professionals can do early in their careers is to adopt a growth mindset,' said Ms Tandon. First, young professionals should make it a habit to reflect on what they have learnt from different tasks, such as leading a project, working cross-functionally or navigating a challenge. Second, young professionals should actively seek feedback from their peers, managers and even interviewers. 'Understanding your strengths allows you to double down on them, while feedback on growth areas gives you a clear road map for what to improve or develop next,' she added. Finally, young professionals should make upskilling a priority, and stay informed on trends within and beyond the industry they are in. She said: 'Career growth is about continually investing in yourself, staying agile and being open to what's next... 'When you lead with this mindset, everything else will follow.'
Straits Times
2 days ago
- Straits Times
‘US needs China's fireworks': No alternative for some Chinese goods amid trade uncertainty
LIUYANG/YIWU - Fourth of July celebrations in the United States might have just passed, but Chinese businessman Marx Wu is already prepared for a dampening effect of tariffs on sales of his fireworks to American customers for the festivities in 2026. This is due to the additional 30 per cent tariffs that US President Donald Trump has been imposing on China – since the outbreak of a trade war between the two countries in April – in a bid to bring back manufacturing to the US. 'Customers will be more cautious because their costs have increased significantly,' Mr Wu told The Straits Times. His company, Magnus Fireworks, is based in Liuyang, Hunan province, which is dubbed China's 'fireworks' hometown' for its expertise in manufacturing pyrotechnics. The US government now collects a 35.7 per cent tax from American importers for fireworks from China. The bulk of these sales are meant for the annual US Independence Day celebrations synonymous with fireworks displays. Such orders are typically made a year in advance. But Mr Wu, who sells mainly to the US, remains optimistic about his business' viability in the longer-term, because the strengths of the Chinese industry in Liuyang cannot be easily replicated elsewhere, he said. When unpacking the impacts of Trump's aggressive tariff strategy on Chinese manufacturers, it is a mixed picture on the ground. Top stories Swipe. Select. Stay informed. Singapore Almost half of planned 30,000 flats in Tengah to be completed by end-2025: Chee Hong Tat Asia Death toll climbs as Thai-Cambodia clashes continue despite calls for ceasefire Multimedia Lights dimmed at South-east Asia's scam hub but 'pig butchering' continues Singapore Black belt in taekwondo, Grade 8 in piano: S'pore teen excels despite condition that limits movements Asia Where's Jho Low? Looking for 1MDB fugitive in Shanghai's luxury estate Asia Thousands rally in downtown Kuala Lumpur calling for the resignation of PM Anwar Life SG60 F&B icons: Honouring 14 heritage brands that have never lost their charm Business Can STI continue its defiant climb in second half of 2025? Mr Marx Wu with some of his company's firework products for US Independence Day celebrations at his office in Liuyang, Hunan province. ST PHOTO: LIM MIN ZHANG On the one hand, Mr Trump's move to impose tariffs across the board on Chinese goods in April has led to factory closures and worker lay-offs in certain sectors such as the garment industry, and accelerated moves to diversify away from the US market for other exporters. On the other hand, there are other products which simply have few to no alternatives to 'made in China', because the country's manufacturers are overwhelmingly competitive, say experts. When Mr Trump proclaimed 'Liberation Day' on April 2 with 'reciprocal tariffs' on the US' trading partners, Beijing and Washington engaged in a tit-for-tat tariff war. At one point, American importers had to pay a 145 per cent tax on Chinese goods. But bilateral trade talks since May 12 have de-escalated the situation. US and Chinese officials are set to meet in Stockholm next week (from July 27) to discuss a possible extension of a 90-day truce. The fireworks industry presents a case study showing how, despite trade tensions and strategic competition, the US and China remain economically intertwined. While US businesses now adopt a cautious approach in placing orders, the deals have continued to flow as Chinese manufacturers remain competitive. Liuyang has over decades accumulated the technical know-how, the quality of its raw materials, proper regulatory oversight and strict transportation requirements, Mr Wu said. Factories dot the surrounding mountainous terrain of the city, about an hour's drive from the inland Hunan capital of Changsha. Production has to stop for about a month for safety reasons every summer because of the heat. 'America needs fireworks – this will not change,' said Mr Wu. 'At the very most, they will buy fewer, but they will not stop buying completely. In addition, we have good relations with our customers who trust in our products, and they also believe that this (tariffs issue) is temporary.' Screenshot from a video Mr Wu took of a Fourth of July fireworks celebration in Ohio earlier in July. His company's products were used. PHOTO: MARX WU According to the American Pyrotechnic Association, 90 per cent of professional display fireworks used in the US are imported from China. Reports say that US companies import close to US$400 million worth of consumer fireworks from China each year. More than 200 other imported products depend on China for more than 90 per cent of their supply, including baby carriages, vacuum flasks, umbrellas and artificial plants. Mr Stephen Olson, a visiting senior fellow at the ISEAS-Yusof Ishak Institute in Singapore who specialises in international trade, said that despite all the conflicts and tension, trade between the US and China has remained remarkably resilient. Although China's exports to the US declined in the first half of the year, China remains among the US' largest trade partners and will continue to be so for the foreseeable future, he said. China's exports to the US declined by 10.7 per cent in the first half of 2025, compared to the same period in 2024, a drop of US$25.7 billion. 'Trump's tariffs have undoubtedly dented China's cost competitiveness but the resilience of China's exports reflect the simple fact that China is the world's preeminent manufacturer and is overwhelmingly competitive in a host of consumer products and industrial inputs. It's simply not possible to cut China entirely out of US consumer markets or supply chains,' Mr Olson said. Mr Steve Houser, president of Missouri-based Red Rhino Fireworks who was on a work trip to China, said he has already placed his orders for 2026, but added that he – like other major importers – is doing so much more cautiously. 'I'm being very particular on what I order. I'm ordering only what I really, really need. I'm not really taking chances on other things because of the tariff rates; the goods are costing me a lot more,' he told ST. He said that the National Fireworks Association in the US was recently in Washington DC to make the case that fireworks should be exempt from the across-the-board tariffs of 30 per cent, as there are no viable alternative suppliers from other countries. Apart from the fireworks business, the US-China trade war has resulted in uncertainty for many exporters, such as those in Yiwu, of Zhejiang province, which is home to the world's largest wholesale market for small commodities. The sprawling Yiwu International Trade City hosts more than 70,000 shops selling products from cosmetics to stationery, backpacks and Christmas decorations. Most shops that stocked Halloween and Christmas decorations at the trade city declined to speak with ST in early July, when it is usually the peak sales season for these products. A few shop owners would only say that business is slower in 2025, while others said they were not authorised to speak with the media. Rows of dozens of shops at Yiwu International Trade City in Zhejiang province selling Christmas decorations were largely empty when ST visited in early July. ST PHOTO: LIM MIN ZHANG Ms Guo Xiabing, an entrepreneur in Zhejiang who runs a factory making Christmas trees in Yiwu, said that typically, US customers are more able to afford higher-priced products, such as those with more fanciful ornaments. She shared about her factory's race to ship orders in the 90-day trade truce between the US and China in a documentary aired in June. 'Customers also do not want to give up on the orders. But that also means that we are left hanging, not knowing when we can resume production and shipping. This type of uncertainty causes a lot of anxiety. Should we let go of the workers? How would we find jobs for them?' she said. Yet others have taken a longer-term view, and have long made efforts to diversify away from the US market. Chief executive of Aokai Sporting Goods in Yiwu, Mr Wu Xiaoming, who has been in the industry for 30 years, counts the South American and African markets as his major customers - at about 50 per cent and 20 per cent respectively - with the US market accounting for only about 5 per cent. Chief executive of Aokai Sporting Goods in Yiwu, Mr Wu Xiaoming, inspecting a football bound for Nicaragua at his factory in Yiwu city, Zhejiang province. ST PHOTO: LIM MIN ZHANG He recalled that there was one American customer who called him to resume an order on May 13, shortly after news of successful US-China trade talks in Geneva was announced, as well as to place a new order for 90,000 footballs. His orders from the US are mainly for supermarkets. 'For the US market, the volume is still there. But it is US consumers who have to bear the cost (of the tariffs). If you force us to lower our costs, it means the quality of the product suffers, so ultimately it's still the consumers who pay the bill,' Mr Wu said. He believes that diversification is necessary for his company's viability, not only because of trade frictions, but also due to other sources of instability. He cited examples such as a Croatian client that halted a shipment because of the Kosovo War in 1998, and how demand from Russia has plummeted because of the Ukraine war. 'There has not been a period where the entire world was completely at peace... In Yiwu, we engage in global trade. If the West doesn't shine, the East will.'
