Asia is better placed now to handle crises, says new ADB chief
This, too, shall pass. And for all you know, the region might even emerge stronger after the current trade and market turmoil.
That's the message from the new president of the Asian Development Bank (ADB) to an Asia buffeted by the Trump tariffs, geopolitical swells that are disrupting supply chains, and shifting trade patterns that are resulting in an avalanche of Chinese-made goods threatening domestic industry.
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Straits Times
19 minutes ago
- Straits Times
‘Please, something to eat': Cubans forced to beg in economic crisis
Find out what's new on ST website and app. There are no official numbers on poverty in Cuba, where the word 'poor' is not used in official communications. HAVANA - Mr William Abel peers inside a plastic bag he dug out of a trash can in Havana while scrounging for his next meal. It contains rice, vegetables, a meatless chicken bone and flies competing for the spoils. The 62-year-old has been sleeping on the streets since his house outside the capital collapsed two years ago – a frequent occurrence due to the dilapidation of many buildings, echoing an economy in ruins. 'Food is the hardest part. I've been rummaging through trash cans for two years to eat,' he tells AFP, his speech hindered by many missing teeth. Under a grimy T-shirt, Mr Abel's body is skeletal. He says he suffers from arthritis, hypertension, and a liver problem for which he has no medicine. He admits he used to drink 'quite a lot... You know, we're going through a tough time'. Mr Abel is one of a visibly growing number of beggars and homeless people in a country confronting its worst economic crisis in three decades. Earlier in July, Labour and Social Security Minister Marta Elena Feito resigned after causing an outcry with her statement that 'there are no beggars' in the communist state crippled by decades of US sanctions. Top stories Swipe. Select. Stay informed. World Trump was told he is in Epstein files, Wall Street Journal reports Opinion The US dollar is down, but it has a lot going for it Singapore Judge asks prosecution for more information on Kpods in first case involving etomidate-laced vapes Singapore Singapore Oceanarium will enhance tourism while supporting sustainability: Grace Fu Singapore 5 teens arrested for threatening boy with knife, 2 charged with causing hurt Singapore Over 1.15 million Singaporeans aged 21 to 59 have claimed SG60 vouchers Opinion Cinemas struggle in a world that cannot sit still Asia Japan PM Ishiba refutes reports of imminent resignation after surprise US trade deal Analysts also point to structural weaknesses in Cuba's centralised economy and the Covid-19 pandemic's blow to the tourism industry. Long a champion of egalitarian socialism but critically short on foreign currency, the Cuban state has not had enough money these last four years to keep up with spending on social programmes such as free healthcare and subsidised food. At the same time, food prices have skyrocketed nearly 500 per cent, throwing Cubans into precarity. There are no official numbers on poverty in Cuba, where the word 'poor' is not used in official communications, but rather terms such as 'vulnerable people'. Government data shows that 189,000 families and 350,000 individuals benefit from social aid programs on the island of 9.7 million inhabitants. A real problem Mr Juan De La Cruz, 63, told AFP he had been a beggar for two weeks. He sat on the street in a busy neighbourhood of central Havana with a piece of cardboard on which he had scribbled: 'Please, something to eat.' 'What social security gives me is not enough,' said Mr De La Cruz, who lost a leg to diabetes four years ago and receives an amount equivalent to less than US$3 (S$3.80) a month at the informal exchange rate. It is not enough to buy a kilo of chicken, he said, and the soup kitchen is little comfort. 'The food is bad, rice without butter, without oil.' At least he has a place to sleep, said the retired stretcher bearer, 'a very small room,' but 'empty, empty, empty'. President Miguel Diaz-Canel was forced to enter the fray over his minister's remarks, lambasting her 'lack of sensitivity' and telling parliament that beggars are 'concrete expressions of social inequalities' in Cuba. Prime Minister Manuel Marrero also acknowledged the country was facing 'a real problem'. In the absence of official data, experts have to rely on estimates. Sociologist Mayra Espina Prieto recently calculated that 'between 40 and 45 per cent' of Cubans live 'in poverty'. Unicef, the UN's children's agency, said in 2024 that nearly one in ten Cuban children lived in 'severe child food poverty,' which means they survive one or two food groups a day, sometimes less. A small room Mr Arnaldo Victores sleeps in a motorcycle garage, on plastic bags, in a peripheral neighbourhood of Havana. As he has no fixed address, the 65-year-old former physiotherapist cannot access social benefits in spite of his visual impairment. Every day, he travels to the city centre and begs on a busy street. His dream? Just 'a small room with a bathroom,' Mr Victores told AFP. Across the street from where he is forced to beseech strangers for alms there stands a brand-new state-owned hotel with 42 floors – the tallest in the capital and a symbol of unforgivable waste for many Cubans struggling to make ends meet. AFP
Business Times
19 minutes ago
- Business Times
Columbia University to pay US$200 million fine in fight with Trump
[NEW YORK] The prestigious Columbia University said on Wednesday it will pay a US$200 million fine to the US government after President Donald Trump threatened to pull federal funding over what he said was its unwillingness to protect Jewish students. In a sweeping deal that will restore the New York institution's federal monies, Columbia has pledged to obey rules that bar it from taking race into consideration in admissions or hiring. 'Columbia University has reached an agreement with the United States government to resolve multiple federal agency investigations into alleged violations of federal anti-discrimination laws,' a statement said, adding the US$200 million would be paid over three years. The university will also pay US$21 million to settle investigations brought by the US Equal Employment Opportunity Commission, it said. 'Under today's agreement, a vast majority of the federal grants which were terminated or paused in March 2025-will be reinstated and Columbia's access to billions of dollars in current and future grants will be restored,' the statement said. The promise of the federal funding spigot reopening offers relief to the university, which was under growing financial pressure, despite a comfortable endowment that offered some cushion. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The agreement undoubtedly represents a victory for Trump, who has repeatedly claimed elite universities brainwash students against his nationalist ideas with left-wing bias. The centuries-old Harvard University in Cambridge, Massachusetts, is also in a fight with the administration over Trump's threats to rip away federal funding, and Wednesday's carefully worded agreement - in which Columbia admitted no wrongdoing - could offer a framework for future deals. 'This agreement marks an important step forward after a period of sustained federal scrutiny and institutional uncertainty,' Columbia's acting president Claire Shipman said. 'The settlement was carefully crafted to protect the values that define us and allow our essential research partnership with the federal government to get back on track. 'Importantly, it safeguards our independence, a critical condition for academic excellence and scholarly exploration, work that is vital to the public interest.' The New York Post reported, under the settlement, Columbia will maintain a security force to prevent demonstrations in academic spaces, such as those that rocked the campus last year when pro-Palestinian protestors clashed with law enforcement, occupying university buildings. The paper said there will also be stricter vetting for non-US students, with information gained during this process to be shared with the government, while disciplinary action taken against students on visas would be reported to authorities. Columbia found itself at the center of a firestorm last year over claims of anti-Semitism triggered by campus protests against Israel's war in Gaza. Some Jewish students claimed they were intimidated and that authorities did not act to protect them. The protests that roiled Columbia and other US schools culminated in members of Trump's Republican party grilling higher education leaders before Congress about anti-Semitism accusations. Columbia's former president Minouche Shafik resigned last August just weeks before the start of the new school year, citing scrutiny she faced over her handling of the demonstrations. AFP
Straits Times
an hour ago
- Straits Times
China a critical partner to Europe, Xinhua says hours before leaders meet
Find out what's new on ST website and app. FILE PHOTO: A staff member prepares for the arrival of Chinese Vice Premier Ding Xuexiang and EU Executive Vice-President for Clean, Just and Competitive Transition, Teresa Ribera during China-EU Sixth High-Level Environment and Climate Dialogue (HECD) at the Diaoyutai State Guest House in Beijing on July 14, 2025. Wang Zhao/Pool via REUTERS/File Photo BEIJING - China is a "critical partner" to Europe with a range of shared interests, state news agency Xinhua said in a commentary piece, downplaying Beijing's rivalry with the European Union bloc hours before a key summit between leaders of both sides on Thursday. "As the international landscape grows increasingly fraught, the anniversary offers a timely reminder: China is a critical partner to Europe, not a systemic rival," Xinhua wrote, underscoring the conciliatory tone China appeared to be willing to take during the summit if the EU corresponded. Xinhua said the distinction between partner and rival mattered, pointing out common interests including trade, climate, and global governance. "These areas of common ground should not be eclipsed by isolated points of friction," it said. European Commission President Ursula von der Leyen and European Council President António Costa are in Beijing for high-level meetings with China's President Xi Jinping and Premier Li Qiang. The summit, marking the 50th anniversary of diplomatic relations between the EU and China, will be dominated by trade tensions over electric vehicles, market access and Chinese industrial overcapacity. Expectations for the summit are low after weeks of escalating tensions over tit-for-tat trade disputes, hawkish rhetoric from EU leaders and wrangling over the format of the summit, which was abruptly shortened from two days to one at Beijing's request. Top stories Swipe. Select. Stay informed. World Trump was told he is in Epstein files, Wall Street Journal reports Opinion The US dollar is down, but it has a lot going for it Singapore Judge asks prosecution for more information on Kpods in first case involving etomidate-laced vapes Singapore Singapore Oceanarium will enhance tourism while supporting sustainability: Grace Fu Singapore 5 teens arrested for threatening boy with knife, 2 charged with causing hurt Singapore Over 1.15 million Singaporeans aged 21 to 59 have claimed SG60 vouchers Opinion Cinemas struggle in a world that cannot sit still Asia Japan PM Ishiba refutes reports of imminent resignation after surprise US trade deal "Like all major economic players, China and the EU do not agree on everything. But disagreement does not equal confrontation," Xinhua said, adding that the relationship needs more trust. REUTERS
