CNA938 Rewind - Stock take today: Vietnam tariff deal spurs record rally on Wall Street
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Straits Times
2 hours ago
- Straits Times
Trump signs signature tax-cut and spending bill into law
U.S. President Donald Trump presents a sweeping spending and tax legislation, known as the \"One Big Beautiful Bill Act,\" after he signed it, at the White House in Washington, D.C., U.S., July 4, 2025. REUTERS/Leah Millis WASHINGTON - U.S. President Donald Trump signed into law a massive package of tax and spending cuts in a ceremony at the White House on Friday, one day after the Republican-controlled House of Representatives narrowly approved the signature legislation of Trump's second term. The bill, which will fund Trump's immigration crackdown, make his 2017 tax cuts permanent, and is expected to knock millions of Americans off health insurance, was passed with a 218-214 vote after an emotional debate on the House floor. "I've never seen people so happy in our country because of that, because so many different groups of people are being taken care of: the military, civilians of all types, jobs of all types," Trump said at the ceremony, thanking House Speaker Mike Johnson and Senate Majority Leader John Thune for leading the bill through the two houses of Congress. "So you have the biggest tax cut, the biggest spending cut, the largest border security investment in American history," Trump said. Trump scheduled the ceremony on the South Lawn of the White House for the July 4 Independence Day holiday, replete with a flyover by stealth bombers and fighter jets like those that took part in the recent U.S. strikes on nuclear facilities in Iran. Hundreds of Trump supporters attended, including White House aides, members of Congress, and military families. The bill's passage amounts to a big win for Trump and his Republican allies, who have argued it will boost economic growth, while largely dismissing a nonpartisan analysis predicting it will add more than $3 trillion to the nation's $36.2 trillion debt. While some lawmakers in Trump's party expressed concerns over the bill's price tag and its hit to healthcare programs, in the end just two of the House's 220 Republicans voted against it, joining all 212 Democrats in opposition. Top stories Swipe. Select. Stay informed. Singapore PAP has begun search for new candidates; PM Wong hopes to deploy them earlier ahead of next GE Singapore 20 retired MPs spoke up on many issues in Parliament, helped successors prepare for new role: PM Wong Singapore $3b money laundering case: 9 financial institutions handed $27.45m in MAS penalties over breaches Singapore Banks tighten vigilance and processes following $3b money laundering case Asia JB petrol station shooting: Dead man with bullet wounds dumped at hospital Singapore Trilateral work group formed to address allegations of foreigners illegally taking on platform work Singapore Power distribution system in renewal project may be linked to Bukit Panjang LRT disruption: SMRT Singapore Rise in number of scam e-mails claiming to be from Cardinal William Goh: Catholic Church The tense standoff over the bill included a record-long floor speech by House Democratic Leader Hakeem Jeffries, who spoke for eight hours and 46 minutes, blasting the bill as a giveaway to the wealthy that would strip low-income Americans of federally-backed health insurance and food aid benefits. REUTERS
CNA
4 hours ago
- CNA
French President Macron announces 'historic' Airbus/Malaysia Airlines deal
PARIS :French President Emmanuel Macron said on Friday there had been an historic deal between Airbus and Malaysia, as Macron hosted Malaysian Prime Minister Anwar Ibrahim in Paris. Macron said such deals highlighted the importance of trade between France and Asia, as Europe faces up to likely tariffs from U.S President Donald Trump. "I am thinking of the projects signed in the key minerals sector, in the rare earths sector with the company Carester which has just opened up a factory in the region of Lacq, the transport sector with this historic co-operation between Malaysia Airlines and Airbus, and in the energy transition sector," said Macron. Industry sources told Reuters this week that Airbus was close to winning an order from Malaysia Aviation Group for more A330neo long-haul jets. "Airbus has been our focus. Malaysian Airlines 20, and AirAsia another 50," added Ibrahim.
CNA
7 hours ago
- CNA
AirAsia strikes deal for up to 70 Airbus A321XLR jets as restructuring nears end
SEOUL :AirAsia on Friday signed a memorandum of understanding with Airbus to buy 50 long-range A321XLR planes with conversion rights for another 20 of the single-aisle jets, as the budget airline nears the end of a restructuring process. Reuters reported last month that Tony Fernandes, CEO of AirAsia owner Capital A Group, was in talks to buy 50 to 70 of the latest Airbus narrow-body model, which would include the ability to convert some of the airline's large, existing Airbus order book into A321XLR orders. Malaysia-based AirAsia is one of Asia's largest low-cost carriers and one of Airbus' largest customers, with around 360 planes on order. Fernandes said the airline intends to order another 150 jets within a month, which would complete the carrier's fleet strategy for the time being. Fernandes did not say which models would be ordered, but confirmed that AirAsia remains in previously reported talks for a potentially large order of smaller planes, either the Airbus A220 or Embraer E2 regional jet. Capital A, hard hit by pandemic travel restrictions, was classified by Malaysia's stock exchange as financially distressed in 2022. Fernandes hopes to exit this so-called PN17 status soon, he said. Capital A is in the process of selling its AirAsia aviation business to long-haul unit AirAsia X to consolidate long and short-haul operations under a single AirAsia brand. After this disposal takes place, Capital A should exit PN17 status, Fernandes said. The expanded and standalone AirAsia, which will remain listed in Malaysia, intends to issue its first bond in October and two credit agencies are looking to rate the company, he said. LOW-COST NETWORK CARRIER AirAsia, which has a current fleet of 255, has been restructuring its plane order book after it faced financial difficulties during COVID-19. Like most budget airlines it mostly operates economy-only narrow-body planes. Fernandes said he was negotiating with Airbus about what to do with an historical order for 15 A330 wide-bodies but that he had not yet cancelled any. Fernandes wants to expand AirAsia flights to North America and Europe, but still at budget prices. Airbus' long-range narrow-body models are key to that vision, he says. But single-aisle planes can only fly so far, so AirAsia wants to establish hub airports in the Middle East, Europe and Asia-Pacific. AirAsia is in talks with four cities in the Gulf, including in Saudi Arabia and the Emirate of Ras Al Khaimah, Fernandes told Dubai Eye radio this week. Bahrain is also a potential candidate, a company presentation showed on Friday.
