Guangzhou rolls out driverless buses and robo-taxis across the city
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
an hour ago
- Straits Times
Trump says US will start talks with China on TikTok deal this week
Sign up now: Get ST's newsletters delivered to your inbox A deal had been in the works this spring to spin off TikTok's US operations into a new US-based firm, majority-owned and operated by US investors. ABOARD AIR FORCE ONE - US President Donald Trump said on July 4 he will start talking to China on July 7 or July 8 about a possible TikTok deal. He said the United States 'pretty much' has a deal on the sale of the TikTok short-video app. 'I think we're gonna start Monday or Tuesday... talking to China, perhaps President Xi or one of his representatives, but we would, we pretty much have a deal,' Mr Trump told reporters on Air Force One. In June, Mr Trump extended to September 17 a deadline for China-based ByteDance to divest the US assets of TikTok. A deal had been in the works this spring to spin off TikTok's US operations into a new US-based firm, majority-owned and operated by US investors, but it was put on hold after China indicated it would not approve it following Mr Trump's announcements of steep tariffs on Chinese goods. Mr Trump said the United States will probably have to get a deal approved by China. When asked how confident he was that China would agree to a deal, he said, 'I'm not confident, but I think so. President Xi and I have a great relationship, and I think it's good for them. I think the deal is good for China and it's good for us.' REUTERS Top stories Swipe. Select. Stay informed. Singapore CPF members can make housing, retirement and health insurance plans with new digital platform Singapore From temples to towers: Old memories collide with new money in Geylang Singapore Clans of Geylang: The fight for survival and revival Asia Magnitude 5.4 quake shakes south-western Japan islands as temblors continue Singapore Tan Cheng Bock and Hazel Poa step down from PSP leadership Life 'I applied to over 300 jobs': What people wish they knew before they got laid off Asia Dream wheels, Malaysian deals: Singaporean car lovers find affordable indulgence across the border Asia How a Singaporean heatproofs himself to cope with 40 deg C summer in Chongqing
CNA
an hour ago
- CNA
'No perfect' CPF system exists, but its self-reliance principle is still pertinent: SM Lee
SINGAPORE: As Singaporeans live longer, the Central Provident Fund's (CPF) philosophy of self-reliance remains as pertinent as ever, Senior Minister Lee Hsien Loong said on Saturday (Jul 5). He added that while there is "no perfect CPF system", Singaporeans are generally in a good state now. As society's needs and working patterns change, and life expectancies lengthen further, the government will have to adapt and update the CPF scheme to keep it "fit-for-purpose" for new generations, he said. "This will be a perpetual process of innovation and adaptation. But that's the nature of many public policy issues," he said, adding that there is never a "once-for-all final solution". The CPF scheme is one such government policy that will always evolve and improve, but the same can be said of many others, including housing, healthcare, education and security, he added. SM Lee was speaking at the launch of a commemorative book by CPF to mark its 70th anniversary at Our Tampines Hub. The launch was also joined by Minister for Manpower, Dr Tan See Leng. At the launch, CPF also introduced a new one-stop financial guidance platform, Plan Life Ahead, Now! (PLAN), where members can access a personalised dashboard of financial planners. In Singapore, each generation funds its own retirement needs, SM Lee said. 'While self-reliance works well for the majority of the population, we recognise its limits for lower-income workers and for those who have not been in the workforce, such as housewives,' he added. In these cases, the government complements members' savings with targeted state support, such as the Workfare Income Supplement scheme, Silver Support Scheme and tax incentives to encourage voluntary CPF contributions from family members, he said. The government also provides additional support through packages for the Pioneer, Merdeka and Majulah generations, and periodic top-ups, which ensures a certain degree of intergenerational equity. 'But the basic principle remains: You must try your best to provide for your own future needs. And if that is still not enough, the government will be there to help you,' he said. Looking back at the past 70 years of CPF's history, SM Lee said "some very tough choices" were made in adjusting CPF rules and schemes. For example, the government had to cut employers' contribution rates by 15 per cent in 1985, after the total CPF contribution rate of 50 per cent from both employees and employers proved too high to sustain. The government also had to repeat the process of cutting CPF contribution rates during the Asian Financial Crisis in 1997, and in the early 2000s after the 9/11 terrorist attacks in the United States. It took them until 2015 to finally reach the total contribution rate of 37 per cent, which is about the "right level for the long term", SM Lee said. "NO OTHER PAINLESS WAY OUT" In his speech, SM Lee recalled meeting the late Lord Paul Myners, a British financial expert and UK city minister, who had done a comprehensive review of institutional investments made by UK insurance companies and pension funds. "He explained to me bluntly that with people living longer, there were basically only three ways for them to still have enough for retirement: One, save more while working. Two, spend less every month, to make their retirement savings last longer; or three, work longer and retire later," he said. "There is no other painless way out." All countries are confronted with this trilemma, and Singapore is no exception. "But that doesn't mean there is no way forward. It is still possible to make balanced, practical and politically workable arrangements in these three dimensions, to ensure Singaporeans' retirement adequacy," he said. The delinking of the CPF withdrawal age from retirement age has made it easier to raise retirement and re-employment ages to encourage workers to work longer, he said. While the national retirement age is 63, many choose to continue working, perhaps in a lighter job, beyond that, he added. SM Lee said that every change to the CPF system must be "carefully thought through". "In the end, for the whole CPF system to function and endure, Singaporeans must have faith that the scheme is sound and that the rules ultimately serve their best interests," he said. Today, public trust in the CPF is "very high", SM Lee added. People "faithfully" make their contributions every month, and many members voluntarily top up their own and their family members' CPF accounts with cash. Even when members reach 65 years old - when CPF payouts start - about 30 per cent do not make any withdrawals. "They are confident their money is safe, and they know that they are getting more than a fair deal," SM Lee said. NEW FINANCIAL PLANNING TOOL SM Lee penned the forward of the new book, called Save & Sound: 70 Years of CPF, which can be downloaded at CPF's website. The book chronicles the organisation's journey over the past seven decades and documents how the CPF system has evolved over the years. Through its new one-stop financial guidance platform, CPF members can access a personalised dashboard which consolidates digital CPF planners, such as the retirement payout planner, home purchase planner and the health insurance planner. The dashboard also pools together curated educational resources and features a new financial fitness questionnaire, where members can conduct self-assessments on their overall financial health. Announcing the launch of PLAN with CPF, CPF Board CEO Melissa Khoo said the dashboard seeks to enable members to make more informed financial decisions across different life stages. 'As we mark our 70th anniversary, we want to build on the CPF Board's legacy of service and innovation, and strengthen our commitment to support members through life's milestones, she said. CPF will also hold a CPF70 and Life's Supermarket exhibitions at Our Tampines Hub, which runs until Jul 10.
CNA
3 hours ago
- CNA
Malaysia puts anti-dumping duties on some China, South Korea, Vietnam iron, steel
KUALA LUMPUR: Malaysia said on Saturday (Jul 5) it has imposed provisional anti-dumping duties ranging from 3.86 per cent to 57.9 per cent on certain iron and steel imports from China, South Korea and Vietnam. The duties on imports of galvanised iron coils or sheets or galvanised steel coils or sheets were imposed based on a preliminary determination made in an anti-dumping duty investigation initiated on Feb 6, the investment, trade and industry ministry said in a statement. "The government finds that there is sufficient evidence that the importation of the subject goods ... is being dumped and that the investigation should be continued," it said. The provisional duties will be in effect from Monday for up to 120 days with a final determination to be made by Nov 3, the ministry said.
