Indonesia Sees ‘Bold' US Trade Deal, Offers Major Tariff Cuts
Indonesia commits to a near-zero tariff for over 1,700 commodities or close to 70% of US imports, Coordinating Minister for Economic Affairs Airlangga Hartarto said in a statement sent to Bloomberg News on Friday. These cover key sectors requested by the US, including electronics, machinery, chemicals, healthcare, steel, agriculture and automotive.
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15 minutes ago
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20 retired MPs spoke up on many issues in Parliament, helped successors prepare for new role: PM Wong
SINGAPORE – The 20 PAP MPs who retired at the recent general election made special efforts to show new candidates the ropes, after years of speaking up in Parliament and helping to improve policies. Prime Minister Lawrence Wong acknowledged the contributions of the retired MPs at an appreciation dinner on July 4 at Parliament House – a PAP tradition to thank its outgoing comrades – and presented them with valedictory letters. With their help, the rookies did not have to start from scratch and could hit the ground running, he said. 'That is the PAP way – always thinking beyond ourselves, and investing in the next generation,' he added. The 20 MPs collectively served more than 280 years in Parliament – 'a tremendous legacy', he said. PM Wong said the decision to retire was not easy for everyone, although some who had served for several terms 'were more eager to pass the baton'. 'You know who you are – when you came to see me, you never failed to remind me that it was time to identify your successor,' he said, drawing laughter from the audience. Others asked to step down due to personal reasons, and he respected their decisions, he added. And a third group willingly stepped aside, putting the PAP's and Singapore's interests ahead of their own, he noted. 'A number of you could have easily continued for another term, but I had to ask you to make way for renewal and new blood,' said PM Wong. The PAP usually retires about a quarter to a third of its slate each election. A total of 32 new candidates were among those fielded in the 97 seats at the May 3 polls. 'You understood the party's decision and agreed to step aside with grace,' he added. The longest-serving MP in this batch of retirees is former senior minister Teo Chee Hean, who entered politics in 1992 and served seven terms. Mr Teo, 70, has agreed to contribute as senior adviser in the Prime Minister's Office, said PM Wong. Another example of a retiring PAP MP who became a senior adviser is former trade and industry minister Lim Hng Kiang, who took on the role after he stepped down from the Cabinet in 2018. He remains in the role despite having retired from politics in 2020. Seven retired MPs entered politics in the 2001 and 2006 elections – Dr Ng Eng Hen, Dr Maliki Osman, Mr Heng Chee How, Dr Amy Khor, Mr Lim Biow Chuan, Mr Sitoh Yih Pin and Dr Lim Wee Kiak. 'Special mention to Sitoh who worked hard over three elections to win the trust of our Potong Pasir residents,' said PM Wong. Mr Sitoh entered politics in 2001 to contest in the single seat, then held by opposition politician Chiam See Tong. He eventually won in his third contest in 2011, against Mr Chiam's wife Lina. Other retiring MPs – among them former deputy prime minister Heng Swee Keat – came in later and served two to three terms. They include Ms Cheryl Chan, Mr Chong Kee Hiong, Mr Louis Ng, Ms Foo Mee Har, Mr Gan Thiam Poh and Dr Tan Wu Meng. Five MPs stepped down after one term: Ms Carrie Tan, Mr Derrick Goh, Mr Don Wee, Mr Fahmi Aliman and Ms Ng Ling Ling. Dr Khor, Ms Tan, Ms Chan, Mr Fahmi, Mr Gan and Ms Ng did not attend the dinner. Mr Heng Swee Keat will continue in his role as chairman of the National Research Foundation, a department under the Prime Minister's Office that looks at the nation's research and development efforts. 'We will continue to benefit from your counsel and wisdom,' said PM Wong of Mr Teo and Mr Heng. The retired MPs spoke up on a wide range of national issues in Parliament and for different segments of Singaporeans, such as caregivers, lower-wage workers, businesses and arts and cultural groups, he said. They participated actively in government parliamentary committees (GPCs) and gave feedback that helped to improve policies. These include the setting up of the Rare Disease Fund and the adoption of more flexible work arrangements, he added. GPCs, comprising PAP MPs, are meant to scrutinise legislation and programmes of the various ministries. The outgoing GPC chairs are Mr Sitoh for culture, community and youth, Dr Tan for health, Ms Chan for national development and Mr Ng for sustainability and the environment. PM Wong also cited several outgoing MPs for their memorable contributions – such as Dr Tan who always spoke up for his Clementi residents, and Mr Ng who tabled two Private Member's Bills on food donation and wild animals and birds. Outside of Parliament, the MPs were attentive and responsive to the needs of their residents, said PM Wong. They can look back with satisfaction on what they have done, including the improvements in their constituencies, he added. For example, Sembawang GRC – where Dr Lim was an MP – has a hot spring park, while Brickland in Chua Chu Kang GRC – formerly helmed by Mr Wee – has Singapore's only BMX cycling facility. PM Wong also specifically thanked the six office-holders – former DPM Heng, Mr Teo, Dr Ng, the former defence minister; Dr Maliki, former minister in the Prime Minister's Office; Mr Heng Chee How and Dr Khor, both former senior ministers of state. 'I've worked closely with all of you, and I've learnt a great deal from each of you,' he said. Source: The Straits Times © SPH Media Limited. Permission required for reproduction Discover how to enjoy other premium articles here
Yahoo
18 minutes ago
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Bay Street shrugs off tariff threat as dealmaking tally hits $310 billion
An uncertain economy stemming from United States President Donald Trump's tariffs hasn't slowed Canada's financial sector, which posted one its strongest starts to the year in the past decade. Overall, Canada's capital markets sector raised about $310 billion through 502 deals in the first six months of 2025, according to figures provided by Financial Post Data. While that's an 8.5 per cent decline from the record $338.8 billion raised in the first half of 2024, it's still the third highest total since 2011. 'It's hard to believe that equities are setting new all-time highs, credit spreads are at multi-year tights and corporate deal-making activity is well above historical averages when you consider the global trade war, recent developments in the Middle East and uncertain economic outlook,' said Rob Brown, co-head of Canadian debt capital markets at the Royal Bank of Canada. 'But that is exactly what has happened.' A strong capital markets sector suggests that businesses and governments are keen on raising long-term funds to make investments, expand operations and in the process, create jobs and boost productivity. While there was a standstill in issuance activity in April after Trump's 'Liberation Day' tariffs were announced, for the most part activity remained consistently high throughout the first half of the year, said Brown. The tariff situation compelled issuers to pull funding plans forward to the first quarter to get ahead of the Liberation Day deadline, he said. But then they returned in 'droves in May and June' as the market recovered. 'A recognition that tariff and geopolitical risks remain ever-present continue to motivate opportunistic issuance while the tone is supportive,' said Brown. He credited the 'recent improvement in sentiment' to the 'perception that trade tensions will soften, (the) expectation that the U.S. Fed will eventually begin cutting rates and resilient economic data.' RBC's capital markets team participated in the most deals and helped raise the largest amount of capital — $44.51 billion — in the first half of 2024, earning a market share of 14.3 per cent of all capital raised, according to tallies from FP Data. BMO Capital Markets was second with a market share of 10.86 per cent, raising about $33.6 billion, while CIBC World Markets Inc. was third with $30.65 billion. TD Securities Inc., National Bank Financial and Scotia Capital Inc., followed at $30.34 billion, $29.41 billion and $21.57 billion respectively, giving them corresponding market shares of 9.79, 9.49 and 6.96 per cent. The total amount of debt raised by corporations was $153.04 billion, down 4.3 per cent from the same time last year, while government entities raised $144.9 billion, down 13.5 per cent. Despite the yearly declines, the money raised through each of these segments this year remains the third highest since 2011. In contrast, capital raised by companies through selling shares increased 3.3 per cent to $11.46 billion in the first half of 2025. Activity in the equity markets space had been on the decline since 2022, following a steep increase in 2021. But the increase in the first half of 2025, may potentially change that trend. The yearly increase in the equity space though took place thanks to a series of deals that closed in June — right before the end of the first half of the year. For instance, the biggest deal on the equity side closed on June 20, when Calgary-based Keyera Corp. sold new shares to raise a total of $2.1 billion as it looked to purchase Plains' Canadian NGL business, plus select U.S. assets, for total cash consideration of $5.15 billion. Similarly, Pet Valu Holdings Ltd., was third on the list as a secondary offering raised about $576 million on June 9, while Idaho-based Perpetua Resources Corp., raised about $444 million on June 16, as part of a plan to develop one of its gold projects. Critical minerals help drive dealmaking surge on Bay Street Interest rate peak fuels optimism on Bay Street 'Despite the macro and geo-political uncertainty, there has been a healthy amount of M&A activity, some of which has resulted in equity issuance as part of the acquisition financing strategy,' said Jackie Nixon, Canada head of equity capital markets at RBC. 'There is also a much more active dialogue today than there was a year ago with private companies about going public, so hopefully we will start to see more signs of life in the Canadian issuer IPO market.' Given the current political backdrop, RBC is encouraging potential issuers to be 'nimble, opportunistic' and to take advantage of available windows, said Nixon. • Email: nkarim@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
28 minutes ago
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BRICS Aspires to Occupy Ground Vacated by US Under Trump
(Bloomberg) -- Ever since BRICS was founded more than a decade ago, the group of emerging-market nations has struggled to identify a common purpose. President Donald Trump's tariffs may have solved that problem. Foreign Buyers Swoop on Cape Town Homes, Pricing Out Locals Massachusetts to Follow NYC in Making Landlords Pay Broker Fees NYC Commutes Resume After Midtown Bus Terminal Crash Chaos Struggling Downtowns Are Looking to Lure New Crowds What Gothenburg Got Out of Congestion Pricing BRICS leaders meeting in Rio de Janeiro this weekend for a summit hosted by Brazilian President Luiz Inacio Lula da Silva are expected to sign up to a joint statement decrying 'the rise of unjustified unilateral protectionist measures' and the 'indiscriminate raising' of tariffs. That's what foreign ministers from the bloc named for oldest members Brazil, Russia, India, China and South Africa agreed to in April, and several officials said the text would remain in the communique. The concluding language is unlikely to directly cite the US. But the group is sending an unmistakable signal to the Trump administration on the eve of the July 9 deadline for his levies to take effect. BRICS members all agree that 'these tariffs are not productive,' Ambassador Xolisa Mabhongo, South Africa's lead negotiator, or sherpa, said in an interview. 'They are not good for the world economy. They are not good for development.' As Trump alienates traditional allies and pursues his America First agenda, BRICS is seeking to occupy the ground the US leader has ceded. The upshot is that the group long presumed to be forging an alternative to the US-led world order is now projecting itself as defender of those same core values, including free trade and multilateralism. 'Multilateralism is going through its worst moment since the World War II,' Lula said Friday during a meeting of the New Development Bank, the financing arm of the BRICS. China will work with member states to 'strengthen the BRICS strategic partnership and safeguard multilateralism,' Foreign Ministry spokesperson Mao Ning said in a briefing in Beijing on Wednesday. Even with Trump providing some elements of a unity of purpose, the BRICS grouping is still likely to fall far short of wielding the global influence its members have long sought. Chinese President Xi Jinping, who held a state visit to Brasilia in November and is expected to attend the COP30 climate summit in Brazil later this year, is skipping the BRICS meeting. Vladimir Putin of Russia will stay away to avoid putting Brazil's government in the uncomfortable position of having to arrest a president wanted for war crimes in Ukraine. Founded in 2009, the original BRICS group has long suffered from a lack of shared values among members who have little in common beyond their status as large, emerging economies that wanted a voice in global affairs dominated by Washington and the West. Its rapid expansion to include Egypt, Ethiopia, Iran, Indonesia and the United Arab Emirates bolstered its representation — the new BRICS accounts for about 40% of global GDP and roughly half the planet's population — but threatens to make it even less coherent. What Bloomberg Economics Says The group is held together primarily by a shared sense that emerging markets should have a louder voice in the global order and a desire to build a multipolar world. In the absence of a clearer shared agenda, though, the group's geopolitical gravitas will probably continue to increase only gradually, in line with its economic heft or, potentially, its further expansion. —Jimena Zuniga, Latin America geoeconomics analyst Read the full report here. Notably, the bloc is divided on references to war, with Russia and China against any significant mention, according to several delegations. Egypt is pushing for a mention of peace and security in the Middle East, by which it mainly means resolving the war on its border in Gaza, according to a person familiar with the matter. Trump's aggression offers the bloc something of a dilemma. While his tariffs push gives it a degree of shared resolve, some members are keen to maintain balanced relations with both the US and China. Paradoxically, Trump's threat to slap 100% levies on the bloc if it ditches the dollar in bilateral trade has spurred interest in developing local payment systems and other instruments that can facilitate commerce and investment between the nations. The idea of abandoning the dollar isn't under discussion, according to Brazilian officials. Trade among the five original BRICS nations grew 40% between 2021 and 2024 to $740 billion a year, according to International Monetary Fund data. Lula's government is optimistic that leaders will make progress on collective alternatives, in part because Trump's trade threats have given countries incentives to forge consensus and new partnerships, according to two Brazilian officials familiar with the discussions. The BRICS group is also discussing mechanisms to boost climate finance among members for the first time, the officials said, an issue that has taken on greater importance after Trump pulled the US out of the Paris agreement. China continues to engage with other BRICS nations on climate, also as a way to show it is a friendlier and more reliable ally than the US. Along with Indonesia, Beijing has held discussions with Brazil about the agenda for the UN's annual climate summit. For its part, India sees no major hurdles to a joint declaration from the summit, according to a government official familiar with the preparations, who asked not to be named discussing ongoing diplomacy. Indian Prime Minister Narendra Modi is undertaking a state visit in Brazil after the Rio gathering ends. Lula will also welcome Indonesia's President Prabowo Subianto and South African President Cyril Ramaphosa in back to back pageantry. Yet divisions among BRICS members — and especially between its old guard and new arrivals — could still surface. Egypt and Ethiopia had balked at supporting South Africa for a permanent seat on the UN Security Council, something that had been one of the bloc's few unifying themes. There are also simmering tensions between the group's two largest economies. China and India both vie to lead the BRICS and the Global South as a whole. Modi will stake his claim as leader when he takes over the BRICS presidency for 2026, just three years after Xi skipped India's G-20 summit. At a time when BRICS is trying to prove it's more than just a catchy acronym, another snub from Xi wouldn't be a good look. --With assistance from Mirette Magdy, Sudhi Ranjan Sen and Jing Li. (Updates with comment from Lula in sixth paragraph.) SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too America's Top Consumer-Sentiment Economist Is Worried For Brazil's Criminals, Coffee Beans Are the Target How to Steal a House Sperm Freezing Is a New Hot Market for Startups ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
