Trump says no plans to extend tariff pause after Jul 9
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CNA
42 minutes ago
- CNA
Microsoft to lay off as many as 9,000 employees, Seattle Times reports
Microsoft is laying off as much as 4 per cent, or roughly 9,100, of the company's employees, the Seattle Times reported on Wednesday.
Business Times
an hour ago
- Business Times
Singapore's PMI rebounds to expansion territory in June amid improving regional activity
[SINGAPORE] Singapore's overall factory activity returned to expansion territory in June after two straight months of contraction, data from the Singapore Institute of Purchasing and Materials Management (SIPMM) showed on Wednesday (Jul 2). The purchasing managers' index (PMI) expanded marginally last month, by 0.3 point to 50. A reading above 50 on the index indicates growth from the previous month, while one below 50 points to a contraction. Similarly, the linchpin electronics sector edged up 0.2 point from the previous month to record an expansion at 50.1 in June, after two straight months of contraction. SIPMM executive director Stephen Poh said: 'It is heartening to note that the manufacturing sector has reverted to an expansion going into the second half of the year, albeit trade uncertainties remain in the global economic environment.' However, he also acknowledged that local manufacturers are concerned about 'the rapidly shifting landscape of global trade policy and tariffs, resulting in supply chain fragmentation'. Selena Ling, chief economist at OCBC, said the improvements in Singapore's manufacturing and electronics PMIs suggest that 'market sentiments and business confidence levels have stabilised somewhat' since the April announcement of US reciprocal tariffs and the ensuing market volatility. 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 June PMI readings illustrate a semblance of a return to some normalcy, likely underpinned by hopes' the US will strike more trade deals or truces, as it did with the UK and China, she added. However, she also pointed out that front-loading efforts 'may largely be spent' as the end of the 90-day pause on US reciprocal tariffs approaches. 'There are some tentative signs that business momentum may cool in the coming months once the tariff realities kick in, and the 10 per cent universal tariffs look likely to stay intact.' UOB associate economist Jester Koh likewise said the June readings likely reflect 'better sentiment, driven by hopes of a durable trade and tariff de-escalation following the two-day US-China negotiations in London', as well as near-term front-loading momentum. But he warned that the payback from earlier front-loading could lead to a 'more protracted downturn' in manufacturing and trade activity in H2 2025, cushioned partly by less cyclical demand for data storage and spillover effects into consumer electronics. Though most remained in contraction, some regional economies picked up in June. China's official manufacturing PMI contracted for a third straight month, albeit at a slower pace, posting a reading of 49.7 in June compared to 49.5 in May. Surprisingly, the Caixin PMI, derived from smaller private manufacturers, rose to 50.4 from 48.3. Both South Korea and Malaysia remained in contraction territory despite improvements. South Korea's S&P Global manufacturing PMI rose to 48.7 in June from 47.7 in May, while that of Malaysia was 49.3 in June, up from 48.8 the month before. Taiwan's S&P Global manufacturing PMI, meanwhile, registered its steepest decline in one-and-a-half years – it slid to 47.2 in June, from 48.6 in May. Vietnam's S&P Global manufacturing PMI also fell in June, to 48.9 from 49.8 the previous month.
Straits Times
an hour ago
- Straits Times
Ukraine struggles to contain Russian summer advances as US aid stalls
Sign up now: Get ST's newsletters delivered to your inbox FILE PHOTO: Ukrainian service members of the 25th Sicheslav Airborne Brigade fire a BM-21 Grad multiple rocket launch system towards Russian troops near the frontline town of Pokrovsk, amid Russia's attack on Ukraine, in Donetsk region, Ukraine April 19, 2025. REUTERS/Anatolii Stepanov/File Photo KYIV - Russia has made incursions near two towns key to army supply routes in eastern Ukraine, a Ukrainian military official said on Wednesday, as Moscow seeks a breakthrough in a summer offensive at a time of uncertainty over U.S. support for Kyiv. In recent weeks, Russia has amassed forces and despite heavy losses has advanced in rural areas either side of Pokrovsk and Kostiantynivka, which both sit on crossroads running to the frontline from larger cities in Ukrainian-controlled territory. Russia's advances on the front are matched by an intensification of drone and missile strikes on Kyiv and other cities, following signs that Washington's support for Ukraine's war effort is faltering. So far, the efforts by U.S. President Donald Trump have failed to achieve a ceasefire in the full-scale invasion launched by Russia in 2022. One of the aims of the Russian offensive is to occupy the rest of the Donetsk region. Now, they are using small assault groups, light vehicles, and drones to push towards the neighbouring region, said Viktor Trehubov, a spokesperson for the Khortytsia group of forces. "There are constant attacks with the intent of breaking through" to the border of the Dnipropetrovsk region at any cost, Trehubov said in written comments to Reuters. Russia now has 111,000 soldiers in the Pokrovsk area, which it has been trying to seize since early last year, Ukraine's top armed forces commander Oleksandr Syrskyi said last week, describing dozens of battles in the area every day. Top stories Swipe. Select. Stay informed. Singapore Singapore and Cambodia to expand collaboration in renewable energy, carbon markets and agri-trade Singapore Ong Beng Seng's court hearing rescheduled one day before he was expected to plead guilty Singapore ByteDance food poisoning: Catering firm convicted after cockroach infestation found on premises Singapore Three hair salons raided in clampdown on touting, vice, drugs in Geylang and Joo Chiat Singapore The romance continues: Former 'Singapore girl', 77, returns to Osaka Expo after 55 years Singapore Granddaughter of Hin Leong founder O.K. Lim fails to keep 3 insurance policies from creditors' reach Singapore Man on trial for raping drunken woman after offering to drive her and her friend home Singapore 3 weeks' jail for man who touched himself on train, flicked bodily fluid on female passenger A decision by Washington to halt some deliveries of various weapons including precision rocket artillery to Kyiv will worsen the situation on the ground for Ukraine's forces, said Jack Watling, a senior researcher at the Royal United Services Institute, a think-tank. "The loss of these supplies will significantly degrade Ukraine's ability to strike Russian forces beyond 30 km (19 miles) from the front line and therefore allow Russia to improve its logistics," Watling said. RUSSIAN GAINS Ukrainian blog DeepState, which uses open-source data to map the frontline, said the Russian military in June had seized 556 square kilometres of Ukrainian territory, which it said was the largest monthly loss of ground since November. Russian forces, which have numerical superiority, cut the main road linking Pokrovsk and Kostiantynivka in May, complicating Ukrainian movements and resupply efforts. "The Russian advance is being contained, but their crossing of the Pokrovsk-Kostyantynivka highway is a strategic and logistical setback," Trehubov said. Heavy Russian losses have prevented Russian advances toward Kostiantynivka via Chasiv Yar, or along the western Pokrovsk front. "Now they are attempting (to advance) further away from populated areas," Trehubov said. DeepState also reported that Russian advances in June near Pokrovsk and nearby Novopavlivka accounted for more than half of all Russian gains along the entire frontline in all of Ukraine. Trehubov said Pokrovsk and Kostyantynivka remain Ukrainian logistical hubs, despite setbacks and drone activity which make some defensive fortifications less effective. "(Drones) hinder logistics for both sides but don't make it impossible. Drones after all are not invulnerable," he said. REUTERS
