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Straits Times
2 days ago
- Politics
- Straits Times
Russia is gaining ground in Ukraine, but can its economy keep pace?
Analysts say Russia wants to methodically destroy the Ukrainian military, as Moscow slowly advances its own troops. KYIV - Russia's summer offensive in Ukraine is gaining ground as its forces attack on multiple fronts. In June, the country's numerical advantages in troops and air power produced its biggest monthly gains in territory since the beginning of the year. Russia's aims are not simply territorial. Analysts say it wants to methodically destroy the Ukrainian military, as Moscow slowly advances its own troops. The biggest challenge for Moscow may be far from the front lines, as the Russian economy can no longer keep pace with escalating military spending. For Ukraine, its ability to sustain the war may also be decided far away, as the Trump administration sends mixed signals about its desire and ability to continue arming Kyiv's forces. Earlier in July, President Donald Trump said that Nato countries would buy weapons from the United States to give to Ukraine. The ground war Over the past two months, Russian units have been able to step up their attacks on multiple fronts, from Ukraine's Sumy region in the north to the steppes of Zaporizhzhia in the south. Russia now controls more than two-thirds of Ukraine's Donetsk region – the main theatre of the ground war. Russian forces have carved out a 10-mile-deep pocket around the Ukrainian troops defending the crucial city of Kostiantynivka, partly surrounding them from the east, south and west. Russia has also entered the Dnipropetrovsk region of eastern Ukraine for the first time in more than three years of war. Ukrainian soldiers say the Russian army uses two main tactics to advance on the battlefield: pinning down Ukrainian troops with drones, shells and glide bombs before attacking enemy lines with relentless squad assaults. Top stories Swipe. Select. Stay informed. Singapore Tampines regional centre set to get more homes, offices and public amenities Multimedia How to make the most out of small homes in Singapore Life US tech CEO Andy Byron resigns after viral Coldplay 'kiss cam' video Asia From toy to threat: 'Killer kites' bring chaos to Indonesian airspace Opinion I thought I was a 'chill' parent. Then came P1 registration Singapore 'God and government are the only things beyond our control,' says Group CEO Business Me and My Money: He overcomes a $100k setback to build a thriving online tuition business Asia At least 34 killed as tourist boat capsizes in Vietnam's Halong Bay Ukraine responds by sending experienced, drone-equipped units to help plug the gaps, a tactic that has been compared to sending firefighters to contain flare-ups. But Russia's relentless attacks are placing a strain on Ukraine's outmanned army. Those attacks helped Russia make its largest territorial gains of the year in June. According to Deep State, a Ukrainian group that maps the conflict using drone footage and its links with the Ukrainian military, Russia gained more than 214 square miles of Ukrainian territory in June, up from 173 square miles in May. Putting those gains in context, Russia is capturing less than 0.1 per cent of Ukraine's vast territory each month. At that pace, it would take Moscow several years to occupy all of the four Ukrainian regions it declared annexed in 2022. The air war Away from the front lines, Russia has been increasing the toll it inflicts on the Ukrainian population at large by pummeling the country with mass-produced exploding drones. Over the past weeks, Russia has been setting records on the number of drones it sends into Ukraine. Russia recently launched 728 exploding drones and decoys in one nightly barrage, according to Ukraine's air force. As Russia builds up its drone-making infrastructure, military analysts expect Moscow to routinely launch more than 1,000 drones per volley by autumn. Kyiv was the main target earlier this month of an intense overnight bombardment, which killed at least two people and wounded 25 others, according to local officials. The Russian barrages also include cruise missiles and ballistic missiles. Ukraine has a variety of air-defence systems – including improvised systems like fishing nets to snare drones – but the ballistic missiles can be shot down by only one air-defence system in Ukraine's arsenal: American Patriot missiles. But after a series of reversals by the Trump administration – which paused military aid and then agreed to sell weapons to European allies, which will then give them to Ukraine – Ukrainians are hopeful but cautious about whether they can count on US military support. Officials in Nato countries have proposed a plan where the Trump administration could sell weapons to its allies, which would then give them to Ukraine. That would be a financial windfall for the United States, and could also shield Mr Trump from accusations of direct involvement in the war. Last week, Mr Trump said he intended to adopt that strategy. Russia's goals Russia is not only seeking to win new territory in Ukraine. 'Its goal is to destroy Ukraine's military potential, its army,' Mr Valery Shiryaev, an independent Russian military analyst, said in an interview with Redaktsiya, an independent Russian news channel. 'If there is no army – the state would be defenceless.' The Kremlin has repeatedly said that it would continue pressing on in Ukraine until it can coerce Kyiv into accepting Moscow's peace terms. Russia has demanded that Ukraine recognize Russian territorial gains, shrink its military, designate Russian as an official language in Ukraine and formally commit to Ukrainian neutrality, which would rule out joining Nato. These demands are considered completely unacceptable by Ukraine's political leadership and its citizens. The Russian economy Analysts say that Russia may be spending unsustainable sums to fund the war, fuelling inflation, even as its oil and gas industry suffers from low energy prices, caused in part by Trump's tariffs. Oil exports finance about a third of Russia's total federal budget. At the end of June, President Vladimir Putin said that Russia was spending 6.3 per cent of its gross domestic product, or US$172.5 billion (S$221 billion), on its military, which was 'a lot' and that the country had 'paid for it with inflation.' The country's central bank set interest rates at 20 per cent to keep prices in check. 'We are planning to cut the defence expenses next year and the year after, as well during the next three years,' Mr Putin said. If he follows this plan and Russia reduces military spending, its ability to wage war will inevitably suffer. M.M.I., a leading Russian news outlet on Telegram dedicated to the economy, called the situation with the country's budget a 'catastrophe.' Spurred by record-high military expenditures, Russia's budget deficit has reached US$47 billion over the first half of the year. Because of lower prices, oil and gas revenues have dropped by more than 16 per cent, the country's Finance Ministry said. Casualties After releasing a few official death tolls early in the war, Russia stopped publishing any information about its losses. But teams of researchers and experts have sifted through publicly available data, like obituaries and inheritance records, to identify and verify casualties. To date, they have confirmed more than 115,000 deaths in the Russian military. A study in June found that nearly 1 million Russian troops had been killed or wounded in the war. According to Mr Dmitri Kuznets, a military analyst with the Russian news outlet Meduza, which was outlawed by the Kremlin and operates from Latvia, both Ukraine and Russia are now losing between 250 and 300 service members each day, based on available data. In 2025, Russia has still been able to attract an average of about 30,000 new service members per month, according to government statements and an analysis of budgetary data conducted by Dr Janis Kluge, a researcher at the German Institute for International and Security Affairs. But it was able to do so only by spending lavishly on its military, offering outsize sign-up bonuses and salaries. 'Both sides have devoted last year to increase sustainability – so that they could continue fighting no matter what happens,' Mr Kuznets said. NYTIMES
Straits Times
2 days ago
- Straits Times
At least 37 killed as tourist boat capsizes in Vietnam's Halong Bay
Find out what's new on ST website and app. The vessel was carrying 48 passengers and five crew members when it capsized at the Unesco World Heritage site because of sudden heavy rain. – At least 37 people have died after a tourist boat ferrying families around Vietnam's famed Halong Bay capsized on July 19, according to state media. The vessel was carrying 48 passengers and five crew members when it capsized at the Unesco World Heritage site because of sudden heavy rain, the VNExpress news site said. Most of those on board were families visiting from the capital Hanoi, with more than 20 children among the passengers, it said. 'Border guards rescued 11 people and recovered 34 bodies,' it added. The Navy said early on July 20 that three more bodies were found, taking the toll to 37 people. The captain of the ship had still not been identified, while five more remain missing. The People's Army Newspaper, citing local border guards, said among the bodies recovered were those of eight children. The accident occurred at around 2pm (3pm Singapore time), shortly after Tropical Storm Wipha entered the South China Sea. Strong winds, heavy rainfall and lightning were recorded in the area. Top stories Swipe. Select. Stay informed. Singapore Tampines regional centre set to get more homes, offices and public amenities Multimedia How to make the most out of small homes in Singapore Life US tech CEO Andy Byron resigns after viral Coldplay 'kiss cam' video Asia From toy to threat: 'Killer kites' bring chaos to Indonesian airspace Opinion I thought I was a 'chill' parent. Then came P1 registration Singapore 'God and government are the only things beyond our control,' says Group CEO Business Me and My Money: He overcomes a $100k setback to build a thriving online tuition business Rescue efforts were set to continue into the night to find those still missing. One of the rescued, a 10-year-old boy, told state media outlet VietnamNet: 'I took a deep breath, swam through a gap, dived, then swam up. I even shouted for help, then I was pulled up by a boat with soldiers.' Prime Minister Pham Minh Chinh sent his condolences to the families of those who died and called on the defence and public security ministries to conduct urgent search and rescue. The authorities would 'investigate and clarify the cause of the incident and strictly handle violations', a statement on the government website said. Mr Tran Trong Hung, a resident in the Ha Long Bay area, told Agence France-Presse: 'The sky turned dark at around 2pm.' There were 'hailstones as big as toes with torrential rain, thunderstorm and lightning', he said. Torrential rain also lashed northern Hanoi, Thai Nguyen and Bac Ninh provinces on July 19. In Hanoi, several trees were knocked down by strong winds. Tropical Storm Wipha followed three days of intense heat, with the mercury hitting 37 deg C in some areas. Mr Mai Van Khiem, director of the National Centre for Hydrometeorological Forecasting, was quoted by VNExpress as saying that the thunderstorms in northern Vietnam were not caused by the influence of Wipha in the South China Sea. Halong Bay is one of Vietnam's most popular tourist destinations, with millions of people visiting its blue-green waters and rainforest-topped limestone islands each year. In 2024, 30 vessels sank at boat lock areas in coastal Quang Ninh province along Halong Bay after Typhoon Yagi brought strong wind and waves. Earlier in July, a ferry sank off the popular Indonesian resort island of Bali, killing at least 18 people . Wipha, the third typhoon to hit the South China Sea in 2025, is projected to make landfall along Vietnam's northern coast early next week. Weather disruptions linked to the storm have also impacted air travel. Noi Bai Airport reported that nine arriving flights were diverted to alternate airports, while three departing flights were temporarily grounded due to adverse conditions. AFP, REUTERS
Straits Times
2 days ago
- Business
- Straits Times
After stock market's torrid run, earnings misses face punishment
A Wall Street plate is seen on a street vendor stall outside the New York Stock Exchange (NYSE) in New York City, U.S., July 11, 2025. REUTERS/Jeenah Moon NEW YORK – The second-quarter earnings season is off to a ripping start, with consumer strength powering resilient corporate profits. In the stock market, however, the reaction has been fairly quiet, an ominous sign that much of the good news is priced in – and investors are punishing disappointments. Take financials, which reported blockbuster numbers this week that failed to juice their shares. 'Financials have crushed 2Q earnings expectations with a 94.4 per cent per cent beat rate so far, yet stocks saw only muted reactions as investors largely anticipated the results,' Bloomberg Intelligence strategists Gina Martin Adams and Michael Casper wrote in a July 18 note. Similarly, streaming platform Netflix exceeded outlooks in every major metric, and United Airlines Holdings was upbeat about travel demand gaining steam. Yet, investors largely reacted to these numbers with a collective shrug. Netflix closed down over 5 per cent on July 18 despite its strong performance. 'With stock valuations where they are, all the good news is priced into the market now,' said Mr Greg Taylor, chief investment officer at PenderFund Capital Management. What's more, the market is penalising results that fall short of expectations by the most in nearly three years, data compiled by Bloomberg Intelligence shows. 'The margin of error here is small,' said Mr Michael Arone, chief investment strategist at State Street Investment Management. 'When the valuations are high and you miss, the punishment is more severe.' Combined profit and revenue beats, on the other hand, are being rewarded by only the most in a year. Top stories Swipe. Select. Stay informed. Singapore Tampines regional centre set to get more homes, offices and public amenities Multimedia How to make the most out of small homes in Singapore Life US tech CEO Andy Byron resigns after viral Coldplay 'kiss cam' video Asia From toy to threat: 'Killer kites' bring chaos to Indonesian airspace Opinion I thought I was a 'chill' parent. Then came P1 registration Singapore 'God and government are the only things beyond our control,' says Group CEO Business Me and My Money: He overcomes a $100k setback to build a thriving online tuition business Asia At least 34 killed as tourist boat capsizes in Vietnam's Halong Bay 'At an index level, good earnings are not likely the broad market catalyst investors are waiting for,' said Mr Julian Emanuel, chief equity and quantitative strategist at Evercore ISI. The S&P 500 Index closed near an all-time high on July 18, after notching seven new records in just 15 sessions. The equities benchmark is trading at 22 times expected 12-month profits and is fast approaching the level it hit in February, before April 2 when President Donald Trump unleashed his global tariffs that weighed on sentiment. This week, investors will get results from a slew of Big Tech giants including Alphabet and Tesla, industrial behemoth Honeywell International, chemicals maker Dow, defense contractors Lockheed Martin and Northrop Grumman, and auto manufacturer General Motors, among many others. Big US banks delivered an earnings bonanza based on record-breaking trading revenues, as the volatility sparked by Trump's tariff offensive ignited market activity at some of Wall Street's biggest firms. Still, the share moves were underwhelming. Goldman Sachs Group equities traders posted the largest revenue haul in Wall Street history, but the company's shares rose less than 1 per cent on the day it reported earnings. Even worse, Morgan Stanley's net revenue topped estimates and the shares closed down 1.3 per cent. And JPMorgan Chase & Co.'s stock traders notched their best second quarter ever, while fixed-income trading trounced expectations, yet the stock dropped 0.7 per cent. Still, market pros noted that the powerful bank earnings offer an encouraging indication for the overall economy. 'Banks can only be healthy when the economy is strong,' said Mr Mark Malek, chief investment officer at Siebert. 'So their earnings along with their commentary serve as a broader benchmark on economic health.' The durability of the US consumer has been a major question for investors and economists, especially in the face of still-high inflation, elevated interest rates and continued uncertainty about the new US trade regime. The initial signs are encouraging based on earnings from airlines to PepsiCo Inc. to Netflix to jeans-maker Levi Strauss & Co. 'The consumer remains strong,' Mr Malek said. 'That is paramount.' Travel in the US is recovering with the approval of Trump's tax cut and spending package and negotiators appearing to make progress in tariff discussions, Delta Air Lines Inc. Chief Executive Officer Ed Bastian said. PepsiCo's North American business improved and it saw strong growth in international markets. Netflix raised its full-year forecast. And Levi Strauss said it expects sales growth to outweigh the impact of Trump's tariffs. Retail sales figures on Thursday offered proof of this continued strength. Commerce Department data showed the value of retail purchases, not adjusted for inflation, increased 0.6% after declines in the prior two months, exceeding nearly all estimates in a Bloomberg survey of economists. 'So far it has been a thumbs up from earnings,' Malek said. 'While a big tariff-driven breakdown may still lurk in the shadows, the harbinger has not shown up yet.' Shares of PepsiCo and Delta have been the stark outliers this quarter, bringing in big gains after strong results. Both stocks were lagging the broader market significantly this year ahead of the numbers. With so many uncertainties still lingering – especially on tariffs, economic growth, inflation and the Federal Reserve's rate-cut plan – corporate outlooks will play a significant role in shaping investor confidence from here. 'The biggest question facing S&P 500 earnings is who bears the tariff bill,' said Mr Dec Mullarkey, managing director at Sun Life Investment Management. Second-quarter earnings estimates for the S&P 500 have been drastically reduced this year, with analysts expecting profits to rise 3.3 per cent from a year ago as of the last close, down from the 9.5 per cent growth expected at the beginning of the year. 'The bar is low,' said Ms Irene Tunkel, chief US equity strategist at BCA Research. 'Companies will likely clear it, but that's no longer enough. With valuations stretched, investors want strong guidance, and earnings misses will be punished fast.'
Straits Times
2 days ago
- Sport
- Straits Times
Germany's Berger seizes her moment in shootout win over France
BASEL - Germany goalkeeper Ann-Katrin Berger embodied her side's spirit of resistance in their Women's Euro quarter-final as they bounced back from an early red card and the concession of a goal to take France to a 1-1 draw over 120 minutes before beating them 6-5 in a shootout that saw her save two spot-kicks and score one herself. The 34-year-old, who has twice beaten cancer, lives by the motto of "All we have is now", and she seized her moment on Saturday, pulling off an incredible save to prevent a second-half own goal and then powering her side through to the semi-finals, where they will face Spain in Zurich on Wednesday. "I was not happy that we had to go to the penalty shootout because I would have loved to have won the game in 90 minutes and have it done and dusted," Berger told reporters before paying tribute to her squad. "I think credit should go to the team, not me, because maybe it (my save) was the decisive moment in the penalty shootout, but we, everyone here, should talk about this with him (coach Christian Wueck) now about the performance of the team, because that was amazing and incredible." Germany midfielder Sjoeke Nuesken had a penalty saved in normal time but converted in the shootout, and she was full of praise for Berger's skills. "She's an amazing goalkeeper. She's so calm, she's so clever. I knew she would save the penalties. She's such an amazing goalkeeper, and we are very happy that she's in our team," Nuesken said. With defender Kathrin Hendrich sent off in the 13th minute for pulling an opponent's hair, the Germans had to battle for more than 100 minutes with one player fewer than their French counterparts, but despite their heroics, Berger did not want to promise that they would beat Spain to make the final. Top stories Swipe. Select. Stay informed. Singapore Tampines regional centre set to get more homes, offices and public amenities Multimedia How to make the most out of small homes in Singapore Life US tech CEO Andy Byron resigns after viral Coldplay 'kiss cam' video Asia From toy to threat: 'Killer kites' bring chaos to Indonesian airspace Opinion I thought I was a 'chill' parent. Then came P1 registration Singapore 'God and government are the only things beyond our control,' says Group CEO Business Me and My Money: He overcomes a $100k setback to build a thriving online tuition business Asia At least 34 killed as tourist boat capsizes in Vietnam's Halong Bay "We do everything one step at a time -- first of all we celebrate, then we focus on Spain, there is a very hard and tough opponent we have to face and everybody really gave their ultimate effort here and we need to regenerate, we have to make sure we recover," Berger explained. "We like the stadium for the final match, and we will continue to progress towards that," she added. REUTERS
Straits Times
2 days ago
- Sport
- Straits Times
Amid exit rumours, former Spurs and Dortmund defender Lee Young-pyo urges Son Heung-min to chase happiness
Former Borussia Dortmund defender Lee Young-pyo (left) believes that Spurs captain Son Heung-min (right) can still perform in the English Premier League. SINGAPORE – Former Tottenham and Dortmund left-back Lee Young-pyo has urged his compatriot Son Heung-min to follow his heart when deciding on his future, adding that the Spurs captain must be certain of regular playing time if he chooses to remain with the Europa League champions. The 33-year-old Son, who led them to Europa League glory last season – his first silverware in 10 years at the club – has less than 12 months left on his contract, with no indication that a new contract is imminent. With Spurs unlikely to let their club's marquee player leave for free, the uncertainty has led to exit rumours , with clubs in the Saudi Pro League reported to be keen. The 48-year-old Lee ,who made over 90 appearances for Spurs from 2005 to 2008, told The Straits Times in an interview: 'In my opinion the most important thing is the player's happiness. 'When it is the last chapter of a football career, a footballer needs to make sure that he is happy. And the most happiness is what you get from playing. If he wants to enjoy and be happy, then the most important thing is to know where he can get that playing time.' 'I think the most important thing is what Son feels in his heart. He is at an age where he would be planning for retirement. I hope that wherever he decides to play, he can end his career well.' New Spurs coach Thomas Frank – who replaced Ange Postecoglou in June – added to the uncertainty around Son's future during the former's official presentation on July 18. The Dane said that he is yet to decide whether Son will remain as captain, while also refusing to confirm if the player would stay beyond the end of the summer transfer window. Top stories Swipe. Select. Stay informed. Singapore Tampines regional centre set to get more homes, offices and public amenities Multimedia How to make the most out of small homes in Singapore Life US tech CEO Andy Byron resigns after viral Coldplay 'kiss cam' video Asia From toy to threat: 'Killer kites' bring chaos to Indonesian airspace Opinion I thought I was a 'chill' parent. Then came P1 registration Singapore 'God and government are the only things beyond our control,' says Group CEO Business Me and My Money: He overcomes a $100k setback to build a thriving online tuition business Asia At least 34 killed as tourist boat capsizes in Vietnam's Halong Bay Since joining Tottenham Hotspur from Bayer Leverkusen in 2015, Son has delivered on countless occasions for Spurs but his form dipped in the past season, scoring just seven goals in 30 Premier League outings – his lowest single season tally since his first season in England. Lee believes that Son can still perform in the English Premier League and talked up his impact in England and Europe. He added that his compatriot has surpassed the legacy of former Manchester United midfielder and South Korea captain Park Ji-Sung, who is regarded by many as one of the greatest and most successful Asian players in history. After signing for the Red Devils in 2005, Park won four Premier League titles and became the first Asian player to play in a Champions League final, when the Red Devils lost to Barcelona on penalties in 2009. He left Old Trafford in 2012 before retiring from football two years later. 'Not many people ever thought that an Asian player can become the top scorer in the Premier League. He has helped to change the perception of Asian football and because of him more players have had chances to play in Europe,' said Lee of Son's golden-boot winning season in 2021–22, when he finished joint top scorer alongside Liverpool's Mohamed Salah with 23 goals. 'I believe he is one of the greatest inspirations and hopes for many Asian players. He has been a very good example. In our time, Park was the biggest, best Asian player and I believe now Son has that title.' Besides Spurs, Lee also had a spell at Dortmund from 2008 to 2009. His former side closed out the domestic season with an eight-match unbeaten run that included five straight wins to score the fourth and final Uefa Champions League place. Lee expects them to pick up where they left off in the new campaign under Niko Kovac, who was appointed in January after the sacking of former coach Nuri Sahin. Kovac has led the team to 15 victories in 25 matches and the Black and Yellow made a run to the quarter-finals of the recently concluded Club World Cup, where they were eliminated by Real Madrid. 'After the end of the last season, I think they can continue to carry forward the momentum. Overall, last season was not perfect but I think we can do better in the new one,' said Lee. While fans will need to wait till Aug 24 to catch Dortmund's Bundesliga opening fixture against FC St. Pauli, they can catch a host of former Dortmund players, including Lee, who will be in action during the July 25-27 Soccer7sSeries. The tournament will feature seven-a-side men's open, women's and over-35 masters categories at the Jalan Besar Stadium. Lee's team includes legends Roman Weidenfeller, Patrick Owomoyela, Kevin Grosskreutz, Dede, Mladen Petric, Jan Koller, Omer Toprak and Park Joo-ho. They are one of 10 teams in the Masters categories. In Group A are Leicester City Masters, Corinthians Masters, Persib Masters, Real Singapura FC, and Cosmo Masters while BVB are alongside the 'All Stars', Forest Reds (Nottingham Forest), Singapore FC Masters, and Singa Legends in Group B. The top two teams from each group will qualify for the semifinals. Lee is looking forward to the tournament and vowed to be competitive. He said: 'After retiring from playing, there are times when I miss playing football. I am excited to be back on the pitch with the players after a long time. I have not played football too many times since retiring but last few weeks I have been training so...I am ready to play.'
