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Independent Singapore
a day ago
- Business
- Independent Singapore
Eligible Singaporeans to receive up to S$850 in GST Voucher cash payouts from Aug 6 and up to S$450 in MediSave top-ups from Aug 11
Photo: Depositphotos/Mizkit SINGAPORE: From Aug 6, more than 1.5 million eligible adult Singaporeans will receive up to S$850 in cash payouts, depending on their assessable income for the Year of Assessment 2024 and the annual value of their home. About 690,000 seniors will also receive up to S$450 in MediSave top-ups from Aug 11 as part of the Goods and Services Tax Voucher (GSTV) scheme, the Ministry of Finance (MOF) said on Monday (Jul 7). As 'the incomes of lower- and middle-income Singaporeans have improved,' the assessable income threshold for GSTV – Cash will be raised from S$34,000 to S$39,000 starting this August, the ministry said. GSTV – Cash Payouts Eligible adult Singaporeans will receive: S$850 if they live in homes with annual values of S$21,000 or below S$450 if they live in homes with annual values between S$21,000 and S$31,000 Cash payouts will be disbursed from Aug 6 for PayNow-NRIC, Aug 15 for GIRO, and Aug 22 for those receiving the payouts through GovCash. GSTV – MediSave top-ups Eligible seniors will receive the following amounts from Aug 11 based on their age and the annual value of their homes: Aged 65 to 74: S$250 if they live in homes with annual values of S$21,000 or below S$150 if they live in homes with annual values between S$21,000 and S$31,000 Aged 75 to 84: S$350 if they live in homes with annual values of S$21,000 or below S$250 if they live in homes with annual values between S$21,000 and S$31,000 Aged 85 and above: S$450 if they live in homes with annual values of S$21,000 or below S$350 if they live in homes with annual values between S$21,000 and S$31,000 Singaporeans who own more than one property are not eligible for the cash payouts and MediSave top-ups. Eligible recipients who have signed up for the GSTV – Cash and MediSave will automatically receive their payments and be notified via SMS once the money has been credited. Those without a Singpass-registered mobile number will receive a letter at the address listed on their Singapore identity card. Citizens can check their eligibility and sign up for the benefits at using their SingPass. Those who sign up by Jul 13 will receive their GSTV – Cash or MediSave top-ups in August. However, for sign-ups made from Jul 14 to Jun 20, 2026, they will get their cash payouts and MediSave top-ups within the next two months after signing up. 'Lower- to middle-income Singaporeans and households have been receiving help to defray their GST and daily expenses through the permanent GSTV Scheme,' said MOF. About S$1.5 billion will be disbursed under this year's GSTV exercise, on top of other support measures Singaporeans will receive in FY2025. /TISG Read also: S$500 in Child LifeSG Credits, Edusave, and PSEA top-ups to be disbursed from today; some Singaporeans already received credits Featured image by Depositphotos (for illustration purposes only) () => { const trigger = if ('IntersectionObserver' in window && trigger) { const observer = new IntersectionObserver((entries, observer) => { => { if ( { lazyLoader(); // You should define lazyLoader() elsewhere or inline here // Run once } }); }, { rootMargin: '800px', threshold: 0.1 }); } else { // Fallback setTimeout(lazyLoader, 3000); } });
Straits Times
2 days ago
- Business
- Straits Times
Indonesia pledges to buy more US wheat in bid for trade deal
Sign up now: Get ST's newsletters delivered to your inbox Indonesia signed a memorandum of understanding for US wheat purchases that spans this year through 2030. JAKARTA – Indonesia, the world's second-biggest wheat buyer, plans to purchase more wheat from the US as it seeks to secure a trade deal ahead of the looming tariff deadline. The South-east Asian nation signed a memorandum of understanding (MOU) for US wheat purchases that spans this year through 2030, Mr Franciscus Welirang, the chairman of the Indonesian Flour Mills Association – known as Aptindo – said at a ceremony on July 7 in Jakarta. The deal is valued at about US$1.25 billion (S$1.6 billion) , he said. As part of the MOU, Indonesia may buy at least 800,000 tons of wheat from the US this year, up from 740,000 tons in 2024, and a minimum of 1 million tons annually from 2026, he said. The US last sold more than 1 million tons of wheat to Indonesia in 2020, when it shipped about 1.2 million tons, US Department of Agriculture (USDA) figures show. While the new pledge marks an increase, it still represents a fraction of Indonesia's total wheat purchases. The USDA forecasts the country's imports at 12 million tons in the 2025 to 2026 season. The agreement will increase access for US wheat in Indonesia and help ensure a stable and steady market, Mr Joe Sowers, regional vice-president for South and South-east Asia for industry group US Wheat Associates, said after the signing in Jakarta. Top stories Swipe. Select. Stay informed. World 25% on Japan and Malaysia, 40% on Laos: Trump's tariff letters to Asia add pressure for deals by Aug 1 Business US stocks knocked lower by tariff jitters; Musk's political plan hits Tesla World Netanyahu says has nominated Trump for Nobel Peace Prize Singapore Fastest charger to be added to Singapore's EV charging network by Q4 in 2025 Singapore Singapore's second mufti Sheikh Syed Isa Semait dies at age 87 Singapore Fewer marriages in Singapore in 2024; greater marital stability for recent unions Singapore Competition watchdog gives SIA, Malaysia Airlines conditional approval to continue cooperation Singapore Eligible S'poreans to get up to $850 in GSTV cash, up to $450 in MediSave top-ups in August Seven major wheat suppliers, including Cargill and Bunge Global SA, will participate in the market based on their price competitiveness, he said. The nation mainly buys wheat from Australia, Canada and the US, Mr Welirang said, adding that the country may import about 9.5 million tons for the flour industry this year and the rest for feed. Indonesia also plans to sign similar pledges to boost purchases of other commodities, including corn and soybeans, at an event on July 7 in Washington, according to Mr Pujo Setio, an official from the nation's Coordinating Ministry for Economic Affairs. BLOOMBERG
Straits Times
2 days ago
- Business
- Straits Times
Apple loses top AI executive to Meta's hiring spree
San Francisco - Apple's top executive in charge of artificial intelligence models is leaving for Meta Platforms, another setback in the iPhone maker's struggling AI efforts. Pang Ruoming, a distinguished engineer and manager in charge of the company's Apple foundation models team, is departing, according to people with knowledge of the matter. Mr Pang, who joined Apple from Google parent Alphabet in 2021, is the latest big hire for Meta's new superintelligence group, said the people. To secure Mr Pang, Meta offered a package worth tens of millions of dollars per year, the people said. Meta chief executive officer Mark Zuckerberg has been on a hiring spree, bringing on major AI leaders including Scale AI's Alexandr Wang, start-up founder Daniel Gross and former GitHub CEO Nat Friedman with high compensation. Meta on July 7 also hired Li Yuanzhi, a researcher from OpenAI, and Anton Bakhtin, who worked on Claude, the AI assistant built by at Anthropic, according to other people with knowledge of the matter. In June, Meta hired a slew of other OpenAI researchers. At Meta, Mr Zuckerberg has made AI the company's top priority as it races to keep pace with rivals like OpenAI and Google. Mr Zuckerberg has been heavily involved in recruiting for the company's AI division, hosting potential hires at his homes in Silicon Valley and Lake Tahoe, and often reaching out personally to potential recruits. Mr Zuckerberg restructured the company's AI teams at the end of June to better focus on 'superintelligence,' or AI technology that can complete tasks as well as or even better than humans. Meta will spend tens of billions of dollars on AI-related efforts this year, the company has announced, with much of that money going toward infrastructure like data centres and chips. Top stories Swipe. Select. Stay informed. World 25% on Japan and Malaysia, 40% on Laos: Trump's tariff letters to Asia add pressure for deals by Aug 1 Business US stocks knocked lower by tariff jitters; Musk's political plan hits Tesla World Netanyahu says has nominated Trump for Nobel Peace Prize Singapore Fastest charger to be added to Singapore's EV charging network by Q4 in 2025 Singapore Singapore's second mufti Sheikh Syed Isa Semait dies at age 87 Singapore Fewer marriages in Singapore in 2024; greater marital stability for recent unions Singapore Competition watchdog gives SIA, Malaysia Airlines conditional approval to continue cooperation Singapore Eligible S'poreans to get up to $850 in GSTV cash, up to $450 in MediSave top-ups in August At Apple, Mr Pang had been running a roughly 100-person team responsible for the company's large language models, which underpin Apple Intelligence and other AI features on the company's devices. In June, Apple announced that those models would be opened up to third-party developers for the first time, allowing for a range of new iPhone and iPad apps. But internally, the foundation models team has come under scrutiny from new leadership, which is exploring the use of third-party models, including from either OpenAI or Anthropic, to power a new version of Siri. Those internal discussions have soured some of the morale on the foundation models team, also known as AFM, in recent weeks. While the company has explored a move to a third-party solution to power the AI in the new Siri, it has simultaneously been working on a new version of Siri based on the models developed by Mr Pang's group. Those models also power Apple Intelligence features that run on Apple devices including email and web article summaries, Genmoji and Priority Notifications. The major departure, the most significant in Apple's AI ranks since the company started working on Apple Intelligence a few years ago, underscores the heightened competition for talent in the emerging space. Meta has been making offers to the world's top engineers worth many millions of dollars per year – significantly more than what the iPhone maker pays its engineers doing similar work. Mr Pang's departure could be the start of a string of exits from the AFM group, with several engineers telling colleagues they are planning to leave in the near future to Meta or elsewhere, the people said. Tom Gunter, a top deputy to Mr Pang, left Apple in June. The foundation models team reports to Daphne Luong, a top deputy to AI senior vice president John Giannandrea. Earlier this year, Mr Giannandrea was sidelined internally and saw Siri, robotics, Core ML and App Intents frameworks and other consumer product-related teams stripped from his command. That came after a poor response to Apple Intelligence and continued delays for new Siri features, including the ability to tap into user data to fulfill commands. BLOOMBERG
Straits Times
2 days ago
- Business
- Straits Times
Williamson, Bracewell skip New Zealand's tour to Zimbabwe
Sign up now: Get ST's newsletters delivered to your inbox Kane Williamson and Michael Bracewell will skip the upcoming two-test tour of Zimbabwe with the blessing of New Zealand Cricket, while paceman Ben Sears has been ruled out by a side injury. Rob Walter, who replaced Gary Stead as coach last month, named his first test squad on Tuesday, awarding a call-up to uncapped young fast bowler Matt Fisher and recalling experienced hands Ajaz Patel and Henry Nicholls. "Kane and Michael were up front with New Zealand Cricket about their availability for this tour during the contracting process," Walter said in a news release. "While all test matches are hugely special and important, the fact these tests aren't part of the World Test Championship did influence the discussions on this occasion. "We will obviously miss their talent and class, but it allows an opportunity to others and we're lucky to be able to call on the likes of Ajaz and Henry who are both proven performers at test level." All-rounder Bracewell has been allowed to miss the tour to play in The Hundred in England, while paceman Kyle Jamieson has elected to stay in New Zealand for the birth of his first child. Jamieson's absence offers potential opportunities for Fisher and Jacob Duffy, who has played short-format matches for New Zealand but is yet to win a test cap, in the two matches in Bulawayo in late July and early August. Top stories Swipe. Select. Stay informed. World 25% on Japan and Malaysia, 40% on Laos: Trump's tariff letters to Asia add pressure for deals by Aug 1 Business US stocks knocked lower by tariff jitters; Musk's political plan hits Tesla World Netanyahu says has nominated Trump for Nobel Peace Prize Singapore Fastest charger to be added to Singapore's EV charging network by Q4 in 2025 Singapore Singapore's second mufti Sheikh Syed Isa Semait dies at age 87 Singapore Fewer marriages in Singapore in 2024; greater marital stability for recent unions Singapore Competition watchdog gives SIA, Malaysia Airlines conditional approval to continue cooperation Singapore Eligible S'poreans to get up to $850 in GSTV cash, up to $450 in MediSave top-ups in August Team: Tom Latham (captain), Tom Blundell, Devon Conway, Jacob Duffy, Matt Fisher, Matt Henry, Daryl Mitchell, Henry Nicholls, Will O'Rourke, Ajaz Patel, Glenn Phillips, Rachin Ravindra, Mitch Santner, Nathan Smith, Will Young REUTERS
Straits Times
2 days ago
- Business
- Straits Times
Investors flock to US dollar as Trump unveils US tariff plans
Sign up now: Get ST's newsletters delivered to your inbox The jump in the US dollar is a sign investors are confident the US economy can largely withstand the impact of trade disputes. NEW YORK – The US dollar jumped the most in three weeks after President Donald Trump unveiled a wave of proposed tariffs, a sign investors are confident the US economy can largely withstand the impact of trade disputes. The greenback strengthened 0.5 per cent against a basket of peers on July 7, picking up steam after Mr Trump announced levies on a handful of countries. The Bloomberg Dollar Spot Index rose the most since June 17 and currencies across the globe slumped, with Japan's yen, South Korea's won and Brazil's real among those sinking more than 1 per cent. 'The fact that some of the more problematic policies from the US administration have been dialed back – and there are deals getting done – means that the economic pain for the US won't be as bad as originally feared,' said Skylar Montgomery Koning, a currency strategist at Barclays. The dollar's decline this year – down about 9 per cent – already reflects the potential negative impact from tariffs meaning foreign currencies are likely to decline more, she added. Mr Trump on July 7 announced levies of between 25 per cent and 40 per cent on countries from Japan and South Korea to Laos and Myanmar, with more expected. They are set to enter effect on August 1. The sweeping 'Liberation Day' tariffs announced in April shook investor faith in the traditional haven status of the US currency and fueled concern the aggressive levies would push the economy into recession. But investors have begun to recalibrate recently with last week's strong US strong jobss data adding to support for the greenback. Pricing for Federal Reserve interest-rate cuts has eased since the jobs print, with traders betting on around 51 basis points of easing by year-end on July 7, compared with 65 basis points a week ago. Top stories Swipe. Select. Stay informed. World 25% on Japan and Malaysia, 40% on Laos: Trump's tariff letters to Asia add pressure for deals by Aug 1 Business US stocks knocked lower by tariff jitters; Musk's political plan hits Tesla Multimedia 'I suspect he's cheating': She finds proof when spouses stray Singapore Eligible S'poreans to get up to $850 in GSTV cash, up to $450 in MediSave top-ups in August Singapore Singapore's second mufti Sheikh Syed Isa Semait dies at age 87 Singapore Fewer marriages in Singapore in 2024; greater marital stability for recent unions Singapore Competition watchdog gives SIA, Malaysia Airlines conditional approval to continue cooperation Singapore About 20 delivery riders meet Pritam Singh to discuss platform worker issues Uncertainty related to US trade policies, the economic outlook and tariff-related inflation 'could push back a rate cut from where we've been anticipating, September, for quite some time, until December or even into next year,' Kathy Jones, chief fixed income strategist at Charles Schwab, told Bloomberg Television on July 7. In Japan, which faces a 25 per cent tariff, the yen fell as much as 1.2 per cent to 146.24 per US dollar, the weakest level in two weeks. In South Korea, where the levy would also be 25 per cent, the won slipped about 1.1 per cent. For nations elsewhere, lingering uncertainty over the final tariff rate is still hurting. The MSCI gauge of emerging-market currencies fell 0.5 per cent, the biggest intraday drop in three months. Mr Trump threatened an extra 10 per cent tariff on any country aligning itself with what he called 'the Anti-American policies' of the BRICS group. South Africa's rand underperformed, down by about 1.5 per cent. India's rupee, Brazil's real and China's offshore yuan also declined. The term Brics originally referred to Brazil, Russia, India, China and South Africa, but has since expanded to include other developing nations. Mr Trump has said trading partners can expect a rate anywhere between 10 per cent and 70 per cent – implying some may have to shoulder higher tariffs than expected – though he suggested some deals are in the offing, too. BLOOMBERG
