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Straits Times
2 days ago
- Business
- Straits Times
G20's financial watchdog lays out climate plan but presses pause amid divisions
FILE PHOTO: A man walks at the Cape Town International Convention Centre during day two of the four day G20 Finance Ministers meeting in Cape Town, South Africa, February 25, 2025. REUTERS/Nic Bothma/File Photo LONDON - The G20's financial stability watchdog delivered a new plan on how to tackle climate risks on Monday, but paused further policy work amid a retreat by the United States that has tested efforts to advance a united financial policy on climate-related risks. The U.S. has withdrawn from multiple groups dedicated to exploring how flooding and wildfires and big climate-related policy shifts could impact financial stability. In its medium-term plan, the G20's Financial Stability Board pledged to step up coordination and data sharing on climate-related financial risk. However, it said while progress had been made to integrate climate risks into financial systems, some of its members, who include central bank governors and ministers, were keen to pause further climate work. "While many members feel there is a need for more work, some members feel that the work completed to date is sufficient," the FSB said in an update to its 2021 climate roadmap delivered to G20 finance ministers meeting in South Africa. "Going forward, the FSB will ... make determinations about what projects, if any, it will undertake." U.S. Treasury Secretary Scott Bessent was set to skip the G20 meeting, Reuters reported last week. The United States is due to head the G20 group, which it helped found in the aftermath of the global financial crisis, next year. Top stories Swipe. Select. Stay informed. Singapore Singapore to train more aviation and maritime officials from around the world Singapore Special edition SG60 Nets card now on sale for $10 Singapore 18 years' jail for woman who hacked adoptive father to death after tussle over Sengkang flat Life Pioneer performance artist Amanda Heng to represent Singapore at 2026 Venice Biennale Business Singapore's economy sees surprise expansion in Q2 despite US tariff uncertainty: Advance estimate Singapore Jail for woman who opened bank accounts that received over $640.7m, including scam proceeds Singapore Driver assisting with police probe after e-bike rider injured in hit-and-run in Hougang Sport After Olympic heartbreak, Singaporean swimmer Chantal Liew turns pain into inspiration The FSB said it would continue to consider climate-related topics each year and would focus on its role as a coordinator of international work on climate risks. The watchdog said it did not have plans to do any more significant policy work on integrating climate-related financial risks into its supervisory and regulatory work. Work on this topic is ongoing at many of its member institutions, it said. Earlier this year, the FSB published work on the usefulness of transition plans for financial stability and in 2024 presented a stocktake of supervisory and regulatory work on nature-related financial risks. "Rather than identifying such vulnerabilities a priority for further work, the FSB will leave that decision up to its annual work programme process," it said in the report. The report detailed progress made since 2023 by international standard setters and global banking regulators like the Basel Committee on climate disclosure. It also set out efforts to provide forward-looking data to help banks and companies quantify economic losses from climate shocks such as heatwaves. REUTERS
Straits Times
2 days ago
- Politics
- Straits Times
Netanyahu aide faces indictment over Gaza leak
Find out what's new on ST website and app. Prime Minister Benjamin Netanyahu of Israel has described probes against Mr Urich and other aides as politically motivated. JERUSALEM - An aide to Israeli Prime Minister Benjamin Netanyahu faces indictment on security charges pending a hearing, Israel's attorney general has said, for allegedly leaking top secret military information during Israel's war in Gaza. Mr Netanyahu's close adviser, Mr Jonatan Urich, has denied any wrongdoing in the case , which legal authorities began investigating in late 2024. Mr Netanyahu has described probes against Mr Urich and other aides as politically motivated and on July 14 said that Mr Urich had not harmed state security. Mr Urich's attorneys said the charges were baseless and that their client's innocence would be proven beyond doubt. Attorney General Gali Baharav-Miara said in a statement late on July 13 that Mr Urich and another aide had extracted secret information from the Israeli military and leaked it to German newspaper Bild. Their intent, she said, was to shape public opinion of Mr Netanyahu and influence the discourse about the slaying of six Israeli hostages by their Palestinian captors in Gaza in late August 2024. The hostages' deaths sparked mass protests in Israel and outraged hostages' families, who accused Mr Netanyahu of torpedoing ceasefire talks that had faltered in the preceding weeks for political reasons. Mr Netanyahu vehemently denies this. He has repeatedly said that Hamas was to blame for the talks collapsing, while the militant group has said it was Israel's fault no deal had been reached. Top stories Swipe. Select. Stay informed. Singapore Singapore to train more aviation and maritime officials from around the world Singapore Special edition SG60 Nets card now on sale for $10 Singapore 18 years' jail for woman who hacked adoptive father to death after tussle over Sengkang flat Life Pioneer performance artist Amanda Heng to represent Singapore at 2026 Venice Biennale Business Singapore's economy sees surprise expansion in Q2 despite US tariff uncertainty: Advance estimate Singapore Jail for woman who opened bank accounts that received over $640.7m, including scam proceeds Singapore Driver assisting with police probe after e-bike rider injured in hit-and-run in Hougang Sport After Olympic heartbreak, Singaporean swimmer Chantal Liew turns pain into inspiration Four of the six slain hostages had been on the list of more than 30 captives that Hamas was set to free if a ceasefire had been reached, according to a defence official at the time. The Bild article in question was published days after the hostages were found executed in a Hamas tunnel in southern Gaza. It outlined Hamas' negotiation strategy in the indirect ceasefire talks and largely corresponded with Mr Netanyahu's allegations against the militant group over the deadlock. Bild said after the investigation was announced that it does not comment on its sources and that its article relied on authentic documents. The newspaper did not immediately respond to a request for comment on July 14. A two-month ceasefire was reached in January this year and included the release of 38 hostages before Israel resumed attacks in Gaza. The sides are presently engaged in indirect negotiations in Doha, aimed at reaching another truce. In his statement on July 14, Mr Netanyahu said Mr Baharav-Miara's announcement was 'appalling' and that its timing raised serious questions. Mr Netanyahu's government has for months been seeking the dismissal of Mr Baharav-Miara. The attorney general, appointed by the previous government, has sparred with Mr Netanyahu's cabinet over the legality of some of its policies. REUTERS
Straits Times
2 days ago
- Politics
- Straits Times
Hundreds march to defend judicial independence as concerns over delayed appointments grow
Lawyers holding placards as they join the July 14 rally to uphold the freedom and independence of the Malaysian judiciary. Credit: Azril Annuar PUTRAJAYA – Hundreds of people gathered in Putrajaya on July 14 to voice concerns over the state of the judiciary and the delayed appointments of top judges, as well as to defend the independence of the institution. 'Bebas, Bebas. Bebas Kehakiman (Free, free. Free the judiciary)!' chanted the crowd as they began marching from the Palace of Justice, that houses the Malaysian Court of Appeal and Federal Court. They started shortly after 2pm and headed towards the Prime Minister's Office which is around 2.6km away. Concerns over the independence of Malaysian judges arose earlier this month, after the top seats, including the spot of chief justice, were left vacant for weeks with no formally appointed successors. Former Chief Justice Tengku Maimun Tuan Mat retired on July 2 after hitting the mandatory retirement age of 66 years. She was not given a six-month extension as allowed under the Federal Constitution, which had often happened in the past involving other retiring judges. She is among nine members of the Federal Court, Malaysia's apex court, who have left or are due to retire between April and November in 2025, including the second- and third-highest ranked judges. With only two new appointments to the Bench since November 2024, the Federal Court could soon be left with just six judges, most of whom joined recently. Currently, Chief Judge of Malaya Hasnah Mohammed Hashim, who is due to retire in November, is the acting Chief Justice. The retirements come amid speculation that Tan Sri Terrirudin Salleh, who was appointed directly to the apex court in 2024 while he was still serving as Prime Minister Anwar Ibrahim's attorney-general, is set to be fast-tracked to become the next chief justice. Top stories Swipe. Select. Stay informed. Singapore Singapore to train more aviation and maritime officials from around the world Singapore Special edition SG60 Nets card now on sale for $10 Singapore 18 years' jail for woman who hacked adoptive father to death after tussle over Sengkang flat Life Pioneer performance artist Amanda Heng to represent Singapore at 2026 Venice Biennale Business Singapore's economy sees surprise expansion in Q2 despite US tariff uncertainty: Advance estimate Singapore Jail for woman who opened bank accounts that received over $640.7m, including scam proceeds Singapore Driver assisting with police probe after e-bike rider injured in hit-and-run in Hougang Sport After Olympic heartbreak, Singaporean swimmer Chantal Liew turns pain into inspiration The police are also currently investigating a purported leak of a classified Judicial Appointments Committee (JAC) meeting minutes that detail alleged interference in judicial decisions by a federal court judge. The July 14 gathering, titled 'Walk to Safeguard Judicial Independence', was organised by the Malaysian Bar. The march can be seen as a culmination of public concern regarding Malaysia's top court. Addressing the rally crowd, Bar Council president Mohamad Ezri Abdul Wahab said: 'This march is rooted in law, not in politics. Judicial independence isn't a slogan but a guarantee of the rule of law which protects everyone. 'Silence is not an option.' Their demands were received by the Legal Affairs Division Director General Zamri Misman at the security registration office of the Prime Minister's Office. The rally saw over 400 lawyers, as well as representatives from Bersih 2.0, an electoral reforms NGO and anti-graft NGO Center to Combat Corruption and Cronyism (C4) in attendance. During Seri Datuk Anwar's time in the opposition where he championed for reforms, the Coalition for Clean and Fair Elections, widely known by its Malay name Bersih, was seen to be firmly in his corner. Among the notable attendees at the march include Mr Anwar's daughter, Ms Nurul Izzah Anwar, former attorney-general Tommy Thomas, opposition Parti Islam SeMalaysia (PAS) secretary-general and Kota Bharu MP Takiyuddin Hassan and former Bersih chairman Ambiga Sreenevasan. Over the weeks, there have also been growing calls by lawmakers both within Mr Anwar's own Parti KeAdilan Rakyat (PKR) party and the opposition, demanding that he clear the air on the delayed judicial appointments and the perceived interference in the matter. On July 7, nine MPs led by his former deputy Rafizi Ramli, from Mr Anwar's own PKR party had called for a Royal Commission of Inquiry and a Parliamentary Special Select Committee to investigate the delay, that if happens, could land the premier in hot soup. The open stance taken by the nine out of PKR's 31 MPs – or 29 per cent – is unusual, and could be read as a loss of confidence in Mr Anwar, who is halfway through his five-year term. PKR is the linchpin of Malaysia's multi-party governing coalition. In the days after the PKR MPs spoke out, opposition PAS and a senior lawmaker from the Democratic Action Party Ms Teresa Kok, a close ally of the PKR, also joined the chorus of voices demanding transparency on the matter on July 7. The prime minister is expected to brief his coalition's Pakatan Harapan MPs on the controversy today at around 4.30pm, while the Conference of Rulers will deliberate on the issue this week.
Straits Times
2 days ago
- Business
- Straits Times
NTT DC Reit opens 3 per cent above IPO price on SGX debut
Sign up now: Get ST's newsletters delivered to your inbox SINGAPORE - NTT DC real estate investment trust (Reit), the largest Reit listing on the Singapore Exchange's (SGX) mainboard in 10 years, made a lukewarm debut on July 14. The counter opened at US$1.02 at 2pm, slightly above its initial public offering (IPO) price of US$1. It peaked at US$1.03 about five minutes into trading, before falling back to US$1.02 after 46.6 million shares changed hands at 2.30pm. NTT DC Reit's primary backer NTT Ltd is part of Japan's telecommunication giant Nippon Telegraph and Telephone Group. It is the third pure-play data centre Reit listed on SGX, after Keppel DC Reit and Digital Core Reit. It comprises six operational data centres in the US, Austria and Singapore, which are together valued at around US$1.57 billion (S$2 billion). NTT DC Reit's trading debut came four days after its IPO closed with enthusiastic support. Top stories Swipe. Select. Stay informed. Singapore Singapore to train more aviation and maritime officials from around the world Singapore Special edition SG60 Nets card now on sale for $10 Singapore 18 years' jail for woman who hacked adoptive father to death after tussle over Sengkang flat Life Pioneer performance artist Amanda Heng to represent Singapore at 2026 Venice Biennale Business Singapore's economy sees surprise expansion in Q2 despite US tariff uncertainty: Advance estimate Singapore Jail for woman who opened bank accounts that received over $640.7m, including scam proceeds Singapore Driver assisting with police probe after e-bike rider injured in hit-and-run accident in Hougang Sport After Olympic heartbreak, Singaporean swimmer Chantal Liew turns pain into inspiration It offered 599.89 million units altogether, with around 569.9 million units for institutional and international investors, and 30 million units for the public in Singapore. The public tranche of 30 million units, priced at $1.276 per unit, was about 9.8 times oversubscribed. Overall, the IPO was about 4.6 times oversubscribed. NTT Ltd remains the largest stakeholder with a 25 per cent stake, followed by Singapore's sovereign wealth fund GIC, which has a 9.8 per cent stake. NTT DC's listing comes at a time when SGX is beginning to see stronger interest from firms keen to list here after a sluggish first half in 2025. Local software firm Info-Tech Systems debuted on the mainboard on July 4. Local interior fit-out firm Lum Chang Creations also launched its IPO on July 9, and is expected to begin trading on the Catalist board on July 21. Investors can also look forward to another listing, after mainboard-listed accommodation provider Centurion Corp announced its spin-off Reit, Centurion Accommodation Reit , on July 14. Its $1.8 billion portfolio comprises 14 properties in Singapore, Australia and the United Kingdom.
Straits Times
2 days ago
- Business
- Straits Times
South Korea preparing to order airlines to check fuel switches on Boeing jets
Sign up now: Get ST's newsletters delivered to your inbox Fuel switch locks have come under scrutiny after a preliminary report into the crash of an Air India Boeing 787-8 jet in June mentioned a 2018 advisory from the FAA. SEOUL - South Korea's transport ministry is preparing to order all airlines in the country that operate Boeing jets to examine fuel switches in accordance with a 2018 advisory from the US Federal Aviation Administration, the ministry's foreign media spokesperson said on July 14. The spokesperson did not give a timeline for the checks. Boeing did not immediately respond to a request for comment. Fuel switch locks have come under scrutiny after a preliminary report into the crash of an Air India Boeing 787-8 jet that killed 260 people in June mentioned a 2018 advisory from the FAA. The FAA advisory recommended, but did not mandate, operators of several Boeing models, including the 787, to inspect the locking feature of the fuel cutoff switches to ensure they could not be moved accidentally. Reuters reported on July 13, citing a document and sources, that the planemaker and the FAA have privately issued notifications to airlines and regulators that the fuel switch locks on Boeing planes are safe and checks are not required. The Air India preliminary report said the airline had not carried out the FAA's suggested inspections as the FAA's 2018 advisory was not a mandate. But it also said maintenance records showed that the throttle control module, which includes the fuel switches, was replaced in 2019 and 2023 on the plane involved in the crash. REUTERS Top stories Swipe. Select. Stay informed. Singapore Singapore to train more aviation and maritime officials from around the world Singapore Special edition SG60 Nets card now on sale for $10 Singapore 18 years' jail for woman who hacked adoptive father to death after tussle over Sengkang flat Life Pioneer performance artist Amanda Heng to represent Singapore at 2026 Venice Biennale Business Singapore's economy sees surprise expansion in Q2 despite US tariff uncertainty: Advance estimate Singapore Jail for woman who opened bank accounts that received over $640.7m, including scam proceeds Singapore Driver assisting with police probe after e-bike rider injured in hit-and-run accident in Hougang Sport After Olympic heartbreak, Singaporean swimmer Chantal Liew turns pain into inspiration
