World

Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We may receive a commission when you click on links for products from our affiliate partners. When it comes to helping your child pay for their college education, the astronomical cost of tuition can be overwhelming. Taking advantage of a 529 plan, and the many benefits they offer, can help parents sleep better at night knowing their children won't one day be burdened by overwhelming student loan debt. These state-sponsored savings plans are designed to encourage parents to invest in their child's future by allowing earnings to grow tax-free. Withdrawals are also tax-free as long as they are used for qualified educational expenses — think tuition, books and ne...

One can assess ASEAN’s recent emergency meeting in Jakarta in two ways. One scenario is cautiously optimistic; the other would be tantamount to pure fatalism, says a foreign affairs observer. SINGAPORE: ASEAN Leaders have met in person for the first time in well over a year since March 2020, when the COVID-19 pandemic reared its head. It was also the first international meeting that Senior General Min Aung Hlaing attended since the February coup in Myanmar. While ASEAN has been criticised for its lack of effective action on the coup, the meeting itself is a testament to the grouping’s convening power. The meeting, which took place in Jakarta at the ASEAN Secretariat, was the outcome of weeks of shuttle diplomacy by several ASEAN foreign ministers, including back-to-back bilateral me...

Losses in three special elections for parliamentary seats in a single day have left Prime Minister Yoshihide Suga in search of a way to quickly boost support or risk joining a long list of short-serving prime ministers. Support for Suga, who succeeded his long-time boss, Shinzo Abe, last year, has been dragged down by corruption scandals and a sluggish COVID-19 response. The triple loss in the weekend elections came on the same day that a new virus emergency was imposed on about a quarter of the population, adding to Suga’s woes with the clock ticking for a general election that must be held within six months. The Liberal Democratic Party-led ruling coalition is unlikely to lose control of the government, given weak public support for opposition parties, meaning the current agenda of ult...

President Joe Biden delivers remarks on the state of his American Rescue Plan from the State Dining Room at the White House in Washington, D.C., U.S., May 5, 2021. Jonathan Ernst | Reuters Qualified business income deduction The so-called qualified business income, or QBI, deduction is part of the 2017 Tax Cut and Jobs Act. The provision allows pass-through businesses, such as sole proprietors, partnerships and S-corporations, to deduct up to 20% of eligible revenue. For 2020, single filers earning less than $163,300 and couples making below $326,600 may qualify for the full 20% deduction. However, those above the thresholds may only take a partial deduction, and some businesses lose eligibility altogether. For example, so-called specified service trades or businesses — those working in...

Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We may receive a commission when you click on links for products from our affiliate partners. These days, it may seem like monthly bills increase exponentially over night. In some major cities across the U.S., energy bills are expected to spike this summer due to environmental and economic factors. And even when you've been a loyal customer to your cell phone or utility company, it's common for services to increase in price with time. One way to lower your monthly bill is to hop on the phone to negotiate with service providers. By calling them up directly, you might be able to cut fees and lower your subscription costs. But not everyone has the time to spend h...

BANGKOK: Chinese citizens living in Thailand started getting COVID-19 jabs on Thursday (May 20) as part of China's global campaign to inoculate its nationals living and working abroad. The vaccines were donated by China to be administered to its nationals as Thailand slowly rolls out shots for its own citizens to contain a coronavirus surge that has sickened tens of thousands in the past two months. It was unclear how many of the 150,000 Chinese citizens living in Thailand will be inoculated under Beijing’s “Spring Sprouts” program in this round of inoculations, but China recently donated 500,000 vaccine doses to Thailand. China has so far supplied millions of doses to the country. The Thai government has said it will vaccinate Thais before inoculating most other foreigners, regar...

With no chance for dining in for the next few weeks, more Singaporeans will turn to ordering their food online. But have the knots in delays and lack of service been sorted out for round two, asks an NUS Business School professor. SINGAPORE: My friends and I were planning to go to a Lebanese restaurant in Singapore on a Tuesday night. With the announcement of new heightened measures to fight COVID-19, including no dine-ins and a maximum party size of two (from different households), the dinner wasn’t possible. Like the Lebanese restaurant, many other F&B businesses in Singapore will be swiftly adjusting their delivery operations. With prior experience during the circuit breaker in 2020, can these businesses feed their customers in time, and feed their workers over time? There were ...

BERLIN: Bayern Munich president Herbert Hainer has ruled out any big-money signings this summer as the Bundesliga giants tighten their belts due to the COVID-19 pandemic. "We will add to the squad, but not make any expensive transfers," Hainer said in a podcast for German daily Bild on Friday (May 7). "We have an incredibly strong, young team with an enormous amount of potential. In that respect, I'm not worried." Hainer was clear that he sees "no need for further expensive transfers". Bayern can be confirmed Bundesliga champions for the ninth straight season at home to Borussia Moenchengladbach on Saturday with head coach Hansi Flick poised to land a seventh title in 18 months. Flick has asked to be released from his contract and will be replaced by RB Leipzig coach Julian Nagels...

SINGAPORE: One community case is among the 16 new COVID-19 infections reported in Singapore as of noon on Wednesday (May 5), said the Ministry of Health (MOH). The new community case is linked to three previous dormitory infections who tested positive last month. They form a new cluster, bringing the number of active clusters in Singapore to 10. This is the first time in a week that no new cases have been linked to the Tan Tock Seng Hospital (TTSH) cluster, which is currently the country's largest active cluster with 40 cases. NEW CLUSTER FORMED, CASES WERE AT PASIR PANJANG TERMINAL The sole community case reported on Wednesday is a 59-year-old Singaporean who is linked to previous cases. The man, known as Case 62824, is employed by GKE Express Logistics as a trailer truck drive...

NEW YORK: Thousands of restaurants and bars decimated by the COVID-19 outbreak have a better chance at survival as the government begins handing out US$28.6 billion in grants - money to help these small businesses stay afloat while they wait for customers to return. Laurie Thomas is applying for grants for her two San Francisco restaurants that have closed and reopened several times as coronavirus cases surged and declined; she’s still at just 50 per cent of capacity. Rose’s Cafe and Terzo are operating at a loss but grant money will help them stay open. “This allows you to go back to February 2020 and apply these funds to help pay down debt, catch up on past due rent, etc.,” she says. The Small Business Administration is accepting applications for grants from the Restaurant Revital...