World

OTTAWA: A delegation of Canadian lawmakers plans to visit Taiwan in October to seek economic opportunities in the Asia Pacific region, Liberal Member of Parliament Judy Sgro said on Wednesday (Aug 17), a move that could further stoke tensions between China and the West. The relationship between China and the West has worsened since US House of Representatives Speaker Nancy Pelosi visited Taiwan earlier this month against Beijing's wishes. China claims Taiwan as its territory and is against foreign politicians visiting the island. Democratically governed Taiwan rejects China's claims. In response to Pelosi's visit, China restricted trade and launched massive military drills around Taiwan, as well as slapped sanctions on Pelosi. Beijing also imposed sanctions on a Lithuanian minister who ...

NEW YORK : Walmart may launch a platform that will use social media influencers to help the retailer and its 100,000 third-party sellers promote their goods and services online, according to trademark filings. Walmart filed trademarks for "Walmart Creator" and "Walmart Creator Collective," which would provide social media consulting and "the promotion of goods and services of others through influencers," according to the July 27 documents seen by Reuters. Walmart currently works with influencers to promote its groceries and apparel, as well as its Walmart+ loyalty program. Influencers often have large followings on Instagram, YouTube and TikTok and recommend products by posting affiliate links. They earn a commission when a customer uses the link to make a purchase. Influencer marketing...

TOKYO : Japanese manufacturers' business confidence improved in August after last month's stall, while service-sector firms' mood rose for a second month to the highest point in nearly three years, the Reuters Tankan poll showed. Although commodity inflation continues to squeeze profits, demand is returning, according to the surveyed companies in the world's third-largest economy, which posted a rebound in April-June gross domestic product on Monday. The prospect for further recovery, however, is subdued on inflationary pressures, a domestic COVID-19 relapse and a murky supply outlook for key components like semiconductors. Manufacturers expected a slight improvement in the next three months, and service companies' outlook index was flat in the Aug. 2-12 poll, which tracks the Bank of J...

SINGAPORE: Trust Bank, the latest digital bank to announce its launch in Singapore, said on Thursday (Sep 1) that it is rolling out a range of products including a savings account and a “numberless” credit card that allows customers to choose their repayment date. The savings account will offer a “market-leading” base rate and allow customers to earn up to 1.4 per cent of interest on their deposits, said the new bank formed by Standard Chartered and FairPrice Group. The base rate is 1 per cent on the first S$50,000 of deposits, with NTUC Union Members getting to enjoy a bonus interest of 0.4 per cent when they make five eligible purchases with the bank’s credit card. Non-members will enjoy a bonus interest of 0.2 per cent on the same purchases. Chief executive officer Dwaipayan Sadhu to...

Let's get you up to speed with the day's stories. The Asian Civilisations Museum (ACM) in Singapore has responded to a claim that it is in possession of a nearly 400-year-old religious artefact that was allegedly stolen from Nepal. The Nepalese group that announced the discovery claimed that the artefact had been stolen in 1999. ACM said it acquired the artefact in 2015 in accordance with “established procedures” both local and international. “These procedures include evaluation by ACM’s acquisition committee made up of external experts, as well as rigorous provenance checks carried out at the time of purchase," said the spokesperson. The group says it is convinced it can prove that the stolen artefact belongs to Pharping, a town south of capital Kathmandu. The Certificate of Entitle...

Oil prices were little changed on Thursday (Aug 18) as investors grappled with falling stockpiles in the United States, rising output from Russia and worries about a potential global recession. Brent crude futures climbed 10 cents, or 0.1 per cent, to US$93.75 a barrel by 0347 GMT (11.47am, Singapore time). US crude futures gained 10 cents, or 0.1 per cent, to US$88.21 a barrel. Prices rose more than 1 per cent during the previous session, although Brent touched its lowest level since February. Futures have fallen over the past few months, as investors have pored over economic data that has spurred concerns about a potential recession that could hurt energy demand. British consumer price inflation jumped to 10.1 per cent in July, its highest since February 1982, intensifying a squeeze ...

U.S. Senate Rules and Administration Committee Chair Sen. Amy Klobuchar (D-MN) presides during a Senate Rules and Administration Committee oversight hearing to examine the U.S. Capitol Police following the January 6, 2021 attack on the Capitol, one day before the anniversary of the attack in Washington, U.S., January 5, 2022. The most promising tech antitrust bill to move through Congress won't get a vote before the summer recess, its lead sponsor, Sen. Amy Klobuchar, D-Minn., said in a recent interview on MSNBC's "Symone." Klobuchar said on Saturday she talked with Senate Majority Leader Chuck Schumer, D-N.Y., last week about having a vote on the American Innovation and Choice Online Act in the fall. "We're not going to be able to do it this week, obviously, with the major vote we're h...

Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We earn a commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners. President Joe Biden's announcement regarding widespread student loan forgiveness freed an estimated 20 million borrowers from student loan debt, allowing borrowers to breathe a sigh of relief and begin thinking about their other financial goals. While political rhetoric has certainly picked up following the decision, there's still reason to rejoice for the millions of Americans who can finally move forward, focus on other financial priorities and start making major life decisions such as whether or not to get married, launch a business or star...

SEOUL/DETROIT: After grabbing the No. 2 spot in the US Electric Vehicle (EV) market with stylish, long-range models, Hyundai Motor and Kia are the automakers with the most to lose from new rules that halt subsidies for EVs made outside North America. These two companies, which make the popular Ioniq 5 and EV6 models, sold more than 39,000 EVs in the United States between January and July – doubling last year's sales and blowing past Ford Motor, Volkswagen AG and General Motors. But the Inflation Reduction Act signed into law by US President Joe Biden last month excludes Hyundai and its affiliate Kia from federal tax credits because they don't yet make EVs in North America, knocking their EV ambitions in the short term at least, a Hyundai official, parts suppliers, analysts and car dealer...

DUBAI :Iran made its first official import order using cryptocurrency this week, the semi-official Tasnim agency reported on Tuesday, a move that could enable the Islamic Republic to circumvent U.S. sanctions that have crippled the economy. The order, worth $10 million, was a first step towards allowing the country to trade through digital assets that bypass the dollar-dominated global financial system and to trade with other countries similarly limited by U.S. sanctions, such as Russia. The agency didn't specify which cryptocurrency was used in the transaction. "By the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries," an official from the Ministry of Industry, Mine and Trade said on Twitter. The United States ...