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Asia-Pacific
The Straits Times

Beyond attracting MNCs, Singapore to grow next generation of global business champions

EDB executive vice-president Choo Heng Tong said it is working with venture capital and private equity firms to back high-growth companies. SINGAPORE – Looking beyond its longstanding strategy of attracting multinational corporations, Singapore is ramping up efforts to nurture more companies into global industry leaders. Speaking at a business conference organised by NUS Business School on July 16, Economic Development Board (EDB) executive vice-president Choo Heng Tong said the globally leading companies of tomorrow “are not just currently established multinationals”. “Founders like you who are here today will also build them,” he said in his keynote address at the event, which brought together 400 business founders, global investors and NUS alumni. EDB is working closely with venture capital and private equity firms to identify, anchor and support high-growth companies with the potential to lead their industries globally, taking what Choo described as a long-term approach because “building a world-class company takes time”. This stems from recommendations by the Economic Strategy Review committees, whose final report in June, following a year-long review of Singapore’s economic strategy, concluded that Singapore must move faster to adapt to a fundamentally changed global environment. Choo noted that the review identified two interlinked pillars for Singapore’s next phase of growth: nurturing a new generation of globally leading companies, particularly in technology and innovation sectors such as artificial intelligence, and sustaining a vibrant entrepreneurial ecosystem. Held at Sands Expo and Convention Centre, the half-day global entrepreneurship conference presented ideas on how business leaders can start cross-border ventures and go global, as well as the state of the macroeconomic environment. Singapore is not immune to the geopolitical and regulatory uncertainty reshaping the global business landscape, Choo said. But it offers three things that matter most to founders as they build their businesses globally: a reliable, trusted track record; connectivity to Asia’s fast-growing market; and a Government that invests in the innovation ecosystem as a partner. “The world is more uncertain than it has been in decades. But for founders who are prepared, that uncertainty also presents new opportunities.” Choo noted that Singapore has diplomatic relationships with 150 countries and has one of the most extensive free trade networks, with 29 free trade agreements.

Beyond attracting MNCs, Singapore to grow next generation of global business champions
Europe
BBC Business

How much should you give to the year-end teacher collection?

Image source, Getty ImagesByLucy Hooker, Emer Moreau and Daniel Thomas, Business reportersPublished14 July 2026, 00:02 BSTUpdated 3 hours agoParents know the drill: as the end of summer term rolls in it's time to think about thank-yous for the teachers after another year of hard work and tested patience. But just how generous should you be? Is £5 too much? Or too little? And what about support staff like teaching assistants, canteen staff and librarians? With many parents strapped for cash and heading into the holidays, it's an extra expense to budget for and an awkward etiquette to negotiate. Plus, what used to be a simple matter of buying chocolate and writing a card has been overtaken by an organisational extravaganza, with class reps sending out a flurry of Whatsapps to drum up contributions, before passing round the collective card, and deciding on flowers, spa days, wine or vouchers. At her South East London primary school, collections have reached as much as £560, which is split between the teacher and teaching assistants. For a class of 30, that works out at more than £18 per child. On top of this, she says there are usually bake sales and ice cream sales in June and July to raise money for the school, as well as collections for support staff who are leaving or members of the PTA. The mother-of-two, who didn't want to share her name, said she and her partner "were not in an uncomfortable position" but still "feel the strain". "Sometimes you are asked to put money into someone's bank account and there's a lot of pressure there. You can't just put a few quid in or you'll seem tight." Teacher whip-rounds are a hot topic on the online forum Mumsnet, where they tend to divide opinion. In a recent thread, one parent spoke of the "insane" amount they were asked to give, while another said they felt pressured to contribute, especially if there was a class "Queen Bee" organising the collection. But others responding online said it was reasonable to give a sizeable amount, with one arguing that teachers were "woefully underpaid and undervalued". Even if you are contributing £10 each for three members of staff, that costs the same as taking the family out for coffee and pastries, they pointed out.

How much should you give to the year-end teacher collection?
Europe
BBC Business

South East Water must pay £30.5m for supply failures

South East Water must spend £30.5m on improvements after supply interruptions hit thousands of its customers across Kent and Sussex. Water regulator Ofwat said this follows the conclusion of three investigations into the company's repeated failures. The redress package will be paid for by the firm's shareholders and not through customer bills. A spokesperson for the water company said they were "incredibly sorry" for the historical supply disruptions for Kent and Sussex customers. "We know this caused significant disruption and anxiety, and we accept the failures identified by Ofwat," they said. "Our priority has been to ensure that the resolution of this investigation directly benefits those who suffered the most." Ofwat says the redress will include £5m to provide free water butts for households, £5m to bring forward smart metering to businesses and other non-household customers, and a further £5m for on-site storage to help manage the supply during peak demand. The regulator previously proposed a £22m fine for water supply failures between 2020 and 2023, which impacted more than 286,000 people. It launched a second probe at the start of this year after further supply interruptions in Tunbridge Wells and across Kent and Sussex between November and January, which left up to 70,000 homes without water. Customers were unable to access tap water, shower or flush their toilets during the supply issues between November and January. Schools were closed and some customers had to cancel work due to childcare issues as a result, while others had difficulty dealing with medical conditions, according to Ofwat. The watchdog found the company did not communicate "clearly and accurately" with customers quickly enough and did not provide those affected with adequate bottled water supplies.

South East Water must pay £30.5m for supply failures
Asia-Pacific
The Straits Times

Lottery winnings and scam losses are shared between divorcing spouses

Sign up for ST InvestMe and unlock full access to exclusive insights and financial literacy courses today. SINGAPORE – The phrase “for better or for worse” in marriage vows does have a practical meaning even when couples break up because the law often holds them liable to share fortunes and misfortunes that come their way. For instance, insurance payouts can be shared in a divorce if the policies are taken out to benefit the family, and not a particular spouse. In 2012, the Court of Appeal made a landmark ruling involving the payout of the home protection insurance scheme that most HDB flat owners would have because such policies would pay up their outstanding loans should they die or suffer disability. In that case, the husband became blind and the insurance scheme paid over $170,000 to fully discharge the outstanding mortgage loan of the matrimonial home. When the couple split up later, the court had to decide whether the scheme’s payout was solely for the benefit of the husband. If so, he would be entitled to deduct $170,000 from the sales proceeds of the flat first before the balance could be shared. But the court ruled that he was not solely entitled to the payout because the policy was specifically targeted at protecting the family home, and not him. The court then found that the purpose of the policy was not aimed at addressing the husband’s general financial concerns due to his disability, but the prospect of him and his dependants losing their home should the family have problems paying the mortgage. So the whole fully paid-up flat would be deemed as a matrimonial asset and the husband did not get to carve out his share first from the insurance payout. The situation would be different for medical insurance policies, as such payouts are meant to provide financial assistance to the insured, who may need long-term care. The High Court dealt with at least two such cases recently, involving two women who had critical illness policies. One of them received a payout of over $435,000 when she was diagnosed with breast cancer, while the other received more than $450,000 plus a monthly payment of $1,200 for life after she was hit by two rounds of strokes.

Lottery winnings and scam losses are shared between divorcing spouses
Asia-Pacific
The Straits Times

Malaysia’s growth unexpectedly surges to 5.8% on exports

Strong domestic demand and a boom in semiconductor exports have made Malaysia’s economy one of South-east Asia’s fastest-growing in 2026. KUALA LUMPUR – Malaysia reported a surprise surge in economic growth in the second quarter as robust services and electronics exports countered the impact of the war in the Middle East. Gross domestic product rose 5.8 per cent in the three months to June from a year earlier, according to advance estimates from the Department of Statistics Malaysia on July 17, beating the 5.2 per cent median prediction in a Bloomberg survey. Strong domestic demand and a boom in semiconductor exports have helped offset disruptions from the conflict in the Middle East, reinforcing expectations that Malaysia’s economy can remain one of South-east Asia’s fastest-growing in 2026. A surge in investment tied to semiconductors and artificial intelligence has helped sustain growth even as the global outlook has become more uncertain. “The services sector remained the main driver of economic growth in the second quarter of 2026,” the department said. The mining sector also rebounded to grow 10.2 per cent, driven by natural gas. Construction expanded by 6.6 per cent, supported in part by data centre projects. Inflation, meanwhile, eased to 1.9 per cent in June, with analysts having expected it to stay at May’s 2 per cent level. Malaysia has largely contained consumer price increases through fuel subsidies that have offset the impact of elevated crude prices. The ringgit held a 0.2 per cent drop against the US dollar after the data, which add to evidence that South-east Asian economies are withstanding the impact of the conflict in the Middle East. Singapore and Vietnam also reported stronger-than-expected second-quarter GDP data. But the global outlook remains uncertain, with China’s economy having expanded slower than expected in the last quarter.

Malaysia’s growth unexpectedly surges to 5.8% on exports
Europe
The Guardian

Delta says higher airfares expected to last despite drop in oil prices

Airlines across the board have had to pass on elevated fuel costs to customers or cut routes this year as the war in the Middle East drove oil prices up. Photograph: Kevin Carter/Getty ImagesView image in fullscreenAirlines across the board have had to pass on elevated fuel costs to customers or cut routes this year as the war in the Middle East drove oil prices up. Photograph: Kevin Carter/Getty ImagesAirline industryDelta says higher airfares expected to last despite drop in oil pricesCompany reports $1.4bn profit despite its highest quarterly fuel expense in history Delta Airlines saidelevated airfares are likely to last despite a recent drop in oil prices, reporting strong appetite for travel and record-high revenue in its quarterly results Friday. Though the company had its highest quarterly fuel expense in its history, demand has been high enough to pass along 60% of its extra fuel costs to consumers, Delta’s CEO, Ed Bastian, told CNBC, with plans to eventually pass along all elevated costs. “The demand for air travel is really strong, and as a result of that, we posted a $1.4bn profit,” Bastian told CNBC. Airlines across the board have had to pass on elevated fuel costs to customers or cut routes this year as the war in the Middle East drove oil prices up. While some Americans have been forced to cut or adjust their travel plans amid the higher fares, others appear unwilling to sacrifice their travel plans. AAA estimated that a record-high number of Americans drove or flew for their Independence Day holiday plans, despite high gas prices. Bastian said that he estimated that 60% of the airline industry’s profits this quarter would be coming from Delta, which holds 20% of the market share. Delta is the first airline to report its second quarter results; United Airlines and American Airlines will announce their earnings later this month. Bastian noted that Delta consumers are at the “top end” of the K-shaped economy, calling them “financially very healthy” with a “tremendous amount of wealth accumulation”. In its earnings report, Delta reported that its premium revenue grew 17% year-over-year, whereas its main cabin sales increased by just 8% over the same time frame. Earlier this week, the airline expanded its premium offerings, launching a “basic business” option that offers business class without expedited check-in or lounge access. “When you ask our consumers what is their main purpose and use of discretionary funds, they’ll say we want to participate in the experience economy, with air travel being the number one,” he said. “We want to go places. We want to see things.” Despite airfares that are up between 12 to 15% from last year, Bastian said airfares “continue to be a tremendous bargain”, amid overall inflationary pressures. He added that Delta flyers were still willing to spend on travel, citing the “post-Covid effect”. Despite the sharp in drop in global oil prices last month after the US announced a peace deal with Iran, oil and gas prices are creeping up again as the future of the ceasefire remains uncertain. The current national average for a gallon of gas is $3.88, which is cheaper than last month’s levels but still $0.71 higher than last year.

Delta says higher airfares expected to last despite drop in oil prices
Asia
The Hindu BusinessLine

Emcure’s Poviztra gets CDSCO nod for fatty liver treatment

Emcure Pharmaceuticals Ltd on Monday said its co-marketed brand of the innovator semaglutide, Poviztra, will now be available for the treatment of fatty liver. This followed the Central Drugs Standard Control Organisation's (CDSCO) approval of 'Wegovy' for the treatment of non-cirrhotic metabolic dysfunction-associated steatohepatitis (MASH) in adults with moderate to advanced liver fibrosis, the company said in a statement. Poviztra is manufactured and imported from Novo Nordisk's European manufacturing facility and contains innovator rDNA-origin semaglutide, it added. Last year, in November, Novo Nordisk India and Emcure Pharma had announced a partnership to launch weight loss medicine Poviztra, semaglutide injection 2.4 mg, as a second brand of Wegovy in India. The approval enables Emcure and its subsidiaries to offer the new indication through Poviztra, expanding access to innovator semaglutide for patients living with a progressive liver disease that has long faced limited treatment options, the company said. Commenting on the development, Emcure Pharmaceuticals Ltd CEO & MD Satish Mehta said, “The approval for MASH marks an important milestone for patients living with a serious and often underdiagnosed liver disease.” Last week, Novo Nordisk India announced the receipt of approval from CDSCO for the indication of its Wegovy injection in the treatment of fatty liver disease in India. It made Wegovy the first and only GLP-1 RA to be approved both globally and in India for the treatment of noncirrhotic metabolic dysfunction-associated steatohepatitis (MASH) in adults with moderate to advanced liver fibrosis along with a reduced calorie diet and increased physical activity, it added. MASH is a liver disease that develops due to excess fat buildup in the liver, causing chronic inflammation and liver damage. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Emcure’s Poviztra gets CDSCO nod for fatty liver treatment
Asia
The Hindu BusinessLine

Andy Burnham assumes office as UK Prime Minister

Andy Burnham, newly elected leader of the Labour Party, on Monday took charge as the UK's new Prime Minister. King Charles III invited the 56-year-old former mayor of Greater Manchester to form a new government following the resignation of Keir Starmer moments earlier to mark the formal handover of power. "The Rt. Hon. Sir Keir Starmer MP had an audience of the King this morning and tendered his resignation as Prime Minister and First Lord of the Treasury, which His Majesty was graciously pleased to accept," a Buckingham Palace spokesperson said. Burnham, elected Labour leader unopposed last week, is expected to get to work as PM immediately by announcing his picks for Cabinet. The country's fifth Prime Minister in four years has pledged to bring in "stable and responsible" politics. Earlier, Starmer delivered his final address from 10 Downing Street as Britain's Prime Minister before making his way to meet the King to formally tender his resignation. The 63-year-old Labour MP, who announced his decision to step down last month, said he was "passing the baton" to Burnham, who had his “full support”. “I go with good grace, I go with a smile and I go proud of everything that we have achieved,” said Starmer. His Cabinet colleagues and officials lined up to applaud his departure from Downing Street after two years, having won a landslide election for Labour in the July 2024 general election. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Andy Burnham assumes office as UK Prime Minister
Asia
The Hindu BusinessLine

IVPA seeks policy review as refined edible oil imports from Nepal breach 8 lakh tonnes

India is the world’s largest importer of edible oils and continues to depend on imports to bridge the domestic demand-supply gap. The Indian Vegetable Oil Producers’ Association (IVPA) has urged the Government to undertake an urgent policy review following the surge in duty-free refined edible oil imports from Nepal under the South Asian Free Trade Area (SAFTA) framework. Imports from Nepal have increased from 47,295 tonnes in 2023 to 1.24 lakh tonnes (lt) in 2024, before surging to over 8.04 lt in 2025, an increase of more than 17-fold within two years. Citing the prevailing trade trends, a media statement by IVPA said imports are expected to approach 1 million tonnes annually, making Nepal one of India’s largest suppliers of refined edible oils. IVPA said the sharp increase represents a significant structural shift in India’s edible oil trade and merits timely policy attention to ensure that India’s trade framework, tariff policy and domestic value-addition objectives continue to remain aligned. Sudhakar Desai, President of IVPA, said: “India has consistently championed regional economic cooperation and remains fully committed to the objectives of the SAFTA agreement. However, the extraordinary pace and scale of duty-free refined edible oil imports call for a comprehensive policy review to ensure that preferential trade arrangements continue to promote genuine regional value addition while safeguarding the competitiveness of India’s domestic refining industry, supporting farmer welfare and strengthening the nation’s long-term edible oil security.” India is the world’s largest importer of edible oils and continues to depend on imports to bridge the domestic demand-supply gap. At the same time, successive policy measures have encouraged domestic refining so that value addition, investment, employment and economic activity remain within the country. IVPA noted that the rapid increase in duty-free imports of refined edible oils has altered this balance by shifting refining activity outside India while domestic refiners continue to import crude oils on payment of applicable customs duties and Agriculture Infrastructure and Development Cess (AIDC). The association said this has implications for refining capacity utilisation, future investments, manufacturing competitiveness and demand for domestically produced oilseeds, particularly soybean and mustard grown by millions of Indian farmers. It said that the rising volume of duty-free imports also has implications for government customs revenue, estimated by industry at ₹2,000-2,500 crore annually, while progressively transferring value addition outside India. Recognising the importance of preserving the integrity of India’s preferential trade framework, IVPA has requested the Government to undertake a detailed verification of compliance with the Rules of Origin prescribed under the SAFTA agreement through the existing customs framework, including the Customs Administration of Rules of Origin under Trade Agreements Rules, 2020 (CAROTAR). Given Nepal’s limited domestic availability of palm oil and soybean, IVPA believes such verification would help ensure that preferential tariff benefits are extended only to products that genuinely satisfy the prescribed origin requirements. “Our representation is not intended to restrict legitimate bilateral trade with Nepal or dilute India’s international commitments. It seeks to preserve the integrity of India’s trade agreements by ensuring that preferential tariff benefits accrue only to products genuinely qualifying under the Rules of Origin, while maintaining a level-playing field for Indian industry and protecting domestic value addition,” Desai said. In its representation, IVPA has requested the Government to examine verification of Rules of Origin under the SAFTA framework through strengthened implementation of CAROTAR. It sought a review of the existing tariff structure to ensure continued support for domestic value addition. IVPA reiterated that India’s long-term edible oil security depends not only on assured access to imports but also on preserving a globally competitive domestic refining industry that supports farmers, generates employment, strengthens manufacturing and builds resilient supply chains.

IVPA seeks policy review as refined edible oil imports from Nepal breach 8 lakh tonnes