Top News this Week (19 May)


Rounding up top investing articles from around the web, including articles shared on Twitter.

PM Lawrence Wong to S’poreans: ‘Join me and my team in our journey forward’ (Straits Times)

Prime Minister Lawrence Wong called on Singaporeans to join him in the ambitious goal of building a society where everyone matters “and a Singapore that matters to all Singaporeans”.

There will be no easy formulas to apply, and no models to follow in this task, he said on May 15 after being sworn in as Singapore’s fourth prime minister at the Istana.

But he and his fourth-generation political leaders, together with the help of Singaporeans, will experiment to discover fresh solutions and blaze new paths.

“Everyone will have a stake in our nation’s progress. Everyone will play a key role in shaping our future,” he said in his inauguration speech.

Addressing Singaporeans for the first time as their prime minister, he promised to serve with all his heart, to never settle for the status quo, and to “always seek better ways to make tomorrow better than today”.

Slovak PM Fico no longer in life-threatening condition after being shot, minister says (Straits Times)

Slovak Prime Minister Robert Fico is no longer in a life-threatening condition after he was shot in an assassination attempt when leaving a government meeting on May 15, a government minister said.

The gunman shot Mr Fico, 59, five times, initially leaving the prime minister in critical condition and undergoing surgery hours later on the evening of May 15.

“I was very shocked … fortunately as far as I know the operation went well – and I guess in the end he will survive … he’s not in a life-threatening situation at this moment,” Slovak Deputy Prime Minister and Environment Minister Tomas Taraba told the BBC’s Newshour.

Mr Taraba said one bullet went through Mr Fico’s stomach and a second hit a joint.

Xi welcomes Putin to China as both leaders seek to bolster strategic ties (CNBC)

  • Chinese leader Xi Jinping welcomed Russian President Vladimir Putin in Beijing on Thursday as both countries seek to bolster their strategic relationship.
  • Putin’s two-day state visit to China comes at the invitation of Xi and will be the Russian leader’s first foreign trip since he began his fifth term in office last week.
  • The two countries have touted their “no-limits” friendship since February 2022, as a counter to the global influence of the U.S.

China is still an important market even if investors diversify from it now, says Peak XV (CNBC)

  • India and Southeast Asia are benefiting from the China Plus One strategy, as businesses diversify operations away from China amid escalating U.S.-China tensions.
  • But China will still be an important market in the years to come, said Shailendra Singh, managing director of Peak XV Partners, formerly Sequoia Capital India and Southeast Asia.
  • “In the very long term, if you take a 10, 20, 30-year view, if you assume that geopolitics will find some new normal, China is going to be a huge economy, and good businesses will be built in China,” Singh told CNBC’s Tanvir Gill.

Warren Buffett’s Berkshire Hathaway reveals insurer Chubb as confidential stock it’s been buying (CNBC)

  • Berkshire Hathaway has bought nearly 26 million shares of Zurich-based Chubb for a stake worth $6.7 billion.
  • The property and casualty insurer became Berkshire’s ninth biggest holding at the end of March.
  • Berkshire has been keeping this purchase secret for three quarters straight.

Shein suppliers work 75-hour weeks, report claims as Chinese fast-fashion giant looks to IPO (CNBC)

  • The report is a follow-up investigation by Public Eye after it discovered excessive work hours at Shein suppliers in 2021, promoting negative press and promises from Shein to improve.
  • The latest investigation found that some workers were logging 75-hour work weeks with one or less days off a week.
  • In response to CNBC, Shein claimed it did not “recognise” many of the allegations in the report but was still working to improve standards at its suppliers. The Chinese retailer pointed out that Public Eye’s report was based on a small sample size of interviews.

China’s Shenzhen metropolis sees fastest growth in millionaires globally (CNBC)

  • Shenzhen recorded 140% growth in millionaire count over the past decade, according to the report from New World Wealth and investment migration advisors Henley & Partners.
  • Just in 2023 alone, Shenzhen saw a 10% growth in millionaires, while Beijing and Shanghai recorded an exodus following the migration of high-net-worth individuals out of China. 
  • China’s Hangzhou city was second in terms of millionaire growth at 125%, while India’s Bengaluru ranked third.

Apple co-founder shares the best strategy his parents used while raising him: I’m ‘the same way with my own kids’ (CNBC)

It’s an age-old question for parents: Should you push your children into specific activities and educational pursuits or fully let them follow their own passions?

Apple co-founder Steve Wozniak, 73, says his parents took the latter approach — and he’s happier and more successful because of it. He used the same strategy when raising his own children, he added.

“My parents let me follow my heart,” he told graduating students at the University of Colorado Boulder last week. “When you really want something, love something and it’s your passion, you should have your parents supporting you going in your direction. Not telling you, ‘No. You should study this. You should go to this school.’”

Meet the ‘little red hat’ who travels around Singapore giving free haircuts to the elderly and needy (Straits Times)

On the first Tuesday of every month, residents at Beo Crescent in Tiong Bahru can be seen shuffling to the void deck of Block 26.

They form a neat queue, take a number, and patiently wait their turn.

Within half an hour, they leave with their hair trimmed, hearts full, and wearing smiles – thanks to Mr Mark Yuen, who is, more often than not, wearing his trademark red beret.

Since 2016, the 69-year-old retired wealth advisor has travelled all over the island to give free haircuts to the elderly and the needy.

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