Anna  

@Cybertan

When Commerce Secretary Howard Lutnick met with Kazakhstan’s president at the St. Regis Hotel last September in New York, President Trump jumped in by phone as the men sealed a deal on a top priority for Washington. During the call, Mr. Trump and his team won an agreement from the Kazakh leader to give a little-known American company access to one of the world’s largest untapped reserves of tungsten, a metal that the United States desperately needs for the production of missile warheads, fighter jets, computer chips and other critical goods. Ahead of the deal, the Trump administration approved preliminary applications for as much as $1.6 billion in federal financing for the American company, now called Kaz Resources, which plans to break ground on the project in rural Kazakhstan. It was not only Mr. Trump and Mr. Lutnick who saw an opportunity. Their sons were soon doing business with partners in a deal that their fathers were negotiating, continuing a pattern of self-enrichment in the second Trump administration that has few precedents in American history. Within weeks of the St. Regis negotiations, investors with a firm called Dominari Securities, which is housed at Trump Tower in New York and partly owned by the president’s two eldest sons, Donald Trump Jr. and Eric Trump, joined with other partners to take a 20 percent stake in a corporate entity related to the Kazakhstan project. Around the same time, Cantor Fitzgerald, an investment company controlled by Mr. Lutnick’s family and overseen by his sons Brandon and Kyle Lutnick, helped one of the lead investors working with Dominari on the Kazakh deal raise $210 million in new capital for a related entity. Such rounds of fund-raising typically net Cantor millions of dollars in fees.     https://www.rsn.org/001/trump-cut-a-billiondollar-mining-deal-his-sons-stand-to-profit.html

A strata-titled Golden Mile Tower cinema space is up for sale at a guide price of S$31 million. The sale, which was announced by real estate services firm CBRE on Jun. 29, 2026, will be conducted via an expression of interest exercise, CNA reported.     The sale closes at 3pm on Aug. 4.   Beach Road property   Spanning about 104,991 sqft across multiple levels, the space located at 6001 Beach Road comprises four auditoriums that can seat up to 2,000 people in total, The Business Times reported. It also includes office spaces on the third and fourth levels of Golden Mile Tower. Carnival Cinemas is currently occupying part of the premises, according to its website,  and is currently screening Bollywood and regional films. It is one of two cinema operators at Golden Mile Tower, the other being indie cinema Filmhouse located on the fifth floor, CNA reported. Earlier reports stated that Filmhouse took over the space occupied by independent cinema The Projector, which shut down in August 2025 after revealing that it would enter voluntary liquidation.       'High degree of versatility'   According to EdgeProp Singapore, foreigners and corporate entities can purchase the commercial space, with no additional buyer's stamp duty imposed. BT reported Joshua Giam, CBRE's director of capital markets for Singapore, as saying that the property gives incoming buyers a high degree of versatility. Giam said: "Such a sizeable strata commercial space in a prime location is rarely available for sale, presenting an exceptionally unique opportunity." He added that subject to approval, the premises could be converted into a single large auditorium, or a space for alternative uses such as an event venue, media production studio, or gym. Located 200m from Nicoll Highway MRT Station, Golden Mile Tower is also adjacent to the upcoming Golden Mile redevelopment.

A recent Reddit discussion has brought to light mounting concerns among Singaporeans over the offshoring of local jobs to neighbouring Southeast Asian countries. On 6 June 2025, a Redditor initiated a thread titled “Is SG losing jobs to neighbouring SEA countries?”, sharing anecdotal evidence of job shifts from Singapore to countries like Malaysia. The original post described two instances: a cybersecurity company laying off local managers and rehiring in Malaysia, and a firm with a significantly larger overseas workforce than its Singapore base. These examples prompted the user to question whether this pattern was becoming the norm and to ask how such trends might impact the local job market.   Redditors claim IT, finance, and operations roles increasingly moved abroad Other Reddit users responded with their own experiences, particularly in technical and operational fields. A self-proclaimed professional in financial cybersecurity noted that many operations were being moved to Malaysia. According to the user, “Their technical ability and command of language is on par and they cost one-third of a local worker.” He continued, “It’s really a numbers game. Even if only the top 10% of Malaysian workers are as capable as we are, that group alone already makes up a bulk of Singapore’s entire workforce.” Another Redditor confirmed, “Short answer: yes,” adding that offshoring and regional competition were not new. They raised concerns about whether new quality jobs were being created quickly enough and whether these jobs were actually going to Singaporeans. Alleged union member shares direct account of workforce displacement One user, identifying as a former union leader, stated the phenomenon is “100% happening.” He shared having personally witnessed several cases of job losses, particularly to Malaysia, Vietnam, India, and the Philippines. “IT roles and business backends are moving out,” the user claimed, while also noting that Singapore had previously benefited from similar offshoring when the US and Europe outsourced to Asia. He added, “It’s just a continued trend. I always tell my colleagues you better show why we need a team in Singapore and not a random bunch of employees who happen to be here.” “If not, someone will figure out why have this in Singapore and not Penang. It’s gonna be tough.” Local job functions cut, quality compromised to save costs Multiple users commented on direct experiences with job outsourcing within their companies. One said he worked in a company where 90% of the workforce were Malaysians, and later, even those roles were outsourced overseas. Another stated, “My management compromised on quality for foreigners. Left escalations to locals.” Users also cited past examples, such as European firms setting up base in Singapore with just a handful of executives managing teams in Vietnam and the Philippines remotely. “These companies value Singapore’s stability and transparency,” one wrote, “but can’t justify the cost of staffing large teams here.” Administrative functions such as accounting are reportedly being moved out as well. Cost pressure and evolving tax incentives reshape employment decisions Several Redditors pointed to broader economic pressures as causes behind the trend. Roles not requiring physical presence or regulatory oversight are more likely to be offshored. A user explained that the shift is also being influenced by global tax reforms. With the global minimum tax rules taking effect, Singapore’s corporate tax incentives are less appealing, prompting firms to re-evaluate the need for a physical presence, the user suggested. Singapore continues to attract regional headquarters, but these are increasingly leaner, as companies try to balance efficiency with compliance. Locals voice discontent over stagnant wages and increased work stress Some comments expressed frustration over stagnant wages despite increasing job responsibilities. One noted that many Singaporeans, despite holding top academic qualifications, fall short in a global market that values practical experience. Another user highlighted challenges faced by those pursuing part-time degrees while working, only to find limited career progression. With workloads rising due to staff shortages, the sentiment is growing that Singaporeans are under pressure to do more for less. Several users called for stronger government action to support employment, while others emphasised the need for individuals to adapt quickly or risk being left behind. Debate over complacency, personal responsibility, and government policy A recurring theme among users was the perception that some Singaporeans may have become complacent. One Redditor argued that relying too much on government support has led locals to underestimate regional competition. The user criticised the belief that Singaporean workers are inherently superior, calling such a mindset outdated and unhelpful. Another user took a more balanced view, urging individuals to take responsibility for upskilling and remaining relevant. However, the user also highlighted the role of government in regulating companies that exploit low tax rates while offering few jobs to locals. The user wrote, “I’ve worked in a small family office managing US$1 billion. It only needed 10–20 staff. These are the firms highlighted as success stories, but they don’t generate meaningful employment.” Mid-level jobs face increasing risk of offshoring Another user pointed out that it is not just entry-level positions being outsourced. “More mid-level jobs are going too,” the user warned, citing banking and tech roles. The Redditor noted that employee demands for flexible work arrangements may further accelerate offshoring if locals fail to provide extra value. “Companies will move the job,” he added, “and once it’s gone, it doesn’t come back.” The user urged workers to be more pragmatic and accept that job security now depends on global competitiveness. Talent shortages and wage gaps behind overseas hiring One Redditor, likely an employer or HR professional, shared that he had to retrench seven local staff due to financial pressures. The user explained that overseas hires, at only 20% of the cost, often outperformed locals in motivation and productivity. The comment also highlighted a growing gap in local talent, noting that certain specialist knowledge is no longer taught in Singapore universities. "Only found 1 Singaporean engineer, fresh graduate, whom I could hire in recent years. And been investing in educating him for 2 years now..."