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THE BIG STORY
MTI lowers guidance for full-year GDP growth
Taking stock of the disruption from the war in Ukraine and lockdowns in China, the Ministry of Trade and Industry has lowered its guidance on full-year gross domestic product (GDP) growth. It kept its forecast of 3 per cent to 5 per cent GDP expansion for the year, but said growth will likely come in at the lower half of the forecast range.
THE BIG STORY
Tharman to co-chair major global water initiative
Senior Minister Tharman Shanmugaratnam was announced as one of four co-chairs of a major global initiative to spur changes in how the world values, manages and governs water. The Global Commission on the Economics of Water was launched at the World Economic Forum's annual meeting in Davos, Switzerland.
Fighting between Russian and Ukrainian forces has reached the limits of the eastern Ukrainian city of Severodonetsk, the regional governor said. The city has been under Russian shelling for weeks, and is among the key urban hubs in the industrial Donbas region on Russia's list of military goals.
While Nato's expansion may be taking place in Europe, it is only a matter of time before a similar formation, if not Nato itself, shows up in Asia. The Quad, Aukus and an array of other arrangements suggest that the pieces are already falling into place, says associate editor Ravi Velloor.
People are amending their travel plans and putting hotel and flight bookings on hold amid an overwhelming spike in passport applications. On May 11, the Immigration and Checkpoints Authority said it was getting more than 7,000 applications for passports each day, compared with 2,000 before the pandemic.
The British government on Tuesday gave the green light to American businessman Todd Boehly's proposed takeover of Chelsea from sanctioned Russian oligarch Roman Abramovich. The move will allow the club to buy and sell players in the transfer market, among other matters.
