Singapore not a model for post-Brexit Britain, forum told

Britain's Prime Minister Theresa May leaves 10 Downing Street in London in a week dominated by Brexit negotiations. (AFP)
Updated 07 November 2018
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Singapore not a model for post-Brexit Britain, forum told

  • Trade relationships dominate discussions at Singapore forum
  • Singapore has no immediate plans for closer ties with Britain

SINGAPORE: Singapore is not an appropriate model for the UK as it seeks to find a post-Brexit economic path, according to the prime minister of the Southeast Asian island state.
Lee Hsien Loong told the Bloomberg New Economy Forum that Britain “would have to find a different way to prosper having made the decision to leave the European Union.” Some UK politicians have argued that a Singapore-type model — a small trading hub unaligned to major power blocs — would be a possible economic template for the UK, which voted two years ago to leave the EU and is currently negotiating the terms of its exit.
“Maybe if you look at Singapore, you might think you have some ideas that you can use, we hope so. But I don’t think you can take one society’s solution and just plonk it on a different society.”
Singapore left the Malaysian Federation soon after it got independence from the UK in the 1960s, but became a major trading and financial hub in Southeast Asia.
But such a role for Britain would require big sacrifices of the UK’s developed system of state benefit, Long argued.
“Britain has developed a system of state welfare, a government role where the state accounts for 45 percent of the gross domestic product. The Singapore government accounts for maybe 17 percent of the GDP. So to be like Singapore, are you going to give up two thirds of your government spending, state pensions and national health?” Loong asked.
Singapore has no immediate plans for a closer relationship with post-Brexit UK, he added.
Global trading relationships have been the main theme of the two-day forum. Hank Paulson, former US treasury secretary and one of the co-chairs of the event, said that there was the risk of an: “economic iron curtain” coming between the US and China if they could not find a way to resolve their economic differences, which have threatened to erupt into a full-blown trade war over US imports from the Asian economic giant.
“The prospect of an economic iron curtain that throws up new walls on each side and unmakes the global economy, as we have known it, is very real,” Paulson told the forum.
Pauson said that President Trump should consider rejoining the Trans Pacific Partrnership, the trading alliance from which he withdrew soon after entering the White House, in order to influence Beijing economic policy.
Even if the US and China reached a deal on the commercial dispute between them, there was still the risk of a major confrontation between them due to differing geo-strategic interests, he said.
But he added that China was not a real enemy of the US. “China does not pose an existential threat to American civilization,” he said.


Samsung delays Galaxy Fold media events in China

Updated 22 April 2019
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Samsung delays Galaxy Fold media events in China

  • Instead of plaudits ahead of the phone’s launch on April 26 in the US, Samsung has instead received brickbats
  • The hashtag #foldgate trended on Twitter because of the smartphone issues

SEOUL: Smartphone maker Samsung postponed media events for its Galaxy Fold planned for this week in Hong Kong and Shanghai, a company official said, days after reviewers of the foldable handset reported defective samples.
The official did not elaborate on reasons or rescheduling.
Instead of plaudits ahead of the phone’s launch on April 26 in the United States, the South Korean conglomerate has been blighted by technology journalists reporting breaks, bulges and blinking screens after using their samples for as little as a day.
Samsung said it received “a few” reports of damage to the displays of samples of the $1,980 handset, raising the specter of the combustible Galaxy Note 7 three years ago which the firm ultimately pulled from shelves at massive cost.
The reviewers’ reports of broken screens went viral online and prompted the creation of hashtag #foldgate on Twitter.
Samsung has hailed the folding design as the future in a field that has seen few surprises since Apple’s iPhone in 2007. Chinese rival Huawei Technologies has also announced a folding handset, the Mate X.
The Samsung official on Monday said it had no change to its previously announced release date in the United States.
It plans to begin South Korean and European sales in May, and Chinese sales from an undisclosed date.