Singapore says it wants to back away from strict rules to combat Covid-19 and the curbs on commercial and social life that come with them.
But the reality on the ground shows a lack of conviction trib.al/3miYoiS
Singapore returned to a lockdown-like state in mid-May. The situation has improved quickly:
🏫 Schools will resume in-person after summer break
🍽️ Larger social gatherings and dining-in are permitted trib.al/ymeOmie
Singapore wants the outward signs of being open for business, but appears unwilling to take risks to get there:
➡️ Showcase events have been shelved
➡️ An air-travel bubble with Hong Kong has gone nowhere trib.al/ymeOmie
Certain experiences illustrate the split-screen life in Singapore:
🎙️ Recorded music is forbidden, lest people talk too loudly over the noise and transmit germs
🚆 Public transport users are urged to be silent during their journey trib.al/ymeOmie
Politicians now talk about Covid as endemic, something that vaccinated people can tolerate without falling very ill.
Officials have held out the prospect of removing masks outdoors and a revival of the travel industry trib.al/ymeOmie
Yet after more than a year of on-again, off-again crackdowns, it's hard to see Singapore dispensing with the extreme risk aversion that's defined its response to the Covid-19 pandemic trib.al/ymeOmie
The approach has delivered impressive results:
➡️ Deaths have been few
➡️ Hospitals are coping
➡️ DIY test kits are available at pharmacies
➡️ Two-thirds of the country’s 5.7 million people should be fully inoculated by August trib.al/ymeOmie
But there is a lack of specifics about how substantially life will change after Singapore’s vaccination push.
Officials have floated the idea that inoculated people will have more scope to travel.
But how much more? Where will they be allowed to go? trib.al/ymeOmie
There is a risk that Singapore imprisons itself in this relative success.
All the country needs to do is step out of the way. When the pace of recovery slows next year, the moves will have to be a lot bolder trib.al/ymeOmie
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$700 billion is about nine times current US customs revenue, and 2.4% of the most recent estimate of US GDP.
Tariff revenue hasn’t surpassed 2% of GDP since the early 1870s, and hasn’t surpassed it on a sustained basis since the 1820s and 1830s
Trump often cites President McKinley’s high tariffs as an inspiration, but during McKinley’s presidency (1897 to 1901) tariffs generated less than half the share of GDP that $700 billion would amount to now
We *just* learned that #SVB’s downfall was announcing it was raising equity without having buyers lined up, says @matt_levine.
So why would Credit Suisse’s biggest shareholder announce they would “absolutely not” put more money into the embattled bank? trib.al/aS9oy3I
After Saudi National Bank ruled out providing more assistance, #CreditSuisse closed down 24% at 1.697 Swiss francs per share, its lowest closing price on record trib.al/nnFD2F8