TOKYO: China overtook Japan as the world’s biggest vehicle exporter last year, data from the Japan Automobile Manufacturers Association (JAMA) showed Wednesday (Jan 31). Japan shipped 4.42 million vehicles in 2023, the figures showed. That compared with 4.91 million exported by China, as reported by the China Association of AutomobileContinue Reading
The liquidators could propose a new debt restructuring plan if it is determined that the Guangzhou-based firm has enough assets or if a white knight investor emerges. They could also refer suspected misconduct by directors to Hong Kong prosecutors.
The process, however, could be complicated, and face cross-jurisdictional issues as most of the developer’s assets are located in mainland China, said experts.
It is not clear whether the Hong Kong court order could be enforced onshore, Dr Wu told CNA’s Asia Now on Monday.
“Hong Kong and mainland China are two different jurisdictions, so this will be a challenge,” he said.
“If there’s no court in mainland China that actually recognises this Hong Kong court case, then perhaps there are limited things that the provisional liquidator in Hong Kong can do.
“(Even) if there is a court in mainland China that actually does recognise this court case, I think this will still be a long, drawn-out process.”
KUALA LUMPUR: Former Malaysian prime minister Najib Razak’s jail sentence for corruption has been reduced from 12 to six years by the Pardons Board following its meeting on Monday (Jan 29), sources including senior government officials told CNA.
The decision by the board, which is headed by Malaysia’s king, includes a reduction of his RM210 million (US$44.4 million) fine to an unspecified amount, according to three separate sources who spoke on condition of strict confidentiality.
The partial royal pardon for his role in the 1Malaysia Development Berhad (1MDB) case comes after serving less than two years of his prison term.
The reduction means Najib is expected to complete his sentence in August 2028. But with parole for good behaviour, he could be out in August 2026 after serving two-thirds of the new jail term.
There has been feverish speculation about the pardon after Dr Zaliha Mustafa, Minister in the Prime Minister’s Department (Federal Territories) confirmed on Tuesday that the board members including herself had met on Monday. She said an official announcement by the Pardons Board will be made.
The meeting was one of Sultan Abdullah Ri’ayatuddin’s last official tasks before he stepped down as Malaysia’s king on Jan 31 and handed the role to Johor ruler Sultan Ibrahim Sultan Iskandar under the country’s unique rotation system for its nine royal state households.
CNA is contacting the Malaysian authorities for comment. Najib’s lead counsel Muhammad Shafee Abdullah said he has yet to be informed of any decision by the Pardons Board.
Najib, an ex-United Malays National Organisation (UMNO) president, is still believed to wield huge influence in the party, which is part of Prime Minister Anwar Ibrahim’s unity government.
He was Malaysia’s premier for nine years until May 2018 and its first PM to be imprisoned. He began serving his jail term in August 2022 after two failed appeals to overturn his conviction at a Malaysian High Court two years earlier.
The charges involved the transfer of RM42 million from SRC International, a former subsidiary of 1MDB, into his personal bank accounts in 2014 and 2015.
He was found guilty of three counts of criminal breach of trust, three counts of money laundering and one count of abuse of power by the High Court in July 2020, and was sentenced to 12 years in jail and fined RM210 million. The fine remains unsettled.
He is also facing several other charges in relation to the 1MDB scandal, including the laundering of RM27 million involving funds from SRC International.
Najib’s lawyers have applied to dismiss this money laundering case, and the court has said he can apply for an acquittal, or a discharge not amounting to an acquittal if prosecutors are not prepared to proceed with the trial in September, local media reported.
1MDB, Najib’s brainchild shortly after he became premier, turned into one of the biggest scandals to rock Malaysia and the international financial community. United States and Malaysian investigators estimate that more than US$4.5 billion was stolen from the fund and another US$1 billion flowed into accounts held by Najib.
Just days after Najib began serving his sentence at the Federal Prison of Kajang on the outskirts of Kuala Lumpur, he applied for a royal pardon.
CNA previously reported that Najib’s lead counsel Shafee filed a fresh application in early December last year for the Pardons Board to revisit his client’s clemency application.
This led to the change of heart among certain members of the Pardons Board, government officials close to the situation noted without elaborating. The application came before the Pardons Board in a meeting in December, but the matter was deferred to January.
Malaysia is a constitutional monarchy, giving the king the final word on the pardon of convicted criminals, a similar system that governs neighbouring Thailand.
Chieh Chung, a military researcher at Taiwan’s National Policy Foundation, said the new route would be about 7km from the median line, which would squeeze the pre-warning and reaction time for Taiwan’s air defences. “It is trying to completely eliminate and deny the existence of the median line,” he said.Continue Reading
He noted that in recent times, the relationship between the different ethnic races in Malaysia has been tense, perpetuated by polarised political differences, and that the Johor Sultan will be the right person to unite the masses.
“Presently, we can see the relationship between the races are beginning to fracture,” said Mr Hussein.
“But I do believe that His Majesty will set it right to unite all people of Malaysia as one Bangsa Malaysia,” he added.
Mr Teh, the South Johor SME Association advisor, said Sultan Ibrahim could also improve Malaysia’s bilateral relations with some foreign countries through soft diplomacy, given his strong personal friendship with international world leaders.
“His Majesty … has very good international diplomatic connections, especially with Singapore,” said Mr Teh.
“We believe and we also hope that he can make Malaysia the choice to attract more foreign direct investments,” he added.
Political analyst Adib Zalkapli, director of public policy consulting firm BowerGroupAsia, told CNA the role of the monarch in Malaysia has evolved over the years.
He noted that previously, the king played a symbolic role as head of state. However, especially during the reign of Sultan Abdullah over the last five years, the king has been crucial in resolving political stalemates in Malaysia.
For instance, Sultan Abdullah played a key role in resolving the political impasse after the last 2022 general election ended in a hung parliament, when he appointed Anwar Ibrahim as prime minister to lead a unity government.
Mr Adib noted that Sultan Ibrahim’s outspoken style and willingness to lend advice in government matters means that the ruler would further shape the role of the monarchy.
“Sultan Ibrahim has always played a key role in the governance of the state. And I think with the expansion of the role of the Yang Di Pertuan Agong that we’ve seen over the last five years, it fits very well with Sultan Ibrahim’s character and style of ruling,” said Mr Adib.
“So it wouldn’t be a big surprise to Malaysia in general to see a more assertive monarchy in the coming years.”
Myanmar’s military government on Wednesday (Jan 31) announced an easing of election registration rules for political parties, hours ahead of the expiry of a state of emergency in place since a coup three years ago. The junta, which has vowed to hold an election and return to democratic rule, saidContinue Reading
BEIJING: China’s manufacturing activity contracted for the fourth straight month in January, an official factory survey showed on Wednesday (Jan 31), suggesting the sprawling sector and the broader economy were struggling to regain momentum at the start of 2024. The official purchasing managers’ index (PMI) rose to 49.2 in JanuaryContinue Reading
Thais made up the largest number of foreign nationals abducted by Hamas when the militants attacked Israel on Oct 7, 2023. Nearly two dozen Thais have since been released and returned home.
Thai correspondent Saksith Saiyasombut shares some of their stories with host Teresa Tang in this episode of CNA Correspondent.
Social media has played a big role. Entertained by the “southern potatoes,” a nickname given to tourists wrapped in layers of winter clothes, locals offered visitors free rides across the city. The government installed small, warm houses as well as an artificial moon above a local Russian Orthodox Church, to provide better lighting, and cater to a generation obsessed with taking Instagram-worthy selfies. All these welcoming gestures were recorded and amplified on popular platforms.
Shandong province’s Zibo, a small, declining industrial town in eastern China, offers another case study for places that went viral. Young Chinese flocked to the city of 4.7 million, where US$10 can buy roughly 35 meat skewers. They were pleasantly surprised by “how sincere and honest” local businesses were, as they didn’t raise prices even when tourism demand surged.
Open-minded and budget-conscious youths are drawn to hidden gems. They prefer hanging out with the locals and learning ethnic minorities’ way of life to shopping in glitzy resorts such as on the island of Hainan. And when they have saved enough money for overseas trips, they are following in the footsteps of those Divas Hit The Road, who ventured to Saudi Arabia in the latest season. During the eight-day October holiday, Chinese descended on Dubai, en route to places like Egypt and Jordan.
As it stands, AI does not pose an imminent threat to workers’ livelihoods – at least in Southeast Asia’s healthcare and BPO industries.
But this could change by 2040, one expert warns.
Dr Lundberg noted that the world is currently at the first stage of AI – known as weak AI – where humans have more logic than AI. At this stage, AI is able to enhance the work of human workers and acts as an aid, she said.
However, at the second stage – known as strong AI – where AI has a human level of cognition, jobs will be at risk.
“There is already strong prediction that the second stage will arrive in two decades,” said Dr Lundberg.
As AI rapidly evolves, the race for regulation is on, with action being taken at global and national levels to avert the risks while hopefully reaping the rewards.
When asked if the development of AI should be regulated in favour of the livelihoods of human workers, Dr Lundberg noted that while this is an ideal scenario, the rapid growth of AI has outpaced the setting of rules.
“Regulation has to go hand in hand with technological progress but the private sector, where technological progress occurs, will not wait.
“What we could do is to accelerate the government side (so that it catches up with the private sector). We cannot slow down the private sector; it’s opposite from development,” said Dr Lundberg.
To survive in the strong AI phase, workers should also constantly upskill, reskill, and gain basic digital literacy.
For those already proficient with basic technology, they need to focus on upskilling and reskilling, said Dr Lundberg, noting that there are already various government-led initiatives in the region.
Singapore launched an updated version of its national AI strategy last month. Among its plans – a tripling of its AI talent pool, and significant investments in adult education and training to reskill and upskill workers.
In Thailand, the government has introduced a tax subsidy programme for companies that offer upskilling and reskilling courses.