‘Hang on to cash’: China’s would-be homebuyers opt to wait out housing downturn

Contagion fears deepened further recently as Country Garden, the country’s largest private property developer, halted trading of some onshore bonds and struggled to address liquidity stress. And state-backed Sino-Ocean missed millions of dollars in interest payments. Ren Zeping, an online influencer and economist, earlier this month called for more transparency in theContinue Reading

Drones changing the Ukraine conflict – on front line and beyond

As Kiev’s counteroffensive to liberate Russian-occupied territories slowly advances in Ukraine’s east, the drone war continues to escalate.

Beyond the symbolic value of high-profile strikes against targets in Moscow, deep in the Russian heartland, and Novorossiysk, a key Russian port and export hub on the eastern shores of the Black Sea, this also has important operational and tactical implications for Ukraine. It demonstrates the opportunities, and limitations, of technology on the battlefield and beyond.

Ukraine routinely refuses to confirm its responsibility for drone attacks on Moscow, the most recent of which hit the Russian capital’s business district in July and August. But there can now be little doubt that this tactic is designed to demonstrate Ukraine’s capability to bring the war to ordinary Russians, even in their most protected city.

Beyond the attacks on Moscow, drones have been extensively used on the battlefields, both on land and at sea. They are now being deployed at such a rate that Ukraine is estimated to lose about 10,000 drones a month in combat. Videos widely circulating on social media apparently show how effective Ukrainian drones can be taking out Russian ships and tanks.

Morale boosters

Much like the well-documented drone attacks on Russian air-force bases in December 2022, the recent strikes on Moscow – and the coverage they have received in mainstream and social media – are part of an important information war.

This is designed to expose Russian military failures and vulnerabilities, while demonstrating Ukrainian ingenuity in adopting civilian technology and skills in a national defence effort. Much of this effort is crowdfunded by the civilian population in Urkaine and their supporters abroad.

Drone strikes, therefore, are also designed to boost morale back at home and among Ukraine’s Western partners, at a time when the Ukrainian counteroffensive is making grindingly slow progress. Not only are they a sign that Ukraine can hit back at Russian territory, but they also demonstrate that its armed forces can do so with technology developed at home by a thriving military industrial sector.

Fast, small – and above all cheap – drones have proved an effective way for Ukraine to take out vastly more expensive Russian military technology. Given the restrictions attached to the use of Western-supplied equipment against Russia, this is an important demonstration of a home-grown Ukrainian capability and determination to take the fight to the enemy.

The attacks on Moscow also illustrate how much drone technology and its uses have evolved throughout the war.

Initially, most Ukrainian drone use involved Turkey’s Bayraktar TB2, which achieved considerable success as a tank-buster in the early weeks and months of the war. The role of this system and similar systems is now much reduced because more effective Russian air defences and electronic jamming have severely impeded Ukrainian drone use.

Recent reports have claimed that Ukraine might have found a way to evade Russian jamming, but details have not been forthcoming.

Rise of the kamikaze drone

As the use of drones evolves, the most significant development has been the use of so-called “kamikaze drones,” which are deployed by both Russia and Ukraine. These drones have the advantage of being able to be directed in real time through first-person view devices – a tablet or a VR (virtual reality) headset – and are both highly maneuverable and exceedingly fast.

They are also invulnerable to GPS (Global Positioning System) jamming because they are hand-operated in real time using their cameras. And they are more difficult to intercept with anti-aircraft defenses because of their speed, relatively small size and high maneuverability.

Commercially available, inexpensive and easy to operate, these systems are more accurate than artillery or mortar fire. They can also carry payloads from hand grenades to anti-tank warheads which can be used to lethal effect against all but the most hardened of targets. The footage they produce also has significant value in the information war.

The ability of these systems to be used in large numbers as coordinated swarm attacks is being worked on in anticipation of improving anti-drone defensive capabilities.

Drones have also played a vital role in the war in Ukraine because of their use for reconnaissance. They have made the battlefield much more transparent. This allows Ukrainian units to direct fire from artillery and mortars in a way that is more like targeted sniper fire than the barrage approach adopted by the Russian side with its more plentiful supplies of shells.

Key part of Ukraine’s armory

Ukrainian capabilities are likely to increase further in this regard, after the announcement by German arms manufacturer Rheinmetall that it will supply its LUNA unmanned reconnaissance drone to Kiev. This has a datalink range of up to 300 kilometers and can loiter near targets for up to 12 hours.

The excitement that drone technologies have created beyond the battlefield, however, should not be mistaken for a game-changing impact on the front lines. Drones, so far, have not been able to have much impact on the deeply entrenched defenses Russian forces have built up along the 1,200km-long front in Ukraine. Neither do drones have the same blast capabilities as traditional air power.

But they complement very well what Ukraine and its allies have brought to bear against the Russian invaders for the past 18 months. They can rightly be credited with offsetting some of the disadvantages that Ukraine has against its much larger, aggressive neighbor in the east.

Drones bolstered Ukraine’s military and psychological defenses early in the war and they are likely to damage Russia’s as Ukraine continues its liberation.

This article is republished from The Conversation under a Creative Commons license. Read the original article.

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No Garuda-inspired palace yet: Slow construction among other woes in Indonesia’s new capital Nusantara

Earlier In June, Jokowi had promoted Nusantara during Singapore’s Ecosperity week. He assured business people that whoever will lead Indonesia in the future will focus on turning Indonesia into a powerhouse and giant of Asia. 

“So everything will be fine, no need to worry, your investment in Indonesia will continue to be safe,” he stated. 

Jakarta-based economist Bhima Yudhistira from the Center of Economic and Law Studies said the political uncertainty is among the reasons behind the lack of investments.

He said it is not normal that there are only NDAs and letters of intent inked at this stage with one year to go before the planned move.

“So far, investors are hesitant that the Nusantara project will go ahead because the law about Nusantara is currently being revised, and there will also be elections, so there are uncertainties about policies.  

“If the next president wants to build it, but it will be a palace to just rest, what then? So there are uncertainties. And this is a long-term investment, so the risk is high,” he said.

Despite the challenges, some are optimistic and enthusiastic about the new capital. 

Jakarta local Mdm Herawati, who was visiting Nusantara with her daughter-in-law living in Balikpapan located about a 1.5-hour drive away, said she was excited to see the development of the proposed capital.

“We always monitor the development from the news, but we are curious and want to see first hand, and this was my aim to go to Balikpapan here,” said Mdm Herati, speaking to CNA at point zero, a geodesy site in Nusantara open to the public during weekends.

“Based on the construction work and that the labourers work day and night, I think they will have it ready on time,” said Mdm Herawati, who goes by one name. 

Meanwhile, her daughter-in-law Susanti is fascinated by the development. 

“I think it will be done on time because we can already see the building, which will be the future palace.”

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Singapore not ‘oversaving’ with reserves ‘barely keeping pace’ with its economy: DPM Wong

RESERVES BEING USED IN OTHER AREAS

The NIRC supports about one-fifth of the government’s spending, making it the largest single contributor to the Budget.

“Sometimes we think that the reserves are there only for future emergency,” said Mr Wong in his CNA interviews. “But in fact, the reserves are also an endowment providing for today’s needs and all of us are benefiting from it right now.”

Mr Wong, who is also Finance Minister, said Singapore runs a “structural deficit” of about 3 per cent of gross domestic product in its primary fiscal balance.

This gap is currently covered by the NIRC. Without that, Singapore “would have to cut back on almost 3 per cent of GDP of spending”, he added.

“That’s a lot. It will mean less public housing for Singaporeans. It will mean less infrastructure. Our trains, our buses – we will have to cut back on services,” said Mr Wong.

“This is tightening of the belt to an extent that no one has ever felt before.”

The reserves are also being tapped for a range of other needs, such as special drawdowns in times of crisis.

Singapore first tapped on its reserves in 2009, taking out S$4.9 billion (US$3.6 billion) to support the economy through the global financial crisis. Over a decade later, it drew on the reserves on three separate occasions during the COVID-19 pandemic between 2020 and 2022 – using about S$40 billion in all.

“The only alternative would have been to borrow, which is what most other countries do,” said Mr Wong, who was co-chair of the country’s COVID-19 multi-ministry task force.

“When you borrow, you have great uncertainty. And therefore, I think it would have impacted the swiftness and the decisiveness of our response,” he added.

Citing how Singapore was the first in Asia to secure the Pfizer-BioNTech’s COVID-19 vaccine, Mr Wong said the reserves had played “a critical role” in making that possible.

“I have no doubt that without the reserves, we would have ended up with more lives lost to COVID-19, and certainly we would have ended up with a much higher unemployment.”

The country’s reserves also play a key role in funding major infrastructure and land reclamation projects, such as the Changi Airport Terminal 5.

Noting that land reclamation projects are “costly” with benefits only apparent over the long run, Mr Wong said: “Without the use of past reserves for land reclamation, we would likely end up borrowing or using our own current resources. That would certainly be a bit of a constraint.” 

However, he stressed that one “should not get the mistaken idea that this is a draw on reserves”.

“Because when we use past reserves to create new land, the land is also protected as past reserves. And when we create the land and eventually sell the land for development, those land proceeds go back to the reserves again,” Mr Wong said. 

“So from that point of view, it’s really just a conversion of assets from finance to land, and then back to finance.”

Watch PM Lee’s interviews on the reserves from Aug 16 on CNA’s YouTube channel and the Web-exclusive episodes of Singapore Reserves Revealed from Aug 17. The two-part TV documentary Singapore Reserves: The Untold Story will be broadcast on Aug 16 and 17, 9pm SG on CNA. The documentary will also be available on the CNA Insider YouTube channel.

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PM likely to pick new top cop

PM likely to pick new top cop
Torsak: ‘No such ambition’

As the formation of a new government coalition drags on, the appointment of a new national police chief, which must be finalised by the end of this month, is likely to be overseen by Prime Minister Prayut Chan-o-cha in his capacity as chairman of the Police Commission.

The successor to Pol Gen Damrongsak Kittiprapas, who is due to retire on Sept 30, will be appointed under Section 78(1) of the National Police Act.

This section empowers the prime minister to appoint a police chief from a list of deputies based on seniority, calibre and experience, especially in investigation or suppression. The appointment will be forwarded to the Police Commission for endorsement before being submitted for royal approval.

Under this rule, it is the Police Commission that gives a stamp of approval, rather than the prime minister and the outgoing police chief, and analysts say it is intended to keep politicians from meddling with the police force.

In the past, it was the incumbent national police chief who was responsible for making the nomination to the Royal Thai Police (RTP) board.

Four deputies

There are four deputy national police chiefs who are in line to be nominated for the top job. Ranked by the most senior, they are Pol Gen Roy Ingkapairote, Pol Gen Torsak Sukvimol, Pol Gen Kittirat Phanphet and Pol Gen Surachate Hakparn.

Pol Gen Roy, member of Class 40 at the Royal Police Cadet Academy, and Pol Gen Torsak, a graduate of Thammasat University’s political science faculty, are both due to retire next year.

Pol Gen Kittirat, member of Class 41, will retire in 2026, while Pol Gen Surachate, member of Class 47, has eight years before his mandatory retirement in 2031.

According to police sources, within the police ranks, only Pol Gen Torsak and Pol Gen Surachate, both high-profile figures, are considered strong contenders for the top post, thanks to their work experience.

Pol Gen Torsak, a former commissioner of Central Investigation Bureau, served as commander of the Police Royal Guards 904 Division before being made a deputy chief of the CIB. He moved up as the CIB chief, and was named an assistant police chief prior to being promoted as deputy chief.

Dubbed nai phon sai boon (good-hearted general), Pol Gen Torsak is widely praised for his knowledge of Buddhism and the philosophy of His Majesty King Bhumibol Adulyadej The Great. He is also engaged in charity work for ordinary folk and low-ranking police and is part of Jit Arsa 904 project.

Pol Gen Surachate was chief of the tourist police before leading the Immigration Bureau. He was named an adviser to the Royal Thai Police before being promoted to assistant police chief and deputy police chief.

Known as “Big Joke”, Pol Gen Surachate has become a household name after being assigned several high-profile cases and regularly holding press briefings on arrests. He recently opened a centre at the Police Club on Vibhavadi-Rangsit Road to receive complaints from the general public.

If Pol Gen Surachate is sent to the top post this year, he is likely to break the record and become the longest-serving national police chief after Pol Gen Chakthip Chaijinda, who led the police force for five years.

Pol Gen Torsak once told the Bangkok Post that he has no ambitions of heading the police force and he is a victim of fake news that try to undermine his work relations with the other deputies.

“I have no such ambition and I never jockey for the post,” he said.

Pol Gen Surachate said that with eight years to go before his retirement he is in no rush.

“I have several years to serve. I work this hard. I believe I’ll earn it one day. I’m not in a hurry,” he said.

However, the prospects of the other two deputies cannot be ruled out as political interference has plagued the force for years and may be hard to shake off, according to the sources.

The process is underway

Pol Gen Ake Angsananont, a former deputy national police chief, wrote on Facebook that the process to appoint a new police chief is underway following the publication of an order involving police.

The announcement is required under the regulation on the selection of a new national police chief and the promotion of police generals, according to Pol Gen Ake, who is a member of the Police Commission.

The appointment of high-ranking officers, from deputy police chief to commander level, must be completed this month while that of middle-ranking officers, from deputy commander level to inspector level, must be finalised in November.

According to Pol Gen Ake, the prime minister is authorised to select the national police chief from eligible candidates who are holding police inspector-general post or deputy police chief post and submit the name to the Police Commission for approval.

The appointments of deputies to police chief will be made by the national police chief and must be forwarded to the Police Commission for approval.

However, while the police chief is also authorised to appoint assistant police chiefs and police commissioners, he must choose from a pool of candidates shortlisted by a committee.

PM has full authority

Pol Gen Ake insisted that ”Gen Prayut, who is the prime minister, is fully authorised to nominate the new police chief to the commission.”

However, the outgoing prime minister can choose to wait for a new premier to do the job.

In the latter case, one of the deputies can be appointed as acting police chief when the post is vacant.

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Srettha hits back at land buy claim

Says Thong Lor deal was above board

Srettha hits back at land buy claim
Srettha: Purchased at market price

Srettha Thavisin, Pheu Thai Party’s prime ministerial candidate, said on Wednesday the property development firm he formerly headed, Sansiri Plc, bought a land plot in inner Bangkok transparently at market price.

He was adding to what Stock Exchange of Thailand-listed Sansiri has called “deliberate misinformation” spread by whistleblower Chuvit Kamolvisit that it made an illegal land purchase using nominees for its Khun by Yoo luxury condominium.

Mr Chuvit, a former massage parlour tycoon and politician, made the allegation on Tuesday. It was the second claim he has made about alleged malfeasance at Sansiri while Mr Srettha served as its chief executive.

Mr Chuvit claimed that unethical corporate behaviour allegedly approved by Mr Srettha made him an unsuitable candidate for prime minister. Mr Srettha is expected to be nominated in parliament by Pheu Thai to head a new coalition government within the next few days.

Mr Chuvit alleged that Sansiri used a company in which a housekeeper and a security guard were the shareholders to purchase land in the Thong Lor area in 2016. He said the nominee company took out a 1-billion-baht loan to pay a landowner 565 million baht for the land. No one appears to know what the rest of the money was spent on, he added.

The land plot was purchased at 1.1 million baht per square wah, which was its market price, Mr Srettha wrote on his Facebook page on Wednesday.

In a statement to the SET, Sansiri also rejected allegations that the price paid to the seller, N&N Asset Co Ltd, had been misstated. The price reflected prevailing market values for the area, it added.

“It has been suggested that Sansiri purchased this plot of land at an inflated price and should have only paid 565 million baht for the plot, or 650,000 baht per square wah. This suggestion is baseless,” it said. “No landowners in Thong Lor would sell at this price.”

Mr Srettha also said his three-decade-long management of Sansiri had been recognised for good corporate governance, and he welcomed any investigation based on facts and good intentions.

On Tuesday, Mr Chuvit claimed the name of a housekeeper had been used as a previous buyer of the land plot.

The 38-year-old woman, identified only as Pinit, said she did not know of any land deal. She said she had worked in Bangkok about five years ago and was stunned upon learning her name had been linked to the alleged land transaction.

She denied she had worked as a housekeeper and said she had informed police in her native province, Maha Sarakham, of her innocence.

Sansiri said its land purchasing procedures conformed to legal requirements. “Every step is transparent and accountable,” it said.

The company also said its subsidiary, Arnawat Co Ltd, was not an existing creditor of N&N Asset. It attached a copy of the land mortgage contract that it filed with the Department of Lands.

Mr Srettha is already suing Mr Chuvit for 500 million baht for defamation over earlier comments about a land purchase by Sansiri on Sarasin Road in Bangkok.

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