South Korea welcomes birth of first giant panda twins
SEOUL: A South Korean zoo has announced the birth of two giant panda twins – the first to be born in the country – triggering an outpouring of excitement online. The female twins were born at the Everland theme park near the capital Seoul last Friday (Jul 7), the zooContinue Reading
Man gets jail for conspiring to pocket over 25,000 defective iPhones from repair company
SINGAPORE: A man who conspired with his ex-colleague to pocket more than 25,000 iPhones from a repair company was sentenced to nine years’ jail on Wednesday (Jul 12). Their actions cost the repair company about US$5 million. Lim Jen Hee, 51, was convicted of two charges of conspiring with logisticsContinue Reading
Kuno: Seventh cheetah dies in India since reintroduction
Another cheetah has died at a national park in India’s Madhya Pradesh state, taking the number of big cat deaths to seven.
A senior official at the Kuno National Park said the cheetah died due to suspected infighting.
The male cheetah – named Tejas – was found with injuries by officials.
Cheetahs were declared extinct in India in 1952, but they were reintroduced last year as part of an ambitious plan to repopulate the species.
Eight cheetahs were translocated from Namibia to country in September 2022 while 12 were brought in from South Africa in February 2023.
Of these, three cheetahs have died in the past two months. Three cubs, who were born to a Namibian cheetah at Kuno in March, died in May.
The cubs were found to be weak, underweight and extremely dehydrated, park authorities said at the time. The adult cheetahs died due to various, including kidney failure and mating injuries.
The reintroduction of cheetahs to the country was launched by Prime Minister Narendra Modi amid much fanfare. Wildlife experts had welcomed the move but some also warned of potential risks to the cats from other predators and not having enough prey.
The Supreme Court in May had expressed concerns over the animal deaths and asked the federal government to consider shifting the cats to an alternate location.
Cheetahs have great symbolic value in India as they are part of many folktales. But it is also the only large mammal to become extinct since independence in 1947 because of hunting, shrinking habitats and lack of prey.
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Tottenham Hotspur to play Lion City Sailors on Jul 26 instead of Roma
SINGAPORE: English Premier League side Tottenham Hotspur will face off against Singapore Premier League club Lion City Sailors on Jul 26 at the National Stadium.
The Sailors will replace Serie A club AS Roma, who had initially been slated to face Spurs.
“The change in schedule is because the Korean leg of AS Roma’s tour is not proceeding as planned and the club has therefore had to reschedule its pre-season plan,” said promoter TEG Sport on Wednesday (Jul 12).
“We are thrilled that (Lion City Sailors) will also be part of the action on the pitch,” said TEG Sport CEO Geoff Jones.
The promoter said that ticket holders with seats in the Roma section for the match on Jul 26 will be automatically refunded.
Other existing match tickets remain valid, but match ticket holders can request a refund by 12pm on Jul 21.
China banks under pressure as local debt crisis mounts
Large Chinese banks are under pressure from Beijing to sacrifice their margins and extend new loans to cash-tight local government financing vehicles (LGFVs).
Bloomberg reported that state banks have in recent months been offering LGFVs loans with a maturity period of 25 years, instead of the normal 10 years. Some of the loans came with waivers on any interest or principal payments for the first four years, though the interest will be accrued for later payment, unnamed sources were quoted as saying in the report.
Since the Bloomberg report appeared on July 4, the Industrial and Commercial Bank of China (ICBC) and the Agricultural Bank of China’s shares have fallen by 15.1% and 15.6% respectively. The Bank of China’s stocks have lost 12.7% while the China Construction Bank has declined 14% over the same period.
Some analysts surmised that the central government is dumping local debt problems on the big banks by making them lend more to developers and expand their loan books generally.
The People’s Bank of China (PBoC) said on July 11 that local financial institutions extended 3.05 trillion yuan (US$423 billion) worth of new loans in June, compared with 2.8 trillion yuan a year ago in the same month. The figure is above economists’ forecasts of 2.3 trillion yuan.
The Shanghai Securities News said on July 11 that China is expected to accelerate its policy roll-out in order to promote the “stable and healthy” development of the beleaguered real estate market.
Wang Qing, chief macro analyst at Golden Credit Rating, said policymakers may take further measures such as relaxing property purchase and mortgage rules as well as cutting mortgage rates to achieve a “soft landing” for the property market.
Goldman Sachs in the crosshairs
The recent downward pressure on Chinese bank shares was fuelled partly by a Goldman Sachs report published on July 5 that downgraded five Chinese lenders to “sell” ratings based on various downcast assumptions.
After being criticized by Chinese media, Goldman Sachs said on July 6 that its research report is not bearish as it had also rated four Chinese banks as “buy” and three others as “neutral.”
“Goldman Sachs’s report has made some investors worry about China Merchant Bank (CMB)’s asset quality,” a CMB spokesperson told the Shanghai Securities journal on July 10. “The report used data from the 2022 annual report, without any new numbers,” the spokesperson claimed.
The spokesperson also said the report was misleading as it has made errors in its calculations of CMB’s and LGFVs’ data.
He said CMB’s on-balance sheet local debt amounted to 132.56 billion yuan, or about 2.32% of the bank’s total loans, at the end of 2022. He added that the size of the bank’s LGFV loans is small and far below Goldman Sachs’s estimation of one trillion yuan. He asserted the bank’s overall risk exposure to local debt is manageable.
Other state banks have not yet commented on the Goldman Sachs report.
The Shenzhen-based Securities Times on July 7 published an article with the title “It’s undesirable to misunderstand the fundamentals of Chinese banks.” It said the Goldman Sachs report is misleading as it used “pessimistic” assumptions to recommend selling Chinese lenders’ shares.
It noted that the PBoC launched 16 measures in November to ensure stable and healthy growth of property markets. It said due to the lagged effect of these measures, banks may still record more non-performing loans (NPLs) this year but their risk associated with LGFV loans is declining not rising.
On Monday, the PBoC extended the implementation period of the 16 measures from this month to the end of 2024, aiming to help property developers and homebuyers borrow money more easily.
No bailout?
There are two kinds of local debt in hina. Local governments are given an annual quota by the Ministry of Finance to issue bonds, which they rely on taxes, fees and land sales to pay. These bonds are welcomed by state banks as they are collateralized with high-quality assets and backed by the central government.
China’s outstanding local government bonds rose from 30.47 trillion yuan at the end of 2021 to 35.06 trillion yuan at the end of last year. The 2022 figure included 14.39 trillion yuan of bonds for “general purposes” and 20.67 trillion yuan for “special projects.”
Local bonds for general purposes have 8.5-year maturities on average while those for special projects have a 10-year-maturities. The two categories together had an average coupon rate of 3.39% at the end of last year.
Another kind of local debt are LGFV loans. Most local governments set up LGFVs to finance their infrastructure and city renewal projects. They rely mainly on land sales revenue to repay their LGFV loans.
Most of these LGFV loans, which often lack transparency, are off-balance-sheet items for their lenders. Chinese media estimated that all outstanding LGFV loans in China amounted to 65 trillion yuan at the end of last year, up from 56 trillion yuan at the end of 2021.
On January 8, Chinese Finance Minister Liu Kun was quoted as saying by the National Business Daily that the central government will not bail out heavily-indebted local governments as it follows the principle of “all parents raise their own children.” Liu also said, however, the central government plans to launch a system for LGFVs to default.
In the intervening months, Guizhou, Guangxi and Yunnan provincial governments have said they cannot resolve their local debt problems and may default if Beijing does not intervene.
Property crisis
Some economists said the current local debt crisis is a result of the property market collapse that began in July 2021.
Li Chao, chief economist at Zheshang Securities, said in an interview earlier this year that the ongoing property crisis is having a negative impact on local governments and LGFVs. He said the central government should avoid a situation where the property and local debt crises form a vicious cycle and create systemic risks to the banking system.
Last month, more economists and property experts called on the central government to stimulate home prices and resolve local debt problems.
An article published last month by a Henan-based columnist said that if local governments fail to generate enough revenue from land sales, they should sell their state-owned enterprises.
Read: China urged to boost home prices or face recession
Follow Jeff Pao on Twitter at @jeffpao3
NDP 2023: Singaporeans, PRs can apply for e-tickets to heartland celebrations from Jul 15
Tickets will be allocated on a first-come, first-served basis. Each ticket admits only one person, including infants carried by parents. Anyone below the age of 16 must be accompanied by a parent or guardian at all times and the accompanying adult must hold a valid ticket.
Successful applicants will receive their e-tickets within two to three working days via email. Applicants are advised to check their inboxes and spam or junk folders for an email sent from ndp2023 [at] klook.com.
Applicants are advised to avoid filling out any forms from unverified links and sources to prevent fraudulent attempts to obtain their personal information.
PHYSICAL TICKET COLLECTION
Physical tickets are limited in quantity and are for people who have difficulty applying for e-tickets.
Singaporeans and PRs may collect physical tickets from Jul 15 at noon, with the distribution also on a first-come, first-served basis.
The owner of the NRIC must be present to collect tickets and each NRIC holder is eligible to collect two or four physical tickets.
Physical tickets for each site can be collected at corresponding SAFRA clubs:
- ActiveSG Bedok Sport Centre tickets can be collected from SAFRA Punggol and SAFRA Tampines.
- ActiveSG Jurong West Sport Centre tickets can be collected from SAFRA Jurong.
- ActiveSG Toa Payoh Sport Centre tickets can be collected from SAFRA Mount Faber and SAFRA Toa Payoh.
- ActiveSG Woodlands Sport Centre tickets can be collected at SAFRA Choa Chu Kang and SAFRA Yishun.
- Our Tampines Hub tickets can be collected from SAFRA Punggol and SAFRA Tampines.
Tickets – both online and physical – are strictly not for sale and action will be taken against those who engage in ticket scalping or fraud activities, said organisers. All ticket holders will be subjected to a bag inspection before entry to the festivals.
Embracing the US-Japan-South Korea trilateral
Japan and South Korea are strong US allies, and these three countries also share mutual interests in reinforcing the so-called “liberal and rules-based order” in the Indo-Pacific region as well as the international community.
The national security of Japan and South Korea has been drawn together through common threats and their security ties with the US. Recently, the three countries agreed to work toward establishing a mechanism for sharing real-time data on several missile launches by North Korea this year.
The trilateral mechanism among Japan, South Korea and the US improved in 2022, inspired by North Korea’s nuclear ambitions and the election of South Korean President Yoon Suk Yeol. Most noteworthy in recent times was the Phnom Penh statement in November 2022 on a Japan-US-Korea trilateral partnership for cooperating in the Indo-Pacific region.
However, historical hostility between Japan and South Korea has been a challenge to this trilateral cooperation. Both nations host a high number of US troops and both have also signed security partnerships with the US.
However, in March this year, President Yoon and Japanese Prime Minister Fumio Kishida held a meeting that was a big step toward rebuilding their security and economic ties, and the two nations sought to unite through mutual concerns over North Korea’s nuclear capabilities and China’s expansionist behavior.
It is clearly beneficial for both Japan and South Korea to cooperate with the US to be realistically prepared for uncertainties on the Korean Peninsula. These three nations aim to attenuate the North Korean threat and embrace the concept of hedging against China’s rise.
The North Korean threat has intensified over time as it fired a record number of missiles in 2022, and this has further propelled Japan-South Korea-US trilateral cooperation. Therefore, North Korean threats will perhaps keep trilateral cooperation in place. Moreover, South Korea’s aim of nuclear planning and Japan’s aim to possess long-range strike capabilities could be issues boosting trilateral cooperation.
Regarding growing Chinese assertiveness, Japan aims to oppose China’s attempts to alter the status quo, while South Korea has adopted a relatively appeasing approach aimed at maintaining its economic relationship with China.
Tokyo and Seoul also differ in their stances on the Taiwan issue. Japan has been in support of Taiwan’s security, while South Korea has avoided direct commitments to establishing stability in the Taiwan Strait.
For its part, the US has been working toward increasing its military as well as political support for Taipei through elevated defense cooperation and regular official visits by politicians.
The United States is keen on continuing to work deeply with Japan and South Korea to ensure peace and stability in the Indo-Pacific region. Recently, President Yoon visited the United States, where he and US President Joe Biden reached an agreement that would allow an increased level of deployment of US assets around the Korean Peninsula.
Furthermore, Biden has also invited Kishida and Yoon for a formal trilateral meeting to discuss issues and challenges in depth.
North Korea’s nuclear ambitions
North Korea’s media criticized plans of South Korea, Japan and the US to share real-time data on its missile launches, calling the move a way of strengthening military cooperation among these three countries.
The defense chiefs of the US and Japan emphasized the need for trilateral cooperation with South Korea after a North Korean rocket carrying a spy satellite failed, which led to an emergency alert for Japan’s Okinawa prefecture.
Pyongyang’s nuclear tests and missile launches threaten the stability in the region and also violate international law.
North Korea’s nuclear arsenal has been building up, which also includes the development of missiles capable of delivering atomic bombs anywhere in the US. This has further concerned Japan regarding America’s nuclear umbrella. However, the US has reaffirmed its commitment to Japan time and again and also works toward extending deterrence through the US nuclear capabilities.
Furthermore, trilateral defense cooperation has grown deeper in recent times after the rapprochement between South Korea and Japan. Their cooperation involves trilateral military drills for practicing the tracking of North Korea’s missile launches and information-sharing exercises.
Japan’s Defense Ministry has also warned that it will destroy North Korean missiles they it enter its territory. Moreover, the ministry has been taking concrete precautions that involve deploying Patriot missile defense batteries.
Trilateral in the Indo-Pacific
As far as the Indo-Pacific region is concerned, the US, South Korea and Japan have mutual interests in bolstering the “rules-based order.” These three nations must contribute to embracing economic connectivity in the region.
For instance, the US and South Korea should consider joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Japan, the US and South Korea must enhance their security cooperation to tackle North Korea’s nuclear threats through intelligence sharing as well as military and security consultation.
A free and open Indo-Pacific is vital for all three nations to maintain prosperity, democracy and security and to counter China’s rise and influence. It has become essential to create a structure for peace and stability for safeguarding democracies in Northeast Asia.
To ensure a coordinated response to challenges faced in light of North Korea’s nuclear ambitions, the US, South Korea and Japan need to work on improving their interoperability for conducting joint operations.
In South Korea’s recent National Security Strategy, emphasis is laid greatly on cooperation with Japan and the US and further pursuing value-based diplomacy that involves freedom, rule of law and democracy.
The strategy has also focused on the increased need for strengthened trilateral cooperation, and for this mechanism to flourish in coming years, there is a need to transform and improve Korea-Japan ties.
The three countries possess potent economic, military and political power but need to do more to counter threats from China and North Korea.
Malaysia seeks proposals to revive KL-Singapore HSR project
KUALA LUMPUR: Malaysia is seeking proposals from local and international firms on the revival of the high-speed rail (HSR) project between Kuala Lumpur and Singapore which had been called off more than two years ago. In a statement on Tuesday (Jul 11), MyHSR Corp said that following positive response toContinue Reading
How Palestine drives Israelâs lucrative weapons industry
As with any Israeli operation in the West Bank, there are several ways to understand the recent events in Jenin.
Israel’s explanation for its assault on the refugee camp – which killed 12 Palestinians, injured 140, and forced thousands to flee – was to curb the rise of Palestinian resistance in the northern West Bank. A recent spike in Palestinian attacks on the Israeli military and civilians has dominated the news.
However, Israel’s explanation never acknowledges the constant aggression that comes with a full-blown military occupation. The maintenance and expansion of Israel’s occupation is a primary motivation for its recent actions in Jenin.
It’s also vital to view the recent Jenin operation from the political standpoint of Israel’s hard-right government. The spike in violence between Israelis and Palestinians – the Israeli military has killed 114 Palestinians this year, and Palestinians have killed 16 Israelis – has given Israel’s extremist politicians a platform to incite hatred and encourage deepening the country’s footprint in Palestinian areas.
National Security Minister Itamar Ben-Gvir, who has been convicted of incitement to racism, responded to one recent attack on Israeli settlers with calls for “a military operation to demolish buildings, eliminate terrorists, not one or two, but tens and hundreds, and if necessary even thousands.”
Other politicians have called for increased Israeli settlement creation in response to the wave of violence sweeping the territory. There are open discussions in Israel and Palestine that large-scale Palestinian expulsions from the West Bank could be in the cards in the not-too-distant future.
Palestinians see the Jenin operation as a serious attempt to destabilize Palestinian life. Institutions such as the Palestinian Authority have proved completely unable to stand up for Palestinian rights and dignity in the face of continuous Israeli assaults and land grabs. At this point, the two-state solution as envisaged in the Oslo Accords is a faint memory, let alone a viable plan for the future.
While the spike in violence between the two sides is undeniable, it’s a symptom of a deeper issue. The occupation of Palestine is the most funded and resourced state project in Israel’s history.
On the surface, the occupation has been sold as a temporary defensive measure necessary for Israel’s survival. However, it satisfies many other needs.
Given the biblical connection to the West Bank, the occupation provides a religious veneer to the project of secular Zionism. Control over holy cities with deep meaning in Jewish religious history rallies Jews worldwide to support Israel and its government.
Technology laboratory
More important, Israel’s military control over an entire population has facilitated the creation of a lucrative weapons industry.
In his new book The Palestine Laboratory: How Israel Exports the Technology of Occupation Around the World, Australian journalist Antony Loewenstein has documented the intricate connection between the occupation of Palestine and the development of the modern weapons industry.
Controlling millions of people requires more than a strong military. Israel has dominated virtually all aspects of Palestinian life with remarkable efficiency through a matrix of checkpoints, physical barriers, and advanced surveillance technologies.
The systems Israel has designed, developed and tested have become lucrative goods for export to some of the world’s most repressive regimes.
While many have heard about Israel’s NSO group and its phone-hacking technology, fewer know how deep Israel’s history of exporting weapons technologies goes. From Augusto Pinochet’s Chile to apartheid South Africa, Israel has used the knowledge and systems it procures in its control over Palestinians to establish lucrative trade and political ties around the world.
Israel’s drone program, which has brought billions of dollars into the country, is one of the best in the world. Loewenstein notes it has become so good because the Israeli military has a captured population in the West Bank and Gaza that it can fly drones over and test various technologies. Tested weapons and surveillance technology are generally considered the best, and Israel can test its wares 24 hours a day on a captive Palestinian population.
If the occupation were to end tomorrow and a two-state solution took hold over the land between the Jordan River and the Mediterranean Sea, Israel would lose its technology laboratory. The Israeli weapons industry, just like apartheid South Africa’s weapons industry, would wither into a shadow of its former self.
Since many of Israel’s vaunted technology entrepreneurs started in elite military units, the country’s mainstream technology sector would also take a hit. Where would they test their crafts and new ideas?
From this perspective, Israel has a significant economic interest in entrenching its occupation of Palestine. Thus political posturing is a distraction drumbeat to keep the population invested in this resource-intense state project.
The recent Jenin operation looks different when considering Palestine as a weapons laboratory.
While the cycle of violence might be spiking, the Israeli army decided to test out new tools and strategies in Jenin last week. What they learned from the operation will go into new surveillance and control technologies that will eventually find their way around the world.
If you want to find a reason for the assault on Jenin or the continuation of Israel’s occupation, follow the weapons technology.
This article was provided by Syndication Bureau, which holds copyright.
India shoots for the moon with latest rocket launch
BENGALURU: India on Friday (Jul 14) will launch its latest attempt at an unmanned moon landing, the next frontier of a burgeoning, cut-price aerospace programme rapidly closing in on the milestones set by global superpowers. If successful, the mission would make the world’s most populous nation only the fourth countryContinue Reading