Five killed in ‘migrant truck’ accident
PUBLISHED : 21 Jul 2023 at 04:00
Tak: Five people, four of them suspected to be illegal job seekers from Myanmar, were killed, and a dozen others were injured when a pickup truck they were travelling in was hit by a six-wheeled delivery truck in Muang district early yesterday morning.
Rescuers rushed to the Thang Luang Tak intersection on Phahon Yothin Road after the crash occurred at about 4am and retrieved the bodies of four Myanmar men and the pickup truck driver.
Twelve other Myanmar nationals, including four women, were injured. They were rushed to a local hospital.
Police have not yet identified most of the dead and injured victims, but they are suspected to be illegal border crossers seeking work in Thailand.
According to police investigators, they travelled in a Kamphaeng Phet-registered pickup truck heading to Chon Buri.
Jaturong Ploypradab, 26, driver of the six-wheeler, told police he was hired to transport steel storage units from Phitsanulok to Tak.
He said that he did not see the traffic light when he was reaching the intersection and rammed the pickup while it was making a turn ahead.
SSF reform ‘a must to avert collapse’
PUBLISHED : 21 Jul 2023 at 04:00
The Social Security Fund (SSF) needs a revamp to function effectively and stay afloat, as MPs and academics fear it might go under in 30 years if nothing is done to improve its financial standing.
The SSF’s operation took centre stage during a House debate yesterday, with Khattiya Sawasdipol, a Pheu Thai list MP, saying the 750-baht monthly contribution from private workers to the SSF was too small.
It needs larger contributions to grow into a secure source of income for pensioners, she said, adding SSF subscribers will be happy to contribute more if they could be assured that the fund is managed in a transparent manner.
According to Ms Khattiya, the fund manager hired to invest SSF funds in stocks and bonds said that the return on investment between 2019 to 2021 averaged 1.6%, which is below market standards.
The MP asked if the SSF will revise its investments to improve profitability, noting the SSF was 28 billion baht in the red in 2021.
Chutima Kotchapan, a list MP from the Move Forward Party (MFP), said some employers have not submitted their mandatory contribution to the SSF.
Worawan Charnduaywit, a social security programme adviser at the Thailand Development Research Institute (TDRI), said the SSF risks suffering a financial collapse in the next 30 years.
He said the fund will be paying pensions to more and more people due to the ageing population while the workforce continues to shrink each year.
SSF investments are also not turning in much profit, as a large portion of the fund is invested in low-risk ventures and assets with low returns, he said.
Meanwhile, Social Security Office secretary-general Boonsong Thapchaiyut said the SSF has continued to grow except between 2020-2022 when the Covid-19 pandemic caused financial hardship that forced workers to contribute less to it.
However, he said that by 2027, the fund will have more than three trillion baht in its reserve. He assured a plan is being worked out to increase members’ contributions.
“The SSF is constantly looking for ways to improve its investment portfolios,” he said, insisting the fund was stable and secure.
Mr Boonsong also gave his assurance that the fund was being managed professionally and with transparency.
No politicians can manipulate or abuse the SSF, he added.
Mechanisms to ensure neutrality amid conflict
PUBLISHED : 21 Jul 2023 at 04:00
Asean has decided to use its homegrown mechanisms to ensure regional peace while remaining neutral amid global conflicts.
Usana Berananda, Director-General of the Asean Affairs Department, on Thursday said that Asean officials met during the 56th Association of Southeast Asian Nations Ministerial Meeting and Post Ministerial Conference from July 11 to 14 in Jakarta, Indonesia.
There, Asean determined it will use its Asean Outlook on the Indo-Pacific (AOIP) and the Treaty of Southeast Asia Nuclear-Weapon-Free Zone (SEANWFZ) to remain neutral, she said.
She said the AOIP was tabled during the meeting so members could use it to build cooperation with partners to reduce confrontations in the region.
The AOIP is an affirmation of Asean’s role in maintaining peace, security, stability and prosperity in the Indo-Pacific region. It aims to push open and inclusive dialogue on maritime, economic and connectivity issues.
Ms Usana said that currently, many Asean countries have their own Indo-Pacific strategy, which could be confrontational. Using the AOIP would ensure cooperation is inclusive without marginalising countries that may not have their own strategy, she noted.
The cooperation is also based on mutual prosperity in the region, she said. “We hope that our AOIP will be the heart that builds trust and cooperation while reducing confrontation and competition in the region.”
On the issue of nuclear weapons, she said there is growing concern over their potential use amid the current geopolitical climate. The SEANWFZ treaty was tabled during the meeting to serve as a framework on how the region can be free of nuclear weapons, she said.
She said there were attempts by Asean members to invite nuclear-capable countries to sign a protocol attached to the treaty as a way to deter the use of nuclear arms in the region.
“Some countries, like China, have shown their readiness to sign the protocol attached at the end of this treaty,” Ms Usana said. “Members have been talking about the details of the signing process. The experts are consulting [for] more details.”
She said Indonesia, as current chair of Asean, has shown interest in escalating the process during its tenure.
“If China signs, it will be good motivation for other countries with nuclear weapons to sign as well,” she said. “It will help build confidence that these countries will not use nuclear weapons in the region, which will help create more regional stability.”
Goldâs divergence from Treasury Inflation-Protected Securities at a record
Gold and TIPS have a similar portfolio function, to hedge against unexpected inflation or dollar depreciation. The trouble is that buying inflation insurance from the US federal government is like buying shipwreck insurance from the purser of the Titanic. After the massive expansion of US government debt during the COVID epidemic, TIPS and gold diverged. The divergence reached an all-time record July 20 (gold is $778 higher than the TIPS yield would predict). The price of disaster insurance against the US dollar keeps rising.
Malawi racist videos: Chinese man convicted after BBC expose
A Malawian court has convicted a Chinese national on multiple charges including trafficking and procuring children to take part in entertainment.
Lu Ke, also known as Susu, has been handed a 12-month prison sentence, which he has already served in police custody.
He has been ordered to leave the country within seven days and is barred from ever returning.
He was arrested last year following a BBC Africa Eye investigative report.
The report showed him filming Malawian children making personalised greeting videos, some of which included racist content.
The videos were being bought for up to $70 (£55) on Chinese social media and internet platforms.
When news of his offensive videos broke, he fled to neighbouring Zambia as Malawian authorities issued a warrant of arrest against him.
He was arrested and convicted of entering the country illegally and was then extradited to Malawi.
He was denied bail and has been in police custody until his sentencing on Thursday.
He faced 14 charges against him, including procurement of children for use of entertainment, child trafficking, illegal use of the internet and harmful social practices.
Lu Ke denied making derogatory videos.
In his defence, the court was told he had already paid 16m Malawian kwacha ($16,000; £12,500) to the government to compensate his victims and for social responsibility activities in the community.
He said he had made his videos in order to spread Chinese culture to the local community.
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India bans rice shipments to curb price rises
Getty ImagesIndia has outlawed the export of non-basmati white rice in an attempt to ward off looming domestic price spikes.
Heavy rains have hurt crops in the country and rice prices have risen by more than 11% over the last 12 months.
Non-basmati white grain currently accounts for about a quarter of India’s rice exports, the Ministry of Consumer Affairs said as it announced the policy change.
Experts warned the move could push up global food prices.
Food supplies are already under pressure, after Russia’s withdrawal this week from a deal guaranteeing safe passage of Ukraine grain, including wheat.
India is the world’s biggest exporter of rice, accounting for more than 40% of global shipments. Non-basmati rice is mainly exported to countries in Asia and Africa.
Last year, the Indian government imposed a 20% export tax to try to discourage foreign sales. It has also limited wheat and sugar shipments.
But exporting abroad can be more lucrative for Indian farmers.
The government said that farmers would still be able to export other kinds of rice, including long-grain basmati, ensuring they “get the benefit of remunerative prices in the international market”.
The state will also consider requests to allow shipments to other countries based on food security needs, the Directorate General of Foreign Trade said.
The invasion of Ukraine last year caused global food prices to surge.
While those pressures have since eased at a global level, in India, bad weather has damaged crops, prompting the cost of many items – including tomatoes and onions – to rise sharply.
Vegetable prices jumped 12% from May to June, contributing to the rising cost of living. Inflation rose 4.8% last month, which was higher than expected as a result of the climbing food costs.
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Indonesia arrests 12 for human trafficking in illegal organ trade
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Ukraine may be running out of people
A former top US military intelligence officer writes in a limited-circulation report: “We don’t know what the real numbers are on either side; casualties don’t really count, remaining soldiers count. This is, I think, the real source of worry for Ukraine. The Ukrainian economics minister noted that Ukraine is short 6 million working age adults. Estimates of the current actual population are around 30 million – or less.
Just before the war started Ukraine had a plan to build an army of 400,000 with an additional 900,000 in reserves, based on a nominal population of 43 million. With a real population of 30 million – 6 million working age adults gone – those numbers become very difficult. Managing an army that constitutes several percentage points of the population is expensive and difficult. And Ukraine has already taken (my numbers) something on the order of 200,000 casualties (50,000 KIA and 150,000 WIA), maybe more.
Said differently, Ukraine may well be running out of people. If Russia has a 100,000 man – fresh – army ready to attack, this would be very difficult for Ukraine to blunt, and virtually impossible to maintain the already slowing offensive.”
Reviving private investment key to Chinaâs growth: economist Liu Yuanchun
The president of Shanghai University of Finance and Economics, Liu Yuanchun, told “The Observer” (guancha.cn) July 20 that reviving private investment is the key to China’s economic recovery.
Private investment in China is notably focused on three key sectors. Firstly, the real estate market experienced a 7.9% year-on-year decline in national real estate development investment during the first half of the year, directly impacting overall private investment. Secondly, private investment is highly concentrated in the tertiary industry, although the current growth rate stands at a modest 1.6%, as compared to a potential 7%-8% under normal circumstances. Despite the service industry’s gradual recovery, it has not yet reached the stage of expansion, with some segments still facing challenges. The third sector, the traditional manufacturing industry, continues to struggle, except for a few high-end manufacturing industries.
From a structural standpoint, it becomes evident why private investment growth rates have declined. Moreover, private entrepreneurs, as a whole, lack confidence in future investment returns. Notably, different companies have varying concerns—larger private enterprises fret over safety issues, while smaller and medium-sized ones worry about the possibility of diminishing investment returns, leading to insufficient internal motivation for further investments.In addition to these challenges, certain state-adopted structural policies exhibit bias towards state-owned and large enterprises, while funding, credit allocation, and preferential policies for small and medium-sized enterprises, which constitute a significant market share, may be insufficient.
Recently, Premier Li Qiang and central ministries and commissions, including the National Development and Reform Commission, the Ministry of Commerce, and the Ministry of Industry and Information Technology, have actively engaged private companies through business seminars and roundtables since July. The underlying message of these symposiums is two-fold. Firstly, they enable the central government to directly communicate policy orientations and strategic intentions, effectively bolstering the confidence of private enterprises in the present and future economic landscape. Secondly, the symposiums foster open communication regarding the implementation and efficacy of current support policies for private enterprises, allowing for a deeper understanding of the grassroots situation, paving the way for more effective policy strategies.
The significance of private enterprises in China’s economy is well-established, represented by the “five-six-seven-eight-nine” private economy. These enterprises contribute more than 50% of tax revenue, over 60% of GDP, more than 70% of technological innovation achievements, more than 80% of urban labor employment, and over 90% of the total number of enterprises. If private enterprises continue to face a downturn, even the prosperity of state-owned enterprises would struggle to uplift the overall economy. That underscores the importance of resolutely implementing the “two unwavering” principles, as advocated by the general secretary, and supporting the private economy to foster growth, resilience, and success.