Among Taiwan’s dwindling pool of friends, tiny Palau stands firm against Chinese pressure

By:
On:
In: Asia

While Mr. Whipps Jr acknowledged that the loss of money from Taiwanese visitors is important, he stressed that tourism” should not be weaponized.”

” If you do n’t beat your wife to love you, then it’s true partnership”, he said.

” Palau individuals understand how significant Taiwan is as a genuine mate who cares deeply about the development of our area and the development of our friendship.”

He claimed that Palau wants to be “friend to all and army to none,” including China.

” We’ve told China, we have no problems having diplomatic relations with you. But China said,’ You have to reject Taiwan’. And we said,’ That’s not an choice’. We will not reject our best friend”, said Mr Whipps Jr.

” It is important that countries value each other’s restrictions and lands. We want to make sure that we continue to support a rules-based purchase. Even though we’re small, we still should be respected as a country” .&nbsp, &nbsp,

Continue Reading

War cuts the heart out of humankind – Asia Times

By:
On:
In: Asia

In the house of my friends in Baghdad, Iraq, they share how each of them experienced the horrors of the improper war that the US imposed in their nation in 2003.

Both Yusuf and Anisa are users of the Iraqi Federation of Journalists, and they both have worked for Western media outlets since the battle. &nbsp,

When I first went to their house for supper in the well-placed Waziriyah town, I was struck by the fact that Anisa, whom I had known as a liberal man, wore a mask on her face. &nbsp,

Later in the evening, Anisa said to me,” I wear this scarf to cover the scar on my neck and throat, the scar caused by a US soldier’s panic when an IED [improvised explosive device ] went off beside his patrol.

In the earlier part of the time, Yusuf had guided me through New Baghdad City, where an Apache helicopter in 2007 claimed the lives of nearly 20 residents and injured two children. Saeed Chmagh and Namir Noor- Eldeen, two reporters who worked for Reuters, were among the dying. &nbsp,

” This is where they were killed”, Yusuf tells me as he points to the plaza. ” And this is where Saleh]Matasher Tomal ] parked his car to liberate Saeed, who had not yet died. And this is where the Apache shot at the minivan, grievously injuring Saleh’s children, Sajad and Duah” .&nbsp,

I was interested in this area because the whole affair was captured on film by the US defense and&nbsp, released&nbsp, by Assange as” Collateral Murder”. Julian Assange is currently imprisoned primarily because he was a member of the team responsible for creating this video ( he has the right to challenge his extradition to the United States in a UK court ). A tragic war murder was directly presented in the video.

No one in our community has been spared from the crime. We are a world that has been traumatized”, Anisa said to me in the night. ” Get my cousin for example. She lost her mother in a bomb, and her father is deaf as a result of yet another attack.

The tales fill my book. They are unlimited. Every culture that has experienced the kind of war faced by the Iraqis, and now by the Palestinians, is greatly scarred. It is hard to return from such crime.

My Poisoned Area

In Vietnam, I’m on a walk near the Ho Chi Minh Trail. My buddies who are showing me the area cite the areas that surround it and claim that this area has been poisoned by the United States dropping Agent Orange, making it impossible for them to produce food around for centuries. &nbsp,

The US&nbsp, dropped&nbsp, at least 74 million litres of compounds, typically Agent Orange, on Cambodia, Laos, and Vietnam, with the target for many years being this supply column that ran from the north to the south. At least five million Taiwanese people were killed when the spray of these chemicals struck their bodies and mutilated the property.

A Vietnamese journalist Tran To Nga published Ma terre empoisonnée (My Poisoned Area) in 2016 as a way to call attention to the atrocity that has continued to impact Vietnam over four decades after the US lost the war. 

In her reserve, Nga describes how as a columnist in 1966 she was sprayed by a US Air Force Fairchild C- 123 with a peculiar substance. She wiped it away and continued on through the forest, breathing in the drugs that had fallen from the sky. &nbsp,

Two years after the birth of her child, she passed away suddenly from Agent Orange’s effects on Nga. ” The people from that town over it”, my guides tell me, naming the town, “birth children with severe problems generation after generation”.

Gaza

In Gaza, these memories are brought up. The deceased and the death of the environment are frequently the subjects of conversation. But&nbsp, there are other enduring pieces of modern war that are &nbsp, hard to calculate. &nbsp,

There is the immense noise of conflict, the sound of assault and&nbsp, of&nbsp, cries, the noises that go deeply into the awareness of younger children and mark them for their whole lives. &nbsp,

There are kids in Gaza, for instance, who were born in 2006 and are now 18, who have seen wars at their beginning in 2006, therefore in 2008- 09, 2012, 2014, 2021, and then, 2023- 24. The gaps between these significant bombardments have been filled with smaller, as loud and deadly bombardments.

Then there is the dust. There are a variety of toxic materials used in contemporary construction. Indeed, in 1982, the World Health Organization&nbsp, recognized&nbsp, a phenomenon called” sick building syndrome”, which is when a person falls ill due to the toxic material used to construct modern buildings. &nbsp,

Imagine the toxic dust that flies around and lingers on a building as a 2, 000-pound MK84 bomb lands on it.

This is precisely what the children of Gaza are now breathing as the Israelis&nbsp, drop&nbsp, hundreds of these deadly bombs on residential neighborhoods. There&nbsp, is&nbsp, now over 37 million tons of&nbsp, debris&nbsp, in Gaza, large sections of it filled with toxic substances.

Every war zone remains dangerous years after ceasefires. Even a cessation of hostilities wo n’t put an end to the violence in this conflict with Gaza. &nbsp,

In early November 2023, Euro- Med Human Rights Monitor&nbsp, estimated&nbsp, that the Israelis had dropped 25, 000 tons of explosives on Gaza, which is the equivalent of two nuclear bombs ( although, as they pointed out, Hiroshima sits on 900 square meters of land, whereas Gaza’s total square meters are 360 ). &nbsp,

By the end of April 2024, Israel had&nbsp, dropped&nbsp, over 75, 000 tons of bombs on Gaza, which would be the equivalent of six nuclear bombs. The United Nations&nbsp, estimates&nbsp, that it would take 14 years to clear the unexploded ordnance in Gaza. That means until 2038 people will be dying due to this Israeli bombardment.

A small Palestinian flag hangs on the mantle of the small living room in the apartment of Anisa and Yusuf. A small piece of shrapnel that struck and destroyed Yusuf’s left eye is next to it. Nothing else is present on the mantle.

Vijay Prashad is an Indian historian, editor, and journalist. He is a writing fellow and chief correspondent at Globetrotter, editor of&nbsp, LeftWord Books &nbsp, and&nbsp, the director of&nbsp, Tricontinental: Institute for Social Research. &nbsp, This article was produced by&nbsp, Globetrotter&nbsp, and is republished with permission. &nbsp,

Continue Reading

More ministries, more problems? Indonesia’s Prabowo faces business, corruption risks if cabinet is expanded

By:
On:
In: Asia

STIRRING Conflicts

People of the Advanced Indonesia Coalition, who supported Mr. Prabowo’s vote charge, have been discussing the idea of adding more ministers to the approaching government’s case since next month.

” There is a need ( for more ministers )”, Mr Budiman Sujatmiko, the coalition’s advisor told Tribun news portal on May 7. Jokowi wants his strategic plans to be put into practice right away, such as free lunch, cheap schools, and public housing in rural and urban areas.

Prior to the Feb. 14 presidential election, Mr. Prabowo’s global campaigning focused on the free breakfast initiative. Mr. Prabowo received 59 percent of the votes, and the Indonesian General Elections Commission has publicly declared him the win.

” In terms of the number ( of ministers ), the president elect, Mr Prabowo will consult legal experts about it. Can we spin off ( several ministries )? Can we replace ( several ministries ) in the form of agencies? Will there be a government for food and nutrition? We may see”, said Mr Budiman.

Experts see the move as nothing more than bacon chamber politics, the use of federal funds for local tasks, designed to accommodate his coalition partners, despite the coalition’s claim that the prospective larger management is meant to speed Mr. Prabowo’s important election promises.

” With a huge- small cabinet, Prabowo can provide many interests, including those which are now in the opposition camp”, said Mr Burhanuddin Muhtadi, a visiting fellow at the ISEAS- Yusof Ishak Institute.

At the February election, Mr Prabowo was supported by a coalition of nine political parties, four of which managed to secure seats in the national parliament: Golkar, the Great Indonesia Movement Party ( Gerindra ), National Mandate Party ( PAN ) and the Democratic Party.

The National Democratic Party ( Nasdem ) and the National Awakening Party ( PKB), which originally supported Mr Prabowo’s rival, Mr Anies Baswedan at the polls, have both expressed their interests in joining Prabowo’s coalition of parties. Both events have also secured tickets in the 2024 congress. &nbsp,

The team of Mr. Prabowo is still negotiating with the two other parties with enough votes to secure seats in the upcoming parliament: the Prosperous Justice Party ( PKS) and the Indonesian Democratic Party of Struggle ( PDI-P).

Parties may obtain 4 % of the total number of national vote in order to be eligible for a chair in the national parliament. &nbsp,

Prabowo also needs to consider volunteer organizations and individuals who were instrumental in his campaign, such as the Prabowo-Gibran Digital Team ( PRIDE ), and Projo, the former volunteer group of outgoing president Joko Widodo, said Mr. Burhanuddin, adding that Prabowo also needs to think about the Prabowo-Gibran Digital Team ( PRIDE ), which is the former volunteer group of outgoing president Joko Widodo. &nbsp,

” Now that Prabowo won ( the election ) everybody will want a slice of the pie”, Mr Burhanuddin added.

BIGGER SCOPE FOR CORRUPTION UNDER MORE MINISTRIES: ANALYSTS&nbsp,

Thus far, only the PDI- P has expressed its refusal of the probable case growth. There may be little opposition to passing this law revision because the party just controls 19 % of the latest parliament.

But, past arranging minister for politicians, rules and safety, Mahfud MD opposed the idea of adding more departments.

At a conversation held at the Indonesian Islamic University in Yogyakarta on May 8th, the law doctor said,” The bigger the number of departments, the bigger the source of corruption.”

Continue Reading

Asia starting to feel like 1997-98 all over again – Asia Times

By:
On:
In: Asia

TOKYO – Last month, previous US Treasury Secretary Lawrence Summers drew smiles when he said the Federal Reserve’s following actions might be to strengthen, no comfortable, interest rates. Some relationship traders are now laughing.

The likelihood that Fed Chairman Jerome Powell’s staff will immediately start raising borrowing costs is still undetermined. However, almost universally accepted in Asia was the prediction that the US central banks had ease between five and seven days this month.

Given that US prices is stubbornly high, these bets are going wrong. It rose at a 3.4 % rate in April year on year. Though far below the 9.1 % peak in mid- 2022, inflation is still too far away from the Fed’s 2 % target for comfort.

David Solomon, the CEO of Goldman Sachs, stated this week that he doubts the Fed’s plans to cut interest costs in 2024. ” I still do n’t see the data that’s compelling to see we’re going to cut rates here”, he said at a Boston College event.

At the same time, Solomon noted, consistently high inflation is squeezing American homes. He cited recent revenue shortfalls at businesses like McDonald’s Corp. and AutoZone Inc. to support the claim that high costs are hurting usage.

According to Solomon,” If you’re talking to CEOs who are running businesses that actually deal with what I’ll visit the middle of the American market, those businesses have been starting to see change in consumer activities.” ” Inflation is not just minimum. It’s combined, and so everything is more pricey. You’re starting to see the customer, the average American, feel this”.

The Fed, though, wo n’t see these dynamics as a reason to slash borrowing costs significantly, at least not this year. As oil prices rise amid growing unrest in the Middle East, stagnation poses a serious hazard. The risk rises if the US Congress does n’t act boldly to increase productivity and competitiveness.

As JPMorgan Chase CEO Jamie Dimon tells the Wall Street Journal, America “looks more like the 1970s than we’ve seen previously. Things appeared quite red in 1972. They were no red in 1973”.

All this is quickly changing the math for Asiatic politicians.

Nomura Holdings economics write in a word that” we believe that the table to cut costs and the risk of a prolonged easing period have increased in Asia.” Eastern central banks will want to sustain some relative interest-rate difference in the wake of the repeal of the Fed price cuts and the strengthening US dollar landscape, because otherwise they run the risk of weaker currencies and higher imported inflation.

Nobel prize Paul Krugman is as perplexed as someone to predict the future of US provides. ” On interest charges, I am&nbsp, avidly confused”, Krugman tells Bloomberg. Someone who claims to know for certain what the answer to that is deceiving themselves.

The same holds true for the dollar’s path, which Asia predicted would decline in 2024. As Powell extends the “higher for more” time for provides, money continues to move toward the US. This dynamic is robing Asian&nbsp economies of the money needed to support friendship and share markets.

Jerome Powell, the head of the US Federal Reserve. Photo: Asia Times Files / AFP / Al Drago

As owners “focus on the equivalent level of interest costs,” HSBC experts write,” Lower-yielding Asian economies are bearing the brunt of the repricing of]US financial plan.”

Last month, Indonesia’s central bank announced a surprise 25 schedule- place rate hike to help a sliding rupiah, raising the standard rate to 6.25 %.

According to Bank Indonesia Governor Perry Warjiyo,” This interest rate increase is meant to protect the stability of the rupee from the effects of worsening global risks.”

Meanwhile, the Malaysian ringgit recently hit&nbsp, 26- years lows, returning to levels not seen since Asia’s 1997- 98 financial crisis. Policymakers in Manila and Bangkok are considering how to lower rates, fearing that the Philippine peso and Thai baht could fall, increasing the risk of capital flight.

Bank of Korea Governor Rhee Chang-yong in Seoul, another country that has been severely affected by the previous Asian financial crisis, warns against excessive won moves and is prepared to “deploy stabilizing measures.”

As more and more traders accept the notion that the Fed is maintaining interest rates steady, the US dollar may continue to rise.

” Policy divergence would likely keep the dollar stronger for longer,” says Kamakshya Trivedi, a strategist at Goldman Sachs, if the Fed continues to hold steady but more jurisdictions choose to go with domestic easing than to wait on the US central bank.

Trivedi notes that central banks in the UK, the Euro area, and Canada are likely to reduce rates starting in May. Christine Lagarde, president of the European Central Bank, signaled that a cut is likely as consumer-price pressures subside.

That’s likely to extend gains in the dollar, which has risen markedly in all of the 10 biggest industrialized nations. So far this year, it’s already up 11 % against the Japanese yen and 2 % against the euro.

Krugman is in great company as he considers the direction the Fed rates will take. Fed officials also appear to be everywhere when it comes to whether rate cuts might occur this year.

For instance, Fed Governor Christopher Waller claims that a rate cut could be made for the time being until the end of 2024 if US data softens over the next three to five months.

According to Waller,” the economy now seems to be progressing more slowly than the Committee anticipated.” I need to see several more months of reliable inflation data before I can confidently support an easing in the stance of monetary policy, even if the labor market is not significantly weakening.

Waller is optimistic that the trend toward 2 % inflation is back on track based on recent consumer price trends. The Fed, he adds, can “probably” rule out hiking rates. However, Waller acknowledges that some senior Fed officials are more willing to repress the economy if necessary.

Asia will undoubtedly stay on the edge as a result. Policymakers have watched Fed policy decisions closely to limit the extent of currency volatility, Trivedi notes, “where macro and potential policy divergence has been more obvious.”

Yet the Fed’s decision to hold rates higher than Asia initially anticipated on January 1 is a significant blow to a region that is at the forefront of Fed policy decisions far and away.

Case in point: People’s Bank of China Governor Pan Gongsheng, who’s been hinting at rate cuts in recent months. Despite a deepening property crisis, despite a gross domestic product increase of 5.3 % in the first three months of 2024, household confidence and retail sales are still weak.

However, Beijing’s economic conditions may influence the PBOC’s ability to cut rates more than what Fed officials do in Washington. An extension of the “higher for longer” yield era will make it harder to cut rates without the dollar losing significantly as Pan’s team appears to understand better than some peers.

The PBOC is reluctant to let the yuan weaken significantly, which is why there are many reasons.

China does n’t want the yuan to significantly depreciate. Image: Twitter

One, it might increase the risk of default for property development companies as a result of it making it harder for property development companies to keep up with offshore bond payments. To increase global confidence in the yuan, it could waste progress made under Chinese leader Xi Jinping’s watch. Three, it could make China an even bigger US election flashpoint in the lead- up to November 5 elections, if that’s possible.

In the interim, Xi is intensifying state-led efforts to increase the number of unsold homes in order to stabilize the property sector.

” The new property measures are unlikely to deal with&nbsp, the full overhang of unsold homes given the PBOC’s&nbsp, new facility’s initial size”, says economist Mansoor Mohi- uddin at Bank of Singapore. ” But the aid is likely to be&nbsp, scaled up if it proves successful”.

According to analysts at UBS Global Wealth Management,” securing adequate funding remains a crucial question, and it is unclear if this will be sufficient to restore consumer confidence and entice buyers back into the market.”

The PBOC may be under pressure to add massive waves of fresh liquidity as Xi’s government fine-tunes its property rescue plan. However, governments like China are also obligated to make more aggressive efforts to rewire growth engines.

The Asia region is still too focused on exports and the dollar for comfort. Even though formal currency pegs are no longer applicable, export-dependent Asia still relies on the dollar’s exchange rate. Here, foreign exchange trends from Seoul to Jakarta smack of déjà vu for many global investors.

A top cause of Asia’s 1997- 98 crisis was a runaway dollar pulling in huge waves of capital from all directions. This dynamic is wreaking new havoc as the world’s largest economy defies recession forecasts year after year in 2024.

The Fed’s reluctance to ease, meanwhile, is increasing the gap in interest rate differentials, causing new strains on Asian central banks. It is making local debt markets more difficult to control thanks to emerging market monetary authorities.

Among the biggest wildcards: how a US national debt approaching$ 35 trillion collides with toxic electoral politics in Washington.

The extreme political polarization that is putting Washington’s credit rating in jeopardizes some of this risk. Last August, when Fitch Ratings yanked away America’s AAA credit score, it cited the polarization behind the January 6, 2021 insurrection among the reasons.

Similar to how President Joe Biden’s Democrats and Republicans who are Donald Trump’s supporters play games with the US debt ceiling. Such bickering might worry Asia less if not for the fact Washington’s debt is&nbsp, twice the size&nbsp, of China’s annual GDP and more than eight times Japan’s.

Another concern is Washington’s sharp mercantilist pivot since 2017. Then, President Trump imposed severe tariffs on global steel and aluminum as well as Chinese goods. When Biden arrived, he left Trump’s trade war in place— and added new layers of China- targeted curbs.

Now, as Trump threatens 60 % tariffs on all Chinese goods, Biden is trying to out- Trump” The Donald” with a 100 % tax on China- made electric&nbsp, vehicles. Xi’s government is threatening retaliation with this trade-tax arms race, which includes tariffs as high as 25 % on imported cars.

Might this tariff one- upmanship further dent faith in US Treasury securities, of which Beijing holds$ 768 billion? Or cause more harm to the US economy than China’s?

Both candidates for president want to impose higher tariffs on China’s goods. Image: X Screengrab

” These&nbsp, policies are more likely to hurt than help the lower- and middle- income Americans they purport to benefit”, says economist Kimberly Clausing at the Peterson Institute.

Adds Ryan Sweet, an economist at Oxford Economics:” Most economists view tariffs as a bad idea because they prevent a country from reaping the benefits of specialization, disrupt the movement of goods and services, and lead to a misallocation of resources. Tariffs are frequently implemented, and consumers and producers frequently pay higher prices.

That might result in a lower US demand for Asian goods. Asia also worries about a blunder committed by the Fed. The Fed’s misreading of the intense tensions in credit markets in 2007 only exacerbated the carnage, despite not being the catalyst for the Lehman Brothers crisis. It was too late for Fed rate cuts to contain the financial chaos by the time debt markets were soaring.

Many economists questioned whether more medium-sized lenders might be facing Silicon Valley Bank-like reckonings in recent months as the Fed slowed-walked rate cuts.

Similar concerns are growing about a more severe crisis in commercial real estate, which is a post-pandemic crisis. Joel Pruis, senior director at Cornerstone Advisors, calls it a “perfect storm” of high interest rates amid an “over- concentration” of lending in commercial office space.

Any resulting market chaos will put Asia’s open, trade- reliant economies in harm’s way. And in ways few in the region ever saw coming, never mind the Summers ‘ and Krugman’s of the world.

Follow William Pesek on X at @WilliamPesek

Continue Reading

At Plum Village, actor Jeremy Chan discovers Hakka pen cai, yong tau foo, radish balls and more

By:
On:
In: South-East Asia

At Plum Village, their fatty minced pork stuffing is given a” Nanyang” spin with a little fish paste for extra adhesiveness, fish sauce and tee poh ( dried flat fish ) powder for concentrated seafood flavour. A gentle and melty interior was protected by a business, crisp crust of the fried tofu. This variation of young beta fang was created by Hakkas who had immigrated to Southeast Asia’s coastal areas, and the creamy soup, spiked with oyster sauce, brought home the point.

Jeremy observed that each part of yogurt was strong enough to withstand the weight of its packing. ” Unexpectedly, the beef holds up. The flavor is pre-programmed. I did n’t know Hakka food can be so delicious”, he said.

There was a bit we both had n’t known. Case in point: Hakka carrot balloons. A meal that neither of us knew existed and that Chef Lai has been enjoying since he was a child, is distinct to his ancestral home in Meixian.

” This meal was passed down by my paternal mother. During Chinese New Year or colorful times, she would make this food. one of the food that is the most classic and rare. If you’re not from Meixian, you would n’t make it. In Singapore, it’s practically unheard of. But in Jakarta or Mauritius, it’s popular because there are many Meixian Hakkas it”, he disclosed.

Continue Reading

Of missed milestones and multiple gap years: A Singaporean sailor returns to the Olympics wiser and faster

By:
On:
In: South-East Asia

SINGAPORE: &nbsp, Life as a bottom swimmer is frequently traveling.

Ryan Lo has been up home for no more than two weeks at a time over the past few years. Along the way, the 27- year- aged soldier has missed out on significant milestones, taken many gap years and lived out of suitcases.

Goals, you see, require commitment.

” This year was my first Chinese New Year ( back home ) in four, five years”, he told CNA in an interview last week.

” Some nephews or nieces I had n’t seen in a while, and they are now almost as tall or taller than me,” I thought.

Then older, wiser and faster, &nbsp, the&nbsp, 27- yr- ancient is readying up for a minute Olympic Games plan. While Lo wants to fight for the awards, it is now about more than just that for Asia’s highest- ranked ILCA7 soldier.

” I’m trying to let my traveling bring pleasure to myself, but I also hope that my traveling can bring satisfaction to others as well,” Lo, who is 10th in the world positions, said.

CONFIDENTIAL AFTER LEADING

At the age of 7, Lo began sailing. By the time he was in Primary 4, he was already representing Singapore in overseas competitions&nbsp, in the Optimist class, where&nbsp, a smaller sailing dinghy is used by children.

His sister Man Yi, who won gold in the Laser Radial event at the 2005 SEA Games, and Lo’s half- brother Jun Hao, who took silver at the 2007 SEA Games, served as inspiration that Lo&nbsp, could one day compete at the top&nbsp, level.

As a 13- year- old, Lo clinched bronze for Singapore at the 2010 Asian Games. Eight years later, he claimed another Asiad bronze, this time in the laser event ( now ILCA7 ).

The Singaporean made his Olympics debut&nbsp, at the COVID- postponed Tokyo Games in 2021 where he finished 21st out of 35 sailors.

Continue Reading

“Golden Boy” draws crowds

By:
On:
In: South-East Asia

PUBLISHED: 23 May 2024 at 04: 59

'Golden Boy' draws crowds
The Standing Shiva aka Golden Boy ( photo: Nutthawat Wichieanbut )

On Wednesday, thousands of Thais and foreigners flocked to the National Museum in Bangkok to view the 900-year-old” Golden Boy” monument, which had lately been repatriated after being smuggled out of the country by famous artwork dealer Douglas Latchford in 1975.

A bronze statue of a standing woman from the Metropolitan Museum of Art in the United States was transported back to the country on Tuesday.

Believed to have been cast over 900 years before, the Golden Boy was in the Met’s hands from 1988 to 2023. Next December, the gallery agreed to return both figures to Thailand, as well as 14 objects to Cambodia.

After being able to establish the connection between the past and Latchford, who was in charge of running a significant network that snatched treasures from all over Southeast Asia in 2019, the former was finally released.

The Golden Boy was discovered in Ban Yang Pongsadao community in tambon Ta Chong in Buri Ram’s Lahan Sai area, according to Latchford’s ebooks Khmer Bronzes and Khmer Gold.

The Lop Buri Art Room’s second floors, located inside the Mahasurasinghanat Building, is where the two documents are located. The museum has already attracted a lot of attention.

A larger brass statue, which is thought to be that of King Surayavaraman I, was even taken from the Phimai National Museum to be displayed alongside the two new products, which is thought to be from the construction page of Prasat Sa Kamphaeng Yai in Sri Sa Ket and bears a significant resemblance to the Golden Boy.

The entrance fee for the exhibition is 30 baht for Thais and 200 rmb for foreign nationals. The museum is open daily from 9am to 4pm.

According to Radklao Inthawong Suwankiri, a deputy state spokeswoman, the cabinet approved the returning of 20 highly prized items to Cambodia in accordance with the memorandum of understanding between the two nations to strengthen diplomatic ties.

These were one of 43 illegally brought objects into the country in 2000.

In 2009 and 2015, a total of 23 documents were returned to Cambodia, while the remainder were subject to verification before receiving approval for a return there.

Continue Reading

Amit Shah vs Yogi: the battle for Modi’s legacy – Asia Times

By:
On:
In: Asia

Every conflict is rooted in insecurity. &nbsp,Berth brown

In every sphere of life, conflict is very popular. It has its pros and cons depending on the environment. Steve Jobs and Bill Gates ‘ aggressive conflict has contributed to the creation of excellent products. But in the political area, the conflict can get dirty shapes. Social rivalries can escalate into negative or destructive effects, especially when it has to do with succession plans.

Delhi Chief Minister Arvind Kejriwal alleged in a statement to his supporters that if the BJP regains control of Uttar Pradesh in 2024, Yogi Adityanath may remain marginalized and Amit Shah may take over as India’s prime minister. Kejriwal alleged that Prime Minister Narendra Modi may turn 75 next year and leave effective elections.

In his comment, Arvind Kejriwal immediately addressed the prime minister, stating,

While they inquire about our]opposition ] candidate for prime minister, I counter by questioning their own candidate. Modi did pass away on September 17th, 2017, at the age of 75. In 2014, Modi established a law that people reaching this time had leave, beginning with senior officials such as Advani, followed by Murli Manohar Joshi, Sumitra Mahajan, Yashwant Sinha and people. Modi will then take his own retirement on September 17. Instead of attempting to win any seats for himself, he wants to make Amit Shah the next prime minister. Does Amit Shah fulfill the vows made under Modi’s Guarantee?

In my content” Amit Shah: De- Facto Prime Minister of India”, written two years ago, I predicted that Modi did not challenge the 2024 vote for himself but, instead, would accept his trusted lieutenant, Amit Shah.

Ironically, although Modi has never announced his immediate retirement, various projections in the post have come to fruition. As anticipated, Shivraj Chauhan, the former chief minister of Madhya Pradesh, was removed from his place despite winning the express vote. Now, Amit Shah mainly controls the group’s activities including candidate selection and setting the group’s plan.

Amit Shah actually clarified in response to Kejriwal’s notes that Modi may serve his name and that there is no provision in the BJP’s law for retirement at the age of 75.

However, it’s amazing that for a speech did not come from the Party leader, JP Nadda, or from Modi himself, who holds the power to comment on the matter. This indicates who is in control of the party’s final decision. &nbsp,

Notably, Amit Shah does not address the question involving Yogi while he is quite content to defend Modi. The BJP typically leaves no stone unturned when addressing issues relating to its organizational policies and agenda. So, the dynamics of the party’s internal dynamics are questioned by the apparent rivalry between Yogi and Shah over Modi’s legacy.

Guerilla war within BJP&nbsp,

Yogi, also known as Yogi Adityanath, serves as the chief minister of Uttar Pradesh, a state crucial in determining national elections with its 80 Parliamentary seats, the largest in India.

Yogi faced marginalization from the central leadership despite having won 62 out of 80 seats for the BJP in the 2019 elections and having two deputy chief ministers appointed to keep him in check.

Even allegedly direct control of routine decisions made during his tenure, such as officer appointments in the Chief Minister’s Office, was maintained by Modi, leading to rumors of a parallel government in UP led by Modi loyalists.

What has happened to some of Yogi’s loyalists is seen as a step in a campaign by Modi- Shah to undermine him, such as the fact that Dhanyjay Singh has been denied access to general elections and Shiv Pratap Shukla has been appointed to his cabinet.

Despite his strong following and support from RSS, questions arise as to why a leader like Yogi is sidelined, unlike Other BJP leaders&nbsp, Hemant Bishwash Sharma, JP Nadda, and Mohan Yadav who are closely associated with Shah. &nbsp,

Yogi is not likely to become anyone’s yes man. He has a personal following of his own. So, certainly, Yogi is the stronger contender for Modi’s legacy within the BJP.

Why Modi chose Amit Shah over Yogi as his successor is questioned by the public. Kejriwal’s accusations do n’t provide a reasonable explanation. What advantages does Modi get from appointing Shah as his successor? &nbsp,

A new dynasty in the making&nbsp,

Post-independence, the Congress party has made sure that Mahatma Gandhi’s legacy is left as the sole protector of centralized politics in India. For ideological continuity and leadership, the family is still at the center. This approach has given the Congress a stable brand identity and a sense of consistency among its supporters.

Traditionally, there was no single dynastic family in the BJP. Adopting the Congress playbook will be a win-win situation for both Modi and Shah. Modi will be the tallest person with the Shah family serving as the only custodian. This will serve as a tactical maneuver in addition to preventing any other BJP leader from overshadowing Modi’s legacy. ensuring that the Modi legacy of Hindutva is unchallenged.

In a strange twist, Modi’s direct accusations against Gautam Adani and Mukesh Ambani for supporting the rival Congress party also point to their disapproval of the agreement. &nbsp,

By entrusting the Shah family with this responsibility, Modi aims to safeguard his legacy for years to come. Yogi Adityanath, being a Hindu monk, may struggle to protect Modi’s legacy.

This covert Modi-Shah deal raises important questions about the nature of Indian political leadership. The Nehru-Gandhi family, which has faced the pitfalls of dynastic politics, needs to know if the nation is willing to accept a new family-centric leadership model. &nbsp,

By adopting a similar strategy, the BJP runs the risk of undermining its democratic credentials. It has frequently criticized the Congress for its dynastic politics.

Does India want to take the place of one political dynasty, especially one that does n’t have the same historical contributions as the Nehru-Gandhi family?

Continue Reading

Analysts: China’s property stock surge unsustainable – Asia Times

By:
On:
In: Asia

The long-awaited rally of Chinese property shares this month has sparked cheers from stock investors, but analysts warn that the upsurge wo n’t be sustained over the medium term. &nbsp,

Reason: The People’s Bank of China ( PBoC )’s ( PBoC ) proposed home purchase scheme is too small and wo n’t be able to reverse the market’s declining trend.

Analysts predict that property developers ‘ profitability wo n’t improve over the next six months, and that their shares will once again be under pressure. They claim to be bullish on other stocks because the Chinese economy’s weak domestic consumption continues to be the biggest issue.

Asia Times interviewed Arthur Budaghyan, key emerging markets and China planner of BCA Research, a Canada- based funding research organization, to find his take.

” Four to six months from today, Chinese home companies will probably be lower than yesterday’s level”, Budaghyan said. ” Over the medium term, elements will prevail, but in the short term, stock areas can be unreasonably driven by some false beliefs,” the statement goes.

He claimed that the Chinese government has been working to stimulate the economy and property markets for two and a half decades, but the work has failed. For example, he said, the government decided in late 2022 to provide 1.88 trillion yuan ( US$ 259 billion ) funding to property developers to complete unfinished apartments but the move failed to boost property prices and sales.

He claimed that the funding for local governments ‘ purchases of unsold houses from the industry is very little in comparison to property developers ‘ total profits in 2023.

Exceptional housing stock&nbsp,

In a bid to lower property inventory in the market, the PBoC announced on May 17 that it would establish a global program to launch a low-cost 300 billion yuan funding program.

The central bank will provide loans to national banks to protect 60 % of the scheme’s borrowing, which means that the banks will have to provide SOEs with another 200 billion yuan, increasing the total to 500 billion renminbi.

However, the number is just equivalent to 4.3 % of China’s home selling number, which was about 11.66 trillion yuan in 2023.

Does the new cash bring the housing market back to its former glory days? Almost certainly not”, Harry Murphy Cruise, an analyst at Moody’s Analytics, says in a study word. Given the size of empty stock, the 300 billion yuan money is a drop in the ocean.

According to estimates, the value of China’s remarkable housing stock has increased by more than 7.5 trillion renminbi since 2018. He claimed that only 4 % of that is funded by the new package.

He continued, saying that Chinese officials appear to have only attempted to decrease the property firm’s decline and bide until it finds a floor naturally rather than attempt to return to its former glory days.

This month, the stocks of many Chinese property developers have already more than doubled. On Wednesday, Shimao Group rose 5 % while China Vanke increased 4 %. &nbsp, &nbsp,

Low fertility level

Beijing, according to experts, wants to regulate the housing markets while avoiding rising house prices, which would lessen the desire of young couples to have children. &nbsp,

In January, the NBS said China’s populace amounted to 1.409 billion at the end of last year, down 2.08 million people from a month earlier.

That was the second time in a column for China to recorded recession in people, after the number dropped by 850, 000 in 2022 from 2021. &nbsp,

” China’s fertility rate is one of the lowest in the world, also lower than that of Japan and Italy”, Budaghyan told Asia Times. ” Young folks say properties are very expensive. The statistical situation will get worse if the government increases home charges right away.

He claimed that the Chinese government wants to lower home costs so that couples can afford to purchase a more luxurious room and have one or two kids. &nbsp,

” The Taiwanese government has a much longer time perception and wants to target on&nbsp, populations, rather of boosting home prices. That’s why it has not been very violent in rousing rates”, he said.

Some home experts believe that it’s possible to quickly raise property prices by removing home purchase restrictions in first-tier cities like Beijing and Shanghai, but it’s unlikely that the main government will do it.

Debate settlement

Former Hong Kong banker and academic Victor Ng Ming-tak claims on his YouTube channel that the government’s incentives wo n’t help increase the profitability of property developers. &nbsp,

He makes the observation that the PBoC’s residence purchase program appears to be a financial settlement plan intended to settle disputes between consumers and property developers. &nbsp,

” Three years ago, millions of people had threatened to stop paying their mortgages because apartment building designers lacked quality rooms. He claims Beijing agreed to give home developers loans to complete their projects. However, these homebuyers now object to receiving their homes because their price has fallen by 30 %.

He claims that these consumers can now be tenants of the properties under the house purchase program, avoiding a 30 % decrease in home value, while local governments will collect their revenues to pay off bank loans. &nbsp,

” For a deal does not help house developers to create income”, he says. Why are their stock then rising so quickly? He advises property investors to get ready to make the benefits in the current bear market at some point. &nbsp,

” We expect China’s latest assistance measures to help relieve some small- term pressures in the housing market, helping to clean the sector’s deleveraging and minimize structural risks”, Kelly Chen, a vice president and senior analyst at Moody’s Ratings, says in a research note. A” significant and sustained progress in contracted sales for new properties” is unlikely to be sparked by looser loan regulations.

She claims that some local governments ‘ contingent liabilities will increase as a result of the home purchase program’s potential rise in debt for state-owned local governments as a result of its potential to raise debt to buy from property developers ‘ empty stock.

No plane money

In March, Budaghyan published a research report titled” No Game Changer” after the Chinese government announced a 5 % GDP growth target for 2024 during the annual meeting of the National People’s Congress. &nbsp, &nbsp,

Without some significant impulses, he said, China will face a lot of difficulties in achieving its 5 % growth goal. &nbsp,

He claimed for the Asia Times that he still believes that due to a decrease in property sales earnings, the Chinese administration’s spendings in 2024 will fall short of the budgeted amount. &nbsp,

He claimed that it’s simple to use helicopter money to boost the economy, but he did n’t believe the Chinese government had that mindset. ” If things get really bad, it will do it”.

He added that Beijing also wants to avoid quantitative easing, which would put pressure on the Chinese currency. &nbsp,

Read: China unveils property stimuli amid falling sales

Follow Jeff Pao on X: &nbsp, @jeffpao3

Continue Reading