India kicks off massive Hindu festival for 400 million pilgrims

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About 30 novel roads have been built, and around 7, 000 saffron-coloured cars will be ferrying followers to the banks of the river.

The government claimed to have prevented conflict and audience flutter by installing distinct signage in several languages.

Around 13, 000 railways have been planned to connect Kumbh travellers with Prayagraj followers from all over India, with particular groups working with them.

Pilgrims from all over the world are expected to travel to India to participate in the event in addition to the locals.

” We are going it to preserve our Hindu customs.” This technology only spends holiday in hotels and hill stations. They are unaware of the places of worship and the journey websites we have here, according to traveler Manoj Kumar.

HEIGHTENED SECURITY

Groups have conducted mock maneuvers over the past month and increased security around pilgrimage sites.

Almost 3, 000 surveillance cameras with facial recognition technology are being used at points of entry and exit, according to authorities.

About 40, 000 surveillance staff may become deployed– including a team of officers on horses to maintain round-the-clock group control.

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Will Japan win or lose under Trump 2.0? – Asia Times

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Japan is experiencing something of an economic judgment that government officials seem to be omitted yet before Donald Trump’s resumption of office.

In at least four of the last five weeks of the year, Japan’s household saving fell. ” At least” is used here because the December numbers aren’t yet known. In November, real spending dropped 0.4 % year on year. There is no compelling reason to believe that stuff improved in the final 30 days of 2025.

The point is that the “virtuous cycle” Prime Minister Shigeru Ishiba‘s Liberal Democratic Party ( LDP ) has promised since 2012 still hasn’t arrived. That’s despite all the vodka cork-popping from the flower when labor organizations received their biggest increase in 33 years.

Ishiba has merely led since October 1st. And with approval ratings in the mid-20s, he might not be about much longer. Maybe that’s why Ishiba didn’t even get a meeting with Trump, despite meeting with nearly every planet leader imaginable, including Prince William. Just not that of Japan, Trump 1.0’s leading supporter among democratic governments.

It’s on Ishiba’s see, nevertheless, that Japan’s pre-existing financial circumstances are catching up with the area. These include obstinate efforts to increase productivity and meritocracy in the labour force, lessen bureaucracy, revive the innovation that Japan Inc. was again famous for, empower women, and encourage more foreign corporations to relocate to Tokyo.

More than address these financial problems, the LDP continues to fiddling with the signs. Look no further than the Bank of Japan’s ( BOJ) interest rate policies, which have been stifled around zero for 25 years. The BOJ still lacks the will to raise rates above the current 0. 25 %.

Whatever happened to Shinzo Abe’s strong prepare 12 years ago to recreate Japan’s economic model? Sure, the late prime minister cajoled companies to increase shareholder price, driving the Nikkei 225 Stock Average to all-time peaks. However, as 2025 draws near, worldwide investors are realizing that their optimism is not being matched by recent and bold reform initiatives in Tokyo.

Nor is Asia’s second-biggest business firing on some cylinder. Regular wages aren’t keeping up with inflation, which is one reason why house spending is sluggish. What makes everyone believe they’ll feed their paychecks as the Trump 2.0 era begins if CEOs were unwilling to do so in 2024?

According to Takafumi Fujita, an economist at Meiji Yasuda Research Institute,” It’s feared that higher taxes that President Trump has promised on China and other nations could stifle the global business and eventually hit Japan.”

Along with financial stability, international cooperation initiatives seem very much at risk.

” The US, Europe and Japan reconnected in a revitalized, cohesive G7 on issues such as financial sanctions, cybercrime, anti-money laundering and helping Ukraine against Russia”, says Mark Sobel, &nbsp, US chairman at the Official Monetary and Financial Institutions Forum ( OMFIF ). ” But that unification, too, is likely to fight as Trump 2.0 introduces uncertainty and fluctuation”.

The same holds true for governmental evils that threaten the global financial system. As Sobel puts it:” Public debt is high in the US, many of Europe, Japan and China. In the US, the macroeconomic direction is unsustainable. Trump is likely to increase imbalances from the already excessively high level of 7 % of GDP, pushing up longer-term rates, hurting funding and causing business nausea. Does bond vigilantes gain”?

The BOJ is in a specially difficult status because of this. It is possible for the BOJ to delay the rate increase and maintain the policy for a while if the Chinese economy is adversely impacted by the US price boost without a matching depreciation of the yen, according to Hitoshi Asaoka, senior strategist at Asset Management One.

Frank Benzimra, mind of Asia capital approach at Societe Generale, notes that “in the coming months, the capital markets look set to be shaped by China –the level of governmental support – the US – the dollar, trade, diplomacy and the Bank of Japan – the possible catalyst for carry-trade sleeping – policies. The goal won’t have to be “bearish” in any way.

However, optimism abounds in Asian business circles. According to a Kyodo News survey, nearly 80 % of Japan’s top companies believe that the local market will continue to grow in 2025 as wage increases stimulate consumer spending.

However, every zig-and-zag may require a lot of market adaptation. ” Markets will be quite volatile but without much significant net direction, as the perceived odds of these different]tariff ] scenarios oscillate”, says Phil Suttle, principal at Suttle&nbsp, Economics.

That goes, also, for northern banks from Tokyo to Washington. According to Daniel McCormack, head of research at Macquarie Asset Management,” a significant amount of core bank easing is currently priced into most rates markets, while credit spreads have tightened in recent months and are now somewhat thin by traditional standards.”

This, according to McCormack, “limits the upside in terms of returns for bonds, and equity asset classes are likely to benefit more from the macroeconomic environment that we anticipate seeing in 2025.” That said, yields have improved significantly in recent years, and absolute returns in 2025 should be healthy by historical standards.

Bond markets have moved to price in aggressive easing cycles by most major central banks in the upcoming quarters, with the notable exception of the Bank of Japan, for which further increases are priced, following clear signals from central bank officials that further easing is likely.

As such, many BOJ watchers still think it’s full speed ahead for rate hikes. Takeshi Yamaguchi, chief Japan economist at Morgan Stanley MUFG, says”, we retain our base-case forecast of a rate hike in January.”

The BOJ will need to raise the policy interest rate and adjust the degree of monetary accommodation, according to BOJ Governor Kazuo Ueda, who recently stated that “if economic activity and prices continue to improve, the BOJ will need to do so.”

And that “uncertainties regarding the incoming US administration’s economic policies” and how the annual Spring labor management wage negotiations will develop will have the final say on Japanese rates.

Izumi Devalier, an economist at Bank of America, says that Ueda’s comments” gave a stronger indication that the central bank may need to wait until at least the March&nbsp, monetary policy meeting to gain&nbsp, sufficient information&nbsp, to make the judgment for a hike.”

With a BOJ rate hike unlikely until March at the earliest, says Tony Sycamore, market analyst at IG Australia”, the risk of dollar-yen testing extending its rally towards 160/162 in early 2025 remains elevated “from 157 now.

Asaoka anticipates that the BOJ will increase the policy rate, which is regarded as neutral, to 1 % by the end of 2025. ” He adds that” if the Trump administration’s policies lead the Federal Reserve to pause rate cuts in 2025, the BOJ will find it relatively easier to proceed with rate hikes.”

Some investors are betting on the return of the good times for Japanese stocks given that scenario.

” We expect the Nikkei 225 will reach 45, 400 and TOPIX to 3, 190 by the end of 2025 “from 39, 190 now, says Hisashi Shiraki, strategist at Sumitomo Mitsui DS Asset Management.

He continues,” While foreign investors ‘ appetite for Japanese stocks appears sluggish, a sizable amount of share buybacks, up to 17 trillion yen in fiscal year 2024, could protect the downside and boost the stock market going forward.”

There’s an argument, too, that Japan Inc could benefit from deeper troubles being suffered elsewhere, says Junichi Inoue, head of Japanese equities at Janus Henderson Investors.

” Due to Japanese stocks ‘ comparatively low valuations versus global equities, and ongoing governance reforms contributing to return-on-equity improvements, we expect the market to demonstrate a certain level of resilience,” Inoue says.

Inoue also points out that” for these reasons, we think that Japanese equities can be seen as attractive risk-reward asset classes, deserving of an allocation in a diversified portfolio, particularly those that are exposed to global markets and global growth.”

However, such views may be deflated by global risks. Japan would absorb a lot of economic shrapnel, perhaps even more, despite Trump’s threatened trade war targeting China. For all China’s challenges, Xi Jinping’s team has been busily diversifying exports to Global South economies around the globe.

Shunsuke Kobayashi, chief economist at Mizuho Securities, acknowledges hope that Trump’s proposed tax reductions will help Japanese companies with significant US exposure offset the risks and increase profits. But either way, a giant trade war would slam Japan’s gross domestic product.

According to Kobayashi,” If that happens, capital investment would decline because we anticipate that exports will decline, ultimately affecting the broader economy.”

That could make Japan Inc. even less willing to raise wages. Japan has been more reluctant to turn its back on the American consumer. In Tokyo, there are no signs that the Fed will not be cutting interest rates as quickly as it had hoped.

Indeed, the Trumpian headwinds to come make 2025 a perilous time for Japan. Last month, the BOJ chose not to hike rates, which it later confirmed. Ahead of that December 19 decision, traders were primed for Ueda to tighten. Many felt its refusal to act smacked of fear, not pragmatism.

For the first time since 2011, traders last week pushed 10-year yields above 1.1 %, a clear indication that the BOJ erred by not raising.

” It’s like the rug was pulled out from under us,” Kazuhiko Sano, chief bond strategist at Tokai Tokyo Securities, tells Nikkei Asia.

Why should corporate executives and global investors if the BOJ doesn’t believe Japan is ready to abandon its financial training wheels?

Granted, there are legitimate arguments to support Japan Inc. companies that are cash-rich in their governance positions. Japan, after all, has carved out a place for itself as an Asia-region safe haven as deflation plagues China.

However, there will come a point when investors examine the underlying economy and wonder whether policy changes are keeping up with the level of optimism that is pervading the market.

A lack of household demand may give too many investors pause about Japan’s chances in the Trump 2.0 era as more and more investors look for an answer.

Of course, surprises are always possible. On the eve of July elections, Ishiba might find his reformist sea-legs and cling to power.

Trump might choose to prioritize a trade agreement with Xi’s China over a tariff-free arms race. Or perhaps the newly elected president will treat ally Japan favorably in the marketplace while punishing China.

But as a highly uncertain year begins, Japan’s past could catch up with it just as Ueda’s BOJ and Ishiba’s LDP stumble in the present.

Follow William Pesek on X at @WilliamPesek

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Kumbh Mela: India races to prepare huge Prayagraj gathering

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Getty Images A Sadhu, or Hindu holy man, rides a horse during a religious procession of the Mahanirvani Akhada, ahead of the Maha Kumbh Mela festival in Prayagraj on January 2, 2025. (Photo by HIMANSHU SHARMA / AFP) (Photo by HIMANSHU SHARMA/AFP via Getty Images)Getty Images

Regulators in India are working against the clock to prepare Prayagraj for the Hindu festival Kumbh Mela, which is hailed as society’s largest meeting.

About 400 million pilgrims are expected to attend the 45-day scene, which is so huge it can be seen from space.

The faithful will take a trip to Sangam, where the Yamuna creek, Yamuna creek, and Saraswati, which is a confluence of India’s most revered Ganges river and the magical goddess Saraswati, on Monday. The event, which is held once every 12 years, will begin on Monday.

The second main cleaning day, Tuesday, did see ash-smeared dressed Hindu holy men with tangled dreadlocks, known as Naga sadhus, taking a dip in the north Indian city at dawn.

Ankit Srinivas Drone footage shows a group of Naga sadhus arriving at the Mela grounds in Prayagraj on Saturday 11th JanuaryAnkit Srinivas

Hindus believe that taking a dip in the sacred river may purify their spirit, clean their heart, and break the cycle of birth and death because forgiveness is the ultimate target of Hinduism.

Five to eight million worshipers are expected to take a bath on Monday, while more than 20 million are expected to do so the following morning.

To provide the travelers and visitors, a large tent area, spread over 4, 000 acres, has been set up on the banks of the river.

However, many of the sprawling basis in Prayagraj also appeared to be a work in progress on Sunday, just hours before proceedings were scheduled to begin.

Some of the tents set up by saints and another believers had continuous power outages and no running water.

Ankit Srinivas A group of nine people, including four men and four women and a three-year-old girl, arrived in Prayagraj for the Kumbh Mela festival on Saturday 11th January 2025Ankit Srinivas

Due to broken water connections, thousands of bathroom cubicles were also uninhabitable and also needed to be constructed.

Administration standard Vivek Chaturvedi told the BBC that organizers were hampered by the notion that this year the monsoon waters took long to recede, which narrowed the window for development activities.

But, he insisted, “preparations are nearly perfect and all methods will be in place to welcome the readers”.

” We have constructed 650 kilometers of temporary streets and constructed tens of thousands of houses and restrooms. More than 100, 000 individuals, including over 40, 000 police and security officers, are working round-the-clock to make it a achievements”, Mr Chaturvedi said.

Getty Images A man paints murals of Hindu deities on the Alopi Devi temple wall, ahead of the Maha Kumbh Mela festival in Prayagraj on December 31, 2024. (Photo by Niharika KULKARNI / AFP) (Photo by NIHARIKA KULKARNI/AFP via Getty Images)Getty Images

What is Kumbh Mela?

The event, which concludes on 26 February, has been recognised as an Intangible Heritage of Humanity by the United Nations agency Unesco.

Its inspiration comes from a mythical tale about a battle between demons and the gods over a Kumbh ( a pitcher ) of nectar that came from the ocean’s church.

As the two sides fought over the bowl of drink that promised them resurrection, a several drops spilled over and fell in four towns- Prayagraj, Haridwar, Ujjain and Nasik.

Kumbh Mela event, which takes place every 12 times in the four towns, is held as the conflict raged for 12 divine times, each equivalent of 12 years on Earth. A half-Kumbh or an ardh is held halfway between two festivals.

The mela is organised in all the four cities, but the biggest festivals, where previous attendance records are broken, are always held in Prayagraj.

Hindu seer Mahant Ravindra Puri said the festival this time round was “extra special” and described it as” a Maha]great ] Kumbh”.

He told the BBC,” That’s because the planets and stars ‘ current alignment is identical to what was present at the time of the spill.”

” Such perfection is being observed after 12 Kumbh festivals or 144 years”, he said.

Ankit Srinivas The row of boats stands where the darker waters of Yamuna (left) meet the lighter, shallower waters of Ganges (right)Ankit Srinivas

For festival-goers, a major attraction is the presence of naked Naga sadhus, or ascetics, and it is a spectacle to watch as they hurl themselves into the icy waters.

However, for the devout, it has a special significance because they think the waters are infused with the purity of the saints ‘ thoughts and deeds.

Over the weekend, groups of holy men arrived at the mela grounds in large noisy processions.

One group of ash-smeared men marched in carrying tridents, swords, and small two-headed drums, some of whom were naked, while others were draped in loincloth or marigold garland around their necks.

Another group’s leaders were led by a music band, dancers, horses, and camels in a large procession that included chariots and camels to their campsite.

Getty Images Hindu holy men or Sadhus walk in a religious procession of Atal Akhara across a floating pontoon bridge, ahead of the Maha Kumbh Mela festival in Prayagraj on January 1, 2025. (Photo by Niharika KULKARNI / AFP) (Photo by NIHARIKA KULKARNI/AFP via Getty Images)Getty Images

What days of the week are big baths?

The bathing dates and auspicious times are decided by astrologers, based on the alignment of specific planets and constellations.

This time, there are six particularly benevolent days to take a bath:

  • 13 January: Paush Purnima
  • 14 January: Makar Sankranti
  • 29 January: Mauni Amavasya
  • 3 February: Basant Panchami
  • 12 February: Magh Purnima
  • 26 February: Maha Shivaratri

Three of these- 14 and 29 January, and 3 February- have been designated as Shahi Snan ( or the royal bath ) days when the Naga sadhus will bathe.

On January 29th, there is anticipated to be the largest gathering, with between 50 and 60 million people expected to visit.

Ankit Srinivas Sebastian Diago, right, is visiting as part of a 90-member group from ArgentinaAnkit Srinivas

Away from the riverside, the city of Prayagraj has been decked up for the mega event.

Around 200 roads have been widened, according to officials, and a fresh coat of paint has been applied to the Sangam phalanx and the walls have been decorated with colorful paintings and murals that depict tales from Hindu mythological texts.

Tens of thousands of pilgrims, including many from foreign countries, have already reached the city.

Sebastian Diago, visiting as part of a 90-member group from Argentina, said he made the journey to “experience the devotion first hand”.

” I felt the pull of the Ganges so I came”, he said.

” I will take a bath in the river because I feel the need to connect with the Ganges.”

Ankit Srinivas A sprawling temporary city on the banks of the river shows tents that have been pitched for the pilgrims and touristsAnkit Srinivas

How big is the festival?

  • Area: 4, 000 hectares
  • 160, 000 tents
  • 40, 000 police and security officials
  • 15, 000 sanitation workers
  • 99 parking lots for over half a million vehicles
  • 30 floating pontoon bridges over the river
  • 67, 000 street lights
  • 150, 000 toilets, 25, 000 bins
  • 200 water ATMs and 85 tube wells
Ankit Srinivas Baba Amarnathji, a 60-year-old saffron-robed monk, sits outside a little tent he's set up for himself with cloth and plastic sheets over three bamboo polesAnkit Srinivas

The Indian government said it was spending 70bn rupees ($ 812m, £665m ) on organising the festival and according to local media reports, the state government will earn a revenue of 250bn rupees ($ 2.9bn, £2.3bn ).

Some pilgrims complained about the lack of facilities, but the saints and leaders of large campsites acknowledged the difficulties involved in planning a festival of this magnitude.

Baba Amarnathji, a 60-year-old saffron-robed monk, showed the BBC a small tent he had set up for himself with cloth and plastic sheets draped over three bamboo poles.

On earlier occasions, he said, he could sleep for free in tents set up by the administration, but this time there was no such facility.

” I’m being chased away from here by the police.” Where will I go, though? Everyone claims that this festival is meant for sadhus like me, but I can tell you that tourists are being taken care of as well.

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Huge waves, floods batter Surat Thani, including Koh Phangan

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Tha Chana, Chaiya, Tha Chang, Kanchanadit, Don Sak, Muang even swamped

Described: 12 Jan 2025 at 17: 28

Rough weather and strong waves broke through a sea embankment in front of a resort in Chaiya district of Surat Thani on Sunday, causing four beachfront bungalows to collapse. (Photo: Supapong Chaolan)
Four seaside bungalows fell on Sunday as a result of severe weather and strong waves that pierced a marine embankment in front of a hotel in Surat Thani’s Chaiya district. ( Photo: Supapong Chaolan )

Looking THANI: On Sunday, violent waves and flood from higher water levels harmed coastal communities in seven districts of this southwestern Thai state.

The damaged districts were Tha Chana, Chaiya, Tha Chang, Kanchanadit, Don Sak, Muang and Koh Phangan, the famous holiday island. &nbsp,

In the early morning, powerful gusts of winds and three to four metre-high tides slammed the beach at Moo 1 community in tambon Chonlakram in Don Sak area, causing flooding and requiring 200 individuals to relocate their belongings to higher ground with the aid of disaster rescuers. At 4 a.m., local media reported that the area’s water levels started to rise.

Four seaside bungalows at Haad Kamnan Camping hotel collapsed in the Chaiya district of tambon Poom Riang after large waves exceeding three meters slackened the 30-meter-long concrete sea embankment. &nbsp,

In my almost 50 years of age, I have never witnessed such strong tides. Since 7.30am the ripples kept hitting harder and harder until the slope in front of our destination broke”, Boonrub Thongthuang, the 49-year-old location manager, said. &nbsp,

” I was concerned that if the stormy weather continued, the bungalows may collapse into the water.” They eventually did”. &nbsp, &nbsp, &nbsp,

Higher water levels resulted in flooding of the Tapee River’s banks and flooding of roads and homes in the metropolitan area. People were advised to shift their belongings and get ready for storms. &nbsp, &nbsp,

Moo 3 town in tambon Khao Than Pramarn was flooded at around 8am before the waters dried up in the Tha Chang area, according to city key Sukrit Meeprink. &nbsp,

Due to bad weather, Seatran Ferry Co. on Sunday canceled some of its Don Sak-Koh Samui-Koh Phangan roads. On Saturday, the airline advised travelers to allow extra time for travel on January 11 through January 18-20 because the northern monsoon’s expected disruptions to ferry providers were expected. &nbsp, &nbsp,

However, Lomprayah High Speed Ferries Co suspended all bridge service from Koh Tao on Sunday until further notice.

Officials in all affected regions were assessing the damage and the need for departure, according to Surat Thani government Theerut Supawibulpol.

Ferrier operators were required to examine the weather and carefully observe the most recent warning issued by the authorities, while fishing vessels and little boats were told to stay ashore. Significant action would be taken against perpetrators, Mr Theerut said. &nbsp,

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‘More harm than good’ in Thailand’s online gambling push

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Cyber taskforce police search a house in Nonthaburi’s Bang Kruai district where an online gambling website was operating in March 2022. (Photo: Chanat Katanyu)
An online betting site was operating in Nonthaburi’s Bang Kruai area at the time of the search, according to digital taskforce police in the area. ( Photo: Chanat Katanyu )

Detractors have urged the government to carefully consider the risks and benefits of a proposal to legalize and regulate online gaming, warning that it could harm the nation more than nice.

Deputy Prime Minister Prasert Jantararuangtong announced last Monday that the government would start debate regarding the push to legalize online gaming.

He requested officials from the ministries involved to organize their discussions and efforts because several constitutional amendments may be required to create online gaming legal.

A study on the proposal is expected to be finished in the upcoming few months, according to Mr. Prasert, who also serves as the Minister of Digital Economy and Society ( DES ).

The action comes in response to remarks made by former prime minister Thaksin Shinawatra in Chiang Rai last Sunday, where he suggested regulating online gambling could benefit both the economy and society more than allowing it to run under.

According to Thaksin, more than 2.5 to 4 million people in the nation gamble online each day.

He proposed regulating online gambling also to the lawful lottery, with evident laws, income, and an age limit of 20 years or older. He added that people who are addicted to online gaming may become referred for health care.

Mr. Prasert acknowledged that gambling online has been linked to a number of cultural issues, including youth-related unlawful activity.

He added that the increase of “mules” opening substitute bank accounts and enabling scams is directly related to internet gambling.

But, he said online gambling platforms handle significant financial transactions everyday, which, if taxed properly,” could benefit the economy”.

Prasert: Linked to increase of scams

Prasert: Linked to increase of scams

When asked about Thaksin’s plan to obstruct access to online gambling for those under the age of 20, Mr. Prasert claimed that this concern had not yet been raised.

Anutin Charnvirakul, the DES Ministry’s inside minister, reported that the DES Ministry and the Interior Ministry have been talking about legalizing online gambling for some time.

If tax income may be collected and steps are in place to prevent money laundering, Mr. Anutin, who also serves as deputy prime minister, said the main point of these conversations is that” we have no objection to online playing.”

He added that the Gambling Act is being amended to oversee all forms of gambling.

The DES Ministry and the Interior Ministry will work together to regulate both online and off-line playing in accordance with the revised rules.

Nualnoi: Online gaming compulsive

Nualnoi: Online gaming compulsive

More harm than good

Nualnoi Treerat, an academic at Chulalongkorn University’s Faculty of Economics, reported to the Bangkok Post that the potential economic benefits of online gaming far outweigh the negative social effects it may have.

” In some states, casinos are legitimate, but online gaming remains illegal. In another, although online gaming has been legalised, illegitimate online gaming activities persist and continue to thrive”, she said.

” Online gaming is readily available. Anyone with an internet connection you gamble anyplace, anytime.

The entry to gaming websites is frequently and significantly more likely to become addicted, according to Ms. Nualnoi.

She added that some gamblers” chase losses” by increasing their bets in an effort to recover past losses.

” Online gaming is extremely addicting,” she said”. No one can ensure that Thailand’s government may address the illegal gambling that still exists if online gaming is legalized.

Ms. Nualnoi also urged the government to take action against call center connivance and those who open surrogate bank accounts, as these are frequently connected to money laundering through online gaming.

She questioned the government’s ability to stop minors from accessing online gaming websites.

May the authorities take action to address this problem seriously? ” she asked”. Is legalizing online gambling a good idea if it causes pervasive cultural issues? It may increase tax revenue.

According to her citing data from the World Health Organization, she said that because gaming addiction shares similarities with drug addiction, treatment for gambling addiction is especially challenging.

She said the government’s public health system is now overstretched, with workers burdened by the care of patients suffering from various diseases.

” It is easier said than done,” she said, referring to Thaksin’s advice that those addicted to online gambling could be sent for medical treatment.

Thanakorn: Social effect a priority

Thanakorn: Social effect a priority

Social effect

Thanakorn Komkris, secretary-general of the Stop Gambling Foundation, voiced worry over the negative effects of legalised online gaming.

A large number of players who can play online 24/7 are drawn to the sport. But when the excitement stops, severe outcomes may follow.

The government should have only focused on the hundreds of billions of ringgit in profits, but Thaksin did not address the social effects of legalizing online gambling, according to Mr. Thanakorn.

Legalizing online gambling may have financial advantages, but it is possible to have social effects.

These include lost productivity and poverty, costs related to the criminal justice system, increased court cases, and higher care spending.

Mr. Thanakorn expressed concern about Thailand’s ability to take effective steps to reduce the negative effects of online gaming.

” Legalising online gaming will only bring more visitors to the world of gambling”, he warned.

Supisarn: Bankers must do more

Supisarn: Bankers must do more

Illegal gambling still thrives

Also, legalised online betting is unlikely to suppress the illegitimate online gambling actions that remain illegal, Mr Thanakorn said.

” Many dealers in illegitimate online gambling feel at ease working underwater.

They simply give fees to the government so they can carry out other illegal activities. They don’t want to spend fees or be controlled by the rules, “he said.

” Those who adhere to the laws governing legalized online gaming will feel depressed as long as the government can’t stop the government from pursuing illegal online gaming providers who continue to exist in the shadows.”

” The government may break down on underwater providers to maintain fairness”, he added.

Pol Lt Col Krisanaphong Poothakool, an associate professor in crime and vice president at Rangsit University, said the social impacts of online wagering are immense, citing issues such as home problems, death, debt, robbery, and crime.

Can those who are proposing this policy come up with strategies to address these problems and make up for the losses? he asked.

Additionally, Pol Lt Col Krisanaphong questioned whether the government could impose a 20-year minimum age as suggested by Thaksin.

” Age restrictions still cannot be enforced at entertainment venues, let alone on online gambling sites”, he noted.

The policymakers must be held accountable and punished under the law, he said, “if this policy of legalizing online gambling is implemented and adverse consequences occur.”

Pol Maj Gen Supisarn Bhakdinarinath, a deputy leader of the People’s Party, told the Bangkok Post that online gambling platforms are often used by criminals to launder money.

” These cybercriminals are putting pressure on Thai law enforcement to keep up.” He said that having better understanding and skills in digital forensics and investigations is essential to preventing cybercrime.

Additionally, Pol Maj Gen Supisarn urged banks and financial institutions to increase their efforts to prevent and monitor the use of proxy bank accounts by money-laundering criminals.

The government must make sure that the money used in gambling does not come from a source other than illegal, he said, if online gambling is to be decriminalized.

According to Pol Maj Gen Supisarn, the revenue generated from online gambling should be used to improve the effectiveness of law enforcement in preventing and investigating digital crimes.

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‘More harm than good’ in online gambling push

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Cyber taskforce police search a house in Nonthaburi’s Bang Kruai district where an online gambling website was operating in March 2022. (Photo: Chanat Katanyu)
An online betting site was operational in Nonthaburi’s Bang Kruai area at the time of the criminal taskforce’s research in March 2022. ( Photo: Chanat Katanyu )

Detractors have urged the government to carefully consider the risks and benefits of a proposal to legalize and regulate online gaming, warning that it could harm the nation more than nice.

Deputy Prime Minister Prasert Jantararuangtong announced last Monday that the government would start conversations to legalize online gaming.

He urged officials from the relevant ministries to arrange their discussions and efforts because numerous constitutional amendments may be required to legalize online gambling.

A study on the proposal is expected to be finished in the upcoming few months, according to Mr. Prasert, who also serves as the Minister of Digital Economy and Society ( DES ).

The action comes in response to remarks made by former prime minister Thaksin Shinawatra in Chiang Rai next Sunday, where he suggested regulating online gambling was benefit both the economy and society rather than allowing it to run rampant.

Thaksin claimed that more than 2.5 to 4 million people in the nation gamble online each day.

He proposed regulating online gambling also to the lawful lottery, with evident laws, income, and an age limit of 20 years or older. He added that people who are addicted to online gaming may become referred for health care.

Mr. Prasert acknowledged that youth-related criminal behavior has been linked to a number of cultural issues, including online gaming.

He added that “mules” opening substitute bank accounts and enabling scams are directly related to the increase of online betting.

But, he said online gambling platforms handle significant financial transactions everyday, which, if taxed properly,” could benefit the economy”.

When questioned about Thaksin’s request to enforcing a minimum age restriction for those under the age of 20, Mr. Prasert claimed this matter had not yet been raised.

Anutin Charnvirakul, the DES Ministry and the Interior Ministry have been talking about legalizing online gambling for a while, according to Anutin Charnvirakul, the internal secretary.

The main point of these conversations is that if tax earnings can be collected and steps are taken to stop money laundering, according to Mr. Anutin, who is also a deputy prime minister.

He added that the Gambling Act is being amended to oversee all forms of gambling.

The DES Ministry and the Interior Ministry will work together to regulate both online and off-line playing in accordance with the revised rules.

More harm than good

Nualnoi Treerat, an academic at Chulalongkorn University’s Faculty of Economics, reported to the Bangkok Post that the potential economic benefits of online gaming far outweigh the negative social effects it may have.

” In some states, casinos are legitimate, but online gaming remains illegal. In another, although online gaming has been legalised, illegitimate online gaming activities persist and continue to thrive”, she said.

” Online gaming is readily available. People who have an internet connection you bargain anywhere and anytime.

The exposure to gambling sites is frequently and quickly increased, according to Ms Nualnoi.

She added that some gamblers” hunt losses” by increasing their bets to recover past losses.

” Online gaming is extremely addictive,” she said”. No one can assure that the government will tackle the illegal gambling that continues to be conducted in Thailand if online gaming is legalized.

Ms. Nualnoi also urged the government to take action against call center connivance and those who open surrogate bank accounts, as these are frequently connected to money laundering through online gaming.

She questioned the government’s ability to stop minors from accessing online gaming websites.

May the authorities take action to address this matter seriously? ” she asked”. Legalizing online gambling may increase tax revenue, but is it worthwhile if it causes pervasive cultural issues?

According to her citations to data from the World Health Organization, gambling habit shares similarities with drug addiction, which makes treatment for gambling habit challenging.

She said the government’s public health system is now overstretched, with workers burdened by the care of patients suffering from various diseases.

” It is easier said than done,” she said, referring to Thaksin’s advice that those addicted to online gambling could be sent for health care.

Social effects

Thanakorn Komkris, secretary-general of the Stop Gambling Foundation, voiced worry over the negative effects of legalised online gaming.

Online gaming draws a sizable population of players who may perform 24 hours a day. But when the excitement stops, negative outcomes may follow.

Thaksin “only highlighted the hundreds of billions of ringgit in revenue that the government was generate,” said Mr. Thanakorn, but he did not address the social effects of legalizing online gambling.

Legalizing online gambling may have financial advantages, but it is possible to have social effects.

These include lost productivity and poverty, costs related to the criminal justice system, increased court cases, and higher care spending.

Mr. Thanakorn expressed hesitation about Thailand’s ability to take effective steps to stop online wagering from harming society.

” Legalising online gaming will only bring more visitors to the world of gambling”, he warned.

Illegal gambling still thrives

Also, legalised online gaming is unlikely to suppress the illegitimate online gambling actions that remain uncontrolled, Mr Thanakorn said.

” Some dealers in unlawful online gambling feel at ease working underground.

They simply give fees to the government so they can carry out other illegal activities. They don’t want to give fees or be controlled by the rules, “he said.

” Those who adhere to the laws governing legalized online gaming will feel impoverished as long as the government can’t tackle illegitimate online gaming operators who remain underground.”

” The government may break down on underwater providers to maintain fairness”, he added.

Pol Lt Col Krisanaphong Poothakool, an associate professor in crime and vice president at Rangsit University, said the social impacts of online wagering are immense, citing issues such as home problems, death, debt, robbery, and crime.

You those who are proposing this plan come up with strategies to address these problems and make up for the losses? he asked.

Additionally, Pol Lt Col Krisanaphong questioned whether the government could impose a 20-year maximum time as suggested by Thaksin.

” Age limits also may be enforced at entertainment spaces, let single on online gambling sites”, he noted.

The politicians must be held responsible and punished under the law, he said, “if this scheme of legalizing online betting is implemented and severe consequences arise.”

Pol Maj Gen Supisarn Bhakdinarinath, a deputy head of the Women’s Party, told the Bangkok Post that online gambling websites are often used by criminals to dirty income.

” Law enforcement agencies in Thailand are having a hard time keeping up with these scammers. He said that having better understanding and expertise in digital investigations and studies is essential to preventing cybercrime.

Additionally, Pol Maj Gen Supisarn urged banks and financial institutions to increase their efforts to prevent and check the use of proxy bank transactions by thieves for money laundering.

The government must make sure that the money used in gambling does not come from a source other than illegitimate, he said, if online gaming is to be decriminalized.

According to Pol Maj Gen Supisarn, the money made from online gaming should be used to improve how effectively law enforcement can investigate and prevent modern crimes.

Krisanaphong: Fees enormous

Krisanaphong: Fees enormous

Supisarn: Businesses must do more

Supisarn: Businesses must do more

Thanakorn: Social effects a concern

Thanakorn: Social effects a concern

Prasert: Linked to increase of hoaxes

Prasert: Linked to increase of hoaxes

Nualnoi: Online gaming pleasurable

Nualnoi: Online gaming pleasurable

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Trump power deflating Asian currencies – Asia Times

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In: Asia, Finance

The US currency’s strong respect after President-elect Donald Trump’s election gain is hitting Eastern currencies, with the Foreign renminbi, Japanese yen, Indian rupee and Asian won then all plumbing multi-year lows. &nbsp,

That raises important questions about imported prices and the challenges local governments and central banks will face in implementing economic and financial policymaking.

For Asian markets, where the US is a key business partner and some commodities—notably oil—are priced in dollars, a weaker regional money inflates the cost of goods. Consumer prices are affected by this imported prices, which causes an increase in living costs and a decline in purchasing power. &nbsp,

A depreciating yuan in China makes important goods like electronics and agricultural items, which are essential to the country’s production and food supply chain, more difficult to come by. &nbsp,

Similar to South Korea, the did n’s loss raises the cost of imported energy and raw materials, as well as threatens to weaken the success of export-oriented sectors as higher manufacturing costs offset the advantage of a weaker dollar.

A key issue for politicians is how currency-induced prices is spiral. &nbsp,

Businesses and consumers frequently make adjustments to their behavior when they anticipate that prices will rise as well. For instance, companies may temporarily raise prices, while households may make purchases as they anticipate higher prices will rise.

This can lead to a feedback loop where inflation expectations turn out to be unrealistic, putting strain on central banks ‘ efforts to maintain value security.

In India, inflationary anticipation are particularly difficult because the rupee’s loss has already increased costs for essentials like gas and edible oils.

The Reserve Bank of India ( RBI ) has attempted to stabilize inflation expectations through interest rate management, but a persistent decline in the rupee could undermine these efforts.

So, central bankers across Asia experience a dramatic policy dilemma. To fight imported prices, raising interest rates is the text response. &nbsp, But, higher interest rates may soften economic progress by making borrowing more costly for businesses and consumers.

Monetary concerns

For economy already grappling with severe problems, such as China’s slowing economic development and Japan’s persistent negative forces, tightening monetary policy carries substantial risks.

Consider Japan, for instance. The Bank of Japan ( BOJ) has maintained an ultra-loose monetary policy for years to combat deflation. However, the currency’s sharp decline in value relative to the money has pushed import prices higher, making it necessary for the BOJ to deal with inflationary pressures without compromising a delicate financial recovery. &nbsp,

The question is whether Japan can afford to resume its economic policy without starting a recession, a danger that even looms over various Asian nations.

The currency’s loss trend is not occurring in confinement. It reflects broader international developments, including the Federal Reserve’s financial tightening, which has made the money more attractive to buyers seeking higher yields. &nbsp,

This cash flow from emerging businesses has increased the strain on their assets. At the same time, geopolitical conflicts and trade policy difficulties, both exacerbated by Trump’s affected tariffs and ‘ America First ‘ plan, have heightened uncertainty in money markets.

Eastern central banks must deal with both domestic inflationary pressures and external forces that are beyond their control, so. &nbsp,

Involvement in foreign exchange markets, like as selling dollar reserves to support local currencies, has its own hazards, including reducing resources and lowering investor confidence.

Many Asian markets may benefit from combining short-term monetary policy with long-term structural changes.

Central bankers could work with governments to resolve supply-side concerns while implementing targeted interventions to maintain currencies. For example, reducing power dependence on imported energy through investments in renewable energy might lessen the impact of upcoming money swings.

In India, measures to boost domestic production of important items —a basis of the” Make in India” initiative—could minimize reliance on increasingly expensive goods.

Also, China’s efforts to boost self-sufficiency in electronics and other high-tech companies may protect it from the worst results of currency-driven prices over the long term. &nbsp,

The problem for Asian economies is to increase endurance against unforeseen surprises in addition to the current inflationary strains. This necessitates a delicate balancing act of managing economic plan to stop inflation while preventing progress while also addressing structural issues.

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How the US sanctioned itself in Ukraine – Asia Times

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In: Asia

The US Treasury yields, which are the key drivers of international markets, lower property prices, increase the US dollar exchange rate, and pose a threat to US homebuilding and another rate-dependent economic activity. As rates rise, moreover, the US Treasury deficit – already above 6 % of GDP – will increase. The federal debt’s interest rate increased from$ 400 billion to$ 1 trillion in 2021, putting an additional$ 1.8 trillion requirement on top of the previous year’s$ 1.8 trillion.

Despite my calculations, foreign central banks have decreased their holdings of US government debt, putting pressure on yields by painfully 0.8 %, based on my analysis. Central bankers shifted out of money assets as a result of the arrest of Russian foreign exchange reserves in 2022. The US business was perhaps more harmed by the reserve arrest than Russia’s.

The Federal Reserve, to be sure, increased the rate at which banks are charged for overnight cash, which contributed to the majority of the price rise. However, a significant increase in the so-called real offer of Treasury bonds ( in this case, the interest rate on inflation-indexed Treasuries ( TIPS) is attributable to less foreign central banks purchasing of US loan. Reduced foreign central bank holdings of US government debt account for roughly 80 basis points ( 8/10ths of a percentage point ).

Foreign central banks, including those of China, India, Saudi Arabia, and Turkey, began shifting their foreign exchange reserves into gold and out of Treasuries after the US and its allies seized half of Russia’s$ 600 billion in foreign exchange reserves in early 2022, following Russia’s invasion of Ukraine.

The influence of foreign central banks ‘ sales of US federal debt is illustrated in the table below.

The Fed’s report on the change in international central banks holdings of Treasuries for six weeks is shown in the red line. The offer of 10-year TIPS is depicted in the blue line, which is the nighttime rate that the Fed charges bankers. 10-year Ideas provides increased by 80 basis points as of January 1 ( the shift in the TIPS supply that is not explained by the federal funds rate is depicted in the blue line, once more ). At the 95 % trust level, statistical tests demonstrate that the relationship between the two elements is important.

While the US Treasury’s saving necessity has risen quickly, foreign central banks holdings of US Treasuries have declined. This contrasts starkly with the time period 2007-2012 ( including the World Financial Crisis ), when the Treasury intervened with an ( then ) unprecedented$ 800 billion bailout to support the banking system. Foreign central banks, notably including China, stepped in to support the Treasury, doubling their holdings of US government debt to$ 4 trillion from$ 2 trillion in 2007. During the Covid crisis of 2020, by contrast, foreign central banks ( notably including China ) reduced their holdings of Treasuries.

This has had a significant and palpable effect on US Treasury provides.

We are comparing leads and falls, which clearly demonstrate that adjustments in foreign central banks holdings of Treasuries are related to changes in the TIPS offer (once more, the changes are not those that the federal funds rate has predicted ). Each table in the table below displays the relationship between the two factors ‘ current and past lagged values at regular intervals. For instance, the lagged benefit of changes in international central banks holdings of Treasuries shows a -0.6 relationship with that weekend’s TIPS yield when compared to a 5-week slowdown. Changes in international central banks investments are consistent with the cross-correlogram, which is contrary to what the cross-correlogram suggests.

Additionally, it explains how the real yield on US Treasuries is decoupled from the golden value. For the 15 years 2007 to 2022, golden and TIPS provides were traded simultaneously. They provide a form of protection against unanticipated prices and dollar depreciation, and they both play a similar investment role. The difference is that Treasury assets may be seized by the US government, as in the case of Russia, while metal in a central bank’s tomb can’t.

After March 2022, metal rose sharply despite the surge in TIPS provides. The balance of the government’s debt is in question, and the value of golden as a wall against currency depreciation is rising as a result of all the major American economies’ running huge deficits.

Like additional sanctions against Russian business, Washington’s arrest of the Russian supply backfired. It destroyed confidence in the basic property of the US dollar supply system, particularly the debt of the US Treasury, and raised America’s borrowing cost just as the Treasury’s borrowing requirements exploded.

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Opposition MPs raise questions including why NRIC unmasking issue was not brought to parliament earlier

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WHAT DIDN’T ACRA UNDERSTAND ABOUT THE INTERNAL GOVERNMENT CIRCULAR 

Numerous opposition MPs had also pressed for more information about the inner state circle connected to the ACRA Bizfile incident. and  sent out in July.

ACRA CEO Chia-Tern Huey Min stated in a press conference in December that there was a lack of cooperation between the team regarding how this would be implemented.

ACRA misunderstood the new Bizfile portal’s requirement to unmask NRIC statistics as a result of this.

MP Sylvia Lim ( WP-Aljunied ) noted that ACRA had sought clarification from MDDI and asked about the nature of the clarification.

She even inquired about whether the review panel’s minutes may be made available to the public once its findings were released so that “people may form their own opinions on how this misunderstanding could have occurred.”

In response, Ms Indranee said it was evident that the plan intention was not evidently understood and in some cases, there was a lapse in cooperation. Because the assessment board will examine it in depth, she declined to provide more details.

She added that she would keep the review panel’s decision to release its days to the discretion of the screen.

Leong Mun Wai, a non-constituency member, inquired about whether any political figures had approved the inner state circle.

He inquired,” My clarification is this: whether any political officeholders were giving directions when the civil servants in ACRA and MDDI were disclosing what the circular’s instructions were, ” he asked.  

I would like to hear whether our legal workers have been thrown under the vehicle, depending on the responses. ”

Ms. Indranee responded to his question by saying that no political politicians had any say in the round or were in charge of it, but that he should wait for the results of the post-action review.

Outlawing NRIC NUMBERS AS AUTHENTICATORS

MP Gerald Giam ( WP-Aljunied ) questioned whether the government would be legally required to pass a law prohibiting government agencies and organizations from using NRIC numbers as authenticators and do so by a certain deadline. Large, regulated organizations like insurers were reportedly still using NRIC numbers as default passwords.

In response, Mrs Teo said the procedures for the exclusive market will have to be decided upon conversation.

Even without a legal ban, I believe that organizations should seriously reconsider their identification techniques if they care about protecting the information they have in their hands or the service being accessed by people who are not intended to love the company.

Their customers should also be made aware that the NRIC quantity is not healthy at all when an organization uses it as an password. ”

WP’s Ms. Lim shared her personal experience, pointing out that some banks also request that customers present their bodily NRIC cards for authentication, and that they may choose to use a digital NRIC card instead.  

Mrs. Teo claimed that because the online NRIC card contains a person’s photograph, it would be appropriate as an authenticator.  

We have stated very clearly that the production of this online NRIC card is the same as that of the physical NRIC card. That is, in my opinion, rather obvious. ”

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101 Digital appoints Sachin Rajat Sharma as chief commercial officer to accelerate global growth

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  • 20 decades experience in driving change in finance, payments &amp, plan
  • Originally the main product &amp, business agent at Audax Financial Technologies

101 Digital appoints Sachin Rajat Sharma as chief commercial officer to accelerate global growth

101 Digital, a next-generation supplier of electronic banking solutions enabling embedded financing, new modern banks, and the modern conversion of conventional banks, has announced the appointment of Sachin Rajat Sharma ( photograph ) as its chief commercial officer. In addition to bringing a wealth of knowledge, Shani has a proven track record for transforming businesses in Southeast Asia, India, and the Middle East.

Founded in 2018 by Rana Peries and Rajiv Ellepola, 101 Digital has been at the vanguard of delivering cutting-edge banking alternatives to major financial institutions across Africa, the UK, Southeast Asia, and above. Sachin’s interview comes at a crucial time for the business as it looks to grow and strengthen its presence in these sectors.

With over two decades of experience, Sachin has led revolutionary efforts in finance, obligations, and plan. He is renowned for launching innovative solutions such as discourse, a multi-award-winning banking-as-a-service system, alongside another industry-first innovations in online banking and client engagement. Prior to joining 101 Digital, Sachin previously held the position of general goods and business officer at Audax Financial Technologies, where he co-founded the business and expanded it to provide many business customers in its first year.

In his new role, Sachin does generate 101 Digital’s global development strategy, guide market expansion, and develop partnerships with important financial institutions. His administration will focus on delivering distinguished value propositions, building high-calibre teams, and fostering innovation to change the online banking landscape.

Rana Peries, co-founder and chief product officer of 101 Digital, commented:” We are delighted to welcome Sachin to the 101 Digital family. His deep understanding of digital transformation and commercial strategy will be of a crucial role as we continue to provide financial institutions with cutting-edge solutions. Sachin’s vision perfectly fits our goal to influence the direction of banking in the future.

Rajiv Ellepola, co-founder and director of delivery, added:” Sachin’s extensive work in driving new business models for banking perfectly complements 101 Digital’s vision of enabling large-scale banking transformation. As we move into our next growth stage, we anticipate having him aboard.

Sachin said:” I am thrilled to join 101 Digital at this exciting juncture. As financial institutions embrace embedded finance and digital-first strategies, 101 Digital is uniquely positioned to lead the transformation. Working with the talented team at this company will help us bring about positive change for both our clients and their customers.

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