Chiang Rai grapples with flood disaster

Northern state’s primary air-port closed, heart of Muang area hard inundated

Lee RAI: The economic center of Thailand’s westernmost state is now inundated, with waters reaching waist-deep ranges and continuing to rise due to the overflowing Kok River.

The closing of Mae Fah Luang Chiang Rai International Airport was caused by a flood on Thursday, with a Thai AirAsia flight leaving at 1.10pm the next trip to go through.

Access to important areas, including Mae Fah Luang Chiang Rai International Airport, the five-way Pho Khun crossing, and the municipal house, was affected by the closing of roads and bridges in the Muang district on Thursday night.

Due to strong currents, emergency started on Wednesday nights, when residents were unable to stay in the ground-floor homes. To help in evacuating those trapped by the rapid-flowing waters, jet skis were used.

Chiangrai Prachanukroh Hospital in the Muang city said on Thursday that it was only handling urgent situations.

Muang area in Chiang Rai is one of the six regions that has experienced flood damage. The others are Chiang Khong, Chiang Saen, Mae Chan, Mae Fah Luang and Mae Sai.

More than 10, 000 homes have been affected, with three incidents reported in Mae Fah Luang. ( Story continues below )

On Thursday, a sea police officer carries a child through the Mae Sai region of Chiang Rai province's deep water. ( Photo supplied/Wassayos Ngamkham )

On Thursday, a sea police officer carries a child through the Mae Sai region of Chiang Rai province’s deep water. ( Photo supplied/Wassayos Ngamkham )

On Thursday, local people in Chiang Rai do their cleaning near the Mae Sai borders station. ( Photo: Hug Mae Sai Facebook )

On Thursday, local people in Chiang Rai do their cleaning near the Mae Sai borders station. ( Photo: Hug Mae Sai Facebook )

Sai River falling

In Mae Sai area, authorities said the level of the Sai River was falling and Phahon Yothin Road, which had been greatly flooded, was back to normal on Thursday.

However, the problems in the Muang district’s center continued to be challenging.

Due to the damage caused by flood and the need to clean up the Mae Sai boundary station, drivers are still able to travel to Myanmar.

On Thursday, Thai authorities had to integrate with Myanmar immigration officials before returning to their country on base after being left stranded on the Thai area during the flood.

On Thursday night, sellers from the border’s Sai Lom Joy business arrived in their stores to begin repairing the damage.

People were now able to enter the Koh Sai group, which was earlier impenetrable. However, some sites were still under waters.

On Thursday, tambon Mae Sai city officials, police, rescue personnel, and Navy officers went to evacuate people who had been stranded in their flooded houses for more than two days.

To assist in the evacuation of flood victims, aquatic officers with flat-bottomed boats were dispatched from three stations in the state. In some places that ships could not accomplish, policeman had to wade through rainwater to remove victims, mainly the elderly, women and children.

After the Kok valley burst its banks, causing significant flooding in many of the city’s downtown areas, rescue team and boats were dispatched to support disaster victims flee their homes. Around 30 centimeters great were the floodwaters at the Phor Khun crossroads.

Some roads that had been overflowed after the Sai River overflowed were once more accessible after the river’s water level decreased by about one meter, or near the standard amount, according to Suttipong Juljarern, the internal ministry’s permanent secretary. ( Story continues below )

After water recedes on Thursday in front of the Mae Sai boundary checkpoint in Chiang Rai's Mae Sai city, a person inspects dust that washed onto the road as a result of the floods. ( Photo: Hug Mae Sai Facebook )

After water recedes on Thursday in front of the Mae Sai boundary checkpoint in Chiang Rai’s Mae Sai city, a person inspects dust that washed onto the road as a result of the floods. ( Photo: Hug Mae Sai Facebook )

40 regions on update

Over 40 counties were on alert for potential flash floods as a fresh tropical depression is anticipated to increase through September 18, according to an article released by the Office of National Water Resources on Thursday.

According to the authorities, at least nine people have died as a result of floods in the northern regions of Chiang Rai and Chiang Mai since Tuesday.

From Friday through the first of the week, the weather department anticipates more heavy rain to arrive early in the nation.

Since Aug 16, floods and landslides have killed 33 citizens across Thailand and affected almost 110, 000 homes, according to the Department of Disaster Prevention and Mitigation.

In Thailand, about 34, 000 families, mostly in the northwestern region, have been affected by Typhoon Yagi, the strongest wind to reach Asia this year. The wind has even wreaked havoc in neighbouring Vietnam, where it left at least 157 people dead and 139 more lost.

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Can China’s export surge save the day? – Asia Times

The best economic news President Xi Jinping’s country has received in a while comes from the 8.7 % increase in Chinese imports in August.

The data, which came in significantly higher than the 6.5 % increase most economists anticipated, points to a crucial growth driver for the world’s largest trading country, which is now in desperate need.

According to Nomura Holdings ‘ experts,” the continued strong run of export may really delay near-term policy help.”

China appears to be a clear winner from persistently high global prices, which is boosting the country’s attractiveness in foreign markets. Wei Yao, an economist at Societe Generale, stated that “it truly offers some help to China’s growth.”

The question, of course, is whether the trade engine may continue firing to mitigate robust domestic headwinds. They include a deepening home issue that’s undermining company and home confidence, stagnant wages, negative pressures and great youth unemployment.

The bad news is that export gains do n’t appear to be sufficient to offset the long-term downward pressure on other parts of the economy. The good news: in the short work, rising exports could supply Xi’s staff greater latitude to employ much-needed structural changes.

Finding strategies to regulate real estate markets, repair the stability sheets of large property developers, and balance regional government finances is still a challenge for Xi’s team. Mainland property markets, noted Standard Chartered Bank CEO Bill Winters, have n’t yet found a floor.

The property market has been a slow grind over, according to Winters, who is aware that the property market is the underlying cause of many of the trust concerns.

He continued,” there are some signs from time to time that we’re seeing an increase in activity, but it does n’t feel like we’ve really found a bottom in terms of price.”

Ringing Zu Yu, the president of Shanghai CRIC Info Tech Co, makes another point about the sluggish pace among municipalities in terms of bolstering property markets around the country. ” Regional governments have made gradual headway”, Ding noted.

Imports, process, are proving to be far less strong than exports, a sign that island desire may require a policy-delivered jolt. Although a rate cut from the People’s Bank of China is possible, many academics believe a fiscal boost would have a bigger impact.

According to the Financial Times, investment banks economists believe that China has acquired a US$ 1.4 trillion signal program over the next two decades to rekindle economical growth and prevent deflation from ingraining its roots.

If that number is best, it would be more than double the economic “bazooka” Beijing deployed after the 2008 Lehman Brothers problems. ” The longer that depreciation sits, the bigger the process in terms of reflation”, Robin Xing, general China analyst at Morgan Stanley, told the Financial Times.

Some people think the China-cratering narrative has been a little too much, according to experts and economists.

As Louis Gave, scientist at Gavekal Dragonomics, observes, “it’s hard to find information in the&nbsp, Chinese&nbsp, information that home energy need has taken a noticeable change for the worse”. China’s crude oil imports were up in August, he noted.

” And talk that China’s fuel consumption is down because construction is cratering does n’t stand up well, either”, Gave said. ” Even at its height, the construction sector accounted for less than 4 % of&nbsp, China’s diesel – or gasoline – consumption”.

However, the softness of Chinese exports suggests home demand remains sleepy. The 2 % increase from the previous year on average in August is insignificant in comparison. Lethargic goods, noted analyst Raymond Yeung at Australia &amp, New Zealand Banking Group, “mirrors its poor private demand”.

China’s” strong” trade surplus, Yeung added, may exacerbate” concerns” about mainland “overcapacity”, intensifying the blowback already fomenting among lawmakers in the US, Europe and elsewhere.

Pan Gongsheng, the government of the PBOC, faces a special issue as a result of all of this. Internationalizing the renminbi was a major concern for the Communist Party during the Xi era.

Beijing could become a bigger vote problem in the US, where both presidential candidates have taken harsh aim at China’s trade policies, if more drastic rate cuts are implemented. This will unnerve world markets and cause unrest in the country. Additionally, it may raise the risk of default for Chinese property developers who are unable to pay offshore loan.

Appearing at next year’s Bund Summit in Shanghai, Pan’s PBOC father, Yi Gang, urged Beijing to work with greater policy necessity to maintain customer charges. They should concentrate on battling the negative force, he said.

Yi emphasized that” the key words are: how to boost domestic desire, how to properly deal with the situation of the real estate business, as well as the local authorities debt problem, and how to control the confidence of society.”

The former PBOC head remarked that “at this point, proactive fiscal policy and accommodative monetary policy are important.”

One option is for Pan’s team to further lower reserve requirement ratios for banks further, said Zou Lan, director of the PBoC’s monetary policy department.

The challenge for Chinese policymakers is to manage the housing crisis and ensure that there is enough domestic demand to maintain the high level of economic growth, according to economist Jeffrey Schott of the Washington-based think tank.

According to Schott,” that is so crucial for the Chinese economy and for moving more and more people toward higher standards of living.”

China’s performance so far in 2024 is still marred by weak consumption. In July, for example, retail sales in Beijing dropped 3.8 % year on year. In Shanghai, sales fell 6.1 %.

According to economist Zhang Zhiwei of Pinpoint Asset Management,” the country continues to show divergent trends with weak domestic demand and strong export competitiveness, both reflecting the domestic deflationary pressure.” ” The question is how long exports can continue to grow given the deteriorating US economy and rising trade tensions,” the quote reads.

Strategist Yeap Jun Rong of IG International stated that” the lack of conviction around China’s economic recovery continues to leave investors shunning.”

Consider the$ 6.5 trillion in market value lost from Chinese and Hong Kong stocks since their peak in 2021, a loss comparable to the size of the entire Japanese market.

The issue is that the economy is in a worse place than I thought six months ago, according to Lazard Asset Management strategist Ron Temple, who quoted Bloomberg as saying: “it’s been an incredibly bad period for markets. The longer the government stays silent about initiating significant demand increases, the longer the consumer confidence damage will persist and the harder it will be to stop.

Count Carlos&nbsp, Casanova, economist at Union Bancaire Privée, among those who worry China’s “export momentum in August remains unsustainable”. He stated that” we do not anticipate this trend to continue even though net exports will positively contribute to GDP in August.” Additionally, weak imports suggest that domestic demand is softening.

The export portion of the equation is a positive force for the time being. So are trends in foreign direct investment ( FDI) vis-à-vis top economies like Germany. FDI from Germany into China rose to a record in the first half of 2024, reaching 2.48 billion euros ($ 2.72 billion ) in the first three months of the year and 4.8 billion euros ($ 5.28 billion ) in the April-June period.

This dynamic contradicts German Chancellor Olaf Scholz’s warnings about “growing geopolitical risks” between China and the European Union. Ursula von der Leyen, the president of the EU, has been encouraging European companies to “de-risk” their positions in Xi’s economy.

” The trend is particularly notable for big German corporations, which have ramped up their investments in the Chinese market, which has long been their largest, most profitable single market”, Zheng Chunrong, director of the German Studies Centre at Tongji University, told the Chinese Communist Party-run Global Times.

According to Maximilian Butek, executive director of the German Chamber of Commerce in China, “our data shows that more than half of German companies plan to increase their investments in the country and the vast majority do n’t plan to leave.” This is particularly true for large corporations and the electronic or automotive industries.

Even so, noted UBP’s Casanova, some of the August export surge may reflect a “front-loading response” to the EU’s impending tariffs on Chinese electric vehicles. ” These provisional tariffs”, he said,” will last for a maximum of four months, during which a final decision on definitive duties must be made”.

If adopted, Casanova said,” these duties would be in effect for five years. Additionally, exports of aluminum ( 24.1 % vs. prior 20.5 % ), chemical fertilizers ( 31.6 % vs. prior 15.2 % ) and steel products ( 6.8 % vs. prior -2.4 % ) also saw significant increases”.

According to Casanova,” this trend is understandable in the context of upcoming EV tariffs and a rise in demand for chemical fertilizers in the wake of sanctions against Russia.” Exports to the United States slowed to 4.8 %” versus 7.6 % in the prior month, while demand from ASEAN countries also showed a slight recovery.

The problem, he concluded, is that” a slowdown in major economies, particularly the US and Europe, may diminish demand for Chinese exports in the coming months. Additionally, rising geopolitical tensions in the weeks leading up to the US election in November may lead to uncertainty that could affect trade agreements and market access.

Thanks to geopolitical currents– including the November 5 US election–” China’s latest export push is backfiring”, claims economist Jeemin Bang at Moody’s Analytics. ” Its policy-led ramp-up in manufacturing has sparked protectionism abroad, potentially leaving China with few viable export markets”.

The end result is that while export growth is advantageous right now, it may not be a reliable engine until 2025. That will require more courageous actions to address China’s fundamental problems, such as a persistent property crisis and domestic demand-boosting measures that wo n’t go away.

Follow William Pesek on X at @WilliamPesek

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The growth of malignant and exclusionary social movements – Asia Times

Today, discussion, allow alone consensus, is frowned upon and the benefit is given to exclusive cultural movements built on malicious rather than goodwill impulses. The US and some additional societies are riding into toxic polarization.

As Heritage Foundation leader Keith Roberts stated in July 2024,” ]W] electronic are in the operation of the next American Revolution, which may be violent if the remaining allows it to be”.

Violence against women was already popular ten years ago, primarily in developed nations and regions that were struggling financially as they incorporated themselves into the capitalist global economy.

However, more recently, dangerous fragmentation has also threatened to engulf nations at the center of the democratic political political movement, including France, Germany, Italy, the UK, and the US.

In every situation, the malevolent social activity aims to destroy a political get built—at least notionally—on principles of inclusion and benevolence, which the activity blames for its followers ‘ loss of economic and political status within their societies.

The apparent inexorability of this takeover, which is most striking, yet counterintuitive, is a result of the failure of parties from the center and left to provide coherent alternatives, and the resultant environment in which intense positions are gradually normalized.

The end result is a problems of democracy that stifles people’s confidence in social self-government because it is unable to solve pressing issues like climate change, financial inequality, and mass migration. To change this tendency, we must first understand the conditions that brought it on.

Nine Advancements That Cause Toxic Polarization

When a convergence of social, economic, and cultural conditions triggers three potent forces, dangerous polarization becomes feasible, if not unavoidable, when these three factors are activated:

Malicious bonding: An impulse to crystallize communities built on resentment, hatred, and a wish to remove those who are “different”,

The lack mind: A emotional state that views social life as a zero-sum game pitting oneself and a cultural affinity group against a cultural, racial, or class-based another, and in which case, one is in the state of a zero-sum game.

Trans-historical pain: The anxieties and compensating behaviours that have developed over the course of several centuries of physical and emotional abuse and have become embedded in our social habits.

When they converge, these conditions lay the groundwork for a conventional wisdom built on limited assumptions about what can be achieved by society. This in turn creates new, exclusionary social movements, particularly among the dominant racial, ethnic, and class-based groups, which in turn create a deep sense of alienation from the current order.

We define alienation as feeling distasteful and alienated from the larger or what society is evolving into. Alienation can quickly turn into a lack of sympathy and lead to open hostility toward the supposedly undeserving portion of the population.

Social movements, which are the zeitgeist’s incubators and carriers, are the driving forces behind this process. Exclusionary social movements, which are prevalent in toxic polarization, are always either present or in the past.

So are inclusionary social movements, which aim to build on a very different set of impulses: empathy, goodwill, good-faith communication, mutual aid, and an openness to finding common ground in inclusive and widely beneficial change.

These two movements have historically clashed or coexisted, but neither has a long-term advantage over the other. However, we are currently seeing the convergence of nine significant developments, some of which date back decades, that have contributed to the development of powerful and potentially long-lasting exclusionary social movements:

Decreased economic progress and social mobility: The developed world has witnessed a decline in economic expansion and social mobility stemming from the outsourcing of jobs and vastly unequal growth patterns in the developing world.

Rising global migration rates, in part due to the imposition of neoliberal economic policies, which have been complemented by insurgencies in the Middle East and parts of East Asia, have made dominant ethnic groups in receiving nations feel threatened. The main reason for concern is frequently” job theft” or crime, but the root cause is racial or cultural prejudice.

Self-inflicted austerity: Four decades of fiscal austerity, rationalized by neoliberal economics and concentrated primarily on social spending, stalemate and stigmatize previously successful efforts to bring underprivileged and socially marginalized groups into the circle of prosperity.

The state has come to be the main force over the past two centuries for fulfilling the promises of the inclusive or goodwill agenda. The result of austerity is” starving the state,” which causes programs that a large portion of the population relies on as well as the goodwill agenda on which they were founded.

Benefits are curtailed, service worsens, and the citizenry become disgruntled or even alienated from the system that created and built loyalty through them.

A decline in the state’s ability to provide services is another side of the constraints imposed by austerity and rising debt. Bureaucratic organizations become less effective, more patient, and less personal. Also, the physical infrastructure deteriorates. Residents of these developments feel even more alienated by the state.

Rising debt at all levels: While the severity of debt burdens is frequently debatable, they encourage austerity at the government level and hinder households ‘ and governments ‘ ability to invest for the future, further stifling inclusive movements.

Over the past 50 years, these debt burdens have come increasingly under the control of global banks, investors, and multinational institutions: a “debt industry” that sees them as an opportunity to exploit rather than a means of equitable growth and development.

A sense of national decline is produced by political and economic collapse, stalemated wars that cost money and lives and cause national morale crises, and the erosion of a previously exalted geopolitical status.

Fifty years of failed wars, from Vietnam to Iraq, have cost a lot of money and blood, but they are still regarded in the American public as gallant missions that would have been successful if the cause had not been betrayed by defamationist politicians.

Fear of loss of potency: This is fed by a fear of declining fertility, especially within the dominant ethnic group, declining birth rates contribute to a sense that their overall position in society is crumbling. This provides a platform for theories like the” Great Replacement,” which will lead to further racial bigotry and violence among ethnic minorities and migrant communities.

The decline in birth rates among men belonging to the dominant ethnic groupaggravates misogyny based on a zero-sum, scarcity-based belief that women are infantilizing and castrating them by asserting their rights. This sometimes results in a violent backlash against women’s rights.

Global warming causes energy, environmental, and technological crises: It is believed that the current living arrangement is unsustainable or that the crisis is a hoax meant to persuade people to accept a lower standard of living. Nuclear weapons still sputter, but worries now grow about the use of high-tech warfare and surveillance against people.

The increasing role of sophisticated, computer-based systems in nearly every aspect of daily life creates a deepening fear that many long-time occupations will be eliminated or downgraded, damaging millions of workers ‘ confidence in both their livelihood and sense of personal worth.

Growth of corporate and financial power: People become more alienated from the capitalist system as business shifts and union power declines. On the right, people are encouraged to blame repressive groups ( the Jews, the Chinese, and the Arabs ) for using economic force against them and covertly supporting their “replacement” by immigrants.

Inclusionary movements lose their capacity for movement-building: Social movements built on goodwill, while in the ascendancy, come to rely on the state to address challenges related to inclusion, through policies and programs that address socioeconomic inequality and marginalization.

The state is currently on a starvation diet, so the leaders of these movements no longer have the means to pursue their inclusionary objectives, and their policies and programs turn out to be inconvenient. The leadership is unable to deliver results for their loyal base.

Focused, in an electoral democracy, on winning elections, the leadership seek a new formula and new backing that will enable them to remain in power.

They acknowledge that challenging its interests and ambitions is futile and that it is impossible to change its focus to creating technocratic,” third-way” policies like welfare reform and less forceful alternatives to closing the border. These fail to resurrect the movement’s core, instead opening up space for excluded movements to gain more popular support.

Over time, the leadership of the exclusionary movement are emboldened to claim the accomplishments of the inclusionary movement as their own, seizing control of the historical-cultural narrative.

Instead of being the outcome of decades of struggle against violent opposition from exclusionary movements, the end of legal segregation, the vast expansion of the middle class, and the end of slavery are depicted in this telling.

The inclusionary movement is demonized for failing to celebrate America when it refuses to accept this version of the story. (” The American people rejected European monarchy and colonialism just as we rejected slavery, second-class citizenship for women… and ( today ) wokeism”, the Heritage Foundation’s Project 2025″ Mandate for Leadership” declared. These characterizations of patriotic self-assurance” to the left, just so many indicators of our moral depravity and intellectual inferiority” ( p. 2 ).

Exploiting alienation

The scarcity mind informs both the framing of the nine developments just described and the response to them.

Some are quite real, including fear of the other, fear of austerity, fear of migration and insurgencies, the climate crisis, and fear of the rise of corporate power, and fear of the abstinence of the other. They collectively create a strong sense of alienation.

As alienation increases, people grow more desperate to be seen and heard, to belong, and to feel that the powers directing society are on their side—and not someone else’s. These impulses lead to brand-new, exclusionary social movements that foster a zeitgeist that fosters toxic polarization and malignant bonding, which can be then used to forge a new political thinking of the right.

Alienation gives malignant bonding a strong, life-like pull, at least while the facilitation’s constraints are met. In our time, Roberts’s” second American Revolution” takes its place within a pattern of self-renewal that began with the 1968″ silent majority” election of Richard Nixon in a campaign built on coded racism ( “law and order” ) and extends to the 2016 and 2020 elections that brought Donald Trump to power and then solidified his right-wing populist MAGA movement.

Starving the state helps to perpetuate this cycle because it delegitimizes the inclusionary agenda. However, a social movement needs resources and a means of communication with the institutional and financial apparatus of capitalism and the state in order to gain power.

For this, it needs the support of at least a portion of what we might call the Third Force: the elites, including propertied individuals who amass capital and control access to it and the institutions that defend and promote their interests.

The Third Force typically finds it easier to form alliances with exclusionary movements rather than inclusionary ones because they often find their organizing principle in imagined scarcity and dreams of a lost golden age. As a result, they rarely raise objections to current wealth arrangements.

Additionally, exclusionary movements fetise power, making them effective partners in capturing marginal social elements. At the same time, often chaotic exclusionary social movements need the organized, disciplined institutional structures and expertise that the Third Force can build for them:

  • Think tanks ( such as the Heritage Foundation ) that can convert ideological resentments into policies
  • Media and messaging platforms ( like Fox News, Newsmax, and social media influencers, for example ),
  • Advocacy groups ( for example, the Federalist Society ), and
  • An electoral machinery and ability to mobilize a group of well-to-do donors ( for example, the Republican Party, political action committees, etc. ) behind a populist leader.

These resources, in turn, help exclusionary movements and their leaders create new elites that operate on a slightly different set of preconceived notions than the previous elites but still want to establish a new status quo. The nature of this new set of arrangements always depends greatly on the movement’s relationship with the Third Force.

The success of this cycle of self-renewal prevents progressive political forces from putting forward changes that might address the real issues that cause alienation: the rise of corporate hegemony, the loss of workers ‘ power, and technological concerns.

A Way Forward for Inclusive Movements?

When combined with the resources of the Third Force, an exclusionary movement based on alienation and malignant bonding has the potential to fundamentally alter society’s course, potentially reversing decades of social and economic progress.

As we’ve just seen, it can also alter the rival inclusionary movement’s course of action, neutralizing it while making it a target for the anti-exclusionary movement’s supporters to rally against.

Even in the long periods when inclusionary movements have been ascendant, their rivals work to undermine them. When it appeared that numerous inclusionary objectives, including universal health care for people of color and socioeconomic equality, were within reach in the US in the 1960s and early 1970s, the seeds of a strong opposition to these objectives were already beginning to emerge.

However, inclusionary leaders frequently disregarded or ignored them. Real or perceived crises were then exploited, often very successfully, by exclusionary social movements as grounds for pinning the blame on their opponents.

Because attacks on vulnerable groups, including gender nonconformists, racial and ethnic minorities, migrant women, and gender nonconformists, are easily rationalized and emotionally satisfying to troubled working people who are used to occupy a more favored position in society.

Another equally significant reason is that inclusive social movements frequently respond by highlighting the gap between society’s objectives and its achievements rather than highlighting its actual successes as justification for believing it can do better. This approach easily devolves into blaming and shaming the exclusionary movement’s target audience, which that movement can then easily exploit.

What does this tell us about the conditions for making them successful in the long run, and what does it mean for them despite generating large amounts of support for them for a long period of time?

Why have the inclusionary movements not been able to maintain and grow as effectively as their exclusionary rivals? What holds them back, and how can they find the capacity to do so?

The New World Foundation’s president is Colin Greer. He was formerly a professor at the City University of New York, a founding editor of Social Policy magazine, a contributing editor for Parade magazine for almost 20 years, and the author and co-author of several books on public policy. He is the author of three books of poetry, including Defeat/No Surrender ( 2023 ).

Eric Laursen is a self-taught journalist, historian, and activist. He is the author of Polymath, The Operating System, and The People’s Pension. His work has appeared in a wide variety of publications, including In These Times, the Nation, and the Arkansas Review. He resides in Massachusetts ‘ Buckland.

Human Bridges contributed to this article, which is republished here with permission from the Independent Media Institute.

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Yagi: More than 150 dead in Vietnam as typhoon floods Hanoi

The death toll of Typhoon Yagi has risen to 152 in Vietnam, according to federal projections, as one of the country’s largest river reaches its highest level in two years, flooding the streets of Hanoi.

By Wednesday, overflow waters from the inflamed Red River had reached a metre high in some of the money, making it difficult for some citizens to use boats to manage their neighborhoods.

Thousands of people have evacuated from low-lying areas of the city and 10 of Hanoi’s 30 operational regions are on “flood alert”, position media reported.

The government claimed that the typhoon’s main cause of death was mudslides and floods throughout north Vietnam, according to the government.

According to Hanoi native Tran Le Quyen,” this is the worst storm I have witnessed.” ” It was clean yesterday night. Then the whole city is flooded. We could n’t sleep last night”.

Yagi, which was immediately categorized as a very tornado, or storms, but afterwards downgraded to a tropical despair, has continued to wreak havoc in Vietnam since making ashore on Saturday.

It has been referred to as Asia’s most powerful storms this time.

” My house is now part of the river”, Nguyen Van Hung, who lives in a village on the lenders of the Red River, told Reuters.

Due to flash floods, a village in northeastern Lao Cai territory was completely destroyed on Tuesday. At least 25 individuals have been confirmed dying, and hundreds of soldiers have been stationed in the community to search for those still missing.

Authorities are also paying close attention to a electricity grow in the northwest of Yen Bai state because a large flows of water into the dam’s reservoir raises concerns that it might collapse.

Nguyen Hoang Hiep, the deputy secretary for crops and rural development, stated on Wednesday that the electricity plant is” safe,” but he urged locals to stay in sanctuary because it might take up to two weeks for the water to fade to an “allowable level.”

Yagi has left a trail of destruction in the country’s northern region over the past four days. On Monday, it collapsed a busy bridge, plunging ten cars and two scooters into the Red River.

It even tore roof from buildings, damaged trees, and left widespread damage to facilities and businesses in the northwest.

When hitting Vietnam, the typhoon left 24 people dying across southwestern China and the Philippines.

Typhoons does increase wind speeds and increase rainfall as the planet warms, according to scientists, but the impact of climate change on specific storms is unclear.

More reporting by BBC Asian

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Carsome announces most successful quarter with over US0mil revenue in 2Q2024, new financing line from Maybank

  • Revenue grew 9 % QoQ &nbsp, with over 3x EBITDA jump, GPU up by over 5 %
  • Push secondary business, particularly Carsome Capital with&nbsp, working funds ranges from banks

Carsome has just added a new working capital facility from Maybank to add to the RM100 million facility it got from AmBank in July. While it has not disclosed the amount yet, it is believed to be more than RM100 million.

The most profitable quarter to date for CARSOME Group Inc., the largest included car e-commerce platform in Southeast Asia, announced another significant step in the direction of its much-anticipated future IPO.

According to the company, in 2Q2024, it maintained a leadership position with about 35, 000 vehicles traded ( includes cars sold through Carsome&nbsp, via retail and B2B&nbsp, and CarTimes in Singapore ) and claimed it grew revenue by 9 % quarter-on-quarter ( QoQ ) to above US$ 310 million ( RM1.3 billion ). The EBITDA increased over 3x Ruler, and the gross margin increased by over 10 %. Despite the challenging macroeconomic environment, this continues the profitable development speed that Carsome first demonstrated in December 2023.

In line with the strong results, Carsome announced various new financing partnerships, such as with Ambank Group ( announced in July ) and Maybank ( not officially announced yet ), which will provide over US$ 46.17 million ( RM200 million ) in new working capital lines to support Carsome’s expansion plans. Carsome intends to utilize its market-leading level to promote its financing, plan, aftersales, and another auxiliary offerings to provide its dealers and customers with a complete one-stop option.

Carsome announces most successful quarter with over US$310mil revenue in 2Q2024, new financing line from MaybankEric Cheng ( pic ), Carsome’s co-founder, chairman and Group CEO, said,” This quarter’s results are a continuation of our profitable growth strategy. Our GPU ( Gross Profit per Unit ) is up by more than 5 % QoQ, even as customer acquisition costs continue to come down significantly, which is a testament to our strong execution, our value proposition, and our brand equity. We will remain on the right track to record-setting time. He cited the benefits of Carsome Capital’s support for expanding its secondary products, particularly Carsome Capital.

With NPL below 2 % for retail and 0.1 % for wholesale ( referring to B2B), we have established a strong operational track record. We are well positioned to utilize our magnitude to develop this business more thanks to the extra funding support and our demonstrated capabilities. This will keep Carsome top-of-mind as we better serve both current and new customers throughout the duration of their car ownership trip.

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Busy Mae Sai border market flooded out

Overflow from the Sai River was pouring through Sai Lom Joy Market in Mae Sai district of Chiang Rai province on Tuesday. (Photo: Chiang Rai public relations office)
On Tuesday, Sai Lom Joy Market in the Mae Sai city of Chiang Rai state was in full flow from the Sai River. ( Photo: Chiang Rai public relations office )

Normally bustling Sai Lom Joy business, on the frontier with Myanmar in Chiang Rai’s Mae Sai city, was shuttered and under water on Tuesday, flooded by flow from the rain-swollen Sai River. &nbsp,

The river sank on its banks on Monday evening after heavy rains had been pouring down the border region since Sunday night, according to the Chiang Rai public relations department.

The river rose swiftly as frightened investors closed their stores and moved&nbsp, their products to security, it said. On Tuesday, the ocean was still up to one meter deep in some creek sites.

In some flooded areas, the Provincial Electricity Authority has stopped providing power to residents because they are concerned for their health. Around 300 customers would be without power until the floodwaters subside, according to the statement.

A busy, significant business called Sai Lom Joy is located along the Burmese boundary between Mai Sai and Tachilek.

District leaders were also looking into the flooding’s injury.

The Northern Meteorological Centre issued a warning on Tuesday that it would receive more heavy rains in the northwestern region until next Monday.

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North Korean diplomats abroad most likely VIPs to defect – Asia Times

The vast majority of refugees who have fled North Korea are typically those who reside in border regions close to China and do not hold important government or economic positions.

Some are from Pyongyang because it is very hard for citizens to traveling within the nation without the consent of police and inside security personnel. In addition, borders patrols are given the ultimatum to eliminate illegal border crossingers along the 38th parallel, which is incredibly challenging to cross because land mines are planted there.

The Foreign Ministry’s only official exception to this is a senior government official who is currently on political leave from the country. One of the biggest security forces attached to each North Korean embassy worldwide is preventing North Korean workers from elude escape.

In the majority of cases, officials ‘ children, families, or other close family members are required to stay in North Korea– nearly as captives to ensure that officials serving abroad may return to Pyongyang. Kids, babies, or sisters who were imprisoned, executed, or often punished while serving in a blog abroad often come out with this story.

The internal security forces of North Korea are severely strained by worries about losing diplomats abroad. Currently, Pyongyang has &nbsp, diplomatic missions&nbsp, in 46 countries and international organizations, a decline from 53 diplomatic posts in 2022. By comparison, South Korea maintains 166 resident embassies, consulates, and permanent missions, all significantly larger than North Korean posts in the same locations.

Ri Il Gyu, a most recent defector, previously held a very senior political position at the North Korean embassy in Havana, Cuba.

In late November of that year, he left the embassy. His presence in Seoul was only made public on July 16 of this year when an interview with him&nbsp, was published.

Kim Jong Un’s blame game

Ri Il Gyu ( left ), then the North Korean foreign ministry’s deputy director general for Latin America, Africa, and the Middle East, attends a banquet commemorating the 57th anniversary of the establishment of diplomatic relations with Cuban Ambassador to North Korea Jesús Aise Sotolongo, right, and others at the ministry’s Gobangsan guest house on the banks of the Taedong River in Pyongyang, August 29, 2017. Photo: Chosun Ilbo / Provided by Ri

His defection came just a few weeks before Cuba and South Korea established&nbsp, full diplomatic relations&nbsp, in February of this year.

The Cuban government’s decision to establish diplomatic ties with South Korea was a blow to the North Korean leadership, since Pyongyang and Havana have a close relationship largely due to both nations ‘ strong hostility toward the United States.

Kim Jong Un is most likely to have sought the services of a North Korean embassy official now that diplomatic relations have been established between Seoul and Havana.

Ri may have been aware of South Korea’s efforts to establish diplomatic relations with Cuba last November, despite he has n’t said that. That diplomatic move might have had serious effects on him and his family. Before the public announcement, Ri and Ri made arrangements to move to Seoul and leave Havana.

Ri Il Gyu gave important information to North Korean diplomats who were fired from office” with extreme prejudice” after his defection was made public in press interviews because Kim Jong-un was unhappy and attributed the failure of the second US-North Korea summit in Hanoi in February 2019.

Ri Il Gyu claimed that Ri Yong Ho, a former foreign minister from 2016 to 2019, was detained in a prison camp in December 2019 on suspicion of accepting bribes from a Chinese diplomat. However, Ri Il Gyu claimed that Ri Yong Ho’s real” crime” was that he was the most senior official held accountable for the defunct Hanoi Summit. Ri Yong Ho’s execution was reported in a Japanese newspaper.

Han Song Ryol’s firing squad execution

Han Song Ryol, a former vice foreign minister of North Korea, was reportedly executed by a firing squad in 2019. Photo: Hankyoreh

Additionally, Ri Il Gyu spoke about the firing squad’s February 2019 execution of Deputy Foreign Minister Han Song Ryol, which occurred shortly before the Hanoi Summit.

Han was previously the second-highest North Korean diplomat at the UN’s ( UN) in New York City, and he was appointed vice minister of foreign affairs for US issues when he returned to Pyongyang in 2013.

Han was executed at the military academy on the outskirts of Pyongyang for allegedly being a spy for the United States.

Officials from the Foreign Ministry had to show up. Ri Il Gyu said,” For days, those who watched it could hardly eat anything”.

Ri Il Gyu was not present at the execution, but he had first-hand knowledge from those who knew about his plans to leave North Korea and take up his position in Havana.

Other senior diplomats and the danger they pose to their families

Counselor Ri Il Gyu follows a number of other senior officials who have slipped away, even though this is the most recent instance of a senior North Korean diplomat defecting while serving abroad.

Thae Yong Ho, a member of the North Korean Foreign Ministry who served as second-in-charge of the North Korean embassy in London, is the highest-ranking diplomat who eluded North Korea while serving abroad. He and his family escaped from their London home in 2016 with South Korean assistance, and they successfully relocated to Seoul.

Thae was immediately given a lot of attention as the most senior North Korean official escape, and he was quite willing to speak out and take part in public events, despite the fact that the majority of senior North Korean refugees have lived quietly in South Korea. In 2020, he was &nbsp, elected to the South Korean National Assembly&nbsp, under the United Future Party for the affluent Seoul district of Gangnam, serving as an engaged&nbsp, member of the National Assembly.

Although Thae was unsuccessful in his campaign for reelection to the National Assembly during this year’s legislative election, he was subsequently&nbsp, named &nbsp, secretary general of the Peaceful Unification Advisory Council, a post that holds the rank of vice minister. Thae is the&nbsp, first North Korean refugee&nbsp, to hold this senior ranking in the South Korean government.

Ji Seong-ho, who is also a refugee from North Korea but not a North Korean diplomat, also served as a member of the National Assembly from 2020 to 2024. He was chosen from the party’s slate despite not having a particular constituency in mind.

Other senior diplomats have also left South Korea. In September 2019, North Korea’s chargé d’affaires ( acting ambassador ) to Kuwait, Ryu Hyun Woo, went to the South Korean embassy in Kuwait and&nbsp, requested asylum. Although he and his family left Kuwait in 2019 and resettled in South Korea soon after, his presence in South Korea was not officially&nbsp, made public&nbsp, until January 2021.

Kuwait is significant to North Korea because there are about 10,000 North Korean laborers in Kuwait, which accounts for the third-highest number of workers there. Kuwait is the only country with more North Korean workers than China and Russia. The North Korean government expropriates the majority of their pay, the workers are poorly paid, live in harsh conditions, and have a poor pay.

In November 2018, North Korea’s chargé d’affaires in Italy, Jo Song Gil, and his wife&nbsp, disappeared&nbsp, with no indication of their whereabouts. This occurred just before the Pyongyang authorities were scheduled to go back. A member of the South Korean National Assembly stated in October 2020 that Jo and his wife have been in South Korea since July 2019 and are protected by the South Korean government.

Jo’s defection emphasizes the dangers and risks of confronting the Pyongyang regime’s brutality, particularly in light of how diplomats and their families are treated. The North Korean Embassy notified the Italian Foreign Ministry on November 10, 2018, that the ambassador and his wife had left the embassy, according to a statement from the Italian Foreign Ministry.

After Jo “requested to be reunited with her grandparents,” the ministry was informed that Jo’s daughter had returned to North Korea, accompanied by female employees from the North Korean embassy.

For the benefit of Jo’s family members who reside in North Korea, neither Seoul nor Rome made this information public for more than a year. There is no information about his daughter’s whereabouts or the health of the family members who are still living in North Korea.

There may be others

The South Korean government has a tendency to keep information about the defection of senior diplomats very secret out of concern for the families of those who are still living there and the brutality the Kim regime has committed against people based on their actions.

After his election to the National Assembly in 2020, Thae&nbsp, expressed concern&nbsp, about keeping information confidential:” For diplomats who have family members living in North Korea, to reveal their news ]of defection ] is a sensitive matter. That’s why other former North Korean diplomats are residing in South Korea without disclosing their identities, and the South Korean government does n’t either.

Everyone is seen as a potential existential threat, from regular citizens to formerly favored regime elites, according to the plight of senior North Korean defectors and their relatives back home in North Korea. In such a context, human rights abuses are ubiquitous.

Robert R. King is a Korea Economic Institute of America (KEI ) non-resident distinguished fellow. He served as the former US special representative for human rights in North Korea from 2009 to 2017.

This article was originally published by KEI’s The Peninsula. It is republished with permission.

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Too early for Japan to advise China on defeating deflation – Asia Times

TOKYO – Pot. Kettle. Black. When Japan’s previous head of the central bank offered Beijing guidance on fighting recession, the legendary idiom naturally made sense in Person’s Bank of China Governor Pan Gongsheng’s head.

On Friday ( September 6), Haruhiko Kuroda, who headed the BOJ from 2013 to 2023, appeared at the Shanghai’s Bund Summit total of ideas for PBOC leaders. Kuroda warned them to act immediately and confidently to avert” Japanification” challenges. ” Central bankers should avoid prolonged recession even if it is minor, that may affect pay determination”, he said.

Three days prior to today’s announcement that coast consumer prices increased less than some economists had anticipated in August. The 0.6 % increase from a month earlier comes amid factory-gate depreciation, a trend that’s plagued the PBOC and Chinese business since 2022. In July, producer prices fell 1.8 % from a year earlier following a 0.8 % decline in June.

Kurida’s guidance comes from a policymaker who probably comprehends the curves and difficulties of recession better than anyone else. Irony abounds in this instance, given that Kuroda left BOJ offices in April 2023 without actually finishing the job.

Since therefore, it’s fallen to his son, Kazuo Ueda, to sort out where Japan finds itself 25 years on. On July 31, Ueda’s team hiked Japanese rates to 0.25 %, the highest since 2008, signaling that deflation had been defeated. However, a tantalizing event occurred in the weeks following: Tokyo’s officialdom pushed back, to say no so quickly.

Ueda was summoned to Parliament on August 23 to answer questions from concerned politicians. The BOJ’s tightening step 23 days earlier sent the yen skyrocketing, a shock that wiped out as much as$ 6.4 trillion from global stock markets. Yet another big surprise came at the same hearing, where Finance Minister Shunichi&nbsp, Suzuki argued his team does n’t think Japan is ready to declare victory.

” We believe we have reached a point where problems are no longer negative, but we cannot claim the possibility that the state could go up into deflation”, Suzuki stressed.

This suggests that the BOJ and the government of Japan are at a crossroads in the country at a time when the economy is n’t performing as expected. Latest statistics show that “in stage words, GDP is still below where it was in the second third of 2023”, says Stefan Angrick, senior analyst at Moody’s Analytics.

Angrick adds that the “headwinds facing the business are significant. Export are struggling and are unlikely to significantly increase before the year’s end. Household income are stretched. We’re looking for more proof that pay rise will continue, since this summer saw a significant increase in regular cash earnings, which was mostly driven by stronger bonus payments.

Despite the mingled information, Angrick concludes,” the Bank of Japan seems determined to strengthen economic policy. At best, more level hikes will be an added bring on growth. At worst, they may precipitate a broader slump”.

Which is precisely what concerns Suzuki and his Liberal Democratic Party. The question is then whether Japan will experience a repeat of the 2006-2008 period, when the BOJ last attempted to normalize rates just to instantly reverse course.

Back then, the Toshihiko&nbsp, Fukui-led BOJ managed to end quantitative easing and engineer two 25-basis-point tightening moves, getting short-term rates as high as 0.50 %.

As financial growth slowed, the democratic reaction was fast and furious. By 2008, Fukui’s son, Masaaki Shirakawa, was beginning the process of restoring QE and cutting costs up to zero. Could this policy-reversal active be repeated in Japan in 2024?

For then, Ueda is arguing it’s full speed ahead on price excursions. It’s not distinct, nevertheless, that future financial data may assistance that view. Especially at a time when Suzuki’s ministry of finance group appears to think deflation could lead to either side.

What is the architectural context in which Japan is situated? A fast-aging people like Japan’s is essentially negative. Folks in their 70s do n’t tend to consume like those in their 20s and 30s on new homes, cars, appliances, education, travel and entertainment.

Another: the “deflationary thinking” that continues to baffle Tokyo. For a couple of years now, Chinese households did n’t only grow used to stable-to-lower costs. They developed a dependence on the pattern. In high-tax, stagnant-wage&nbsp, Japan, sliding prices acted&nbsp, like a cunning tax cut of types. It really increased the power of households.

In China’s situation, fragile prices could enjoy some benefits for business profits.

The issue is now that Japan finally experiences inflation, but households are n’t content with it. Consumer prices are rising more quickly than regular wages, which results in a social culture shock.

In the decade in which Kuroda served as the BOJ’s head, Kuroda and his team aimed to start a virtuous cycle of salary increases that increased business profits and gave workers bigger and bigger paychecks. The opposite is happening. Due to higher commodity prices and a poor renminbi, the majority of Japan’s prices is being imported.

This, in turn, is undermining customer investing. Analysts at Fitch Solutions product BMI write that “elevated prices continues to challenge Japan’s financial field.”

It would be good to have a template to refer to as China fights its own deflation battle. Tokyo, of training, should be that event review. Perhaps 25 years after initially lowering costs to zero, it is unclear whether Japan or its own lost decades have been learned.

Kuroda is the only person who comprehends this more fully. He is more knowledgeable than any current central banker about the fact that inflation is n’t always a monetary phenomenon, contrary to what Milton Friedman and his fellow Nobel laureates have said.

Without bold structural reforms that alter incentives, increase competitiveness and level playing fields, monetary easing alone wo n’t reverse a major economy’s falling-price troubles. And at the time, China’s latest “inflation information confirms negative forces remain rooted”, says Carlos&nbsp, Casanova, scholar at Union Bancaire Privée.

Worse, he says, statistics on producer prices “was more bad than anticipated, reflecting worries about overcapacity in important areas, which has led to discounted stock costs”. Casanova points out that “upstream forces continue to have an impact on the entire sales landscape,” he continues.

To maintain prices, Pan’s group at PBOC may slash rates further. In July, for example, the PBOC surprised markets with a cut in interest on 7-day reverse purchase agreements to 1.7 % from 1.8 %. The PBOC stated at the time that the goal was to “increase financial aid for the actual market.”

However, the action also reflected Robin Xing, a Morgan Stanley economist ,’s “reactive nature of easing.” According to Bruce Pang, chief analyst at Jones Lang Lasalle, the decline in mainland costs is a result of a weakened real estate sector.

Due to the concern that a falling renminbi might lead to other issues, the PBOC is reluctant to cut prices once more. With this conflict, Pan’s establishment and bond traders are at odds with one another, pushing rates upward more quickly than the PBOC desires.

Xinquan Chen, a strategist for Goldman Sachs, claims that this is because the PBOC is preoccupied with” Chinese-style yield curve control.” According to Chen,” the attempts to set a floor for long-term Taiwanese government bond yields appear to be working for the moment, but poor private demand and inadequate attitude may lead to lower yields in the medium term.”

President Xi Jinping’s authorities also could be doing more. &nbsp,” The fiscal policy approach needs to become more proactive in order to avoid the negative anticipation from becoming entrenched, in my view”, says analyst Zhiwei Zhang, chairman of Pinpoint Asset Management.

As Japan has taught the world, while, a multi-pronged collapse of economic stimulus, fiscal pump-priming and supply-side updates are needed to maintain prices.

The second two valves have been replaced with too much of Japan’s first half century. Japan is firing on fewer cylinder than it should be in 2024 as a result of the glacial pace of efforts to modernize labour markets, cut red tape, catalyze a business growth, and motivate people.

All of which makes Kuroda’s holding court in Shanghai, pretending that these challenges are in Tokyo’s rear-view mirror, a bit amusing. Granted, Kuroda did so respectfully. However, BOJ members who are currently or former might want to direct their criticisms and suggestions to Tokyo first.

Follow William Pesek on X at @WilliamPesek

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