Crypto boss eats banana artwork bought for .2m

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Getty Images Justin Sun eating the banana Getty Images

A Chinese-born cryptocurrency entrepreneur has followed through on his promise to eat the banana from a $6.2m (£4.9m) artwork he bought last week.

Justin Sun outbid six others to claim Maurizio Cattelan’s infamous 2019 work Comedian – a banana duct-taped to a wall – at Sotheby’s auction house in New York.

He ate the fruit during a news conference in Hong Kong where he used the moment to draw parallels between the artwork and cryptocurrency.

The banana is regularly replaced before exhibitions, with Mr Sun buying the right to display the installation along with a guide on how to replace the fruit.

It has been eaten twice before – first by a performance artist in 2019 and again by a South Korean student in 2023 – but neither paid any money to do so, let alone $6.2m.

“Eating it at a press conference can also become a part of the artwork’s history,” Mr Sun said.

“It’s much better than other bananas,” he added.

The 34-year-old said he was intrigued by the work, admitting he had “dumb questions” about whether the banana rotted.

The New York Times reported a fresh banana was bought for 35 cents on the day of last week’s auction, before becoming possibly one of the most expensive fruits in the world.

Each attendee at the event on Friday was given a banana and a roll of duct tape as a souvenir.

“Everyone has a banana to eat,” Mr Sun said.

Getty Images Mr Sun stood with two people dressed as auctioneers, beside a banana duct-taped to a wallGetty Images

Mr Sun runs the Tron blockchain network – a service where users can trade in cryptocurrency.

Cryptocurrencies are digital currencies that operate independent of banks, offering the potential of very secure decentralised transactions.

Mr Sun compared the artwork, and other abstract pieces like it, to NFTs.

These “non-fungible tokens” are pieces of digital artwork that have no intrinsic value, other than that prescribed by people.

NFTs can be traded on platforms like Mr Sun’s.

Last year, he was charged by the US Securities and Exchange Commission for offering and selling unregistered security tokens. Mr Sun denies the charges and the case is ongoing.

This week, Mr Sun disclosed he made a $30m investment in a crypto project backed by US President-elect Donald Trump.

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Will China pay up to take the climate change lead? – Asia Times

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The 2024 UN climate talks ended in Baku, Azerbaijan, on November 24 after two weeks of arguments, agreements and side deals involving 106 heads of states and over 50,000 business leaders, activists and government representatives of almost every country.

Few say the conference was a resounding success. But neither was it a failure. The central task of the conference, known as COP29, was to come up with funding to help developing countries become more resilient to the effects of climate change and to transition to more sustainable economic growth.

The biggest challenge was agreeing on who should pay, and the results say a lot about the shifting international dynamics and offer some insight into China’s role. As a political science professor who has worked on clean tech policy involving Asia, I followed the talks with interest.

Slow global progress

Over three decades of global climate talks, the world’s countries have agreed to cut their emissions, phase out fossil fuels, end inefficient fossil-fuel subsidies and stop deforestation, among many other landmark deals.

They have acknowledged since the Rio Earth Summit in 1992, when they agreed to the UN Framework Convention on Climate Change, that greenhouse gas emissions produced by human activities, including the burning of fossil fuels, would harm the climate and ecosystems, and that the governments of the world must work together to solve the crisis.

But progress has been slow. Greenhouse gas emissions were at record highs in 2024. Governments are still subsidizing fossil fuels, encouraging their use. And the world is failing to keep warming under 1.5 degrees Celsius compared with preindustrial times – a target established under the 2015 Paris Agreement to avoid the worst effects of climate change.

Extreme weather, from lethal heat waves to devastating tropical cyclones and floods, has become more intense as temperatures have risen. And the poorest countries have faced some of the worst damage from climate change, while doing the least cause it.

Money for the poorest countries

Developing countries argue that they need US$1.3 trillion a year in financial support and investment by 2035 from the wealthiest nations – historically the largest greenhouse gas emitters – to adapt to climate change and develop sustainably as they grow.

That matters to countries everywhere because how these fast-growing populations build out energy systems and transportation in the coming decades will affect the future for the entire planet.

Four people work at a table.
Negotiators at the COP29 climate talks. Less developed countries were unhappy with the outcome. Photo:Kiara Worth / UN Climate Change via Flickr

At the Baku conference, member nations agreed to triple their existing pledge of $100 billion a year to at least $300 billion a year by 2035 to help developing countries. But that was far short of what economists have estimated those countries will need to develop clean energy economies.

The money can also come from a variety of sources. Developing countries wanted grants, rather than loans that would increase what for many is already crushing debt. Under the new agreement, countries can count funding that comes from private investments and loans from the World Bank and other development banks, as well as public funds.

Groups have proposed raising some of those funds with additional taxes on international shipping and aviation. A UN study projects that if levies were set somewhere between $150 and $300 for each ton of carbon pollution, the fund could generate as much as $127 billion per year.

Other proposals have included taxing fossil fuels, cryptocurrencies and plastics, which all contribute to climate change, as well as financial transactions and carbon trading.

China’s expanding role

How much of a leadership role China takes in global climate efforts is an important question going forward, particularly with US President-elect Donald Trump expected to throttle back US support for climate policies and international funding.

China is now the world’s largest emitter of greenhouse gases and the second-largest economy. China also stands to gain as provider of the market majority of green technologies, including solar panels, wind turbines, batteries and electric vehicles.

Whether or not China should be expected to contribute funding at a level comparable to the other major emitters was so hotly contested at COP29 that it almost shut down the entire conference.

Previously, only those countries listed by the UN as “developed countries” – a list that doesn’t include China – were expected to provide funds. The COP29 agreement expands that by calling on “all actors to work together to enable the scaling up of financing.”

In the end, a compromise was reached. The final agreement “encourages developing countries to make contributions on a voluntary basis,” excluding China from the heavier expectations placed on richer nations.

In a conference fraught with deep division and threatened with collapse, some bright spots of climate progress emerged from the side events.

In one declaration, 25 nations plus the European Union agreed to no new coal power developments. There were also agreements on ocean protection and deforestation. Other declarations marked efforts to reenergize hydrogen energy production and expanded ambitious plans to reduce methane emissions.

Future of UN climate talks

However, after two weeks of bickering and a final resolution that doesn’t go far enough, the UN climate talks process itself is in question.

In a letter on November 15, 2024, former UN Secretary-General Ban Ki-moon and a group of global climate leaders called for “a fundamental overhaul to the COP” and a “shift from negotiation to implementation.”

After back-to-back climate conferences hosted by oil-producing states, where fossil-fuel companies used the gathering to make deals for more fossil fuels on the side, the letter also calls for strict eligibility requirements for conference hosts “to exclude countries who do not support the phase-out/transition away from fossil energy.”

With Trump promising to again withdraw the US from the Paris Agreement, it is possible the climate leadership will fall to China, which may bring a new style of climate solutions to the table.

Lucia Green-Weiskel is visiting assistant professor of political science, Trinity College

This article is republished from The Conversation under a Creative Commons license. Read the original article.

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Deeper Dive: What’s behind Thailand’s flooding?

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Watch or listen to the latest episode Bangkok Post’s “Deeper Dive” podcast

PUBLISHED : 29 Nov 2024 at 08:47


In the second half of 2024, 42 out of the 77 Thai provinces faced flooding. At least 50 people were killed and billions of baht were lost in damages to property and farmland.

The flooding was particularly severe in the northern provinces of Chiang Rai and Chiang Mai. In the central district of Chiang Mai, the Ping River overflowed for the first time. Thousands were evacuated by boat.

So what caused it all? The release of water from hydropower dams upstream, particularly in China and Laos, causes acute flooding and erodes the river banks.

Encroachment on the river – by building structures next to the banks or that jut into the river itself – blocks drainage and prevents construction of flood barriers.

But the larger issue is deforestation, partly for mining activities but mostly to plant feed crops for animal agriculture. Forests don’t just absorb carbon, they also absorb water, and when we cut them down, the water cascades down the fields, taking the topsoil with it and causing the invasion of mud we’ve seen this year. 

To unpack the layers of Thailand’s flood crisis, Dave Kendall speaks with “Pai” Pianporn Deetes, campaign director for the Southeast Asia Programme at International Rivers, on the latest episode of Bangkok Post’s “Deeper Dive” vodcast.

Press “Play” below or search for “Deeper Dive Thailand” wherever you get your podcasts.

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‘Bak kut teh bubble tea was a disaster’: How Labyrinth survived 10 years in Singapore’s tough restaurant scene

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It was his dad who gave him some solid advice, despite being against the idea. “My father told me, ‘Don’t just open a restaurant. Test yourself to see if you really want to do it. Start by doing a bunch of pop-ups and private dinners first, and see whether you actually enjoy doing it every week, and then use the market response of your diners to gauge how strong you are. Friends will tell you that your food is good. You need more objective feedback.’”

He did private dinners at home, “before private dining even became a thing. I said, ‘Pay whatever you want. What is this meal worth?’ That’s how I started shaping my philosophy towards, ‘What are you worth?’ and not, ‘What is your ingredient worth?’.” They paid “anywhere between S$50 and S$98. I took the median. I opened at S$70 for five courses.”

He added: “It’s a business method. You can’t open and leave it to chance. You’ve got to get enough of a sample population to have data. To make sure you have the best chance of succeeding.”

He’d earned a degree in accounting and finance at the London School of Economics primarily because both his parents were accountants, and he went on to land high-profile jobs at multinational banks. But during his time in university, he’d started baking – “cookies; bread and butter pudding” – to impress girls. “I ended up liking cooking more than I liked girls.”

And, while he was working in the finance industry, “I was staging in restaurants for free on weekends, cleaning their floors and wiping their fridges. I was also baking and selling macarons from home at S$1 each using a small oven that could only bake one tray at a time. 120 macarons would take me 12 hours to bake. Once, I made 200 macarons for a friend’s wedding. I almost cried. My mum saw me baking at 2am and came to help me.”

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Deep Dive Podcast: Will greater police powers help save stubborn scam victims from themselves?

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Here is an excerpt of the conversation:

Steven Chia, host:
So Mark, if (this) becomes law, it gives police these powers. Why is it important for them to have such powers?

Mark Yeo, Fortress Law Corporation:
The key thing is that the police are already taking active steps. If you look at the mid-year crimes brief released by the police force, they gave some statistics on the number of cases that the banks have referred to them, and they have gone out, tried to persuade people, and they haven’t succeeded.

They are thinking, “I need more time to persuade these people, to get family members on board, get social services on board.”  They need a stopgap measure to buy them some time, which is why this Bill is being proposed.

Crispina Robert, host:
It does sound quite very restrictive because this is my money, it’s my day-to-day stuff. Some people argue, “Hey, are you taking away my personal responsibility by doing that?” Do you think (this argument) is very simplistic?

Mark:
As a matter of first principles, we should all be responsible for our money … our own actions. And if it were not necessary, the police shouldn’t have to intervene in daily life.

Crispina:
But the police shouldn’t intervene even if it’s a bad choice – it’s my bad choice.

Mark:
That’s right. I tend to fall personally on the side of personal responsibility, that it’s your money. 

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Severe flooding continues in South, trains disrupted

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More than 130,000 households affected, with heavy rain forecast for several more days

A man looks at the flooded Road 43 in Nong Chik district of Pattani on Thursday. The road serves as a main link between Songkhla and other southernmost provinces. (Photo: Pattani Public Relations Office's Facebook)
A man looks at the flooded Road 43 in Nong Chik district of Pattani on Thursday. The road serves as a main link between Songkhla and other southernmost provinces. (Photo: Pattani Public Relations Office’s Facebook)

More than 130,000 households in seven southern provinces have been hit by floods following downpours that are forecast to continue in many areas until Dec 3.

Heavy rain continues to pound all southern provinces along the Gulf of Thailand, and many train services have been suspended due to flooded tracks between Pattani and Yala.

The weather office issued another warning on Thursday about downpours until Sunday in eight provinces: Chumphon, Surat Thani, Nakhon Si Thammarat, Phatthalung, Songkhla, Pattani, Yala and Narathiwat. This could further exacerbate flooding.

Water levels in key southern rivers — Pattani, Saiburi, Kolok and Tanyongmas — are forecast to rise significantly in the coming days, overflowing the banks and surging by 1.5 to 2 metres, said Thanaroj Woraratprasert, director of the National Water Administration Center at the Office of the National Water Resources (ONWR).

The accumulated rainfall in vast areas of the South has been substantial, with Narathiwat recording the highest rainfall over the past seven days, totalling 1,100 millimetres.

On Tuesday alone, the province recorded 502mm of rain, followed by Pattani at 492mm and Yala at 405mm. Local officials in Yala said the floods were the worst in three decades.

Rainfall, however, is predicted to ease toward Dec 4. After that, water levels in flooded areas are set to gradually recede.

Flood water that accumulated from Tuesday to Wednesday is now flowing out to sea.

The ONWR has taken various measures to tackle the flood crisis, including preparing equipment for rescue and relief operations, establishing evacuation centres and offering assistance with utilities.

Interior Ministry spokeswoman Traisuree Traisaranakul said the heavy rainfall in the South has caused widespread flooding over a relatively short period of time. Landslide alerts have also been issued in communities close to mountains.

The Department of Disaster Prevention and Mitigation (DDPM) reported ongoing flooding in seven southern provinces, affecting 50 districts, 321 tambons and 1,884 villages in which 136,219 families live.

Tens of thousands more families are struggling to cope with floods in other districts in the region.

Racing against time, the DDPM has collaborated with the National Broadcasting and Telecommunications Commission (NBTC) and mobile network providers to issue flood warnings via mobile SMS to residents in Pattani, Yala and Narathiwat.

Santi Pailoplee, a professor of geology at Chulalongkorn University, said a lot more rainfall has triggered the southern floods than those that damaged Chiang Rai and Chiang Mai recently.

If the same volume had hit the upper North, the floods there would have been 10 times worse, he said.

So far, threats to people’s lives have been limited in the South as few communities live precariously close to waterways or flood-prone locations, the academic added.

Train services disrupted

The State Railway of Thailand (SRT) said on Thursday that all trains to Yala and Sungai Kolok stations are now stopping at Hat Yai in Songkhla, except for local trains 463 and 464, which run between Phatthalung and Sungai Kolok, stopping at Thepa station in Songkhla.

The service disruption was due to flooding on the tracks between Mai Kaen station in Pattani and Raman in Yala.

The SRT advised travellers to keep monitoring the latest developments.

Southern trains to Surat Thani, Nakhon Si Thammarat, Trang and Phatthalung have not been affected by the extreme weather.

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DBS’ chief data and transformation officer on ‘human’ AI in banking | FinanceAsia

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Speaking to FinanceAsia at the 2024 Singapore Fintech Festival, Nimish Panchmatia, chief data and transformation officer at DBS, described how artificial intelligence (AI) could evolve beyond optimising individual tasks in banking,

Panchmatia noted: “Today, a lot of people are focusing on what I would call user-centered AI, but if you lift this up to the next level, is human-centred AI.”

This shift, Panchmatia explained, isn’t just about streamlining processes, but about building AI models that actively support customer well-being, financial literacy, and a positive societal impact

Going deeper into this human-centred AI (HCAI), IBM in a recent paper explained, “adhering to the core value that “human + AI” is better than either one individually, novel user experiences can be.  developed that foster human-AI collaboration”.

HCAI is an emerging discipline and Panchmatia believes it is increasingly important for the banking sector. With AI-driven tools like virtual financial advisors and personalised education modules becoming more common, banks can reduce the transactional feel of interactions and establish themselves as partners in their customers’ financial journeys — a shift expected to drive stronger customer retention than models based solely on service speed or product sales.

Panchmatia also discussed adaptive feedback loops, which refine customer insights to continuously improve AI models.

For example, if a customer is given a “nudge” (such as an instalment option for a large purchase) and chooses not to engage, that feedback helps adjust future interactions.

“If you got a nudge and didn’t act, this went back into the model to say, ‘Okay, why didn’t this customer engage?’” he explained. By continuously learning from customer behaviour, banks can anticipate needs more accurately, aligning with the industry-wide shift toward hyper-personalised services.

According to a 2023 report by S&P Global, the potential for the new AI to reshape banking is vast with below being some common AI applications in banking.

 

The McKinsey Global Institute (MGI) estimates that across the global banking sector, generative AI (Gen AI) could add between $200 billion and $340 billion in value annually, or 2.8% to 4.7% of total industry revenues, largely through increased productivity.

In terms of commercial priorities, Panchmatia explained how DBS builds its AI models around customer understanding. The bank uses a variety of methods, including surveys and sophisticated anthropology studies, to gather insights. “We sit down with client groups and observe,” Panchmatia said. By understanding customer needs before making decisions, the bank can ensure that AI-driven offers are relevant and beneficial.

The human angle of transformation

A successful transformation requires looking at all the components—technology, people, and processes—and understanding their collective impact, according to Panchmatia.

“What does this mean for the people in the organisation? What does it mean for the tech stack? What does it mean for the customers, the regulators, and any other stakeholders?” Panchmatia emphasised the importance of stakeholder mapping, assessing both potential successes and failures.

It’s through this holistic approach that banks can find the right balance between technology and people.

He stated, “If you change your branch system… is it a big tech project? Yes. Is it a bigger people project? For sure.”

Data responsibility

With AI becoming a standard feature of banking, the question of data ethics has risen to the forefront. Banks are increasingly tasked with managing not only structured data but also unstructured information.

In the finance industry, unstructured data can be found in various forms such as emails, social media posts, news articles, customer reviews, legal documents, and multimedia files. Unlike structured data, which is neatly organised in tables with a predefined format, unstructured data is not systematically arranged. It often consists of large amounts of text or multimedia content, making it more challenging to analyse and interpret.

With the rise of unstructured data comes an increased risk of misinterpretation, requiring clear guidelines to ensure responsible use.

At DBS, a protocol known as “P.U.R.E” governs this process. This structure reflects a growing industry-wide movement toward transparency, especially as more countries tighten their data regulations.

“Whatever you do must fit all these (P.U.R.E) parameters,” Panchmatia explained, emphasising that “the unsurprising and easy-to-explain part (in P.U.R.E) became a little more dynamic” when working with unstructured data.

Globally, banks are establishing similar frameworks to foster transparency and accountability in AI applications, aligning with regulatory shifts that prioritise customer privacy.

In Singapore, where DBS is headquartered, stringent data privacy laws require financial institutions to be meticulous about data governance. In June 2023, the Monetary Authority of Singapore released a toolkit for the responsible use of AI in the financial system called the Veritas Toolkit version 2.0 that will help financial institutions (FIs) carry out the assessment methodologies for the Fairness, Ethics, Accountability and Transparency (FEAT) principles.

Implementation of data integrity

In terms of data, Panchmatia explained that it is unsurprising for both the users who are handling it and the customers who are receiving it. Customers don’t have to question why they’re receiving certain information. “If you come to me and say, – why did you send me this notification – I need to be able to explain this to you.”

From a technical perspective, having the right tools and infrastructure in place for data is crucial, shared Panchmatia.

“If you’re going to build the model right, you’ve got to register it first.” This ensures accountability and traceability, allowing data management to kick into the workflow efficiently. If the necessary steps aren’t followed, such as completing a proper assessment, data cannot be used effectively for model training or testing.

The importance of oversight cannot be understated, either. “We have a senior committee in the bank that ensures that data initiatives align with the company’s strategic objectives and risk appetite. It’s not just about purchasing the latest tools—it’s about being thoughtful and deliberate in how data is handled across the organisation.”

Pace of change and societal impact

Looking to the future, AI’s rapid pace of development requires banks to build flexibility into their systems.

Panchmatia noted, “What was really novel eight months ago is now old school,” illustrating the speed with which AI advancements are transforming the landscape. This ongoing evolution is prompting banks to make continuous updates to their AI frameworks.

Statista predicts the banking sector’s spending on generative artificial intelligence (AI) to surge to $85 billion by 2030, with a remarkable 55.6% compound annual growth rate.

Elaborating on the scale of AI in DBS, Panchmatia shared some numbers.

For example, DBS has delivered over 370 AI/machine learning use cases spanning customer-facing businesses and support functions, and 1,500 AI/ML models to date (as of November 2024). It has also managed to compress time to value from 12 to 15 months down to two to three months, with the  goal is to bring it down further to two to three weeks over the next few years; the bank said it has delivered a tangible economic impact of over S$370 million ($276.5 million) in 2023, S$700 – 800 million in 2024, and projected S$1 billion in 2025, working on its AI industrialisation approach.

Beyond technical agility, banks are grappling with the societal impacts of AI, particularly in terms of workforce transformation. While automation may streamline certain functions, new roles requiring specialised skills in AI and data analytics are emerging.

“It’s important to consider societal impact,” Panchmatia emphasised, adding that while AI might replace some roles, it will create others requiring upskilling and reskilling.

Beyond AI

Meanwhile, emerging technologies such as quantum computing and blockchain interoperability are also poised to expand the capabilities of banking AI. Quantum computing, with its potential to enhance complex risk assessments and fraud detection, is being tested through proof-of-concept initiatives in leading banks.

“We are doing some POCs with quantum,” Panchmatia explained, though he noted that large-scale banking applications may still be a few years away.

Blockchain’s progress hinges on interoperability; should these issues be resolved, decentralised finance (DeFi) could become a viable option for more banks, according to him.


¬ Haymarket Media Limited. All rights reserved.

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Chancay megaport magnifies China’s presence in South America – Asia Times

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The fresh deep-water port at Chancay, northeast of Lima, is open for business, signaling the start of a new era of effective, high-capacity transport between China and Peru, with a link to Brazil across the Andes. The US military and corporate managers are being driven out of their comfort zone by this, but they have nothing to sell and no way to stop it.

However, Caltrain, the rail services operating between San Jose and San Francisco, has sold its ancient diesel trains to the city of Lima. Caltrain itself has gone electronic.

On November 14, Xi Jinping, president of China, Xi Jinping and President Dina Boluarte of Peru attended the seaport’s opening meeting via video connection from the Lima Government Palace. Xi was also there to attend the annual APEC ( Asia-Pacific Economic Cooperation ) summit meetings, which began the following day.

The Chancay initiative, which Xi described as” the beginning stage for the creation of a new maritime-land passageway between China and Latin America and the connection of the Great Inca Trail,” was wax poetry.

Built by COSCO ( China Ocean Shipping Company ) and Peruvian mining company Volcan over the past three years, Chancay port has a maximum depth of 17.8 meters, deeper than Peru’s main port of Callao. The largest vessel boats in the world will be able to control them thanks to this.

Financed by Taiwanese businesses, with total funding exceeding$ 3.5 billion, Chancay is 60%-owned by COSCO. More than 8, 000 careers are expected to be created. Annual income is projected to reach$ 4.5 billion.

Starting at 1 million TEUs ( twenty-foot equivalent units ), the port’s annual throughput is scheduled to rise to 3.5 million TEUs when all the facilities are completed, making it the premier deep-water port on the west coast of South America.

In addition to the port, a warehousing, business, and industrial park will benefit both foreign investors and overspending in the crowded Lima-Callao area. According to reports, BYD is interested in setting up an automobile assembly grow it.

By eliminating trans-shipment via Manzanilla, Mexico, or Long Beach, California, Chancay may decrease travel time to and from China by more than a fourth, from 35 to 23 time, while reducing overall shipping costs by an estimated 20 %. Chancay is more than 4, 500 km from Manzanilla and more than 6, 600 km from Long Beach.

The Chancay port is fully automated, with Huawei’s 5G wireless control equipment, driverless electric container trucks, and unmanned cranes manufactured by Shanghai Zhenhua Heavy Industries ( also known as ZPMC). The bulk of the equipment is imported from China. BYD pickups are used by engineers to circle the port.

The port is connected to the north-south Pan American Highway, which passes through Cuzco, Porto Velho in the upper Amazon basin, and Sao Paulo and Porto de Santos on the Atlantic coast, and then travels to Brazil via the southern interoceanic highway.

In a new era, Xi claims,” We are witnessing the establishment of a new land-maritime corridor between Asia, Latin America, and the Caribbean.”

With this megaproject, Boluarte stated,” We are beginning a transformation that will strategically project us in the Asia Pacific region while consolidating our position as a top-notch technological and industrial logistics hub.”

This bothers the Americans. Chancay was built by the Chinese in what they refer to as their “back yard” and is also technologically advanced than any US seaport. From their perspective, it could turn out to be a strategic nightmare.

General Laura J. Richardson, until recently head of the US Southern Command, has warned that the Chinese navy might use Chancay at some time in the future. The risks to Peru are “at multiple levels,” according to professor Evan Ellis of the US Army War College. The Chinese are reaping the benefits of their abundant resources and geographic position, but risk number one is that they do not.

COSCO has the exclusive right to run Chancay for 30 years thanks to the Peruvian government. Although Peru’s minister of transportation claims that Chinese capital will be the same as American or British capital, Ellis calls this “previously unthinkable and against the very essence of Peru’s assertion of sovereignty over its own ports.”

In any case, Peru acquires a port that it is unable to construct on its own, which should result in significant increases in trade with China and Brazil. Additionally, goods are anticipated to be transported to Chancay by Ecuadorian and Chilean vessels for later shipment to Asia. Additionally, the Panama Canal would be bypassed by a proposed Brazil-Peru Transcontinental Railway that would travel to Chancay.

China is already Peru’s largest trading partner, ranking first in both exports and imports, and Chancay should expand its lead. The US ranks second, with Canada, India, South Korea, Japan, Chile, Spain, the Netherlands and Brazil well behind individually but ahead of the US in the aggregate. In 2023, Peru’s exports to China were 2.5 times its exports to the US.

Fruit were on board the first ship to travel from Chancay to China. Other Peruvian exports, including fish products, iron ore and copper, plus agricultural products from Brazil, will follow. Imports from China include autos and tires, computers and other electronic equipment, clothing and toys. How will this benefit Peru and its neighbors? It is the US that might not benefit.

Peru is a member of the CPTPP ( Comprehensive and Progressive Agreement for Trans-Pacific Partnership ), the free trade agreement put together after the US withdrew from the original TPP ( Trans-Pacific Partnership ) in 2017. The other members of the CPTPP are Japan, Vietnam, Malaysia, Singapore, Brunei Darussalam, Australia, New Zealand and, in the Americas, Chile, Mexico and Canada.

During Xi’s visit, Peru’s free trade agreement with China was strengthened. As a result, Peru’s foreign minister told Reuters, trade between the two countries should expand by at least 50 %. Xi was accompanied to Lima by 400 Chinese business representatives. Like most of the Asia-Pacific, Peru is committed to expanding international trade and investment, while the US retreats into protectionism.

If, as some Chinese commentators and US trade hawks fear, Chancay is used to dodge tariffs by assembling or refining Chinese goods for onward shipment to the US, then the US has a free trade agreement with Peru, which incoming president Donald Trump might override. There is no reason to believe that Peru would be any different from the US, which has already done this to Mexico. However, focusing on it detracts from Chancay’s significance and purpose.

Even if it had wanted to, the US could n’t have built Chancay. It simply does not have the required expertise. The International Longshoremen’s Association ( ILA ) is fighting tooth and nail to keep it that way because none of the world’s most advanced ports are located in the US.

As reported by The Wall Street Journal, ILA President Harold Daggett and Executive Vice President ( and son ) Dennis Daggett told the union’s rank and file in September that” the ILA does not support any kind of automation, including semi-automation”.

The Yangshan Deep-Water Port in Hangzhou Bay south of Shanghai is ranked first by the World Bank’s” The Container Port Performance Index 2023: A Comparable Assessment of Performance Based on Vessel Time in Port,” which is based on this perspective. The Port of Salalah in Oman, the Port of Cartagena in Colombia, and many other ports outside the US also come first. The most efficient US port, the Port of Charleston, South Carolina, ranks 53rd.

The US government views the automated ZPMC cranes as a cyber threat in particular. Last February, as reported by Material Handling &amp, Logistics, Rear Admiral John Vann, head of the Coast Guard cyber command, noted that Chinese ship-to-shore cranes “account for nearly 80 % of cranes at US ports. By design, these cranes may be controlled, serviced and programmed from remote locations”.

Why were there so many Chinese crane installations before he pointed out that Admiral Zain and others are concerned about the cranes being shut off during the war, paralyzing the US economy? Almost needless to say, the Chinese embassy in Washington, DC, called this paranoia.

The Biden Administration made plans to spend more than$ 20 billion on port security, including replacing Chinese cranes with American-made cranes by Japanese shipbuilding and engineering firm Mitsui E&amp, S.

Efficient, computerized remote control is, of course, key to building a fully automated port. Huawei noted that it optimizes loading and unloading and manages each piece of equipment while lowering costs and reducing energy by referring to the Smart Port Solution it created with China Mobile and the Port of Tianjin.

The Chinese are bringing this to South America, and the US would like to, but probably cannot, prevent it. The US is, however, doing its bit for Peru.

For less than$ 6 million, Caltrain announced on November 15 that it had sold 90 passenger cars and 19 diesel locomotives to the Lima municipality. The retired trains, according to the article,” will enable thousands of riders to benefit from a new regional commuter rail line that significantly reduces automobile traffic and greenhouse gas emissions.” &nbsp,

Michelle Bouchard, the executive director of Caltrain, traveled to Lima to celebrate this agreement at the APEC summit. Back in California, Caltrain was already operating what it calls a” 100 % renewable, zero-emission service with high-performance, state-of-the-art electric trains”.

The retired but still useful railroad cars, which Caltrain Chair Dev Davis describes as “hold a special place in the heart of train enthusiasts,” appear to be for sale in Lima. Still, the juxtaposition with Chancay is unfortunate.

Follow this writer on&nbsp, X: @ScottFo83517667

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FinanceAsia Achievement Awards 2024: the winners | FinanceAsia

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In: Asia, Finance, South-East Asia

FinanceAsia ‘s&nbsp, annual Achievement Awards recognise excellence across the divers financial markets of Asia Pacific ( Apac ) and the Middle East.

The Achievement Awards, which span five distinct categories, include Deal Honors for Apac and the Middle East, House Awards for Apac and the Middle East, and our Dealmaker Poll, show the achievements of major players in these areas as well as those who have shown commitment to their industry.

We’re pleased to announce that the judging process for this year’s awards has now come to an end after receiving almost 1, 000 submissions from our Advisory Board of external specialists and the help of our editorial staff.

Below are the types and winners’ respective links. &nbsp,

The logic behind success collection will get published in our upcoming&nbsp, FinanceAsia&nbsp, reports. Please call the&nbsp, FinanceAsia staff if you have any concerns. &nbsp,

You see all the winners below: &nbsp,

FinanceAsia Achievement Awards 2024: Apac’s best talks

FinanceAsia Achievement Awards 2024: Middle East’s best offers

FinanceAsia Achievement Awards 2024: Dealmaker Poll finalists

FinanceAsia&nbsp, Achievement Awards 2024: Apac’s best funding homes

FinanceAsia&nbsp, Achievement Awards 2024: Middle East’s best funding houses

¬ Capitol Media Limited. All rights reserved.

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e-ConomySEA 2024 report: Malaysia’s digital economy to hit US bil in 2024

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  • Online travel led sector growth with a 19 % increase, reaching US$ 8B GMV
  • E-commerce, M’sia’s leading online source grew 17 % to US$ 16B GMV in 2024

e-ConomySEA 2024 report: Malaysia’s digital economy to hit US$31 bil in 2024

Malaysia’s digital economy is set to reach US$ 31 billion ( RM138.48 billion ) in Gross Merchandise Value ( GMV) in 2024, marking a 16 % increase from 2023, according to the latest e-Conomy SEA 2024 report by Google, Temasek, and Bain &amp, Company.

Good growth patterns in all electronic sector are present.

Malaysia’s online business continues its development towards success while sustaining double-digit GMV development. The report shows deeper online membership, successful crowdfunding strategies, and healing in pandemic-impacted sectors as key drivers of this growth.

    Ecommerce: E-commerce remains the largest contributor to Malaysia’s digital economy, growing by 17 % to US$ 16 billion ( RM71 billion ) GMV in 2024. This development is attributed to the rising fad of picture commerce and the reinvestment of large platforms.

  • Online travel: Posting the fastest GMV growth among sectors, online travel expanded by 19 % year-on-year to US$ 8 billion ( RM36 billion ) GMV. In 2024, Malaysia’s strong growth in worldwide tourism is anticipated to exceed pre-pandemic levels. Spending on international travel has increased 330 % since 2020, with the Asia-Pacific place accounting for 38 % of outgoing expenses. Visitors from Southeast Asia ( SEA ) represent nearly half ( 49 % ) of Malaysia’s inbound travel spend, driven by enhanced air connectivity, strategic airline partnerships, and favourable exchange rates.

e-ConomySEA 2024 report: Malaysia’s digital economy to hit US$31 bil in 2024

]RM1 = US$ 0.22]

    Food delivery and carry: These sectors grew by 10 % from US$ 3 billion GMV in 2023 to US$ 4 billion in 2024, bolstered by recovering passenger demand and international travel. Ride-hailing sees increased competition with new participants and expanded services, while structured shipping options and membership plans are increasing revenue on meals delivery platforms.

  • The growth of Malaysia’s online media industry has been consistent, with its GMV projected to increase 10 % from$ 3 billion in 2023 to$ 4 billion in 2024, as a result of the growing demand for digital content, video games, and streaming services.
  • As a number of Malaysia’s online banks provide powerful features and are simple to accessibility, contributing to the rapid expansion of the DFS landscape, online financial services is on a roll. Digital wealth is expected to grow significantly, reaching an assets under management ( AUM) of about$ 80 billion by 2030, while digital payments are anticipated to increase by 5 % from 2023 to$ 172 billion by 2024.

e-ConomySEA 2024 report: Malaysia’s digital economy to hit US$31 bil in 2024

Malaysia to capture the AI option

Artificial Intelligence ( AI ) is reshaping Malaysia’s digital economy. The government’s commitment to responsible AI development through the Malaysia AI Roadmap 2021-2025 and the upcoming launch of the National AI Office ( NAIO ) underpins this transformation. The report identifies Malaysia as one of the top ten states globally for AI research interest, especially in training, advertising, and entertainment, with Kuala Lumpur, Putrajaya, and Selangor leading the way.e-ConomySEA 2024 report: Malaysia’s digital economy to hit US$31 bil in 2024

The demand for AI infrastructure may increase as more businesses use it to develop, increase efficiencies, and enhance customer experiences as well as to create new concepts. Malaysia invested$ 15 billion in AI network in H1 ’24 to meet this demand. According to the report, Malaysia’s existing data center capacity is 120MW, and it anticipates an increase of 5X over the next few years.

Malaysia has seized the AI possiblity thanks to strategic activities like KL20, which will support Malaysia’s startup habitat by promoting high-tech industries, obtaining tax exemptions for foreign investments, and providing$ 1 billion in federal funding for startups in Malaysia and the location.

We want to get a local hero for modern policies that are forward-thinking and transformative, encourage a regulatory environment that encourages scientific advancement, and foster cross-border collaboration as Malaysia assumes the Asean Chairmanship next year. The e-Conomy report serves as a powerful affirmation of our efforts and is not just a report, it is a testament to Malaysia’s enormous potential, according to Gobind Singh Deo, minister of digital, who was represented by Fabian Bigar, minister of digital, at the event.

” It is a call to action for all of us – the government, the private sector, and the people of Malaysia to collaborate and realise our nation’s full digital potential. Let us seize this opportunity and together, build a digitally empowered Malaysia that is prosperous, inclusive, and sustainable”, he added.

e-ConomySEA 2024 report: Malaysia’s digital economy to hit US$31 bil in 2024Meanwhile, Farhan Qureshi ( pic ), country director for Google Malaysia said:” We have been seeing a consistent strong growth of Malaysia’s digital economy and this year is another strong testament of the potential of Malaysia’s digital economy. With the region’s focus on AI, it’s encouraging to see the country’s leaders are putting AI and semiconductors in the country’s priority list”.

By empowering the local workforce with AI-ready skills and tools, we at Google are committed to further supporting Malaysia’s digital economy’s growth. We are committed to keeping Malaysia at the forefront of the digital age, he added, from funding scholarships for young people to develop AI-ready skills through Google Career Certificate scholarships to deploying Google Workspace for public officers.

Amanda Chin, partner, Bain &amp, Company, noted:” Southeast Asia’s digital economy thrives on double-digit GMV and revenue growth and a surge in profitability across sectors led by key players. Likewise in Malaysia, we see a healthy digital economy driven by e-commerce, online travel and digital financial services”.

” As the country’s DFS sector embraces digital disruption, new technologies such as AI are poised to accelerate growth. Businesses must move beyond experimentation and invest in fundamental elements in order to align AI initiatives with core business objectives to address real-world issues and create tangible value, strengthen AI talent, and create scalable, adaptable infrastructure for sustained growth, she added.

Geia Lopez, head of data, insights, and international growth at Google Southeast Asia, added:” Investments in AI and the growing interest in its applications signal a bright future for Malaysia’s digital economy. To maintain this momentum and foster trust in the changing digital landscape, it is important to prioritize digital security, though.

Click here to download the report.

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