Commentary: Rice export bans and price caps are a food crisis risk for Asia

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RICE RISING Quick Need

Sadly, the lessons learned from the rice price spike between 2007 and 2008 — when the grain cost more than tripled and then quickly rose to above$ 2,000 per tonne( USD )— have not been taken into account. Then & nbsp, export restrictions, price caps, and hoarding created a difficult and tragic situation. Asia today runs the same risk of outcome.

Asian countries andnbsp clearly need to guard their vulnerable populations from sharp increases in food costs, but they also have more complex tools at their disposal than common export restrictions and one-size-fits-all price caps. Targeted assistance, such as through robust security safety nets, is more effective and much less expensive. In addition, & nbsp,

Current issues with The & nbsp highlight the need to support increased rice production. The good news is that Eastern governments have learned a number of lessons from the food crisis that lasted from 2007 to 2008, as well as from stepping up support for their producers. Since therefore, production has posted records nearly every year.

Yet in 2023, production and nbsp are predicted to reach an all-time high due to droughts linked to El Nino. The bad news is that demand is increasing even more quickly as a result of Asia and Africa’s declining severe poverty and booming people growth.

Institutions require production even more in order to keep up. Andnbsp, That’s challenging in a time of climate change when everyone is attempting to cut back on fertilizer and water usage.

One choice is to make additional investments in better grains, including physically modified ones. China has long opposed genetically modified organisms, but now it is opening the door, beginning with wheat.

To prevent crop losses after harvest, another option is to enhance & nbsp, farming infrastructure, including silos. Regional development banks could do much more to channel money in the latter & nbsp area. & nbsp,

Asia needs to adopt the curve and allow free markets to operate more than attempting to stretch the supply and demand diagrams. Magno has returned to & nbsp and is currently teaching a course on public economics. All we can hope for is that some officers and nbsp visit her course. & nbsp,

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Consultation paper on equitable sharing of scam losses to be published in October 2023

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A” Hard Concern” IS DETERMINING RESPONSIBILITY.

Mr. Tan responded by saying it was a” difficult concern” to determine role for scam losses.

He told the House,” We must … strike a balance between fairness, accountability, and compassion.” & nbsp,

Some people believe that banks can quickly collect losses from specific scam cases, but full restitution without taking culpability into account is neither just nor desired.

According to him, doing so can degrade monitoring and personal accountability and break users into complacency.

The MAS mandates that businesses have protected digital systems, such as implementing multi-factor certification to validate customers’ identities and authorize online transactions, Mr. Tan continued.

However, scammers can still get around these rules by tricking customers into giving their account access information or downloading trojan, he said, adding that each customer is responsible for safeguarding their accounts through safeguards like great digital hygiene.

In the meantime, MAS has provided banks with advice on investigation procedures and how to handle clients pretty in all disputes. According to Mr. Tan, the governor also keeps an eye on how businesses handle such disputes.

He added that the government was considering Ms. Lim’s recommendation to reintroduce natural safety tokens and keeping an eye on FIDReC to ensure that its rules regarding online payment token use and procedures were adequate.

Singapore now uses a three-pronged approach to combat scams, ranging from inland steps like the ScamShield mobile apps, which filters and blocks fraud messages and calls, to downstream actions like additional safeguards used by banks, according to him.

The total amount of fraud costs decreased significantly in the first half of 2023 compared to the same period in 2022, indicating that these social work are” some encouraging indicators.”

According to information made public by the police last week, the total amount of patients who reported being cheated between January and June of this year, S 3344.5 million( US$ 245.7 million ), decreased by 2.2 % from S$ 342.1 million during the same time period in 2022.

However, the hoax condition is still very significant. Negative celebrities are using more advanced techniques to target victims as more of us conduct business online, he told the House.

In this rapidly changing environment, we must continually improve our methods for preventing schemes.

Big retail banks in Singapore have improved their security measures to protect customers from ransomware scams, according to a media release from the Association of Banks on Monday. They will” gradually introduce refinements or new measures in order to keep pace with changes in the threat landscape ,” the association said.

For instance, & nbsp, OCBC released a feature previous month that forbids users from logging into their banking software if it finds potentially risky programs downloaded from unofficial sites. Additionally, Citibank has added a similar anti-scam function to its mobile apps.

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The Big Read: For young adults with cancer, battling an ‘old person’s disease’ is a lonely journey

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The price of cancer therapies like radiation and chemotherapy may vary significantly depending on the type and stage of the disease, according to a NCCS spokesperson. Each treatment program Ms. Hoo underwent in 2016 to handle her breast cancer cost her more than Randomness$ 2, 000, and her breast andContinue Reading

Redesigning global finance

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Central bank digital currencies( CBDCs ) are being internationalized by central banks and financial institutions all over the world. Cross-border payments will be able to be processed in real time by the global community. The” parallelization” of all marketable goods, from stocks and real estate to gold, could be the next step.

Electronic currencies that are kept on a record kept by central banks will take the place of money in the upcoming years as CBDCs. Users can download a modern finances to their mobile device to access their salaries and make purchases of goods and services. Users would be able to quickly transfer money to another digital wallets anywhere in the world thanks to a worldwide CBDC network.

China is at the forefront of CBDC implementation. Currently, the e-yuan is accessible in 26 locations and 17 Chinese regions. The People’s Bank of China ( PBOC ) digital wallet has been downloaded by more than 250 million people. To promote the use of CBDCs, regional institutions and state-owned businesses are paying pay in digital yuan.

Testing for internationalizing CBDCs are currently being conducted. The International Monetary Fund ( IMF ), the Bank for International Settlements, the PBOC, and other monetary authorities are constructing the” rails” that will enable the interoperation of CBDC platforms. Cross-border payments may be made possible by a worldwide system of CBDC planforms in real time and at no cost to the consumer.

To validate transactions of crypto coins like Bitcoin and Ethereum, CBDCs use a modified version of blockchain, the distributed( non-centralized ) ledger technology. Contrary to bitcoin, central banks’ CBDC programs are centralized. Platforms for CBDC are governed by the federal institutions.

bitcoin system with decentralization.

After European nations barred Russia from SWIFT, the Belgium-based world messaging service for business banks, developing an international CBDC network became more urgent last year. SWIFT effectively has a stranglehold on cross-border pay deals worldwide.

Concerns about the rest of the world, particularly in the Global South, were raised by Russia’s rejection from SWIFT. Any nation that violates European policies could be the next to have its payment system banned if a major global power like Russia were to do so.

SWIFT system with centralization for cross-border payment.

The militarization of SWIFT and the seizure of US$ 300 billion in Russian money deposits even gave BRICS, the loosely connected association of Brazil, Russia, India, China, and South Africa, fresh momentum.

BRICS hardly ever garnered media attention before late. However, more than 50 nations in the Global South applied for account following the economic war on Russia.

The financial system’s weaponization has resulted in a rise in the number of” equal – to peer” cross-border pay agreements. Countries are avoiding SWIFT and the world dollars system by trading in their own currencies more frequently. Cross-border bills from peer to peer are immune to American sanctions.

The debt levels of the developed markets are another issue facing BRICS and the Global South. The Group of Seven nations are submerged in a sea of debts. Over$ 32 trillion, or 120 % of GDP, is owed by the US alone. The largest object in the US budget will soon be curiosity payment on the national debt.

There are indications of a decline in confidence in the money everyday. Record amounts of US debt( treasuries ) are being sold by China, Japan, and Saudi Arabia. The money is being reinvested by China in Middle Eastern oil fields. Central banks all over the world are purchasing metal in record sums at the same time.

In the past, gold has served as a safeguard against currency depreciation( feasional inflation ). However, in the event that currencies fail, it can also be used to update and recalibrate the financial system.

The final reserve currency might be the US dollar.

Key bankers, who have a more in-depth understanding of the financial system than most, have made significant gold purchases, indicating that they believe financial resets are actually possible. Supply assets typically have a lifespan of approximately 100 years, according to record. In addition to & nbsp,

The Modern Monetary Theory( MMT ), which was developed 40 years ago and is predicated on the idea that governments issuing their own currency can never go bankrupt, would also suffer from a new gold standard. Governments can usually print more money, according to MMT. However, that presupposes the business is a closed, self-contained system. & nbsp,

The US is perpetually in the trade shortage and owes trillions of dollars in foreign debts, or roughly 60 % of its GDP. It has already been established that its international creditors have a finite compassion for printing endless amounts of money. History demonstrates that the fate of a reserve currency is frequently accompanied by the currency’s depreciation.

Since the late US president Richard Nixon removed it from the gold standard in 1971, the dollar has lost more than 90 % of its price when compared to gold. The US government is free to print as much money as it wants, but a gold-based currency restore may make it clear that it cannot write gold, rare earths, or oil.

Tokenization

CBDCs are” tokens” of money, just like coins. A linear wire( a block of data ) that is specific to that particular currency system serves as their representation. The central bank’s register contains the block of data.

Another tradable assets may be tokenized if currencies is. Equities, insurance policies, house titles, and anything else with pecuniary value are all being considered for tokenization by central banks. All of the necessary information for that property is contained in the coin.

A tokenized insurance policy, for example, includes information about the coverage( terms and conditions, validity date, etc. ) and who is permitted to socialize with the item. To help registration payments, the block may have access to the policyholder’s bank account.

the fundamental idea of a coin.

By connecting CBDC wallets to insurance policies, tax returns, credit histories, and other assets and transactions, a so-called unified ledger — a single register of all the owner’s assets or transactions— is produced. & nbsp,

Additionally, a tokenized CBDC program you support cryptocurrencies like Bitcoin and Stable Coin. While some central banks may forbid cryptocurrency trading and the transformation of CBDC assets, others may permit it. Like that of various resources, the fluctuating price of cryptocurrencies can remain updated in real time.

Integrated accounting records

A Blueprint for the Future Monetary System was the title of a talk given by Hyun Song Shin, head of research at the Bank for International Settlements, this season. The report’s essential points were listed in the section on tokenization:

  • A consolidated record, a new kind of financial market infrastructure, had combine tokenized assets, tokenised deposits, and money from central banks to fully benefit from tokenization.
  • Many ledgers, each with a particular use case, may co-exist, connected by application programming interfaces to ensure connectivity and encourage financial inclusion and an equal playing field.

A global network of central banks, each with its own laws and regulations but working in concert with CBDC platforms in all other nations that follow a typical process, is the result of the combination of tokenization and unified ledger.

The BIS was not the first organization to envision a CBDC program with global integration. China proposed a process for CBDCs in 2021 that outlines guidelines for their global application and information sharing.

A tokenized global financial system combines local bureaucracy with international autonomy. Internationally, there is no gatekeeper other than the widely accepted protocol; internally, the central government is in charge.

The idea of money would be transformed by a worldwide integrated CBDC platform. Real-time trading of various currencies and tangible asset tokens was seamless. Through difficulty, a unified ledger produces simplicity. There would only be two types of users: creditors and debtors.

The economic system’s automation opponents worry that CBDCs will bring about an Orwellian world. They point out that institutions may monitor people’s financial transactions. The hyper-transparency that is required to overcome fraud, corruption, and injustice, according to proponents of CBDCs, would be created.

On the plus side, each nation has the freedom to choose how to interact with international platforms and apply its own CBDC systems. The importance of autonomy and social governance. In nations with reduced levels of trust in the government, foe to CBDCs tends to be higher.

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World isn’t ready for what Ueda’s trying to say

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The fact that Japanese Prime Minister Fumio Kishida believes he is in charge of Asia’s No. 2 market is what surprises me the most about his reshuffle of his case.

Basically, that would be Kazuo Ueda, who assumed leadership of the Bank of Japan in April. Governor Ueda hints at a scheme change that, if implemented, will undoubtedly roil global industry, making this crucial difference more important than ever.

It’s encouraging that Kishida announced fresh help actions to restrain economic development on Wednesday. Data that was made public 24 hours later revealed that secret machine orders decreased by a bigger-than-expected 1.1 % in July month over month. The fortnight saw a 5.3 % decline in production purchases.

Overall,” unsteady domestic demand, higher inflation, and policy uncertainty are hazards to the budget view ,” says economist Stefan Angrick of Moody’s Analytics.

This is hardly what Kishida and his dwindling approval ratings require as his administration approaches the two-year tag. This is especially true given that inflation is currently outpacing wage growth and that China’s decline is endangering trade industry.

With the next reshuffle of his 710-day-old era, Kishida aimed to change the depressing narrative. Strangely, he believed that simply renaming his underperforming economic staff may attract investors from around the world.

However, all that kept Shunichi Suzuki in his positions as finance minister, Yasutoshi Nishimura as secretary of business, and Sanae Takaiche as financial security minister did was spread misinformation in Tokyo as the world’s markets burned.

However, it doesn’t really matter when Ueda’s staff at BOJ office is in charge of the economy. Ueda has been using China’s problems and negative tendencies as recent wildcards for the future of Japan. & nbsp,

Ueda gave the first indication that a quantitative easing( QE ) policy change might be forthcoming over the weekend.

The BOJ’s target is on” a silent return” that doesn’t destroy industry, Ueda told the Yomiuri paper. He claimed that a slight change in July’s policy was merely an effort to” shift the balance between the results and side results” of QE.

The japanese is a trend that devalues. Photo: Facebook

Looking ahead, Ueda remarked,” It’s not improbable that we will have enough by the end of the year to anticipate wage increases going forward.” He continues,” There are some things we don’t see right now ,” such as potential fresh reverberations from China or the US.

It was Ueda’s first attempt at telegraphing a level change in the months ahead, despite appearing harmless. Economists at & nbsp and Deutsche Bank made the prediction that negative prices would disappear by January and the BOJ’s” yield curve control” would be eliminated by October as a result.

International businesses that have relied on completely Chinese currency since long before the Covid – 19 epidemic, the 2008 Lehman Brothers problems, and the terrorist attacks on the US on September 11, 2001, experienced something of an earthquake as a result of all of this.

Japan has risen to the top of the global rankings for bank and nbsp since 1999. Investors have a long history of taking out low-cost loans in hankering and using those funds to purchase higher-yielding goods from Argentina to South Africa to India to New Zealand. The leverage that these trades provide explains why panic may spread across asset classes due to unexpected yen movements.

Equity experts at IwaiCosmo Securities wrote in a word that, in response to Ueda’s remarks,” the strength of the yen seemed to have served as ominous for the business.” ” The increase in domestic bond yields boosted sales of sizable semiconductor securities, which ultimately drove the industry down.”

According to researcher Lee Hardman at MUFG Bank, the odds are that in the short term,” more aggressive speech from the BOJ and the increased risk of interference though should help to lessen the level of any further japanese selloff.”

However, in the long run, it is impossible to stress test with any real accuracy the specter of a significant funding source since the late 1990s & nbsp effectively vanishing.

What does it mean for commodity prices, yields, and financial stability if big central banks start tightening as well since the BOJ is the last of them to continue supplying liquid to global markets? At Rabobank, planner Benjamin Picton makes this claim.

Given that there is little chance of China coming to the rescue as it has in the past, Picton said,” It’s no surprise that other central banks are beginning to second guess themselves if the last surprise absorption is soon to go away.”

Ueda doesn’t want Japan to be held responsible for the next global financial crisis, according to many analysts who advise precaution. In other words, yield-curve control on the & nbsp may end this year, but negative rates will persist for a while.

According to strategist Naomi Muguruma at Mitsubishi UFJ Morgan Stanley Securities, the yen’s depreciation has been slower than last year and is not regarded as a” speculative move ,” making it difficult to carry out an intervention. ” Ueda’s pessimistic remarks might be meant to restrain yen loss.”

Wave growth continues to be poor and weakening, according to Commonwealth Bank of Australia planner Joseph Capurso. In the coming weeks, we anticipate that the dollar-yen’s upward momentum will begin.

The income issue is a problem in and of itself. The fact that inflation increases are outpacing progress in hourly income is a major factor in why Kuroda’s authorization ratings are at best in the lower 40s and why he reshuffled his Cabinet.

He may address the issue by implementing policies to counteract imported rate increases, boost national competitiveness, or encourage businesses to split profits with employees.

However, Kishida’s Liberal Democratic has chosen to allow a weaker renminbi take the lead and violent BOJ easing since the 1990s. This contemporary approach to trickle-down economics was intended to start a positive income cycle that may increase consumption and further strengthen Japan Inc. That isn’t how it has turned out.

Ueda now faces the challenge of turning back the hands of history and beginning the normalization of level plan without making things worse. & nbsp,

Although all major markets gave unaccountable central bankers the keys back in the middle of the 1990s, none did so more fully than Japan. However, during Governor Masaru Hayami’s 1998 – 2003 term, the BOJ expanded on its economic hegemony into a full-fledged mission creep.

Hayami pioneered QE when the BOJ became the first significant economic power to reduce interest costs to zero in 1999, as Japan’s bad mortgage problems grew worse due to recession. Hayami experimented with bad borrowing expenses in 2000 and 2001.

Masaru Hayami, a former chancellor of the BOJ, invented QE. Asia Times Files, AFP, and Toshifumi Kitamura are shown in the image.

Some may have predicted that the BOJ’s role in the economy would become so absolute or that it would result in a long-term dedication to preserving the living standards of 126 million people twenty-four years ago.

The final four BOJ rulers were unable to solve this puzzle’s mechanics. Governor Toshihiko Fukui attempted to end QE and raise prices thrice, to be exact, in 2006 and 2007. However, the ensuing recession happened immediately, and political retaliation followed even more quickly.

Masaaki Shirakawa restored QE when he took over as ruler in 2008. Haruhiko Kuroda arrived at BOJ Central in 2013 with the goal of supervising QE in order to end depreciation once and for all.

Yan and hoarded goods were poured into Kuroda’s global financial system. Kuroda’s decisions to corner bond and stock markets increased the BOJ ‘ balance sheet to$ 5 trillion in just five years, surpassing the size of the Japanese gross domestic product.

All eyes were on how Kuroda may start to wander down the BOJ’s balance strip in late 2022, as his decade in power was coming to an end. Rather, Kuroda punted, handing the unpleasant task to Ueda, who had received training from the Massachusetts Institute of Technology and was regarded by many as adding new perspective to the riddle.

However, a bubble of confidence that has been inflated by both the public and private sectors is one of the negative effects of more than two years of zero costs. By serving as Japan’s ATM, 24 / 7 & nbsp, and largess, the BOJ dampened the spirit of the country.

Business CEOs lacked the motivation to invent, restructure, or take risks on their own. Government officials did nothing but watch as the BOJ’s sudden bursts of liquid fueled growth. In the meantime, the popularity of Chinese government bonds increased, exposing everyone.

Banks, businesses, local governments, pension and insurance funds, universities, endowments, the & nbsp, a massive postal system, and retirees will all suffer if Japanese government bond yields increase to 2 %.

Japanese women wearing kimonos ride a roller coaster during their Coming of Age Day celebration at a fun park in Tokyo in January 2017. Photo: Reuters/Kim Kyung-Hoon
For many in Japan, the good times had come to an end with QE. Asia Times Files / Agencies image

It has left a destructive dynamic that discourages almost everyone from selling debt:” mutually amply & nbsp, assured amplified.” Tokyo will have more trouble paying off the largest debt load in the developed world, which accounts for about 265 % of GDP, the higher provides go.

Some people may enjoy the process of unraveling 24 decades of zero rates in a country that is completely dependent on the BOJ’s financial well-being.

However, Ueda might be prepared to start yanking away the legendary creswell. Furthermore, it’s unclear whether any economy, business, or investor is really prepared for the impending market chaos brought on by Ueda.

William Pesek can be followed on X at @ WilliamPess

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Revised fiscal deficit 14% higher than before

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Investing should be 4 % higher than the Prayut government’s approved financial 2024 budget, according to the Pheu Thai plan.

14 September 2023 at 14:45 PUBLISHED

Revised fiscal deficit 14% higher than before
After presenting his administration’s plan declaration to parliament on Monday, Prime Minister Srettha Thavisin keeps an eye on the discussion. ( Image: Chanat Katanyu)

According to a speech made public on Wednesday, the government has approved wasting of 3.48 trillion baht beginning on October 1 for the 2024 fiscal year, which will increase the budget deficit by 693 billion.

The deficit would be 100 billion baht, or 14 %, more than the 593 billon that the Prayut Chan-o-cha government earlier approved for the fiscal 2024 budget. Spending was expected to increase by 5.2 % to 3.35 trillion Baht, including 717 billion BaHt for investments. From financial 2023, which ends on September 30, the projected shortfall represented a 14.7 % reduction.

Based on the policy declaration it made in parliament this year, the fresh Pheu Thai government is getting ready to spend a lot of money to boost the weak economy. One of its top priorities is a loan ban for farmers and lower energy costs.

The 10,000-baht digital wallet program is the focal point of the revitalization effort, but ministers haven’t specified how it will be funded at its estimated price of 560 billion Baht thus far. In February, the program is anticipated to debut.

According to a state speech, public debts under the revised spending plan is anticipated to reach 64 % of Income by the end of the 2024 fiscal year. That exceeds the 60 % threshold, which has been followed for a long time but is still deemed controllable by the majority of economics. According to the statement, the goals are included in a medium-term strategy for 2027.

According to the statement, the government anticipates 3.2 % growth in the gross domestic product ( GDP ) in 2019. If the online bag has the potential to have an impact on the economy, that would be significantly less than the 5 % figure that Prime Minister Srettha Thavisin claimed was possible.

The post-pandemic economic recovery has so far been less robust than anticipated, with gross domestic product ( GDP ) growth in the second quarter of just 1.8 % year over year, as opposed to 2.6 %.

According to recent forecasts made by banks and financial researchers, the Bank of Thailand projects full-year economic development of 3.6 %, though it has stated that it may reduce the forecast due to weak exports.

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Multilateral development banks play key role in ‘very fractured world’: Asian Infrastructure Investment Bank CFO

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According to Mr. Cross, issues with debt sustainability, rising interest rates, and sluggish growth of the gross domestic product are now putting pressure on many sovereign balance sheets.

This means there will be a lot of obstacles to network expense, he said.

” The infrastructure gap in Asia has been estimated to be around$ 5 trillion US.” With US$ 100 billion in cash from our owners, AIIB has entered that market, indicating that while we can contribute, we are unable to resolve it on our own. He continued by saying that private sector engagement is essential.

INITIATIVE BELT AND ROAD IN CHINA

Mr. Cross even distinguished the AIIB from China’s Belt and Road Initiative, highlighting the fact that the Chinese authorities had announced the program.

We have 106 sovereign shareholders, so each of them has policy initiatives that fit their own framework( and ) decisions ,” he said.

The Belt and Road Initiative is never a part of AIIB.

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Tim Gurner: Australian tycoon calls for jobless spike to fix worker attitudes

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Tim GurnerFinancial Review of Australia
Written by Natalie Sherman and Tiffanie Turnbull
New York and Sydney

One of Australia’s wealthiest men has sparked a backlash around the world after suggesting that unemployment triple in order to humble haughty employees.

Tim Gurner, a real estate tycoon and former gym user, said,” We need to see problems in the economy.”

He has previously asserted that because young people overspend on olive bread, they cannot manage homes.

Over 23 million people have watched the picture of his opinions online, and it has received harsh criticism.

The 41-year-old said, using builders as an example, that the Covid-19 pandemic had negatively impacted employees’ attitudes and job ethics during a house conference this week.

He asserted that the change is having an effect on industry efficiency, which, when combined with stricter regulations, is causing Australia’s housing shortage.

To lessen” arrogance in the employment market ,” he suggested that the nation’s current unemployment rate of 3.7 % increase by 40 to 50 %. More than 200,000 people would lose their work as a result.

According to Mr. Gurner,” employees feel the employer is really fortunate to have them ,” there has been a organized change.

People should be reminded that they are employed by their boss, never the other way around.

His comments are made at a time when many businesses are arguing with employees about give and distant job.

Social media platforms like” quiet quitting ,” a term used to describe the decision to stop going above and beyond for bosses, and” lazy – girl jobs ,” which refer to well-paying, flexible positions that offer greater work-life balance, have also seen widespread discussion of shifting attitudes toward employment.

Mr Gurner’s comments, which were shared by the Financial Review of Australia (AFR) which hosted the summit, have drawn criticism on social media platforms like X (formerly Twitter), TikTok and LinkedIn.

Asian MPs from all social sexes have also criticized them. Liberal MP Keith Wolahan said they” could not be more out of reach ,” while Labor MP Jerome Laxale described them as” feedback you’d connect with a film villain.”

” A job loss is hardly a monetary sum.” According to Mr. Wolahan, it observes people living on the streets and being reliant on meal businesses.

Alexandria Ocasio-Cortez, a US senator, even criticized the real estate tycoon.

She wrote on X,” Remind that big CEOs have skyrocketed their personal spend so much that the ratio of Director to employee pay is then at some of the highest rates ever recorded.”

However, some have defended him, including Andrew Michelmore, president of the Minerals Council of Australia.

According to Mr. Michelmore,” Staff have grown accustomed to earning the same amount of money without working the exact same time.”

Gurner, who is the CEO and founder of the group, is thought to be worth$ 929 million(£ 479 million,$ 598 million ).

He has previously discussed how borrowing money from his father and former manager helped him launch his own company.

Related Subjects

On this tale, more

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Myanmar junta orders all workers abroad to remit 25%

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At money-loss official exchange rates, resources may be deposited at state-linked banks.

13 September 2023 at 15: 18 PUBLISHED

Myanmar junta orders all workers abroad to remit 25%
Before receiving their labor grants, Myanmar workers with permits wait at the Ministry of Labor in Tak to receive training on working in Thailand.

Local studies claim that the military government of Myanmar is requiring foreign workers to transfer at least 25 % of their foreign currency money through the nation’s banking system.

According to The Irrawaddy, an independent Myanmar media company, the income the laborers remit will get converted to kyat at the standard rate, which is more than 40 % lower than the market price that is commonly used.

In essence, it claimed, government-affiliated financial institutions may have access to a cheap source of funding that the coup can use to strengthen its weak financial situation.

The effects may have a big impact on the families of the 2 million Myanmar nationals who are reportedly employed lawfully in Thailand.

According to the rules, workers who are scheduled to leave Myanmar on September 1 in order to find employment overseas must open a joint account with the Central Bank of Myanmar and deposit 25 % of their revenue into that account.

One of Myanmar’s largest private lenders, CB Bank, has instructed immigrant workers who are already internationally to send a quarter of their incomes through” standard” channels either monthly or every three weeks.

The Irrawaddy claims that while the regime’s guide transfer rate for the Thai currency is only 56 kyats per baht, the current market rate is closer to 100.

A immigrant who makes 20,000 Baht per quarter must transfer 5,000 BaHt using the government’s banking system. According to the news agency, unregulated exchange operators will give close to 500, 000 kyats for the same quantity, while banks may only receive 5,000 baht.

After their latest work permit expires, those who are already overseas and do not abide by the new law will be prohibited from working overseas for a period of three years, according to the announcement.

The 25 % payments must be transferred through the Myanmar banking system, and recruitment agencies have been urged to review their agreements with immigrant workers.

The state is providing incentives, allowing foreigners to invest and purchase property in Myanmar tax-free if they use the country’s established banking system or financial service providers with a central bank license.

The new condition has been criticized by Ko Nay Lin Thu of the Thailand-based Aid Alliance Committee, which supports migrant workers.

” We don’t want to provide them our hard-earned money.” In Thailand, we must pay income tax, and our transfers will soon be reduced, which is undesirable. He told The Irrawaddy,” This is an abuse of us immigrant staff.

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