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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Android malware scam victims lost more than S million in first half of 2023: Police

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ADDITIONAL Goes BY Bankers, MAS

As part of their anti-scam efforts, the Monetary Authority of Singapore and bankers will” gradually introduce more measures” to fight malware-related scams, according to the authorities on Wednesday.

When OCBC detected potentially risky apps downloaded from unofficial portals in August, it became the first bank & nbsp in Singapore to prevent some customers from using its internet banking and mobile banking app.

According to OCBC at the time, this was a novel security measure put in place to safeguard users from malware.

Some users expressed disapproval of the walk, claiming that OCBC’s safety measure had flagged apps like the online payment system Alipay.

According to the officers, the security measure addresses the risk of downloading apps from websites other than the standard app stores. Malware-related schemes are frequently committed using programs downloaded from suspicious or third-party websites.

The authorities noted that” like applications may contain ransomware and can result in personal data, such as banks credentials, being stolen.”

These extra anti-malware measures are required to protect customers from malware-related scams, even though there may be some degree of added trouble for customers.

In response to the rise in malware-related scams, more authentication measures were even implemented in June to better protect CPF members. Those who use their Singpass to log into their accounts may now be subject to confront confirmation.

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Chadchart denies tree cull on canal

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PUBLISHED: September 13, 2023, at 4:00 p.m.

Chadchart denies tree cull on canal
On Inthamara Road in Bangkok monday, a person walks by the tree with the new foundation. To enable water to seep through, the foundation is made of porous cement. It’s a part of an on-the-road original project involving 10 trees. Wichieanbut Nutthawat

In order to clear the way for construction work, the governor has denied having any plans to remove 368 Spanish cherry trees from the Sathon neighborhood.

Only a few shrubs will be removed to keep the waterway’s surface clean, according to Bangkok governor Chadchart Sittipunt. The trees, known in Thai as ton phikul( Mimusops elengi ), were planted 30 years ago and will never be cut down.

” When I learned that the phikul branches had been cut down. I felt frightened. I spoke with the relevant company and discovered it was untrue, he said.

Social media users expressed their concerns about workers felling the large trees as part of the state’s growth, but the government responded that their worries were based on a miscommunication.

” We don’t intend to cut down any plants. Following our scheme of growing one million trees in the money, we have a plan to grow more trees, the government said.

Along with assistant Bangkok government Wisanu Subsompon, advisor Torsak Chotmongkol, and staff from the Public Works Department, Mr. Chadchart yesterday inspected the trees along the river.

” The area is beautiful because of the plants.” They provide shelter for individuals. Unless some plants are ill and unsafe to keep position, we will preserve them all, he said.

He claimed that while the revised version retains the 368 phikul trees, information posted on social media were based on an outdated river development program.

He expressed gratitude to those who had brought up the subject on social media so that he could quell their worries.

He claimed that the next phase of the Chong Nonsi Canal’s construction, which spans an area of 1.6 km from Chan Road to Soi Naradhiwas Rajanagarindra 7.

The Bangkok Bus Rapid Transit street and both canal banks will be renovated as part of the project. Additionally, the waterway’s footpaths and electronic poles will both be improved, and the canal will have lighting.

According to the government, the overall budget is 315 million baht, which was cut from 366 million before the task was revised.

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Exclusive interview with Paul Yang, BNP Paribas CEO for Asia Pacific | FinanceAsia

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Paris-headquartered BNP Paribas boasts a history of over 160 years in Asia and today, it draws upon a 20,000-strong team that is active in thirteen markets across the continent.

The regional effort is led by Paul Yang, who ascended to role of CEO for Asia Pacific in December 2020, as the world succumbed to the full throes of the beginnings of a three-year pandemic. As society grappled with widespread affliction, Asia’s key economies responded to rapidly evolving government direction with fervour: leaving borders closed and markets shaken.

However, as you will discover through this exclusive interview, Yang was defiant in his refusal to be beset by external challenges. Proving himself an astute leader at the regional helm, he navigated the uncertain scenario deftly, and would go on to secure solid returns for both full-year 2021 and 2022; as well as robust revenue for the first quarter of 2023.

With a view to steering the bank’s business in support of the group’s Growth, Technology and Sustainability (GTS) strategy for 2025, FinanceAsia sought Yang’s take on Asia as a key international powerhouse, and learned about the milestones of his international career to date.

Entering Asia

BNP Paribas’ forerunner, the Comptoir National d’Escompte de Paris (CNEP), was set up by France’s finance minister following the hardships endured during the French Revolution; to curb mass bankruptcy in the financial markets; and to stimulate the economy. 

Following signature of a free trade agreement with the British, the Comptoir sought to develop an international strategy to source the raw materials required to support the flourishment of European industry. To do so, it extended beyond its French national borders for the first time; establishing offices in Calcutta and Shanghai in 1860, independent of foreign partnership.

Later, CNEP merged with the Banque Nationale pour le commerce et l’industrie (BNCI) to form the Banque Nationale de Paris (BNP). Capitalising on these regional capabilities, the bank made Hong Kong the centre of its Asian platform.

Q: Paul, you’ve been based in Asia Pacific for the majority of your career with BNP Paribas. Can you share what has defined BNP’s corporate journey in Asia so far?

A: Well, I wasn’t there in the 1860s, but it’s true that we have had a very long presence in the region. However, I consider “modern” BNP’s presence to be quite recent. It was really the bank’s merger in 2000 that created who we are today, elevating us as France – and then Europe’s – leading financial group and the most profitable bank in the eurozone.

But regarding Asia, we’re proud to be able to say that we’ve been here for a long time, which demonstrates our commitment to the region.

In Hong Kong, for instance, we often deal with multiple family generations of entrepreneurs and tycoons. The same is the case for some of our mid-cap clients – we have dealt with their fathers. We have built a sufficient network in the region to be able to play a key role in executing succession plans and building businesses for the future.  It really means something that we’ve been here for so long and to be profitable in all of the 13 markets where we operate.

These days, being relevant to your clients counts. You need a strong balance sheet, presence and scale to guide key them from their home markets into new areas. This is how we started, building our financial institutions group (FIG), then multinational and corporate (MNC) franchises,before further progressing to build scale, solutions, products and platforms.

We have developed a strong Asian presence and over the last three years, we’ve built on connectivity to improve the flows between the various corridors we participate in. We are relevant to key local participants and accompany international clients in reverse, also.

This goes for all facets of our business: whether in the corporate and institutional world, or in consumer finance. We are bigger than the sum of our parts and many things we do have relevant purpose for our clients.

Q: How does the bank’s business in Asia compare to that of the European markets (e.g. France, Italy, Belgium and Luxembourg)?

A: Understandably, our stronghold is Europe and we are significant as well in America. But overall, Asia represents a sizable portion of group business.

The bank’s longevity and strong heritage in Asia Pacific, coupled with our integrated business model places us in good stead to extend and reinforce our presence in this growth region.

In this regard, BNP Paribas’ Asia Pacific revenue contribution to the group’s corporate and institutional business is about 20%; and it will continue to grow.

Ultimately, the bank is emerging as a leading player in the region – and this brings us to a better position to aim for larger deals and more ambitious goals.

In this respect, we have grown our market share in our regions – for example, we hold dominance in markets such as Taiwan, Singapore and Hong Kong in the wealth management space, and we have recently launched an onshore wealth capability in Thailand. Asset management is developing; and our insurance business – Compagnie d’Assurance et d’Investissement de France (Cardif), has also been successful.

Where we do not have underlying domestic market strength, we choose to partner. We are humble enough to realise that sometimes it is better to do so. For example, in Asia, on the insurance side of the business we have partnered with local banking distributors. We started exploring this type of partnership around 25 years ago in markets such as Taiwan, Japan and Korea, and we are building up our strength in China, India and Southeast Asia.

The same goes for the retail side – personal finance. In 2005, we became a strategic shareholder of Bank of Nanjing in China and we are now their single largest shareholder with a 15.7% stake. 

We have built core business through partnerships, but where we think that we can control the entire business because it’s part of our DNA, is on the wealth management and corporate institutional banking (CIB) sides.

Q: What are the bank’s strategic priorities across Asia over the short and long term?

A: We are a bank that tries to deliver short-term results alongside long-term goals. Long-term relationships are part of our nature from a strategy perspective, and we are not in the business of pursuing rash opportunities when things look great and then making drastic cuts in a down cycle. We have a long-term vision and try to cultivate trust and relationships with this timeframe in mind.

From a short-term perspective, we have targets around our top line to maintain cost discipline and ensure that we invest for the future. We are intrinsically risk-aware and we insist on having a good mix of new blood and older experience, to move forward prudently.

Diversification is key. When you pursue disciplined growth, you avoid temptation, fashion and fad and consequentially, mistakes. Across all markets and products, we want to be positioned as the number one European bank for CIB, the preferred partner for wealth management, insurance and asset management – and we are not far from achieving this goal. 

Asia comprises a mix of developed and developing markets. Whether you look at the position we have in Japan, Australia, or Korea – or across more emerging business hubs such as Southeast Asia or China, we are well positioned there for our clients and we generate good returns.

Some of our peers will concentrate their presence at a particular local base, say in hubs. But we do not believe in guaranteeing strong, underlying growth simply by sitting in Hong Kong and Singapore and flying bankers all over the place.

The creation of local platforms is important. We have been building these in a considered manner across Southeast Asia, Taiwan, mainland China and elsewhere for the past decade and we are able to see the results. For example, we recently complemented our business mix with a securities licence in China. Once we have completed the takeover of several prime brokerage businesses from our competitors, we will see an increase in the equity cash portion of our business mix. Then there’s the joint venture (JV) we secured with the Agricultural Bank of China, which is the largest bank in the market by network and with whom we’ll be structuring investment products for retail clients.

Q: Diversification is a theme that has emerged from the pandemic to build business resilience. But are there any particular geographies or sectors that stand out as offering growth opportunity?

A: We’ve seen some volatility in the banking sector, but as a group, our corporate culture has focussed on development in a very diversified way. In terms of resilience, this sets us apart.

If you look at our group results, you will see that around 50% of our business is in the domestic retail and consumer finance market;

a third is in CIB; and over 15% is concentrated on activities such as asset gathering – from private banking to asset management and insurance. Within CIB, there’s also security services, which might not have a great cost income, but involves limited capital consumption and brings recurrent fees.

This percentage mix has been kept stable as we’ve grown across all areas and however you slice and dice our business, you will always see diversification. It’s the same for our client base – we not only serve financial institution clients but also corporates and high net worth individuals (HNWI). These three pillars are quite well balanced and offer us the means to build a sufficient product platform.

Capital market activities, including equity capital markets (ECM), debt capital markets (DCM), fundraising and advisory services can be volatile and event-driven; while another big portion of our business and effort is in transaction banking: following the flow of finance, supply chains, trade finance and cash management activities.

The interest rate surge of the last 12 -18 months has been very much beneficial to the cash management business, while monoliners who rely only on investment banking, have suffered. We have benefitted. Whatever way the world or region goes, we are naturally hedged.

Across the Asian region, our presence differentiates us from the rest. We are more than 2,500 in Hong Kong, have 2,200 in Singapore, plus a solid foothold in Japan where we’ve ranked consistently within the top five thanks to our leadership in the global macro environment, both in fixed income currencies and commodities (FICC) and across equity and credit.

In Australia, we have a dominant position in the custodian business that we started 20 years ago; we do well in China, and then we have strong ambition in India and Southeast Asia. I cannot see any market where there isn’t potential.

Q: How do you aim to grow the Asian business?

A: In the past, we have grown organically – even when we looked to secure Deutsche Bank’s prime brokerage business in 2019, it was not a typical acquisition. They were trying to expand in terms of platforms and wanted to lighten up their equity business. Meanwhile, in July 2021, we acquired another 51% of Exane, the top-rated equity research business, following a successful 17-year partnership where we had held 49%.

Both deals demonstrated ambition and keenness to complement the building blocks of our equity business.

So yes, our focus is organic over external growth. We feel it’s better to rely on organic opportunity.

Q: Which developments excite you across sustainability?

A: We’ve been involved in sustainability for over a decade, having started our sustainable finance forum (SFF) in Singapore seven years ago. I’m happy to see that what was a niche market is now very much mainstream.

I would say we have been dominating the ESG thematic, especially when it comes to corporate social responsibility (CSR). We’ve exited from carbon-heavy energy, have moved towards renewables, and we are working to lighten up our upstream exposure. It’s pleasing that every year we do more, whether green bonds, sustainable loans or other structures. We are among the top three banks in the space and even if we cannot manage to stay number one, our efforts make a positive impact across society.

Last year, we created a group of more than 150 bankers, the Low Carbon Transition Group (LCTG), to support our clients’ energy transitions. We’re experienced, so are not having to start from scratch and can support those corporates who might not know where to begin.

We recently held an electric vehicle (EV) conference where we gathered more than 300 clients, corporates and investors in Hong Kong. The topic sits well with what we want to do in the sector around mobility as an engine for growth and we think we can bring value-add to our clients.

EV adoption figures are impressive. In 2019, they accounted for 2.2% of the global total in cars sold, and rose to 13% last year. In China, the penetration figures are double. We’ve seen how this market can surprise everybody regarding adoption of new technologies. China did it with internet access, the smartphone, payments, and now EV. It’s exciting.

Q: You started in the IT department, held positions in Paris, Taipei and Hong Kong, before taking on Asia Pacific leadership at the height of the pandemic. What has shaped your career?

A: You’re right, I took the helm of the region in the middle of the pandemic. I was very fortunate to have been based in Asia for more than 20 years, so I knew the people, the teams, key clients and our platforms, which helped tremendously. During the pandemic, we adopted new technologies and forms of digital communication to stay close to our clients. We succeeded and the vast majority of our clients did also.

I think I’ve been lucky. I started in IT – I’m not sure I was good enough to stay in it, but my first business trip was to Hong Kong. I loved the place and dreamed of how amazing it would be to be based there. Thirty years later, here I am.

Like everybody, I’ve worked hard, but I was very fortunate, and at times, daring. When I wanted to switch from IT to credit, people said “No, Paul. We like you very much, but please don’t do something stupid. You already have a promising future.”

My response was to ask for a chance. I was curious to learn and probably would have gone elsewhere if I hadn’t been given opportunity. Fear around not succeeding makes you try harder and you don’t want to disappoint the people who see something in you.

A few years in, I moved from credit to corporate banking, where I was offered a great job in China – everybody wanted to be in China, but interestingly, it was a bit early – nobody was ready to do much there. So, I transferred to Taiwan to lead the corporate banking team and learned management on the ground. Doing quite well, I was later promoted to head of the territory and then after, moved to Hong Kong. That was 18 years ago!

For me, it’s been a combination of hard work, opportunity, luck and meeting the right senior people to support my development.

One memory that stands out was when the bank appointed a Hong Kong local to lead Greater China. It was a big move, as previously, the standard was someone French and male, but a Hong Kong woman took on the role and I worked for her for many years, learning from her insights. She believed in me and offered me the support to grow.

Q: What’s been the biggest highlight of your career to date?

A: This is difficult! But a key milestone was being given the opportunity to move from IT to banking. I’ve always liked a challenge – from coding, to implementing new tech systems and platforms, to what I do today.

I’ve seen many different things in my career and I have always been very curious. I’ve really cherished every opportunity I’ve had.

I’ve been very happy in the organisation and even today, it’s meaningful to partner with faces old and new. Back in 2004-2005, I had the opportunity to build a partnership in China. After much research, we invested in the Bank of Nanjing, which, two years later, was the first City Commercial Bank to list. There are many board members who I know well. It’s great for both them and me – it’s nice that our professional focus involves making core connections. It’s meaningful.

Q : If you weren’t in banking, what do you think you’d be doing?  

A : Very early on, I think we all wanted to be football players! For France or Argentina – the recent World Cup rivals!

Sometimes I reflect and think I would have been pretty good at teaching. But whatever alternate path I would have taken, it would have involved international opportunity.

I grew up first in Taiwan before moving to France and it was at that point that I knew that I wanted to see the world and find opportunity to do so.

Of course, these days, when I look at my daughter evolving, I can see that there is a lot of opportunity ahead for her, more so than when I was young.  

¬ Haymarket Media Limited. All rights reserved.

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India and the G20: bridging global divides

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On Sunday, the Delhi G20 Summit came to a successful conclusion. The two-day summit was praised for delivering the” message of unity ,” and the results were hailed as” truly meaningful achievement.” India also received praise for skillfully and effectively running the meeting. & nbsp,

Given the members of the Group of Twenty’s different perspectives on the Ukraine war, there was a great deal of skepticism regarding whether there would be an official leaders’ declaration. Confounding for wondering, the 83-paragraph Delhi Declaration was unanimously adopted.

All member states universally agreed upon a resolve reaffirming territorial integrity, independence, and international laws, citing the UN Charter, Security Council and General Assembly resolutions. This was the result of protracted and difficult conversations.

The Delhi Summit had a significant impact on the inclusion of the African Union( AU ) in the G20. Africa is not only a major source of natural resources, but it also has several emerging markets thanks to its combined GDP of about US$ 3 trillion and population of 1.4 billion.

There was law for the addition of the AU because the European Union was now a part. The AU is anticipated to provide pan-African issues and broaden the range of voices in G20 discussions. & nbsp,

India has been working hard over the years to include African nations in numerous programs like the & nbsp, International Solar Alliance. India has actively promoted the participation of Egypt and Ethiopia in the BRICS in recent years. It should be noted that the most Africans attended India’s G20 summits.

The relationship between India and Africa is founded on a shared understanding of the necessity of establishing an equitable world economic order as well as historical anti-colonial weight. & nbsp,

Membership in the top monetary system is a welcome change for neo-colonial procedures and the cruelty of colonialism on this continent. Even though G20 rank alone might not alter Africa’s riches, it does amount to recognition of the continent of African potential for growth. & nbsp,

Fad in favor of multipolarity

The addition of the AU in the G20 even shows that developed nations’ plans are beginning to change. Some developed nations are being forced to reevaluate their interactions with American nations as a result of the growing multipolarity.

It is also in the interest of the developed West to encourage developing nations to take part in open and transparent financial and connection frameworks.

For instance, Ursula von der Leyen, president of the European Commission, announced the launch of & nbsp, the Trans-African Corridor, at a function held outside the G20 Summit. By connecting the” harbor of Lobito in Angola with Katanga state in the [ Democratic Republic of Congo ] and the metal buckle in Zambia, the proposed passageway aims to improve links of the landlocked region to the sea.

The India, Middle East, and Europe Economic Corridor( IMEC) was established on the outside of the G20 Summit, which was a major growth. The US, France, Germany, India, Saudi Arabia, the United Arab Emirates, and the EU all signed the IMEC memorandum of understanding.

The IMEC plans to make sizable investments in infrastructure, connectivity, and projects like ports, ship-to-rail transit links, electricity networks, electronic cables, pipelines for the transportation of clear hydrogen. Global supply chains that are dependable and tenacious could emerge as a result of the IMEC. & nbsp,

The Arab nations have increased their engagement with different powers around the world over the past few years. The IMEC agreement represents the convergence of diverse foreign engagement by the Arab nations that are energy-rich.

The IMEC emphasizes the significance of Muslim nations in the Indo-Pacific location as well. For the Indo-Pacific region to prosper, cooperation in energy, modern, and infrastructure with the Arab nations is essential. & nbsp,

The IMEC is another result of a significant improvement in the ties between India and the Egyptian nations. Increased purchase, trade, and population movements are all signs that India’s economic ties with Arab nations are expanding.

Most recently, the Unified Payments Interface ( UPI ) of India and the Instant Payment Platform ( IPP ) of the UAE have been linked and nbsp in order to make cross-border financial transactions between the two nations simple, secure, and affordable. Growing security ties and, if no a full but significant integration of proper views between India and the Arab nations are also present.

The Global Biofuel Alliance & nbsp was established as a side project of the G20, which is another significant development. The GBA aims to take advantage of international cooperation to ensure that nbsp, renewables, and other products remain affordable, have reliable supply lines, are produced responsibly and receive ongoing technical support. The GBA’s founding is in line with the G20 principles of advancing low-emission growth strategies.

culture change

The G20 urged the developed nations to achieve the” goal of mobilizing jointly & nbsp, US$ 100 billion & bnpsf, climate finance per year by 2020, and annually through 2025″ in regards to climate change.

The adoption of Chennai High-Level Principles for a Sustainable and Resilient Blue / Ocean-based Economy over the past year was evidence of significant progress on sustainability issues. In a similar vein, Deccan High-Level Principles on Nutrition and Food Security were likewise adopted. & nbsp,

Strong global economic commitment is necessary for India to maintain its higher growth rates. Large crowds of people were engaged in international problems at the G20 Summit, which is crucial for a sustained and thoughtful embrace of globalization. & nbsp,

There are a few key lessons to be learned from the late concluded G20 Summit. First, even though the G20 is a prestigious international monetary community, geopolitical concerns will still have an impact on how it operates. Future G20 summits’ success will depend on the formation of partnerships of like-minded nations to address geopolitical and economic issues. In addition, & nbsp,

Second, Brazil, India, South Africa, and the United States released a joint declaration and nbsp on the outside of the G20 regarding their desire to” build better, bigger, more effective multilateral development institutions.” Like interactions imply that it is now understood that no one multilateral framework can solve all the problems given the growing multipolarity and complex conflicts. In addition, & nbsp,

Second, the West showed its commitment to support the opinions of the developing South at the G20 with significant spur from the emerging economies. The West had, nevertheless, maintain this trend by allowing developing nations to sit at the top of international organisations. In addition, & nbsp,

Finally, the G20 was set up in the context of a trust deficit and growing & nbsp that were brought on by big-power competition, increased territorial claims, and the emergence of non-traditional security challenges.

The Delhi G20 Summit showed that member nations could go a long way in creating roads across divides to solve complex global issues by demonstrating an committed management and spirit of collaboration. & nbsp,

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Multilateralism still alive but mandates and rules should be refreshed: PM Lee at G20 summit

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The rules-based international trading program as embodied by the WTO must be maintained.

This” remains the best surety of common development, as well as effective and resilient supply chains ,” according to Mr. Lee, but its rules must keep up with modern change, stay pertinent for the current market, and support global food and energy security.

We therefore urge the G20 to give discussions on WTO reform, in particular, a solid boost in order to return to an operational difference settlement system as soon as possible.

To support sustainable development and safeguard the common around the world, another is to reform the world economic structures. The former refers to reference domains or regions, like the high seas and outer room, that are outside of a single nation-state’s social sphere of influence.

Mr. Lee stated that Singapore” strongly” supports efforts made by India to study changes of the multilateral development banks as the number of G20 this year. These global establishments, like the World Bank, were established by various states to aid developing nations.

He continued, noting that better and more effective use of these banks’ balance sheets may be encouraged as a starting point due to the urgency and scope of the funding needs.

To enhance and increase the impact of public funds, new and creative ways will also be required to scale up and mobilize private sector growth cash.

All hands must be on board, Mr. Lee declared.

To address the development issues, the G20 must take the lead in reviving internationalism. Singapore does make every effort to play our portion, both individually and collectively, as we have in the past.

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G20 laments war in Ukraine but avoids blaming Russia

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India's Prime Minister Narendra Modi (C) speaks during the first session of the G20 Leaders' Summit at the Bharat Mandapam in New Delhi on September 9, 2023. (Photo by Ludovic MARIN / POOL / AFP) (Photo by LUDOVIC MARIN/POOL/AFP via shabby graphics)shabby graphics
By Vikas Pandey and Soutik Biswas
G20 conference in Delhi

A joint resolution, which includes a statement on the conflict in Ukraine, has been agreed upon at the G20 summit in India.

The G20 leaders condemned the use of force for regional gain on the first day of their two-day meeting, but they refrained from criticizing Russia instantly.

The statement, according to the Polish government, is” nothing to be happy of.”

A number of international issues, such as climate change and the debt burden on developing nations, were also covered at the elevation in Delhi.

But at the G20 summit, it was a time of unexpectedly significant articles.

Given the strong divisions within the team over the conflict in Ukraine, some anticipated a joint resolution, not least on the first day of the mountain.

However, Indian Prime Minister Narendra Modi declared that the resolution had received widespread support.

An earlier review of the charter that was accessed by the BBC on Friday contained a clear indication that last-minute negotiations were ongoing: it stated the paragraph on Ukraine was left vacant.

The Ukraine conflict was the sticking point, as it was at the Bali summit the previous year.

The Delhi Declaration seems to be intended to make it possible for both Russia and the West to get advantages. However, in the process, it has used terminology that is less forceful in its criticism of Moscow than it was in Bali the previous year.

Although it noted that” there were other landscapes and different analyses of the condition and sanctions ,” the people in Bali condemned” in the strongest term” the brutality by the Russian Federation against Ukraine.

NEW DELHI, INDIA - SEPTEMBER 09: Prime Minister Narendra Modi of India holds a bilateral meeting with British Prime Minister Rishi Sunak during the G20 Leaders' Summit on September 9, 2023 in New Delhi, Delhi. This 18th G20 Summit between 19 countries and the European Union, and now the African Union, is the first to be held in India and South Asia. India's Prime Minister, Narendra Modi, is the current G20 President and chairs the summit. (Photo by Dan Kitwood/shabby graphics)

shabby graphics

Russia is not immediately criticized for the war in the Delhi resolution.

However, it does mention” the human suffering and additional negative effects of the Ukrainian war on the world’s food and energy security.” Additionally, it reiterated the acknowledgment of” different perspectives and evaluations.”

Importantly, rather than” the war against Ukraine ,” the declaration refers to the” war in Ukraine.” The probability that Russia would support the resolution may have increased as a result of this word choice.

Ukraine, which participated in the Bali conference, was never invited this time, and its reaction to the resolution has been negative.

The Russian foreign ministry tweeted,” G20 has nothing to be glad of in terms of Russia’s aggression against Ukraine.”

The African Union( AU) was formally invited to join the G20 as a permanent member by Mr. Modi, which was the other major development.

As the cornerstone of its president, Delhi prioritized elevating the tones of these countries. In the near future, it is prepared to benefit from this strategic decision as it competes with China for influence in Asia and Africa.

African Union Chairman and Comoros President Azali Assoumani (R) and India's Prime Minister Narendra Modi hug each other during the first session of the G20 Leaders' Summit at the Bharat Mandapam in New Delhi on September 9, 2023. (Photo by Ludovic MARIN / POOL / AFP) (Photo by LUDOVIC MARIN/POOL/AFP via shabby graphics)

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The choice is also great news for Africa, which has 1.4 billion inhabitants and will now have a larger voice at international events like the G20.

Another fiercely debated subject was climate change.

There had been no consensus on the matter at the governmental level meetings in the weeks leading up to the mountain. However, officials now claim to have reached” 100 % consensus.”

Saudi Arabia's Crown Prince and Prime Minister Mohammed bin Salman (L), India's Prime Minister Narendra Modi (C) and US President Joe Biden attend a session as part of the G20 Leaders' Summit at the Bharat Mandapam in New Delhi on September 9, 2023. (Photo by EVELYN HOCKSTEIN / POOL / AFP) (Photo by EVELYN HOCKSTEIN/POOL/AFP via shabby graphics)

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There has been a clear give-and-take on the environment in the resolution.

The G20 nations will” pursue and encourage efforts to triple renewable energy capacity globally through existing targets and plans ,” according to the statement. More than 75 % of greenhouse gas emissions come from G20.

In the past, developing countries had resisted raising their goals for renewable energy, cutting back on fossil fuel use, and lowering their emissions of greenhouse gases.

Developing countries have been able to buy day for greenhouse pollution to peak, at which point they will need to decrease.

According to the declaration,” timeframes for rising may be shaped by sustainable development, needs for poverty eradication, equity, and in accordance with various federal circumstances.”

The Green Development Pact, a plan to address the climate crisis through international cooperation over the next ten years, has also been emphasized by specialists.

In order to assist developing nations’ transitions to lower emissions, the G20 nations have also committed to working together to provide low-cost financing.

India had performed” fairly well” on natural finance, according to Pramit Pal Chaudhuri, head of the Eurasia Group’s South Asia practice.

” Green finance presently primarily originates in wealthy nations and travels between rich nations.” Private funding is essential to this funding. Yet emerging markets don’t grasp it. India has made efforts to alter that. Getting multilateral development banks to start de-risking private capital moves in the clean space is at the heart of it, he said.

Leaders of the G20 nations attend the second working session of the G20 Leaders' Summit at Bharat Mandapam in New Delhi on September 9, 2023. (Photo by Ludovic MARIN / POOL / AFP) (Photo by LUDOVIC MARIN/POOL/AFP via shabby graphics)

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Then there is the rising worry about debts. According to the World Bank, the world’s poorest countries have to pay bilateral creditors an annual debt service of more than$ 60 billion, which increases the likelihood of defaults. China is owed two-thirds of this bill.

The organization has stated that it wants to aid in the loan management of these nations. The Delhi Declaration has pledged to handle the country’s loan risks.

Navin Singh Khadka provided extra coverage.

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Biden should press climate activist rights in Vietnam

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It’s no secret that Vietnam and the United States have a troubled past. However, since reestablishing political relations in 1995, the two nations have steadily strengthened ties centered on deal, local politics, and, most recently, climate change solutions.

In order to hasten the transition away from coal use in the nation, the G7 nations, including the US, along with the World Bank and other development banks, announced last December that Vietnam would benefit from a US$ 15.5 billion Just Energy Transition Partnership ( JETP ) program.

However, civil society activists who support reform, social pluralism, green, rights-respecting development, and environmental policies have been excluded from the agreement. In addition, & nbsp,

President Joe Biden will travel to Vietnam on September 10 to declare that the relationship between the two governments will change from being” comprehensive” to” strategic.”

Biden and Nguyen Phu Trong, the general secretary of the Vietnam Communist Party, recently spoke on the phone about” expanding the bilateral marriage, while working together to address local challenges such as climate change, ensuring a free and open Indo-Pacific, and the deteriorating economic and security position along the Mekong.”

But there is obviously a problem. Vietnam has pledged to achieve net-zero emissions by 2050, but in the process of the nation’s transition from fuel, it is also using false, politically motivated” tax evasion” charges to detain, prosecute, and arrest the most significant civil society figures. & nbsp,

Dang Dinh Bach, who has dedicated his life to preventing waste in communities, phasing out plastic waste, and assisting the Taiwanese government’s switch to clean power, is currently serving a five-year word. Mai Phan Loi and Bach Hung Duong, two additional climate change activists who were found guilty of related offenses, are even detained. & nbsp,

Hoang Thi Minh Hong, another environment champion and one of the 50 most powerful Taiwanese people according to Forbes Vietnam and an Obama Foundation Scholar, is awaiting punishment. Hong was cited by Climate Heroes as a warrior who worked hard to preserve the environment.

Hoang Thi Minh Hong is being held prior to going to test for her work as an environmental activist. Photo: Twitter

Nguy Thi Khanh, the 2018 Goldman Environmental Prize success, was just freed from prison after 16 months in prison for criticizing Vietnam’s rely on coal.

According to reports from the UN and human rights organizations, Vietnam’s ambiguous tax rules are being used as a weapon to intimidate climate activists. This pattern suggests that the remaining troubled environmental organizations may be shut down by the government then.

By severely restricting the participation of civil society organizations and activists, the Vietnamese authorities is repealing this” only” aspect of the Just Energy Transition.

To put it bluntly, economic organizations are currently effectively paralyzed out of concern that they will be the target of the president’s next round of arrests of prominent weather players.

Without considering and responding to the opinions of environmental activists, especially those who criticize current federal laws, Vietnam is unable to maintain a truly” just” energy transition.

By offering separate surveillance of the effects of energy transition from a social and environmental standpoint and assisting communities that promote their freedom, civil society is crucial to ensuring transparency and transparency in such programs.

Repression by the Asian government does not bode well for long-term US ties with Vietnam or the successful implementation of the JETP agreement.

President Biden needs to make a statement about the crucial role climate activists in Vietnam sing in phasing out coal. He may formally urge the government to drop the charges against the four climate change activists who are currently incarcerated and release them all at once.

It is extremely important to strengthen the collaboration between the United States and Vietnam to find climate solutions, but not while the polite society activists who are paving the way are imprisoned.

All of this needs to be considered in the US-Vietnam state relationship upgrade, and human rights concerns shouldn’t be ignored.

At Human Rights Watch, Phil Robertson serves as assistant Asia producer. Follow him on Twitter @ Reaproy( X )

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How do criminals get away with money laundering and why is it so hard to detect?

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DECENTRALIZED, HARD TO DETECT

According to attorney Adam Maniam, who appeared on the show, cases of money laundering are difficult to identify because they are” decentralized.”

According to Drew and Napier’s director of dispute resolution, whose training areas include murder and financial services legislation, the criminals won’t put all of their money in one location.

They won’t invest a billion money at once. They will disperse it among numerous people, travel to numerous states, and employ a variety of strategies to obtain the funds where they desire them to be, according to him.

Despite their best efforts, specific institutions like banks find it challenging to spot something wrong due to the large number of players involved, he claimed.

There may not be enough red flags to prevent a bank or other regulated entity from stating,” There’s everything wrong here, I should increase this to the government ,” because the ID checks out, the objective checks off, and everything seems good ,” he said, even if the deal is not reputable.

However, the issue arises when you combine this( transaction ) with another 30, or 40 transactions.

Soh Kee Hean, a former director of the Corrupt Practices Investigation Bureau( CPIB ) and an associate professor at the Singapore University of Social Sciences( SUSS ) who teaches criminal investigation, similarly stated that it is difficult to determine whether there were illegal transactions or transactions that may be connected to money laundering.

It’s like trying to find a knife in the meadow quite frequently. However, he claimed that it really requires the organizations, organizations, and everyone involved to exercise due diligence.

According to Assoc Prof. Soh, those who want to commit the crime will continue to come up with novel and inventive way to do it, which makes it more difficult to find money laundering.

He continued,” Law enforcement agencies must stay up and try to understand the various strategies.”

He claimed that in addition to examining the financial history of criminal activity, the awful players must also be examined.

Additionally, you should consider their actions, movements, and contact patterns. Understanding both the person’s activity and the movement of money is necessary to obtain a full picture. It is, of course, very difficult and difficult, he said.

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