China hawk: Fix symbolic, ineffective US sanctions – Asia Times

By:
On:
In: Asia

According to a Trump-era US industry standard who was known as the” China hawk,” the Trump administration should tighten its restrictions and export controls against China, which are currently insufficient to prevent Chinese companies from exporting dual-use goods to Russia and using American technology.

Nazak Nikakhtar believes that sanctioned organizations can easily be evaded because they can conceal themselves by starting layers of shell companies or just owning a majority interest in their businesses.

Nikakhtar, who from 2018 to 2021 was assistant secretary for industry and analysis at the US Department of Commerce’s International Trade Administration ( ITA ), spoke with Asia Times in an interview.

Nazak Nikakhtar, a companion in the Wiley Rein LLP’s global trade process, is shown in this photo. waller. rules

She suggested that US President Donald Trump impose” regional restrictions” on those who supported the Ukrainian military. &nbsp, &nbsp,

” Folks can establish document companies to avoid US sanctions,” the statement read. However, if we apply sector-specific sanctions to our SDN List [Specially Designated Nationals and Blocked Persons List], it will become a little challenging, according to Nikakhtar, who is now the head of the fund’s national security process and is a companion in the global business practice at the British law firm Wiley Rein LLP.

She said that targeting financial corporations would have a “broader financial impact.” The banks should be raised by the phrase “if a paper business suddenly deals with tens of millions of dollars of purchases over.”

She claimed that these crimson flags allow the US government to recognize cautious businesses.

Regional restrictions

The US Treasury Department’s Office of Foreign Assets Control ( OFAC ) released the Sectoral Sanctions Identifications List ( SSI List ) in July of 2014 and added prominent figures from Russia’s financial and energy sectors to it. &nbsp, &nbsp,

Since the Ukrainian War started in February 2022, the SSI List has grown tremendously. Restrictions apply to businesses whose lot bets are owned by those on the SSI List directly or indirectly. Some Russians and Chinese citizens have also discovered ways to evade US restrictions. &nbsp,

According to Nikakhtar, the current US sanctions against Russia and China were very narrow and incremental, giving them the opportunity to create systems that would withstand them. &nbsp,

Given that we do n’t usually punishment many Chinese businesses, the Biden presidency feels like it has made a major shift in this regard,” she said. ” Do these things matter? Symbolically, yes. Do they, however, have any deterrent effects when used in a manner that deters human use? No”.

According to her,” the US government really needs to consider an alternative strategy because current methods are not punishing but ultimately weaken our capacity for sanctions.”

Washington has sanctioned about 1,500 Chinese businesses since a trade war between the US and China in 2018 and accused them of supporting Moscow’s military in Ukraine, violating international human rights, providing products to the People’s Liberation Army with high-tech products, and launching cyberattacks. &nbsp, &nbsp,

These sanctions were imposed following lengthy investigations. After Russia fired 136 suicide drones at Ukrainian troops using Iranian-made Shaheds in August of this year, the Bureau of Industry and Security ( BIS ) of the US Commerce Department identified and sanctioned three Hong Kong businesses that supplied the drone parts.

Sanctioning Chinese banks

Treasury Secretary Janet Yellen said that if Chinese financial institutions were involved in shipments that increased Russia’s military might, the US could impose sanctions on them. &nbsp,

Four more Chinese banks recently stopped accepting payments from Russia, according to a report in the Russian newspaper Izvestia on April 12 after three of the world’s largest Chinese banks did the same in February. &nbsp,

A US official told Reuters on April 22 that the country had no immediate plans to impose sanctions on Chinese banks.

Nikakhtar claimed that China’s current de-dollarization plan has remained stalled due to its own economic issues, making the threat of sanctioning Chinese banks a real risk.

She said,” I would advise any administration to avoid using traditional methods, but instead consider combining multiple methods to achieve the best impact,” noting that the import restrictions and tariffs are two other examples. &nbsp,

She claimed that” the government has a lot of information” about how Russian and Chinese people trade. It has the authority to impose sanctions on both those who may be indirectly involved in the transactions and those who are significant and significant enough to have a significant economic impact on the Chinese economy.

For example, she said, if any Chinese automakers are found to have supported Russia’s war efforts by supplying Moscow with their armored vehicles, they should be sanctioned. &nbsp,

” By rethinking how we use sanctions and other tools, we could still proceed narrowly, but having a bigger and more significant economic impact”, she said. The US government does n’t seem to be comfortable with stepping back, I believe.

In fact, Washington has recently expanded the scope of its sanctions against Chinese businesses. &nbsp,

Gold bars. Photo: Wikimedia Commons

VPower Finance Security, a Hong Kong-based logistics service provider, was sanctioned by the US Treasury Department on June 12 for allegedly helping to transport Russian-origined gold, which had been sold to some businesses in the UAE and Hong Kong, into fiat money and cryptocurrencies. VPower’s clients include big Chinese banks, retail brands and the Hong Kong government. &nbsp,

Chip export controls

In an effort to reduce China’s chip industry, the Biden administration has tightened its export controls over the past few years. &nbsp,

However, according to reports in the media, China can still purchase expensive US chips from smugglers or third countries, and Semiconductor Manufacturing International Corp ( SMIC ) used deep ultraviolet lithography last year to create 7 nanometer chips. In recent years, the nation has also updated its electronic design automation ( EDA ) software. &nbsp,

On March 29, the US revised its export control regulations to make it harder for China to import US-made artificial intelligence chips and chips.

The US government should consider where it is going if 90 % of certain chips ‘ exports were traditionally made in China but now are made there through a third nation without any industry to support that kind of volume, Nikakhtar said. &nbsp,

” Before it provides license authorizations, the US government can start looking at parties involved in the financial transactions, their banks, beneficiaries and account holders”, she said. It can initially license a very small amount of trade before sending it to the end-use-checkers to check the legitimacy of each institution before granting more licenses.”

She noted that the US government can look into a lot of red flag indicators, but regrettably, the Commerce Department’s export control unit is “very much oriented toward export promotion, rather than really regulating controls.”

She suggested that the US government should deregulate its export regulations for allies and establish a roadmap to restructure its chip supply chain at the same time. &nbsp,

” China has the majority of chip’s end users. What should we do while the US government tries to break the supply chain out of China? Can semiconductors be exported to other countries? How long will it take to build out that? What will happen to companies ‘ revenue in the meantime”?

Nikakhtar added that the US government’s evaluation of China’s technological prowess is currently a little superficial, underestimating the abilities of Chinese engineers. &nbsp,

She said,” An overestimate the other side to have a stronger policy is a country’s responsibility,” so that it can always have a stronger policy. &nbsp,

Read: Chinese EV firms can absorb EU tariffs: expert

Read more: Hong Kong exports rebound despite the Sino-US trade war

Follow Jeff Pao on X: &nbsp, @jeffpao3

Continue Reading

Citing unhappiness among minority investors, SIAS seeks clarification from OCBC on Great Eastern offer

By:
On:
In: South-East Asia

SINGAPORE: Citing “unhappiness” among minority shareholders of Great Eastern, the Securities Investors Association Singapore ( SIAS ) has posed questions to OCBC about the bank’s privatisation bid for its insurance arm.

The retail investor watchdog on Friday ( Jun 21 ) advised companies that intend to delist in the future to “provide an offer price that is truly” fair and reasonable” to all shareholders, describing the offer as creating a “dilemma” for Great Eastern’s smaller investors.

A RECAP OF OCBC’S BID FOR GREAT EASTERN

OCBC, Singapore’s second- biggest lender, on May 10 announced a S$ 1.4 billion ( US$ 1.03 billion ) offer to buy the 11.56 per cent stake in Great Eastern that it does not own, with the aim to delist the insurer.

The banks made an offer amount of S$ 25.60 per communicate, which it said represents a subscription of 36.9 per share over Great Eastern’s next traded amount of S$ 18.70.

Last year, Ernst &amp, Young – the independent financial adviser appointed to the bargain – described the words of OCBC’s give as” no fair but acceptable”. It did, however, advise Great Eastern’s independent directors to advise that minority shareholders support the recommendation.

OCBC then stated in a separate statement that its offer price was “final” and that it had extended the offer’s closing date to July 12 as a result.

The bank’s statement “omitted any reference” to the independent financial adviser’s opinion, said SIAS founder- CEO David Gerald on Friday.

He added that the retail investor watchdog has since received “numerous inquiries” from shareholders of Great Eastern” seeking clarity and transparency” from OCBC.

Several long- term shareholders have also previously told SIAS, as well as in the public through media interviews, that” they will not accept ( OCBC’s ) offer because they feel that ( Great Eastern ) has been trading below the true value for the longest time”, said Mr Gerald.

A group of about 125 minority shareholders, led by former remisier Ong Chin Woo, told CNA last week that they are “disappointed” with OCBC’s decision to not budge on its offer price.

As such, Mr Gerald from SIAS hopes that OCBC’s board can “respond adequately” to the concerns of these minority shareholders.

Questions were asked on Friday in a letter addressed to OCBC’s chairman Andrew Lee and the board of directors, including whether the bank had taken the independent financial adviser’s advice into account when it made the decision to decline to raise the offer price.

Mr. Gerald also inquired about the key factors that led to the price of OCBC’s offer, how the bank justified what it perceived as an “unfair” offer, and whether the bank had any feedback from its own shareholders regarding the potential reputational risks associated with this deal.
 

Continue Reading

Malaysia plans CCTV at border fuel stations to tame smuggling

By:
On:
In: South-East Asia

Even with grants removed, energy in Malaysia is also cheaper than in Thailand

PUBLISHED: 21 Jun 2024 at 18: 48

Malaysia plans CCTV at border fuel stations to tame smuggling
In an function in the Hat Yai city of Songkhla on April 20, 2023, police officers seek a pickup truck to bite down on illegal energy. Not far away from Malaysia’s boundary is the tambon. ( Photo: Royal Thai Police )

To hinder them from selling low energy to pirates, Malaysian regulators are considering installing their own closed-circuit TV cameras at some petrol stations along the border of Thailand.

According to Bernama, the Kelantan branch of the Malaysian Ministry of Domestic Trade and Cost of Living (KPDN) is in talks with fuel firms about installing Video at some facilities in border districts in Kelantan position suspected of selling gas to&nbsp, regular customers.

Azman Ismail, a producer of KPDN, informed the Malay news agency that the authorities had located 46 gas stations that are popular with smugglers.

Authorities want to watch out for those who make unusually high repeat purchases because they are most likely contraband the energy into Thailand. The Kolok River separates Kelantan from Narathiwat state in Thailand, and a bridge connects the two nations in Sungai Kolok area.

Petrol stations have their own CCTV systems, but officials are required to visit each page whenever they want to check. If the condition government establishes its own models, its workers can monitor activity from a central office, enabling authorities to take action right away.

On June 10, the Indonesian government ended its fuel rebate, and plans to end subsidies for RON95 gasoline are reportedly in the works.

Even with the payment removed, fuel in Malaysia is however significantly cheaper than in Thailand, Indonesia and Singapore, attracting constant attention from pirates.

Petrol stations are prohibited from selling RON95 gasoline to all vehicles with international registration plates by Malaysian law. The amount of fines applicable to violations of the directive ( 77 million baht ) and/or three-year prison sentences are possible.

Continue Reading

NEXT: AI Connect 2024 in Penang focuses on AI disruption

By:
On:
In: Technology
  • Malaysia is learn from the upheaval created by AI and gain from it.
  • Bring AI people who work with colleges and universities?

NEXT: AI Connect 2024 in Penang focuses on AI disruption

” For the past few months, we saw significant investment from large companies like Microsoft and ByteDance into Malaysia,” said Penang-based serial entrepreneur Curry Khoo ( pic, below ), who is building his third startup right now, Noobs, an open-source playbook for the startup ecosystem in Southeast Asia, which was launched in 2022.” We saw heavy investment from Nvidia and other large companies like Microsoft and ByteDance into

A properly regarded society builder as well, Curry was not talking about Wordpress but instead, NEXT: AI Connect 2024, an occasion aimed at bringing together business leaders, companies, and AI fans on Jun 26 at The Ship Campus in Batu Kawan, Penang.

Curry believes that Malaysia you know and take advantage of the disturbance being created by AI due to the recent surge in demand for Nvidia’s specialised chips, which are essential for powering different forms of AI, including chatbots like Open AI’s ChatGPT and Google’s Gemini.

NEXT: AI Connect 2024 in Penang focuses on AI disruptionThe best way to know is to hold an event so that everyone can identify the participants and comprehend the surroundings of the AI scene, Curry said.

In the subsequent Q&amp, A, Curry goes into more detail about the occasion and explains why attending is worthwhile.
 

Q. Why did you decide to concentrate on AI for NEXT?

because everyone in the universe is discussing AI. Nvidia’s growth was but rapid as a result of AI, and it caught my attention. People will be a part of AI, in some way or another, after doing some checking and researching. However, over the past few decades, we have seen powerful opportunities by big companies like as Nvidia, Microsoft and ByteDance into Malaysia. So, the best way to learn from AI is to host an event but that we can learn from each other.. &nbsp,

Q. Why is it located on Batu Kawan rather than the beach?

There are already a few ordinary occasions on the island, but none in Batu Kawan. As industry experts will tell you, Batu Kawan is booming with semiconductor firms that even use a lot of AI, specifically for their production, but most people are unaware of it. Therefore I felt it was the best place for this occasion, and managed to get the help of the PKT Logistics Group via its business system, Entrepreneur&nbsp, Growth Hub, to host&nbsp, it at its The Ship Campus. &nbsp,

Q. You appear to be making an effort to draw students in addition. Why?

The most important factor for the industry to grow is skills. I anticipate a lot of desire for AI, and it should begin with young people, particularly those in universities and colleges. We want to motivate and motivate them to pursue careers in AI, particularly in the specialized field. You can read about the curiosity in AI from both the state and the traders who have invested. There is a&nbsp, need to expand our AI skills share. &nbsp,

Q. What kind of effect is this event going to own?

I want to see more personal business AI people, especially those with professional backgrounds, working with our colleges and universities to develop more expertise in the field. &nbsp,

I believe there is a huge opportunity for Malaysia because the semiconductor industry is increasingly reliant on AI to improve its production efficiency, especially if we can move the talent pool forward.

Continue Reading

Analysis: Why more Southeast Asian countries have signalled interest to join BRICS

By:
On:
In: Asia

However, Dr Alan Chong, Senior Fellow at Singapore’s S Rajaratnam School of International Studies, described BRICS as an “alternative leadership loop when it comes to international management”.

Taking the example of Malaysia’s interest to join the grouping, Dr Chong said that it can “be a way to get ( the country’s ) foreign policy lifted up in a very exceptional way”.

He added:” Now, ( Mr Anwar ) is trying to use this international spotlight that he’s quietly cultivated all these years to good effect for Malaysia. And why not? He’s succeeded in restarting the stalled exclusive relationship with China under the Belt and Road initiative, which is all well.

POSSIBLE OVERDEPENDENCE IN CHINA

But, Mr. Bhima warns about the effects of ASEAN joining the BRICS, claiming that it may give China a greater part in the South China Sea discord and the US-China trade war.

” Apart from that, in a political environment, countries in ASEAN may prevent criticising China’s increase of the issue in the Taiwan Strait as well as sympathetic issues such as Xinjiang/Uighur”, said Mr Bhima.

Beyond that, Mr. Bhima noted that there may be concerns about an overdependence on China in a variety of ways, particularly from an economic standpoint.

” It is actually quite difficult because China is struggling with its home problems and is experiencing slow domestic demand for at least the following two to three years.

” China’s economy, which is expected to decrease down, will also have an effect on the economic growth of countries in the ASEAN place, “he said.

Dr Liow, however, said that elections within BRICS itself could prove to be a deterrent.

There are significant challenges as well, such as the participation of nations like Saudi Arabia and Iran, where their diplomatic relationships are difficult, or China and India, or other countries that face challenges. Politicians can easily come into the photo in a way that makes the potential ( of the clustering ) difficult to understand, “he said.

While some Southeast Asian nations have expressed an interest in joining the BRICS, people have kept their candor. &nbsp,

The scholar, Mr. Bhima, believes that the relationship between the nations and those in the BRICS alliance is ultimately at the heart of the matter.

Singapore believes that it has already become a hub for many Taiwanese companies for investment and economic activity without joining the BRICS. Additionally, it may be concerned about China and various BRICS nations ‘ bilateral and multilateral agreements being duplicated.

” Nevertheless, the Philippines is more influenced by the issue of the South China Sea fight, so it is keeping its distance from China”, said Mr Bhima.

While China may have an “informal” voting energy within the union, Dr. Chong, the Senior Fellow at RSIS, stated that it would wish that “its association with Russia does not result in a bad position within BRICS.”

But, Mr. Bhima thinks that the bloc’s appeal will continue to see its growth given the potential financial advantages it may bring.

” Many countries may be interested in joining the BRICS if big countries like China and India offer real expense packages, lower several export barriers to BRICS nations, boost the knowledge exchange event between democratic party leaders, and give more certainty about mega-project loans that are in line with the national agenda,” he said.

Continue Reading

Jail for man who stole S0,000 from jeweller on Singapore Airlines flight

By:
On:
In: South-East Asia

SINGAPORE: A man who stole the equivalent of about S$ 120, 000 ( US$ 88, 700 ) from a jeweller on a Singapore Airlines flight was sentenced to two- and- a- half years ‘ jail on Friday ( Jun 21 ).

Peng Hui, a 54- year- ancient China nationwide, had first told the court when he was charged that he did not admit guilt, but ultimately pleaded innocent to four charges.

These are for fraud, including attempting to submit some of the stolen funds to China by bringing income over S$ 20, 000 into Singapore without declaring it, converting some of the stolen funds into game chips, and attempting to transact some of it with China.

Another four expenses were considered in punishment.

THE Robbery

According to the jury, Peng was traveling on SQ899, which left Hong Kong for Singapore on March 5.

Another passenger was also on the aircraft: a Taiwanese jeweler who had traveled to trade fairs in Bangkok and Hong Kong and was returning home.

The prey had more than 1, 000 records of different faiths in his suitcase, including US$ 131, 000 in hundred- money bills and HKD$ 122, 000 in five hundred- money bills.

The goldsmith left his case in the overhead compartment, somewhat positioned behind his chair, during the trip.

The bag’s room with the money was never zipped up, and the jeweler occasionally dozed off or went to the restroom.

Peng had the idea to take from the target, taking advantage of the fact that he was carrying a significant sum of money.

While the plane was in journey, Peng stealthily removed US$ 80, 000 and another HKD$ 70, 000 from the victim’s handbag.

When the survivor arrived, he passed through the emigration convoy and declared the amount of money he was carrying.

Nevertheless, he quickly reported the case when he realized a sizable amount of cash was missing about three hours after takeoff.

WHAT PENG DID

Peng even alighted at Changi Airport. He had on him money of several churches, including the stolen volumes, totalling S$ 124, 473.

He realized that the hotel’s owner would immediately look for the money as soon as he checked in and counted the money.

He made the decision to convert the dollar to Singapore dollars because he was aware from prior experience that casinos may convert foreign currencies into blackjack chips.

Peng gambled some of the$ 30, 000 that he had purchased at the casino in Marina Bay Sands.

He eventually cashed out about S$ 42, 400 worth of chips.

Peng also made a trip to a People’s Park Complex payment station where he placed two orders to send money to his family in China for a total of around S$ 19, 900. &nbsp,

Due to his lack of a work permit, the company refused to accept more requests from him, but he went to another store and attempted to remit about S$ 9,500 to his brother in China.

However, the policeman prevented them from going through with the payments.

After extensive police investigations that involved trawling through security camera footage and an invasion activity, Peng was arrested the early hours of the following day.

They recovered about S$ 37, 900 from the payment firms that Peng had attempted to line to China, S$ 66, 761 in money from him and HKD$ 69, 000.

Another smaller amounts of Peng were also recovered. He was charged and remanded.

SENTENCING

Deputy Public Prosecutor Tung Shou Pin requested 32 to 37 months in prison for Peng on Friday, claiming he was a stranger who had targeted a Singaporean on a Taiwanese plane.

He said for foreigners are” a plague” as they affect Singapore’s status as a offense- completely country.

It’s challenging to find out about such crimes on airplanes because passengers frequently ca n’t look over their belongings and learn about the theft sooner.

According to Mr. Tung, the number that Peng stole makes it one of the worst cases of flight fraud.

In prevention, Peng said via a Mandarin speaker that he would like to suggest guilty to the jeweller.

” I have caused him economic decline, even though it’s not much”, he said. But it did change him intellectually, too.

He likewise pleaded for mercy, saying he had” caused harm to the safety status of Singapore”.

He said he was over 50 years old, had insulin and only one liver.

I worry that I wo n’t be able to endure it if I spend too much time in jail. And finally, my family is over 80 years old. I am the only baby. I want to look after her, but I would have to go to prison. I want to take her on her final quest, but I hope your honor will lessen the sentence and let me know when I’m wrong,” he said.

The sufferer did not suffer “much loss,” according to Deputy Principal District Judge Ong Chin Rhu, as a result of the diligent work of the prosecutors who stopped Peng’s plot to dissipate his legal wealth.

The judge praised the fact that Mr. Peng acknowledged that the sufferer may have experienced a certain degree of mental stress as a result of discovering the theft of his funds.

She suggested that Peng should inform the prison regulators about his health requirements.

Continue Reading

Malaysian startup HOMA2u raises US.5mil in pre-series A from Asia Fund X

By:
On:
In: Technology
  • seeks to collaborate with local consultants to analyze the carbon footprint of the supply chain.
  • Says it&nbsp, has &nbsp, repurposed US$ 4.2mil&nbsp, in excess inventories to 8, 000 houses

The HOMA2u team together with ecosystem partners

HOMA2u has raised US$ 1.5 million ( RM7 million ) in its Pre- Series A round. This money will be crucial to the company’s graphite decrease tracking initiatives and its growth beyond its home market, according to a statement from the market for restoration and interior design materials.

Committed to conservation as a primary business drivers, HOMA2u is reinforcing its economic commitment to achieve significant, tangible results. The company will work with regional qualified economic consultants to assess the carbon footprint caused by recycling overstock materials throughout the supply chain. &nbsp,

Importantly, each sale of excess tiles saves about 16.42 pounds of CO2 per m², preventing removal and reducing the need for fresh tile production. According to the company, its coal decline is properly calculated using market standards and best practices. Also, it maintains a thorough and truthful accounting of its carbon footprint, establishes new industry standards, and grants natural certificates to the businesses it collaborates with.

HOMA2u claims that to date, it has repurposed over US$ 4.2 million ( RM20 million ) worth of overstock inventories to more than 8, 000 homes. It set out a goal to keep 7.5 million kg of carbon by the end of the year at the start of 2024.

Pennie Lim, i- founder and CEO of HOMA2u, said,” As HOMA2u commemorates its seven- month journey, it stands at the ledge of a fresh time, driven by innovation and sustainability. Our goal as a business is to reinvent the built environment’s business environment, but we are also aware of the positive influence we bring to the table. She continued,” The company is committed to expanding its offerings into high-growth regions like Taiwan and Japan, where attitudes toward ESG design are remarkably similar.”

She further stated that the company is committed to expanding its offerings beyond Malaysia and Singapore, particularly into high-growth markets like Taiwan and Japan, where attitudes toward Sustainable development are remarkably related.

Through its core online-to-offline marketplace offering of excess and financial renovation and building materials, as well as modern initiatives like its Yellowish Boxes, HOMA2u continues to advance with its local expansion plans. It has begun providing services to the Singapore market from its Johor Bahru department and plans to launch a physical presence there with the launch of its network of jobs and collaborations with well-known gamers in the built environment sector.

Quintessential to its growth strategy has been the create- up of the Pro habitat. With over 1000 inside designers, architects, suppliers, contractors, corporates and several other business players, Pro serves as the program for the community to mingle and profit from HOMA2u’s customized perks and value- adding services centred around its own marketplace offerings.

James Yeoh, co-founder and chief strategy officer of HOMA2u, emphasized the significance of the fundamental technical level generating the price creation, noting that HOMA2U is working on improving its corresponding and recommendation systems based on customer needs and wants. &nbsp,Malaysian startup HOMA2u raises US$1.5mil in pre-series A from Asia Fund X

As we lead the charge of turning waste into valuable resources, he said,” This gives us information about our customers ‘ profiles, allowing us to further refine our value propositions to them.”

HOMA2u claims that it is well positioned as a first adopter to capitalize on growing consumer scrutiny of green building and renovation practices. Round economy mindsets have gained cadence naturally, ahead of regulator attention or duress, so, the company aims to consolidate the new ESG- focused landscape by agglomerating its industry networks, accumulated expertise, tech, and consumer trust.

HOMA2u has continued to advance into traditional industries known as monopolistically competitive or isolated oligopolies, according to Jeffrey Seah ( pic ), general partner at AFX. Sustainability is not merely a competitive advantage, but part of wider industry trends towards a circular economy” .&nbsp,

He added that the success of the business reflects both Lim and Yeoh’s mature business acumen and the size of the present market opportunity. &nbsp,

The company’s true competitive advantage is derived from its foundations, which are synergized with AI-powered data analytics, which are the quintessential characteristics of the digital economy revolution. We look to both co- founders to scale HOMA2u across the region, bolstered by the wider business world’s maturing awareness of ESG”, Seah said.

Continue Reading

South China Sea tensions force US and Beijing to talk more

By:
On:
In: Asia

5 hours earlier

By Laura Bicker, China correspondent

Despite their” controversial and competitive” marriage, the US ambassador to China has told the BBC that Washington and Beijing are speaking to avoid a fight in the South China Sea more frequently.

” Our forces are conducting operations in the South China Sea and the Taiwan Strait pretty closely together.” You do n’t want to send the wrong message, Nicholas Burns said in a conversation with reporters in Beijing earlier this week.

The South China Sea has become a dangerous battlefield, where Beijing’s states are ratcheting up hostilities with Taiwan and Philippines, as well as their most powerful alliance, the US.

Chinese and Spanish vessels have recently been engaged in a tricky cat and mouse sport in the disputed waters. The most recent incident, reported this week, reportedly involved Foreign coastguard personnel boarding a Asian vessel and attacking soldiers with swords and knives.

The US has consistently pledged to support its allies ‘ right in the South China Sea, putting up military relationships from Manila to Tokyo.

This has strained China’s relationship deeper, as Russia’s invasion of Ukraine, Chinese claims to self-rule Taiwan, and trade disputes were all at stake.

Reuters Chinese Coast Guard vessels fire water cannons towards a Philippine resupply vessel Unaizah May 4 on its way to a resupply mission at Second Thomas Shoal in the South China Sea, March 5, 2024. Reuters

Mr Burns said these were outposts that still” fully divided” the two sides, but it was essential to try to “get individuals up” where possible.

” The Taiwanese have agreed to improve our military-to-military connections,” said the president. You want to have contact because the last point we want is an incident, a misunderstanding that leads to conflict”, said the 68- year- ancient diplomat.

Although the conflict has subsided, the upcoming US national poll has the ability to sever the bond once more.

” We’ve warned the Chinese not to include themselves in our election in any way, shape or form”, Mr Burns said, adding that the US was “very concerned” about the prospect.

US- China ties

FBI authorities earlier this year predicted that China would likely continue to try to stoke divisions and may aid in the spread of propaganda online.

The FBI even had” digital anger by Chinese specialists” against the US, according to the adviser. Beijing has often refuted claims that it engaged in state-sponsored cyber warfare and claims to be a sufferer of this crime.

Both Joe Biden and Donald Trump are trying to be hard on Beijing, and both believe that this approach will be successful. President Biden made a slew of new taxes on Chinese-made electric vehicles, solar panel, and other items in May. Ambassador Burns denied that local politicians had contributed to the lack of electric vehicles hitting US coasts.

He claimed that this was an “economic move” meant to prevent American jobs. Nevertheless, China has warned it may retaliate with tariffs of its own.

Despite the conflict, there are some positive aspects.

Before settling down for our meeting, Mr. Burns met with China’s environment minister as the world’s two biggest polluters work to find ways to lower their harmful emissions.

Washington and Beijing are also holding what Mr. Burns called “high-level discussions” to stop the drug fentanyl from reaching US shores, which they described as” critical.”

Reuters U.S. Ambassador to China Nicholas Burns meets with Chinese President Xi Jinping at the Great Hall of the People, in Beijing, China, April 26, 2024.Reuters

Most of his meetings take place at a governmental level, and President Xi’s guests are usually invited to meetings with senior US leaders, quite as Secretary of State Antony Blinken.

Both factors have likewise vowed to work towards more “people- to- folks” markets. This is in response to the decline in US student enrollment in China, which was between 15, 000 and 800 in 2011.

In the next five years, Mr. Xi hopes to open the door for 50, 000 National students to study in China. On a trip to San Francisco in November, he claimed that it was the “ultimate desire of our two citizens for exchanges and participation.”

However, Ambassador Burns claimed that parts of the Chinese government are n’t taking these warm thoughts seriously:” Since the San Francisco mountain, there have been 61 separate instances when the security forces or a government department have prevented Chinese people from participating in public diplomacy programs at this house, at our military, or they have prevented citizens from traveling to the US to participate in joint trips. So it has been very difficult for us to take people together.”

On the other hand, US border officials have reported unfair treatment of Chinese academics and students. Beijing’s embassy in Washington lodged a formal protest and accused US authorities of “unwarrantedly” interrogating, harassing, cancelling the visas of and even deporting several students from China with valid travel permits upon their arrival in the US.

Washington has also placed a “level 3” travel advisory on China urging visitors to “reconsider” their travel. Mr Burns denied this alert was contradictory to a US plea to “bring people together”, but was rather a precaution.

” There are Americans imprisoned here who we believe are wrongfully detained, wrongfully prosecuted, I’ve been visiting these prisoners and we want them released”. He claimed that several Americans had their passports confiscated at the airport and had been “exit bans” by China.

China has removed the US from a list of nations that are exempt from visas for up to 15 days of travel; Australia is included after Beijing’s recent ties with Canberra.

Perhaps the fact that “people to people” contact, which is proving to be so difficult in an otherwise difficult relationship, is a sign of the persistent lack of trust on both sides.

The current stumbling block may be the Ukrainian conflict.

The US seems to believe China could hold the key to halting Russia’s progress on the battlefield. And Ambassador Burns reiterated Washington’s message that Beijing’s support for Moscow’s invasion will not be tolerated.

” China is not neutral in this war”, he said. ” China is showing its true colours. It’s supporting Russia, supporting Putin as he unleashes this barbaric war on Ukrainian civilians. We are aware of the products being shipped by Chinese companies, and we are aware of how they are affecting Russia’s ability to fight this war.

He said there were “tens of thousands” of Chinese companies supporting Moscow. ” We have sanctioned a lot of things and are willing to do more if the government here does not back down.”

AFP US President Joe Biden greets Chinese President Xi Jinping before a meeting during the Asia-Pacific Economic Cooperation (APEC) Leaders' week in Woodside, California on November 15, 2023AFP

His statements echo those made by the G7 in Italy last week, which claimed China’s support for Russia was “enabling” the war in Ukraine. Additionally, they threatened to impose more sanctions on Chinese businesses that they claim are aiding Russia in avoiding Western embargoes.

Beijing has dismissed these warnings as “full of arrogance, prejudice and lies”.

Still, some would call this an improvement from 2022. An angry Beijing shut down all cabinet-level communication in Washington following then-Democratic House Speaker Nancy Pelosi’s visit to Taiwan. On the eve of Mr. Blinken’s visit, relations once more nose-dived in early 2023. He canceled his trip after the US shot down a high-altitude Chinese balloon that had swung across North American airspace.

Only in November of last year, when Mr. Biden and Mr. Xi met in San Francisco, did things finally start to settle.

Mr. Burns described his first two years in the position as difficult because there was little communication with Chinese officials.

Now, he adds, relations are “relatively better” but he sees a tough road ahead:” This very difficult rivalry is going to be present for some time to come”.

Continue Reading