Israel’s economy battered and bruised by 11 months of war – Asia Times

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Israel is now facing its biggest financial challenge in a long time after 11 times of war. According to data, Israel’s economy is experiencing the Organization for Economic Cooperation and Development ( OECD )’s wealthiest nation’s economy’s slowest contraction.

Its GDP contracted by 4.1 % in the months after the October 7 Hamas-led problems. And the slump continued into 2024, falling by an additional 1.1 % and 1.4 % in the first two rooms.

A nationwide attack on September 1 that, albeit for a brief period of time, brought the nation’s economy to a halt in the midst of popular public outcry over the government’s handling of the war will not have helped this situation.

A graph showing the quarterly GDP growth for several OECD countries alongside the OECD average.
A graph illustrating the OECD average and the monthly GDP growth of various OECD nations. Between October and December 2023, Israel experiences the most severe fluctuation. Amr Saber Algarhi &amp, Konstantinos Lagos / OECD, CC BY-ND

Israel’s financial challenges, of training, pale in comparison to the total destruction of the market in Gaza. But the protracted war is also hurting Zionist finances, company investments and consumer confidence.

Prior to the start of the war, Israel’s business was rapidly expanding, mainly thanks to its technology sector. The country’s annual GDP per capita rose by 6.8 % in 2021 and 4.8 % in 2022, much more than in most Western countries.

But things have since changed significantly. In its July 2024 forecast, the Bank of Israel revised its growth predictions to 1.5 % for 2024, down from the 2.8 % it had predicted earlier in the year.

The Bank of Israel has predicted that the battle’s price may reach US$ 67 billion by 2025 as the battle in Gaza continues to rage on and the Hezbollah conflict growing in Lebanon. Even with a$ 14.5 billion military aid package from the US, Israel’s finances may not be enough to cover these expenses.

Israel will have to make difficult decisions regarding how to manage its assets. It may, for example, need to cut spending in some regions of the business or take on more debt. In the future, more loans will increase the amount of money borrowed and make it more expensive to support.

Due to the country’s deteriorating governmental position, major credit rating organizations have been asked to lower Israel’s position. In August, Fitch cut Israel’s credit score from A to A on the grounds that a rise in its military spending had resulted in a rise in the fiscal deficit to 7.8 % of GDP in 2024, an increase from 4.1 % the previous year.

Additionally, it has the potential to undermine Israel’s ability to carry out its latest defense strategy. Boots on the ground, advanced weapons, and regular logistical support are necessary for this technique, which involves long-range operations in Gaza in an effort to annihilate Hamas. All of these things cost a lot financially.

A figure showing how Israel's military expenditure compares to other countries in the Middle East.
Israel’s military spending has regularly been the Middle East region’s highest. Amr Saber Alarhi &amp, Konstantinos Lagos / SIPRI Military Expenditure Database, CC BY-NC-ND

Apart from economic indicators, the conflict has had a tremendous impact on certain sectors of Israel’s market. The construction market, for instance, slowed down by almost a fourth in the first two months of the war. Additionally, crops has suffered a quarter-percentage decline in some industries.

At the start of the war, about 360, 000 conscripts were called up, but many of them have since returned house. More than 120 000 Israelis have been forced to leave their homes in frontier regions. Additionally, since the October 7 strikes, 140 000 Palestinians from the West Bank have been denied entry to Israel.

The Jewish government has attempted to bridge the gap by bringing in staff from Sri Lanka and India. However, some important work are bound to remain empty.

It is estimated that up to 60, 000 Jewish companies may have to close in 2024 according to staff shortages, supply chain disruptions and waning business confidence, while some companies are postponing new jobs.

Tourism, although certainly a crucial part of Israel’s market, has also been greatly affected. Tourist bookings have drastically decreased since the start of the war, with one in ten resorts across the nation now facing the possibility of closing down.

How this conflict impacts the place as a whole

The war does had battered Israel’s business. However, the impact has been much worse for the Arab business, and it will take decades to recover.

Some Palestinians who reside in the West Bank have lost their jobs in Israel. The Palestinian Authority is now in short supply of cash as a result of Israel’s determination to reduce the majority of its revenue revenue collected by Palestinians.

Palestinian workers queuing in a line in front of a fence.
Palestinian workers entering Israel for job in September 2023. Anas-Mohammed / Shutterstock via The Talk

Many Palestinians today rely on help because trade in Gaza has stopped. While simultaneously, essential equipment and communication programs have been destroyed and shut down.

The effects of the conflict extend far beyond Israel and Palestine. In April, the International Monetary Fund said it expected rise in the Middle East to become “lackluster” in 2024, at only 2.6 %. The conflict in Gaza and the possibility of a full-fledged local fight were both cited as the causes.

Economic destruction has been caused by a recent uprising in crime in Gaza, which has already caused even more damage. Israel’s assault of Gaza in 2008, for instance, pushed up the price of petrol by roughly 8 % and caused issue for businesses all over the world.

Israel’s battle in Gaza, which is quickly approaching its second anniversary, is taking a big financial toll. Just a permanent peace can repair the damage and open the door for healing in Israel, Palestine, and the region as a whole.

Amr Saber Algarhi is senior lecturer in finance, Sheffield Hallam University and Konstantinos Lagos, top teacher in Business and Economics, Sheffield Hallam University

The Conversation has republished this post under a Creative Commons license. Read the original post.

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Kim’s Convenience: Play creator says it’s a love letter to immigrant parents

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Mark Douet Ins Choi performing in Kim's Convenience, holding up a business cardMark Douet

Kim’s Convenience, a heart-warming comedy-drama perform about a Asian immigrant community running a corner store in Toronto, inspired a hit show and is now on level in London.

” This is a love letter to my parents and all first-generation immigrants who have made the country they have settled in their home”, says the movie’s creator, Ins Choi.

He wrote the play, which centers on the daily activities of a Vietnamese family-run business, and he played the role of the child when it was first staged in Toronto in 2011.

He therefore co-wrote the Screen series, which premiered in Canada in 2016 and gained acclaim international after being picked up by Netflix in the following year.

Choi is now back on the stage playing the lead role in Appa ( Dad in Korean ), this time in the lead role.

A community play

In the perform, the mother’s happy, hard-working father grapples with the changing village and the growing split between his first-generation expat ideals and those of his children.

For instance, Appa tries to convince daughter Janet ( Jennifer Kim ) to take over the shop, instead of pursuing her dream of becoming a photographer.

He also warns that her “expiration date is over,” noting that she is a 30-year-old single woman who does n’t intend to marry.

Although this all-Asian head cast gives an insight into the lives of one East Asian family, Choi claims that it also appeals to people of all ages and cultures.

” In the end, it’s a sitcom. It’s a tale about a home.

” Irrespective of your history, I think people can relate to kids who they feel they disappointed. Or if you’re a parent, kids who do n’t appreciate you.

” So it’s both sides of that dynamic”.

Mark Douet One male and one female cast member in a convenience store set on stage surrounded by sweets on shelves and the wallsMark Douet

When it was first on step, a display with an all-Asian direct put was unique.

” When I played ]son ] Jung 14 years ago, there were n’t many Asian actors”, Choi says.

” But then, when we do a cast call, there are many Janets that we can choose from. I was so pleased to learn that we now have choices.

In fact, Choi’s lack of opportunities as a young artist contributed to Kim’s Convenience.

He auditioned for numerous jobs after graduating from play school, but he never lost out. Finally, he decided to write his own account, which became his debut perform- and after a Netflix hit.

While he is aware that today’s managers are looking for fresh Asian voices, he believes that some theater companies have a” white programme,” which also helps plays like Kim’s Convenience stand out.

” I think it’s still kind of a unique item in an English-speaking area to have an Asian-led sing on phase”, he says. Therefore, that’s undoubtedly been a compelling reason to watch because it’s still the most interesting thing to watch.

” It’s a small unique, not a light family’s living space. How often do you acquire that?”

Getty Images Kim's Convenience TV series cast pose at the CBC World Premiere VIP ScreeningGetty Images

Offensive voices?

Throughout the play, Appa and Umma ( Mum, played by Namju Go ) speak in a fairly strong Korean accent. This was also the situation with the TV show, and some people have argued that large tones are a product of stereotype perpetuation.

Choi strongly disagrees”. Perhaps because they do n’t want people to be perceived as offensive, producers do n’t want them to speak accents. But next they’re really dismissing and erasing]it], which, in my opinion, is more insulting.”

He has put both charaters center phase, celebrating their three-dimensional characteristics.

There is a large segment of society that is underrepresented in the media, whether or not people want to confess it or not. For dread of reaction, they are not seen and heard, “adds Choi.

He claims that he is doing his best to imitate what he was raised reading and his own kids. And he says he is, in truth, pulling back from the dialect, but a” American ear” you know him much.

” When my kids watched the play, they could n’t stop laughing. They loved it. They said I was just like Halabeoji]Grandad]. And I was like,’ Congratulate you.’ “

Mark Douet A man and a woman are behind a convenience store counter looking at a business cardMark Douet

The game’s theatrical debut in the UK comes one year before its beloved Toronto Soulpepper Theatre’s praised return. That will be 14 times since it won the Patron’s Pick honor at the Toronto Fringe Festival, where it premiered.

Choi first appeared in Jung, but it has been a while since the first move that he has been playing Appa.

” Going back to Soulpepper Theatre did feel almost like a natural, geographic whole group, in terms of the child becoming the parent, “he says.

He acknowledges that his first performance as the father was a” sequel but normal feeling” as his real-life children have matured and he has since developed into the role. He continues to practice as a father for the past ten years.

” I love the sound of Appa- it’s so warm and conjures great feelings, “he says.

” So now, when I get called Appa by Janet and Jung, I already respond to that name.”

My family is exactly like yours.

What else does he hope the audience will take away from the play besides laughter and tears?

” This is me being idealistic but I hope a play like this brings communities together, where it’s like,’ Yeah, my family’s just like your family, guys. My father resembles exactly like your father.

” It can actually build bridges and people realise we’re all dysfunctional. Yeah, I think it has that power- art, in general”.

And having helped out at his uncle’s corner shop as a child, he has one more wish.

” I hope that when people visit this store and see the show, they will run into this family.

And that when they enter an off-licence the next time, they can tell if the person has spent their entire life working behind the counter. And ideally, you treat them with more compassion or understanding.

Kim’s Convenience is at Riverside Studios in Hammersmith, London, until 26 October.

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Midstream tech firms to move out of China, S&P says – Asia Times

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According to an S&amp, P report, some global downstream systems technology companies have started emigrating from China or adding new capacity abroad, evoking the example of their clients. &nbsp,

In phase one of the relocation, many downstream electronic manufacturing services ( EMS ) firms, including Taiwan’s Foxconn Industrial Internet, had moved to diversify their investment from China to other countries such as Vietnam and India. This step has been mostly completed. &nbsp,

Phase two of the emigration, which refers to the removal of downstream power from China, will result in higher paying, higher operating expenses, and the possibility of shoddy executions.

Over the next two to three years, tech firms may continue to diversify their supply chains away from China, with a focus shifting to the middle of the tech value chain, according to Clifford Kurtz, a major record analyst at S&amp, P.

Tech companies could maintain geopolitical risks, including the loss of important supply lines, the emergence of punishing taxes, or any other events brought on by US-China tensions, thanks to a more geographically distributed production footprint, he claims. &nbsp,

He adds that because of the significant funding in moving-related plants and equipment, phase two relocation will be challenging to change. &nbsp,

According to the S&amp, P report, technology hardware producers are suppliers of quiet components, energy electronics and motors, connectors and sensors, printed circuit boards, and contracted silicon council and check services that are likely to accelerate investment outside of China in 2024 and 2026. &nbsp,

S&amp, P has found that the exposure of 14 midstream technology firms it tracks by fixed-assets dropped to 26 % in 2023 from a peak of 30 % in 2021. Over half of these companies ‘ new investments over the past two years were spread across Asia, the European Union, or the Americas, such as Taiwan, Thailand, Malaysia, and India. &nbsp,

Over the next two years, Foxconn is anticipated to increase its annual capex to 13 billion yuan, according to the report. This will be used to build factories outside of China in large part. &nbsp,

Another case is Vishay Intertechnology, an American semiconductor maker, which is going to spend more than US$ 1 billion in total to expand production in Mexico, Taiwan and Europe over the next two years. The company’s capex was US$ 300 million last year. &nbsp,

Vishay currently has seven factories in Chinese cities including Beijing, Tianjin, Shanghai, Huizhou and Xi’an.

According to the S&amp, P report, global technology hardware firms will continue to move out of China despite higher costs, operational disruptions, and lower efficiency as a result of some push and pull forces.

The push factors include Washington’s restrictions on imported technology from China and export controls on expensive semiconductors and artificial intelligence technologies. The pull factors include foreign governments ‘ new incentives to grow their technology sectors. &nbsp,

Since the US-China trade war broke out in 2018, China has seen its share of imported US technology hardware decline in favor of Mexico and ASEAN nations. &nbsp,

China’s share of US imports of electronic computers fell to 44 % last year from 66 % in 2017. China’s share of US imports of other electronic components decreased from 61 % during the same time to 16 %. &nbsp,

FDI and unemployment&nbsp,

On August 17, China’s Ministry of Commerce said the country’s foreign direct investment fell 29.6 % to 539.5 billion yuan ($ 76.11 billion ) from a year earlier. Without providing a full geographical breakdown, it said FDI from Germany and Singapore increased 26.4 % and 11 % year-on-year, respectively. &nbsp,

Due to the departure of numerous foreign manufacturers, Chinese factory workers have said it is now very difficult to find employment in Guangdong. Some said they are now offered a monthly salary of about 3000 to 4, 000 yuan, compared with 8, 000 to 10, 000 yuan per month in the past. &nbsp,

According to the National Bureau of Statistics ( NBS ), China’s youth unemployment rate increased to 17.1 % in July, the highest level since the new system of record-keeping began last December. In June this year, the figure was only 13.2 %. &nbsp,

Overall, the unemployment rate in urban areas was 5.1 % during the first seven months of this year. According to economists, these figures may have understated how unemployed people in China are because they do not qualify as unemployed. For example, someone who works more than one hour per week is not considered unemployed.

” Goodbye, Guangdong”! has recently become the most popular search term in China as thousands of skilled workers decided to leave their homes in Guangdong, Hubei, Guangxi, and Sichuan provinces because they were unable to find employment or make ends meet there. &nbsp,

These workers, who have resided in Guangdong for more than ten years, typically only returned home once a year during the Lunar New Year holiday in January or February. Some of them had endured months of homelessness because they could not afford rent. &nbsp,

According to Chinese media reports from 2022, many Shenzhen and Dongguan, Guangdong, companies that manufacture electronic components, were shut down because of insufficient orders. &nbsp,

R&amp, D investment: the German factor

While many American, Japanese, and Taiwanese companies are diversifying their supply chains outside China, some German companies are increasing their R&D investment in mainland China. &nbsp, &nbsp,

Germany’s FDI in China grew 12.3 % to 7.3 billion euros ( US$ 8.1 billion ) in the first half of this year from 6.5 billion euros in the same period of last year, the Financial Times reported, citing the Bundesbank, Germany’s central bank. &nbsp,

The investment growth was mainly driven by big German carmakers, according to the report. According to experts, German businesses made about 19 billion euros in profits in China last year and made the decision to reinvest more than half of it domestically.

Germany’s FDI into China represented about 11.5 % of China’s total FDI of 498.9 billion yuan in the first half of this year, assuming both figures are calculated with similar methods. &nbsp,

In a press release released on Monday, Martin Klose, executive director and board member of the German Chamber of Commerce in South &amp, Southwest China, stated that” German companies are investing in local innovation and strategic partnerships with Chinese customers and suppliers to stay competitive in an intense and dynamic market environment.” &nbsp,

The German Chamber of Commerce in China, in cooperation with BearingPoint, conducted the Innovation Survey 2024 from February 19 to March 13 this year, with 324 German Chamber member companies participating. &nbsp,

About 19 % of the surveyed companies are automakers, while about 31 % are manufacturers of machinery and industrial equipment. The remaining are engaged in services ( 12 % ), electronics ( 8 % ) and chemicals ( 5 % ) businesses. &nbsp,

According to the survey report released on Monday, 63 % of respondents said they conducted research in China, an increase of 6 percentage points from 2022. About 69 % say they do development in China, up 4 percentage points from 2022. &nbsp, &nbsp,

In addition, according to the report, 29 % of German businesses conduct research in China for global markets, up from 25 % a year ago, indicating China’s rise as a hub for global innovation. &nbsp,

Read: Beijing rips Canada’s 100 % tariffs on China-made

Follow Jeff Pao on X: &nbsp, @jeffpao3

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Reliance-Disney: A mega merger aims to reshape India’s entertainment landscape

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If a movie streaming acquisition is approved, Indians might be on the verge of enjoying watching The Bear, Succession, Deadpool, and the real series Bigg Boss all on one system.

The deal, which brings together the media assets of India’s largest conglomerate Reliance Industries and entertainment giant Walt Disney, has sparked both excitement and concerns over potential monopolistic dominance in the Indian entertainment and advertising industries.

The$ 8.5bn ( £6.5bn ) merger aims to create India’s largest entertainment company, potentially capturing 40 % of the TV market, reaching 750 million viewers across 120 channels, and dominating the advertising sector.

This strengthens Disney’s position in the difficult American industry while aiding Reliance’s expansion efforts. Additionally, it pits the new leisure behemoth against well-known rivals like Netflix, Amazon Prime Video, Sony, and 50 different streaming services.

Consider the approach of this innovative entertainment big: Disney’s Star India operates more than 70 TV stations in eight language, while Reliance’s Viacom18 runs 38 programmes in eight language. Both have access to big streaming services, including Hotstar and Jio Cinema, as well as video productions.

Owning the rights to broadcast a sizable amount of India’s athletics events, including the wildly acclaimed Indian Premier League baseball event, amplifies their influence even more.

In a cricket-obsessed society, this is a primary business location. According to Elara Capital, a world purchase and consulting firm, the merged entity is reportedly in charge of 75 to 80 % of the American sports streaming market, across both straight TV and online platforms.

Reliance and Disney will have a significant share of the overall advertising business due to their dominance in this industry, particularly cricket. It showcases” solid growth in an industry where activities is a key driver of viewers on both TV and online programs”, says Karan Taurani, an scientist at Elara Capital, who calls it a “large internet juggernaut”.

Although the acquisition promises to offer customers a variety of information, critics wonder if it places too little power in the hands of just one person.

Any competition firm would sit up and take notice of the development of a large in the market, according to KK Sharma, who previously led the merger manage division of the Competition Commission of India (CCI).

According to analysts, India’s competition watchdog reviewed the agreement before approving it with a proviso that reads” content to the conformity of deliberate modifications.”

Although the two companies have not yet made these “voluntary modifications” people, it is reported that they have committed to not exceptionally raising advertising rates while streaming bowling games.

The agreement depends on these assurances, adds Mr. Sharma, because the CCI “retains its power to actually break the business- if the strong enterprise becomes a threat to competition in the market.”

Both Disney and Reliance have a lot to gain from the deal, which gives them a chance to consolidate their pole position in an increasingly competitive but expanding Indian streaming market.

However, experts warn that it could also result in a potential decline in the business profits of smaller players.

” The Indian market values bundling and is price-sensitive. ]Subscribing to ] this combined entity can offer a comprehensive package including]access to ] web series, movies, sports, original content, and a global catalogue”, says Mr Taurani.

And he cautions that other streaming companies may struggle to raise prices if the combined company can also make use of Reliance Jio’s large telecom subscriber base, he adds.

The Reliance Group has a tried-and-true business model that has allowed it to succeed in India’s price-sensitive market: it launched Jio in 2016 with cheap mobile data, and its JioCinema streaming subscription is only 29 rupees ( 0.35 ) per month.

Reliance chairman Mukesh Ambani has also promised “unparalleled content at affordable prices” as a result of this agreement.

The cost of programming and content will cause concern for other streaming services. Will they be forced to drop prices”? says media and entertainment industry specialist Vanita Kohli-Khandekar. She claims that Reliance’s practice of selling goods for” trash” usually “destroys value” for its rivals.

Although streaming competitors may be simpler to deal with, the new company will also face significant opposition from rivals with large budgets, such as Google, Meta, and Amazon, who have been attempting to expand in India.

According to a report from research firm Media Partners Asia, these global tech giants “have played a crucial role in expanding India’s video market, which is currently estimated to be worth$ 8.8 billion in revenue for content owners.” In 2022-23, Google’s YouTube alone had an 88 % share in India’s premium video-on-demand (VOD ) market.

The new Reliance-Disney behemoth hopes to monopolize not just sports, news, and movies, but also transfer these large corporations ‘ digital advertising revenues to its own pockets.

” Now, it’s an even fight”, says Ms Kohli-Khandekar. You must have scale in order to compete with some of the large global corporations that are active in India, according to the statement” about 80 % of digital revenues go to Google and Meta.”

However, she warns that the new company will need to deliver quality with quantity, even though it may have scale and heft. For instance, if the streaming industry becomes more reliant on views over subscriptions, “programming quality will only be good on one or two apps,” she says.

” That is something I would be on the lookout for.”

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Govt moves forward with casino complex plan

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In: South-East Asia

PUBLISHED: 6 Sep 2024 at 05: 26

Immigration police raid an illegal casino in a hotel in Nonthaburi in November last year. (Police photo)
In November of last year, immigration authorities raided an unlawful game in a motel in Nonthaburi. ( Police photo )

According to Deputy Finance Minister Julapun Amornvivat on Thursday, the government will continue to build a giant leisure complex in Thailand that will include casinos.

He claimed that the program had been approved by 80 % of the participants at the public hearing.

The common hearing was held to discuss the entertainment complex act drafted by the Ministry of Finance, according to Mr. Julapun, a vital part of the coalition-core Pheu Thai Party.

The legislation will make gambling establishments legal, of which games will be a piece.

He claimed that the costs may be modified to include useful information from audience members ‘ notes.

The government would be given the modified bill so that coalition parties could choose to support it. The assistant secretary added that if they vote in favor, the bill will go to the Council of State for review before being sent to the House of Representatives.

The majority of gambling is now prohibited in the kingdom, but there is a lot of it. State-controlled animal tribes and an established raffle are permitted.

The Finance Ministry study last month showed that the government’s suggested entertainment complicated project, which includes games, is expected to bring generally Thai players, accounting for up to 90 % of consumers.

A source from the Finance Ministry said that minimal or people confined companies with authorized funds of at least 10 billion baht are required to apply for concessions for entertainment complexes. The Entertainment Complex Policy Committee requires these businesses to have a license.

A license is valid for 30 times and can be renewed at any time. The licensing fee is 5 billion baht per permission, with an annual charge of 1 billion baht.

The game entry cost for Thais will never reach 5, 000 baht per individual, according to the cause.

In an effort to increase employment, revenue from the state, and draw in more unusual visitors, many administrations have attempted to legalize gambling. But, each test met pushback from liberals.

Pheu Thai claims that Thailand’s gambling market has fallen behind its neighbors. Thaksin Shinawatra, parents of Prime Minister Paetongtarn Shinawatra, is widely seen as a main force behind her state. In a dining speech last month, Thaksin emphasized the potential advantages of regulating and impoziting online gaming and institutionalizing the larger underground market.

In Southeast Asia, the countries of Cambodia, Singapore, Myanmar, and the Philippines have legalised games. Cambodia and Myanmar’s games primarily cater to Thai and Chinese tourists, with the majority of them taking weekend trips.

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Government moves forward with casino complex plan

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In: South-East Asia

PUBLISHED: 6 Sep 2024 at 05: 26

Immigration police raid an illegal casino in a hotel in Nonthaburi in November last year. (Police photo)
In November of last year, immigration authorities raided an illegitimate game in a motel in Nonthaburi. ( Police photo )

According to Deputy Finance Minister Julapun Amornvivat on Thursday, the government will continue to build a mega-entertainment advanced in Thailand that will include casinos.

He claimed that the program had been approved by 80 % of the participants at the public hearing.

The common hearing was held to discuss the entertainment complex act drafted by the Ministry of Finance, according to Mr. Julapun, a vital part of the coalition-core Pheu Thai Party.

The legislation will make gambling establishments legal, of which games will be a part.

According to him, the act may be modified to take into account the valuable information from the hearing’s comments.

Alliance parties would have the option of voting in favor of the revised costs when it was presented to the cabinet. The assistant secretary added that if they vote in favor, the costs will go to the Council of State for review before being sent to the House of Representatives.

Although underwater gambling is commonplace in the kingdom, the majority of gambling is already prohibited in the country. State-controlled animal tribes and an established raffle are permitted.

The Finance Ministry study last month showed that the government’s suggested entertainment complicated project, which includes games, is expected to bring generally Thai players, accounting for up to 90 % of consumers.

A source from the Finance Ministry said that minimal or people confined companies with authorized funds of at least 10 billion baht are required to apply for concessions for entertainment complexes. These businesses may get a permit from the Entertainment Complex Policy Committee.

A license is valid for 30 times and may be renewed for up to 10 times at once. The licensing fee is 5 billion baht per permission, with an annual charge of 1 billion baht.

The game entry cost for Thais will never reach 5, 000 baht per individual, according to the cause.

In an effort to increase employment, revenue from the state, and draw in more unusual visitors, some administrations have attempted to legalize gambling. But, each test met pushback from liberals.

Pheu Thai claims that Thailand’s entertainment industry is insufficiently developed compared to its neighbors. Thaksin Shinawatra, parents of Prime Minister Paetongtarn Shinawatra, is commonly seen as a major force behind her state. In a meal speech last month, Thaksin emphasized the potential advantages of regulating and impoziting online gaming and institutionalizing the larger underground market.

In Southeast Asia, the countries of Cambodia, Singapore, Myanmar, and the Philippines have legalised gambling. Cambodia and Myanmar’s gambling primarily cater to Thai and Chinese tourists, with the majority of them taking weekend trips.

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Ex-Pheu Thai MP handed suspended term

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PUBLISHED: 6 Sep 2024 at 04: 00

Somying Buabut, a former Pheu Thai Party MP, was given a three-year, four-month prison sentence by the Supreme Court’s Criminal Division for Political Office Holders for corruption related to the construction of a sport industry at a university in Amnat Charoen. However, the court suspended her prison statement for three years.

The attorney general filed a complaint in September 2022 against Somying, a former Amnat Charoen MP, and 11 others for allegedly being corrupt after the Office of the Educational Service Area received the 2012 fiscal time expenditure.

The crime occurred between 2011 and 2013.

The alleged fraud involved manipulating the buying process for a sports discipline restoration project and related equipment, which led to contracts with condition agencies for uninhabitable, poor construction work.

There were 12 accused in the case, with accused Ce. 4-11 being firms and committee members.

Somying: Component of tournament scandal

Somying: Component of tournament scandal

Given that Somying had taken steps to reduce the harm brought on by the subpar design and had no previous record of imprisonment, the court decided to suspend her sentence for three years.

Two other accused even had their words suspended: the second accused, Chinnapat Phumirat, past secretary-general of the Office of the Basic Education Commission, and the seventh accused, the controlling director.

Chinnapat allegedly sought to secure funding for the school’s legitimate financial gain.

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MDEC’s FOX programme hits the spot for Rocketbots and Juwai-IQI Holdings as they scale globally 

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  • Initiative aims to help firms expand growth, grow into global businesses
  • Helps high-potential businesses and boosts Malaysia’s world ramping and development

Gerardo Salandra of Respond.io (2nd from left) speaking on a Gen AI panel at the recent Endeavor Future Forum 2.0

Gerardo Salandra and Georg Chimel have a lot in common, most notably their participation in the Malaysia Digital Economy Corporation’s ( MDEC ) Founders Centre of Excellence ( FOX ), a multifaceted program designed to promote the development of high-potential Malaysian based tech companies. &nbsp,

Both of them are foreigners who are rapidly expanding world businesses from Malaysia. Both have received offers from different nations to move ahead from Malaysia, but both turned them down because they believe they have all the necessary infrastructure in place in Malaysia to support their businesses. And this was yet before FOX, launched in March 2023, came into the image. &nbsp,

Salandra, from El Salvador, started his Business-to-Business Software as a Service ( B2B SaaS ) company in Hong Kong and then, deciding that being in Hong Kong was not going to help him achieve his dream of building a global company, picked Malaysia as his base. &nbsp,

” I now had a few employees here, but I finally met some MDEC employees at a meeting and learned about the incredible service they offered to members called the Malaysian Tech Entrepreneurs Pass ( MTEP), through which I received a five-year work visa. I mean, five times? Nothing gives you a five-year card. That is enough time for me to create a business”, he said. &nbsp, &nbsp, &nbsp, &nbsp,

Contrary to Salandra, Chimel was now well-versed in Malaysia when he assumed the position of iProperty’s team managing director in the middle of 2010. After successfully completing the sale of iProperty to Australia’s REA Group, where he previously held the position of chief financial officer ( CFO ), Chimel now intends to establish his second property technology success as co-founder and executive chairman of Juwei IQI Holdings. &nbsp,

With over 25 years of real estate expertise in Australia, Asia, and presently Malaysia, Chimel has seen a lot of government initiatives that aim to promote business growth, but FOX still impressed him. ” To set it clearly, this is like joining a top concierge service. Simply ask a problem and you get pointed in the right direction”, he says. &nbsp,

Juwai IQI's senior leadership team proudly accepted the award for Malaysia's Largest Proptech company at the glamorous Malaysia Digital Expo 2023 Awards Night from Minister of Communications Fahmi Fadzil

Besides the concierge-like services that he feels is a striking feature of FOX, Chimel, who does a good bit of exploring, has noticed anything exciting about the effects of Wolf. &nbsp,

When I say we were chosen to be a part of the program and explain how it works, he says, “people see us diversely.” Rabbit was established with the intention of assisting in the development of its businesses, which speaks to Malaysia’s desire to contribute more to the global digital economy. ” This opportunities Malaysia as an impressive state, in the eye of outside shareholders. And that rewards us”, he explains. &nbsp, &nbsp,

That change in perception even gives the country a social improve, acknowledgesMDEC’s FOX programme hits the spot for Rocketbots and Juwai-IQI Holdings as they scale globally ( pic ), head of Digital Exports, MDEC. We are hoping to galvanise more businesses outside the country by using our efforts to help our FOX businesses become international businesses and finally to encourage unicorns to stay in Malaysia after they become extremely successful.

If the passionate comments from Chimel and Salandra is any indication, FOX, in this early period, seems to be pressing all the right buttons for its companies. &nbsp,

It appears that the program thoroughly selects the businesses it needs to be assisting most. It continues to expand its mentoring work, overcoming initial disappointments with a lot of emails and messages until it succeeded in capturing Salandra’s focus and persuading him to sign up for the program.

Salandra reflects,” As a leader, I understand the need for regular self-improvement and development. But as a business leader, the emails, messages, names, and discussions never seem to stop. When I return to the office after this meeting, I’ll be greeted with a stack of things demanding my interest. But, when is there time to focus on specific growth”?

With some very proper partnerships with international players, MDEC appears to have captured the attention of owners and their senior management teams, a reality that MDEC has embedded into FOX. &nbsp, &nbsp,

One of these engagements, with Ernst &amp, Young Malaysia ( EY Malaysia ), even changed Salandra’s perception about consultants. You might think professionals are pricey and unable to handle business problems, but I would never have paid for them.

However, Salandra and his management staff have come to understand the value of consultants because of his encounter with EY and a competitive evaluation it conducted using the EY 7 Drivers of Development Framework. ” And today, we do pay for consultants” .&nbsp, &nbsp, &nbsp,

Being connected to members who have effectively built B2B SaaS businesses like Salandra’s was an even greater benefit of his FOX coverage. Let’s face it, not many people in Malaysia or the surrounding area are able to handle the difficulty of expanding a B2B company nationally. Who can I pick up the phone to ask for help” ?&nbsp,

This is where Salandra has benefited greatly from MDEC tying up with Mission via the Malaysian business. He was able to communicate with the C-suite administrative of a B2B SaaS business with a German address owing to FOX. In order to pursue his goal of entering the Middle East market himself, he also had the opportunity to speak with the leader of a significant Middle Eastern company. Salandra himself is currently in the process of joining Endeavor Malaysia despite both ongoing conversations ( which are ongoing ) and the incredible value he received. &nbsp,

FOX strengthens Malaysia’s position to grow worldwide and become a leader in modern innovation by fostering strategic partnerships and relentless outreach.

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The Congo could defuse China’s EV battery dominance – Asia Times

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In their struggle for its minerals, which are crucial for the energy transition, China, the US, and Europe frequently portray the mineral-rich Democratic Republic of the Congo ( DRC ) as a victim of exploitation.

However, according to our research, the DRC has the ability to affect the structure of the chrome market, where it is the second largest producer. A very significant material is copper. It is necessary for the production of electric cars because it stops capacitors from overheating.

Our studies, conducted in both China and the DRC, reveals how institutions that are often viewed as external, such as the DRC, can control and often define international sectors.

Based on our research, which included visits to China’s developing infrastructure and its artisanal and professional cobalt mines, was conducted over the course of several months. To examine legal and administrative choices, we also examined nearby media and government records.

We found that there’s a high level of power by the DRC government, both national and regional. International battery supply chains are affected by political decisions made in Kinshasa, the capital of the DRC, or in mining-related areas like Kolwezi.

For example, as the maker of 70 % of the world’s chrome, the DRC has control over the world electric car battery supply chain.

Despite this, the DRC is n’t using this effect for the benefit of the DRC individuals. According to estimates, 74 % of DRC residents still reside in poverty. Some mining revenues are split between the government and local communities, but their daily lives do n’t really improve.

Some continue to face hunger, waste, and unsafe working problems in and around the mine.

China’s chrome control

Cobalt was initial excavated in the DRC in 1914 during the extended period of French invasion, from 1885 to 1960, when many of the country’s beautiful resources were pillaged by Belgium.

Today, DRC cobalt is shipped to China, which accounts for 65 % of all global cobalt processing into cathodes for lithium-ion batteries ( rechargeable batteries ). China dominates the electric vehicle industry and is the world’s largest producer of these chargers. In 2023, one in five vehicles sold abroad was an electrical vehicle.

Over the past 20 years, China’s chrome refining and power manufacturing sector has experienced rapid growth. Chinese businesses have made significant investments in building sophisticated control features and large-scale manufacturing facilities.

These factories combine fresh cobalt from the DRC with high-purity chrome compounds and assemble them into battery cathodes. Chinese manufacturers like Huayou Cobalt, CATL, and BYD have positioned themselves as world leaders in chrome processing and power production, supplying the world’s electric car market.

Although large chrome deposits are controlled by Chinese mining companies, both private and public, our research revealed that the DRC has a major influence on the industry as a whole.

For example, when the DRC government suspended imports from the largest Chinese-owned chrome me in 2022 over economic problems, it temporarily halted about 10 % of global chrome creation.

More recently, when governor Fifi Masuka Saini was appointed in the cobalt-rich Lualaba province of the DRC, she seized trucks loaded with cobalt to avenge Chinese companies that had been a close ally of President Kabila. The end result was a reshaping of Chinese businesses in line with the new administration.

Local politics can also cause a standstill in production. For instance, China’s cobalt industry sources some cobalt from artisanal miners, and in 2021, the national government of the DRC canceled contracts with artisanal sites despite having received provincial government approval.

Although Kinshasa pushed for the establishment of a central purchasing unit for the province’s artisanal cobalt, provincial interests fought against this strategy. Chinese businesses found themselves in the middle.

The Chinese and Congolese engaged in lengthy negotiations, which placed the company in a delicate position depending on Kinshasa and Kolwezi’s political wills.

The government has also been able to exert its influence on minerals by promoting more domestic processing and better mining contracts. In 2018, for instance, it declared cobalt a” strategic” resource and tripled export taxes.

Locals have n’t benefited

However, despite the influence the DRC can exert over the sector, those that should be benefiting from the lucrative cobalt industry, like the miners, are n’t.

In the south-eastern region of the country, there are currently at least 67 artisanal cobalt mines. About 150, 000 artisanal miners work in the industry, and face hazardous conditions.

These include being exposed to radioactive gas and buried in collapsing mine pits.

Up to 50 % of miner’s income is seized by cooperatives, which are frequently run by powerful politicians. An estimated 40, 000 children labor in the DRC’s artisanal cobalt mines under dangerous circumstances.

Our research demonstrates that the shift to clean energy technologies is not just a result of revolutionary research or powerful elites. Global supply chains may even be shaped by local elections in mining towns in Africa.

The transition to renewable energy is a global phenomenon. Countries like the US and China must treat producers like the DRC as partners in the global energy transition rather than as sole producers of raw materials whose local populations could suffer as a result.

Supporting localized supply chains, more local added-value, including further cobalt transformation in the DRC, fairer contracts, and other things, could be done to accomplish this.

Especially as the electric vehicle revolution accelerates, the often-overlooked voices and interests of mineral-producing regions like the DRC must be heard.

This study provides insights for policymakers, businesses, and concerned citizens working toward a cleaner energy future by revealing these less well known power dynamics.

Raphael Deberdt is a postdoctoral fellow in the Colorado School of Mines ‘ mining engineering division. Assistant professor Jessica DiCarlo is employed by the University of Utah.

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

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Temasek Foundation appoints new chairman

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SINGAPORE: Temasek Foundation on Thursday ( Sep 5 ) announced the appointment of Ms Jennie Chua as its new chairman. Her visit was effective on September 1. Mr Chua succeeds Mr Benny Lim, who served as the organisation’s president for the past four decades. Temasek Foundation said Mr Lim providedContinue Reading