Share transfer between 2 Chinese news veterans questioned in suit over S0,000 ‘loan’ for failed business

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Play IN HOMING HOLDINGS

Mr Ren held 35 per share of stock in Homing Holdings, Ms Lee held 30 per share, and Mr Chua had a 35 per cent interest, according to the plaintiffs.

Ms. Lee and Mr. Chua assert that Mr. Chua did not want to be involved in the business ‘ day-to-day operations and that he did not participate or own shares, but that Mr. Ren purportedly insisted that Mr. Chua be given a 35 % stake.

According to the defendants, Ms. Lee later held those shares, which she was even a director of the company companies.

The Straits Times reported earlier this week that Mr. Chua and Ms. Lee testified about a contract they signed in February 2018 that would transport Mr. Chua’s shares of Homing Holdings to Ms. Lee.

Ms. Lee allegedly testified that Mr. Chua had suggested this because he was starting his new career at Mediacorp and that he had not been a part of Homing Holdings ‘ management following the share exchange.

Mr. Ren contests the integrity of the share exchange.

Mr. Chua was summoned to the witness stand on Friday to explain the agreement for Mr. Liow Beng Hui, a supervisor in one of Homing Holdings ‘ companies, to see the drafting of the share exchange deal.

Mr. Chua claimed that Ms. Lee was in charge of scheduling Mr. Liow to observe the filing.

The claimants ‘ lawyer, Ms. Jasmin Kang, requested confirmation from Mr. Chua that the share exchange arrangement had never been entered into Homing Holdings ‘ company records.

Mr. Chua claimed that because he had never been a part of the company’s affairs, he was confused about this.

Mr. Liow finally took the stand and claimed that he had witnessed Mr. Chua and Ms. Lee signing the share move agreement at his housing block in February 2018.

He claimed that Ms. Lee called him a few days prior to the deal signing so that he could see if he would be present. On the day of the filing itself, she gave more in-depth explanations of the contract.

Mr. Liow also testified that he had worked closely with Mr. Chua and Ms. Lee on a number of initiatives there and that he had known them from the time when all three were coworkers.

Mr. Chua joined Mediacorp in 2018, but he recently worked for SPH, where he was the managing editor of its Chinese Media Group.

He is now Mediacorp’s head and chief editor of Chinese media and current affairs, as well as the organization’s Youth Editorial program.

Mediacorp is CNA’s family business, too. &nbsp,

According to her LinkedIn profile, Ms. Lee is a media former who worked for SPH for 18 years before leaving in May 2017.

Mr. Liow claimed that Ms. Lee approached him about joining the Homing Holdings subsidiary and that her team collaborated strongly with her as director of the business’s day-to-day operations.

On Mr Chua’s role in the company, Mr Liow said:” I don’t think he’s involved, I often see him”.

A Goldciti director also gave testimony regarding the work Goldciti did after Homing Holdings reportedly hired it to provide guidance on reform choices.

Homing Holdings reportedly agreed to pay Goldciti S$ 80, 000, of which S$ 40, 000 was paid out. The suing functions claimed that the brokers may not get any documentation of any collaboration or job done by Goldciti.

Mr. Tan Hui Meng claimed that Goldciti’s hourly charge-out rate was S$ 800 and that Homing Holdings ‘ project was estimated to need 100 hours of work.

He claimed that Goldciti’s work involved gathering data from Homing Holdings ‘ financial statements, tracing the general ledger to sources ‘ invoices, meeting potential investors, and writing a report.

He refuted Ms. Kang’s claims that the 17-page report was made to support the S$ 80, 000 repayment from Homing Holdings and that it was intended to aid him and Ms Lee in siphoning money from the business.

Mr. Tan even disagreed that the review was not prepared in November 2020 but was backdated to present the services rendered, and that he lacked the knowledge to write a reform record for a business that was in bankruptcy.

On January 21, the prosecution will resume.

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Lack of skilled labour, Causeway congestion among concerns of local firms moving to Johor-Singapore SEZ

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MANY ARE READY TO SET UP A Store

In addition, SP Manufacturing, a second unit of its electronics manufacturing business, has opened its second location in Johor’s Senai area, which can house up to four production lines.

It has been in operation since October of last year, and it is the company’s most recent move within a global community of businesses that includes China and Europe.

Setting up in various locations, according to its CEO, builds operating resilience in businesses and systems.

” Investing in Johor and Penang gives us this administrative resilience to meet the needs of our customers.” Because we have a second site in case of some issues or in case ( we need ) a backup”, he said. &nbsp, &nbsp,

He added that Malaysia has grown to be a significant component of the East Asian supply chain, with more and more silicon companies establishing their operations there.

” There’s a huge flow of electronics finished goods ( in Malaysia ), as well as all the ancillary functions that require manufacturing services”, he said.

With business partners also setting up in Johor or outside, Mr Ong said his agency’s producing lead times, manufacturing and materials power, and customer service have improved.

WHY ARE FIRMS FLOCKING TO JOHOR?

About 20 businesses have already established facilities in Johor within the Singapore Manufacturing Federation ( SMF), which has about 5, 000 members, prior to the signing of the zone’s terms on Monday ( Jan 6 ).

These businesses generally require more room and staff for production because these businesses are in the electronics and wood-related manufacturing industries.

Another 15 % of its associates are looking to expand their operations there, according to a poll conducted by the union.

Lennon Tan, the organization’s leader, said the interest is coming from downstream and upstream supply chain businesses, including those involved in transportation and storage, as well as those involved in turning raw materials into finished goods.

He added that this is a part of their diversification approach, with some adopting the China Plus One method, which encourages businesses to expand their supply chain and manufacturing operations beyond relying solely on China.

In these two decades, Singapore companies have been looking for opportunities to diversify their dangers and also look for ways to improve their performance through cost-effective creation, he said.

Lower expenses, pro-business policies, and resources are available in Johor, as well as a solid supply chain, access to capital, and global connection in Singapore, according to Mr. Tan, making the JS-SEZ a great location for firms to capitalize on strengths on both sides of the Causeway.

IN SG, DO NOT LET FOOTPRINT BE RETAIN.

Business Singapore ( EnterpriseSG), the company that helps Singapore companies walk abroad, said this does not mean companies are uprooting from Singapore.

While businesses are moving some of their operations to maximize business advantages, most still have their headquarters and some operations in Singapore, according to Lim Jing Jun, director of the agency for Southeast Asia.

For instance, both the agriculture companies Archisen and SP Manufacturing may keep operations in Johor up while production moves to the area.

Here, Archisen will continue to operate a smaller land, with its focus on innovation and research, including finding out how to increase crop length.

Singapore will be SP Manufacturing’s offices, as well as its heart for architectural and development work, and may lead the way for local offices.

Mr. Lim added that the SEZ strengthens the value proposition of both Johor and Singapore by strengthening cross-border goods transportation, facilitating free movement of people, enhancing communication, and bolstering the regional business ecology.

CONCERNS Are

Nevertheless, there are lingering fears holding companies again, market players said.

The regular congestion on the Causeway, according to Mr. Tan, is a major concern because it would stifle the flow of people and products.

” We also want to know after we invest, there’s really a proper authority to look after the investors, to make sure that facilitation of all the policies and so on ( are smooth )”, he added.

The SMF said it is in conversations with the country’s government to collaborate with them to develop talent directly in Malaysia in response to Johor’s apparent shortage of skilled workers.

These issues may remain why some organizations, especially smaller companies, are adopting a wait-and-see position before considering a shift into the JS-SEZ.

They will likely become more wary of participating to early on the level and make a little money, according to Mr. Ang Yuit, president of the Association of Small and Medium Enterprises.

Through the Market Readiness Scheme and Enterprise Financing Scheme, EnterpriseSG assists local businesses looking to capitalize on opportunities in the JS-SEZ to help offset some of the costs associated with expanding elsewhere.

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CEO fined over Singapore firm’s failure to recognise S million loss in financial statements

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SINGAPORE: The chief executive officer of a Singapore manufacturing firm was fined S$ 22, 400 ( US$ 16, 400 ) on Friday ( Jan 10 ) over the company’s failure to recognise a S$ 16 million impairment loss in its financial statements.

&nbsp, Miyoshi Limited’s executive chairman and CEO Andrew Sin Kwong Wah had presented the financial statements for the year ending August 31, 2019 at the company’s annual general meeting, according to the command plate.

However, these remarks did not adhere to the Companies Act’s accounting standards.

The S$ 16 million impairment loss came from a decline in the value of the&nbsp, company’s equity investment in a foreign company, Core Power ( Fujian ) New Energy Automobile.

Miyoshi invests in the business, and according to its site, it invests in the business to create and market electric cars in China.

When a company’s stock prices fall below what is recorded on the books, an damage damage occurs.

To determine whether the purchase in the Chinese firm was impacted, Miyoshi had engaged an impartial valuation firm.

The impartial valuer’s document review, which was afterwards finalised by the independent appraiser with no substance changes, showed that a substantial damage had occurred.

The Accounting and Corporate Regulatory Authority (ACRA ) claimed that Miyoshi overstated the value of its net assets by the same amount and that the company also failed to recognize the investment loss of$ 16 million.

This meant Miyoshi Group’s economic claims in the 2019 fiscal year were “materially misstated” and gave an “inaccurate image” of the company’s financial health.

Had Miyoshi recognised the S$ 16 million damage decline in its FY2019 financial statements, the group’s lost, before income tax, may include increased by more than 30 days to S$ 16.78 million and its overall assets would have reduced by 19 per cent to about S$ 67.9 million.

The company, which is listed on the Singapore Exchange, called for a trading block at around noon on Friday. &nbsp, Shares of&nbsp, Miyoshi had traded at S$ 0.004 before the afternoon trading bust.

FINANCIAL Comments CHOSEN FOR EXAMEN

ACRA reviewed Miyoshi’s audited financial statements as part of its economic monitoring and surveillance program. &nbsp,

The power checks a number of financial statements to see if they adhere to accounting standards, and Miyoshi’s non-compliance was discovered during the evaluation.

” Managers have a fundamental commitment to provide accurate and reliable monetary details”, said ACRA.

” Providing investors with reliable and important financial data for decision-making will boost investors ‘ and other stakeholders ‘ confidence in the clarity, integrity, and excellent of economic reporting in Singapore”.

A fine of up to S$ 250 000 is assessed for non-compliance with budgeting requirements. For crimes committed on or before Jun 30, 2023, the sentence is a fine of up to S$ 50, 000.

ACRA stated that it would not be hesitant to take legal actions if an accounting standard is broken.

This is done to maintain confidence in the reliability and credibility of economic reporting in Singapore, according to the expert.

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Trump power deflating Asian currencies – Asia Times

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The US currency’s strong respect after President-elect Donald Trump’s election gain is hitting Eastern currencies, with the Foreign renminbi, Japanese yen, Indian rupee and Asian won then all plumbing multi-year lows. &nbsp,

That raises important questions about imported prices and the challenges local governments and central banks will face in implementing economic and financial policymaking.

For Asian markets, where the US is a key business partner and some commodities—notably oil—are priced in dollars, a weaker regional money inflates the cost of goods. Consumer prices are affected by this imported prices, which causes an increase in living costs and a decline in purchasing power. &nbsp,

A depreciating yuan in China makes important goods like electronics and agricultural items, which are essential to the country’s production and food supply chain, more difficult to come by. &nbsp,

Similar to South Korea, the did n’s loss raises the cost of imported energy and raw materials, as well as threatens to weaken the success of export-oriented sectors as higher manufacturing costs offset the advantage of a weaker dollar.

A key issue for politicians is how currency-induced prices is spiral. &nbsp,

Businesses and consumers frequently make adjustments to their behavior when they anticipate that prices will rise as well. For instance, companies may temporarily raise prices, while households may make purchases as they anticipate higher prices will rise.

This can lead to a feedback loop where inflation expectations turn out to be unrealistic, putting strain on central banks ‘ efforts to maintain value security.

In India, inflationary anticipation are particularly difficult because the rupee’s loss has already increased costs for essentials like gas and edible oils.

The Reserve Bank of India ( RBI ) has attempted to stabilize inflation expectations through interest rate management, but a persistent decline in the rupee could undermine these efforts.

So, central bankers across Asia experience a dramatic policy dilemma. To fight imported prices, raising interest rates is the text response. &nbsp, But, higher interest rates may soften economic progress by making borrowing more costly for businesses and consumers.

Monetary concerns

For economy already grappling with severe problems, such as China’s slowing economic development and Japan’s persistent negative forces, tightening monetary policy carries substantial risks.

Consider Japan, for instance. The Bank of Japan ( BOJ) has maintained an ultra-loose monetary policy for years to combat deflation. However, the currency’s sharp decline in value relative to the money has pushed import prices higher, making it necessary for the BOJ to deal with inflationary pressures without compromising a delicate financial recovery. &nbsp,

The question is whether Japan can afford to resume its economic policy without starting a recession, a danger that even looms over various Asian nations.

The currency’s loss trend is not occurring in confinement. It reflects broader international developments, including the Federal Reserve’s financial tightening, which has made the money more attractive to buyers seeking higher yields. &nbsp,

This cash flow from emerging businesses has increased the strain on their assets. At the same time, geopolitical conflicts and trade policy difficulties, both exacerbated by Trump’s affected tariffs and ‘ America First ‘ plan, have heightened uncertainty in money markets.

Eastern central banks must deal with both domestic inflationary pressures and external forces that are beyond their control, so. &nbsp,

Involvement in foreign exchange markets, like as selling dollar reserves to support local currencies, has its own hazards, including reducing resources and lowering investor confidence.

Many Asian markets may benefit from combining short-term monetary policy with long-term structural changes.

Central bankers could work with governments to resolve supply-side concerns while implementing targeted interventions to maintain currencies. For example, reducing power dependence on imported energy through investments in renewable energy might lessen the impact of upcoming money swings.

In India, measures to boost domestic production of important items —a basis of the” Make in India” initiative—could minimize reliance on increasingly expensive goods.

Also, China’s efforts to boost self-sufficiency in electronics and other high-tech companies may protect it from the worst results of currency-driven prices over the long term. &nbsp,

The problem for Asian economies is to increase endurance against unforeseen surprises in addition to the current inflationary strains. This necessitates a delicate balancing act of managing economic plan to stop inflation while preventing progress while also addressing structural issues.

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Deep Dive Podcast: Are whistleblowers protected in Singapore?

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Which is why the best voice is crucial. &nbsp,

Mak Yuen Teen, NUS doctor:
But there is a genuine risk&nbsp, of people fearing they will be traced. &nbsp,

A few months ago, I was on a screen debate in the global conference on reporting, and I was shocked when one of my fellow participants, who works for a service company, said,” You know, I was working for this business, and they had a reporting problem, and we used technology to find out who the journalist was. ”&nbsp, I was almost going to throw my notes – my jaw ( dropped ).

But that is a fear. People always have that fear, even when someone sends an email to a company email account, for example, you can assure them that they can do it through an external source or whatever. That’s why some companies say we better outsource ( whistleblowing complaints ) to a third party to manage. &nbsp,

Steven Chia, host:
But you want to find out who is crying foul, to find out whether it’s legit or not at the same time, right? Knowing who is blabbering is not always a bad thing, and a whistleblower shouldn’t be afraid to take their words seriously if they are accurate, right? &nbsp,

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Commentary: Raising kids screen-free cannot be done by parents alone

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KIDS Group Efforts

More participatory efforts are required to increase the engagement in shared places. Parents should take action to form the area they want to live in by starting parental support groups where families can share resources, support one another with childcare, and arrange playdates or group outings.

In Toa Payoh, a father-and-son staff collects and maintenance discarded ride-on vehicles, hosting a community playtime every Sunday night. Balance Bike SG encourages people to develop a love of racing through parent-organized, family-friendly competitions. The Resonance Project, started by youth, brings completely music lessons to underprivileged elderly and children.

These efforts also need to be diverse, addressing caregivers who may not understand the effects of excessive screen time, such as grandparents and local helpers.

GETTING TECH Businesses TO Help

This encourage tech firms, social media platforms, and game developers to add options instead of imposing time limitations and outright bans.

What if these businesses provided funding for outdoor sports facilities and spaces for younger people and teenagers to play games? This would provide a compelling illustration of corporate social responsibility, demonstrating how digital companies constantly contribute to the communities they serve.

This strategy isn’t fresh. It’s akin to carbon funds for companies. Electronic Arts, a US$ 10 million program to improve access to football through refurbished innings and vital equipment, launched FC Futures in 2023.

Also, ByteDance’s 8th Note Press does release print publications in 2025, with titles that rely on styles popular with younger Blog users, such as love and young adult fiction.

In a more personal way, Chinese entrepreneur Taizo Son expanded his non-profit Vivita to Singapore, opening Vivistop, which offers a place for kids to use their imagination online, similar to a car and a laboratory in Kampong Eunos.

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China’s zero-inflation troubles getting harder to ignore – Asia Times

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With the announcement that manufacturer prices dropped for a 27th consecutive month in December and that customer price changes are essentially zero perhaps before Donald Trump’s trade war kicks off, China’s deflation issues became more difficult to rewrite.

The 2.3 % decline in wholesale prices year over year and the small 0.1 % rise in consumer prices only add to the growing fad. That’s nothing more true than in China’s bond business. Offer relationships suggest investors have never been so skeptical on Beijing’s ability to avoid so-called” Japanification”.

The yield gap between 10-year US securities and similar 10-year royal Chinese debt increased to an unprecedented 300 basis points this week. Despite Team Xi’s storm of signal efforts, that’s despite. In the wake of the Asian financial crisis, investors are concerned that China will soon surpass its record-breaking negative work in the late 1990s.

Trump’s returning to the US presidency in 11 days is the financial undertone. The US dollar is currently in a strong upward trend due to anticipation that Trump did implement tariff and revenue cuts. Team Xi and the People’s Bank of China are now trying to stop the yuan from falling below the$ 7.2 per dollar mark as a result.

There’s some good news moving in, also. Stock exercise, for instance, seems to be holding upward, expanding for three straight weeks now. However, good socioeconomic factors remain constrained as a 2025 begins to look incredibly uncertain.

According to Zhiwei Zhang, chief economist at Pinpoint Asset Management,” Recent economic data has stabilized, but the speed is not strong enough to put downward pressure on consumer prices already.”

Also before Trump’s profit, weak domestic demand has Taiwanese firms cutting output, freezing hiring and laying off employees. Nevertheless, says Macquarie Group general China analyst Larry Hu,” 2024 may be remembered as a time of muddle-through”.

Although this was much better at least than the -0.6 % and -0.3 % changes in November and October, economist Michael Pettis at the Carnegie Endowment notes that “despite this being much better at least than the -0.6 % and -0.3 % changes in December, it represents the fourth month of zero to negative price changes. CPI inflation overall for 2024 was at a very low 0.2 %, the same as it was last year, and the lowest level since 2009. For all the signal and the boom in bill during the year, in other words, China has been unable to resurrect inflation”.

Brian Tycangco, researcher at Stansberry Research, adds that” the recession threat is real and growing in China. Beijing should use this most recent information as a sign to act more quickly on stimulus.

As the new year begins, Xi’s internal group appears to be doing just that, stepping up efforts to shock need. Beijing is rolling out 15 % incentives for buying fresh smartphones, tablets, devices and other devices. In coastal towns of Shanghai, card programs are popping up to increase demand for goods like furniture, cars, and electronics, as well as interior metropolises like Hubei and Sichuan.

However, 25 years later, Japan continues to demonstrate that a comprehensive response to depreciation requires a disproportionate use of both monetary and fiscal resources, and the sooner the better. Looked at through this lens, all gaze are on how the current annual Central Economic Work Conference&nbsp, held in Beijing affects Xi’s policy objectives.

That mid-December session ended with pledges for macro policies aimed at” stabilizing growth” and “reviving household consumption” and achieving a “reasonable rebound” of inflation via “more proactive” fiscal and monetary maneuvers. Yet it’s rubber-hitting-the-road time as global investors fun about depreciation getting worse in Asia’s biggest market.

Problem is that economics have more questions than answers regarding Xi’s plan proposals. What are you going to do with all this generation, asks Natixis scholar Alicia Garcia Herrero? Who will you import to? Protectionism is rising, and China isn’t changing its unit, making the issues likely become more serious. I think 2025 is time for change, and China needs to change quite quickly, or the year may end up very hard”.

The coming” Trump deal” is raising the stakes. To be sure, no everyone fears the worst. Bank of America planners warn that “geopolitical tensions and probable US guidelines… could lead to higher cost of capital and several de-rating once more in 2025. That said, we believe the worst of flow/position-selling for the China business should have been over”.

The 60 % tax threat, according to the optimistic viewpoint, is a negotiating ploy intended to bring Xi to the table of negotiations. The next four years might not be the business conflict hellscape traders fear, so if Trump give a significant business deal with China precedence over a business war.

However, the worst-case circumstance might occur sooner than China bulls now believe. The economy’s current uptrend is predicated on expectations that Trump’s 60 % taxes are just the start. Never mind that an “increase in customs duties may lead to an understanding of the money which would cancel out the gain in competitiveness,” according to economist Sylvain Bersinger of the business intelligence company Asterès.

The bigger problem is Trump’s 1980s-era view that taxes are “beautiful” and the fastest road to raising America’s financial activity. China’s economy will suffer as a result of a worsening house crisis, great youth unemployment, mounting debts among local governments, and poor consumer demand.

” Imports will naturally grow much less and purchase too”, alert economics at S&amp, P Global. ” The impact on investment can in part blow in even before US tax implementation, because of the increased confusion. Spill-over to job, income and trust will ponder on use”.

Ian Bremmer, chairman of Eurasia Group, notes that the “incoming US leader promises taxes that could destroy the global economy, incident relations with China, and increase the conflict in unregulated spots”. He cites the US-China conflict as “export disruption disruption to everyone else this season, shortening the global recovery and accelerating geoeconomic separation at a time when global growth is sluggish, inflation remains high, and debt levels are at traditional highs.”

What’s more, Bremmer says, Trump 2.0″ will destroy an uncontrolled decoupling in the world’s most important political marriage. That, in turn, risks a significant financial disruption and broader crisis. Trump will impose new tariffs on Chinese goods in an effort to entice Beijing to make concessions on a number of issues, and China’s leaders will do so more strongly to demonstrate to both Trump and the Chinese people that they can and will fight back.

Wildcards appear, also. Conflicts over Taiwan” may perhaps fall”, Bremmer says, even if a “full-blown problems” seems doubtful in 2025.

The renminbi is its own potential battlefield. Team Xi and currency speculators are attempting to reduce the yuan against the money as the year gets underway. At the moment, the People’s Bank of China is really publicly setting the dollar’s regular mention price stronger than 7.2 per money, signaling that Beijing isn’t favoring a weaker exchange rate.

However, the decline in Chinese bond yields and the growing spread with the US may make it even more difficult to stabilize the yuan. The trend has 10-year yields around 1.6 % – and lower at times – for the first time since the worst of the Covid-19 pandemic and the 2008 Lehman Brothers crisis

Markets aren’t always accurate, but the deflationary signals coming out of the current yield levels should stoke the alarm at Xi’s Ministry of Finance. The fallout could further lower retail spending, aggravate China’s capital outflow issue, and give the Japanification talk that irritates Xi’s reform team more.

The case study from Japan’s 1990s, according to Goldman Sachs, serves as a “valuable playbook” for economists and stock investors trying to assess the outlook for Chinese assets.

To be sure, there may be winners from falling Chinese prices, just as there was with Japan. Falling prices could act as a covert tax cut for consumers who are in a tough economy. In China, brokerage Haitong Securities believes that low prices could benefit technology companies looking to expand, high-dividend stocks, and exporters with diversified businesses.

Still, the ways in which deflation could undermine confidence in China Inc. make today’s bond markets signals a wake-up-call moment for Xi’s economy.

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Q&A with Malaysian Economy Minister Rafizi Ramli on Johor-Singapore Special Economic Zone

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Q: Is there a chance that there will be an overreliance on Singapore organizations investing in this Hz given Johor’s close contact and its interdependence with Singapore? What is the strategy to kind of entice regional businesses, particularly those with international Businesses?

In all the debate surrounding JS-SEZ, I’ve always made the point that it would be like a huge reduction if JS-SEZ only looked at Singapore and Malaysia. But also, when it comes to investments, our see is that JS-SEZ is going to be quite attractive to international investors. &nbsp,

I only have a few choices if I were a global investment looking to grow and established myself in ASEAN. I can go to Vietnam, I can go to Indonesia, I can go to Malaysia, or suggest Singapore. But then again, if I were to go to Singapore, Singapore has its in place, but it also has its limits, and vice versa for Johor. And so, the interaction that we can give is designed to attract international opportunities, and that by itself, I think, will be able to handle this problem of over-reliance on Singapore businesses. &nbsp,

If we can accomplish the vital mass, which is driven by international investments into JS-SEZ, then both Malaysian and Singapore businesses may benefit from the spill, which is undoubtedly beneficial. &nbsp,

Q: The perspective for this Says is to rival some of the effective areas in countries like China, United States, Germany, but we know that those are extremely different from what we have below, where it requires two different places, different areas. What would it take to finally be comparable to some of these prosperous regions?

I continue to believe that ASEAN will expand, and that if we become more included, common sense will succeed in this region. We are much stronger as an economy of 700 million plus people. &nbsp,

This optimistic JS-SEZ, exclusive economic zone between two nations, which is unique in this world, is a manifestation of the first few steps toward more connectivity between two ASEAN economy, and I hope it will help us have a better opportunity of utilizing the ASEAN probable of this huge market. &nbsp,

So so, while it is very unique, and therefore it has a set of difficulties, it furthermore addresses that need to press for more inclusion between economies in ASEAN. Let’s begin with Johor and Singapore, and I hope that if it succeeds, it will encourage further inclusion in ASEAN beyond Malaysia and Singapore because we really need to share our sources and see how we can collaborate to benefit our respective talents in the future.

Q: Now that this agreement has been signed, what are the following steps to take right away to take this Says to life?

There’ll be a series of job streams that have to happen in reverse. At the planning level between Malaysia and Singapore, there will be a high level committee that starts working on the blueprint, because it’s a chicken and egg ( situation ). We didn’t do a template until we copper out the guidelines. So now that, with the arrangement, all rules and pledges and shared perspective are sealed, then we can proceed to the next stage, which is to create the template. And with the blueprint, it will make it much simpler for Malaysian and Singapore agencies to promote jointly, while also providing all the administrative infrastructure, which, in my opinion, is already in place to facilitate the first wave of investments.

Malaysia already has the Iskandar Malaysia Facilitation Centre, which facilitates administrative processes by bringing all government agencies under one roof to make sure investments are processed much more quickly. And in terms of the governing infrastructure, it’s already been built into the agreement. Then we just need to get going with this. So I believe that we will learn more about the vision for each node in the year 2025.

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MDEC launches IP360 metaverse platform 

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  • Aims to reinvent worldwide access to Malaysia’s history and imagination
  • Lovers with Tourism Malaysia, ASWARA to promote creativity &amp, society

MDEC launches IP360 metaverse platform 

The Malaysia Digital Economy Corporation ( MDEC ) has announced the public launch of the IP360 Metaverse Platform, highlighting Malaysia’s leadership in digital innovation and cultural preservation. The software, which was developed in collaboration with Ammobox Studios Sdn Bhd, redefines how international audiences perceive Malaysia’s rich history and creative business.

Currently in its minimum viable product ( MVP ) stage, the platform provides seamless, interactive 3D digital experiences for local and international audiences. Powered by False Engine 5 and Pixel Streaming, it delivers high-quality photos available through any online website, removing the need for professional equipment.

Two interactive experiences are included in the platform that are meant to captivate international audiences while preserving Malaysia’s cultural heritage. These include: &nbsp,

    Virtual Theme Park: Interactive encounters with well-known intellectual property ( IP ) from Malaysia, such as Didi and Friends and Ejen Ali. Highlights include activities at the” Training Centre” and games like” Find the Spy.” The first episode of Didi and Friends is scheduled for Q1 2025.

  • Digital Museum: Showcasing Malaysia’s ethnic heritage through dynamic objects, treasure hunts, native language classes, and holographic classic dance performances.

The development of the platform, which is the result of strategic partnerships with leading Malay IP brands like Tourism Malaysia, ASWARA, Istana Budaya, and other organizations, shows a commitment to innovation and worldwide cultural awareness.

Anuar Fariz Fadzil, CEO of MDEC, stated,” The IP360 Metaverse Platform coincides with Malaysia’s regional plan to improve its innovative online business. It makes use of engaging technology to increase employment and spur economic growth. By 2030, Malaysia aims to be a hotspot for high-quality, modern electronic information”.

This time, MDEC supported 38 businesses and Internet creators through its Metaverse Onboarding and Immersive Internet Experiences Programme, offering up to RM200, 000 per initiative to encourage universe implementation.

Explore the future of interactive online content and discover Malaysia’s historical riches at https ://mdec.my/ip360-metaverse/platform

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Man charged with creating shell companies, applying for work passes in exchange for money

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A 30-year-old man was charged on Thursday ( Jan 9 ) with violating the Employment of Foreign Manpower Act’s ( EFMA ) by bringing charges against him for illegally importing labor, making false employment declarations, and other illegal employment.

According to the Ministry of Manpower ( MOM), Singaporean Qin Xiaoxi is facing 23 charges overall. &nbsp,

In exchange for money, Qin reportedly obtained work permits for 20 immigrants from Xpress Manufacture and Express Manufacture from both firms from May 2022 to September 2022. &nbsp,

” The two organizations were, in truth, non-operational, did not require the work of foreigners and failed to use them after their appearance in Singapore”, said MOM.

Qin supposedly worked for Xpress Cleaning &amp, Service, of which he was the only user, for two foreigners without appropriate work permits between June 2022 and December 2022.

Both foreigners had obtained the labor permits from Xpress Cleaning & Service because Xpress Cleaning &amp, Service lacked the necessary limit to get more foreigners, according to MOM.

Qin reportedly stated that another foreigner may work for Xpress Manufacture despite the fact that she had no intention of doing so,” the ministry continued.

The immigrants involved in the feared crimes are still being investigated.

Under the EFMA, those found guilty of obtaining work permits for foreign employees for a business that does not exist, that is not in operation, or that does not require the employment of such a foreign employee, can be imprisoned for up to two years and fined up to S$ 6, 000 ( US$ 4, 400 ) per charge.

If convicted of six or more costs, they may also be liable for punishment.

Companies who are convicted of employing foreigners without a valid work pass face a fine of between S$ 5, 000 and S$ 30, 000, imprisonment for up to 12 months, or both. &nbsp,

Upon faith, MOM will likewise bar them from employing foreign employees.

Europeans convicted of working in Singapore without a true work go can be fined up to$ 20, 000, jailed for up to two years, or both, and if found guilty, the Manpower Ministry&nbsp, did bar them from working in Singapore.

Report the situation to this address for those who are aware of such shady work practices. All information provided may be kept strictly private. &nbsp,

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