Work It Podcast: How to know if your boss is a narcissist (and what to do)

By:
On:
In: South-East Asia

Here’s an extract from the talk:

Tiffany Ang:
One thing that I’ve noticed is that sociopaths tend to be a bit more ambitious, and they tend to be a bit more powerful. You see a lot of them in CEO opportunities, correct?

And I think that’s even because socialism rewards sure of these attributes, the” Look at me, look at me. This is what I am capable of. I may get challenges. I may show you the benefits. I can motivate people” approach. &nbsp,

These people make money for the companies at the cost of their workers though, I may add, but in a very strange manner, they bring good things to a business, right? Because they’re more dynamic and driven.

Amy Ou: &nbsp,
I would not condition,” Okay, now this is generally a bad thing”. In reality, a lot of scientists are really looking at the beautiful side of narcissists.

Tiffany:
Which is a little depressing also. I feel a little conflicted, like why are we celebrating that? Then there’s anything wrong, correct? Because capitalism should n’t be rewarding such traits.

Amy: 
I mean, just objective ( ly ) looking, there are some good parts about it.

Continue Reading

Commentary: The Fed Is making Hong Kong’s billionaire landlords anxious

By:
On:
In: Asia

HONG KONG: Among those looking forward to the US Federal Reserve’s interest rate cuts, some are as anxious as&nbsp, Hong Kong’s home tycoons who are now dealing with slow home sales, unoccupied office buildings, and insubordinate tenants demanding contract renegotiations. &nbsp,

About 60 per share of listed property businesses ‘ loan is&nbsp, borrowed at floating rates. Banks &nbsp, charge New World Development an&nbsp, average 1.1 to 1.2 per cent over Hong Kong Inter-bank Offered Rate ( HIBOR ), whose movements track the fed fund rate&nbsp, because of the Hong Kong dollar peg.

A one percentage-point&nbsp, rate cut is keep chief executive officer Adrian Cheng, a third-generation heir&nbsp, from a billionaire home, HK$ 1.1 billion ( US$ 141 million ) &nbsp, and increase revenue by a third, according to Morgan Stanley quotes.

New World, &nbsp, one of Hong Kong’s most obliged engineers, paid HK$ 2.5 billion in funding costs&nbsp, in the second-half of 2023, &nbsp, eroding 44 per share of the firm’s working income. &nbsp,

But more importantly, the Fed’s easing cycle may begin to support large landowners make an investment case for the goods they try to sell, or use as collateral&nbsp, for institution money. Now, the city’s overall real estate market -&nbsp, from personal to financial to&nbsp, offices -&nbsp, suffers from bad carry, in that the rent an owner may expect to collect is nothing close to paying for financing costs.

Leasing&nbsp, out Grade-A offices, for instance, yields on average only about 3.2 per cent, not enough to cover the one-month HIBOR’s 3.9 per cent. &nbsp,

Continue Reading

The tragedy of American wealth – Asia Times

By:
On:
In: Asia

What I may do, in all its forms.

If I had a little cash

It’s a wealthy boy’s earth

– ABBA

” Paid them off”, he said. That was the strategy for globalization’s losers that a young Washington Consensus priest who was then teaching at one of America’s imperial education jails more than 20 years ago.

He intended that the benefits of globalization would be significant, more than enough to pay off Ohio shop workers whose jobs would be delegated to China. &nbsp,

This young priest founded a auditing firm, rode the industrialization wave to its height, reversed course perfectly, and now advises British businesses and state organizations as a China hawk, achieving higher priest status in the New Washington Consensus.

” Give them off”. We all bought it finally. But simple, so elegant, so reasonable, so quick. Democracies and socialism had undoubtedly discover a way to operate. It was n’t our problem. Our issue was getting past the Goldman Sachs interview’s first square.

Of course, we presently know that there was not going to be a pay-them-off system. The finalists of globalization were going to battle tooth and nail for every last thing the Washington Consensus threw our manner, including those who won shells two and three.

If we had actually sat down and considered it, it ought to have been absolutely crazy right away. Give them off? similar to food stamps and security checks? Or tell them servers? However, nobody actually sat down and thought these items through.

In the end, the losers of globalization were kept afloat in America by debt and lower prices for consumer goods while the Washington Consensus ‘ impact troops hoarded sizable sums of newly created lucre. And I mean huge.

So here we are. The beliefs of the New Washington Consensus are just as well thought out as “pay them off,” as they are. Although professional policy may not interest you, it does bother you.

This brand-new phrase aims to bring attention to the fact that America is a place where everyone must increase up. We are entering the business plan time.

Free business leaves open markets like the US at her disposal because China has been a proponent of industrial policy for a long time. Yes, Japan, Germany, Korea and Taiwan have practiced industrial policy for decades but given China’s scale and ambition, the economic distortions threaten to swamp the world, if they have n’t already.

That’s the tale, anyhow. Let’s get to the idea of the story, though, for the sake of argument: China has been subverting households ‘ needs for decades, juicing consumption while simultaneously lowering manufacturing, all of which ultimately causes China’s exports to flood global markets and deindustrializing America through recalcitrant trade deficits.

National efforts to calm China’s exports while stimulating local production have not yet had the desired effects. China’s exports have grown some 50 % since the Trump levies of 2018. Although substantial quantities are being spent on the CHIPS Act and the Inflation Reduction Act, the first symptoms are not encouraging.

Due to reports of hiring difficulties and cultural conflicts between Chinese supervision and American workers, result from TSMC Arizona has been delayed by at least a month to 2025.

Intel’s collapse is much more troubling. From the appearance of it, the CHIPS Act played a major role in the company’s latest crisis – which may prove philosophical.

Seduced by ambitious industrial policy – which seemingly anointed Intel as America’s semiconductor national champion with a promised US$ 8.5 billion in grants and$ 11 billion in loans – Pat Gelsinger, Intel’s CEO, bet on his company’s ability to quickly challenge TSMC’s foundry dominance. However, it is proving more difficult than hoped, with Intel’s furnace company reporting higher-than-expected costs.

The business is then a victim of a ridiculous Catch 22 situation. Because Intel failed to meet performance goals, the Department of Commerce has delayed the distribution of CHIPS Act money. Intel relies heavily on CHIPS Act cash, but the Department of Commerce appears to have lost faith in the agency’s ability to deliver.

Without making professional policy commitments, Gelsinger would never have abandoned the furnace industry. Without having royally hacked those efforts, the business would n’t be in crisis and the Department of Commerce would n’t have to delay the release of earmarked funds.

A conflicting Catch 22 also applies to the Inflation Reduction Act. The president’s main objective is to lower energy costs by increasing renewables capacity. However, the only way for clean companies to endure in the US is to shut off the British market to China’s producers.

The US increased tariffs on China’s EVs from 27.5 % to 102.5 % and solar cells from 25 % to 50 %. Although the action has mercantilist significance, its potential for reducing inflation is much less certain.

The drama, however, is that America’s fundamental property investment is at the root of trade imbalances, no China’s business policy. China is only altering the situation rather than causing disparity. &nbsp,

A America that has been leaning increasingly harder toward monetizing its plentiful assets and other advantages, tapping the world’s productive power for domestic consumption ( and global military adventures ) has been what the world has been through since the 1970s.

The US arbitrarily abandoned the Bretton Woods system on August 15, 1971, which unpegged the US dollar from gold as spending on Great Society welfare initiatives and the Vietnam War soared in the 1960s and 1970s.

Overeating and subsequent prices threatened to discharge America’s gold reserves. By floating the money, the US could more freely leverage its reserve money with the country’s huge assets, defense might and strong financial markets.

The US money is the world reserve currency for a number of very fine and deserved reasons. With two coastlines, strong property rights, lower population density, and a temperate climate, America is a safe western continent.

Utilizing this investment for investment and consumption is not just financially moral but mostly essential because the nation is a deep pit of attractive assets.

Is it financially feasible for our band of conquistadors to trade coconuts and bananas for building materials and consumer goods if I captained an oceanographic research vessel ( pirate ship ) and discover an exquisite tropical island (uninhabited, I swear )?

Or would it be better for us to sell beachfront properties to Club Med and Sandals Resorts so that our merry band of real estate moguls (vanquishers ) can blitz around tropical paradise in Porsches and Ferraris?

A mismatch between assets and labour contributed to the business imbalance on our exotic island. Our intrepid adventurers (ethnic creams ) were asset-rich but labor-poor.

Unbalanced trade is n’t unbalanced at all. We are converting assets into merchandise. As it should have done, the United States has since formally withdrew from Bretton Woods to finance home use and the Vietnam War.

The US has since increased its leverage on international production by selling claims against its vast array of ever-increasing assets. These transactions do n’t require trivial skills.

Consulting, investment bank, legislation, marketing and real property employ some of America’s brightest minds. Although over-financialization is truly distort value, some might assume that the trade is property for goods rather than assets created by printing dollars.

When the discovery of oil withers various companies on a western level, this is the French condition. The assets with which America is best able to sell are the most useful items.

After World War II, it actually was no place in expanding US manufacturing when foreigners were willing to trade in trade for a small part of America.

The latest noise to stop this deal will unavoidably lead to the “having one’s bread and eating it to” conundrum.

If the US really wants to make solar panels and electric cars at reasonable prices, bankers, consultants, lawyers and promotion managers will need to voluntarily take 40-50 % give cuts to be process engineers, shop foremen, technicians and tube fitters. Is it possible that Intel and TSMC are struggling so much?

Economists frequently forcefully distinguish between products and resources. The only time a commodity trades nets zero does Riccardo’s type of comparative advantages apply to widget trade, which implies that the concept is only applicable to widget trade.

Trade is constantly balanced because distinctive goods from assets necessitates to some value judgments, and as a result, analytical advantage applies to everything.

Thus, asset-rich America develops all the skills necessary to package assets for sale, including those in finance, law, marketing, and consulting.

And it’s perfectly acceptable for a labor-sparing China to acquire manufacturing expertise in exchange for those assets. Although it is undoubtedly possible to halt this trade ( someone might force our island conquistadors to trade coconuts for supplies ), it will cost.

This assets-for-goods trade is, ultimately, the great tragedy of America’s political economy. Although it makes perfect economic sense because there are tons of assets to monetize, it has some issues politically.

The bankers, consultants, lawyers, marketing managers and real estate agents employed to peddle assets are not running semiconductor fabs, EV factories or solar farms. And, as such, the US also does not employ the semi-skilled labor in those nonexistent semiconductor fabs, EV factories and solar farms.

Those workers either make do in lower rungs of the service sector ( i. e. retail, gig work, home health aid ) or are not in the labor market entirely.

Reversing globalization would result in a significant decline in US asset prices because sales to foreigners are artificially constrained. The theoretical impact on GDP could be contained, but the wealthy would have to emigrate to the middle class as process engineers and factory workers for the sake of bringing low-income people back to the middle class.

How likely is it that the incredibly wealthy will willingly accept the fact that a political economy could n’t figure out a way to pay-them-off as globalization produced enormous riches?

Continue Reading

Sri Lanka economy posts 4.7% growth in Q2

By:
On:
In: Asia

COLOMBO: Sri Lanka’s market grew 4.7 per share year-on-year from April to June this year, official data showed on Friday, as the island country made progress in emerging from its worst economic crisis in years. Sri Lanka’s agriculture sector grew 1.7 per cent from a year earlier, industrial output expandedContinue Reading

Russia’s Arctic edge melting under hot Western fire – Asia Times

By:
On:
In: Asia

For Moscow in the Arctic, which is a strategic military area for Russia and has significant economic potential, things wo n’t exactly go as planned.

However, Russian hopes to use the Arctic to its edge in the conflict with Ukraine have been dented due to a combination of Russian military capabilities, American pressure, and foreign sanctions.

Russia’s military installations in the Arctic drastically increased as conflicts with the West quickly increased following Russia’s annexation of Crimea in 2014.

Russia now has more airbases, ground forces, and ships in the area than it has ever had since the Soviet Union’s decline due to its significant and ongoing funding in establishing a military benefit. This includes Russia’s prominent northern fleet, which makes up the majority of Russia’s atomic submarine affect power.

Initial rewards for this purchase in military resources and infrastructure came from the battle against Ukraine because Russia was able to use its Arctic airbases. Aircraft were moved away from Ukraine and into the great north, where they were more easily located earlier in the conflict.

However, at the end of July 2024, Ukrainian robots attacked the Olenya airport north of Murmansk. This was allegedly used as retribution for bombers who were involved in the Kiev medical bombing on July 8, 2024.

With more long-range Russian drones, the obvious advantages of Russia’s Arctic foundations, if no gone, has at least been considerably diminished.

Russia’s Arctic passions have also been physically pushed back by the West. Within weeks of the beginning of Moscow’s warfare against Ukraine in February 2022, the seven European members of the Arctic Council ( Canada, Denmark, Finland, Iceland, Norway, Sweden, and the United States ) issued a joint statement suspending all cooperation with Russia.

Working with Moscow was radically altered by this, including on medical projects involving climate change, and it’s unlikely to change anytime soon.

Russia has certainly left the Arctic Council however, but has re-focussed its Arctic plan, including its broader international plan, on national objectives. However, the success of the Kremlin in these endeavors is still a mystery.

Within weeks of Finland joining NATO, the alliance carried out maneuvers in the Arctic to show its commitment to Article 5 ( collective defense ). Exercise Steadfast Defender, the largest military training since the end of the Cold War, started in northeastern Norway a month after Sweden had joined the ally as well. Russia received yet another sign that the Arctic was again on the west’s political radar.

It does, however, take some time for different countries to catch up with Russia in martial words. Significant progress has been made in this regard since the US updated its Arctic method in July 2024.

By comparison, NATO also lacks a right plan for the Arctic, as well as adequate forces and military equipment to operate it, despite acknowledging the need for an increase in American force and capability projection into the region.

Additionally, more defense ties between Russia and China, including naval exercises and mutual air patrols, strengthen the role of the Arctic in the political chess movements that have been emerging over the past ten years. And they suggest that Russia is unlikely to give up what it perceives as a defense advantages.

YouTube video

]embedded articles]

The Arctic conflict between Russia and the West.

Another crucial aspect of Russian Arctic calculations is the fact that investing was not merely a military exercise.

Moscow has invested money in the creation of economic infrastructure, mainly to enable year-long shipping using Arctic routes from Asia to Europe, giving the Kremlin extra influence and potential revenue.

The Commission on the Limits of the Continental Shelf, a body established to facilitate the implementation of the 1958 UN Convention on the Law of the Sea ( UNCLOS), recently acknowledged Moscow’s claims to large portions of the Arctic shelf.

In addition to those found in the region’s roughly one-fifth of the land mass that extends beyond the Arctic Circle, Russia also has access to numerous natural solutions it.

However, this monetary benefits is not as great as it appears. For instance, the West has discovered ways to counteract Russian efforts actually where it may have benefited financially from Arctic resources, such as with its premier LNG 2 initiative, which Vladimir Putin inaugurated in July 2023.

American sanctions have had a tangible effects, forcing French, German and Japanese traders in the venture to scale down their engagement. This created an opening for Taiwanese firms willing to avoid US and EU restrictions, but, afterwards, put Russian dependent on China, and mainly Chinese expense, in the Arctic on full screen.

After all, Beijing’s Polar Silk Route is a technique designed to produce financial benefits for China, no Russia, in the Arctic.

Russia does have a larger fleet of ships to carry gas produced at its two major Gas plants in the Arctic, but the lack of coverage and Western sanctions against the companies that buy Russian LNG continue to be a concern.

Russia was having a hard time finding buyers for the Gas produced by its lineup LNG 2 job, according to the Financial Times in early September 2024.

Expectations that the Kremlin might have had to change previously profitable trade offers to Europe appear far off in the air despite the lack of significant progress toward a final agreement on the Power of Siberia 2 network project.

The moment when Russia held an edge in the Arctic, primarily due to European neglect, is coming to an end. The West then knows it has, and does, drive backwards against Russia.

Although it may have taken a while, the European response to Russia’s aggression against Ukraine may have turned into one of, to date, some success stories of efficient containment.

When it does, Russia’s hopes of using the Arctic benefits to defeat Ukraine might have been a costly error.

Stefan Wolff is professor of global surveillance, University of Birmingham

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

Continue Reading

Emerging markets soon-to-be back in vogue – Asia Times

By:
On:
In: Asia

For over a century, the narrative around emerging markets has been one of disappointment. Some emerging countries now find themselves trailing behind the developed world, especially the United States, despite being again hailed as the future development vehicles of the global market. &nbsp,

Many of these developing countries have experienced economic slowdown or even analysis as China’s rapid rise has slowed and global commodities prices have slowed. &nbsp, Concurrently, the US market, bolstered by record-breaking gains in its tech field, has retaken middle stage in the world markets. &nbsp,

But, now on the verge of a new global financial cycle, the sea is shifting once again in emerging markets ‘ pursuit. This writer believes should n’t be overlooked or missed because savvy investors are beginning to notice the resurgence of emerging markets.

The emerging earth holds a lot of promise for the upcoming five times. One recent study found that the proportion of emerging businesses poised to surpass the United States in per capita GDP growth is expected to rise to almost 90 %, a high not seen since the early 2000s. &nbsp,

The underlying economic wellbeing of many of these economies is what makes this resurgence so convincing, not just the rate of growth. &nbsp, Unlike in the 2000s, when the emerging world was generally buoyed by China’s increase and a product supercycle, today’s restoration is probably built on stronger economic basics.

A number of reasonable economic policies that many emerging markets have adopted over the past ten years have laid the groundwork for this reversal. &nbsp, Countries that were once plagued by monetary instability, such as Argentina and Turkey, are now embracing transformation. &nbsp,

The times of excessive government saving and accumulating debts are over. Alternatively, many emerging nations have reduced their current accounts inequities and budget deficits, giving them the financial support needed to propel their economic growth in the future.

However, in contrast, the United States appears to be grappling with overstimulation. The long-term viability of American financial dominance is being questioned by record budget deficits combined with rising debt. &nbsp,

For decades, the US has leveraged its position as the country’s supply money lender, allowing it to fund deficits and promote growth with several fast consequences. However, this approach is beginning to show flaws.

The growing stigma of America as a responsible gap contributor may include a wide-reaching impact, especially on the value of the franc.

Generally, periods of US dollars weakness have been positive for emerging industry. As the dollar declines, money tends to flow toward higher-growth markets with lower prices, exactly where many emerging marketplaces stand now. &nbsp,

The US share industry, especially its tech industry, has been a magnet for shareholders over the past 15 years. However, with the revenue growth of big tech companies expected to decline considerably, the appeal of National equities is waning. &nbsp,

In contrast, many emerging markets ‘ revenue growth is picking up, but their share prices are still significantly undervalued in comparison to US. This presents a unique opportunity for investors who are willing to look beyond the typical suspects in international stocks.

Despite these positive developments, the majority of international buyers have not yet recognized the potential in emerging markets. In many of these areas, trading volumes have fallen to their lowest levels in the last two decades, which suggests a general encounter of their improving fundamentals.

This may be due in part to lingering suspicion after the previous season’s weakness. However, the charm of emerging marketplaces is becoming too overstated as the US struggles to meet its growing governmental challenges and the dollar loses heat.

Among the emerging markets with powerful effectiveness are Saudi Arabia and India. Both countries benefit from a stable and expanding base of home buyers, which protects their marketplaces from the dictates of foreign capital flows. &nbsp,

India, in particular, has emerged as a new industrial powerhouse with a rapidly expanding middle class, while Saudi Arabia, driven by its ambitious Vision 2030 program, is making substantial achievements in diversifying its market beyond oil.

However, the opportunities extend far beyond these two nations. Southeast Asia, Latin America, and some of Africa’s economies are the backbone of economies that are not only expanding rapidly but are also improving in terms of governance and financial stability. &nbsp,

Investors who want to capitalize on this growth story should take into account a diversified strategy that targets a broad range of emerging markets as opposed to just one region.

Exchange-traded funds ( ETFs ) and mutual funds focused on emerging markets provide an easy way to gain exposure to a wide array of high-potential economies.

Now is the ideal time to diversify portfolios and position for the future. Despite the fact that they have been obscure for the past ten years, emerging markets are now enjoying a significant recovery.

Global investors must pay attention otherwise they run the risk of missing out on the upcoming boom and bust.

Continue Reading

‘Not in great numbers’: Malaysia Aviation Group boss says 12 engineers have joined rival SIA unit

By:
On:
In: Asia

Following the opening of its facility at Subang Airport last year, Malaysia Airlines has lost just 12 engineers to SIA Engineering Company Limited ( SIAEC ).

The group managing director of Malaysia Aviation Group ( MAG ), Mr. Izham Ismail, made the disclosure in an interview with local media on Friday ( Sep 13 ).

MAG is the family corporation of Malaysia Airlines.

“SIAEC causes professionals ‘ departure for Malaysia Airlines”? Yes, but not in large quantities, according to the loud conversations that were occurring in Malaysia’s Business Times, Mr. Izham was quoted as saying.

After Malaysia Transport Minister Anthony Loke shared on August 28 that 63 qualified professionals from Malaysia Airlines ‘ executive arm, MAB Engineering Services, had left the company out of a full of 411 since January this year, online conversations about alleged hunting of team members by SIAEC began.

The figure was revealed following a report from the Civil Aviation Authority of Malaysia ( CAAM ) on Malaysia Airlines and MAB Engineering Services between June 24 and June 28.

According to Mr. Loke, “CAAM discovered that these defections may be due to more interesting wage offers from various maintenance companies.”

SIAEC opened its preservation, restoration and reform facility in Subang in September 2023 through its subsidiary- Center Maintenance Malaysia.

According to SIAEC, its recruitment actions in the nation have been conducted through empty exercises, which ensure a fair and open approach that adheres to local regulations and industry standards.

In addition, Mr. Izham was cited on Friday as saying that his company is collaborating with a number of specialized institutions in Malaysia to annually train fresh aircraft engineers and technicians.

” We churn up in a year almost about 60 to 70 professionals, professionals about 100. That is our arranging for retention, pensions and therefore forth”, Mr Izham told Malaysia’s Business Times.

He added that the executive section of MAG is plagued by a 40-year culture that is the most difficult to change within the company.

” My number one priority that I’m doing is resetting ( the engineering division )”, Mr Izham said, adding that he wants to give it a fresh start by incentivising productivity.

Due to a lack of flights, labor, and parts, MAG just last month announced that it would cut 20 % of its potential for Malaysia Airlines, Light, and Amal until December.

Analysts who CNA spoke to at the time applauded the business’s decision to prioritize safety over profitability despite their caution that MAG’s move highlights deeply flawed issues that need to be fixed right away to regain customers ‘ confidence. &nbsp,

Continue Reading

US seeks to slam shut Shein, Temu trade loophole – Asia Times

By:
On:
In: Asia

A group of US House Democrats has called for the “de minimis” business gap to be closed so that Chinese e-commerce companies Shein, Temu, and others can enter US businesses without paying import tariffs. &nbsp,

126 House Democrats on Wednesday signed a letter from US Representatives Rosa DeLauro, Earl Blumenauer, and Tom Suozzi, asking US President Joe Biden to use senior power to close the de minimis hole and safeguard Americans from its alleged growing problems. &nbsp,

” It is impossible to overstate the necessity of closing the de minimis gap. The group wrote in the text that” Americans continue to die from misrepresented fentanyl-laced medications that are ordered online, trousers assessment thanks to de minimis, and are delivered to Americans ‘ doorsteps.” &nbsp,

” De minimis imports, especially from China, even escape most active business enforcement mechanisms, including the Uyghur Forced Labor Prevention Act and Section 301 tariffs used to keep trade cheats accountable”, they said.

Additionally, according to them, 18 US cotton plants have shut down over the past few months as a result of the de minimis loophole’s flood of imports from China, leaving hundreds of Americans without jobs.

The US Consumer Product Safety Commission, an independent branch of the US government, requested on September 4 that its employees check Shein and Temu to see if their outside manufacturers had performed as required by the Consumer Product Safety Act. &nbsp,

The two directors said they are conscious of reports in the media that “deadly infant and toddler products” are readily available on Shein and Temu. They also reported that” thousands of Chinese companies and distributors have joined the supply chain for Shein and Temu” to sell Chinese products ranging from T-shirts and clutches to electrical and kitchen products. &nbsp,

US businesses are envious, claim they.

Shippings with valuations under US$ 800 are exempt from US customs assessment and taxes under the de minimis price concept, also known as Area 321 of the Tax Act of 1930. &nbsp,

The original$ 200 cap was changed to$ 800 in February 2016 after being increased by then-US president Barack Obama. The improve was intended to support regional e-commerce companies like Amazon. &nbsp,

Shein and Temu have since expanded their companies in the US thanks to the revised law, especially given that some Chinese goods received an additional 25 % tax in 2018.

Last month, Shein was the most downloaded application in the US industry’s fashion and beauty game segment, registering more than 35 million files.

Following it, Poshmark and Nike had about 10 million files, and Nike had 15.2 million. Even in 2023, Temu was the most downloaded iPhone apps in the US with 103 million files, according to Appfigures. &nbsp,

Shein and Temu are building civilizations around the de minimis gap in US trade regulations, according to a report from the US House Select Committee on the Chinese Communist Party from June 2023, which has raised attention of their businesses.

In an article published on Thursday, US politicians called for closing the “hole” of the de minimis law because British e-commerce firms are envious of the rapid expansion of their Chinese competitors in the US, according to Lai Jiaqi, a poet at Guancha.cn. However, many analysts believe that the US government might not want to alter the concept right away because it will only increase prices.

Cui Lili, a professor at the Shanghai University of Finance and Economics, claimed that the US’s de minimis law may actually help Taiwanese companies by promoting them up the value-added rope. &nbsp,

” China’s cross-border e-commerce platforms that offer products at very low prices will be hurt if the US tightens its$ 800 de minimis rule”, Cui said. ” In the future, they will have to change their strategy from selling low-price items to high-quality ones. Some Chinese consumer brands may gain new opportunities as a result.

AB Bernstein, a New York-based research and brokerage firm, said the combined market share of Shein, Temu and TikTok Shop in the US will grow to about 5 % by the end of this year from 3 % a year ago.

According to Statista.com, Amazon still had a market share of 37.6 % in the US last year, followed by Walmart ( 6.4 % ), Apple ( 3.6 % ), and eBay ( 3 % ). The growth of Chinese e-commerce platforms has sucked up American players ‘ market shares.

Legislations 

According to Chinese Customs, China’s e-commerce exports&nbsp, grew&nbsp, 19.6 % year-on-year to 1.83 trillion yuan ( US$ 257 billion ) in 2023. However, the region’s total export increased simply 0.6 % to 23.77 trillion yuan for the same time.

In the first eight weeks of this year, China’s full exports rose 6 % compared to the previous year. E-commerce might have contributed to the expansion, but a detailed break has not been made. &nbsp,

Republican Representative Gregory Murphy introduced the End China’s De Minimis Abuse Act policy in April of this year to stop China from dodging tariffs on Chinese products. He claimed that the proposed policy is essential for assisting smaller companies in the US. &nbsp,

Instead of just forfeiting the shipment, this Act proposed to impose a new civil penalty of$ 5, 000 for the first offense and$ 10, 000 for each subsequent offense for any person who violates US de minimis law.

According to Murphy, citing the most recent Customs and Border Protection ( CBP ) data, about 60.8 % of de minimis entry to the US came from China. &nbsp,

The National Council of Textile Organizations (NCTO ) also called for an “extremely flawed tariff waiver mechanism” to undergo a radical reform in April of this year. It said no finding a” extensive solution” would risk China’s continuing exploitation of American business.

A group of bipartisan senators on August 8 passed legislation to tighten the de minimis rule by fighting illegal goods, supporting trustworthy importers, and bringing in net profits ( FIGHTING ) for America Act. &nbsp,

Senator Sherrod Brown claimed that nations like China are tampering with US business laws by using the de minimis gap and flooding America with deals filled with fentanyl and other illegal substances.

However, a commentary published by the state-run China Daily in April said the culture of US officials is: “if we don’t engage with them, prohibit them”. It said curbing Temu and Shein did hurt Sino-US connections. &nbsp, &nbsp,

Read: Shein, Temu bans second front in US decoupling generate

Following Jeff Pao on X at&nbsp, @jeffpao3

Continue Reading

Expo to unveil latest in sustainability

By:
On:
In: South-East Asia

Event takes sign from King’s primary target

PUBLISHED: 13 Sep 2024 at 05: 47

Tongjai Thanachanan, director of the Sustainability Expo 2024 organising committee, reveals this year's theme of 'Sufficiency for Sustainability' at the Queen Sirikit National Convention Center on Thursday. (Photo: Somchai Poomlard)
Tongjai Thanachanan, chairman of the Conservation Expo 2024 organising commission, reveals this year’s style of ‘ Sufficiency for Sustainability’ at the Queen Sirikit National Convention Center on Thursday. ( Photo: Somchai Poomlard )

The Queen Sirikit National Convention Center will host the Sustainability Expo 2024 ( SX 2024 ), which is billed as the largest such event in the Asean region, on September 27 through October 6.

Tongjai Thanachanan, SX director, told the media on Thursday the yearly event highlighting conservation changes and innovations will be held for a second consecutive time, this period under the style” Sufficiency for Sustainability”.

His Majesty the King’s second talk, according to Ms. Tongjai, was the inspiration for the celebration, which Ms.

” I shall continue, preserve, and build upon]the royal legacy ] and shall reign with righteousness for the benefit and happiness of the people forever”, His Majesty the King said in his first royal command, which set forth his intentions about how he would reign.

His Majesty King Bhumibol Adulyadej The Great, His Majesty King Bhumibol Adulyadej, was shown in the conversation that he was determined to carry on with royal efforts by his parents.

Ms. Tongjai added that the occasion also adheres to the Bhumibol Adulyadej The Great’s theory of sufficient economy.

The event will provide a forum for leading regional and global organizations to collaborate on conservation and share information, ideas, and cutting-edge trends to encourage change and activity, she said.

SX 2024 may remain co-hosted by its co-founders: Thai Beverage, Frasers Property, PTT Plc, Siam Cement Group (SCG) and Thai Union Group, with the help of the Thailand Supply Chain Network.

The event is based on the B2C2B ( Business-to-Consumer-to-Business ) approach, which puts consumers at the core of sustainability efforts.

More than 600 guest lecturers and professionals from all over the world have been invited to participate, according to Ms. Tongjai, who said there are about 270 regional and global responsible business systems.

The exhibition features 10 areas, including “SEP Inspiration,” where speakers will share ideas for sufficient business idea,” Better Me,” where speakers will help people learn to live happily with others from different generations and update foods trends, and” Better Living,” where speakers will promote activities or projects by leading companies focusing on a clean environment and circular business.

Among the other attractions, there are also a Kids Zone with activities to improve children’s skills and thoughts, SX market with more than 280 shops selling green products, SX department store where participants may donate unwanted items to others and shop for second-hand products, and a B2B Event for seminars and business matching.

Continue Reading

Casinos could end up in monopoly hands: coalition MP

By:
On:
In: South-East Asia

PUBLISHED: 13 Sep 2024 at 05: 00

Bhumjaithai, a crucial partnership group, yesterday reiterated its support for Pheu Thai’s thought of legalising games, but it also voiced concern over possible conglomerates reaping most of the advantages.

Bhumjaithai has always objected to Pheu Thai’s leisure complex plan, but it does not want to see only one or two firms dominating the economy, says Korrawee Prissananantakul, a Bhumjaithai MP for Ang Thong.

He made the remarks during a Senate and House of Representatives meeting where the president’s casino plan was discussed.

Because it would n’t guarantee a fair income distribution, Mr. Korrawee claimed that Bhumjaithai does not want to see such a complex constructed in a small city.

He added that, more importantly, the government must cautiously consider the benefits and drawbacks of legalizing casinos before proceeding with this concept.

The most crucial issue is whether it would be good for Thai citizens if the government offered compromises worth an estimated 1 billion baht annually, he said.

” Why does n’t the government invest and operate]these casinos ] on its own to earn the income and use the revenue to help the poor”, he said.

” If the state does that, all Thais may benefit from this policy, not only specific buyers”.

Ex-PM Thaksin Shinawatra, seen as the de facto Pheu Thai president, has said recently that the sum needed for the government’s entertainment difficult task would be at least 100 billion baht.

He added that the job could still be benefited from the government’s investment without having to spend a single penny.

Natthaphong Ruengpanyawut, leader of the opposition People’s Party, said the president’s premier programs, including those on legalising games, the online budget handbook and the Land Bridge, would probably benefit private owners.

The game plan has already attracted a lot of attention from potential buyers, according to deputy finance secretary Julapun Amornvivat.

” With clear support from coalition parties, and a]favourable ] study by the Ministry of Finance, the project is ready to be proposed to the cabinet for consideration”.

Continue Reading