MAS to launch S billion programme to develop Singapore stock market

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The review group’s first set of measures aims to boost investor interest, improve the Singapore Exchange (SGX )’s (SGX ) appeal to reputable businesses, and make changes to the regulatory stance to boost investor confidence.

To raise cash flows into Singapore-listed stocks, the requirements for applicants to the Global Investor Programme may be altered. &nbsp,

Prior to the home office solution, applicants had to place at least S$ 50 million into four investment categories.

That will be narrowed down but that applicants must apply for shares of accepted Singapore markets.

Taxes Bonuses

During Mr Wong’s Budget 2025 statement on Tuesday, he said he would offer tax incentives for Singapore-based companies and finance professionals that choose to record in Singapore. &nbsp,

In order to promote more investment in local capital markets, he added, he said he would create a tax incentive for fund managers who make significant investments in Singapore-listed stocks.

A 20 % corporate income tax return may be applied for Singapore-based businesses and registered business trusts looking to list as a major company in Singapore, according to MAS.

Those looking for a 10 % discount can apply for a secondary listing with discuss release.

The benefit will be limited to S$ 6 million per year of judgment for businesses with business caps under S$ 1 billion, and S$ 3 million per year of judgment for businesses with less than S$ 1 billion. &nbsp,

The businesses must continue to be listed on the SGX for five years, commit to increasing regional business spending or fixed resource investments, and increase experienced employment.

Companies can use for this program through the end of 2027. &nbsp,

Additionally, new fund manager ads in Singapore may have a more favorable tax rate.

If a company has a main listing in Singapore for five times and distributes a percentage of its profits as income, fund professionals will pay 5 % on qualifying money. &nbsp, The system runs until&nbsp, the close of 2028.

Finally, account managers that invest greatly in Singapore can benefit from tax deductions. &nbsp,

Current money must meet this requirement and have an annual net outflow rate equal to at least 5 % of the firm’s AUM in the prior year, while fresh funds must spend at least 30 % of assets under management in Singapore-listed stocks.

The exemptions can be applied for up to the end of 2028 and last for five years per fund.

DEVELOPING INVESTOR BASE, TWEAKING REGULATIONS

Other initiatives include a more extensive MAS research development grant program and a shift toward a focus on small and mid-cap businesses.

The research could be disseminated in new ways, including on new media channels, &nbsp, with the aim of building an investor base.

Regulations may also be adjusted after consultations, to be more focused and to reduce friction.

Instead of both RegCo and MAS, one suggestion is to make the listing process simpler, requiring only SGX RegCo approval.

Prospectus requirements and listing procedures can be simplified, and so can the use of merit-based judgment when admiterea new listings.

Some adjustments may also be made for companies that are already listed on the SGX.

SGX RegCo will hold a consultation on removing the financial” Watch-List” and shifting away from regulatory surveillance. &nbsp,

After two weeks, Trade With Caution alerts will also expire indefinitely. ” This minimises unintended knock-on negative effects of such alerts”, said MAS.

Other recommendations are being studied by the review group, including strengthening investor protection and introducing market structure changes to acquaint retail customers.

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Trump’s bow to Putin no cause for panic, yet – Asia Times

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Under the Trump presidency, the United States ‘ unwavering allegiance to Ukraine appears to be rapidly deteriorating after three years of fighting Russia.

On February 19, 2025, President Donald Trump referred to Ukrainian President Volodymyr Zelensky as” a despot” and made up his own accusation of the war that Russia started as a border region land get.

Zelensky, however, said on February 19 that Trump is trapped in Russian President Vladimir Putin’s “disinformation place”.

The US and Russia are holding discussions in Saudi Arabia without including Ukraine in order to end the conflict, which is getting worse.

The US and Russia have long been enemies, and the US, to day, has given Ukraine more than US$ 183 billion to help battle against Russia. However, that cash came when Joe Biden was in office. Trump doesn’t seem to have an anti-Ukraine bias.

Tatsiana Kulakevich, a professor of Eastern German politics and international relations, spoke with The Conversation to discuss the repercussions of this sudden change in Trump’s approach to US-Russia plan.

In initial conversations, Kulakevich sees Trump’s actions as being part of a calculated plan rather than as being self-interested.

A person holds a newspaper that shows back-to-back profiles of two men in black and white.
On February 19, 2025, a passenger on an airplane reads a Financial Times post about Russian President Vladimir Putin and U.S. President Donald Trump. Photo: Horacio Villalobos Corbis / Corbis via Getty Images/ The Talk

Does you describe the current relationship between Russia, Ukraine, and the US?

Because the US and Russia are merely having experimental discussions, people shouldn’t get anxious. We may not call them peace deals, per se, at least not yet.

Because there isn’t much to discuss in Saudi Arabia, it was expected that Ukraine wouldn’t be invited to the deals. Other than agreeing to resume normal operation of each other’s diplomatic missions, we are unsure of what the US and Russia are really discussing.

People believe that Russia and the US are in like. But, Trump’s Russia plan has been more aggressive than generally portrayed in the media. Looking back at the previous Trump administration’s report, we can see that if everything is done in the US’s pursuits, then it will not be done. Trump does not do benefits.

He approved the sale of anti-tank missiles to Ukraine in 2019. That same year, Trump withdrew from the Intermediate-Range Nuclear Forces Treaty, an arrangement with Russia that limited what arms each state was order, over Russian transgressions.

Trump also imposed financial sanctions on a Russian ship that was involved in the construction of the Nord Stream 2 gas pipelines in 2019. These sanctions attempted to stop Russia’s immediate fuel exports to Germany, but Ukraine perceived this link as a threat to the country.

Based on Trump’s talks with Russia and notes against Ukraine, it could seem like the US and Russia are no longer enemies. How do you think this is?

There are no conclusive evidence that Russia and the US no longer had a relationship with one another. Despite Trump’s infrequent usage of terms like “friends” in politics, his language usually serves as a tactical movement rather than a real shift in partnerships. His interaction with North Korea’s Kim Jong Un, where Trump alternated between politeness and threats to extort money, is a prime example.

Even if the US is meeting with Russia and the public tale seems to suggest then, carefully, abandoning Ukraine is not in the United States ‘ best interests. One reason for this is that the US’s rejection of Ukraine did bring both China and Russia joy. Trump has viewed China as a major risk to the US, and it has supported Putin’s invasion of Ukraine.

US Secretary of State Marco Rubio is even quoted as saying that everyone will be present for a potential peace agreement, including Ukraine.

Before this national election, there was a long-running campaign claiming that Russia was holding some data over Trump and blackmailing him, but that this was before Trump started imposing measures against Russia during his first name.

More than 50 policy steps were taken by the first Trump administration to combat Moscow, mainly through public statements and restrictions.

What benefits does Russia’s political relationship offer the US?

Trump is a contextual politician. As some Russian officials have said in recent Saudi Arabian deals with the Trump administration, British businesses may benefit from US alignment with Russia and Soviet businesses.

But the US may also benefit financially from the Trump government’s proposed bargain with Ukraine to give the US quarter of Ukraine’s estimated US$ 11.5 trillion in unusual earth minerals.

This year, Zelensky rejected that suggestion, claiming that it does not include the assurance that the US will continue to provide Ukraine with security guarantees.

Generally, since the Cold War, there has been a political square between the Soviet Union – after Russia – China and the US. And there have always been rival edges on both sides. Trump may be trying to distance himself from China by trying to establish a better political relationship with Russia.

A similar dynamic is playing out between the US and Belarus ‘ autocratic president, Alexander Lukashenko, a co-aggressor in the conflict in Ukraine. Ukraine has close ties to both China and Russia.

In exchange for the transfer of imprisoned people of Belarus ‘ political opposition, the US administration is considering a relaxation of sanctions against Belarusian businesses and export of potash, a crucial component of fertilizer.

There are over 1, 200 political detainees in Belarus. This US international policy approach aims to give Lukashenko the opportunity to grow less financially dependent on China and Russia.

A person brushes snow at a gravesite that has photos of people on crosses and blue and yellow flags.
A contractor clears snow from a cemetery in Kramatorsk, Ukraine, on February 17, 2025. More than 46, 000 Russian soldiers have died in battle, according to some estimates, since Russia’s war in February 2022. Photo: Pierre Crom / Getty Images/ The Talk

Is this level of collaboration between the US and Russia exceptional?

While US-Russia ties are often defined by conflict, history shows that pragmatic cooperation has occurred when both countries saw mutual benefits – whether this relates to arms power, area, terrorism, Arctic affairs or wellbeing.

In addition, the US has always given its own objectives precedence over those of Russia. For instance, the US and its allies imposed restrictions on Russia’s plutonium and copper companies just in May 2024, over two decades after Russia’s full-scale invasion of Ukraine in February 2022. If America sanctioned plutonium and nickel, it would have had to balance its proper economic ties and concerns about market stability.

The US and other European nations imposed mainly symbolic sanctions after Russia invaded Crimea in 2014, which Russia claims to have its own and supported Russian hardliners in Ukraine’s Donbas region. This included chilling goods of Russian people, restricting some financial dealings and limiting Russia’s exposure to Western technology.

We may also take note that Trump promised to sanction Russia if the Ukraine war does not end in January 2025. Despite the opinions of a near relation between Trump and Putin, the US continues to evade any existing sanctions, which shows its commitment to a hard stance on Russia.

Trump’s harsh speech on Zelensky may be a deliberate negotiation strategy intended to pressure Ukraine into making more concessions in future peace talks more than signaling abandonment, given his transactional nature in terms of foreign policy.

Tatsiana Kulakevich serves as associate professor of education at the University of South Florida’s School of Interdisciplinarity.

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

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India in American F-35 vs Russian Su-57 fighter quandry – Asia Times

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Just NATO countries, Japan, South Korea and Israel have the best fighter plane in the US army, the F-35. The aircraft, which has advanced sensors and electronics, is described as a multirole system that can be used to perform strike missions and obtain air superiority. It is competing in India against Russia’s 5th-generation stealth-like flight, the Su-57.

The Su-57 and F-35 are competing with one another to meet India’s needed for a sizable number of new jets, but they are actually quite diverse.

The F-35 is optimized for secrecy, although it falls short of the cunning protection of its great brother, the F-22. Congress decided decades ago that the&nbsp, F-22 could not be exported, &nbsp, leaving the Chinese in the lurch as they sought the warrior to ward off China. Compared to the F-35, the F-22 is a heavier plane with two motors, greater selection and supercruise.

Supercruise is defined as an plane’s ability to fly at supersonic speed without exhaust. In reality, fast speeds does need much more energy on any platform without supercruise, which is true. An airplane without a supercruise will typically take longer to reach its intended destination and gain, been restricted to more distant targets, or need air-to-air refueling.

Russia’s Su-57 is more like the F-22 than the F-35. It has superior supercruise, improved technology, and improved run and variety than the F-35.

India has been inclining toward its own-built warrior jets, but domestic demand will need to be met for a while before it can. Even so, India will have to buy crucial elements or collaborate with foreign companies to produce them.

It’s probably fair to say that the cameras and electronics in the F-35 are more superior than those in the Su-57. The “black boxes” in the F-35, including even the built-in shipping structure that connects to Lockheed for extra parts and technology changes, are kept safe by Lockheed Martin, the US defence company that builds the aircraft.

Customers of the F-35 must, therefore, depend on Lockheed. Israel was the only nation to require greater freedom from Lockheed dependent. Obviously, Lockheed and the US Defense Department viewed the Jewish demand as reasonable, primarily because Israel can repair and enhance its F-35 systems and procedures.

It is also the only state that has used the F-35 in battle, over Syria, Lebanon and probably Yemen and Iran. However, Israel needs the&nbsp, full F-35 provide chain&nbsp, for extra parts and it almost lost entry to some of that during the Gaza battle.

Russia, on the other hand, has been a dependable vendor to India without any noticeable breaks. Generally, India has required considerable co-production rights where there is a foreign sales of security hardware.

The Russians do not oppose that at all, largely because they value the social connection as much as the business opportunities, and partly because the Russian aerospace industry is stretched.

It is unlikely that Lockheed will want to co-create a lot of content for India. In the end, this might undermine any potential arrangement for the flight.

Both the F-35 and the Su-57 were together for the first day on display in India. The Russians put on a stunning show of the Su-57, the F-35 was only on static show.

Had the F-35 flown a presentation, it would have been superior to the Su-57. That is because the layout philosophy behind these aircraft is unique.

The F-35 is tailored for secrecy. The surfaces on the aircraft’s skin have coatings and design features to deflect radar ( specifically&nbsp, X-band radar, &nbsp, which is the primary type of military radar ), the aircraft requires computers to keep it aloft and its design is not great for platform maneuverability.

As a battle system, the F-35 is designed for conflict activities, meaning that it can fire a weapon for 50 miles or more before the army can find it, or so the US Air Force claims. Similar disagreement weapons, such as smart weapons and cruise missiles, would also be launched hundreds of miles away from the target for battle ground support.

The Su-57 is designed to serve as a dogfighting aircraft, much like the venerable A-10 or the aging Russian Su-25, despite the Russians ‘ trend of going in the same direction.

The F-35 is equipped with a gun system, although it was not in the original plan. Having the gun is largely pointless. In a dogfight, the F-35 would have difficulty against a more agile opponent, and the Su-57 and Su-35 qualify as very agile indeed.

The US Air Force reportedly kept it in, claiming that the F-35’s presence was equivalent to the powerful 30mm A-10, despite the various reports about the F-35. Despite making a significant contribution to US warfighters in places like Iraq and Afghanistan, the Air Force is determined to liquidate the A-10.

A-10 with guns blazing.

In fact, the US Air Force is dominated by its desire for “low observable” technology, the Air Force terminology for stealth.

Never have the Russians been as persuaded of the value of stealth technology as they have in the US. Some say that is because they lack stealth technology, which is highly classified by the US Pentagon. But stealth technology also creates design problems, thus the F-35 while allegedly multirole, cannot dogfight and can’t really provide close ground support for troops.

Take note: when firing from far away, the target may move before the weapon arrives. Artificial intelligence might be able to reduce some of this constraint, but a wise enemy will quickly learn to dodge bullets.

Keeping the super-secret surface coatings of stealth planes in repair is a major task, requires specialized equipment and security-cleared personnel, special dust-free enclosures and considerable training and supervision.

Under peaceful conditions, this adds a lot of cost, but is doable. In combat circumstances, stealth coatings are likely to degrade and combat teams may be hard-pressed to clean them up for operations. Even older combat aircraft consider a degraded stealth plane to be a sitting duck.

The Russians also have focused on two other components: strong air defenses, including mobile air defenses, and on advanced ways to detect stealth threats.

So they are deploying new ground sensor designs that can be used in both the VHF and UHF frequency ranges. L Band transmitter-receivers that can pick up US and other stealth fighters that are designed for X Band are also included in their more recent jets.

Russia’s Su-57.

L Band is good enough to generally locate a threat, but it lacks the accuracy of X Band or anywhere near it. With modern computers, L Band sensors may have already evolved or can be teamed with ground radars and sensors, taking away some of stealth’s advantages.

For India, the two main threats are Pakistan and China. Pakistan’s Air Force is a mashup of old French Mirage fighters, Chinese fighters and around 75 F-16s. China has stealth aircraft with the J-20 operational and the J-36 under development.

The Chinese complain a lot about India buying either Russian or perhaps American weapons, but they don’t complain much about it.

The challenge for India is the cost of the F-35 compared to the Su-57, the very high demand for effective maintenance and training, and various problems the F-35 encounters operationally, especially aircraft availability.

Today ( and optimistically ), the F-35’s availability is around 51 % for the US Air Force. Because India’s aerospace industry is less developed, it almost certainly would be lower. Because India would purchase approximately 100 aircraft, it could never hope to field more than half of them, probably less.

Although there are so few Su-57s operating today, it is likely that the availability figures for the Su-57 will be significantly better than the F-35 in India. This is just guesswork as to how things will ultimately turn out.

It is obvious that keeping the Su-57 will be easier and less expensive than keeping it, especially if it is co-produced in India.

US President Donald Trump and Indian Prime Minister Narendra Modi sway in a hug.

India wants to have stronger ties to the US and have more access to US technology. Additionally, there are thousands of Indian engineers and technicians who want to work and train in the United States, as well as investments by Indian high-tech US companies.

Given that it could be cheaper to invest billions of rupees in the F-35, India is questioned about its willingness to do so.

Stephen Bryen is a former US deputy undersecretary of defense for policy and a special correspondent for Asia Times. This&nbsp, article, which originally appeared on his Substack newsletter&nbsp, Weapons and Strategy, is republished with permission.

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Exposing an Indian pharma firm fuelling West Africa’s opioid crisis

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BBC Eye Investigations

BBC World Service

BBC Vinod Sharma, wearing a hair net, on the left of the picture. The right-hand side of the image shows a graphic illustration of pills in green and white. BBC

A BBC Eye research has revealed that an American pharmaceutical company produces improperly high-intensity, very addicting opioids and exports them to West Africa, where they are causing a significant public health crisis in nations like Ghana, Nigeria, and CoteD’Ivoire.

Aveo Pharmaceuticals, based in Mumbai, makes a range of supplements that go under various brand labels and are packaged to appear like genuine treatments. But all contain the same dangerous combination of ingredients: fact, a prominent narcotic, and four, a body relax so addicting it’s banned in Europe.

This combination of medications has a worldwide ban on their use, and they can trigger seizures and breathing difficulties. An abuse can remove. Because they are so cheap and readily available, these opioids are common as street drugs in many East African countries, despite the risks.

The BBC World Service found bits of them, branded with the Aveo symbol, for sale on the roads of Ghanaian, Nigerian, and Ivoirian towns and cities.

The BBC eluded detection of the drugs after finding them at Aveo’s factory in India and posing as an American businessman looking to offer opioids to Nigeria. Using a concealed cameras, the BBC filmed one of Aveo’s managers, Vinod Sharma, showing off the same hazardous materials the BBC found for sale across West Africa.

The official claims in the quietly captured video that Sharma’s intention is to sell the pills to Nigerian teenagers who” all adore this product.” Sharma doesn’t recoil. ” OK”, he replies, before explaining that if people take two or three medications at once, they may “relax” and agrees they may get “high”. Towards the end of the meeting, Sharma says:” This is very dangerous for the health”, adding “nowadays, this is company”.

It is a company that is destroying the potential of millions of North African younger people and putting them at risk.

One of the city’s leaders, Alhassan Maham, has set up a voluntary process pressure of about 100 local residents whose goal is to assault drug dealers and remove these pills from the streets of Tamale, in northeastern Ghana, because so many young people are taking illegal opioids.

According to Maham,” the medicines consume the sobriety of those who abuse them, like a fire fires when oil is poured on it.” One Tamale addiction put it even more succinctly. The pharmaceuticals, he said, have “wasted our lives”.

Following a tip off about a drug deal, the BBC group launched a assault in one of Tamale’s poorest communities and followed the work force as they boarded motorcycles. A young man was passing by him and appeared to have taken these medications, according to visitors.

A young man sits on a ledge by a wall. He is slumped over so that his face cannot be seen.

When the seller was discovered, he was traveling with a plastic bag containing Tafrodol-labelled clean supplements. The boxes were stamped with the unique brand of Aveo Pharmaceuticals.

It’s not just in Tamale that Aveo’s medications are causing pain. The BBC found related products, made by Aveo, have been seized by authorities abroad in Ghana.

Additionally, we discovered proof that Aveo’s medications are for sale on the streets of Nigeria and Coted’Ivoire, where teenagers mix them with an adult energy drink to raise the great.

Publicly-available export data show that Aveo Pharmaceuticals, along with a sister company called Westfin International, is shipping millions of these tablets to Ghana and other West African countries.

Nigeria, with a population of 225 million people, provides the biggest market for these pills. According to the National Bureau of Statistics, it is estimated that about four million Nigerians use some form of opioid.

The Chairman of Nigeria’s Drug and Law Enforcement Agency ( NDLEA ), Brig Gen Mohammed Buba Marwa, told the BBC, opioids are “devastating our youths, our families, it’s in every community in Nigeria”.

Hands holding more than 30 blister packs of green and white capsules.

Nigerian authorities attempted to control the widely used opioid painkiller called tramadol in 2018 following a BBC Africa Eye investigation into the sale of opioids as street drugs.

The government slapped a strict cap on the maximum dosage and slowed down imports of illegal pills, as well as outlawing the sale of tramadol without a prescription. Indian authorities also enacted stricter export controls for tramadol at the same time.

Not long after this crackdown, Aveo Pharmaceuticals began to export a new pill based on tapentadol, an even stronger opioid, mixed with the muscle-relaxant carisoprodol.

Officials in West Africa are putting a stop to the opioid exporters who appear to be using these new combination pills as a substitute for tramadol and to fend off the crackdown.

There were almost ceiling-high cartons of the combination drugs stacked on top of each other in the Aveo factory. On his desk, Vinod Sharma laid out packet after packet of the tapentadol-carisoprodol cocktail pills that the company markets under a range of names including Tafrodol, the most popular, as well as TimaKing and Super Royal-225.

He told the BBC’s undercover team that “scientists” working in his factory could combine different drugs to “make a new product”.

Graphic with white and pink lettering saying: "Watch on iPlayer"

Watch India’s Opioid Kings from BBC Eye Investigations on iPlayer or, if you are outside the UK, watch on YouTube.

Even more dangerous is the new product from Aveo than the tramadol it replaced. Tapentadol “gives the effects of an opioid,” including very deep sleep, according to Dr. Lekhansh Shukla, assistant professor at the National Institute of Mental Health and Neuro Sciences in Bengaluru, India.

” It could be deep enough that people don’t breathe, and that leads to drug overdose”, he explained. ” And along with that, you are giving another agent, carisoprodol, which also gives very deep sleep, relaxation. It sounds like a very dangerous combination”.

Because it is addictive, carisoprodol has been banned in Europe. Although it is only for brief periods of up to three weeks, it is permitted to use in the US. Withdrawal symptoms include anxiety, insomnia, and hallucinations.

Piles of cardboard boxes and large packages wrapped in plastic stacked up to the ceiling inside a warehouse.

When mixed with tapentadol the withdrawal is even “more severe” compared to regular opioids, said Dr Shukla. ” It’s a fairly painful experience”.

He claimed that he was aware of no studies that evaluated the efficacy of this combination. Unlike tramadol, which is legal for use in limited doses, the tapentadol-carisoprodol cocktail “does not sound like a rational combination”, he said. This is not something that can be used under our laws.

Pharmaceutical companies in India are prohibited from producing and exporting unlicensed medications unless they comply with the laws of the importing nation. According to Ghana’s national Drug Enforcement Agency, this combination of tapentadol and carisoprodol is unlicensed and prohibited. Aveo ships Tafrodol and similar products there. By bringing Tafrodol to Ghana, Aveo is breaking Indian law.

We put these allegations to Vinod Sharma and Aveo Pharmaceuticals. They did not respond.

The CDSCO, the country’s drug regulator, informed us that the Indian government is committed to ensuring India has a responsible and effective pharmaceutical regulatory system.

Additionally, it stated that recent regulations are strictly enforced and that exports from India to other nations are closely monitored. Additionally, it urged importing nations to help India’s efforts by ensuring they had similarly strong regulatory frameworks.

The CDSCO stated that it has discussed the issue with other nations, including those in West Africa, and is working with them to stop wrongdoing. Any pharmaceutical companies found to be in breach of the regulator’s orders to immediately take action.

The back of a packet of Tafrodol - it is black with "Tafrodol caps 120 mg" written in white, and has an image that looks like an X-ray of a body.

Not just one Indian company produces and exports unlicensed opioids, but also Aveo is one. According to publicly available export data, other pharma companies may produce comparable products, and drugs with different branding are widely available throughout West Africa.

These manufacturers are putting a damper on India’s rapidly expanding pharmaceutical sector, which produces high-quality generic medications that millions of people depend on worldwide and produces vaccines that have saved millions of lives. The industry’s exports are worth at least$ 28bn ( £22bn ) a year.

The BBC’s undercover agent, whose identity must be kept secret for his safety, discusses his meeting with Sharma, saying:” Nigerian journalists have been reporting on this opioid crisis for more than 20 years but finally, I was face to face with one of the men at the root of Africa’s opioid crisis, one of the men who actually makes this product and ships it into our countries by the container load. He knew the harm it was doing but he didn’t seem to care … describing it simply as business”.

Back in Tamale, Ghana, the BBC team followed the local task force on one final raid that turned up even more of Aveo’s Tafrodol. In a nearby park that evening, they gathered to burn the illegal substances they had seized.

” We are burning it in an open glare for everybody to see”, said Zickay, one of the leaders, as the packets were doused in petrol and set ablaze,” so it sends a signal to the sellers and the suppliers: if they get you, they’ll burn your drugs”.

However, the” sellers and suppliers” at the top of this chain, thousands of miles away in India, were churning out millions more and becoming wealthy on the profits of misery even as the flames burned a few hundred packets of Tafrodol.

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What does Jack Ma’s return to the public spotlight mean?

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João de Silva

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CCTV Picture of Chinese President Xi Jinping shaking the hand of Alibaba founder Jack Ma.CCTV

After Alibaba leader Jack Ma was photographed at the occasion, a meeting between Chinese president Xi Jinping and some of the country’s top business leaders this week has fueled rumors and pleasure.

The personable and bright Mr Ma, who was one of China’s most prominent traders, had withdrawn from public career after criticising China’s financial market in 2020.

His arrival at Monday’s celebration has sparked a flood of conversation, with experts and researchers wondering what it means for him, China’s technology sector and the economy in public.

The answer has been largely positive- technology stocks, including those of Alibaba, rallied soon after the event.

On Thursday, the e-commerce large reported financial benefits that struck aspirations, with stock ending the trading day in New York more than 8 % higher. The company’s shares are up 60 % since the beginning of the year.

What do analysts think about Mr. Ma’s attendance at the event along with other well-known guests, including DeepSeek founder Liang Wenfeng?

Is Jack Ma’ rehabilitated’?

As soon as Chinese state media began to publish images of the event, analysts began looking for clues about the significance of the meeting.

” Jack Ma’s attendance, his seating in the front row, even though he did not speak, and his handshake with Xi are clear signs he has been rehabilitated”, China analyst Bill Bishop wrote.

Users praised Mr. Ma for his return to the public eye on social media, which was rife with praise.

” Congratulations]Jack ] Ma for the safe landing”, said one user on Chinese social media platform Weibo.

” The comeback of]Jack ] Ma is a shot in the arm to the current Chinese economy”, said another.

It is surprising that observers have given an appearance by Mr. Ma such a high priority.

Before his disappearance from public life in 2020- following comments at a financial conference that China’s state-owned banks had a “pawn-shop mentality”- Mr Ma was the poster boy for China’s tech industry.

Reuters Jack Ma, co-founder of Alibaba Group, at the Vivatech startups and innovation fair, in Paris in 2019. Reuters

An English teacher with no background in computing, Mr Ma co-founded Alibaba in his apartment more than two decades ago after convincing a group of friends to invest in his online marketplace.

He later became one of the richest men in China by founding one of the biggest tech conglomerates.

That was before his “pawn shop” comment, when he also lamented the “lack of innovation” in the country’s banks.

It led to the cancellation of his$ 34.5bn ( £27.4bn ) stock market flotation of Ant Group, his financial technology giant.

At the time, Beijing attempted to demonize a business that had grown too powerful and a leader who had grown too outspoken.

Analysts agree that the fact he’s back in the spotlight, at a symposium where Xi Jinping himself presided, is a very good sign for Mr Ma.

However, some caution is needed because his absence from the speakers may indicate that he has not fully reclaimed his exalted status.

Additionally, the lack of coverage his attendance in Chinese media outlets appears to indicate that he has not undergone a complete recovery.

Is the tech industry’s crackdown over?

Xi Jinping told participants at the symposium that their companies needed to innovate, grow and remain confident despite China’s economic challenges, which he described as “temporary” and “localised”.

He added that now is the ideal time for private businesses and private entrepreneurs to show their full potential.

This has been widely accepted as the government telling private tech companies that they are also back in good graces.

Mr Ma’s downfall had preceded a broader crackdown on China’s tech industry.

State control over significant digital assets was a much harder reality for businesses as a result of stricter data security and competition laws.

Other companies across the private sector, ranging from education to real estate, also ended up being targeted in what came to be known as the” common prosperity” campaign.

Some people thought the common prosperity policies were intended to rein in the billionaire owners of some of China’s biggest corporations, giving them more influence over how their businesses run and how their profits were distributed.

However, as Beijing implemented stringent new rules, billions of dollars were wiped from the value of some of these businesses, many of them tech firms, rattling international investors.

This, along with a worsening global economy that was affected by the pandemic as well as Russia’s invasion of Ukraine, has contributed to considerable changes in China’s economic situation.

Growth has slowed, jobs for the country’s youth have become more scarce and, amid a property sector downturn, people are not spending enough.

As rumours that Mr Ma would attend Monday’s meeting began to spread, so did a glimmer of hope. According to Richard Windsor, director of technology at Counterpoint, Mr. Ma’s presence would indicate that China’s leadership “had enough of stagnation and could be prepared to let the private sector have a much freer hand.”

In addition to Mr. Ma and Mr. Liang, prominent figures from the tech and industrial sectors included those from Huawei, the telecommunications and smartphone industry, BYD, and many others.

” The]guest ] list showcased the importance of internet/tech/AI/EV sectors given their representation of innovation and achievement”, said a note from market analysts at Citi.

” ]It ] likely indicates the importance of technology… and the contribution of private enterprises to the development and growth of China’s economy”.

Those present at the meeting appeared to share that impression. Lei Jun, the chief executive of consumer electronics giant Xiaomi, told state media that he senses the president’s” care and support” for businesses.

Is it because of US sanctions?

The symposium was held after the country experienced what some observers have called the arrival of DeepSeek’s disruptive R1 artificial intelligence ( AI ) model at the end of last month.

The Chinese-made AI chatbot rose quickly among the list of applications and quickly gained popularity worldwide. It also triggered a sudden sell-off of major US tech stocks, as fears mounted over America’s leadership in the sector.

Back in China, the app’s widespread success has sparked a wave of national pride that has quickly spread to the financial markets. Investment has been made into Chinese stocks, particularly those of tech companies listed in Hong Kong and mainland China.

Goldman Sachs, the world’s largest investment bank, has also changed its outlook on Chinese stocks, citing the potential for rapid AI adoption to increase companies ‘ revenues and entice up to$ 200 billion in investment.

The main difference between this innovation and DeepSeek’s was that it was forced to make an ingenious decision due to China’s ban on the export of advanced chips and technology.

Xinhua Picture of Chinese President Xi Jinping meeting with business leadersXinhua

Now, with Trump back in the White House and his fondness of trade tariffs, Mr Xi may have found it necessary to recalibrate his approach to China’s entrepreneurs.

Some analysts believe Monday’s meeting was a step backwards in an effort to steer investors and businesses away from Mr. Xi’s national priorities rather than a return to an era of unregulated growth.

The Chinese president has been placing a greater emphasis on policies that the government has referred to as “high-quality development” and “new productive forces.”

Such ideas have been used to reflect a switch from what were previously fast drivers of growth, such as property and infrastructure investment, towards high-end industries such as semiconductors, clean energy and AI.

The goal is to achieve” socialist modernisation” by 2035- higher living standards for everyone, and an economy driven by advanced manufacturing and less reliant on imports of foreign technology.

Mr. Xi is aware that in order to get there, he will need the private sector a to be fully involved.

An associate professor at the University of Technology Sydney, Marina Zhang, stated to the BBC,” JackMa’s ] reappearance suggests that Beijing is pivoting from crackdowns to controlled engagement” rather than the end of the tech sector scrutiny.

The private sector must align with national priorities, including self-reliance in key technologies and strategic industries, while the private sector is still a pillar of China’s economic ambitions.

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No friends, only foes in Trump’s trade war onslaught – Asia Times

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Tokyo – The chances of Donald Trump becoming more interested in business deals than business wars are rapidly waning. The US leader stated to reporters that a new trade agreement with China was “possible,” but there are still other important signs that Asia will experience. &nbsp, &nbsp,

The 10 % tariffs Trump imposed on China and the 25 % on aluminum and steel were sufficient economic drag. But the 25 % income Trump announced this week on trucks, chips and medicine, to become formalized on April 2, raises the stakes greatly for Asia’s view.

Newsrooms from Tokyo to Seoul to Bangkok are emitted with waves of stress. Managers at Toyota, Honda, Nissan, Hyundai, Kia and different manufacturers are now bracing for the worst-case situation.

In Thailand, known as the” Detroit of Asia” for its car-making skills, lords and government leaders everywhere are bracing for the way Trump 2.0 might destroy auto supply stores. &nbsp,

” Expected tariffs on cars pose a particular danger to Japan and South Korea”, says Dave Chia, an analyst at Moody’s Analytics.

Yoshimasa Hayashi, the head of Japan’s top cabinet, tells Tokyo to “respond appropriately by looking into the ( tariffs ) details when they are revealed and how they impact Japan.”

Hayashi insists that Toyota and various Chinese automakers must compete in the US. ” We have already raised the issue with the US state, given the importance of the car business”, Hayashi says.

But Southeast Asia is exceedingly in harm’s way, also. Newsrooms in Bangkok are unable to tell whether the market is in a good or bad shape, according to Kringkrai Thiennukul, the president of the Federation of Thai Industries. &nbsp,

Kriengkrai says,” we may advantage if automobile companies decide to travel or increase their production facilities in Southeast Asia, including Thailand, which is a big production base,” taking the view that” we may benefit from such a situation.”

But no one really knows how large, or how far, Trump will go with restrictions on exports into the world’s biggest market. There are very few indications that Trump will leave his” Tax Man” bay at home in the first month of Trump 2.0.

True, Trump’s business limits aren’t as harsh as he has threatened. The taxes on China so far are a far cry from 60 % or even 100 %. Though smaller than feared, in some regards, Trump is going more extensive with his income.

Trump’s most recent obsession with “reciprocal” tariffs indicates that basically every economically important one is now looking over its shoulder. Which, of course, may be the place. The math might be to accumulate preemptive concessions all over the world.

But with Trump using taxes first and then asking concerns later, it’s good to know if the optimists who believe it’s just a negotiating technique have mistaken.

According to analysts at Capital Economics,” Trump’s propensity to work first and discuss later makes it still seem probable that taxes may increase prices this year and that the Federal Reserve will be on maintain as a result.”

Chia points out that Asia is currently having trouble regaining some of its economic rise from the previous five years. “Economic parameters vary extensively across the place”, he says. Several economies can match the outstanding performance of the US when comparing GDP to its pre-pandemic path.

Output in the US, Chia information, “is about where it would have been, if hardly a little higher, had pre-pandemic development continued”.

GDP in China, the Asia-Pacific state’s development anchor, is about 1.2 % of its pre-pandemic pattern, but almost in line with the world average. India, trailing carefully, is about 2 % of its original craze, but is gaining ground, Chia says.

Established Asian economies — including Japan, South Korea, Taiwan, Singapore and Hong Kong— are about 3 % behind as failure in conventional manufacturing surpasses booming it imports.

However, the ASEAN cluster of markets is struggling, with GDP more than 5 % off its pattern, mirroring Western Europe’s battle with pandemic-era consequences.

For Asia, things may get even worse. Trump stated in explaining his plans for a trade war that taxes on semiconductor chips and medicine may begin at” 25 % or higher and will go very significantly higher over the course of a time.”

Trump’s auto-tax danger definitely comes with a keep-rivals-on-their-toes active, the White House has more consciously refused to identify which countries, sectors or parts it will be targeting.

Japan Inc, though, is wasting no time in assessing the collateral damage to come. According to research firm MarkLines in Tokyo, Trump’s tariffs could cost the country’s six major automakers roughly US$ 21 billion, making it even more difficult for those outside the top three to compete globally, such as Mazda and Subaru.

In 2024, imports made up 52 % of Mazda’s sales in the US and 44 % of Subaru’s versus 17 % for Nissan.

The only positive thing that Xi Jinping’s China has to say is that Trump appears to be more interested in criticizing US allies than his geopolitical rivals. After ruining 2025 for Ottawa and Mexico City, Trump is now focused on showing Brussels who’s boss.

For instance, Trump made an appearance to support Russian President Vladimir Putin in the election, even calling Volodymyr Zelensky a “dictator.”

” Despite Zelensky’s and European leaders ‘ best efforts to get on Trump’s good side, the US is no longer a reliable or a good-faith partner”, says Ian Bremmer, CEO at Eurasia Group.

If Vice President JD Vance’s speech at the Munich Security Conference debating European democracy had not made that clear enough, Bremmer writes that” US Treasury Secretary Scott Bessent’s attempt to shake down Zelensky for 50 % of Ukraine’s present and future mineral wealth revenues — not in exchange for future US support but as payment for past military aid disbursed under the Biden administration — should have.”

Bremmer points out that these terms account for a larger portion of the GDP of Ukraine than the reparations imposed on Germany by the Versailles Treaty of 1919.

Especially troubling, Bremmer says, is Trump’s effort to force a wartime election on Ukraine. Bremmer claims that doing this” to further the imperialist agenda” of Putin’s regime “is a stain on the United States and its role in the world” rather than” to advance American interests.”

All of this places the EU’s leaders in Berlin, Paris, and other locations in a very difficult position. Add in Trump’s vague tariff threats.

So far this year, Trump’s widening tariff blasts haven’t stopped European stock markets from rising.

” Markets are pricing in a deterioration in US-EU relations, a risk premium tied to Sunday’s German elections, and the potential for higher insurance costs as European nations seek to finance a sharp increase in defense spending”, says researcher Michael Brown at broker Pepperstone.

Analysts at Goldman Sach write that, if enacted, reciprocal tariffs front-run Trump’s most severe trade-war tools. The only positive aspect may be that, according to Goldman analysts, “it is also possible that a reciprocal tariff policy could incrementally reduce trade policy uncertainty once it is announced.”

Even before Trump’s tariffs, many of Europe’s biggest carmakers were facing intensifying headwinds, says Michael&nbsp, Dunne, CEO of auto industry advisory ZoZoGo.

” Privately, European automakers tell me they sense real danger – existential danger”.

Last year, Dunne says, Volkswagen delivered 1 million fewer cars in Europe than it did in 2019. ” Sales in China are collapsing”, he says. VW is shutting down its factories in Germany for the first time in recent memory.

Japan is also anticipating the worst. With each passing tariff threat, hopes that Shigeru Ishiba, the country’s prime minister, will “break” with Trump are thwarted.

Initial expectations were placed on Ishiba pulling off the kind of bond Shinzo Abe and Trump 1.0 created. Though it didn’t earn Japan many deliverables, Tokyo believes Abe shielded Japan from the trade war.

Japan is becoming aware that even the most unlikely scenario could have a devastating impact on the economy. In December, before he took office, Trump talked often about how he had contacts with Chinese leader Xi. ” We’ve had communication”, Trump said. He continued,” I had an agreement with President Xi, who I got along with very well.”

The deal concerned illegal drugs like fentanyl that might be coming from China. Ishiba worries that Trump’s true second-term objective is a “grand bargain” trade agreement with China, leaving Japan with no one else to watch from. So do executives at Toyota, Honda and Nissan.

According to Cody Acree, an analyst at Benchmark Co, the tariffs Trump has proposed would increase the average cost of cars and components from Mexico and Canada by$ 5,790.

Given its sheer volume of trade dollars, the complexity of the intertwined supply and manufacturing channel that has been developed over decades, and the sheer number of our companies that participate in support of this key consumer industry, Acree says,” we believe the auto sector is the most exposed to the risks of increased tariffs.”

Japan values the auto industry even more highly. Tokyo has no choice but to batten down the economic hatches and exploit the worst-case scenarios as Trump expands his tariffs plans to an industry crucial to Japan while keeping deflation in the rearview mirror.

Follow William Pesek on X at @WilliamPesek

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Former group CEO of Apollo Aquaculture charged with receiving bribe, using money to pay for condo

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The former Temasek-backed fish farm Apollo Aquaculture’s former group CEO was charged on Thursday ( 20 February ) with using a bribe to pay off a condominium unit. &nbsp,

Ng Woei Kiat, a 51-year-old Singaporean, was even a part of Apollo Aquaculture Group’s board of directors at the time of the alleged crimes in 2018. &nbsp,

Ng, who appeared in the State Courts, was handed one charge of obtaining a bribe of S$ 450, 000 ( US$ 336, 000 ) from Alan Koh Joon Seong, a director at two engineering companies, Alric Projects and Alric MEP Engineering. This crime is regulated by the Prevention of Corruption Act. &nbsp,

According to a joint press release from the Corrupt Practices Investigation Bureau ( CPIB ) and Singapore Police Force, the gratification allegedly given on August 24, 2018 was intended as an inducement so that Ng wouldn’t “disfavour” the Alric companies in their dealings with Apollo Aquaculture Group. &nbsp,

According to the release, Ng reportedly used the pay to finance a condominium unit’s limited down payment of S$ 471, 000.

The down payment was made for a condo system at 159 Wak Hassan Drive on Aug 27, 2018, according to Ng’s cost plate. This forms the second charge, which is under the&nbsp, Corruption, Drug Trafficking and Other Serious Crimes ( Confiscation of Benefits ) Act ( CDSA ). &nbsp,

For his reported position, Koh, a 51-year-old Singaporean, faces one equivalent command under the Prevention of Corruption Act for giving the reward. &nbsp,

Individually, Ng faces seven claims under the Companies Act for failing to consider his interest in related-party deals to Apollo Aquaculture’s board of directors. &nbsp,

Ng was underrepresented, but Koh was represented by attorney Shashi Nathan, who claimed he had been with his buyer throughout his CPIB research and that he was aware of the situation.

He requested an injunction to make statements to the prosecution and indicated that he might use for his client’s relocation to another country at a later time.

Both gentlemen indicated they would be claiming test, with Ng adding that he would be hiring a lawyer, despite the prosecution’s claim that it had a plea deal for them. &nbsp,

Both situations have been moved to March 13. &nbsp,

One of the five subsidiary companies of Apollo Aquaculture Group, one of which was billed as a high-tech gardening solution to address Singapore’s lack of space when it first started operating in 2021, is an eight-storey fish plantation in Lim Chu Kang. &nbsp,

Yet, the organization encountered financial difficulties, and in May of that year, an independent judicial director was appointed to oversee its affairs.

If convicted of fraud, each person may be fined up to S$ 100, 000, or jailed up to five years, or both.

If convicted under the CDSA, Ng may be fined up to S$ 500, 000, or jailed up to 10 years, or both. He faces a maximum sentence of 12 months in prison or a fine of up to S$ 5, 000 if found guilty of the command under the Organizations Act. &nbsp,

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China connects everything to DeepSeek in nationwide plan – Asia Times

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China now connects everything to DeepSeek, an artificial intelligence ( AI ) model that developed last month and gained notoriety, from chatbots and smart vehicles to government departments and schools.

Baidu, a Chinese search engine, announced that its robot Ernie Bot 4.9 type now integrates with DeepSeek-R1 to strengthen students ‘ problem-solving capacity. Students can upload a photo of a problem to the robot, which will respond with a detailed explanation. &nbsp,

The business added that from April, it will charge high-end customers just for some custom-made services and will allow specific users and SMEs to use Ernie’s simple functions for free.

According to some Chinese media reports, Baidu could get more information by giving up its closed-source type and connecting with other AI models, but doing so would also need it to rely on external systems and risk losing its profitability over the long run. &nbsp,

Google announced on February 16 that Weixin messaging software users can now search using DeepSeek. Tencent is reportedly considering integrating various items with DeepSeek, according to a company spokesman.

Earlier this month, the Shenzhen-based Huawei said its Huawei Cloud has connected with DeepSeek-R1. Chinese manufacturers BYD and Geely added that DeepSeek-R1 is compatible with their electric vehicles.

Gong Zheng, an engineer at the Institute of Technology and Standards, a research institute under the Ministry of Industry and Information Technology ( MIIT ), said that the technical advantages of leading IT companies “open the door to free AI services.” &nbsp,

Clean basic AI companies may turn into a data-sourcing route for businesses. These companies may form a ‘ finished company loop’ and provide value-added services and enterprise-level solutions”, he said, adding that China wants to develop the industry standards for the next generation of human-computer interaction technology. &nbsp,

A company employs a closed business loop, which actively collects customer feedback and analyzes it to improve its goods and services.

Despite many nations forbid their students from using AI tools to do their homework, many states, including Xinhua, promoted the benefits of allowing primary and secondary school students to use DeepSeek on Tuesday. &nbsp,

Xi’s call

At a symposium in Beijing on Monday, Chinese President Xi Jinping and corporate leaders met to discuss the rise of DeepSeek and related applications.

These company heads included Huawei Technologies ‘ Ren Zhengfei, Alibaba’s Jack Ma, Tencent’s Pony Ma, DeepSeek’s Liang Wenfeng and Unitree’s Wang Xingxing.

” In this new era, the development prospects of the private sector are broad and promising”, Xi said in a speech. ” It’s time for entrepreneurs and private companies to showcase their talents.”

” It is hoped that private firms and entrepreneurs will have the ambition to serve the country, be dedicated to development, abide by the law and do business well, promote common prosperity, and make new and greater contributions to promoting Chinese-style modernization”, he said.

Xi added that some of the difficulties and challenges currently faced by the private sector generally arise during China’s industrial upgrade, but they are partial, temporary, and resolvable.

The People’s Daily claimed that the central government values technological innovation based on DeepSeek and Unitree executives ‘ appearances at Xi’s symposium.

Before this, Chinese Premier Li Qiang had met some entrepreneurs, including Unitree’s Wang, at a symposium in Hangzhou on December 20, 2024. At China Central TV’s Spring Festival Gala on January 28, Unitree received applause for its dancing robots. &nbsp,

Li had also met other industrial experts, including DeepSeek’s Liang, at a symposium in Beijing on January 20, 2025.

The same day that DeepSeek launched DeepSeek-R1, which had surpassed ChatGPT to surpass it in popularity. 1 on the US free app download charts in a few days. Given that DeepSeek had developed its AI model at very low costs, US stocks significantly decreased on January 27 as investors worried that Nvidia and OpenAI might be overvalued.

The DeepSeek team claimed they used only 2, 000 Nvidia H800 chips to train its AI model.

However, no one really knows how many chips DeepSeek has used, nor who ultimately&nbsp, controls this company and offers it unlimited financial resources.

The 2030 goal

China’s State Council made its New Generation AI Development Plan public in July 2017 and pledged to make China a major AI innovation hub and a global leader in AI technology by 2030. &nbsp,

In February 2023, the Chinese Communist Party (CCP ) Central Committee and State Council&nbsp, published&nbsp, the Overall Layout Plan for the Development of a Digital China, calling for the integration of the nation’s digital and real economies. &nbsp,

Vice Premier Liu He at the time said that China should promote its semiconductor industry using a “whole nation” approach, allowing the government to use the resources of the country’s research institutions and businesses to fund technological advancements.

According to the plan, China will form a nationwide system by 2025 to achieve its” Digital China” goal.

The Guangzhou, Nanjing, Suzhou, Zhengzhou, and Hohhot city governments said their computing networks are connected to DeepSeek-R1. &nbsp,

In Shenzhen, the Futian district government said it created 70 AI” staff members” with DeepSeek to handle documents and assist its civil servants. &nbsp,

More and more government departments will try to integrate with AI tools, according to Hu Guoqing, head of the 6G and AI artificial intelligence research group and associate researcher at Peking University’s Shenzhen Research Institute.

Yong Jian contributes to the Asia Times. He is a Chinese journalist who specialises in Chinese technology, economy, and politics. &nbsp,

Read: Where DeepSeek, Qwen’s AI engineers really come from

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