Huawei struggling to make enough chips for Mate70 – Asia Times

By:
On:
In: Asia

Huawei Technologies, a Shenzhen-based communications producer, is apparently struggling to secure adequate high-end cards for the next edition of its Mate70 premier smartphone, the latest outcome in the US-initiated device war on China. &nbsp,

According to The Information, Huawei and its local chip-making partner Semiconductor Manufacturing International Corp ( SMIC ), both sanctioned by the US, planned to produce 2.5 million chips before releasing the Mate70 for a September product launch, but the goal was met due to limited manufacturing capacity and productivity issues, The Information reported. &nbsp,

According to the Information Report, the” continuing influence of a four-year-old US restrictions on the source of chip manufacturing equipment to Huawei and SMIC” is the root cause of the missed goal.

Huawei would release the Mate70 smartphone in China on September 10, a moment after Apple Inc. unveiled the iPhone16 in the US on September 9. However, according to Chinese media, the Mate70 smartphone is then anticipated to be released in November. &nbsp,

Huawei properly still choose to showcase its Mate70 the following week, according to The Information, but only a select few phones will be made quickly available for purchase. &nbsp,

It stated that the company would allow users to pre-order and waited for delivery, a policy similar to the one used to build the Mate60 Pro in late August while US Commerce Secretary Gina Raimondo was in Beijing.

In September 2023, Raimondo, the prospect US national behind the device war, said she was “upset” by the release of Mate60 Pro, which is powered by 7nm Kirin 9000s bits and showed China had found alternatives on US high-end device restrictions.

She claimed at a hearing in the US House of Representatives that her team had no idea that China could produce 7nm cards at the range. Last October, she told the Senate that the launch of Mate60 Pro was “incredibly disturbing” .&nbsp,

If the Mate70 is actually launched in November, Raimondo might not have to deal with legislative scrutiny before the US national elections on November 5. &nbsp,

Chinese IT websites reported on Thursday ( September 5 ) that Huawei will unveil the world’s first triple-fold smartphone, known as Mate XT, at a marketing event on September 10. They said the long-awaited Mate70 or Mate70 RS will not be unveiled at the occasion. &nbsp,

Cailian Press, a Chinese economic media company, reported citing unnamed resources on August 28 that Huawei will release the Mate 70 in November. The smartphone may use a fresh Kirin computer and HarmonyOS NEXT, an Android operating system developed by Huawei without the use of Android code, according to the statement. &nbsp,

The Mate70 is anticipated to use a 7nm device known as Kirin 9100, according to popular belief. &nbsp,

A Guangdong-based IT columnist&nbsp, says&nbsp, there are several types of Kirin 9100, but even the lowest-end another has a performance relative to Qualcomm’s Android 8 Gen 1 computer. The blogger asserts that the Kirin 9100 can produce video smoothness comparable to that of the Snapdragon 8 Gen 2 and 3 chips.

Minimal production capacity

Since 2019, the US has asked ASML, the world’s largest chip equipment supplier based in the Netherlands, to stop shipping extreme-ultraviolet ( EUV) lithography machines to China. In a single exposure, EUV lithography can produce 2-3nm chips in various exposures, and 7nm chips can be produced in one.

A team led by Liang Mong-Song, managing director of SMIC and a former engineer at TSMC and Samsung, later successfully made 7nm chips using deep-ultraviolet ( DUV) lithography machines and multiple exposure techniques. &nbsp,

In June this year, The Data reported that Huawei had faced roadblocks in manufacturing its Ascend 910B, a 7nm device that is said to be equal to 80 % of Nvidia’s A100 in terms of AI-training performance. It said the situation was a result of the US Commerce Department’s device trade controls. &nbsp,

But, a calculation made by Asia Times using common figures&nbsp, showed&nbsp, that Huawei is also simply end its goal of making 400, 000 to 500, 000 Ascend 910B chips&nbsp, this time even if its supply is as low as 20 %. In case Huawei needs more capacity to make AI chips, it can reduce the production of HiSilicon’s Kirin chips.

Whether Huawei and SMIC have slowed the development of Kirin chips to accommodate Ascend 910B is still undetermined. &nbsp,

Despite a difference in yield, SMIC’s capabilities are only three years behind TSMC’s, based on the performance of the Chinese chips that were shipped, according to Hiroharu Shimizu, CEO of Tokyo-based TechanaLye, a semiconductor research company that disassembles and analyzes 100 electronic devices a year.

Shimizu told Nikkei in an interview last month that HiSilicon’s design capabilities have also improved, given that its 7nm chips perform comparable to TSMC’s 5nm products. &nbsp,

More chip export rules

The Dutch government has stopped granting ASML licenses to export to China its NXT: 2000i and subsequent DUV immersion systems since the start of this year. &nbsp,

The Dutch government announced on Friday that ASML will need to submit an application for export licenses with it rather than the US government for shipments of its vintage DUV immersion lithography machines, NXT: 1970i and 1980i, respectively. The new rule will become effective on September 7.

” I am making this decision for our security. When exporting this particular production equipment, we observe that technological advancements present greater safety risks. Dutch Foreign Trade Minister Reinette Klever stated in a statement released on Friday, particularly in the current geopolitical climate.

” The Netherlands has a unique and leading position. That comes with a responsibility that we must take seriously”, he said. &nbsp,

Klever noted that the expansion of the licensing requirement affects specific equipment that is only produced by a select few businesses in the Netherlands. The company licensing requirement “requires a small portion of the total product portfolio of the companies that fall under this scheme.”

The updated license requirement, according to ASML, is only a technical change intended to “harmonize the approach for issuing export licenses.” China may fall under this new rule, according to some media reports, adding that the Hague will evaluate export license applications “on a case-by-case basis.” &nbsp,

38 country coalition

On Thursday, the US Commerce Department’s Bureau of Industry and Security ( BIS ) announced new export controls on quantum computers, advanced chip-making equipment and Gate All-Around Field-Effect Transistor ( GAAFET ) technology that can be used to make chips for supercomputers.

The BIS stated in a press release that it has worked diligently to establish relationships with like-minded nations abroad and to form a 38-country coalition to improve the impact of export controls on degrading Russian military capabilities and its supporters, including Belarus and Iran. &nbsp,

China is not mentioned in the press release, but it appears that all curbs point to it. On Friday, Mao Ning, a representative of the Chinese Foreign Ministry, criticized the US for politicizing and stifling economic issues and stumbling upon global supply chains. &nbsp, &nbsp,

Read: China threatens chip war retaliation against Dutch, Japanese

Follow Jeff Pao on X: &nbsp, @jeffpao3

Continue Reading

China-Africa summit: President Xi Jinping pledges greener future

By:
On:
In: Asia
Reuters President Xi at the opening ceremony of the Focac summit - Thursday 5 September 2024Reuters

Pulling energy. That is what China also has in Africa.

China has forged a thick ground while the control of other countries on the continent is questioned- for example, France and the rest of the EU are being deposed by the Northeastern military juntas and pro-Western African governments regard Russia’s “offer” for mercenary-security with deep suspicion.

For the most recent China-Africa summit, known as the Forum on China-Africa Co-operation ( Focac ), delegations from more than 50 states from across the continent decided it was worthwhile to travel to Beijing this week.

Lots of officials turned up- as well as UN key António Guterres.

This was Bassirou Diomaye Faye’s first official meeting for the new Senegalese leader of state, who was pictured alongside Congo-Brazzaville strongman Denis Sassou-Nguesso in a family picture of rulers and their spouses.

China now appears to be a wonderfully trustworthy partner, ready to work without prejudice with both the supporters of Moscow and the civilian-ruled states that are closer to Europe and the US, for American governments that are resentful of the stress to take sides in global disputes.

Beijing truly bargains a lot in exchange for development assistance, particularly the development of large system, in order to fulfill its financial self-interest and need for natural raw materials.

AFP Construction workers work on a highway construction site near Abidjan, Ivory Coast - 4 September 2024AFP

It is frequently accused of making American nations accumulate too much debt, and it was initially slow to meet the global effort to ease some nations ‘ crippling debtors.

Even then, it refuses to give openly debt cancellations.

Problems that China resources too many skilled structure roles for its own employees, at the cost of training Africans, are widespread. The rising number of Chinese investors has sparked resentments among some of the country’s historically predominate industrial areas.

These are, however, problems for some American governments.

In a world where politics are extremely divided, they find Beijing’s non-partisan willingness to stay firmly engaged almost anywhere, without political restraints.

Of course, it is China’s construction of big-ticket transportation projects that attracts the most interest, which are often handled with caution by Western commercial investors and foreign development institutions.

The July 2023 coup in Niger has not dissuaded the Chinese from completing a 2, 000km ( 1, 200-mile ) pipeline to deliver the country’s growing oil output to an export terminal in Benin.

In Guinea, even under military rule, the China-based Winning Consortium is also advanced in the development of a 600km rail to the beach. This will be funded by Simandou’s largest iron ore deposit, which has been a source of contention for subsequent Guinean institutions.

And this week’s Focac summit brought a continuation of this strategy, with the announcement of a further 360bn yuan ($ 50.7bn, £36.6bn ) in funding, for the next three years.

But this time there is a difference, with a large conference focus on the natural energy transition, including funding in manufacturing in Africa, specifically electric cars.

For a continent that has infamously lagged far behind Asia in developing sophisticated industries, that is significant both in terms of practical and symbolic terms.

Getty Images The flags of Africa and China lined up down a red carpet at the Great Hall of the People - Wednesday 4 September 2024Getty Images

However, the summit also provided assurances of support for other types of green projects, with Mr. Xi stating that he was prepared to launch 30 clean energy projects and to work with others in the nuclear sector.

That last tidbit touches on a sore point for African commentators who are upset that France has for years mined uranium to supply its own nuclear power sector without making any recommendations for West Africa’s generation projects.

China is also active in the industry that mines uranium in Nigerien.

However, it remains to be seen whether the Chinese president’s promise will actually be more than warm words in the face of the enormously complex technical and security challenges facing the nuclear industry.

Additionally, the Focac summit swayed around some of the more contentious and contentious environmental issues, such as the frequently-cited claims that large Chinese vessels overfish and leave little to catch local artisanal boats.

Princess Dugba, Sierra Leone’s Fisheries Minister, chose to concentrate on praising the country’s government for the construction of a new fishing port.

Mr. Xi, in contrast, argued that his country and Africa together account for a third of the world’s population, perpetuating China’s self-presentation as a fellow member of the “global south.”

Getty Images China's President Xi Jinping and his wife Peng Liyuan get ready to pose for a group photo together with African leaders at the Focac summit in Beijing, China - 4 September 2024Getty Images

The summit also approved the Beijing Action Plan for 2025-2027 and the Beijing Declaration on” building a shared future in the new era.”

Mr. Xi called on Chinese contractors to go back to Africa now that the disruptive Covid-era restrictions have been removed, and he mentioned a tripling of infrastructure projects, the creation of one million jobs, and cooperation across a range of sectors.

However, it is not entirely clear what the promised 360 billion yuan in financing will actually amount to in terms of terms that are specific. It appears to be a bid to advance the Chinese currency’s international reputation.

The president said that 210bn yuan ($ 29.6bn ) would be provided through credit lines, while there would be 70bn yuan ($ 9.9bn ) in business investments.

He also made an announcement about$ 280 million in military and food aid, but this is a small sum for an entire continent, in contrast to the big-budget economic funding.

How the new funding is distributed is still to be seen, and whether it is managed in a way that does n’t lead to the return of some nations to unsustainable debt.

China’s efforts to advance the construction of infrastructure over the past 10-15 years were widely attributed for causing them to fall into debt, just two decades after they benefited from international debt-forgiveness schemes.

In 2016, the peak year,$ 30bn in Chinese lending to Africa was announced.

Projects were frequently funded by China Eximbank on terms that were typically kept secret, but they were almost certainly much more expensive than funding from institutions like the International Monetary Fund, the World Bank, and the African Development Bank, or the grant assistance provided by numerous Western government donors.

However, it is reasonable to assume that China’s approach was frequently willing to finance and build projects and accept levels of risk in circumstances where other partners were hesitant to invest or commit resources on the necessary scale.

And to some extent, a natural division of labour evolved, where China funded and built heavy infrastructure, while Western donors and the big development institutions financed the equally essential” soft” investments- in health and education, skills training, government systems, food security, rural resilience and so on.

Getty Images Chinese performers welcome African leaders at the Focac summit banquet in Beijing, China - Thursday 4 September 2024Getty Images

The G20 countries established the Common Framework to restore indebted countries to a sustainable path as the magnitude of the new financial pressures weighing on many nations became clear, especially in light of the pandemic-caused global economic slowdown.

China did participate in efforts to reduce the burdens of developing nations ‘ debt repayments. However, it was accused of not doing enough.

Now, several years on, this week’s Focac summit suggests the picture may be poised for a further evolution.

Beijing now wants to become a key partner for the continent in new hi-tech industry and green technology on a scale that many European and North American companies are unwilling or unable to consider. Two decades ago, China began to play a role in developing infrastructure that Africa’s traditional donors were unable to adequately fill.

While Western investment in Africa, particularly in sub-Saharan countries, continues to be dominated largely by mining, oil, gas and agriculture, and Russia focuses on security services for favoured regimes, Beijing talks of a broader economic vision.

However, the question is whether, beyond Mr Xi’s rhetoric, this will amount to a real diversification into new sectors such as green industry.

Will the conventional emphasis on big infrastructure continue to predominate despite a few niche, high-profile projects?

If the China-Africa relationship is about to undergo a significant change, it is not yet known.

Paul Melly works for Chatham House in London as a consultant for the Africa Programme.

You might also be interested in:

Getty Images/BBC A woman looking at her mobile phone and the graphic BBC News AfricaGetty Images/BBC
BBC Africa podcasts

Continue Reading

Thieves snatched his phone in London – he tracked it to China

By:
On:
In: Asia
Akara Etteh Akara EttehAkara Etteh

As he left Holborn tube station in central London earlier on a Saturday night in April, Akara Etteh was checking his phone.

Akara chased the hacker away, but they were caught on the back of an electric vehicle a moment after.

He is just one victim of an estimated 78,000 “snatch thefts” in England and Wales in the year to March, a big increase on the previous 12 months.

The police claim they are pursuing the criminals responsible but are unable to “arrest their way out of the problem” because this crime has a very small prosecutors rate. Additionally, they claim that companies and software companies have a bigger role to play.

Survivors of the violence have been reporting to the BBC about how much of an effect it has had on them, from losing precious photographs to having thousands of pounds stolen.

And for Akara, like many other people who have their telephone taken, there was another disappointment: he was able to record where his machine went, but was useless to get it again.

Phone beeps around London

When he arrived home an hour or so afterwards, he turned on the Find My iPhone have using his notebook, which prevented the thieves from gaining access to its contents.

This made it possible for Akara to track the rough location of his phone, and it almost instantly turned up a notification that said it was in Islington. Eight days later, the smartphone started pinging again in various places in and around north London.

In a move says he “would n’t recommend” with hindsight, he went to two of the locations his phone had been in to “look around”.

” It was really risky”, he said. ” I was fueled by frustration and excitement.”

A map showing the phone's locations popping up across London, before appearing in China.

He did n’t speak to anyone, but he felt he was being watched and went home.

” I am truly angry”, he said. ” The telephone is cheap. We work hard to earn that funds, to be able to buy the phone, and someone else says ‘ screw that ‘”.

Therefore, in May, only over a month after the theft, Akara checked Find My iPhone repeatedly- his prized possession was then on the other side of the world- in Shenzhen, China.

Akara gave up.

It is not uncommon for stolen phones to end up in Shenzhen – where if devices can’t be unlocked and used again, they are disassembled for parts.

The city is home to 17.6 million citizens and is a big tech hub, often referred to as China’s Silicon Valley.

Authorities could not assist

When Akara’s phone was stolen, he confronted officers in the street and explained what had happened. Soldiers, he said, were aware of criminals doing a “loop of the neighborhood” to seize devices, and he was encouraged to review the crime online, which he did.

The Metropolitan Police informed him via email that the case was closed because “it is doubtful that we will be able to identify those accountable” a few days later.

After that, Akara provided the images and details he had gathered from the places where his stolen mobile had been. The police gave an acknowledgement of receipt but did n’t take any further steps.

The Metropolitan Police, which had no comment on Akara’s particular case, said it was “targeting solutions to destination areas, such as Westminster, Lambeth, and Newham, with increased inspections and plain attire soldiers, which deter thieves and create soldiers more clearly visible to members of the community.”

Allow TikTok content?

This article contains content provided by TikTok. We ask for your permission before anything is loaded, as they may be using cookies and other technologies. You may want to read  and  before accepting. To view this content choose ‘accept and continue’.

Lost photos of mum

Numerous other people have contacted the BBC about their experiences with having their phones taken. One, James O’Sullivan, 44, from Surrey, says he lost more than £25, 000 when thieves used his stolen device’s Apple Pay service.

Meanwhile, Katie Ashworth, from Newcastle, explained her phone was snatched in a park along with her watch, and a debit card in the phone case.

The 36-year-old claims that the phone had the last photos I had of my mother walking before she became too ill to actually do anything.” I would do anything to get those photos back,” she said.

Again, she says, there was a lack of action from the police.

” Despite my bank transactions showing exactly where the thieves went, the police never even followed it up with me,” she said.

” The police just instructed me to check local used shops like Cex and Facebook Marketplace,” the police said.

‘ Battle against the clock’ for police

So why do the police seem to be unable to stop this crime or recover lost items?

Only “quite a low number” of stolen phones are actually recovered, according to PC Mat Evans, who has led a team working on this kind of crime for West Midlands Police for more than ten years.

He claims that the issue is with how quickly criminals move.

Within a few hours, he promised, “phones will be offloaded to known fences.”

People should always report these things to the police because we ca n’t look into these crimes if we do n’t know that they are occurring, so it’s always a battle against the clock immediately.

And sometimes just one arrest can make a difference.

” When we do catch these criminals, either in the act or after the fact, our crime rates tank”, he said.

” Quite frequently that individual has been the perpetrator of a significant amount of crime.”

But the problem is not just about policing.

In a statement, Commander Richard Smith from the National Police Chiefs ‘ Council, which brings together senior officers to help develop policing strategy, said it would” continue to target” the most prolific criminals.

” We know that we cannot arrest our way out of this problem”, he said.

” Manufacturers and the tech industry have an important role in reducing the opportunities for criminals to profit from the resale of stolen handsets.”

Tracking and disabling

PC Mat Evans PC Mat EvansPC Mat Evans

Stolen phones can already be tracked and their data can be recovered using Android’s” Find My iPhone” and” Find My Device” services.

However, Dame Diana Johnson, the policing minister, claimed this week that the government wanted manufacturers to make sure any stolen phone could be permanently disabled to stop it from being sold second-hand.

Additionally, police chiefs will be given the task of obtaining more information about where and how stolen phones are found.

A growing demand for second-hand phones, both in the UK and abroad, is believed to be a major driver behind the recent rise in thefts, the government said.

A summit will be held by the Home Office where tech companies and phone manufacturers will be asked to discuss innovations that might stop illegal phone trade.

There was” no magic bullet,” according to PC Evans, but he claimed there was one thing manufacturers could do that would be “enormously helpful” to the police: provide more accurate tracking.

” At this moment in time, phone tracking is okay”, he said.

” But it’s not quite that scene in Total Recall where you can run around with a tracking device in your hand and sprint down the road after a brief bleep dot.”

Although it’s a big ask from the phone companies to make that a thing, it would be incredibly helpful from a policing perspective.

Samsung said it was “working closely with key stakeholders and authorities on the issue of mobile phone theft and related crimes” despite Apple and Android not releasing a statement to the BBC.

Additional reporting by Tom Singleton

More on this story

Continue Reading

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

By:
On:
In: Technology

Standfirst: MDEC’s FOX initiative builds adaptable firms with strong elements

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

Gerardo Salandra and Georg Chmiel have many similarities, most notably their involvement in the Malaysian Digital Economy Corporation’s ( MDEC ) Founders Centre of Excellence ( FOX ), a multifaceted initiative designed to promote the development of high-potential Malaysian tech companies.

The national strategic initiative of Malaysia Digital ( MD), which aims to promote and grow domestic tech companies to become unicorns by 2025, is a part of the FOX program. The Squirrel program assists these organizations by fostering a robust support system and providing targeted resources, as well as strengthening their business basics and proper capabilities.

Both Georg and Gerardo are Malaysian-born foreigners who are launching international firms in a quick manner. Despite being offered relocations by other nations, they decided to stay because they believed Malaysia offers everything they need to develop their startups, even before the Squirrel program was introduced in March 2023.

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

I met some MDEC people at a conference and learned about their amazing service, the Malaysian Tech Entrepreneurs Pass ( MTEP), which allowed me to obtain a five-year work visa for myself. I mean, five times? Nothing gives you a five-year immigration. That is enough time for me to develop a business”, he said. &nbsp, &nbsp, &nbsp,

In contrast to Gerardo, Georg was now well-versed in Malaysia when he assumed the position of Group Managing Director of iProperty in the middle of 2010. Georg is now aiming to build his subsequent home tech success as co-founder and executive president of Juwai IQI Holdings after successfully witnessing the price of iProperty to Australia’s REA Group, where he previously served as CFO.

Georg has seen a lot of government programs designed to promote business growth, but also he is impressed by the FOX program despite having over 25 years of experience in actual estate across Australia, Asia, and now Malaysia. ” To placed it clearly, this is like joining a top concierge service. Simply ask a topic and you get pointed in the right direction”, he says.

Juwai IQI's senior leadership team together with MDEC representatives at the recent launch of Juwai IQI’s global headquarters

Besides the concierge-like services that he feels is a striking feature of MDEC’s FOX program, Georg, who does a good bit of exploring, has noticed anything interesting about the effects of the programme.

When I say we were chosen to be a part of the program and explain how it works, he says, “people see us diversely.” The development of the FOX program, which aims to aid in the growth of its businesses, demonstrates Malaysia’s desire to contribute more to the world’s modern economy. ” This opportunities Malaysia as an impressive state, in the eye of outside shareholders. And that gains us”, he explains. &nbsp,

That perception shift that Respond .’s testimonials demonstrate. Malaysia’s reputation is improved by Juwai IQI and Juwai IQ. However, MDEC’s work via the FOX program has assisted high-growth businesses to expand into global companies, and possibly unicorns. More businesses outside Malaysia may acquire Malaysia as their base to expand into global businesses as a result of the businesses ‘ decision to stay there after they achieve great success.

If the passionate comments from Georg and Gerardo is any indication, the FOX project, in this early stage, seems to be pressing all the right keys for its businesses.

It appears that the program thoroughly selects the businesses it needs to be assisting most. It continues to expand its reach, overcoming first failures with a lot of messages and information until it managed to grab Gerardo’s attention and convince him to sign up for the program.

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

With some very proper partnerships with international outfits, MDEC appears to have captured the attention of founders and their top leadership teams, making this a fact that the Squirrel program has integrated. &nbsp,

One of these engagements, with Ernst &amp, Young Malaysia ( EY Malaysia ), even changed Gerardo’s perception of consultants. You have a tendency to think that professionals are pricey and unable to deal with business challenges, so I would never have paid for them.

However, Gerardo and his management staff have come to appreciate the value of consultants because of his work with EY and the EY 7 Motorists of Growth Framework dynamic research conducted. ” And today, we do pay for consultants” .&nbsp, &nbsp,

Being connected to members who have effectively built B2B SaaS businesses like his was an even greater benefit of Gerardo’s subjection to his FOX program. This face it, not many people in Malaysia or the surrounding area may pertain to the difficulty of expanding a B2B company like me. Who may I call to make a enable request?

Gerardo has greatly benefitted from MDEC’s tie-up with Initiative via the Malay office in this regard. He was connected to the C-suite executive of a B2B SaaS business with a European address thanks to the Squirrel program. In order to pursue his goal of entering the Middle East market himself, he also had the opportunity to speak with the leader of a significant Middle Eastern company. Gerardo himself is currently pursuing joining Endeavor Malaysia despite having meetings that are ongoing and how valuable they were.

The Squirrel program strengthens Malaysia’s position to expand internationally and lead technical innovation by fostering strategic partnerships and constant outreach.

For more information on MDEC and its schemes, choose visit www. mdec.com. my

Continue Reading

Vietnam death row tycoon faces new multibillion-dollar fraud charges

By:
On:
In: Asia

A Vietnamese property tycoon who was sentenced to death in a US$ 27 billion fraud case will face a second trial this month, according to state media on Friday ( Sep 6 ).

In one of the biggest problem instances in history, Truong My Lan, head of the main creator Van Thinh Tubby, was found guilty in April of swindling money from Saigon Commercial Bank (SCB) over the course of more than a decade.

According to the state’s constitutional paper, Lan and 33 accomplices will then stand trial for one-month charges of fraud, “money fraud, and improper cross-border prostitution of cash” starting on September 19 in Ho Chi Minh City.

Around 36, 000 people were affected by the situation, the report said.

According to the report, Lan and her collaborators allegedly stole around US$ 18 billion from SCB between earlier 2018 and October 2022 by issuing bonds and stealing their assets.

To get the cash, Lan, 67, ordered an accomplice to withdraw cash and move it out of SCB’s method.

She finally concealed the cash’s sources and used it to settle business debts or exported the funds abroad for fictitious contracts, according to the document.

Continue Reading

World’s second-tallest building Merdeka 118 tests Malaysia’s appetite for skyscrapers, property market

By:
On:
In: Asia

It’s” a collapse of industrial design”, said Mustapha.

Kuala Lumpur’s soaring people fuelled more high-rise design, but demand for homes, in particular, came from ethnic Chinese Malaysians for whom real house is a favoured store of money, said Cha-Ly Koh, chairman of home data firm UrbanMetry. Some people became more convinced of that thought after years of rising prices, which helped them purchase more properties. One in five houses in Malaysia were empty as of 2020, according to survey data, and many of them now lay bare.

Prices have generally remained flat in recent years, and apartment owners who cannot sell their properties are now facing underwater debts. And still, new houses keep coming up.

Ferlito remarked of the ongoing development despite the declining returns from real estate,” It’s a mystery even to me.” &nbsp,

In the commercial field— where one-third of office space is&nbsp, empty&nbsp, — there also are n’t enough tenants to complete the offer, said Siva Shanker, CEO of land organization at home firm Rahim &amp, Co. As such, the market largely consists of companies shuffling between buildings, he added.

In Merdeka 118, PNB does itself occupy a significant part of the 118 surfaces. It’s even signed up the region’s biggest supplier Malayan Banking Bhd —&nbsp, which counts state-linked money as some of its largest owners —&nbsp, as an outlet client. PNB agreed to pay a decade’s worth of upkeep of the company’s existing offices, among other fees, as part of the relocation&nbsp, offer. &nbsp,

For the remaining 30 % of its business room, PNB said it is looking for residents. Additionally, Meridian 118 may have a resort and an assessment board, as well as a luxurious store. According to PNB,” Merdeka 118 is aimed at enhancing resilience, pedestrians, and supporting regional economic activity” in a speech.

Continue Reading

The potential impact of China’s latest US billion pledge to Africa

By:
On:
In: Asia

The largest sum that China has designated for this purpose at the mountain was$ 140 million in military assistance, which Xi pledged to provide.

Noting that China’s support includes instruction and markets for military and law enforcement officers, as well as more security-related imports to Africa, Gill said this would raise China’s security-related footprints. &nbsp,

It moves past Beijing’s classic focus on growth, he said.

” We’re seeing an increase in its attention to grow security-related activities and assistance with American countries”, he added.

” That’s something new, and it’s definitely worth watching”.

Does AFRICA Advantage?

While Xi made wide-ranging pledges to Africa, it will be up to Chinese companies to make the purchase decisions, Gill said. He added that three decades is a short time to observe the results of such assets.

If the assets are realised, while, they will be a “huge move ahead” for advancing some of the requirements in Africa, he said.

He did point out that lending by China does not comply with regulations governing environmental protection, workplace security, and good governance that are usually included with loans from various organizations like the World Bank.

Continue Reading

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

By:
On:
In: Asia

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

How this conflict impacts the place as a whole

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

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

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

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

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

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

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

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

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

Continue Reading

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

By:
On:
In: Asia
Mark Douet Ins Choi performing in Kim's Convenience, holding up a business cardMark Douet

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

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

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

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

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

A community play

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Offensive voices?

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

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

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

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

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

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

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

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

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

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

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

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

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

My family is exactly like yours.

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

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

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

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

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

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

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

Continue Reading