BEIJING: Chinese internet giant Tencent announced on Wednesday ( Aug 14 ) an 82 per cent surge in second-quarter net profit, its biggest jump since late 2020, after a resurgence in its gaming business. Tencent is one of the most important players in China’s technology business, operating the country’s widespreadContinue Reading
TOKYO — As Fumio Kishida bows out of Asian leadership, let’s first supply with the roll on why.
No, Prime Minister Kishida is n’t falling on his weapon because of slush fund scandals. His Liberal Democratic Party members are about as uncommon as Tokyoites who consume fresh fish. After 1, 045 days in strength, Kishida’s struggling economy and failure to implement any significant reforms derailed.
Perhaps the premiership of a Group of Seven economy is n’t for you if your biggest improvement in 34 months is increasing the minimum wage to a whopping US$ 7 per hour.
Of course, Joe Biden did Kishida no privileges by stepping away. The strongest argument made by Kashida for winning the party’s leadership election in the upcoming month was her close connection with the US leader. Kamala Harris will now be considered debate as Biden is no longer the Democratic Party nomination.
But Kishida’s situation is its own financial sign with repercussions for shareholders rushing into Tokyo companies, Bank of Japan policies, Eastern geopolitics and US-Japan relations.
The tale driving waves of investment sliding Tokyo’s approach is a “booming” Japan. That epic changes over the last few years, led by former Prime Minister Shinzo Abe, whipped aging, inefficient, change-averse Japan Inc. into form.
In one method, this acquire has merit. It’s correct that Abe, Kishida’s leader, from 2012 to 2020 pressed companies to increase returns on investment and offer owners a louder tone. These actions, in addition to sharp drops in the renminbi, boosted corporate earnings and elevated the Nikkei Stock Average above its all-time highs from 1989.
Problem is, that’s very little all so-called” Abenomics” accomplished. Abe’s big talk of weakening labour markets, cutting government, supporting companies, empowering women and attracting top global expertise amounted to little.
Abe encouraged the main bank to open the pecuniary gates and removed the heavy lifting from the BOJ’s management in order to retool the market. However, a weaker yen even fueled a bull industry in confidence.
The japanese depreciation was prioritized over moves to boost competition in all three Asian governments that have been in power since late 2012. More drastic quantitative easing made politicians less and less subject to the force to stage playing fields. It took the burden off CEOs to develop, rebuild and jump for the railings.
That’s then backfiring on Kishida brilliantly. In many ways, he is footing the bill for the growing disconnect between what Abenomics promised and the situation Japan will face in 2024. The fact that compensation benefits are also trailing prices, generally speaking, amid a once-in-a-generation property bubble says it all.
The significant disparity between business pledges to raise wages and real gains is Kishida’s other issue. Earlier this year, labour unions were thought to possess scored a once-in-generation pay gain. The truth may end up being quite distinct.
” The’ shunto’ flower salary negotiations produced a three-decade report result, but real pay gains recorded across the economy have been disappointing”, says Stefan Angrick, top economist at , Moody’s Analytics.
What’s more, he adds, “industrial manufacturing stalled in the second quarter and wage increases have headroom, both of which move the healing further into the range”.
All this has given the BOJ a circumstance of rate-hiker’s shame. More tightening measures are currently off the table, as Governor Kazuo Ueda’s group has already indicated following the rate increase decision on July 31.
The social formation in Tokyo is largely unknow where all this will lead. The list of possible Kishida descendants includes: Digital Minister Taro Kono, past Defense Minister Shigeru , Ishiba, LDP Secretary-General Toshimitsu , Motegi, former Foreign Minister Yoshimasa Hayashi, past Environment Minister Shinjiro , Koizumi, and Economic Security Minister Sanae , Takaichi.
As of now, none of the above is a distinct front-runner. In reality, the LDP election process will have the most intense political competition in Japan in recent memory.
The problem, of course, is that none of the apparent applicants is known to be an economical reformer. Given that the LDP has essentially wasted the next 12 years, which provided a window into Japan’s future, that is problematic.
No modern Chinese leader had a blueprint for an economy that voters approved of, great endorsement ratings, and plenty of time to put it into action when Abe won the league for a second time in 2012 ( Abe held business for almost eight years ).
Then, Kishida is paying the price for LDP silence over the last 4, 249 time. Yes, Kishida is to blame for his low 20 approval rankings. He is also suffering from the combined effects of the ruling party’s failure to improve Japan’s economic standing.
Kishida is n’t without his win. A big one is raising defense spending to a record 7.95 trillion yen ( US$ 54 billion ), or close to 2 % of gross domestic product. If Donald Trump is to get another term in the White House, this success may be beneficial. Trump agitated for allies to increase military spending during his first name as US senator, which spanned 2017 to 2021.
Despite the economic mood that wages are falling, prices is still at its peak. Below, Kishida did himself some favors by slowing-walking techniques to revitalize the reform process.
This includes some of Kishida’s unique ideas. In October 2021, Kishida promised a “new neoliberalism” to destroy Japan Inc. and redistribute money toward the middle category.
Kishida furthermore proposed to open a way for the US$ 1.5 trillion Government Pension Investment Fund, the world’s largest for object, to finance a business bonanza. Along with tapping , GPIF, Kishida sought to woo foreign investment.
But little came of” Kishidanomics”. The reality as Kishida bows out is that wage gains are bigfooted. This is largely a side-effect of Abenomics, which shaved a third off the yen’s value.
In addition to facilitating complacency, it made Japan particularly vulnerable to import inflation given the rise in food and energy costs. Japan has been particularly hit by the effects of Covid-19, Russia’s invasion of Ukraine, and rising Middle Eastern tensions.
Japan has now experienced the inflation it has been attempting to produce for 25 years. But it’s the “bad” kind that depresses consumer confidence and business investment. This predicament tarnished Kishida’s economic legacy.
Political finance scandals are never helpful, of course. However, Kishida is losing the sword because of an economy that has n’t kept up the lofty goals of the last ten plus years. Promises that the LDP’s next leader will struggle to keep as the US economy struggles and China’s economy slows.
On Wednesday, Kishida said, without irony, that , “in order to fully emerge from a deflation-prone economy, we must accelerate wage and investment growth, and ensure we achieve our goal to expand Japan’s gross domestic product to 600 trillion yen ($ 4.10 trillion )”.
If only the LDP had done that, Japan might actually be booming. Additionally, it might not be required to elect its fourth prime minister in less than a year. Suffice to say, that to-be-named leader might be set up for economic success.
Follow William Pesek on X at @WilliamPesek
Two vessels colliding last month that were attempting to get through the crowded Strait of Malacca rekindle interest in other trading routes to link the world’s largest business centers
Thailand has taken the initiative by advancing the development of a “land bridge” that will connect the Andaman coast to the Gulf coast via a network of railroads, motorways, and interface infrastructure.
British growth organizations don’t miss the chance to invest in a job that threatens to stir up international trade and offer China a solution to the so-called” Malacca Dilemma,” the possibility that the US or Indian navies had obstruct or significantly sea China’s sea lines in a conflict scenario.
Beijing accepts Thailand’s offer to avoid this crucial network because it is possible that the United States or India would siege the Malacca Strait in the event of a conflict over Taiwan.
Consequently, two Chinese Communist Party representatives inspected the tower’s changing building websites in May this year. Beijing will have more influence over how much and what kind of goods will be transported through Bangkok because it already has access to various railroads and roads that run south into Thailand.
Washington is not out of the contest, yet. US ambassador to Thailand, Robert Godec, was briefed on the job last October during the beginning stages of its conception.
Soon after, important American businesses, including Amazon and Oracle, expressed interest. Before Chinese investors submit more aggressive offers, US development agencies will need to engage private companies in negotiations.
However, one of the factors that led Thailand to present the job in such a broad manner is due to its concern that Beijing might not be the most trustworthy expense partner.
Another Asian nations ‘ encounters with China’s Belt and Road Initiative were disastrous, including Sri Lanka and the Philippines. China has joined buyers from Japan and the United Arab Emirates in conducting preliminary research of the property gate.
There is still day for American development agencies to work with their personal business peers to take the lead in this program because the project’s initial phase of construction just starts in 2026.
The latest developments in the Malacca Strait highlight the crucial role that business will play in funding Bangkok’s property bridge.
A personal company known as Kuala Linggi International Port announced earlier this year the construction of a US$ 3.2 billion big port in Malaysia to give the nation more control over the flow of oil between the sea and the store, transfer, and exchange of goods. The initiative is primarily funded by China.
However, Malaysia, worried that it may be losing supremacy in the region, proposed another slot along the Malacca Strait in June. However, Singapore has already begun drilling for the 2040 Tuas Port, which will be the world’s largest automated connector upon completion.
To finance these ambitious opportunities, Malaysia and Singapore have been looking to outdoor donors from the private business and to innovative technologies, including artificial knowledge.
In other words, the similar pattern can be anticipated to exist in Thailand and other nations that attempt to avoid established trading centers. American firms should focus on the areas in which Washington has less effect more than overstretching their abilities.
Thus, US development agencies should prioritize Thailand more strategically than the Malacca Strait in the upcoming years.
India’s Andaman and Nicobar Islands have a major deal with the Strait of Malacca, and Washington’s extremely close partnership with New Delhi can ease some of the strain of keeping an eye on this route.
Also, Singapore’s Temasek Holdings, a government-owned funding company with stakes in switch providers, construction companies, and engineering services, recently shifted to a more watchful China approach as it steps up its activities in the Americas.
By no means should the United States ignore the Malacca Strait, through which incredible 40 % of global commerce flows.
Washington should instead acknowledge that its alliance system, particularly with India, China’s sluggish economy, and the attractiveness of American investments place it in a stable position in relation to the strait. This is not the case with the upcoming Thailand land bridge, where China has the advantage over its current railway system.
Therefore, private companies and American development organizations will need to collaborate, coordinate with their Western counterparts, and think about investing seriously in Thailand’s land bridge.
Washington’s top concern should n’t be about this, even though analysts are skeptical that the project will shorten shipping times as Thai officials claim. Washington will instead have the power to obstruct a Chinese” Malacca Dilemma” by becoming the land bridge’s primary financier.
A senior at Yale University studying history and global affairs is Axel de Vernou. At the Yorktown Institute, he works as a research assistant.
Maxis has partnered with Singtel to create Malaysia’s first all-in-one system for 5G network, top technology, sky, and services automation, built on Singtel’s Paragon for telco networks. The platform does create 5G-Advanced (5G-A ) and 5G technology, edge, and multi-cloud computing more visible to Malay businesses, accelerating modern transformation across different sectors such as manufacturing, transportation, healthcare, and public services.
The Ministry of Science, Technology, and Innovation ( MOSTI ) hosted the Malaysia Commercialization Year (MCY ) Summit 2024, a ceremony that formally established the partnership. At the Maxis booth, Goh Seow Eng, CEO of Maxis, and Manoj Prasanna Kumar, CTO of Singtel Digital InfraCo, signed a Memorandum of Understanding ( MoU).
Made available in Malaysia through Maxis ‘ business arm, Maxis Business, the system did help’ on-demand ‘ top computing services, providing customers with access to low-latency computing, GPU as a Service, and storage. With its multi-access edge computing ( MEC ) capabilities, data from end-users and devices can be processed at the edge. This, combined with Artificial Intelligence ( AI), provides real-time processing and intelligent decision-making.
With the click of a button, businesses can create network slices on-demand and deploy mission-critical 5G applications on MEC with the help of Paragon’s powerful marketplace, which Maxis customers and partners can access for both customers and partners.
Our collaboration addresses customer needs, according to Goh Seow Eng, by offering a unified 5G platform that makes orchestration simpler across network and cloud environments. The platform gives businesses greater access, speed, and flexibility to seamlessly deploy and manage 5G and cloud computing solutions. This will enable them to concentrate on their main line of business, boosting their standing on the global stage. We as the leading integrated telco in the nation anticipate accelerating the adoption of 5G-A and 5G and the digitalization of Malaysian businesses as the preferred digital business partner.
Meanwhile, Bill Chang, CEO of Singtel Digital InfraCo, said,” We’ve seen a strong shift in demand from enterprises for 5G and edge computing capabilities to accelerate their digital transformation. Singtel has been in the forefront of this development, creating various strategic alliances with telcos around the world, with Paragon playing a key role in this development.
He continued, adding that Paragon makes it easier for telcos to deliver and scale 5G use cases, and that the company is pleased to work with Maxis to expand and strengthen the service opportunities of 5G and edge monetisation in Malaysia.
The platform’s capabilities can benefit businesses through a wide range of enterprise applications across different verticals that require high-speed data processing, such as real-time analytics, mixed reality, and autonomous systems. To meet the cybersecurity and data sovereignty needs of Malaysian businesses, the platform will be hosted and deployed locally.
In four ASEAN markets, Paragon’s platform creation and power have now been successfully used. With Maxis bringing this capability exclusively to Malaysia, it will be simple for multinational corporations to operate with ease, with a shared goal, and with a unified architecture throughout the region. Given Malaysia’s upcoming ASEAN chairmanship in 2025, where the country will play a more active role in leading the regional bloc’s economic and digital aspirations, the move is appropriate.
This collaboration demonstrates Maxis ‘ commitment to bringing innovation to the market and enabling Industry 4.0 transformation through practical use cases. In addition to 5G and cloud-native solutions, this commitment includes leading the development of next-generation solutions in Malaysia around AI and Generative AI, the Internet of Things, and 5G-Advanced technology.
In fine health, the prisoner arrives in Bangkok and is shortly to travel back to Japan.
PUBLISHED: 14 Aug 2024 at 11: 08
A joint venture of Chinese retailer network Aeon Company in Myanmar has released an executive who was found guilty of breaking the country’s military-style rice pricing laws, according to political resources.
Hiroshi Kasamatsu, aged 53, the products section commander of Aeon Orange Co, arrived in Bangkok from Yangon the same day without any major health problems, they said.
He was convicted, sentenced to one time in jail and fined on Monday. People with knowledge of the situation said he was being freed, but it was n’t immediately understood, adding that he is expected to be back in Japan soon.
Kasamatsu was detained in Yangon on June 30 for questioning, and he was charged on July 11, 2024.
In the first instance in which a Chinese banker was found guilty in connection with business engagement since its defense staged a coup in February 2021, ousting its civil state, in the Southeast Asian nation.
According to the military, Kasamatsu was detained for selling corn at charges up to 70 % higher than the level mandated by authorities.
Local media reported that dozens of Myanmar sellers of various products, including gasoline and cooking fuel, were detained in May and June for breaking price restrictions, with many of them never already released.
In contrast to Western nations, Japan’s decision to not impose restrictions on the defense or associated individuals and groups since the revolution led to the arrest of a Japanese-affiliated business established in Myanmar.
Following the coup, popular demonstrations against the military government turned into a violent conflict between the coup and opposition forces, which included pro-democracy armed groups and ethnic minority separatists, ravaging Myanmar’s business.
The dictatorship even established a research transfer rate for the kyat, which has weakened tremendously since the revolution, and attempted to stabilise marketplaces by setting the prices of essential goods, including grain.
Some retailers are breaking the rules to minimize losses because of the lower official prices.
Creation Myanmar Group of Companies and Aeon Orange became independent businesses in 2016.
Xi Jinping, the president of China, is competing with much success to convert stock bears to bulls. However, China has the same issue with foolish joy pushing long-term yields very low in the bond industry.
Officials are now trying to control the third-largest federal loan market in the world. On Monday, prices tumbled as the People’s Bank of China ( PBOC ) intervened assertively in the market. It was the worst moment in 17 times for China’s 10-year government prospects, sending yields up 4 base points.
At the same time as Xi favors a stable-to-firmer trade price, bond prices have recently fallen. The issue with Xi and the PBOC is that bond bull claim that the rally is supported by basics like negative forces and slowing growth, and that it still has room to grow.
Beijing’s regulators have constantly aimed to increase the volume of immediate funding. When combined with bonds and stocks, it made up only 31 % of the cultural finance overall last month, with bank loans accounting for the rest.
In the US, by contrast, the number is more than 70 %. China’s Communist Party intends to sell more long-dated sovereign bonds in order to aid efforts to accelerate progress in its US$ 17 trillion market.
PBOC Governor Pan Gongsheng issued a warning about bubble problems as wobbly stock prices flooded into bonds and walls of money flowed from weak stocks in recent weeks.
In July, flows from Chinese securities “are largely explained by the lingering problems that investors see in the Foreign economy”, said Jonathan , Fortun, an analyst at the Institute of International Economics.
It’s not all that surprising that Asia’s largest economy is experiencing significant domestic funding withdrawals. China’s direct investment liabilities, a balance of payments barometer of incoming foreign investment, fell by$ 14.8 billion in the second quarter year , on year, only the second time the figure has turned negative, according to Bloomberg.
The first-half of 2024 saw a decrease of$ 5 billion, which would be the first net outflows since 1990. As a result of trade tensions between the US and Europe, China’s possess additional investment is declining while these diminishing capital flows are occurring.
All of this has resulted in Pan’s PBOC stepping up efforts to combat the friendship cows. The problem, though, is that the merchants testing Beijing are increasingly looking like so-called “bond police”, or activist investors who often take matters into their own hands.
Pan’s crew is about to discover what James Carville had warned the world about 30 years earlier. In 1994, Carville was a planner for US President Bill Clinton and is best known for his “it’s the economy, idiotic” phrase. That year, Carville made another popular study: that he’d like to be reincarnated as the , bond , business because” You you scare everybody”, he quipped.
The framework was balanced-budget conversations in Washington. Back then, tie investors were sensitive to the slightest tilt in Washington’s fiscal path. Carville’s reference to the influence of relationship vigilantes is now the issue for China as continent assets are being priced by traders.
A “hopeful flip” is starting to appear about what the PBOC is doing, according to Bill Bishop, who writes the Sinocism email. The goal may be to stress organizations to reduce their exposure before a more immediate fiscal stimulus package that would raise provides. However, the desire to invest in these bonds does not indicate assurance in the economy or the prospects for different asset classes.
Officials in China’s Jiangxi province advised commercial banks this week against paying back their government bond purchases. It’s daring to encourage institutions to rely on trades in a bid to lower risk.
The issue is that this could undermine Xi’s slow economic growth. Trust in Chinese bonds was decline even further if counterparties in relationship trades worry that further transactions might go wrong.
Very often in recent years, Xi’s authorities intervened in investment and foreign exchange trading, turning off international money managers. It’s not surprising that foreign transactions are dumping money into China’s economy in unprecedented amounts as a result.
Since April, the PBOC has frequently warned the business about price risks, according to Becky Liu, mind of Standard Chartered’s China macro strategy. ” This time, they want to take a strong enough message to the market, to greater recognize their’ comfort’ level of long-dated bonds, to minimize potential theoretical positions”.
Pan even cited the Silicon Valley Bank collapse in the US in early 2023 in a June press release. The concern is that Chinese regional banks may become alarmed by bond yield movements that are unpredictable.
The SVB in the United States has taught us that the central bank needs to monitor and evaluate the state of the financial market from a macro-prudential perspective, Pan said. ” At the moment, we must pay close attention to the maturity mismatch and interest rate risks that come with the large holdings of medium and long-term bonds by some non-bank entities.”
Entities in potential harm’s way include insurance companies, investment funds and other financial firms. That’s particularly the case as China flashes some Japan-like warning signs.
” The property woes are causing the weak credit demand.” In consequence, banks are forced to purchase more bonds because the interbank market is where money is trapped, according to Larry Hu, chief China economist for Macquarie Group.
Just as in the case of Japan in the 1990s, says Ken Cheung, currency strategist at Mizuho Securities, low government bond yields can do more harm than good to an economy.
At least four Chinese brokerages put new restrictions on domestic government bond trading earlier this week. One even went so far as to halt dealing with certain maturities. This likely makes the threat of additional intervention” the main factor driving yields higher”
For now, the financial equivalent of” the sword of Damocles is falling”, says Tan Yiming, analyst at Minsheng Securities. Tan points out that “while the scale of any selloff , in China , bonds may not be substantial in the medium and long term due to the fragile growth momentum in China, chasing duration returns in China does not seem appropriate in our opinion.”
But risks abound going forward. With this so-called “asset famine” environment where high-yielding assets are in short supply persisting,” the , bond , bull market remains alive”, Tan says.
The concern for Xi and Pan is that the yuan would fall if the Chinese yields dropped even further. That could increase the risk of default for large property developers as they struggle to make payments on offshore bonds. Before the November 5 presidential election, where China has been a punching bag for both parties on the campaign trail, it may enrage US politicians.
Of course, China is n’t alone in fretting about bond vigilantes. The Bank of Japan is tussling with traders in Tokyo, which causes the yen to rise more quickly than Tokyo wants.
Meanwhile, the US’s record-breaking national debt, which is up to$ 35 trillion at a time of severe political dysfunction, could stoke the appetite of speculators.  ,
The concern is that bond vigilantes will make a comeback in a troubled time rather than use deficit spending, according to analyst Tan Kai Xian of Gavekal Research. Geopolitical tensions and attempts to “waffear the dollar,” which are making non-US allies consider diversifying away from Treasuries, have increased this risk.
China’s difficulties would be less somber if its capital markets were prepared for the world’s prime time. To build trust among global investors, Team Xi must accelerate moves to improve liquidity.
It needs to develop new hedging tools, reform a sizable and opaque state sector, create a top-notch credit-rating system, and increase transparency to lessen risk and facilitate a more advantageous allocation of capital. These and other actions are essential to boosting the yuan’s reputation as a leading currency in trade and finance.
Some of China’s largest state banks recently received advice from regulators to gather more information about the owners of sovereign notes. The idea is to tighten the leash on speculators. Officers are meeting with financial institutions at the PBOC’s branch in Shanghai to discuss bond market risks.
According to Citigroup economist Xiangrong Yu,” the PBOC’s concerns about financial risks are valid.” ” Whether its moves are sufficient to lift the long-end yield appears uncertain”.
Fundamentals may at this point support the PBOC’s desire to see lower Chinese yields. According to Pictet Asset Management’s analysts,” the lack of low-volatility investment opportunities should make Chinese government bond investments attractive for many investors, especially at a time when the country’s stock market is still under pressure and the economy recovers only slowly.”
It implies that more than a lot of people think, authorities may have a harder time taming the market.  , Though heady demand for China’s government bonds dovetails with Beijing’s long-term agenda, it’s colliding with PBOC efforts to support the yuan.
Overall, the recent flattening of the yield curve has hampered Pan’s policy flexibility, which has fueled renewed rumors that more monetary easing is on the horizon. This explains why the PBOC’s tug-of-war with bond vigilantes is only just beginning, and why China wo n’t have a chance to win.
Follow William Pesek on X at @WilliamPesek
VentureTECH Sdn. Bhd. has announced a strategic investment of US$ 2.2 million ( RM10 million ) in SS Rover Sdn. Bhd., a leading underwater remotely operated vehicle ( ROVs ) solutions provider in Malaysia. In a joint statement, the parties , said, this agreement may accelerate the development and implementation of SS Rover’s cutting-edge teleoperated system and incorporated digital twin ship structure, transforming the underground operations landscape.
SS Rover is a homegrown tech firm specialising in engineered services, products, and mechanical solutions for the offshore oil and gas, electricity, telecommunication, and under legal infrastructure industries. With over 15 years of experience in underwater ROVs and robotic system training, the company has expanded its expertise to include TVET, MRO ( refurbishment ) and offshore field operations. Now, it stands at the vanguard of delivering state-of-the-art engineered solutions and mechanical solutions to its different customers.
VentureTEC H’s funding may be instrumental in fuelling SS Rover’s growth and innovation by supporting ROV equipment and system growth, working capital, and business development efforts. This strategic agreement will give SS Rover the ability to improve its teleoperated system, increase its capacity, and increase its operating efficiency. Also, the investment will support the development of the ground-breaking included digital mini fleet system, which has the potential to revolutionize underwater operations.
Ahmad Redzuan Sidek, CEO of VentureTECH said,” We are thrilled to help SS Rover’s creative technique to revolutionising underwater activities. Their experience and creative solutions are in line with our goal to promote technological advancement and advance Bumiputera businesses. We strongly believe that SS Rover’s advanced underwater mechanical solutions may include a profound effect on the offshore oil &, petrol, electricity, communications, and utilities industries, and we are excited to embark on this trip of growth up”.
Our investment may help SS Rover advance across the entire industry, as well as advance its technological prowess and expand its market presence. This partnership demonstrates VentureTEC H’s belief in SS Rover’s ability to create high-quality jobs while shaping the field’s future of underwater robotic solutions. It reflects our commitment to making purchases that benefit society. Ahmad Redzuan emphasised.
The advancements made by SS Rover in teleoperated techniques are major technological advances in marine ROV operations. These innovations are intended to improve marine operation’s effectiveness and reliability, decrease risks, and improve operating efficiency. Along the voyage, the development of the integrated digital twin ship program, shall in particular, let technology, enabling better decision-making and more effective ship management.
” We are thrilled to receive this funding from VentureTECH in order to make our cutting-edge teleoperated systems more widely used and advance our goal of providing clients with the most advanced robotic solutions. With VentureTEC H’s support, we are well-positioned to establish leadership in underwater ROV and pioneer significant advancements in the industry”. Syamsul Nizam Azmee, the founder and managing director of SS Rover, said.
This collaboration highlights the strength of Malaysia’s technology ecosystem and its potential to spur international innovation. Through advanced technology and environmentally sound practices, VentureTECH and SS Rover are on the verge of changing the future of underwater operations.
PUBLISHED: 14 Aug 2024 at 05: 37
A notice from city council pleading for the Transport Ministry’s plan to move Bangkok’s port out of the money to ease congestion and air pollution has been submitted.
Five council wrote the letter to the government, according to Deputy Transport Minister Manaporn Charoensri, on Tuesday.
The group, led by Kittipong Ruayfupan, Bangkok councillor for Thung Khru district, urged the Port Authority of Thailand ( PAT ) to expedite the plan as quickly as possible.
Mr. Kittipong suggested moving the port from the city center to a more conducive location to ease traffic congestion, especially during peak times, and that fine dust issues will likewise subside as a result.
” The property can be repurposed for additional helpful purposes, such as residential, commercial and retail locations, or new sights”, he said.
Ms Manaporn, deputy transport minister, said the Transport Ministry is ready to proceed and make the best possible use of the port area, considering the public benefit.
Prior to a Friday night hearing in the House, Bangkok MP Bhuntin Noumjerm inquired from deputy prime minister and energy minister Pirapan Salirathavibhaga about whether the Energy Ministry had considered moving oil depots in the Klong Toey and Yannawa districts and if there are any plans or guidelines for disaster prevention.
According to Mr. Pirapan, the potential effects on the pipeline transportation system and the residents in the new location must be carefully considered if the oil warehouses must be relocated to another area in accordance with PAT’s port development plan.
” This is because the oil depots and refinery facilities, including the oil transportation system network, have been established in the area for a long time”, he said.
Mr. Pirapan claimed that the private sector would be compensated for moving the oil depots.
He said the ministry would consult with local authorities and oil companies to determine safety standards and provide training in handling urgent or critical situations.
PUBLISHED: 14 Aug 2024 at 05: 21
The Department of Land Transport ( DLT) downed media reports that Chinese companies are increasingly monopolizing the domestic transportation industry by acquiring Thai transport companies, saying that even in a takeover, one business’s licenses cannot be transferred to another.
” More significantly, only Thai legitimate companies registered and headquartered in Thailand are eligible to hold the licensing”, the district’s statement continued.
The ministry said that at least 51 % of a corporation’s shareholders must be Thai for it to work legally.
Next week, the Ministry of Commerce and Finance may address the issue of Thai citizens being paid to carry shares in order to avoid breaking this law.
According to the DLT launch, they may work together to find better ways to manage these unusual businesses operating in disguise and prevent them from losing any ground to local Thai business owners.
Any country’s vehicles may be used in Thailand as long as they are legally imported and comply with another related requirements if they are used in the transportation industry, according to the office, which includes the numerous Chinese lorries that have been seen in Thailand.
At present, over 8, 400 vehicles produced in China are registered for use in the travel industry in Thailand, many of which were assembled by a Chinese car manufacturer with a manufacturing center in Thailand, said the division.
The DLT stated that in addition to all the Thai laws, it is committed to adhering to the Memorandum of Understanding ( MoU) signed in 2016 by the six countries of the Greater Mekong Subregion ( GMS ), including Thailand, regarding the Early Harvest Implementation of the Cross-Border Transport Facilitation Agreement ( CBTA ), which has been extended to December 31, 2026.
Additionally, the ministry claimed that Thai transportation companies gain from this arrangement.
11 Thai businesses have so far applied for a license to operate a total of 458 vehicles under this local agreement, and they now anticipate starting operation on September 1.
A resource in the personal customer transportation business reported on Saturday that many Chinese businesses were negotiating to buy more Thai passenger transportation companies.
These Chinese businesses are eager to enter a market where they see the introduction of more electric cars as just one of a number of steps that would bring the business back to revenue, according to the source, who said about half of the Thai companies have already shut down.
Former head of the peach firm and Thai companion are wanted in prison, according to Scandinavian prosecutors.
PUBLISHED: 13 Aug 2024 at 21: 43
In connection with the abuse of Thai employees, lawyers in Finland are demanding a maximum sentence of five years in prison for the previous head of a peach firm and his Thai business partner.
The Lapland District Court on Monday held its prosecution on 77 aggravated human smuggling matters, according to Scandinavian public broadcaster YLE. Jukka Kristo, the former CEO of Polarica, and his Thai business companion, Kalyakorn Phongpit, have denied all costs.
In 2022, a record number of 4, 000 workers arrived in Finland to work, according to the prosecution, the couple forced Thai cherry pickers to do so and other degrading conditions there.
Subpar lodging and occasionally lacked shower features were some of the degrading features. Generally, meals included raw liver, salmon heads, and boiled chicken legs.
When the farmers arrived in Finland, team members collected their passports and return flight tickets. Pickers complained about the circumstances to police, but they later told investigators that they were afraid of vengeance, according to YLE.
According to the trial, the Thai farmers ‘ contracts stated that they would be penalized if there were any shortfalls in cherry volumes. Many pickers ended up owing money to the peach firm despite working for several weeks.
The trial is asking for the forfeit of nearly one million euros in judicial proceeds from the two defendants in addition to prison time.
A top Finnish civil servant is set to go on trial in Helsinki for accepting bribes and performing standard tasks in a relevant situation.
Prosecutors allege that Olli Sorainen, a senior director at the Ministry of Economic Affairs and Employment, was conscious of Thai workers ‘ problems as early as the beginning of 2020.
Scandinavian officials, however, did not intervene in the peach businesses ‘ businesses nor prevent them from recruiting more workers from Thailand.
In Thailand, the Department of Special Investigation is also gathering information in a situation where it claimed that two former officials and various high-ranking leaders would face costs. They are accused of demanding 36 million Thai Baht from a career agent in exchange for granting Finland’s request for Thai staff.
Thailand halted workers from entering the country until the words with Helsinki were renegotiated due to the way the Thai workers were treated in Finland.
The two nations recently reached an agreement, and on August 2 the Ministry of Labour announced that 900 Thai laborers would be sent to Finland this year for the peach harvest time.
Phiphat Ratchakitprakarn, the secretary of labor, announced that he would attend Finland the following month to check on how the staff are being treated.
According to him,” This bilateral cooperation aims to ensure that the advantages, welfare, and protection of the employees are protected and to stimulate more workers to work there in the future.”