China: Xi Jinping tackles slow growth as economy ‘hits the brakes’

By:
On:
In: Asia

China’s economy stumbled in the second quarter, standard data reveals, just as the country’s best leaders gathered for a important meeting to solve its slow progress.

It grew 4.7% in the three months to June, falling short of expectations after a stronger start in the first three months of 2024. The government’s annual growth target is around 5%.

” China’s market hit the brake in the June fourth”, said Heron Lim at Moody’s Analytics, adding that experts are hoping for answers from the conference under way in Beijing, even called the Third Plenum.

The country’s second-largest business is facing a prolonged residence problems, rough local government debt, poor consumption and high unemployment.

In China, the outcome of the Plenum has influenced the course of history. Deng Xiaoping first opened China’s industry to the world in 1978, and Xi Jinping made hints in 2013 about loosening the contentious one-child plan.

And so there are objectives of this year’s Plenum, where President Xi Jinping is presiding over a closed-door meeting of 370-plus high-ranking Chinese Communist Party people.

The language on state-controlled multimedia has undoubtedly been encouraging.

An editor in The Global Times said a “wide collection of reform-focused safeguards” are “high on the plan” and may usher in a “new book”. Xinhua referred to” complete” and “unprecedented” measures. A “new age of transformation and beginning up” was the subject of the People’s Regular newspaper, which Deng famously coined in 1978.

Spectators, however, are unaware of how much room there is for striking suggestions or controversy in the Party under Mr Xi’s heavily-centralised management. Some people view the appointment as merely a rubber-stamping exercise for already-made choices.

The appointment may provide a quick fix, according to economists, who are also skeptical.

It has “little effect on near-term growth”, says Qian Wang, Asia Pacific chief analyst at Vanguard, because its target will be on longer-term and more important measures to “unleash the long-term development potential”.

However, experts will become watching for disclosures that signal the Party’s financial priorities.

Separate data from Monday showed that June’s fresh home prices dropped at the fastest rate in nine times.

This provides more information of the global property issue that has decimated China’s housing sector and caused the bankruptcy of eminently successful companies like Evergrande. There’s a chance that it could spread to different sectors of the economy.

” There are more than 4, 000 businesses in China and over 90 % are smaller, regional institutions which are very exposed to the housing market and local authorities bill”, says Shanghai-based analyst Dan Wang.

She thinks that group leaders will “push for the consolidation of little banks.”

Another problem is falling pricing, which is a sign of weak demand. Retail sales increased by only 2 % in June, which is below expectations and a sign that consumers are still cautious about spending and uncertain about the future.

” A major problem is the loss of family, firm, and investor confidence in the government’s ability to navigate the deadly financial environment”, said Eswar Prasad, former head of the International Monetary Fund’s China division.

Questions remain about Beijing’s willingness to offer the kind of solution that would appeal to both observers and the markets.

” The government is reluctant to turn to short-term stimulus plans such as cash transfer to families”, Dan Wang said. Instead, we anticipate that they will focus on strengthening supply chains and high technology once more.

That is in line with Beijing’s bets on high-tech industries such as renewable energy, AI and chip-making, and exports to revive the economy. Last month, China reported a record trade surplus-$ 99bn ( £76.4bn )- as exports soared and imports struggled.

But even that wager has challenging odds. Important trading partners like the United States and the European Union have imposed tariffs and other restrictions on everything from EVs to cutting-edge chips made in China.

Continue Reading

Teesta River Project: Should Bangladesh self-fund? – Asia Times

By:
On:
In: Asia

The Teesta River, a vital lake in northeastern Bangladesh, has long been a crutch for crops, livelihoods and wildlife in the region. However, a pressing need for a comprehensive control and restoration project has been exacerbated by seasonal variations, such as extreme flooding during downpours and severe water shortages during dry spells.

Bangladesh is faced with a difficult choice as the Teesta River Project discussions get more serious: If the nation rely on foreign investments from China and India, or should it following the self-reliant way it properly charted with the Padma Bridge and fund the project internally?

Drawing instructions from the Padma Bridge knowledge, this article examines the possible benefits and drawbacks of funding the Teesta River Project on its own.

Possible advantages from self-funding

Bangladesh’s resolve and endurance are demonstrated by its decision to use its resources to finance the Padma Bridge following the World Bank’s removal. The Padma Bridge, then nearing completion, is set to be a game-changer for the government’s system, enhancing communication and boosting economic growth. This victory has sparked a sense of satisfaction among Bangladeshis and demonstrated its ability to carry out large-scale infrastructure projects separately.

First of all, funding the Teesta River Project internally would give Bangladesh complete control over the site’s planning, execution, and supervision. This freedom ensures that the project is free of external influences that may come with foreign investments and that it is in line with national priorities and interests. Financial independence also allows for greater flexibility in decision-making and project implementation, which can be essential for addressing regional needs effectively.

Next, self-funding for the Teesta River Project can have a significant impact on the local market. The construction and maintenance phases of the project would make several tasks for local professionals, workmen and companies, providing a much-needed monetary stimulus. Additionally, using local resources and contractors may promote local industries ‘ progress, from the design to the technology sectors, creating a multiplier effect that benefits the economy as a whole.

Third, undertaking a large-scale project like the Teesta River Project domestically can enhance the skills and expertise of local professionals, contributing to human resource development. Additionally, it provides a chance to strengthen local authorities and governance structures involved in project management and implementation. This capacity building is essential to the long-term viability and success of similar projects in the future.

Finally, self-funding can streamline project approval and implementation processes, reducing delays often associated with international funding and bureaucratic procedures. Additionally, having complete control over the project enables Bangladesh to change quickly and make informed decisions, keeping the project on track and meeting local needs.

Challenges of self-funding

The Teesta River Project’s financial constraints could have an impact on the national budget, one of its biggest challenges. Large-scale infrastructure projects require substantial investment, which could divert funds from other essential sectors such as health, education and social services. To balance these competing demands, careful planning and effective resource allocation are necessary.

The national debt burden could grow if the government decides to finance the project with domestic bonds or loans. Managing this debt responsibly is crucial to avoid long-term economic repercussions. It will be necessary to follow transparent and prudent financial management principles to prevent the project from compromising the nation’s fiscal stability.

Large-scale infrastructure projects call for a lot of technical and managerial expertise. It’s crucial to make sure local teams have the necessary abilities to handle complex projects, including those involving engineering and environmental management. Investing in capacity building and requesting technical assistance from international experts where necessary can help alleviate this issue.

Domestic funding involves financial risks, including inflation, currency devaluation, and economic downturns, which can impact the project’s feasibility and cost. Political unrest and policy adjustments also present a risk to the success and stability of the project. Robust risk management strategies, including contingency planning and strong governance mechanisms, are essential to address these challenges effectively.

India and China have both expressed interest in investing in the Teesta River Project, reflecting the region’s geopolitical significance. While foreign investments can bring in much-needed capital and technical expertise, they often come with strings attached. It is crucial to balance these concerns with national sovereignty. Bangladesh must carefully negotiate any foreign involvement to ensure that the project’s economic or political autonomy is maintained in line with its national interests.

Charting a path forward

The Teesta River Project’s funding domestically or through foreign investments has a number of complicated implications for Bangladesh’s future. The success of the Padma Bridge provides a strong case for self-funding, demonstrating the country’s capacity for self-reliance and the benefits of economic sovereignty. However, the challenges of financial strain, debt burden and technical expertise must be carefully managed.

A hybrid approach, where Bangladesh funds a sizable portion of the project while selectively looking for foreign investments and technical assistance, might be the answer. This approach would make use of the advantages of self-funding while reducing its drawbacks, making sure that the Teesta River Project serves the interests of northern Bangladeshis and contributes to the country’s sustainable development.

Md Tanvir Rahman is a postgraduate student at Daffodil International University’s Department of Journalism, Media, and Communication.

Continue Reading

China’s Q2 GDP misses forecasts, keeps stimulus calls alive

By:
On:
In: Asia

China has increased infrastructure investment and invested money in high-tech production to counteract sweet domestic desire and a house crisis. In light of the house slump and mounting regional government debt, China’s economic progress has been uneven this season, with industrial output outpacing private consumption and stifling negative risks. RisingContinue Reading

3rd Plenum will treat economy with Chinese medicine – Asia Times

By:
On:
In: Asia

The eagerly awaited Third Plenum in China, which will take place in Beijing from July 15 to 18, is being watched carefully by the business. In China, key policy shifts and economic reforms have been a key focus since this event generally. Market participants and China watchers hope the Third Plenum will be able to address this time around with a very distinct question: Will there be enough growth-boosting actions announced to bring the country’s economy back from years of stagnant growth?

Based on how officials and Chinese academics have been setting the ground for this event, there has n’t been much hope that groundbreaking reforms will be announced at the Third Plenum. The issues that have been accumulating over the past few years are, nevertheless, getting worse, rising from real estate stagnancy to the challenging economic conditions of local governments, as well as the fast declining return on assets, all of which are caused by overinvestment and the negative pressures in the economy. &nbsp,

The secret to all these woos, as aired by the Chinese leadership over the past few decades, is by expanding China’s manufacturing capacity under the guise of the” New Production Forces.” There is, nevertheless, little indication of demand measures, especially those supporting exclusive usage. At most some additional consumption tickets are anticipated, but not without establishing a happiness condition. Xi Jinping has vehemently denied having any interest in a unit of this nature.

More source without boosting domestic demand will have to stop somewhere, possibly leading to an even greater trade surplus. As the West and some important emerging markets have started putting restrictions on Chinese goods, this seems increasingly difficult. The result, hence, will be more negative pressures.

The same very gradual approach to resolving China’s key imbalance ( the persistently low domestic consumption ) will likely be used to address other pressing concerns, such as the fiscal deterioration, especially those of local governments, who have long been financed by land sales, which have fallen since 2020.

The economic pressure on local governments is, by then, well known. Both local government employees ‘ earnings and those of the public service are affected. One should anticipate measures to improve the local authorities finances at the Fourth Chamber given the lack of other governmental income and the growing interest rate burden that regional governments must bear.

The exchange of use taxes to local institutions is the one that seems most probable right now. The code will be coordinating government investing in addition to profit. The state will need to compromise the increase in income and health costs thoroughly, given the shrinking working-age inhabitants. This will likely involve the removal of the retirement years, which was previously made public but now with real effect.

A longer-term problem is clearly aging, which has been tackled in the previous chamber with announcements on the lessening of China’s system to handle local migration, the hukou. Although these measures should promote urbanization, the reality is that China does not have a sizable portion of its population who is willing to migrate ( with 63 % of the population in urban areas as opposed to less than 30 % before WTO entry ), and that, most importantly, the employment opportunities in cities are declining.

Lastly, China would profit from more lax monetary and fiscal policies, despite the fact that the area is not really that, despite the quick issue of the policy mix. The RMB is currently at record lows as a result of the government’s commitment to 100 % of GDP and interest rates are now very low, particularly in comparison to the US. This is why, not even on the combination of require policies, can we hope any radical change from the Third Plenum.

All in all, aspirations for China’s long-awaited conference for transformation, the Third Plenum, may be managed carefully. Even though China’s health problems are getting worse, the announcements will resemble Chinese medicine more than a shock therapy.

This has significant effects on the global economy, including that China’s need for imported goods will be restrained and that Chinese businesses will continue to rely on foreign businesses to succeed. This suggests that trade war are still raging in newspapers and possibly going on beyond.

Continue Reading

Africa can learn from China about growing cities – Asia Times

By:
On:
In: Asia

The financial growth strategies of African and Asian nations have frequently been compared. With a US$ 251 per capita GDP in 1987, China was less developed than the majority of American nations. Uganda’s GDP per capita in US dollar terms that year was$ 392, Zambia’s$ 319 and Ghana’s$ 354. But now China has GDP per capita of$ 6, 091 and it is the country’s second largest economy. In Uganda, per capita GDP is still only US$ 964.

Both Asia and Africa have grown in population at comparable rates. With the projected population growth of nearly 1 billion more than the rest of the world in 2050, Africa is moving toward its fastest industrial shift to date. Earlier, China was in the best location: between 1978 and 2010, over 700 million folks moved to China’s places. Southeast Asia’s urbanization rates are remarkable, and many of these countries have not yet completed their metropolitan transformations.

There’s a change, also. Urbanization and industrialization have been combined in China and Southeast Asia, which has resulted in increased economic efficiency and reduced hunger. In Africa, the same style has never existed.

Much has been written to compare how the industrial change occurred, mainly in China, and what other parts of the world may take its cue from. The “best practices” identified include guidelines around specific financial areas, which have now proliferated across Africa.

Success in propagation has been limited, at best. It’s not always remembered that China’s accomplishment did not happen instantaneously. Not all areas benefited likewise, and the procedure was n’t straight.

But things did happen in China and some benefited. China’s economic changes over this time were strong, wide, and uneven, as noted by Chinese professor Yuen Yuen Ang in her book How China Left the Poverty Trap. What insights and ideas does that bring to Africa?

Africa: industrialization without industrialisation

No region has reached middle-income position without undergoing a well-managed process of urban change. Yet, although the urban change in many African nations is also quicker than China’s, it has mostly been decoupled from modernization. What the Egyptian experience is demonstrating is that when urbanization is not correlated with investments in open infrastructure and services, it may increase the drawbacks of thick living, such as the growth of informal settlements, congestion, and contagion, as most recently demonstrated by the Covid-19 pandemic.

The majority of publications about and comparing industrialization in China and Africa originate in the northwest of the world. Less quantitative analysis has been done by urban African researchers.

This offers a teaching opportunity, through better understanding some of the particulars of what really happened. So, as an American industrial professor myself, I did some preliminary research on this a few years ago, along with co-authors. In” Is Africa study from the Chinese urbanization account,” we published our results. – a working papers.

Our summary was” Indeed”– but with caveats.

The second caveat is visible but needs to be clarified. China is a big state. Africa, by contrast, is a diverse continent with 54 states and even more diversity in its towns.

Learning should n’t necessarily imply adopting directly what China did, which was very context-specific. Instead, Africa’s scholars and policymakers now have the advantage of retrospective research, and they should use this to critically evaluate what worked and what did n’t, and why.

Probably most important, analytical understanding can and should get both ways.

Strong dive into China’s industrialization

Kudos to Hong Kong’s top-talent card program, which allows me to live and work in the area for two years, I now have the best opportunity to expand on this research and gain valuable experience from the Eastern region itself.

Almost a year into my remain, and through my expanding sites into the state, intellectual and private-sector circles in Hong Kong, China and beyond, my own knowledge of the industrialization processes around is growing.

It’s a crucial time to talk to people, particularly with China. Through its Belt-and-Road Initiative, China is immediately shaping many American cities via investments and plans. It’s obvious in motorways, railways and exclusive economic zones.

There has been growing concern about the volume, type, and amount of Taiwanese debt that some nations are absorbing, and under what circumstances. Therefore, it is crucial to comprehend what might be influencing policies and funding decisions from the standpoint of China.

In a series of posts for The Conversation Africa, I may reflect on what I’m learning over the course of the upcoming season. Based on my research and my research on American urbanization over the past ten years, these will touch on some of the things I believe to be the most significant aspects of the Egyptian urban perspective. I’ll even draw on the writings of scientists who have studied and written about industrialization both in the Southeast Asian region and in China.

Topics will include funding of common equipment, urban planning, exclusive economic zones and intelligent cities, among others. These reflections may also serve as the foundation for a proper publishing that I intend to write.

I reject the notion of establishing “best techniques” and finding” a model” that can be instantly replicated. As noted, China’s industrial change, although it happened fast, did not happen overnight and was, like everywhere else in the globe, rooted in serious traditional, administrative, economic and cultural contexts.

I want to know and analyze precisely these peculiarities: the muddle of the plan process, how policies were adapted to the local context, challenges China faced, and opportunities and challenges that we can draw from decades of experience. These will guide “deposits” for what Yuen Yuen Ang, in an article, calls the” Non-Best Practice Bank of Knowledge“, with the emphasis on the fact that” remedies can come in many forms, even in methods that contradict American best techniques”.

Astrid R. N. Haas is an adjunct professor at the University of Toronto.

This is the first of a series of articles in The Conversation Africa to examine the urbanization of Africa and learn from the experiences of other nations. It has been republished from The Conversation under a Creative Commons license. Read the original article.

Continue Reading

Yellen’s de-dollarization fears will only get worse – Asia Times

By:
On:
In: Asia

US Treasury Secretary Janet Yellen made an unusual attendance in the middle of a commonplace Parliamentary hearing on July 9: De-dollarization is then her greatest concern.

It’s a sharp turn-around for a US market king who has long said the dollar is in danger of losing its position as the world’s dominant reserve currency due to sanctions or other plan errors, despite the obviousness of it. In March 2022, for example, &nbsp, Yellen&nbsp, said” I do n’t think the dollar has any serious competition and it’s not likely to for a long time”.

The original Federal Reserve chairman remarked that” when you think about what makes the money a reserve money, it’s that we have the deepest and most liquid investment businesses of any country on earth. Treasury assets are safe, secure and exceedingly liquid. We have a strong economic and financial structure, as well as the rule of law. There is n’t really a reserve currency that can compete with it.

What a change two decades have made. Doubts of a “weaponized” dollars have the Global South joining forces with increasing necessity to find an alternative. &nbsp,

And two factors in Washington are accelerating this energetic in real time. One is the rising US national debt, which is$ 35 trillion in the air. The other is a US election cycle that is getting more and more off the rails, like what international owners have never seen.

Now, Donald Trump is telegraphing 60 % taxes on all Chinese products, at least. The former US president has threatened to impose a 1 % taxes on all US-bound vehicles. That results in Joe Biden’s troubled White House competing with Trump to win the China trade battle.

Add to the uncertainty about whether Biden will even be the Democrat Party candidate. Questions abound about the senator ‘s&nbsp, mental health&nbsp, following his disastrous June 27 argument over Trump.

Asia is instantly confronted with the” Project 2025″ sport program devised by his caregivers as the chances of a Trump 2.0 White House rise, despite worries that Trump does get another chance at some contentious things on his 2017-2021 want list.

There is talk of ending the Federal Reserve and switching to a gold-backed money as part of the 900-page Project 2025 program created by the Heritage Foundation. Trump in the past has hinted at defaulting on US loan, devaluing the money and shaking down supporters that number America forces – such as Japan and South Korea– for&nbsp, protection&nbsp, income.

Also if he loses the November 5 election, Trump will almost certainly claim scams. Now, Trump and his best friends refuse to undertake to accepting a loss, almost ensuring another Capitol Hill&nbsp, insurrection&nbsp, equivalent to January 6, 2021.

It’s important to keep in mind that the social discord that caused that riot led to Fitch Ratings ‘ decision to revoke Washington’s AAA status in August 2023. Since then, Moody’s Investors Service, the guard of Washington’s sole remaining AAA, has pointed to conflicts over funding the government and raising the legal debt sky as threats to view.

The consequences from a possible Moody’s drop worries Asia significantly. This area has the largest stocks of US Treasury securities everywhere, accounting for roughly US$ 3 trillion. Japan has the most at US$ 1.2 trillion, &nbsp, China&nbsp, is second with$ 770 billion.

However, Yellen’s career might be remembered as the one when the dollar’s velocity actually changed. It was evident by 2022 and 2023, argues analyst Stephen Jen, CEO at Eurizon SLJ Capital, that the economy’s loss of business share was accelerating. It was last year when the dollar’s tally of total global official reserves fell to 58 % from 73 % in 2001 – back when it was, in Jen’s words, an “indisputable hegemonic reserve”.

” The buck suffered a spectacular collapse in 2022 in its market share as a supply money, probably due to its muscular usage of restrictions”, Jen argues. ” Outstanding actions taken by the US and its supporters against Russia have startled big reserve-holding countries” – most of the Global South, emerging markets.

Though King Dollar also reigns, Jen argues, its ongoing supremacy “is not preordained” amid work among the BRICS – Brazil, Russia, India, China, South Africa – and abroad, including Southeast Asia, to de-throne the&nbsp, US money.

” The prevalent see of’ nothing-to-see-here’ on the US dollars as a reserve money seems to trivial and complacent”, Jen argues. The World South is unable to completely avoid using the money, but a large portion of it has now become disinclined to do so, according to what needs to be appreciated by investors.

So why would the Washington establishment been lending its support to those who are most interested in devaluing the dollar?

During the time that Chinese leader Xi Jinping has been in power, localization has been top of the list. There is great news that China’s economy will become more and more influential globally.

Yet Beijing’s hesitancy to allow complete devaluation limits the dollar’s power. So do questions about the yuan’s trajectory, suggesting Xi ‘s&nbsp, de-dollarization&nbsp, drive is working better overseas – in terms of trade and official support – than at home.

One solution is for Xi and Premier Li Qiang to accelerate changes in the sectors of imports, regional state funding, capital markets growth, and innovation-focused growth engines. Beijing also needs to completely convert the yuan to raise trust.

According to Alexandra Prokopenko, a senior fellow at the Carnegie Russia Eurasia Center, “it’s believed that the yuan ca n’t become a full-fledged reserve currency because of the current restrictions on capital transactions in China.” Although Russia and other significant economies are using the Yuan to “help the Taiwanese authorities make it into an international reserve currency,” according to Prokopenko, structural limitations prevent it from being a “reliable replacement” for the dollar at this time.

Also, Xi’s “yuanization” strategy is gaining traction. In March, the yuan hit a&nbsp, record high of 47 % of global payments by value.

Team Xi has consistently made significant and regular progress toward replacing the dollars as the economic system’s statement since 2016. That time, Beijing secured a spot in the International Monetary Fund’s” special&nbsp, drawing-rights” system. It put the yuan into the world’s most unique currency team along with the money, euro, yen and the lb.

According to SWIFT, the yuan held the position of the world’s currency with the fourth-largest share of international payments in 2023. &nbsp, It also overtook the dollar as China’s most used cross-border monetary unit, a first.

Trump’s engineering of a weaker dollar would significantly improve the strategy. That would greatly reduce trust in US Treasury securities, a cornerstone holding for central banks around the globe, boosting America’s borrowing costs.

The scheme would imperil Washington’s ability to defy financial gravity. Thanks to reserve-currency status, the US enjoys any number of&nbsp, special&nbsp, benefits. This “exorbitant privilege”, as 1960s French Finance Minister Valéry Giscard d’Estaing famously called it, allows Washington to live far beyond its means.

All this explains why the dollar continues to rise even as Washington’s national debt approaches US$ 35 trillion. &nbsp, The&nbsp, dollar is up 13 % &nbsp, so far this year versus the yen and 11 % versus the euro.

Biden’s White House also imperiled trust in the dollar. Along with continued debt accumulation, Team Biden’s decision to freeze portions of Russia’s currency reserves over its Ukraine invasion crossed a line with many global investors.

Dmitry Dolgin, economist at ING Bank, thinks yuanization remains largely on the agenda. Beijing has n’t let up on broadening currency swap arrangements, promoting yuan transactions and expanding China’s Cross-Border Interbank Payment System ( CIPS) aiming to replace SWIFT.

According to Dolgin,” It appears that China’s expanding trade ties and financial infrastructure indicate that the potential for further yuanization has not been exhausted.”

Neither have efforts to create a BRICS currency. BRICS has even greater firepower, considering it’s allying with Iran, Egypt, Ethiopia, the United Arab Emirates and others. At last week ‘s&nbsp, Shanghai Cooperation Organization&nbsp, summit, China, Russia and their geopolitical comrades did their best to” to show the world that the West’s attempts to contain them are not working”, notes Tom Miller, analyst at Gavekal Research.

In June, the yuan’s share of&nbsp, Russia’s foreign exchange market hit 99.6 %. The Moscow Exchange had to stop selling dollars and the euro as a direct result of sanctions. &nbsp, In May, prior to the implementation of new US sanctions, the yuan’s share was just 53.6 %.

Not everyone is persuaded that the dollar will never run out. Analysts at the Atlantic Council’s GeoEconomics Center think the dollar’s dominance is actually growing. Its brawn is driven by a buoyant US economy, attractive yields and geopolitical uncertainty.

One problem, they write in a recent report, is that China’s currency is n’t ready for prime time. &nbsp,

According to Atlantic Council analysts,” this is possibly due to reserve managers ‘ concern about China’s economy, Beijing’s position on the Russia-Ukraine war, and a potential Chinese invasion of Taiwan, which contribute to the perception of the renminbi as a geopolitically risky reserve currency.”

But the preponderance of available evidence suggests that, as 2024 unfolds, Yellen’s fears about de-dollarization are n’t just valid – they’re being realized by the day.

Continue Reading

Online gambling scandal hits Indonesia’s anti-graft agency, highlighting country’s betting problem

By:
On:
In: Asia

JAKARTA: Indonesia’s anti-graft company has been hit by an online gaming controversy with at least 17 current and former personnel implicated, in a signal of the difficulties facing authorities as they keep up a broad assault.

The Corruption Eradication Commission (KPK) reported on Tuesday ( Jul 9 ) on the status of the former and current employees who allegedly placed bets online, including those who worked as drivers and internal affairs staff.

Since 2023, they have placed a total of 111 million rupiah ( US$ 6, 850 ) in online bets, according to KPK Deputy Chairman Alexander Marwata, who shared the information on Tuesday.

He added that while one man wagered 74 million ringgit across 300 purchases, most of the others settled for lower bets, between 100, 000 ringgit and 300, 000 ringgit per purchase.

Nine of them are not longer employed by the anti-corruption system. According to KPK officials, they were fired for bribery and for collecting improper fees at the KPK detention center for a variety of reasons, including blackmail.

The anti-graft company is carrying out examinations. It has pledged to take swift motion against those responsible.

Mr. Alexander emphasized the necessity to wait for the analysis results, noting that it was early to comment on possible sanctions against the accidental staff. &nbsp,

He claimed on Tuesday that “perhaps it was just for fun because they were idle,” according to a statement released by local internet outlet Kompas. They were perhaps involved last year but had stopped playing it this year. &nbsp,

Indonesia Corruption Watch, a non-profit organization, has demanded that any KPK individual who has been linked to online gambling get fired. &nbsp,

Seira Tamara Herlambang, an ICW part, argued that people of state organizations like the KPK may provide positive cases for the consumer rather than be linked to online gaming. &nbsp,

The Indonesian authorities had issued a warning in late June that the issue of online gambling was prevalent in all of the nation’s legal services industries.

Vice President Ma’ruf Amin said that online gaming laws should be strictly enforced against both the organisers and members in response to the KPK results.

He thinks a devoted task force formed in mid-June to eradicate online gaming has discovered more state workers who are also dishonest gamblers.

If they are found criminal, they may face punishment without prejudice, he added. ” People, including KPK workers or officials, military or police officers, will certainly face legal procedures according to the law”,.

A parliamentary committee overseeing bribery, led by Mr. Achmad Baidowi, has informed the press that the percentage will call on the KPK to give an in-depth argument regarding the alleged involvement of its employees in online betting. &nbsp,

The payment will also have a working conference with KPK to look into the anti-corruption company’s observations, he added.

Members of parliament were allegedly engaged in online gambling, according to a report released by the Financial Transaction Reports and Analysis Center ( PPATK) in early July.

More than 1, 000 people at both the national and regional levels reportedly did therefore, with stakes totalling around 25 billion ringgit across 65, 000 deals, the report stated.

According to The Jakarta Globe, PPATK’s mind Ivan Yustiavandana mentioned that his company had secured the specifics of these deals, including the full names of those involved. &nbsp,

The honorable council of the House of Representatives has not yet released the names, which raises common questions about the legislative body’s dedication to addressing the issue.

According to the online gaming job force, there are roughly four million players in the country, according to Jakarta Globe. They range in age from 31 to 50, or 40 percent. &nbsp,

PPATK reported in late June that approximately three million players were involved in the entire accumulated transactions for online wagering in the first quarter of 2024, or 600 trillion ringgit. Around 2.19 million of them come from the low-income party. &nbsp,

A military officer is accused of using money for online gambling in a number of cases, according to local advertising. The agent is currently being investigated by the defense, according to CNN Indonesia. &nbsp,

Another defense officer allegedly committed suicide as a result of mounting debts from online gaming.

An Indonesian estimate was charged with killing her father, a fellow police officer, in early June, reportedly by handcuffing him and burning him to death after learning that he had been gambling away his pay extra.

Continue Reading

Indonesia’s Prabowo to allow debt-to-GDP ratio to reach 50%: Report

By:
On:
In: Asia

JAKARTA: Indonesian President-elect Prabowo Subianto will allow the world’s debt-to-GDP amount to increase to 50 per cent provided his administration may raise tax revenues, the Financial Times reported citing one of his closest advisers. Hashim Djojohadikusumo, Prabowo’s brother and advisor, told the Financial Times in a London meeting that IndonesiaContinue Reading

Invasive ‘alien’ fish all come from same parent stock, tests show

By:
On:
In: South-East Asia

Thailand made significant strides to rid of the blackchin fish that have spread to numerous counties.

PUBLISHED: 10 Jul 2024 at 17: 55

Invasive ‘alien’ fish all come from same parent stock, tests show
Blackchin fish are highly adaptable and can survive in waters with a range of conditions, according to experts in the field of fisheries. ( Photo: Nutthawat Wichieanbut )

According to the Department of Fisheries, there are restrictive blackchin fish from Africa found in the waters of 13 Thai regions.

The department’s increased efforts to remove the fish from nearby waters are reflected in the assurance of the results of DNA testing.

The office is also conducting studies on how to sterilize fish, beginning with a pilot project in Phetchaburi on Wednesday.

A unique commission, led by Agriculture Minister Thamanat Prompow, includes experts and representatives from the residents of the damaged areas.

Municipal commissions will make recommendations for rules that are suitable for their circumstances. With guidelines for acceptable prices, this may involve catching the seafood and grinding them until they are ready for use in feed or fertilizer.

According to Isra News Agency, CP Foods, a subsidiary of the Charoen Pokphand farming company, imported two thousand blackchin fish from Ghana in 2010. The Samut Songkhram province-based organization had a force to examine the fish for breeding purposes.

The seafood had later been notified by the business to the fish section that the fish had passed away within three days of being transported to Thailand and had been buried. However, as their population grew, indigenous fish started declining in number as they eventually started appearing in local waterways.

It was reported in 2017 that only around 50 of the classic blackchin fish remained. DNA testing on those fish furthermore confirmed that they were from the original family property.

According to Dr. Wanna Sirimanapong, an associate professor of clinical science at Mahidol University, the three components of advice for dealing with aggressive bass are making the best use of the bass, studying their life pattern, and sharing the knowledge with the community to maintain the ecosystem’s balance.

A more detailed protocol is required to prevent this kind of issue from occurring in the future because the protocols for regulating the imports of mysterious species in Thailand are also ineffective, according to Dr. Wanna.

Nattacha Boonchaiinsawat, a Bangkok MP with the Move Forward Party and vice-chairman of the council, said the issue caused by the blackchin fishes had become serious.

” Southwestern individuals are now concerned about the fish that are encroaching in their waters. This concern could result in a 1-billion-baht lost in the watery economy”, Mr Natthacha said.

He promised to call CP Foods representatives to call them to ask them about the breeding study and how the fish does have spread.

A native of Bangkok’s Bang Khun Thian&nbsp region reportedly invested 300,000 baht in a prawns pond that was eventually destroyed by blackchin tilapia. To pay off the debt, the producer had to sell the land. This reflected the significant effect of the issue, the MP said.

Continue Reading