FinanceAsia Achievement Awards 2024: entries are now open | FinanceAsia

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FinanceAsia’s annual Achievement Awards recognises excellence in bringing together those issuers, banks, investors, advisors and other market participants, who are working hard to develop and expand Asia Pacific’s (Apac) financial markets.

This year, for the first time, we are also looking to recognise excellence in the fast-growing markets of the Middle East.

We are looking to recognise the standout companies and strategies that are redefining the way issuers and investors are interacting with markets and adapting to evolving regulatory requirements and diverse needs, amid an increasingly competitive environment.

There are both Deal awards and House awards across a range of categories and markets. For more details please see here for Apac and here for the Middle East. 

In addition, our Deal Maker Poll rewards individuals who have been instrumental in closing some of the region’s most ambitious deals over the last 12 months.

The timeline for the deals is October 1, 2023 to September 30, 2024.

We look forward to your participation and seeing your entries! Please click here to find out how to enter at our dedicated Awards website. For frequently asked questions click here and for list of our experienced judges see here. 

Key dates: 

August 19: Awards’ launch

Early-bird entry deadline: September 6, 2024

Main entry deadline: September 19, 2024 

Entries’ evaluated by judges: October 2 to November 6, 2024 

Winners’ announced: November 2024 

Awards’ ceremony: February 2025, date TBD  


¬ Haymarket Media Limited. All rights reserved.

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Man planned ‘perfect crime’ by planting cannabis in estranged wife’s car, knew it could draw death penalty

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A man planted 11 bits of cannabis weighing more than 500g in her vehicle despite knowing it could lead to the death penalty because he was unhappy with his separated family and wanted to make her break with the rules.

He revealed his schedule to his ex-girlfriend, saying he had been planning the “perfect murder” for the “past some days” and that he thought it would not “link back” to him.

Tan Xianglong, a 37-year-old Singaporean, was sentenced to three years and 10 months ‘ jail on Thursday ( Aug 29 ) for one count of possessing at least 216g of cannabis- the amount of pure drugs eventually found in the 11 packets.

The Misuse of Drugs Act classifies cannabis as a group A controlled substance.

A second command of fabricating misleading information was taken in consideration.

THE Event

Tan, according to the jury, lived with his parents and was an IT boss.

He got married to his then-wife in 2021, but their relation deteriorated.

In October 2022, his family moved out of his parents ‘ house, where they had been staying up.

Due to how small the marriage was, they were unable to divorced at the time.

Tan consulted doctors, who ultimately agreed that they could get divorced if one of them had a legal document.

At the time of the drug-planting crime, the pair was undergoing parting trials.

According to court documents, Tan was upset about the amount of loan and interest that had become due to his wedding.

He became irritated with his family because he thought she had not” contributed many” to her. He hired a personal inspector to look into her reported immorality in September 2023.

When this failed, he began having frightful ideas for planting illegal substances in her vehicle to frighten her and put her in trouble with the law.

He understood that if his schedule worked, she would be unjustly detained and accused.

TAN’S Strategy

He told his ex-girlfriend in a Telegram chat on October 14th, 2023, that he had been planning the “perfect crime” for the past few days and that he did n’t believe it would be connected to him.

He explained to her that part of his plan was that he would visit the police place. Tan added that he might need to make a speech and call the police.

He also said he was” no sure” if his then-wife would be in the media.

He continued, adding that he had spent “quite a little on this” because he was afraid that he did not have enough money for his program.

On October 16, 2023, Tan discovered a Telegram channel that was selling medicines and obtained a list of the costs.

He observed that cannabis had a 100g optimum weight and was the cheapest medication per ounce. He felt that this was too much, and asked the owner for a “brick” of hemp, which he intended to use to get his then-wife in difficulties.

Although he anticipated it may consider more than the other choices, he believed it would be lighter and more manageable.

The brick of cannabis cost S$ 2, 600 ( US$ 1, 997 ). Tan did not have enough money, so he hired a companion to transfer the funds to the owner before deleting the obscene talk information.

Tan returned home to measure the cannabis after taking it from a clean riser at a housing block.

He discovered that it weighed about 510g. According to his website research, he was aware that his then-wife may face the death penalty if she was found guilty of trafficking more than 500g of marijuana.

In his Telegram chat with his ex-girlfriend, he again alludes to it because he was quite angry with her.

He informed her that he would log out of Telegram and that he would be deleting anything from her cellphone to be safe. Tan added he would not go to” those normal police”, but rather, &nbsp, the Central Narcotics Bureau ( CNB) and Criminal Investigation Department ( CID ).

PLANTING THE Medicines

The secret analyst Tan hired discovered her car was parked in a car park in north-east Singapore at around 5am on October 17, 2023.

Tan unlocked her vehicle using a set of keys he had, and unwrapped the hemp.

He closed the middle area of the back passenger seats while putting on gloves as he placed the 11 packets inside it. Due to its size, the brick could n’t be inserted into the armrest compartment.

The vehicle entrance was then locked and he closed and locked it. But, as he was leaving the car garden, his then-wife appeared.

Her in-car cameras smart application alerted her to a “parking influence” to her car.

She noticed Tan walking around her car when she watched the life stream and made the decision to test. When Tan saw her, he walked aside.

The person called the police, claiming that Tan had attempted to open her vehicle before leaving when she had gotten a hold of it.

TAN TEXTED HIS EX, EXPRESSING Concerns

Tan drove to Buangkok Square Mall, where he threw aside the cement wrap. He texted his ex-girlfriend about how he had seen his partner, and he expressed concern that she might have discovered the marijuana because of its smell. He expressed concern for him that he may have left his fingerprints behind.

Immediately after, the officers called him asking about his abuse.

He lied to the authorities that he had been in the parking lot to change the battery in his vehicle because he thought she might have been having an affair.

The officers called therefore, he informed his ex-girlfriend via Telegram. He admitted to her that he had parked 500 grams of marijuana in the vehicle and that this might result in the death sentence.

When his ex-girlfriend expressed surprise, Tan said he planned to review his wife to the Immigration and Checkpoints Authority and CNB when she second traveled to Malaysia.

But, he said he could not do this now, as his wife might accuse him of planting the hemp. He questioned his ex-girlfriend about whether he should “faster survey her second.”

His ex-girlfriend advised Tan to fetch the hemp, but Tan felt this would be difficult. He proposed putting off calling the police for a few days in the hopes that his wife did not recognize.

He also suggested calling CNB right away to let them know his family had been using medicines all her life.

Nevertheless, his ex-girlfriend once advised him to fetch the hemp, and he agreed.

Tan returned to the parking lot at around 8 am and entered. He made a U-turn to keep after noticing policemen standing next to the vehicle.

Unbeknownst to him, they discovered 11 bits of fruit problem totaling 523.7 grams in the car.

Around 2 p.m., Tan wanted to go back to the marijuana store because he believed his wife might be sleeping, but he was stopped at his own wall.

Tan’s then-wife was likewise arrested. A search of her chamber turned up nothing revealing, and her mobile phone and car were seized.

The 11 bits of fruit subject were analysed. Although it weighed over 500g, it was found to contain at least 216.17g of hemp.

NEFARIOUS PURPOSE: Attorney

The trial used a platform for the weight-captured possession of cannabis to justify the request for four years and eight months in prison for Tan.

She claimed that Tan had a “nefarious goal for possessing the medicines, more so than if he had been a straightforward client.”

The attorney claimed that the defendant’s intention to charge the accused party with a serious offence had a great potential for harm to an innocent person.

She claimed Tan’s plan involved some thought and was a little bit powerful, including extensive research into drug laws, how to obtain money to buy them, how to prosecute someone for drug offenses, and how to record someone to the CNB.

Tan also used gloves and deleted chat messages to prevent identification.

The attorney acknowledged that Tan did not intend for the cannabis to be smoked or distributed, but that this does not imply that his crime” should leave the barrier sentencing scheme underlying quintessential drug crimes.”

She said that the accused’s order of a sizable amount of drugs in itself gave rise to the local drug deal by lining the pockets of its vendors and boosting the flow of drugs into Singapore.

For possessing a Class A controlled substance, Tan could have been jailed for up to 10 times, fined up to S$ 20, 000, or both.

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The decline and fade of Australia’s soft power – Asia Times

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This article originally appeared on Pacific Forum, and it has since been republished with authority. Read the original around.

Soft power is a government’s ability to attract and co-opt rather than pressure. In practice, soft energy allows countries to work their values, ideals, and society worldwide to&nbsp, foster&nbsp, kindness, improve security, and develop long-term partnerships.

Australia has long been a pillar of historical charm, democratic values and academic excellence—these elements have formed the core of Australia’s soft energy in the post-war time.

But, Australia’s soft power ratings have shown a distinct upward trend over the past decade. Ranking 6th in 2015 in the&nbsp, The Soft Power 30 score, &nbsp, Australia slipped to 10th in 2019 and to 14th by 2023 in Brand Finance Global Soft Power Index.

In a time when non-coercive energy is extremely important, this constant decline has significant implications for Australia’s security and role. &nbsp,

For instance, &nbsp, Edelman’s Trust Barometer&nbsp, highlights the general decrease in Australia’s confidence levels in Southeast Asia: Australia was marked as one of the biggest losers on the score between 2021-2023, constantly landing in the hostility class with low scores between 1-49 out of 100.

This raises a significant issue for American politics in the Indo-Pacific region’s current state of global power competition. Before it is too late, Australia needs to strengthen its soft power politics to ensure its local influence and safety.

Canberra’s shifting interests in the region

The fiscal outlook for Australia’s existing national channels that support gentle power have gotten worse in recent years.

The Department of Foreign Affairs and Trade ( DFAT ) has massively shrinking funds, the Australian Broadcasting Corporation ( ABC ) has seen an&nbsp, A$ 526 million &nbsp, &nbsp, ( US$ 357 million ) reduction in funding since 2022, and&nbsp, tightening visa policies&nbsp, is expected to affect educational diplomacy with tertiary institutions projecting an&nbsp, A$ 310 million &nbsp, revenue shortfall in 2024.

While the Albanese state has pushed for financial&nbsp, boosts&nbsp, in specific areas, the general administrative environment is excessively negative. Why has this happened?

One explanation is that in the wake of Australia’s prolonged economic downturn and soaring debt following Covid-19, Canberra’s policies have increasingly prioritized domestic issues.

Faced with an expected gross debt of&nbsp, A$ 598.5 billion &nbsp, for the fiscal year ending June 2024, the government has needed to redirect funds towards pressing domestic concerns such as healthcare, economic stimulus, infrastructure, and social services.

This fiscal realignment is also likely driven by the need to concentrate on policies that have a direct impact on voter approval as the elections approach. Yet despite these fiscal constraints, defense spending has surged.

The government has allocated a record&nbsp, A$ 36.8 billion &nbsp, to defense in the 2024-2025 budget, &nbsp, marking a 6.3 % increase from the previous fiscal year.

This boost in defense expenditure reflects a return to hard power, in response to increasing&nbsp, geopolitical tensions&nbsp, and strategic imperatives of AUKUS over the next decade. Considering all factors, Australia has, unfortunately, pushed public diplomacy to the back burner.

These trends are troubling. However, it is also important to recognize Australia’s soft power efforts have always been relatively meager.

Australia has never established an international cultural agency, unlike the British Council ( 1934), the Japan Foundation ( 1972 ), and the Korea Foundation ( 1991 ). Since the end of World War II, Canberra has given economic and strategic interests precedence over soft power, preferring to invest money in areas that are directly related to national interests, such as trade and defense.

Public diplomacy has always been Australia’s weakest area of foreign policy, according to John McCarthy, the former ambassador to Indonesia.” Canada invests more in public diplomacy than Australia allocates for its entire foreign service.

That said, Australia’s soft power decline stems from more than just budgetary restraints. Controversial policies on&nbsp, Indigenous rights&nbsp, and&nbsp, asylum seekers, perceived inaction on&nbsp, climate change, inconsistent approach to&nbsp, human rights issues, restrictions on&nbsp, freedom of expression, and disputes over environmental management have all complicated our global image in the region.

Canberra’s foreign policy should be at the forefront of a concerted effort to prioritize the development of soft power through public diplomacy because we have so few resources available to advance our national interests.

Addressing the problem

First, Australia needs to make the most of its national assets by providing more pro-Australian leaders with international education. For many years, international education was one of Australia ‘s&nbsp, triumphs&nbsp, in public diplomacy.

The country’s higher education system is globally renowned for its quality and inclusiveness, attracting global talent from nations including China, India, Philippines, Vietnam, Thailand and more. In 2023, &nbsp, eight&nbsp, of Australia’s top ten source countries for international students were from Indo-Pacific nations.

Therefore, investing in international education not only improves Australia’s reputation abroad, but also cultivates generations of pro-Australian young leaders. Alumni of Australian universities frequently travel back to their home countries to take eminent positions in government, business, and civil society, acting as informal ambassadors and championing Australian values and policies in the area.

For instance, as Beijing ramps up policy and&nbsp, security assistance&nbsp, to Fiji and Papa New Guinea, investing in pro-Australian leaders is crucial for maintaining regional stability and promoting democratic principles, transparency, and sustainable development.

However, Australia’s reputation in international education has taken a hit following the recent tightening of visa policies. This has led to the&nbsp, rejection&nbsp, of over 50, 000 international applications between November 2023 and February 2024, and as visa rejections reach record-high numbers, students are &nbsp, seeking&nbsp, educational opportunities elsewhere.

This opens the door to rival regional countries, which might otherwise have attracted students from other regions, and it goes in the wrong direction. While Home Affairs Minister Clare O’Neil emphasizes the need for&nbsp, curbing migration levels, &nbsp, this approach has significant long-term consequences for Australia’s educational diplomacy and, by extension, public diplomacy.

There must be ongoing efforts to balance migration while preserving Australia’s reputation as a premier educational destination. One possible solution would be to adopt a program similar to Canada’s Student Direct Stream, which would help international students from important Indo-Pacific nations streamline visa requirements and sustainably manage migration levels.

Second, Canberra should prioritize investing money in public broadcasting to restore Australia’s international media presence.

As Australian Strategic Policy Institute senior fellow Graeme Dobell&nbsp, writes,” Until the last decade, Australia was the pre-eminent international media voice in the South Pacific, as we had been since World War II”.

What was once a news presence in the 1990s that was comparable to CNN and the BBC has since vanished. In fact, Canberra’s continued efforts to withdraw resources from Australia’s broadcasting company ( ABC ) in an “<a href="https://www.lowyinstitute.org/the-interpreter/abc-australia-s-waning-soft-power-star”>unfocused” and unstrategic manner is odd, given existing&nbsp, <a href="https://www.researchgate.net/publication/301940227_Introduction_to_International_Broadcasting_and_Public_Diplomacy_in_the_21st_Century”>evidence&nbsp, that international public broadcasting is still a powerful tool in promoting public diplomacy in the 21st&nbsp, century.

Many of our regional competitors have also shown persistent growth in their media influence through continued financial investment by their governments, such as China ‘s&nbsp, CCTV&nbsp, and Japan’s NHK.

In comparison, the ABC’s budget is now among the smallest globally, a situation that must be urgently addressed. Without substantial financial support from the Australian government, Australia’s global voice cannot be rebuilt.

This additional funding must be implemented strategically. Over the past ten years, the majority of the ABC’s original programming has been geared toward Australian viewers, a situation that is being exacerbated by persistent financial constraints.

Rebroadcasting this kind of content in the Pacific, as expected, has had very limited impact because it lacks the necessary language and cultural relevance for regional viewers.

To address this challenge, the ABC must prioritize creating content that resonates with the varied interests, languages, and cultures of Indo-Pacific audiences. China’s successes in multilingual programming and content diversification serve as a compelling illustration.

By enhancing our media capabilities, Australia can better shape perceptions, boost visibility, and strengthen ties with Indo-Pacific audiences.

Australia’s decline in soft power is cause for concern. Despite making incremental improvements, our progress has not been quick enough to keep us in line with other regional, rapidly expanding competitors.

Canberra must improve its soft power projection to avoid falling irreversibly behind if Australia wants to defend its national security interests in a region with a shifting balance of power.

Helen Wu&nbsp, ( [email protected] ) &nbsp, is an Emerging Leader at Pacific Forum and a senior at New York University majoring in International Relations.

The opinions expressed in PacNet commentaries and responses are those of the respective authors. Alternative viewpoints are always welcome and encouraged.

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Avalanche alert: China may dump dollars when Fed eases rates – Asia Times

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Since the mid-1990s, the US Federal Reserve has had a somewhat shaky past in Asia.

Between 1994 and 1995, the US central bank past tightened with the same intensity as it did recently. The 1997-98 Eastern problems, which resulted from a runaway dollar rally destabilizing the region’s currency pegs, was caused by the short-term rate increase in 12 months.

Since then, the 2008″ Lehman impact” that the Fed was slow to see coming and the 2013 “taper kid” have overwhelmingly rocked Asian areas.

Asia also bore the brunt of the Fed’s 2022-2023 tightening period. Epic ripples of capital scurrying toward US assets as the currency’s surge in response to Fed Chairman Jerome Powell’s price hikes resulted in spectacular waves of funds.

However, could the Fed’s rate reductions cause a different sort of tumult in Asia? If analyst Stephen Jen is correct, it certainly was.

As Team Powell undoes its most recent price hike campaign, the CEO of Eurizon SLJ Capital anticipates Chinese companies to chuck about US$ 1 trillion in dollar-denominated assets.

In truth, Jen predicts something of an “avalanche” as a strengthening dollar sends tides of repatriating money China’s manner, upending dollar industry in the process.

Granted, Jen has warned of this dollar-dumping active for a couple of years today. In June 2023, for instance, Jen argued that” Taiwanese corporates continue to hoard cash. Foreign companies ‘ total investment is increasing as a whole. The economy’s higher have perhaps at present seem enticing to Chinese entities, but this construction is ultimately unpredictable”.

The scenario Jen has been advising about is “prospective rate cuts by the Fed and/or an economic reacceleration in China could lead to a precipitous fall” in the dollar-yuan rate” as corporate treasurers in China scramble to sell the dollars they do n’t need to have.”

Since the Covid-19 pandemic, mainland companies have gobbled up more than$ 2 trillion of overseas investment, a bet on higher-yielding assets than punters often find in China. As Powell begins ratcheting levels lower, those assets may grow less appealing.

Up to US$ 1 trillion will be on the move as a significant number of island companies decide to return funds, according to Jen. Interestingly, Jen points out that his guestimate may be” conservative”.

Then, as Powell declares” the time has come for legislation to change” toward less restrictive problems, Chinese selling dangers may be upon us. It’s worth noting, Jen adds, that companies swapping out of dollar assets could see the yuan&nbsp, strengthening by up to 10 %.

Additionally, it’s important to point out that the resettlement fluid that is developing throughout China could reach businesses in Asia.

This is n’t a risk many have on their Bingo cards. Powell’s vow on August 23 to” we will do everything we can to help a strong work industry as we make more progress toward price balance” has frequently boosted Asia’s markets.

The same with Powell’s confidence that the US can achieve a so-called” soft landing”, a remarkably rare occurrence. There is good reason to believe that the economy will return to 2 % inflation while maintaining a robust labor market, Jen tells Bloomberg.

Asian bourses were cheering when they learned that Powell “has rung the bell for the start of the cutting cycle,” according to Seema Shah, principal global strategist at Principal Asset Management.

The real gains could be in Asia’s “laggard” markets, notes Chetan Seth, strategist at Nomura Holdings. We believe that the relatively safe harbor is likely to be markets and sectors that are uncrowded ( parts of ASEAN ) and more domestically driven markets ( India/ASEAN), as Seth writes in a recent note. Investors in this situation must be much more cautious and reduce their investment in Asian cyclical markets, like those in North Asia.

Yet other risks abound. Consider Jen to be one of the economists who worry that central banks from Washington to Tokyo have recently injected too much stimulus into the global financial system, causing inflation.

As Powell said in July:” Go too soon, and you undermine progress on inflation. Wait too long or do n’t go fast enough, and you put at risk the recovery. And so, we have to balance those two things. It’s a rough balance”.

Problem is that the costs of a policy error are rapidly rising due to the US’s high and rising national debt, which has recently surpassed US$ 35 trillion. Just a few months before Americans vote on November 5 to choose a new president, this milestone was reached.

Democratic nominee Kamala Harris provides details on spending plans that will add trillions of dollars to the public debt in one corner. Donald Trump, too. Trump makes hints that removing the Fed’s role as independent arbitrator of US interest rates, in addition to another multi-trillion tax cut that is currently being funded by the government.

Trump browbeat Powell into cutting rates in 2019 when the US did n’t need it during his first term as president, from 2017 to 2021. Trump also threatened to fire Powell, a previously unheard of threat from a US leader.

In a second term, the” Project 2025″ scheme that Republican activists cooked up for a Trump 2.0 White House could see the Fed’s power curtailed.

In such an uncertain world, though, the Fed pivoting toward monetary accommodation is n’t necessarily straightforward. The view driving this Asian stock rally is “broadly correct”, at least in the medium-term, says Tan Kai Xian, economist at Gavekal Research.

” Rate cuts will reverse the recent contraction in US liquidity, which will support US aggregate demand, after a lag”, Tan notes. ” But in the shorter term, rate cuts will squeeze corporates ‘ interest income, and therefore their profits. This will disproportionately affect large corporations with large cash reserves, which may result in their relative underperformance.

The effect, Tan notes,” will be bigger than commonly believed. Even though the path was indirect, thanks to businesses selling products to households in receipt of stimulus checks, handouts during Covid allowed US companies to build up sizable cash reserves.

When the Fed cuts interest rates, interest income will fall. At least before the lagged boost to aggregate demand kicks in, Tan says,” The near-term drag on corporate profits could discourage capital spending, which would have a dampening effect on US economic growth.” ” In the short term, then, rate cuts could weigh on large-cap US equities relative to bonds”.

Given that the US inflation rate is continuing to decline, Jen believes Powell may raise rates more forcefully than many investors anticipate. The global reserve currency may be under increased downward pressure due to Washington’s dual budget and current account deficits. That, Jen argues, could see the yuan appreciating more than many investors expect.

The yuan’s gains could be even bigger if the People’s Bank of China avoids moves to offset dollar liquidity. Odds are that the yuan will start to rise once the Fed starts cutting interest rates as soon as September 18? If the Fed makes any hints about further easing, the pressure will increase.

This could cause tension between PBOC Governor Pan&nbsp, Gongsheng and Xi’s economic team. Beijing has been surprisingly tolerant of a rising yuan over the past year despite the fact that global export markets became more competitive.

Xi has been working to gain more confidence in the yuan and stop large property developers from defaulting on their foreign debts. A skyrocketing yuan that nullifies growth prospects may be even worse unwelcome.

The clouds on China’s economic horizon can be seen in this week’s$ 55 billion stock crash&nbsp, in Temu-owner PDD Holdings. It’s a sign that China’s growth engines are still cooling despite Beijing’s effort to boost household demand.

Additionally, the external sector does n’t appear particularly promising. This week, Canada slapped a 100 % tariff on China-made electric vehicle imports, following the lead of the US and European Union.

Additionally, it is unlikely that the upcoming US election cycle will offer Team Xi a break. Both presidential candidates, Trump and Harris, are trying to outdo each other with anti-China rhetoric and trade policies.

All of this explains why China’s foreign exchange watchdog has been paying close attention to dizzying yuan-dollar movements. And why things might turn out differently than many investment funds currently believe.

” The pressure will be there” on the yuan to rally, Jen tells Bloomberg. We are talking about$ 1 trillion worth of fast money that could be involved in such a potential stampede if we just assume half of this amount is the money that is “footloose” and easily provoked by changing market conditions and policies.

Follow William Pesek on X at @WilliamPesek

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Alibaba’s listing upgrade the lift Hong Kong needs – Asia Times

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On Wednesday ( August 28 ), Alaba Group Holding will complete its long-awaited transition from secondary status on the Hong Kong Stock Exchange to a primary listing. The walk might be just as significant for the area as the e-commerce giant itself.

Hong Kong Exchanges and Clearing Limited is about to end a fourth that was exhausting. Stock investing and initial public offerings restored the bourse’s reputation as a global economic hub, and the April-June time was its best on history. The globe’s fourth-largest stock market saw net profits surge 9 % to HK$ 3.16 billion ( US$ 405 million ), or HK$ 2.49 per share.

The decision by Alibaba may cause an extra backseat. Typically speaking, one firm seldom, if ever, makes or breaks an exchange. However, Alibaba’s size and significance for the island’s tech-economy tale could result in billions of dollars in new investments that will likely be filtered into the country’s wider Hong Kong market.

Alibaba can touch titanically large flows of coast money thanks to the transition to main listing in Hong Kong, which wraps up a two-year process. Alibaba’s stock today qualify to add Stock Connect, a system that connects Hong Kong’s change to areas in Shanghai and Shenzhen.

That will make buying Alibaba shares easier than ever for buyers in the island, opening the door to capital inflows of up to US$ 20 billion into the business over the next six weeks, according to estimates. And maybe boosting the general market’s mood.

According to Marvin Chen, an analyst with Bloomberg Intelligence,” We believe the addition of Alibaba to the Stock Connect may have a positive impact on the stock and may help regulate mood given that it is a family name among coast buyers.” He expects island assets of the stock to climb by double-digit ratios, broadening benefits in tech-sector shares.

Alibaba, of course, is even keeping its key listing in New York. This could be its own advantage. Hong Kong shares frequently react muted to gains made on the island. Alibaba’s hold in the US market could offer Hong Kong more inside if New York’s bulls work continues.

Though based in Hangzhou, China, the firm Jack Ma co-founded first listed on the New York Stock Exchange in 2014, raising nearly US$ 22 billion.

At the time, it was the largest US Investor always. Additionally, it established Xi Jinping’s Communist Party as a significant leader, making China a worthy target for international attention.

In 2019, Alibaba opened a secondary list in Hong Kong, raising an extra US$ 13 billion. Afterwards, in 2022, Alibaba’s table applied to transfer its Hong Kong stock to key status. Last month, shareholders eventually approved the pivot.

The prospect is as great as the chance are at play. In 2023, China’s biggest e-commerce person had one of the most turbulent times in its 25-year story. Even by the norms of 2020, the year the government of President Xi repressed internet usage.

In March 2023, Alibaba split into six units to adjust and concentrate its main businesses: home e-tailing, global e-commerce, cloud computing, native services, logistics, and media and entertainment.

At the time, the cash-cow home e-commerce class, which includes the Taobao market, aimed to be a wholly-owned system. The five people are run by various CEOs who each have the authority to pursue their own public ads.

The market is the best litmus test, according to former Alaba CEO Daniel Zhang, who remarked 17 times ago:” Every business team and company may pursue independent charity and Investments when they are available.

The enterprise was bigger than Alibaba, though. As Xi’s regulators attempt to mitigate risks and halt monopolistic tendencies among tech giants, China Inc. did a case study of sorts.

Given that Xi and Premier Li Qiang want private companies to be the ones who create the most jobs and boost a troubled economy, it’s quite a balancing act.

Ma’s Alibaba was an obvious place to start. It has long been a global representation of China’s tech goals and a symptom of Beijing’s tolerance for tech billionaires spreading their wings.

Nowhere did that tension come across more clearly than in October 2020. After Ma criticized China’s financial regulators for stifling innovation, authorities canceled a$ 35 billion IPO planned by Ma’s fintech unit Ant Group.

Alibaba’s efforts to remake itself remain a work in progress. Last year, the e-commerce titan disappointed investors as profits dropped and revenue growth was a weaker-than-expected 4 % in the second quarter.

The company’s performance highlights two significant issues that Zhang, who took over as CEO in September, and Chairman Joseph Tsai and CEO Eddie Wu have yet to resolve. One is intensifying competition from rivals such as JD.com, Temu-owner PDD Holdings and others.

” Competition will remain a key issue for Alibaba”, says Shawn Yang, an analyst at Arete Research. As Alibaba began testing a new advertising tool this past quarter, some investors may have high hopes for the increase in the company’s take rate. However, the results ‘ actual figures indicate that it may take longer for that effort to pay off.

The other is a lethargic Chinese economy that Team Xi has yet to revive, which is hampered by weak consumption and made worse by a cratering property sector. Chinese consumers deposited less money in the bank in July but also did n’t spend more. Some people assume that 2024 will be a bad year for economic growth.

” The year-on-year decrease in excess savings growth has not yet translated into increased consumption”, says Tommy Xie, head of Greater China research at OCBC Bank. This may be related to households shifting their deposits to wealth management products and paying off their loans early.

That deleveraging matters to Alibaba’s bottom line. Team Ma, after all, created an amalgam of Amazon, PayPal, eBay, travel agencies, brokerage services and real estate, thrusting his interests into virtually every sector imaginable to reach China’s 1 billion-plus internet users.

This arguably makes Alibaba’s quarterly performance a better gauge of China’s economic health than gross domestic product ( GDP ) reports. Nothing else would increase Alibaba’s stock more quickly than Xi’s reform team’s increase in consumer spending. &nbsp,

There is still a level of capital outflow pressure, according to Lynn Song, chief economist for Greater China at ING Bank, “weak growth is likely to lead to more PBOC easing.”

By the most general sense, China’s budget expenditures are shrinking at a time when local government land sales are declining at a rate unprecedented. Many economists believe that this will put more pressure on Xi and Li to take bolder steps to stabilize China’s US$ 17 trillion economy.

The Third Plenum extravaganza’s policies, as anticipated, will prioritize boosting consumer spending. So far, such moves have been in short supply.

Zhang Ming, an economist, recommends that Beijing should increase investment and promote consumer spending by double or triple the value of this year’s special sovereign bonds, reaching 3 trillion yuan ( US$ 420 billion ).

According to Zhang, deputy director of the Institute of Finance &amp, Banking at the Chinese Academy of Social Sciences, a government think tank, “if we adhere to the central budget deficit level of 3 % no matter what it takes, fiscal spending will inevitably contract and become pro-cyclical.”

Upright Asset Management’s chairman, Chenjie Liu, points out that “raising the fiscal deficit ratio is an appropriate and effective policy tool.”

Economist Lisheng Wang of Goldman Sachs adds that” we see significant downward pressure for fiscal funding this year from falling tax and land sales revenue, besides the multi-year” deleveraging by state-owned companies known as local government financing vehicles, or LGFVs.” The hope is to reduce China’s exposure to off-balance-sheet debt risks.

If China’s 5 % growth goal is met, it will significantly ease Alibaba’s path to 2025 and entice more investors to buy Alibaba shares.

As of now, analyst Laura Wang at Morgan Stanley says” we expect some inflows but not major”, at about US$ 12 billion in the first six months after inclusion, or about 7 % of Alibaba’s total outstanding shares.

The positive news is that Alibaba’s significant investment in cloud computing has succeeded. The business experienced a modest 5.9 % growth as a result of CEO Wu’s strategic change in cloud computing and artificial intelligence. That offset Alibaba’s main platforms Taobao and Tmall, which saw a 1 % decline in revenue.

Any progress Beijing makes in accelerating economic growth would be greatly benefited by Alibaba’s unique position on the frontlines of China’s GDP zigs and zags, but it would have a big impact on its appeal among international investors. Perhaps even for Hong Kong’s appeal, too.

Follow William Pesek on X at @WilliamPesek

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Local officials “unusually rich”

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PUBLISHED: 27 Aug 2024 at 04: 00

The National Anti-Corruption Commission ( NACC ) has determined that there are legitimate grounds for the allegation that two senior local officials in Suphan Buri and Samut Songkram are unusually wealthy, with between them unexplained wealth worth about 46 million baht.

Niwatchai Kasemmongkol, the NACC secretary-general, said the first event problems Raynu Phonlasen, a past president of tambon Plai Na in Sri Prachan city of Suphan Buri.

According to Mr. Niwatchai, Ms. Raynu’s unexpected riches included savings accounts for at least 21.3 million ringgit in two bank accounts. She claimed to have received the funds from a Thai person with the first” Por” during her leadership.

She explained that Mr. Por had asked her to keep a portion of his estate worth nearly 21 million baht while he was sorting out his wife’s local issues. She has given the sum of cash to Mr. Por. To pay off a debt he owed her, Ms. Raynu’s account transferred the remaining portion, which was valued at about 760 000 baht and was kept in the Bank for Agriculture and Agricultural Cooperatives ( BAAC ).

The NACC found no supporting documentation that may establish the existence of the product. According to Mr. Niwatchai, the accused was unable to make a payment agreement between her and Mr. Por.

Moreover, it came to the agency’s focus that Ms Raynu had spent the money as if it was her unique.

Ms. Raynu is charged with breaking the NACC Act. The NACC may send the investigation’s findings to the Attorney-General’s Office for Corruption and Misconduct, according to Mr. Niwatchai, to the Criminal Court for Corruption and Misconduct situations.

According to Mr. Niwatchai, the NACC is scheduled to notify the company overseeing the tambon Plai Na provincial business within 60 days of its decision regarding retroactive dismissal of Ms. Raynu.

The second incident involves Manat Phaetjakreng, a former deputy president of the Khlong Khon Tambon Administrative Organization in Samut Songkram’s Muang area.

Mr. Manat was found to have made a false declaration of money with the intention of concealing it by the NACC. The NACC was informed of Mr. Manat’s resource history when he resigned as TAO deputy president on December 28, 2021, and the decision was based on that fact.

According to the committee, Mr Manat omitted to consider some assets held in his and his wife’s brands worth a total of 25.2 million ringgit.

According to Mr. Niwatchai, the NACC recommended that Mr. Manat been barred from contesting primaries and subject to criminal charges if found guilty. It also recommended that the Supreme Court’s Division for Persons Holding Political Positions.

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Australian kids ‘see betting as part of sport’ – can banning ads help?

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Getty Images A woman walks past a betting advertisementGetty Images

Sam was raised in a place where having a kick was associated with sports, like so many in Australia.

“‘Our buddies, our household had ask ‘Oh who are you betting on this year? ’ That was the ordinary conversation that occurred, ” his girlfriend Amy- who is not using her true name- says.

Looking up, she attributes her brother’s habit and the anguish he endured before he took his own life to the normalization of gambling, the way it spread into their homes and spread itself into social interactions.

“It really destroyed him physically and emotionally, ” she explains. “We tried whatever. We were a close relatives, but we certainly did n’t know how bad it was- it destroyed him. ”

One of the dozens of people who testified in a nonpartisan political inquiry into the effects of gambling in Australia, which wagers more per capita than any other nation, is Amy.

The probe found that there were “few safeguards ” to protect those battling addiction and recommended 31 reforms to avoid “grooming ” a new generation of children to gamble, starting with a three-year phased ban on advertising.

Then that polls indicate that the majority of people support the move, Prime Minister Anthony Albanese is under increasing pressure to work both within his party and on the outside.

However, the state has indicated that it may decide to place a cap on advertising. It has cited the importance of gambling advertising revenue in supporting the country’s struggling free-to-air commentators as well as instructions from wagering industry warning that a ban might send customers abroad.

According to the industry’s top body, doing so would result in significant income losses for Australian betting sites, which currently bank “vital services” ( the industry’s leading body ).

The discussion has sparked accusations that business objectives are preventing common-sense transformation.

It has also spotlighted the deep-rooted connections between game, playing, and pleasure in Australia.

Getty Images betting appsGetty Images

A betting bubble

Betting occupies a special place in American society.

It became the first nation to privatize its gambling market in the 1980s, allowing slot machines to become licensed bars and clubs after being only permitted inside casinos.

Now, Australia is home to around 0. 33 % of the country’s population, but a second of all “pokies”- the slang term used for the equipment.

In the last 20 years, there has also been a rise in the popularity of online gambling, mainly in sports. Estimates indicate that Australians are spending about A$ 25 billion ($ 16 ). 8bn; £12. 9bn ) on legal wagers each year- with 38 % of the population gambling weekly.

Experts argue that powerful promotion has aided that increase, while funding deals, partnerships, and kickbacks given to common sporting bodies, have helped legitimise the business

Getty Images A man plays a slot machine Getty Images

Sean- no his real title- has been gambling lawfully, and often intensely, for more than 18 years. He was introduced by a friend to sports betting as a student, and from there, items snowballed. Some days I could n’t sleep unless I knew what I was betting on. He told the BBC,” I was betting on activities I’d never seen in places I’d always heard of.”

He is now 36 and is looking for partners to assist him in what feels like a lifetime of losses, but he estimates A$ 2 million as the full.

He claims that if I had never gambled, I may be married with kids at the moment and that the relationship breakdowns and years of loneliness are more difficult to quantify.

One academic paper found that like Sean, 90% of Australian adults and roughly three-quarters of children aged eight to 16 years see betting as a “normal part of sport”. Advocates like Martin Thomas argue this is evidence that the practice “has seeped into every corner of society”.

He tells the BBC,” Our kids hear just as much about the odds on a sport and the multibets as their favorite people.”

In Amy’s watch, as well as making it harder for people of all ages to leave gambling, that normalisation has created a harmful subtext: that any negative impacts- quite as debt or addiction- are the fault of the individual, certainly the system.

“To come and enjoy a sporting event and see it saturated with betting marketing, you’re like, ‘ Oh, I’m the issue. Because anyone does this’, you know what I mean?

“That’s what my nephew thought. ”

Like some advocates, she wants to discover gambling reframed as a major public health issue rather than a fun pursuit, given surveys have shown that almost half of those engaging in the practice are at risk of, or already knowledge, its connected harms– such as economic hardship, family violence, depression, and suicide.

A prohibition on advertising might be the first step in achieving that goal, according to research. And advocates say there’s a well-trodden path the government could follow. Mr. Thomas points to Australia’s decision in 1992, which has been credited with significantly lowering smoking rates, as proof of what is possible.

But while Prime Minister Anthony Albanese has described the “saturation of gambling advertising” as “untenable”, he’s yet to commit to a course of action.

He has instead cited his government’s other initiatives when asked about, such as a ban on credit card use while placing online wagers and the creation of a register to prevent people from excluding themselves from betting sites. At times, he’s also framed gambling as an age-old problem.

“[ This ] has been an issue in our society I suspect, since man and woman walked, and had a bet on who could ride the horse the fastest or who could run from rock to rock, probably before there were buildings, ” he told parliament on Wednesday.

‘The house always wins’

A blanket ban, according to the leading body representing Australia’s wagering companies, is viewed as a “step too far” and supports the government’s proposed cap, which would restrict ads both online and during general TV programming.

By doing this, Responsible Wagering Australia’s CEO Kai Cantwell said in a statement that the community’s hopes of seeing less advertising would be met while also upholding the essential support for local broadcasters and sporting codes.

However, Dr. Andrew Hughes, a marketing lecturer at The Australian National University, has doubted how significant financial support is given that Nielsen data indicates that the majority of ad revenue is generated by other industries rather than betting platforms.

Additionally, independent senators have criticized the justification for using wagering money to boost the media, like David Pocock.

“Journalism is incredibly important, but it should n’t be dependent on flogging products we know are harmful, and which cause addiction, personal issues, family breakdowns, and in some cases, suicide, ” he told the BBC.

The government should have the capacity to consider other ways to close that void. ”

One of the senators who has publicly questioned whether betting companies and the industries they finance interfere with policy is that Mr. Pocock refers to their extensive lobbying efforts and history of large political donations.

Getty Images Anthony Albanese in parliamentGetty Images

He joined 20 political spectrum parliamentarians last week to sign an open letter calling for a free vote on the issue so that MPs in Mr. Albanese’s party can cross the floor without fear of repercussions.

A number of medical organizations have also endorsed a ban, as has an expert panel appointed by the government to examine how to lower domestic violence rates in Australia, adding to the mounting pressure Mr. Albanese is facing.

The government has already placed warnings on gambling advertisements to warn consumers about the dangers.

However, Sean claims that it does n’t do much to stop those who are addicted.

“ I know the house always wins, but every time I’m ready to have a punt that all goes out the window, ” he explains. I begin to believe that I will win everything in the end. That win that ’s going to get everything back. ”

Although nothing has been finalised and Mr Albanese’s cabinet is still weighing its options, for Amy, the debate itself has become too “insensitive” to follow.

She can’t comprehend what the hold-up is and wants answers.

Anyone who understands this subject would undoubtedly consent to a complete ban on advertising, she tells the BBC. We are dangling this dangerous product in front of everyone and normalizing it, and the worst-case scenario is what happened to us, ” the lobbyists say.

“My family – they’ll never recover. You ca n’t ever recover from it. ”

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BMA must pay B672m in lease fees

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PUBLISHED: 24 Aug 2024 at 08: 35

Shoppers visit Chatuchak Market in Bangkok. (Photo by Apichart Jinakul)
Visitors visit Chatuchak Market in Bangkok. ( Photo by Apichart Jinakul )

The Bangkok Metropolitan Administration ( BMA ) is requesting payment of a debt of 672 million baht resulting from overdue leasing fees at Chatuchak Market from 2018 to 2022.

The union’s chairman, Sarawut Saranwong, told the media on Friday that the union had filed a petition with Bangkok governor Chadchart Sittipunt on Thursday regarding the unpaid fees associated with Chatuchak Market’s use of State Railway of Thailand ( SRT ) land.

After the government approved in 2018 that the BMA may manage the business until 2028, Mr. Sarawut stated that the union is following up on the situation. The SRT is required to spend about 169 million baht in monthly rental fees, and the rent is subject to periodic review. Additionally, the government recommended that a contract be signed. The BMA has refused to do so, claiming particulars have not yet been discussed, Mr Sarawut said.

He added that the Office of the Attorney General has received the document commitment from the SRT for evaluation. But, the BMA also failed to sign it. The SRT next filed a civil complaint.

In June 2022, the Civil Court ruled that the BMA has paid late land use fees from Dec 1, 2018, to June 27, 2022, of about 672 million baht, through monthly instalments of about 14 million baht, starting from July 1, 2022 until the contract is signed. So, Mr. Sarawut asks the BMA to pay the fees and halt its appeal.

” If the problem remains unanswered, the SRT might have to repossess the property and handle the terrain itself”, Mr Sarawut said.

Torsak Chotimongkol, chief adviser to the Bangkok governor, said the BMA has been ready to negotiate and submitted ideas, such as debt restructuring and a rental price reduction, to find a solution. He continued,” It depends on how the SRT takes the presents,” adding that the BMA would continue to support the constitutional process even though the charm would be dropped.

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Thaksin”s vision to reshape Thailand

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PUBLISHED: 23 Aug 2024 at 15: 14

Past Thai Prime Minister Thaksin Shinawatra has returned after 17 years of being away from Thailand with ideas to create and handle the country’s issues.

His main goals for Thailand’s transformation were laid out at the Nation Group” Vision for Thailand” function:

    Restructuring and hair of family loan: To put these steps into effect, the finance minister must work with the Thai Bankers ‘ Association and the Bank of Thailand.

  1. Legalising the underwater economy: Thailand has a large underwater economy, now estimated to be about 50 % of the established economy. If this can be brought above ground, the GDP may increase by 50 %, especially by legalising online gaming, where Thais now lose 170 billion ringgit annually.
  2. Professional restructuring: By reducing electricity costs and promoting clean energy, Thailand had become a safe haven for industries exporting to different regions like United States, China, Europe, and others, as Thailand faces no considerable political issues.
  3. Entertainment compounds: This could include games that make up no more than 10 % of the area and require hundreds of billions of dollars in capital expenditures.
  4. Land profits to foreigners: Thais would be able to buy property to foreigners, but the title deed may get transferred to the Treasury Department, which would then rent the property to the foreign purchaser for 99 years.
  5. 20 Baht electric train survive: This could be achieved by the government reviving secret electric train tasks, lowering ticket costs, and introducing congestion fees for users of passenger cars to help pay for public transport.
  6. Agricultural transformation: Leveraging R&amp, D to increase value to agricultural goods, such as producing high-fiber, low-carbohydrate corn.
  7. Land Reclamation: Reclaiming property in areas like Bang Khun Thian and Pak Nam to produce new green places, tourist sights, and disaster protection for Bangkok.
  8. Negotiating maritime overlapping areas: Expelling negotiations with Cambodia to use fossil fuels in the sea together before the world transitions away from fossil fuels.
  9. Financial hub: Establishing operations in Thailand as a financial hub to draw in foreign banks.
  10. Tax restructuring: Implementing negative income tax to refund money to low-income earners, while also considering reductions in corporate and personal income taxes.
  11. Enhancing tourism potential: Expanding airports, developing man-made tourist attractions, and amending laws to facilitate private jet travel.
  12. Bureaucratic reform: Reducing the number of civil servants, curbing ballooning budgets, and increasingly using technology to replace manual processes.
  13. Promoting Soft Power in All Forms: Develop an ecosystem to support and enhance Muay Thai, Thai cuisine, fashion, and other cultural assets.
  14. Adopting protectionism: To ensure fair competition in the market, especially against low-quality, cheap imports, and to develop Thai SMEs into smart SMEs producing unique products, as they cannot compete with China’s economy of scale.

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