Staged videos fuel religious hate and misogyny in India

Screenshots of staged clip shows a man uncovering a person carrying a child and wearing a burkaTwitter

In a video shared and watched by millions of people in India, a man is seen attacking a person who is wearing a black burka and holding a child. He then forcibly removes the burka to reveal a man.

The message accompanying the clip warns in Hindi that people should “be aware” of criminals using the burka – a veil used by Muslim women around the world – to disguise themselves and “kidnap children”.

The video, published on YouTube earlier this year, has been viewed more than 29 million times before it was deleted.

But it did not show real events. It was a dramatisation – a scripted performance with amateur actors.

Scripted videos, apparently created for entertainment, are increasingly being shared on social media as true events in India. Often accompanying the videos are false claims that stoke religious hatred and misogyny.

India has witnessed growing tension among religious communities, particularly between Hindus and Muslims, since Prime Minister Narendra Modi’s Hindu-nationalist Bharatiya Janata Party (BJP) came to power in May 2014. Many of the false narratives that target these communities also encourage moral policing against women.

This trend of dramatised videos has reached multiple Indian languages, including Hindi, Tamil, Malayalam, Gujarati, Marathi and Telugu. Sometimes, local media outlets have also mistaken staged videos for news.

Many of the staged videos show people wearing burkas in order to kidnap children. This could have real-life consequences – over the past few years, authorities in many Indian states have had to issue warnings against fake news after several people were attacked by mobs believing them to be kidnappers.

Why are these videos dangerous?

These dramatised videos are accompanied by disinformation tactics which may confuse viewers on social media. Some have disclaimers but they may be hidden in the middle or the end of the videos.

Most times, the text is in English, which is not always understood by viewers.

According to a fact-check by Alt News, the original clip of the man wearing a burka – which was later deleted by its creator – actually had a disclaimer stating it was “a work of fiction”. But it was visible only for a second.

Other creators add CCTV templates to make the videos seem more realistic.

One such video, which went viral in December 2021, was shared alongside claims without evidence in multiple languages that Muslim men were trying to intoxicate Hindu girls by spiking their food.

In the comment section below the video, many users appeared to believe it was true, making Islamophobic remarks. “Beware of love jihad,” commented a user.

“Love jihad” refers to a conspiracy theory which claims that Muslim men are wooing Hindu women to convert them to Islam.

Most videos made by Hyderabad-based creator Venkat Seepana feature a recording sign and time-stamp like CCTV clips. His YouTube channel has over 1.2 million subscribers and more than 400 videos.

One clip depicted a tailor misbehaving with a woman. It was shared multiple times on Twitter and Facebook with claims that it showed a Muslim man mistreating a Hindu woman: “Hindu sisters and daughters are requested not to go to the shops of Muslims, they are people with a bad mentality.”

Seepana's video

YouTube

Seepana told the BBC that he made these videos to “spread awareness and show real-life situations”.

Alishan Jafri, a journalist and disinformation researcher, says that dramatisations that go viral may not lead to physical violence. But they deepen existing religious biases.

“These videos are adding fuel to the fire in the society that is already divided and polarised. Most of these videos are targeted against certain communities, particularly Muslims, and when they go viral, they contribute to structural violence against the minority community,” he says.

Sometimes, these scripted videos – which spread confusion in the first place – are used to sow even more disinformation online.

Some of them portray illicit relationships between friends, family members and people with a huge age difference.

Two such staged videos were widely shared in May with false claims attacking the Hindu community.

The first one depicted a man dressed in saffron – a colour associated with Hinduism – who claims he is marrying his sister.

In the second video, the same woman is shown standing next to him in a burka and he says he is marrying her to convert her to Hinduism.

On Twitter the clips were used by some to claim that this was a Hindu man who was making his sister pretend to be a Muslim woman.

Both the man and woman seen in the two videos appear in several other videos portraying different characters.

Screenshot of two staged clips show man dressed in saffron and woman next to each other

Twitter

The original clips can be found on a YouTube channel with more than 400,000 followers which commonly posts scripted videos.

When the BBC asked Vikram Mishra, the channel’s owner, if he was aware that his videos were perceived as real, he replied: “We all want to become a hit. I make videos that do well according to the trends of society.”

He said the videos are created only for “entertainment and views, as our team of 12 people earn their livelihood from our YouTube channel”.

The BBC also reached out to social media platforms with questions about their policies on dramatised videos shared out of context.

A Meta spokesperson said they have “clear rules prohibiting content on Facebook that incites violence” and that they remove anything that breaks these rules.

YouTube too said the platform has “strict policies prohibiting violent or graphic content”, misinformation, and “misleading or deceptive content with serious risk of egregious harm”.

X, formerly known as Twitter, sent an auto-reply that they would “get back” soon.

How can you spot scripted videos?

Many of the videos look and feel staged, and they are also produced and shared in other countries. But they are believed by Indians and go viral in the country because they “cater to more conservative audiences”, says Harish Nair, managing editor of Fact Crescendo, which operates in India and other Asian countries.

He also believes Indians “share videos which they believe are issued in the public interest”.

According to him, staged videos are not the prevailing misinformation trend in India. But they have “a huge impact on society as they validate their pre-existing beliefs and sentiments”.

Prateek Waghre, policy director of Internet Freedom Foundation, a Delhi-based digital rights advocacy group, agrees. “Low media literacy is one aspect of the problem, but this is happening in a society where there are existing social divisions and people are already primed to think like that.”

But there are ways to check if a video is actually scripted.

Ruby Dhingra, managing editor of India-based multilingual fact-check media Newschecker, said viewers should be wary of camera angles, locations, reactions and the language used in the video. They can reveal if the people caught in action are hiding from the camera or posing for it, and if they are speaking naturally or being loud and overacting.

Dhingra also notes that it is “highly unlikely” that an incident will be captured by multiple cameras for its entire length and without any disruption, like the scripted videos.

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India parliament to debate no-confidence motion against PM Modi’s government

Prime Minister Narendra Modi during the BJP Parliamentary party meeting at Parliament House complex on July 25, 2023 in New Delhi, India. (Photo by Sanjeev Verma/Hindustan Times via Getty Images)Getty Images

India’s parliament is set to debate a no-confidence motion that opposition parties have brought against Prime Minister Narendra Modi’s government.

Congress party leader Rahul Gandhi, who was reinstated as a lawmaker on Monday, will start the debate on behalf of the opposition.

Lawmakers will vote on the motion on Thursday after the debate.

Mr Modi’s government won’t lose the vote as his Bharatiya Janata Party (BJP) and its allies have a majority.

But opposition leaders say the debate will force Mr Modi to speak on ongoing ethnic clashes in Manipur state.

The current parliament session, which began on 20 July, has been marked by protests from opposition leaders who have demanded that Mr Modi address the house on the violence in Manipur.

More than 150 people have died and tens of thousands have been displaced in Manipur since early May, when ethnic clashes broke out between the majority Meitei group and the tribal Kuki minority.

Federal Home Minister Amit Shah has said that the government is ready to discuss the issue and accused the opposition of “running away”.

Some key bills have been passed amid the disruption and protests with little debate.

This is the second time that Mr Modi’s government is facing a no-confidence motion since it came to power in 2014. In 2018, a lawmaker had moved a motion over the issue of granting a special category status to Andhra Pradesh state. It was defeated after a 12-hour debate.

The no-confidence debate will be a chance for a newly formed opposition alliance of 26 parties – called INDIA – to display their unity. The alliance, which was formed in July – aims to take on Mr Modi’s BJP in the general election next year.

Mr Modi is expected to reply to the debate on Thursday.

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A new era for DCM? | FinanceAsia

The repercussions of recent black swan events are contributing to a new dealmaking landscape – one that continues to ebb and flow as geopolitical tensions rise and governments work to ensure that regional emissions fall.

As regulators respond to global inflation with interest rate hikes, market participants are adapting to the post-pandemic outlook, where the structural integrity of systemic lenders has been called into question; bank runs have been navigated; and a debt ceiling default, narrowly avoided.

“Volatility is the only constant,” Elaine He, head of Debt Capital Markets (DCM) Syndicate for Asia Pacific at Morgan Stanley, told FinanceAsia.

“Bond issuance has been slow as issuers wait on the sidelines because of uncertainty and the increasing rates environment,” Barclays’ head of Debt Origination, Avinash Thakur, motioned. “The biggest factor impacting dealmaking continues to be the US Federal Reserve’s tightening bias.”

“Even if there is a lot of liquidity in the market, the cost of borrowing is too high,” Singapore-based corporate practice partner at DLA Piper, Philip Lee, told FA.

“Most CFOs, CEOs or other corporate decision makers who are in their late 30s or early 40s, would not have even started their careers when interest rates were this high – in the late 1990s, or early 2000s. I suspect it will take some time for companies to adjust to this higher interest rate environment.”

But Sarah Ng, director for DCM at ANZ, holds some positivity amid current market uncertainty. She noted how recent headline events are influencing short-term market sentiment and shaping deal-focussed behaviour, for the better.

“We are seeing narrower open market windows. This has meant that issuers have had to adopt an opportunistic and nimble approach when accessing primary markets,” she offered.

“We did see a degree of caution and a flight to quality, especially post-Silicon Valley Bank (SVB) and Credit Suisse, but the sell-off was largely contained to specific bank capital products. What has been surprising, has been the speed of bounce-back in both primary and secondary market activities, with a robust pipeline of issuers and receptive investor base back in play,” she explained.

FA editorial board member and head of DCM for Asia Pacific at BNP Paribas, Manoj Agarwal, agreed that unexpected developments have made market activity very much “window-driven”.

“From an issuer perspective, being prepared and able to access markets at short notice, as and when market windows are optimal, has become important,” he said. 

Furthermore, he noted that market recovery has been much faster this year, compared to the protracted period of indecision brought about by the Covid-19 pandemic.

“Although the year has been peppered with volatility and disruption, market efficiency is also improving, helping to reduce the impact these events have on dealmaking,” he emphasised.

Going local

George Thimont, head of ESG Syndicate for Asia Pacific and leader of the regional syndicate (ex-Japan) at Crédit Agricole, observes three notable trends emerging amid the current, Asia-based dealmaking environment.

“Issuance is broadly down across the board – in spite of good demand from the investor community. From a sectoral perspective, the notable absentees are the corporates, and local market conditions in certain jurisdictions, such as South Korea, have offered good depth and pricing versus G3 currencies.”

Citing Bloomberg data, Agarwal noted that for Asia ex-Japan, 2023 year-to-date (YTD) G3 DCM volume as of mid-June was down by 35.4% year-on-year (YoY), with 2022 already down by 54% compared to the same period in 2021.

But he agreed that South Korea displays some optimism, given that its 2023 YTD deal volumes remain flat, compared to the same period in 2022.

In fact, some of the market’s larger institutions have been quite active overseas. In February, the Korea Development Bank (KDB) issued $2 billion in bonds via Singapore’s exchange (SGX) in what constituted one of the largest public market issuances by a Korean institution in recent years.

Debt from issuers such as sovereigns, supranationals and agencies (SSA) or state-owned enterprises (SOEs) has benefitted, managing director and head of Asia Pacific Debt Syndicate at Citi, Rishi Jalan, told FA

“We expect corporate issuance in the US dollar bond market to be a bit more robust in the second half of the year,” he explained. In the meantime, Jalan said that some issuers are selectively tapping local currency markets where financing terms are lower, such as in India, China and parts of Southeast Asia.

However, not everyone feels that Asia’s regional markets can cater to the demands of the significant dry powder at play.

“Most liquidity in the local currency market comes from the banking system,” Saurabh Dinakar, head of Fixed Income Capital Markets and Equity Linked Solutions for Asia Pacific at Morgan Stanley, told FA.

He is sceptical of the current capacity for local markets to meet the requirements of internationally minded issuers. However, he noted as an exception the samurai market, which he said had proven vibrant for some corporates with Japan-based businesses or assets.

“Larger long-term funding requirements can only be satisfied through the main offshore currencies, such as dollar securities,” he explained.

Turning to the regional initiatives that have been set up to encourage participation in Asia’s domestic markets such as Hong Kong’s Connect schemes – the most recent of which, Swap Connect, launched in May – Dinakar shared, “What we need to see is broader stability.… These developments are great, but for investors to get involved in a meaningful way, general risk-off sentiment needs to reverse.”

“There was huge optimism around reopening, post Covid-19. This has since faded as corporate earnings have disappointed and there has been no meaningful stimulus. The markets want to see policy stimulus and, as a result, corporate health improving. Performance across credit and equities will then follow.”

Sustainable momentum

One area of Asian activity that stands strong in the global arena, is ESG-related issuance.

In March, the International Capital Market Association (ICMA) published the third edition of its report on Asia’s international bond markets. The research highlighted that, in 2022, green, social, sustainability and sustainability-linked (GSSS) bonds accounted for 23% of total issuance in Asia – higher than the global ratio of 12%.

“Demand is still more than supply, and investors tend to be more buy and hold, so we’ve seen that sustainable bond issuance has been more resilient than the market as a whole,” shared Mushtaq Kapasi, managing director and chief representative for ICMA in Asia.

“ESG has come to form an integral part of the dealmaking conversation in Asia. Over 30 new ESG funds have launched here in 2023; the number of ESG-dedicated funds is up 4% YoY; and Asia makes up 11% of the global ESG fund flow as of 1Q23 – up from 5% a year ago,” said Morgan Stanley’s He. 

“The Hong Kong Special Administrative Region (HKSAR) government recently came to market as the largest green bond issuer in Asia so far this year,” she added.

Discussing the close-to-$6 billion green bond issuance, Rocky Tung, FA editorial board member, director and head of Policy Research at the Financial Services Development Council (FSDC), shared that the competitive pricing contained a variety of durations and currencies that “help construct a more effective yield curve that will set the benchmark for other issuances – public and private – to come.”

This, he explained, would not only be conducive to the development of green and sustainable finance in the region, but would specifically enrich Hong Kong’s debt capital market.

“ESG-related bonds can provide issuers with an additional selling point to attract investors,” Mark Chan, partner at Clifford Chance, told FA.

“They can demonstrate the issuer’s commitment to fighting climate change for example…. Issuers with a social agenda, such as the likes of the Hong Kong Mortgage Corporation (HKMC), can highlight their mission and objectives by issuing social bonds to enhance the investment story.”

In October last year, HKMC achieved a world first through its inaugural issuance of a dual-tranche social facility comprising Hong Kong dollar and offshore renminbi tranches, which totalled $1.44 billion.

“We are also seeing more bespoke ESG bonds such as blue and orange structures,” Chan added, referring to recent deals that the firm had advised on, including the Impact Investment Exchange’s (IIX) $50 million bond offering under its Women’s Livelihood Bond (WLB) Series; and issuance by China Merchants Bank’s London branch, of a $400 million facility – the first blue floating-rate public note to be marketed globally.

FA editorial board member and head of sustainability for HSBC’s commercial banking franchise in Asia, Sunil Veetil, noted that while Asian issuance fell in most segments, green sukuk and social bonds helped sustain momentum.

“For green debt, energy was the most financed project category in Malaysia, the Philippines, Thailand, and Vietnam, accounting for more than 50% of allocation,” he shared, citing a report by the Climate Bonds Initiative (CBI).

“In Singapore, which remains the undisputed leader of sustainable finance in Southeast Asia, around 70% of green debt went to buildings, mainly for the construction of green buildings, and to a lesser extent, for retrofits and to improve energy efficiency.”

“There continues to be regulatory support for ESG bonds, including grants provided by the Asia-based stock exchanges to list green bonds,” added Jini Lee, partner, co-division head for finance, funds and restructuring (FFR) and regional leader at Ashurst. 

A boom for private credit

Crédit Agricole’s Thimont told FA that Asian credit has remained resilient through recent global risk events. Private markets and funds are emerging as alternative sources of capital for those corporates with weaker funding lines, DLA Piper’s Lee observed.

Indeed, the further retrenchment of banks from lending has provided an opportunity for private credit players to swoop in and fill an increasingly large void. Globally, the sector has grown to account for $1.4 trillion from $500 million in 2015 and Preqin estimates that it will reach $2.3 trillion by 2027.

Once a niche asset class, investors are drawn to private credit’s floating rate nature which moves with interest rates and offers portfolio diversification.

Andrew Tan, Asia Pacific CEO for US private credit player, Muzinich & Co, earlier told FA that private credit players aim for investment returns of around 6-8% above the benchmark rate in the current environment.

The firm’s sectoral peers, including KKR, have argued that institutional investors should consider allocating as much as 10% to private credit. Alongside Blackstone and Apollo, the US global investment firm has added to its Asian private credit capabilities in recent years, while new players, including Tokyo-headquartered Softbank, have recently entered the market. In May, media reported that the Japanese tech firm sought to launch a private credit fund targetting late-stage tech startups and low double-digit returns.

Elsewhere in Japan, Blackstone recently partnered with Daiwa Securities to launch a private credit fund in the retail space, targetting individual high net worth investors (HNWIs).

Unlike in the US, where non-bank lenders now outnumber traditional financiers, “Apac remains heavily banked, so we expect to see ample room for private debt to grow in the region,” Alex Vaulkhard, client portfolio manager within Barings’ Private Credit team told FA.

He sees particular opportunity to serve the private equity (PE) space. “Although PE activity has been a bit slower in 2023, we expect activity to return, which will increase lending opportunities for private debt.”

Asia accounts for roughly $90 billion or about 6.4% of the global private credit market, according to figures cited by the Monetary Authority of Singapore (MAS) that highlight the market’s growth potential.

The biggest vehicle in Asia to date is Hong Kong-headquartered PAG’s fourth pan-Asia fund which closed in December at $2.6 billion.

However, overcrowding in some markets – notably India, where investors have amassed since new insolvency and bankruptcy laws came into force from 2016 – has made lenders increasingly compete for deals and acquiesce to “covenant-lite” structures, where investor protection is reduced.

But Tan, who is currently fundraising for Muzinich’s debut Asia Pacific fund – a mid-market credit strategy with a $500 million target, believes this only to be a problem in more developed markets such as Australia and is unlikely to become an issue in the wider region.

“If anything, the trend is in the direction of more conservative structures with increased over-collateralisation and stricter covenant protection,” he told FA.

Fundamentally, seasoned private credit participants are aware of the importance of covenant protection, so their likelihood to compromise on this is low, he added.

With monetary policies tightening at one of the fastest rates in modern history and recession looming in several markets, a key challenge for private credit is borrowers’ ability to service their debts.

“There is no doubt that default rates will go up and I would be cautious of cashflow lends with little or no asset backing,” said Christian Brehm, CEO at Sydney-headquartered private debt manager, FC Capital, calling for adequate due diligence when evaluating opportunities in the current environment.

“We would not be surprised to see an increase in default rates, but these are more likely to occur in more cyclical industries or among borrowers who have taken on too much debt in recent years,” Vaulkhard opined.

The managers suggested a tougher fundraising environment ahead, as the performance of fixed income instruments improves to offer limited partners (LPs) attractive returns.

What’s next?

The banking sector’s evolving regulatory landscape is also contributing to Asia’s changing DCM outlook.

Initially proposed as consequence of the 2008 global financial crisis (GFC) and with renewed rigour on the back of recent adversity across the banking sector, new capital requirements are set to be rolled out in the US and Europe as a final phase of Basel III. Often dubbed “Basel IV” for their magnitude, market implementation was originally scheduled for January 2023, before being delayed by a year to support the operational capacity of banks and market supervisors in response to the Covid-19 pandemic.

Experts caution that while more stringent banking regulation will challenge Asia’s traditional lending mix, it will also offer opportunity.

“There is a big amount of regulatory capital to be rolled out following the new Basel III rules, which will impact the type of debt to be issued,” said Ashurst’s Lee.

“We have been speaking to issuers who have been anticipating this uptrend as well in the coming years and are building in this scenario in their mid- to long-term treasury planning,” she added.

“Although the implementation of the Basel III final reform package was postponed in jurisdictions such as Hong Kong, those subject to it will no doubt be grappling with the new capital requirements already,” said Clifford Chance’s Chan, noting how its introduction will likely impact banks’ risk-weighted asset (RWA) portfolios.

“Aspects such as the raising of the output floor could potentially see some banks try to charge more for their lending,” he said.

Hironobu Nakamura, FA editorial board member and chief investment officer at Mizuho and Dai-Ichi Life tie-up, Asset Management One Alternative Investments (AMOAI), agreed that the new Basel reforms will lead to more scrupulous risk assessment by lenders, but how this will affect banks’ portfolio construction more concretely, remains uncertain.

“A heavy return on risk asset (Rora) requirements will likely impact banks’ risk asset allocations, region to region. [But] it is quite early to determine whether Asia is risk-off or -on at this stage, from a bank portfolio perspective.”

FA editorial board member and AMTD Group chair, Calvin Choi, proposed that if lending were to become more expensive for global players, there could be upside for regional banks.

“Updated Basel rules will impact global banks operating onshore, adding costs and making them less able to use their balance sheets. Local banks won’t have this constraint, so they will win market share,” he shared.

However, he noted that  for those Asian banks that want to participate in overseas markets, business will become more costly and compliance-heavy. “It will keep more local banks local.”

“All of this will mean a higher cost of borrowing and less capital available to banks…. It will create opportunities for non-bank lenders such as non-banking financial institutions (NBFI), family offices and private funds to fill the gap,” said DLA Piper’s Lee.

“With stricter capital requirements under ‘Basel IV’, we anticipate that bank loan funding will become more expensive for issuers. As such, we could see a return to capital market funding from issuers who have hitherto heavily relied on loan markets this year,” said ANZ’s Ng.

Choi added that this may even lead to Asia’s bond markets being viewed as more competitive than their global counterparts.

“Overall, the DCM market has become slow and stagnated,” Nakamura observed. “However, there are areas where funding is continually needed,” he said, pointing to the energy transition space as well as digital transformation. 

What exactly the new regulatory environment will mean for Asia’s market participants amid macro volatility, rising interest rates and escalating geopolitical tensions, remains unclear. But the developing outlook could offer those able to structure more creative facilities, more business; drive the advancement of Asia’s local capital markets; and support the region’s wider efforts to transition to net zero.

Proponents of private credit remain optimistic.

“Capital raising might cool down in the short-term, but the true private debt lending market is about to kick off,” said Brehm.

“We believe that there is a lot of growth ahead,” Barings’ Vaulkhard stated, sharing that conditions are likely to improve for lenders this year, with spreads widening, leverage falling, and overall credit quality enhancing. 

“We are only at the start of a multi-year growth journey,” Tan concluded.  

 

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In-depth: Exploring Hong Kong and Indonesia’s strategic potential | FinanceAsia

Last week (July 26), Hong Kong Exchanges and Clearing Limited (HKEX) and the Indonesia Stock Exchange (IDX) signed a Memorandum of Understanding (MoU) marking strategic collaboration aimed at strengthening ties and exploring mutually beneficial opportunities across both markets.

According to the announcements, the partnership will see the exchanges meet regularly to develop new capital market products, including exchange-traded funds (ETFs) and derivatives; enable cross-border listings; and promote sustainable finance across the region, through shared best practices and the development of carbon markets.  

The releases point to the benefits made available through enhanced cooperation, including access to the international connectivity and vibrance on offer via Hong Kong’s marketplace, as well as the talent, creativity and innovative characteristics of Indonesia’s “new economy” participants.

Discussing the news, Singapore-based Clifford Chance partner, Gareth Deiner, who specialises within the firm’s South and Southeast Asian capital markets practice, shared with FinanceAsia his take on the opportunity presented by forging a deeper connection with the market that is home to world’s largest nickel supply.

“The mutually beneficial aspect of this collaboration is that it offers access to a wide pool of North Asian institutional investors and therewith, an enhanced liquidity pool.”

Shanghai and Singapore-based Clifford Chance partner, Jean Thio, acknowledged the significant number of Indonesian conglomerates that operate outside of the domestic market and seek access to North Asia’s investor community.

She highlighted her work in 2022, advising on the spin-off IPO of Chinese dairy farm operator AustAsia Group, a subsidiary of Indonesian agribusiness, Japfa, as demonstrating this point.

“International issuers look to Hong Kong as a way of accessing international institutional capital. The new collaboration complements other regional initiatives, such as Stock Connect.”

Hong Kong and China’s central banking authorities announced in May the launch of the sixth iteration of the regional bilateral scheme, the northbound channel of Swap Connect. The initiative is the first derivatives mutual market access programme globally and opens up institutional entry to China and Hong Kong’s interbank interest rate swap markets.

In terms of the current trends permeating Indonesia’s capital markets, Deiner shared, “Historically, Indonesia’s future-facing minerals – cobalt, copper and nickel – would be exported. But now these are proving key elements of Indonesia’s onshore energy transition story, as they are core components used in the manufacture of wind turbines, solar panels and electric vehicles (EVs).”

“As such, Indonesia has implemented bans on the export of unprocessed nickel ore, in order to facilitate the development of the EV supply chain onshore.”

Deiner and his team advised the underwriters of Harita Nickel’s IDR9.7 trillion IPO on the IDX in April, which media attributed to being part of a government push to privatise state-owned enterprises (SOEs).

Amit Singh, Singapore-based partner and head of Linklaters’ South and Southeast Asia capital markets practice agreed that the newly formed “super-connection” opens the door to meaningful, increased liquidity for Indonesian companies.

“Hong Kong also gains a valuable link with the growing mining and supply chain powerhouse that Indonesia is developing into,” he told FA.

“Mining, minerals and other supply chain-focussed industries are driving Indonesia’s IPO boom in 2023,” Singh explained, pointing to his involvement in Merdeka Battery’s IDR9.2 trillion ($620 million) IPO in April. The PT Merdeka Copper Gold Tbk subsidiary owns one of the largest nickel reserves globally and has a portfolio of EV battery assets across the Sulawesi region.  

“This trend is likely to continue and grow in the upcoming years, and Hong Kong is clearly seeking to position itself closely with Indonesia and its burgeoning strengths in these areas.”

Dual listings

Tjahjadi Bunjamin, Jakarta-based managing partner and head of the finance practice at Herbert Smith Freehills (HSF) partner firm, Hiswara Bunjamin & Tandjung (HBT), agreed that the MoU means that Indonesia will obtain greater access to Chinese issuers and the related international investment base.

“This is particularly important given the dominant role of Chinese companies in the EV ecosystem.”

He explained to FA that the collaboration further enables the exploration of dual listings by both parties: “Both will benefit from a more coordinated approach to listing in the two jurisdictions, as well as more clarity on listing requirements for issuers and investors.”

“Dual listings and increased regulatory cooperation will accelerate the maturation of the Indonesian capital markets, allowing them to more quickly adapt as deal sizes and investor interest and scrutiny in the market widens,” Singh added.

David Dawborn, HSF partner and senior international counsel at HBT, noted that a challenge for the partnership will involve the fact that Indonesia’s capital markets system remains primarily focussed on basic equity and debt securities.

“It could benefit from new ideas and products available through Hong Kong’s capital markets system, which is more flexible and easier to navigate in many aspects.”

In prior discussions with FA, experts have commended Indonesian regulators for their efforts to make the market’s domestic exchange more accessible and attractive as a listing destination.

In late 2021, the Indonesian financial services authority, Otoritas Jasa Keuangan (OJK), approved amendments to the listing regime to allow firms with multiple voting rites (MVR) to participate on the domestic exchange. The move signalled continued progress to bring Indonesia’s capital markets in line with other global exchanges, such as those of the US and Hong Kong, which have had dual class share frameworks in place since the 1980s.

Recent research by the Hong Kong Trade Development Council (HKTDC) citing Refinitiv data suggests that more than 70% and 25% of companies currently listed on IDX meet the minimum capital requirement for listing on Hong Kong’s GEM (which serves small and mid-sized issuers) and main board, respectively. “This implies that there is a huge potential pool of candidates for dual primary and secondary listing,” the report noted.

However, the research added that so far, “only three Indonesian companies domiciled in Indonesia are currently listed overseas, and none are listed in Hong Kong.”

Tech story

Poised to become the seventh largest global economy by 2030, Dawborn underlined Indonesia’s endeavours to become a regional leader for Southeast Asian capital markets, following its success as host of last year’s G20 summit, in Bali.

Already home to a variety of tech unicorns (companies valued at over $1 billion) including Blibli, Bukalapak, Traveloka and GoTo, Indonesia is fast-emerging as a Southeast Asian tech hub, with its internet economy expected to double in value to be worth $146 billion by 2025.

Experts suggest that Indonesia holds significant potential to elevate Asia’s prominence on the global tech stage.

“Where we are in the macroeconomic cycle, with interest rates at an all-time high following another bump by the Fed last week, the landscape is challenging – high interest rates are not the friend of the tech sector. But the minute that inflation starts to settle, I think we’re going to witness the next chapter of Indonesia’s tech story,” Deiner said.

“Traditionally, Southeast Asian companies have always thought of the US when it comes to tech, but the HKEX has worked to be increasingly accommodative for these firms and Hong Kong is starting to prove a very attractive listing venue for those active in biotech,” explained Clifford Chance’s Thio.

“So-called US stock orphan listings (where a company has no operations, investor relations or management in a particular market but chooses to list there) are becoming a real discussion point across the Asian IPO landscape. I agree that Hong Kong may become an increasingly compelling venue for tech firms. In doing so, it supports the regional sector growth story,” Deiner added.

The tech sector is also set to support Indonesia’s efforts in the sustainability space. The market published the first version of its green taxonomy in January 2022.

“The ESG frameworks and disclosure standards of listing venues have become a hot topic in the IPO execution process and in equity offering documents more generally, and the variation in ESG disclosure standards across different international markets is creating a degree of execution friction across transactions in different markets,” Deiner explained.

“I was interested to read that the exchanges highlighted ESG considerations in the MoU as this will hopefully present an opportunity for the two markets to converge on ESG standards.”

“If this leads to a greater uniformity in ESG disclosures across primary equity markets, this could really be a game changer for market activity, and would be a very exciting development to monitor,” he added.

“As Hong Kong already has more developed carbon related, ETF and derivative products and trading systems, Indonesia and the market’s investors will benefit from access to this knowhow and technology,” noted HBT’s Bunjamin.

Jakarta-based corporate partner and capital markets lead, Viska Kharisma, told FA that following the introduction of Indonesia’s Financial Services Omnibus Law in 2023, OJK has been considering marketing more types of offshore securities in Indonesia, including carbon-related instruments.

“We understand that OJK and IDX propose to issue a new carbon market trading regulation in the near future, which should facilitate access by international investors to carbon credit opportunities through Indonesian industrial and mineral companies,” she said.

Reflecting on the opportunity on offer as a result of the official partnership, Deiner shared, “Where there is a cross- or secondary listing as part of a primary offering on any two international exchanges, you’re going to have an element of friction between their respective listing standards and the requirements that one legal jurisdiction or one regulator will impose versus another – and in many ways, the art of dealmaking in large-scale equity capital market (ECM) transactions of this nature, involves getting these two pieces to fit.”

“There’s nothing particularly apparent that has created a roadblock between the markets until now, but then that’s why you have the MoU. Hopefully it will provide a robust basis to ensure that any future obstacles can be navigated or removed,” he concluded.

HKEX declined to comment beyond the press release. IDX, the Indonesian Chamber of Commerce and Industry (KADIN) and a number of Indonesian banks did not respond to requests for comment.

 

¬ Haymarket Media Limited. All rights reserved.

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Pandemic inequalities and the G20

With the Covid-19 pandemic bringing the entire world to an abrupt halt in 2020, multilateral groups such as the Group of Twenty (G20), the United Nations and the European Union played an essential role in coordinating efforts and ensuring that recovery initiatives were spread out across the globe, benefiting those nations that could not rise out of this turmoil without international support.

Arguably, vaccination against the virus causing the Covid-19 respiratory ailment was one of the most effective means to mitigate the effects of the pandemic in both developed and developing nations. With global networks and partnerships allowing a single dose of Covid-19 vaccine to be priced between US$2 and $40, governments needed to make inoculation available for all citizens.

The following data indicate how successful vaccine penetration was in G20 member nations.

Total Covid-19 Doses Administered per 100 People (October 14, 2022) | Source: Our World in Data

However, the Global South evidently fell behind developed nations.

A death rate of 4.66% in Mexico was alarming, with Indonesia being at a concerning 2.46%. Poor mortality rates are a significant indicator of a nation’s sub-optimal health infrastructure.

This means that the developing countries of the G20 lagged behind their developed counterparts in terms of the quality of medical services available to their people, and the results are evident in the Covid-19 data made public.

Despite the vaccines’ apparent success in reducing the disease’s severity among vulnerable populations, numerous countries experienced the adverse effects of widely discredited measures like school closures and lockdowns.

These measures created a significant divide between the Global North and South, with certain nations benefiting from better health infrastructure and advanced educational facilities, allowing them to reopen earlier than others.

For instance, in 2020, children in advanced economies lost an average of 15 school days due to the pandemic, while the number increased to 45 days for emerging-market economies and a staggering 72 days for children in the poorest nations.

The Global South

India faced an uphill task due to its inherently large population, relatively small medical workforce and budgetary constraints. Mexico found it challenging to address an influx of immigrants in its southern regions, paired with geographical disparities.

Indonesia, despite being the first Southeast Asian country to commence a vaccine rollout, fell victim to its own low vaccine stocks and bureaucratic hurdles.

Japan found great success in its vaccination numbers due to a robust campaign, and additional efforts spurred on by the nation hosting the Tokyo Olympics. South Korea used tech solutions for evidence-based health targets and ramped up production through an inherent advanced medical sector.

Other developed G20 nations, similarly, had the privilege of abstaining from such problems for the most part. The United States, despite a strong domestic anti-vaccine movement, had crossed 180 vaccinations per 100 persons at one point, primarily due to governmental wealth enabling contracts with pharmaceutical giants, and vaccines to be administered for free.

The European Union also worked together to fund vaccine research and development and produced enough vaccines by July 2021 to vaccinate 70% of its adult population.

The G20 had, in this regard, attempted to bring about vaccine equity in multiple instances. It created the Access-to-Covid-19 Tools (ACT) Accelerator to bring about an equitable distribution of tests and, subsequently, vaccines around the globe. This was assisted by disseminating information and resources, often favouring nations with little or none to spare.

India’s G20 presidency

During its tenure as the president of the G20, the Indian government was deeply committed to driving tech-enabled development in the health sector and establishing digital public infrastructure.

One crucial proposal India and South Africa put forth in 2020 before the G20 was an intellectual property rights waiver. The primary goal was to enhance access to knowledge, making the battle against Covid-19 economically feasible for developing nations.

Despite not gaining significant traction at the time, this proposal resurfaced during India’s presidency due to its potential to address the pressing challenges faced by the health sectors in the global South.

Moreover, the collapse of COVAX, a global vaccine network intended to distribute vaccines equitably, clearly indicated the structural bottlenecks and vaccine politics that needed urgent resolution.

The existing mechanism failed to provide vaccines effectively based on the specific needs of individual countries, underscoring the importance of a comprehensive and united approach to global health crises.

As India’s G20 presidency approaches its conclusion, specific critical issues remain that demand immediate attention. The global value chains suffered disruption due to the pandemic, and the Russia-Ukraine dispute further highlighted the system’s vulnerability to external shocks.

India must recognize the opportunity to lead the coordination of the G20 in addressing these gaps and creating more robust health systems to mitigate future risks.

This article was co-authored with Rohan Ross of National Law School of India University in Bangalore, Karnataka, during his internship at the Observer Research Foundation.

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Tokyo needs to focus on its role as a middle power

In 2018, we convened the Asia’s Future Research Group because of concern about the intensification of US-China geopolitical rivalry and the increasing risk of military clash in the Asia-Pacific region. The lack of balance in Japanese public discourse about how Japan should address this evolving strategic environment in Asia deeply troubled us.

We saw that not only Asia’s future but also Japan’s future was at a strategic crossroads. We therefore invited scholars and experts on Japanese foreign policy and international relations to join a multiyear project in order to develop a realistic and moderate Japanese strategy for Asia.

In December 2022, the Japanese government adopted a new “National Security Strategy” for the first time in a decade. Although it does not ignore the need for diplomatic dialogue and cooperation, what stands out is the strong emphasis on power politics (including military capabilities) and geopolitics as well as economic security.

The new strategy stresses the centrality of Japan’s self-defense capabilities and the US-Japan alliance. However, there exists a significant disparity between the paradigm presented in the new strategy document and Japan’s own capabilities.

Prime Minister Fumio Kishida reviews Self-Defense Forces troops on the anniversary of their establishment, November 27, 2021. Photo: Prime Minister’s Office of Japan)

Consequently, the US-Japan alliance is deemed essential to fill this gap; and in that sense, there is an element of logical consistency in the new strategy. Accordingly, strengthening the US-Japan alliance ends up being the strategy’s a priori premise and its absolutely indispensable prescription.

Our serious concern that the new paradigm will leave Asia entangled and divided in the future.

Japan’s long-held emphasis on a multifaceted and multilayered approach to Asia policy continues to be a constructive way to address the new regional and international challenges that have emerged. The transnational challenges that have become particularly prominent in recent years have acutely demonstrated the need for an unprecedented level of international cooperation. Nevertheless, recent foreign policy discourse around the world has tended to focus more on great power competition than on interstate cooperation.

In this context, Japan should maintain and promote security cooperation with the United States – but at the same time, it should also exercise leadership to help mitigate the competition between the US and China in Asia through constructive diplomacy, thereby reducing the danger of great power war in the region. Without this, there can be no solution to transnational problems and no progress toward a world free of nuclear weapons.

Such efforts and practices are consistent with the concept of “middle power diplomacy,” which aims toward a more autonomous foreign policy – one that is close to, but not solely
dependent on, the United States.

Approach toward Asia and the promotion of middle power diplomacy

One of the most important goals of Japan’s policy toward Asia is to promote further prosperity in the region through international trade, investment, and technological advances while making economic activities more environmentally sustainable and ensuring that the benefits of economic development are distributed more equitably.

To achieve this future vision, cooperation with countries that share values and similar political and economic institutions is crucial. Relations with the United States remain an important pillar of Japan’s foreign policy. However, using the rationale of strengthening the US-Japan alliance, Japan should not neglect countries that are not allies or partners of the United States.

To mitigate great power competition and prevent it from escalating into great power wars, Japan should deepen cooperative relationships with middle powers in the Asian region, such as South Korea, Australia, New Zealand, India and the Association of Southeast Asian Nations (ASEAN) and become a driving force of middle power cooperation.

While defending fundamental human rights and democratic principles, Japan should recognize the diversity of political systems in Asia and be sensitive to the different historical trajectories and sociocultural traditions in each country. Japan should resist moves to divide Asia into a struggle between democracies and autocracies and avoid an overly ideological approach to foreign policy.

Japan should also be cautious about defining the Asian region solely in terms of the “Indo-Pacific,” a concept that has recently been used frequently in international political
discourse.

Japanese Prime Minister Fumio Kishida meets with US President Joe Biden and Indian Prime Minister Narendra Modi. Photo: Wikipedia

While the concept of the Indo-Pacific has the advantage of emphasizing the importance of freedom of navigation and the security of long sea lanes vital to international trade, it has the drawback of viewing the Asian region primarily in maritime terms. The Indo-Pacific concept diminishes the importance of continental Asia and suggests an intention to counter or contain China.

Rather than concentrating on a single geographical concept, Japan’s diplomacy should reflect a multifaceted view that also incorporates the perspectives of “AsiaPacific,” “East Asia” and “Eurasia.”

Japan should reinvigorate its middle power diplomacy to build a more stable, peaceful and prosperous future for Asia. South Korea, which shares basic strategic interests and political values, is Japan’s most important partner in middle power diplomacy.

President Yoon Suk Yeol of South Korea listens to Prime Minister Fumio Kishida of Japan speak during their bilateral summit on March 16 in Tokyo. Photo: Yonhap

Japan can also build on the meetings involving Japan, Australia, India, and the United States – the Quad meetings – and take the lead in promoting a “middle power coalition” of Japan, Australia, and India. Inviting other Asian middle powers, such as South Korea and the ASEAN nations, to the mix would lead to the formation of a region-wide middle power alignment.

Japan should energetically engage China on the basis of partnerships with middle power countries in Asia and Europe to achieve stability in bilateral relations between Japan and China and cooperation on urgent transnational issues.

Regional economics

The Asian region has achieved remarkable economic development since World War II. At the same time, economic liberalization and rapid globalization that have driven this development have brought to the surface problems such as widening economic disparities and environmental degradation.

To mitigate such side effects and socio-political costs, Japan must place greater emphasis on sustainable development goals, which focus more on social and environmental protection.

In addition, the negative impact of the Covid-19 global pandemic and the disruption of international supply chains due to the Russia-Ukraine war, as well as China’s “weaponization of trade” and economic coercion have become prominent as new challenges of economic security.

Devising an effective response to these challenges is now an urgent priority for Japan and many Asian countries. Therefore, Japan’s regional economic diplomacy requires policies from three separate perspectives: economic liberalization, sustainable development and economic security.

Japan has played an important role in the Asian region in areas such as financial governance, trade promotion and development assistance cooperation, including infrastructure development. Building on this past success, Japan should continue to play a leadership role in rule making and cooperation in each of these areas as a leading economic power in Asia and a global middle power.

For example, Japan can make a meaningful contribution to implementing and expanding the Comprehensive and Progressive Agreement on Trans-Pacific Partnership (CPTPP), which is widely regarded as a high-standard free trade agreement in terms of trade liberalization and order building.

It can also help to devise an effective international debt restructuring program for Sri Lanka, which defaulted last year.

Anti-government protest in Sri Lanka on April 13, 2022, in front of the Presidential Secretariat. Photo: Wikimedia Commons

In the area of infrastructure development, Japan should continue to promote and realize its proposal to standardize the international principles of “quality infrastructure investment.” Encouraging China to follow these principles would help steer China’s investment
and support for infrastructure development toward sustainable economic development in the developing countries in Asia.

In addition, while various frameworks for regional economic cooperation exist in Asia, Japan’s basic position should be “open regionalism” and the prevention of a fragmented Asia.

From this perspective, Japan should promote cooperation under the US-led Indo-Pacific Economic Framework (IPEF), as a founding member. But Japan should also consider joining the Digital Economy Partnership Agreement (DEPA), which was launched by small and medium-sized Asia-Pacific countries (Singapore, Chile, and New Zealand) and is expected to expand its membership in the future, as well as the China-led Asian Infrastructure Investment Bank (AIIB).

Regional security

In order to maintain peace in Asia and to uphold Japan’s security, a certain level of deterrence is essential, but this raises the potential of a security dilemma. For deterrence to be effective, it is necessary not only to properly develop defense capabilities but also to provide some assurance to potential adversaries that their core interests will not be threatened.

Also, in pursuing defense cooperation between Japan and the United States, Japan should not hesitate to actively and openly express its views on security issues to the United States. A healthy alliance is not one in which Japan simply submits to US policies and intentions, but rather one in which Japan confidently engages in strategic dialogue with the United States on a more equal footing.

Regarding various Asian security issues, Japan should skillfully balance deterrence and diplomacy and pursue policies that contribute to reducing tensions and preventing crises.

With regard to North Korea, Japan should seek a realistic, gradual, reciprocal and step-by-step approach toward the ultimate goal of denuclearization of North Korea by making concrete progress on the resolution of the abduction issue.

With regard to the Taiwan issue, it is necessary to avoid a military crisis by maintaining conditions under which the status quo is preserved until the day comes when China and Taiwan can find a peaceful solution to the unification issue. To this end, it is important that both Japan and the United States convey to China in a credible manner that they clearly oppose any unilateral use of military force by China and at the same time have no intention of supporting Taiwan’s permanent separation or independence from China.

Meanwhile, the Senkaku Islands issue is one of the major factors undermining stability and cooperation in Sino-Japanese relations, and Japan should be creative in discussing with China various ideas for reducing tensions over those islands. Japan should politically revive and try to implement the Japan-China joint press release of June 2008 and the understanding on joint development in order to make the East China Sea a “sea of peace, cooperation, and friendship.”

The first pillar of Prime Minister Kishida’s “Hiroshima Action Plan” is the continued non-use of nuclear weapons. To strengthen this pillar, the Japanese government should publicly urge the nuclear weapon states to adopt a doctrine of “no first use” of nuclear weapons. By doing so, it will help institutionalize a global norm against the use of nuclear weapons.

By participating as an observer in the UN Treaty on the Prohibition of Nuclear Weapons, Japan can demonstrate international leadership toward nuclear disarmament as a long-term goal. Japan’s participation as an observer would not undermine US nuclear deterrence but rather serve as a bridge between the nuclear weapon states and non-nuclear weapon states.

Transnational challenges

Japan has heretofore made considerable contributions through international organizations and bilateral aid to address transnational issues such as global warming, pandemics of infectious diseases, and refugees from conflict in unstable regions. Based on this track record, Japan should continue to demonstrate its leadership in this area as a responsible major Asian country and a leading global middle power.

In addition, as an economically developed liberal democracy, Japan has an international responsibility to defend and promote universal human rights. In this regard, the concept of “human security,” which Japan has long advocated, is effective in dealing with these transnational challenges in Asia, where many countries tend to emphasize national sovereignty and a variety of political systems exist.

Therefore, Japan needs to promote more inclusive and effective regional and international cooperation, while keeping this concept as a basic principle and acting as a bridge across the geopolitical and ideological divides that have become more pronounced in recent years.

Specifically, Japan should work with other Asian countries to ensure that public health cooperation, such as Covid-19 vaccine provision, is not unnecessarily drawn into the intensifying Sino-American strategic competition.

Solar farm in Japan. Photo: Made in China

On climate change, given that both Japan and China are major carbon emitters in Asia, Japan should directly cooperate with China in the development and promotion of environmental technologies. This would not only enhance their ability to meet their own emission reduction targets, but also contribute to helping other Asian countries reduce their greenhouse gas emissions.

In the area of human rights and humanitarianism, Japan should first and foremost improve its own human rights and human security situation and lead by example. While refraining from bringing up human rights and democracy as ideological tools in the geopolitical competition with China, Japan should adopt practical humanitarian approaches that are in line with local realities.

For example, through existing frameworks such as the ASEAN Intergovernmental Commission on Human Rights, Japan can share best practices with other countries on improving government transparency and reforming legal and judicial systems and foster and support civil society actors involved in providing humanitarian assistance to victims of human rights abuses.

Major recommendations

Based on the above ideas, here are our specific recommendations for Japanese policy toward Asia:

  • In order to develop middle power diplomacy, lead the promotion of a “middle power coalition” of Japan, Australia, and India, which could drive the agenda-setting of the Quad (Japan, Australia, India, and the United States), and further strengthen functional cooperation with the Republic of Korea, ASEAN, and other middle power countries.
  • In response to the South Korean government’s decision regarding the “conscripted labor issue,” make continuous efforts to improve relations with South Korea.
  • Regarding debt restructuring measures for Sri Lanka, encourage China to participate continuously in the newly established “Creditor Committee for Sri Lanka” and cooperate by disclosing necessary information.
  • Encourage the return of the United States to the Comprehensive and Progressive Agreement on Trans-Pacific Partnership (CPTPP) and make diplomatic efforts toward the goal of simultaneous accession of China and Taiwan, which have formally applied for membership.
  • Explore the appropriate timing with a view to joining the Asian Infrastructure Investment Bank (AIIB).
  • With regard to rulemaking in the digital sector, consider applying for membership in the Digital Economy Partnership Agreement (DEPA), while promoting cooperation in the Indo-Pacific Economic Framework (IPEF).
  • Strengthen and deepen the doctrine of strictly defensive defense in the direction of enhancing deterrence by denial rather than focusing on counterstrike capabilities, which are less effective and have greater side effects.
  • Encourage North Korea to conduct another investigation into the abduction victims and establish a liaison office in North Korea to carry out such an investigation, with the aim of resuming negotiations for the normalization of diplomatic relations with North Korea.
  • Since a gradual, realistic, incremental, and reciprocal approach is needed to achieve the ultimate goal of denuclearization of North Korea, seek as a first step a freeze of North Korea’s nuclear weapons and missile development programs.
  • Based on paragraph 3 of the 1972 Japan-China Joint Statement, while opposing unilateral changes in the status quo from either side of the Taiwan Strait, clearly state that Japan does not support Taiwan’s independence.
  • Acknowledge the reality of the existence of an issue between Japan and China regarding the Senkaku Islands and discuss with China ways to ease and resolve tensions over the islands.
  • Urge the nuclear-weapon states to adopt a doctrine of “No First Use” of nuclear weapons and participate as an observer in the UN Treaty on the Prohibition of Nuclear Weapons.
  • Encourage inclusive transnational cooperation in the public health sector and work to reduce the negative impact of geopolitical tensions, ideological differences, and sovereignty conflicts on such cooperation.
  • Cooperate with China to promote environmental technologies and develop low-carbon infrastructure in third-country markets to address the climate change crisis in Asia.
  • Regarding human rights and human security, focus on improving the human rights situation at home while promoting a non-ideological, humanitarian approach that is practical in line with local realities in order to broaden support and cooperation among Asian countries

This article is excerpted with permission from the report “Asia’s Future at a Crossroads: A Japanese Strategy for Peace and Sustainable Prosperity,” published this week by the “Asia’s Future” Research Group. The group’s convenors are Yoshihide Soeya, professor emeritus of political science and international relations at at the College of Law of Keio University, and Mike Mochizuki, who holds the Japan-U.S. relations Chair in Memory of Gaston Sigur at the Elliott School of International Affairs of George Washington University and is also a non-resident fellow at the Quincy Institute for Responsible Statecraft.

Other authors and editors are Kuniko Ashizawa, who teaches international relations at the School of International Service, AmericanUniversity, and at the Elliott School of International Affairs, George Washington University; Miwa Hirono, a professor at the College of Global Liberal Arts at Ritsumeikan University; Saori Katada, a professor of international relations and the director of the Center for International
Studies at the University of Southern California; Kei Koga, an associate professor at the Public Policy and Global Affairs Program, School of Social Sciences, Nanyang Technological University, and concurrently a nonresident fellow at the US National Bureau of Asia Research and a member of the Research Committee at Japan’s Research Institute for Peace and Security; Jong Won Lee, a professor at the Graduate School of Asia-Pacific Studies, Waseda University; Kiyoshi Sugawa, a senior research fellow at the East Asian Community Institute; Takashi Terada, a professor of international relations at Doshisha University; Ambassador Kazuhiko Togo, a visiting professor at the Global Center for Asian and Regional Research, University of Shizuoka; and Hirotaka Watanabe, a professor at the Department of Political Science, Teikyo University.

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Global VC investment remains muted, falling to US.4bil across 7,783 deals in Q2’23

KPMG Private Enterprise’s Venture Pulse shows AI startups still hot
VC deals in Asia drop from US$22.9bil across 3.1k deals to US$20.1bil

Chock full of data professional services firm KPMG issued its Venture Pulse Q2’23 report of the state of global venture capital investment with the headline figure showing that VC funding…Continue Reading