SINGAPORE: Singapore’s second-largest bank Oversea-Chinese Banking Corp (OCBC) reported on Friday (Aug 2) a stronger-than-expected 14 per cent year-on-year jump in second quarter net profit and said it was firmly on track to meet its 2024 targets. “As we look ahead, we are alert to the heightened level of geopoliticalContinue Reading
Some American legislators have proposed a bipartisan legislative bill that will require United States-listed firms to disclose their assets and businesses in the People’s Republic of China (PRC) and estimate the economic losses they will suffer if China invades Taiwan.
The PRC Risk Transparency Act, if passed and implemented, will amend the Securities Exchange Act of 1934 to require US-listed firms to annually disclose the percentage of total revenue, profits, capital investment and supply chain involvement in China and perform security analysis related to their exposures.
The Act will require US-listed firms to make plans for a sudden loss of market access in China if the country invades Taiwan, a self-governing island over which Beijing claims to have sovereignty and has vowed to “reunite” with the mainland.
These firms need to consider different case scenarios including a more than 80% decline in bilateral trade between the US and China, a complete cessation in the trade of goods with military end-use or dual-use applications and an extreme situation in which Beijing seizes all China-based assets of American companies that could be repurposed for military production.
The bill was jointly introduced by the House Financial Service Subcommittee on National Security, Illicit Finance and International Financial Institutions chairman Blaine Luetkemeyer and the Select Committee on the Chinese Communist Party chairman John Moolenaar on July 25.
The bill needs approval from both the US House of Representatives and Senate and the US president’s signature in order to become law.
A spokesperson of Luetkemeyer’s office told the media that another way to push the legislation is to add this Act, together with the previously proposed Chinese Military Aggression Act, to House Speaker Mike Johnson’s coming legislation package, which aims to restrict US investments in China and punish the Chinese firms that provide material support to Russia and Iran.
Johnson said in early July that Congress targets to pass a significant legislation package by the end of this year to curb China as the country now leading an “axis” of adversaries that includes Russia, Iran, North Korea, Venezuela and Cuba.
John Aquilino, head of the Indo-Pacific Command, said in March that he believes China’s military will be prepared to invade Taiwan by 2027.
In April, Luetkemeyer introduced the Chinese Military Aggression Act, which will direct the Treasury Department’s Financial Stability Oversight Council (FSOC) to analyze, study and report on market implications and vulnerabilities related to a Chinese invasion of Taiwan.
The PRC Risk Transparency Act was proposed two days before US State Secretary Antony Blinken met with Chinese Foreign Minister Wang Yi on the sidelines of the ASEAN Foreign Ministers’ meeting in Laos on July 27.
During the meeting, Blinken expressed concerns over China’s support for Russia’s war in Ukraine and provocative actions against Taiwan.
Wang countered that Taiwanese separatists are the ones creating trouble in the Taiwan Strait and that China will not hesitate to take countermeasures. He said the US has been trying to alienate Beijing and Moscow since the Russian-Ukrainian conflict broke out but China will not back down under external pressure.
A Shanxi-based Chinese columnist says in an article published on Monday that Wang has already seen through Blinken’s tricks – Washington wanted to increase communications with Beijing but would not stop suppressing China.
He says it was probably the last time for Blinken to visit Asia with the title of US State Secretary. He says Blinken may not be able to stay in his position after the US presidential election in November.
The PRC Risk Transparency Act covers several more sectors than the Executive Order signed by President Joe Biden last August. The latter only restricts and monitors US investments in Chinese semiconductor, quantum computing and artificial intelligence companies for national security reasons.
The Act’s restrictions are also much wider than similar bills introduced by other US lawmakers.
Last November, US Senators Bob Casey and Rick Scott introduced the Disclosing Investments in Foreign Adversaries Act to provide transparency in investments made by American hedge funds and private equity firms in countries of concern like China and Russia.
The legislation would require these private investment funds to annually disclose any assets invested in countries like China to the Securities and Exchange Commission (SEC). Casey said it is vital to know if any US money is being used to boost the economies of some foreign adversaries who steal technological know-how and jobs from America.
In March this year, Congresspeople Victoria Spartz and Brad Sherman introduced four bills that aim to mitigate the strategic, commercial and national security threats posed by China to the American economy and financial markets.
Among the four, the China Risk Reporting Act requires US-listed firms to disclose annually the degree to which they are dependent upon China and the risks China poses, such as supply chain disruptions, intellectual property theft or nationalization of assets.
“If China invades Taiwan, Congress should be able to impose sanctions, knowing American companies have insulated themselves from the rupture,” Spartz and Sherman said in a press release. “Hopefully, this will deter such an invasion.”
The newly proposed PRC Risk Transparency Act demands more details, such as US-listed firms’ capital investment in China and their joint ventures’ revenues and profits.
In recent years, many US companies have already started cutting their investments in China.
China’s foreign direct investment fell 8% to 1.13 trillion yuan (US$156 billion) in 2023 from a year ago, according to the Ministry of Commerce. The figure dropped 29.1% year-on-year to 498.9 billion yuan in the first half of this year. Chinese officials said it’s normal to have some fluctuations as FDI had grown during 2013-2022.
Before the US can estimate its economic losses from a potential Chinese invasion of Taiwan, Beijing has already made an estimation and used it to warn of the consequences of US decoupling from China.
“Statistics show that ending the permanent normal trade relations with China would lead to a $1.6 trillion-economic loss for the US,” Xie Feng, Chinese Ambassador to the US, said in a speech at the Symposium in Commemoration of the 45th Anniversary of China-US Diplomatic Relations on July 27.
He said over 70,000 American companies are benefiting from China’s development while their exports to China have supported 930,000 American jobs.
“To our two countries, respective success means mutual opportunities, not challenges, and the two sides should help each other succeed, not undermine each other,” he said. “We need to make the list of cooperation longer and the negative list shorter.”
Xie’s speech was posted on the website of the Chinese Embassy in the US on Tuesday.
Read: US targets Hong Kong chip transshipments to Russia
Follow Jeff Pao on X: @jeffpao3
NEW YORK: Singapore state investor Temasek plans to invest up to US$30 billion over the next five years in the US in sectors such as healthcare, financial services and technology. “It’s an incredibly deep and broad capital market in the US,” Jane Atherton, Temasek’s head of North America, told Reuters.Continue Reading
Joe Biden’s radical withdrawal from the 2024 presidential election may have a long-lasting impact.
The change of election energetic that results from a presumed candidate who ticks a number of different identification boxes, including sex, age, and race, is immediately apparent.
Interestingly, the big question is whether she can persuade swing voters, especially those in a number of states where the Republican and Democratic parties frequently alternate in elections, making it difficult to predict which prospect will get on the day of the polls.
Most other ( non-swing ) states are seen as predictable or at least as leaning toward one party’s candidate. That means member time and money are lavished on these bounce state, which in 2024 include Arizona, Georgia, Nevada, North Carolina, Michigan, Pennsylvania and Wisconsin.
Because the president is chosen by a majority of voters rather than by winning each status, they are significant. The states with the highest voter counts have the most seats, with states with large populations having the most.
For example, Pennsylvania holds 19 seats and California 54. The Electoral College (EC ) vote is conducted in nearly all states on a winner-take-all basis. Since the EC has 538 seats, individuals need to get claims that have a combined EC full of 270 to get elected leader.
Kamala Harris is expected to have greater ability to reverse Donald Trump’s preference for racial minorities. She might also be able to exploit Republican political weakness in regards to the topic of sexual rights, but she might not be as appealing to white citizens without a college education.
Democrats worry that this last group of voters is overrepresented in crucial midwestern jump states like Pennsylvania and Wisconsin.
]embedded articles]
This immediately sparked more rumors that Harris ‘ possible vice-presidential get might be from a swing state. The internet is laden with funny memes about the necessity of picking a low-risk, mid-western white man, especially given the quick Democratic reaction of mural Harris as the DEI ( variety, equity and inclusion ) candidate.
Which is why Pennsylvania governor Josh Shapiro is a first favorites because he defeated Trump supporter Doug Mastriano, who was present at the Capitol‘s January 6 protest, in a decisive victory in 2022. Arizona lawmaker Mark Kelly, a former astronaut and usually regarded as a moderate moderate, is another swing state title in the framework.
Other governors, including Roy Cooper from North Carolina and Andy Beshear from Kentucky, praised Democrats with the ability to get overall in the west. Yet the well-known Beshear may not move his home state to the Democrat column in a presidential contest despite the fact that it is possible to blink at the information in a way that makes North Carolina a dynamic position.
Governor Gretchen Whitmer of Michigan is also mentioned in the letters. She would make a formidable opponent in her own correct, but it’s likely to result in a double of the sexism. Swing-state people will be patient for entry knocks and ferocious campaign ads as they consider the profoundly different candidates ‘ ballots in November.
Donald Trump won an EC lot thanks to a combined winning percentage of 77, 744 vote in Michigan, Pennsylvania, and Wisconsin, giving him his crucial 46 EC vote in 2016. The part of the EC was brilliantly illustrated by this.
In 2020, Joe Biden won those crucial state again, denying Trump a second word. Biden also flipped Arizona and Georgia, and collectively these five state, plus Nevada, are the key swing state in 2024.
Nevada, a condition where the Democratic nominee has won every presidential race since 2008, appears winning to Trump, which is a reflection of his powerful position in the polls in the summer of 2024.
Florida and Ohio, two states with heavy EC vote-heavy says, were once seen as crucial swing state as just as 2016. Only the most enthusiastic Democrat nowadays thinks that these are in enjoy.
As a bounce position, Wisconsin has taken on outsize impact as the so-called “tipping place” status in both 2016 and 2020. The victor must now provide the ultimate vote necessary to reach a majority of 270 in the EC, as described by this.
In 2016, Trump won Wisconsin’s 10 EC votes by 0.8 % and Biden won by 0.6 % in 2020. Polls suggested Wisconsin was likely to be closely contested again in the summer of 2024, but now that Biden has withdrawn from the competition, polls consistently place Trump back in that condition along with all other five of the five swing states.
The key problem is then whether Harris may use her late appearance in the promotion to her benefits in the swing state and win them over the range.
Clodagh Harrington is a teacher in American politics at University College Cork, and Alex Waddan is an associate professor at University of Leicester.
This content was republished from The Conversation under a Creative Commons license. Read the original content.
Paris-based Ostrum asset management (AM), an affiliate of Natixis Investment Managers, has appointed Nathalie Beauvir to head up its newly created sustainable transitions department.
A spokesperson confirmed to FinanceAsia that Beauvir had been in her new role in Paris since the start of the job transition in May.
The newly established department, according to a July 10 press release, consists of five environmental, social and governance (ESG) experts and two corporate social responsibility (CSR) experts.
They will be responsible for strengthening Ostrum AM’s strategic positioning on ESG; optimising the interdependence of investment policies including exclusion, engagement and voting; and developing offerings with new thematic ranges.
The department reports directly to the firm’s chief executive officer (CEO) office.
CEO Olivier Houix commented in the press release that the team expects Beauvir to establish Ostrum AM as a “committed partner for transitions” for stakeholders, in terms of investment strategies and development financing.
Beauvir was promoted from her previous role as head of sustainable bond analysis and research at Ostrum AM,where she was involved in the launch of the firm’s climate and social impact bond fund.
Asia expansion
The Ostrum AM team currently has five portfolio managers and analysts in the Asia Pacific (Apac) region, led by Rushil Khanna, head of equity investments, within Natixis Investment Managers’ Singapore local operations.
Currently, the team has a specific focus on equity investments, while Ostrum AM also aims to provide fixed income expertise locally in Southeast Asia, with the upcoming arrival of a fixed income portfolio manager, the spokesperson told FA.
Globally, Ostrum AM manages around €40 billion ($43 billion) in green, social and sustainability (GSS) bonds, out of its €402 billion in assets managed for institutional clients as of end-March.
¬ Haymarket Media Limited. All rights reserved.
Thailand’s record-breaking passage of the same-sex marriage bill has stifled progress on various LGBTQ issues to ensure equality and pride on a regular basis.
At the Bangkok Post Pride Every Day website, two ministers to Thailand, Mark Gooding of the United Kingdom and Remco van Wijingaarden of the Netherlands, delivered that message.
Before Thailand gained a foothold in Southeast Asia by acing the same rules, their nations passed them centuries later.
At the conference held on Wednesday at the Lido Connect Hall in Siam Square, the ambassadors discussed their encounters.
Both people agreed that passing for laws in Thailand would benefit the country in a variety of ways, but added that many things still need to be done to ensure that LGBTQ people in Thailand have full rights and legal protections.
The LGBTQ group in the UK continues to face a number of challenges, according to Mr. Gooding, despite the passage of the Marriage Equality Bill, which became law in 2014. Hence, it is important to reflect the issue of addition every day because LGBTQ lifestyle is never a one-month function during Pride in June, he said.
” Marriage fairness is a very important step towards fairness, but in the UK, we have to focus on various problems such as the regular discrimination, racist bullies in college, access to healthcare for LGBTQ citizens, as well as hate offences”, Mr Gooding said.
” Therefore, it is not specifically in the month of June when the Pride month is ]held worldwide ] (# ). I believe that the LGBTQ party, state, and civil society can work together to openly discuss the challenges that need to be addressed by the LGBTQ community.
Mr. Gooding described Thailand’s passage of the union equality act as a significant advance. Then, he suggested the emphasis must be on implementing it properly.
He furthermore pointed out that to further spread justice, all businesses must work as justice requires multi-sectoral speech.
” Similar marriage policy is absolutely amazing. But I do declare, that passing legislation is not the conclusion”, he said.
The execution is the next step, and the first step is to ensure that all laws are circulated so that citizens benefit after they become law. We do not want the persons to be delayed by some sort of report.
He expressed his excitement at being informed that Thailand would become the 44th nation to join the Equal Rights Coalition ( ERC ) as the framework.
A alliance of nations meets to discuss and debate promoting LGBTQ rights around the world.
” I think there will be more we can do together because Thailand has become the leader in Southeast Asia in passing the identical relationship rules,” said Mr. Gooding.
” There are many places in the world that face major drawbacks of LGBTQ right and other right, including women’s rights. Therefore, I do believe that we must work together to ensure the protection of our beliefs through international human rights.
Even though the Netherlands was the first nation in the world to go same-sex relationship legislation in 2001, Mr. Wijingaarden argued that passing the bill was only the first step toward justice.
The costs needs to be translated into implementation laws, social protection, insurance, estate and various sections related to same-sex connections, he said.
He claimed that there are still challenges for the LGBTQ group in Thailand. Giving the case of his home state, he said transgenders also face major hurdles. In many countries, he said, LGBTQ individuals are still at higher risk of struggling with mental health problems and other issues.
” So, in the world, equal marriage does not only qualify to gay and lesbian but other acquaintances of the LGBTQ communities, and those other challenges are not only challenges for the Netherlands but also our years in the world”, he added.
He claimed that the passage of the costs would greatly enhance the happiness of Thai LGBTQ populations and remind people that marriage is about the union of two people who are in love.
It will also bolster Thailand’s reputation and attract more foreign investment from companies, especially those that prioritise diversity, equity and inclusion ( DEI), he said.
” I do wish the communities and their allies may continue to address other political issues to ensure that justice may be achieved abroad in Thailand,” said Mr. Wijingaarden.
” In the Netherlands, we have Pride quarter in August. I firmly believe that the fact that there are still many things to be done in order to achieve justice is something that needs to be addressed. It is a long-term method”.
Thailand’s involvement in the ERC is extremely important because it is a system where states can change their views, especially at the state level, on how to maintain greater diversity, he noted.
He stated that equality is not just about getting married but also about “how the government protects you.”
The Bangkok Post Pride Every Day Forum, which was held on Wednesday at Lido Connect Hall in Siam Square, is greeted with attendees and sponsors for a photo. From left: Pongput Woraratanadharm, Chief of International Public Relations Strategy, Tourism Authority of Thailand, Jitsak Limpakornkul, celebrity chef from MasterChef Thailand, Paulie Nataya Paomephan, Miss Trans Thailand 2023, Natthineethiti Phinyapincha, Founder of TransTalents Consulting Group, Richard Kua, Brand General Manager, Kiehl’s Thailand, Mark Gooding, British Ambassador to Thailand, Worachai Bhicharnchitr, Vice Chairman, Bangkok Post, Remco van Wijngaarden, Netherlands Ambassador, Dr Norathep Sriprasit, Thonburi Bamrungmuang Hospital, Dr Pitakpol Boonyamalik, Chief Executive Officer, Thonburi Bamrungmuang Hospital, Nachale Boonyapisomparn, Vice President of the Foundation of Transgender Alliance for Human Rights, and Plaifah Kyoka Shodladd, Bangkok Pride Youth and Global Outreach Representative. ( Photo: Somchai Poomlard )
Thailand’s unanimous passage of the same-sex marriage law has been a huge success, but the country needs to work on additional LGBTQ issues to ensure fairness and pride on a regular basis.
That text was sent by two panellists: Mark Gooding, British Ambassador to Thailand, and Remco van Wijingaarden, the Netherlands ‘ minister.
Before Thailand gained leadership in the region by doing the same, the two nations passed related rules.
The officials shared their experiences under the subject” When# Lovewins conquered: The UK &, The Netherlands practice “at a community titled” Bangkok Post Pride Every Time. Thailand as LGBTQ Paradise: What After# Lovewins? that occurred at the capital’s Lido Connect Hall on Wednesday.
Both speakers in the conversation agreed that passing for laws in Thailand would have a number of benefits, but added that this was only a starting point and that many things still need to be done to ensure that LGBTQ people in Thailand have full rights and legal protections.
Mr Gooding said that despite the UK’s decision to pass the Union Equality Bill in 2013, which went into effect in 2014, the UK’s LGBTQ group also faces several problems. Hence, it is important to reflect the issue of addition every day because LGBTQ lifestyle is never a one-month function during Pride in June, he said.
This time, the UK legalizes same-sex unions for the first time.
” Marriage justice is a very important step towards justice, but in the UK, we have to focus on various difficulties such as the daily prejudice, homophobic abusers in college, access to healthcare for LGBTQ individuals, as well as love crimes,” Mr Gooding said.
” So, it is not certain in the month of June when the Pride month is ]held worldwide]. I think by working up to change views openly about what the challenges are, and that needs to contain state, the LGBTQ group, federal and civil society can focus on addressing those challenges.”
Mr. Gooding claimed that Thailand’s passage of the act represented a significant advance in equality. After this, he suggested the country rely on implementing it successfully.
He added that all sectors must work together because fairness calls for concerted dialogue in order to propagate equality.
” Similar marriage legislation is absolutely amazing. However, I did caution that passing policy is not the end. The execution is the next step, and the first step is to ensure that everyone gets the benefit of the law after it becomes law. We do not want the persons to be delayed by some papers, Gooding continued.
He expressed his excitement at being informed that Thailand would become the 44th member of the Equal Rights Coalition ( ERC ).
The ERC is a group of nations that come together to discuss and debate promoting LGBTQ right around the world.
” Thailand has taken the lead in Southeast Asia by passing the identical union rules, and I think there will be more things we can accomplish together. There are many places in the world that face major drawbacks of LGBTQ right and other privileges, including children’s right. Therefore,” I do believe we must work together to ensure international human rights in order to guarantee that our beliefs are protected,” Gooding said.
In addition, Mr. Wijingaarden pointed out that passing the same-sex marriage law in the Netherlands was only the first step in achieving fairness, despite the country becoming the first nation in the world to do so in 2001.
The costs needs to be translated into implementation laws, social protection, insurance, estate and various sections related to same-sex connections, he said.
He claimed there are still challenges for Thailand’s LGBTQ society, but that acceptance is great. Giving the case of his home state, he said transgenders also face major hurdles. In many countries, he said, LGBTQ individuals are still at higher risk of struggling with mental health problems and other issues.
” So, in the world, equal marriage does not only qualify to gay and lesbian but other acquaintances of the LGBTQ areas, and those other challenges are not only challenges for the Netherlands but also our generations in the world, “he added.
He claimed that the bill’s passage would encourage LGBTQ communities in Thailand and remind people that marriage is about a couple who fall in love.
It will also bolster Thailand’s reputation and attract more foreign investment from companies, especially those that prioritise Diversity, Equity and Inclusion ( DEI), he said.
Mr. Wijingaarden said,” I do hope the communities and the allies will keep talking about other societal issues to ensure that equality will be achieved in Thailand.”
” In the Netherlands, we have Pride month in August. I firmly believe from the bottom of my heart that it is necessary to address the fact that there are still many things to be done to achieve equality. It is a long-term process, “headded.
He remarked that Thailand’s involvement with the Equal Rights Coalition is crucial because it provides a forum for countries to exchange their ideas on how to promote greater inclusivity, especially at the government level.
He argued that equality does not just mean marriage, but also “how the government protects you.”
The number for FY2023/24 represents the average annual profit of GIC’s investment between April 2004 to March 2024, while taking world inflation into account.
GIC noted in its statement that the robust performance from April 2003 to March 2004- when capital markets recovered from the strong modification of the dot-com crisis- dropped out of the rolling window for this year’s 20-year return.  ,
The global market was tenacious in 2023 despite economic plan tightening the year before, and prices slowed, leading sturdy performance in danger assets, GIC said. The technical sector’s increased interest in conceptual artificial intelligence even increased profits.
But, geopolitical risks increased with the Russia-Ukraine battle continuing from 2022 and fight breaking out in the Middle East in October.
According to the review,” there are more likely to be renewed prices and lower growth” because of the spectre of product and supply chain disruptions.
CEO Lim Chow Kiat remarked in the statement that the level of uncertainty had “exaggerated significantly” over the past few years, challenging the assumptions made during the past four decades. He cited the rapid technological advancements, weather shift, and political flow in some nations.
Investors no longer need to ponder just where we are in the economic cycle or the interest rate trend’s direction, he wrote.  ,
” This , unprecedented uncertainty translates into a wider range of possible outcomes. Pitfalls , and investments await in similar measure”.
He claimed that the climate change is a good illustration of how GIC’s long-term versatile money can influence behavior.
Investors have begun to realize that financing the transition does require short-term opportunity costs that they are unwilling to bear, according to Mr. Lim, citing a drop in venture and development expense in the sector and fewer exits.
However, a team from GIC’s private collateral department identified businesses that needed funding to expand “first-of-a-kind” projects that usually fall between conventional capital buckets and launched an investment program for natural assets.
” Individual funds like ours is well-suited , to manage climate technology’s potential , J-curve”, said Mr Lim.
Nuclear fusion is one instance of an investment with a longer sky, according to GIC chief investment agent Jeffrey Jaensubhakij.
The portfolio invested in a nuclear fusion business about three years ago, but he claimed the tech is still in its eight to tenth year of development.
In its statement, GIC claimed that elements like tight economic policy in the US, China’s real estate market, and heightened geopolitical tensions are making the world purchase setting appear difficult. But, it claimed that a faster rate of AI implementation would result in higher productivity growth.
The world economy has been adaptable, but that may slow down the disinflation approach, and some big central bankers have postponed their ideas or done less than expected, said the sovereign wealth fund, which manages Singapore’s resources and helps to Singapore’s monthly budget.
Core central banks may not only have to keep rates higher for longer but also have to potentially raise them, according to the report.” If inflation proves more persistent than expected and even increases, core central banks may not only have to keep rates higher for longer. This would increase the risk of a recession and put strain on households and businesses that are already dealing with high borrowing costs.
Mr. Lim responded to a question about the impact of the upcoming US elections by saying that GIC has a high level of confidence in the nation.
” Whoever is in charge, we think the country will continue to do well because they have so many positive fundamentals”, he said, pointing to innovation, talent and deep markets in the US.
” Clearly, the US will continue to be a very important market for us”.
Getty ImagesAfter the ruling Bharatiya Janata Party ( BJP) lost its overwhelming majority in parliament, India’s finance minister Nirmala Sitharaman presented the coalition government’s first budget.
The new spending plan has replaced a stop-gap interim budget that came into effect from 1 April.
The budget announcements obviously indicate a change in interests for Prime Minister Narendra Modi’s new law, with ramped up allocations for rural development, skilling, work and agriculture.
Here are the six important insights from India’s resources:
The budget increased the amount of tax on long-term capital gains from 10 % to 12.5 % on all financial and non-financial assets. Long-term holdings of property are regarded as.
Short-term capital gains will now be taxed at 20 % instead of 15 %.
The derivatives trading securities transaction taxes has also been increased by the funds.
The Economic Survey released a moment before, raising concerns about rising debate and the rise of retail traders in American capital markets, was widely anticipated.
Getty ImagesMs. Sitharaman has announced three new initiatives to address India’s persistent employment problem, which will cost the government 2tn rupees ($ 24 billion, £18.5 billion ) over the next five years.
For their first week’s income, up to 15, 000 rupees, first-time job applicants in the formal market will receive more immediate cash transfers.
Furthermore, two more programs have been announced to improve manufacturing jobs, which will provide employment-linked incentives to both employees and employers.
The government’s burgeoning start-up habitat will have something to cheer about, with an angel taxes levied on capital raised by secret firms now abolished.
Minor tweaks were also announced to personal income taxes, with expected savings of up to 17, 500 rupees ($ 209, £162 ) in outgo for people who opt for the new tax regime.
Corporate tax on foreign companies has also been reduced from 40 % to 35 % to promote investments.
Getty ImagesThe BJP’s two front-runners in the state of Bihar, Janata Dal ( United ), and Telugu Desam Party, both of whom hold 28 seats in the lower house, were asked to pay for the budget.
The finance minister announced 150 billion rupees worth of financial aid for the expansion of Andhra Pradesh’s money, with the promise of additional funding in the upcoming years.
A slew of new aircraft, path and energy projects were sanctioned in Bihar.
For this fiscal year, the budget’s fiscal deficit, which is the amount that spends more than revenue, is set to be, at 4.9 %, less than the 5.1 % target that was previously announced, has been revised.
Rating companies carefully monitor the figure and have a direct impact on interest rates.
The government’s deficit was significantly reduced without significantly reducing expenditure thanks to a significant dividend payout of more than$ 25 billion from the nation’s central bank.
Getty ImagesThe investment on state-led money spend on equipment generation, nevertheless, remained unchanged from the$ 134bn announced in the time budget.
” It is clear the focus has now become more diverse to other areas like employment, small businesses and social welfare”, said Shubhada Rao, scholar and founder of QuantEco Research.
She continued,” The budget is obviously more equitable in nature, and while there’s not necessarily “more immediate cash in the hands of people,” announcements like salary increases to new employees and minor tax changes could increase disposable incomes.
The Indian finance ministry anticipates an economy growth of between 6.5 % and 7 % for the fiscal year ending March 2025, which is lower than the previous forecast of 8.2 % and below that of multilateral organizations like the International Monetary Fund and the Asian Development Bank.
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Universiti Malaysia Terengganu’s ( UMT ) wholly-owned subsidiary UMT Jaya Holdings Sdn Bhd ( UMTJ) signed a Memorandum of Agreement with Pitch Platforms Sdn Bhd ( pitchIN ) last week to help UMT’s spin-offs to raise funds through the equity crowdfunding (ECF ) platform.
UMT is the first to fully agree to work with us, focusing on boosting purchases made by UMT instructors and individuals into spin-off companies, according to Sam Shafie, CEO of PitchIN.
With colleges having their own domestic processes, various that pitchIN has engaged with are in the final phases of agreeing to a related association, such as Universiti Malaya, Universiti Sains Malaysia, and Universiti Teknologi Petronas.
Dr Ahmad Ramzi Mohamad Zubir, CEO of UMTJ said that the school’s intellectual property investment comprises patents, business designs, technology utilities, trademarks, custom rights, and industry secrets that are ripe for commercialisation. In 2023 alone, UMT registered a total of 60 intellectual property assets, including 40 products as proprietary rights, 13 as trade secrets, four registered patents, with the three others under other categorizations of intellectual property.
These university intellectual assets are still significantly underused and not producing commercial returns, which is a loss for UMT and the country as a whole, as is common throughout academia in Malaysia.
Therefore, partnering and co-operating with universities makes sense, and we’ve been trying to do this for a long time, but the bureaucracy was very cumbersome until I met Ramzi, Sam said.
PitchIN-UMT partner campaign and targeting , alumni as potential investors
Through this agreement, UMTJ will serve as a bridge linking UMT’s spin-offs with potential investors via the pitchIN platform.
” Those spin-off companies will later be featured on our microsites ( partner campaigns ) on PitchIN, where partners like the university will curate the companies they select for fundraising on the platform”, Sam said.
In the case of UMT, all spin-offs will be housed under its own microsite. Additionally, PitchIN intends to work with UMT to engage its alumni and introduce them to investment opportunities offered by their alma mater.
The firstgroup of companies UTM is considering consist , of spin-offs focusing on renewable energy, green hydrogen, and oil and gas industry.
A company with an oil & gas focus and two researchers who created an oil-absorbent material was chosen as the first candidate for listing. Ramzi criticized the founders for being among the top 1 % of world researchers, denying their claim to own the business.
” We’re going to pitch for funding and also go for the secondary market as well”, he added, referring to pitchIN’s secondary ECF trading market ( PSTX ) which went live on July 10, which , allows people to trade shares of companies that have raised funding on the platform.
We’ll try to get the company listed before the end of Q3 or the beginning of Q4, according to Sam, because we’re going to begin our due diligence and compliance on the company soon. We’re also aiming to encourage institutional investors to make an investment in this business.
The spin-offs of UMT will be guided by Fundraising Accelerator ( FA ), a startup initiative launched by pitchIN Academy in October 2022, as part of the MoA. For its spinoff founders to successfully raise money, FA will provide the necessary guidance and skills.
What’s next for pitchIN ,
With over 177 successful ECF campaigns and more than US$ 69.6 million ( RM325 million ) raised for issuers in Malaysia, what’s next for pitchIN, industry observers have wondered.
” Well, we have no immediate plans for listing as we still have a long way to go”, said Sam, sharing that the revenue target for this year is US$ 429, 000 ( RM2 million ).
