‘New model for human civilisation’: What is so unique about China’s style of modernisation?

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LOCAL Administrations

Another defining characteristic of China’s reform is the part of regional governments, which is noticeable in Suzhou.

Martinez noted:” Their active participation through industrial planning, and then the following development of high-end industries, creativity and innovation&nbsp, – these are all areas in which the regional governments, the city governments in China are greatly involved”.

One of China’s major industrial areas, Suzhou Industrial Park, specializes in producing cutting-edge software products while utilizing the state’s long history of producing premium consumer products.

Since the 14th century, the town in Jiangsu state has also been China’s leading manufacturer of silk&nbsp, – possibly the digital product of its time.

HOUSING SLUMP AMONG OTHER HEADWINDS

Some regional governments, which typically receive more than 40 % of their income from property sales, are now financially hampered after three years of an extraordinary housing market fall.

China also faces other challenges including adolescent poverty, an ageing population, and strong places wary of sharing systems with it.

According to Jin, China needs to resurrect its connection and capital markets as well as overhaul its economic system over the long run.

” Geopolitical tensions have taken a burden, but that has resulted in reorganization and a consider of globalization around the world,” she continued.

” I believe there is a tremendous potential to address some of the younger generation’s ability and education disparity,” he said.

Raymond Deng, a senior advisor to DBS China, stated that China needs to improve its systems and increase funding for businesses.

” In the 2008 financial crisis, many countries implemented quantitative easing, but for China, soon after 2008, we started quietly soaking up the extra money offer”, he added.

” So we do have the room and financial position to help build the key sectors that we need today when we need the stimulus,” he said.

China did exactly that to grow its current dominant electric vehicle industry. Punitive tariffs have also been brought in by the West, including the European Union and the United States.

With China having growth options, the effects of whatever it chooses may be felt everywhere and possibly even rebound backwards.

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One in three Malaysian have never used AI at work: Randstad

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  • More than 1 in 5 employees use AI usually or every day at work.
  • 81 % of Malay responders are aware of the impact AI will have on their employment.

One in three Malaysian have never used AI at work: Randstad

One in three Malay has never used AI at work, and another ten percent of those who have used AI tools only when, illustrating a considerable coverage gap in Malaysian skill development.

The total effects of Randstad’s 9th monthly Employer Brand Research in Malaysia have been made available. The study, which Kantar TNS conducted in January 2024, surveyed more than 173,000 people all over the world, including 2,500 from Malaysia, making it what it claims to be the most thorough company branding analysis based on general talent views.

One in three Malaysian have never used AI at work: RandstadFahad Naeem, state chairman at Randstad Malaysia, said,” The quarterly firm brand research guides employers with year-on-year analysis, as well as talent attitudes and opinions on important matters like skill development and equity. AI systems will continue to alter labor structures and skill requirements, and investing in talent development may help businesses find competent talent and entice more Malaysian workers to work there.

81 % of Malay are affected by AI at work.

More than one in five employees, particularly Gen Zers ( 36 % ) and Millennials ( 24 % ), are currently using AI at work every day or frequently, according to the survey. But, 34 percent of respondents said they have not used AI tools at work.

Importantly, there are major generational disparities regarding Iot exposure. At job, 42 percent of Gen Xers have not used AI, and this increases to 73 percent for Baby Boomers.

In Malaysia, 81 percent of respondents understand the impact AI will have on their work. Despite the fact that 71 percent of Gen Xers believe that AI will have an effect on their careers, compared to a whopping 75 % of Gen Xers who have never had any prior work experience. This is similar to Gen Zers (74 percent ) and Millennials ( 73 percent ), who are already more familiar with AI, the survey stated.

It added that, cheerily, labor attitudes on AI’s influence at work bias good, with 45 percent of respondents stating that it will enhance their job satisfaction. Importantly, those already using AI and the higher-educated are more positive that AI will enhance their career happiness, it said.

One in three Malaysian have never used AI at work: Randstad

Naeem said,” The development of AI has been fascinating, but it’s regular for people to know how it will affect their profession. First exposure to new technology may improve their career prospects and promote organizational skills development. Employers should move up to support their workers ‘ skill development as a result of the rapid and considerable advancement in AI connectivity.

One in ten responders, according to the study, did not receive enough opportunities to advance in their field. Workers who do not have opportunities for advancements in their careers are twice as likely to leave their organizations ( 31 % ) than those who do ( 31 % ).

Salary &amp, gains top of mind for indonesian job applicants

According to the report,” Attractive salary and benefits” stand out as the top priority for respondents when looking for an ideal employer to work for in Malaysia, followed by a” good work-life balance”.

The importance of” Strong Management” has also regaining popularity as the third most crucial workplace value statement after moving up to second place in 2023.

According to the report, people who leave their jobs also cite inadequate work-life balance as a major reason for their jobs, which highlights that 48 % of job switchers seek out new companies to improve it. Also, one in three Malay reported leaving their jobs as a result of rising living costs and low salaries.

Naeem continued,” The cost of living has significantly increased over the past two decades, which has resulted in some Malay looking for higher-paying work. Given that dwelling costs have increased in comparison to pay, this is not surprising. People who are overly stressed out about their personal income are also more likely to lose concentration at work. Some in-demand workers are reluctant to change careers as a result of the current economic climate. Therefore, it is crucial for employers looking to hire skill to be aware of both the expectations of candidates and the new business salary averages that their rivals offer.

One in three Malaysian have never used AI at work: Randstad

When questioned if their companies had offered them financial assistance to control the rising cost of living, 35 % of the time said no. Only 10 % of their businesses gave them one-time financial assistance, and another 34 percent claimed that their pay raise had helped to include some of the costs.

Employer Brand Research, which was commissioned by Randstad in its ninth season, features the opinions of at least 2,500 Malaysian responders.

The report includes more in-depth research findings that may aid businesses and employers in developing their boss branding strategies and attracting top talent to Malaysia. Companies are provided with year-over-year trends examination of the top 10 employee value statement factors as well as insights into skills perceptions on crucial human resource issues like capital at work and the effects of AI on skills.

Click here to view a copy of the report.

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IN FOCUS: IPO drought, poor valuations: What can be done to revive Singapore’s ailing stock market?

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GOVERNMENT MEASURES

The Singaporean government has taken actions to increase the appeal of the regional stock market.

Two money – especially the S$ 1.5 billion Anchor Fund@65 and S$ 500 million EDBI Growth Investor Fund -&nbsp, were established in 2022 to help high-growth firms to raise capital through pubic listings around.

Fund managers assist companies in advising them on the SGX listing requirements as well as facilitating meetings with investment banks and market makers, according to a Ministry of Trade and Industry ( MTI ) spokesperson.

According to Mr. Chee, these funds have so far been invested in nine businesses, according to a statement released last week in Parliament.

When asked if this number meets any initial goals and whether the funds have been successful in revitalizing the local stock market, MTI would only respond that the last two years have been “more challenging for equity markets globally” with a decline in IPO activities as a result of the high interest rate environment.

According to the spokesperson, the region’s equity markets have experienced similar repercussions in Singapore and the region.

CNA inquired further about the nine businesses that received support, as well as whether additional investments are planned. MTI did not respond.

In addition, there are plans to cover SGX-listed companies ‘ research costs and help with listing costs. &nbsp,

The Monetary Authority of Singapore ( MAS ) offers grant amounts up to S$ 2 million that help offset listing-related expenses as part of the Grant for Equity Market Singapore ( GEM) scheme, which was launched in 2019.

As of May, this grant has supported a total of 46 listings from sectors ranging from new technology, media, healthcare to information technology, an MAS spokesperson said.

Ten of these included mainboard listings like Digital Core REIT and Nanofilm Technologies. The remaining 36, including newly listed SAM Holdings, are listed on the Catalist board.

A research development grant, which is also funded by GEMS, has supported more than 10 research institutions and has hired 38 research analysts as of the end of 2023.

Over 900 research reports covering more than 130 SGX-listed companies have been produced by these research firms, with information provided by these firms providing insights for retail investors and aiding in better decision-making, according to MAS.

The central bank’s spokesperson told CNA that “one of the factors that potential IPO aspirants take into account when considering a listing on our equities market is the GEMS grant funding.”

“MAS will continue to work with industry stakeholders on this goal and review new ideas and proposals to improve our equities market and support business growth,” according to the statement.

On its part, SGX introduced new rules in 2021 to permit the listing of special purpose acquisition companies, or SPACs, on the mainboard and more recently, a Thailand-Singapore Depository Receipt was launched to broaden access to capital and markets.

It also&nbsp, started a market maker and liquidity provider programme in 2014 to boost trading volumes. The market operator declined to reveal specifics of this programme, citing confidentiality.

Additionally, SGX declined to comment on other inquiries made by CNA for this article, such as whether it is reviewing its current initiatives to improve performance.

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China’s subsidies create, not destroy, value – Asia Times

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Money is the only thing that controls everything in my life.

C. R. E. A. M., getting the cash

Buck dollar bill, y’all

– Wu- Tang Clan&nbsp,

The European business press frequently reports that China’s funded industries destroy benefit because they are not profitable, including everything from high-speed rail to electric cars to solar panels ( the subject of the most recent The Economist collapse ).

If The Economist really knows better and is just spreading its anti-China grin, we give it a go. However, if this opinion is really held, which all indications indicate it is, then we are dealing with something much more perverse. 248 years after the publication of Adam Smith’s” The Wealth of Nations” and the West has lost the financial story. &nbsp,

To enjoy Tesla’s US$ 788 billion business cover in comparison to BYD’s$ 93 billion is to mistake opportunities with results. Both businesses are given ample tax cuts and other government benefits. Elon Musk’s success is attested by the fact that Tesla is much more successful than BYD while Vehicles have a much lower US market penetration. Tesla pocketed the incentives while BYD ( and competitors ) delivered outcomes.

Similar to how America’s First Solar just rose to the position of being the most important photovoltaic company as fierce competition in China wiped out profits. In a tariff-protected market, First Solar’s superior valuation should n’t cause celebration. &nbsp,

The fact that China’s renewable companies are slaying each other by flooding the world with cheap solar panels is prima facie evidence of beautiful policy success and worth development, despite The Economist’s hand-wringing. &nbsp,

To not be able to understand this important point would never have been able to comprehend Adam Smith. ” The Wealth of Nations” was not about the pursuit of profits. &nbsp,

They are guided by an unseen hand to distribute the necessities of life, as would have been done, had the planet been divided into equal portions among all of its inhabitants, and therefore without any intention, without any knowledge, to advance the interests of the society, and obtain means to the multiplication of the species.

The secondary/tertiary outcomes that improve outcomes for everyone were supposed to be the whole point of intelligent self-interest. &nbsp,

It is not from the compassion of the barber, the baker, or the cook that we expect our supper, but from their respect to their own personal- interest.

What we want from the butcher, the baker and the cook are pork, beer and food, not for them to be fabulously wealthy store owners. Cheap EVs and solar panels should be what China needs from BYD and Jinko Solar ( as well as the US from Tesla and First Solar ), as opposed to trillion-dollar market-cap companies. In fact, mega-cap estimates suggest that something has gone completely wrong. Do we really want t entrepreneurs, or do we really want it? &nbsp,

The company press has a mediocre grasp of value creation. At worst, liberal befuddlement has damaged the neurons of legislators, rendering them capable of diagnosing economic ills. &nbsp, &nbsp,

The far- heralded multiple- trillion dollar prices of a handful of American companies ( Microsoft, Apple, Nvidia, Alphabet, Amazon and Meta ) – all of which will swear up and down and all day much that they are not monopolies – are symptoms of serious financial displacement. How much of their pricing is the result of advancement, and how much is the result of anti-trust impunity and governmental capture? &nbsp,

It’s hard to say. China stomped on its tech monopolies and now manages to deliver similar if not superior products and services – able to make inroads into international markets ( e. g. TikTok, Shein, Temu, Huawei, Xiaomi ) – at always much lower prices.

The European business media, confusing incentives with outcomes, gently relies on stock markets to establish value creation. An important but unmeasured indicator of economic value is a company’s market capitalization.

If you do not own shares of Microsoft, the company’s value is in the price and performance of Windows, Word, PowerPoint and Excel, which we are all forced to use. &nbsp,

Non-shareholders should be asking how much less expensive and better productivity software would be if regulators actually carried out their duties. Given Microsoft’s$ 3 trillion market cap, monopoly business model and how often Excel crashes, we can be reasonably certain that consumers are getting screwed. &nbsp,

The saddest creatures in late-stage capitalism are cheerleaders who support mega-cap companies like sports teams but only have a small amount of equity. With 54 % of total US market cap held by 1 % of the population, it’s a given that these confused devotees far outnumber the real beneficiaries. &nbsp,

Perhaps that is the end of the modern proletariat, who are stupefied fanboys who celebrate their neoliberal serfdom. This writer believes that they would benefit from less Elon Musk and a higher demand for affordable cars, but that’s just my opinion.

One must of course consult Karl Marx and” Das Kapital” in order to fully comprehend what is happening, which both declared that:” To truly comprehend what is going on, one must consult:

People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.

As soon as the land of any country has all become private property, the landlords, like all other men, love to reap where they never sowed, and demand a rent even for its natural produce.

Haha, gotcha. That’s actually Adam Smith and” The Wealth of Nations”. It seems unclear whether Karl Marx and Adam Smith shared the same end goal. The profit motive can produce superior outcomes, but only when it operates paradoxically, is what Adam Smith and Karl Marx both got right. In other words, profits must be withdrawn from the market, at least for the long term. &nbsp, &nbsp,

Much of the confusion is brought on by the mechanics of capitalism. Profits become the focus of finance and, regrettably, economics because so much of the infrastructure has been devoted to its measurement because the invisible hand of the market is supposed to be guided by the enlightened self-interest of participants. &nbsp,

Every two-bit graduate of Western universities has a working knowledge of accounting, financial statement analysis, and valuation models, with the explosion of MBA programs and undergraduate business courses. &nbsp,

Unfortunately, all of that is at best half the story – the producer surplus part of the supply/demand chart. Because 1 ) no one is earning any money off of it and 2 ) there is no reliable method to measure the consumer surplus portion, it is of little interest. Universities are n’t offering Master of Consumer Advocacy programs all over each other. &nbsp,

What China has accomplished in industry after industry is to subsidize hordes of producers to flatten the supply curve. This spurs innovation, increases output and crushes margins. Value is not being destroyed, it’s accruing to consumers as lower prices, higher quality and/or more innovative products and services.

If you are looking for returns in the financial statements of China’s subsidized companies, you are doing it wrong. If China’s subsidized industries are generating massive profits, policymakers should be investigated for corruption. &nbsp,

A recent CSIS report estimated that China spent$ 231 billion on EV subsidies. We’ll go with it, even though that is a gross overestimation ( the think tank’s assumption about the EV sales tax exemption is far too high ). That comes out at$ 578 per car when spread over all ~400 million cars ( both EV and ICE ) on China’s roads. &nbsp,

The result was a Cambrian explosion of new EV manufacturers flooded China’s market with more than 250 models. Unbridled competition, blistering innovation and price wars have blinged out China’s EVs with performance/features and lowered prices on all cars ( both EV and ICE ) by$ 10, 000 to$ 40, 000. Chinese consumers will pocket a further$ 500 billion in consumer surplus in 2024, assuming an average savings of$ 20, 000 per car.

What number should we put on that? 10x? 15x? 20x? Yes, China’s EV industry is barely scraping a profit. So what? For a measly$ 231 billion in subsidies, China has created$ 5 to$ 10 trillion in value for its consumers. The combined market cap of the world’s 20 largest car companies is less than$ 2 trillion. &nbsp, &nbsp,

Graphic: Asia Times

The supply/demand curves above demonstrate that the main market effects are what we have been studying. The more significant outcomes of industrial policy are externalities. And it is all about the externalities. &nbsp,

Switching to electric vehicles saves China from oil imports, reduces particulates and CO2 emissions, creates jobs for swarms of new STEM graduates, and creates ultra-competitive companies in international markets, to name a few. &nbsp,

The shocking drop in solar panel prices may have even greater impact on the externalities. From mass desalinization to synthetic fertilizer, plastics, and jet fuel to indoor urban agriculture, previously uneconomic engineering solutions may be possible. China’s potential to significantly lower the cost of energy for the Global South has significant geopolitical repercussions.

The city of Hefei in backwater Anhui province has achieved spectacular growth in recent years through shrewd investments in high- tech industries ( e. g. EVs, LCD, quantum computing, AI, robotics, memory chips ). The Hefei model, which uses local governments to run venture capital funds, may be more effective than Silicon Valley’s. &nbsp,

The Hefei model is more flexible than the traditional venture capital investment returns, which are based on the company’s profits. Returns can be gathered through a variety of means, from lowering employee taxes to improving workforces to boosting consumer surplus. If positive externalities are a component of the incentive structure, the internal hurdle rate can be reduced.

The model is n’t really unique, despite Hefei’s tradition of hosting symposiums for processions of municipalities hoping that some of its magic will work. When challenged against the technological frontier, the China model looks exactly like it does. &nbsp,

While quantum computing, AI and robotics may be sexy, the formula is not much different from the macro China model. That is, a model that is aware of every aspect of value creation, from producers to externalities to consumers, not one that is fixated on and distorted by profits. &nbsp,

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China flexes AI muscle at Shanghai expo – Asia Times

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The Shanghai World Expo Exhibition and Convention Center’s fifth World Artificial Intelligence Conference, held from July 4 through July 7, demonstrated China’s commitment to developing a large, various, and global solution to a US-focused AI business.

More than 500 companies working on big language models, machine learning, the use of AI in smartphones, PCs and wearables, healthcare and another Iot- enabled services, professional AI, smart robots and autonomous vehicles participated in the event and showed off their products in the exhibition hall.

Most were Foreign but Amazon Web Services, Dell, GE, GM, Google, Microsoft, Tesla and Qualcomm even attracted masses of customers.

Foreign participants ranged from technology giants Alibaba, Baidu, Huawei and Google to Computer maker Lenovo, telecom equipment maker ZTE, network operators China Mobile, China Telecom and China Unicom, and many Iot- related software and service providers. Text- to- words, wording- to- image, wording- to- video, on- device and opened- source models were on display.

A special area of the show matched 100 start-ups from all over the world with 100 traders from government-guided funds, venture and private ownership funds, state-owned businesses, and listed companies. Areas of focus included financial, smart terminals, bright transport, the lower- altitude economy and medical applications.

A Comprehensive Connection Hub distributed information on various AI-related projects to investment banks and procurement firms. An AI Application Scenarios Comprehensive Zone hosted scenario providers from China and close to 20 other countries including the US, Canada, Mexico, the UK and Singapore. The event’s organizers estimate that more than 10 billion yuan ($ 1.38 billion ) will be spent on procurement requests overall.

The robot exhibition featured more than 20 humanoid robots from companies including Data Robotics, Deep Robotics, Robot Era, Fourier Intelligence, Unitree and Tesla, which showed off its Optimus Gen 2 inside a glass box. China’s humanoid robot open- source community was also represented. Quadruped, wheeled and dexterous fixed robots were also on display.

However, the most important thing about the state of AI in China was the presentation of large language models, their creators, and their capabilities. The Shanghai government organizers chose the following examples for their impact:

  • The first model from a major state-owned company to be registered with the National Cyberspace Administration for generative AI services and algorithms, China Mobile’s” Jiutian Base Model” was the first. It is already employed by the government, healthcare, and a number of businesses, including China Railway Construction Corporation ( CRCC ) and China Ocean Shipping Company ( COSCO ).
  • China Unicom’s” Yuanjing’ 1 1 M ‘ LLM system”, which is already used in network management, customer service, fraud detection, government and industry.
  • Smart homes and smart city services are made possible by China Telecom’s models and cloud computing.
  • The state-owned CITIC Group ( previously known as China International Trust Investment Corporation ) Group presented its” Lighthouse Factory,” an internet-based manufacturing system developed for the special steel industry and soon to be used for aluminum auto parts.
  • Google and Lanzhou University collaborated to incorporate Dunhuang mural patterns into contemporary clothing by using the open-source software library for machine learning developed by Google. Unhuang is a significant archeological site on the ancient Silk Road, known for the manuscripts, murals, and Buddhist statues discovered in its numerous caves.

New large language models and applications were presented by more than 15 Chinese companies, including Alibaba, Ant Group, Baichuan Intelligence, Baidu, Huawei, iFLYTEK, Kingsoft, Midu, Minimax, Model Best, SenseTime, Tencent, Transwarp, Unisound and Zhipu AI.

Many of these businesses are probably not known to most non-Chinese readers. Some, if not many, of them seem likely to become familiar names in the future. They demonstrate the rapid and extensive development of AI in China, which combines Japan-style industrial policy with a US-style start-up culture and Chinese entrepreneurship.

Joe Tsai, the chairman of Alibaba Group, claimed in an interview with the South China Morning Post that China is “possibly two years behind” leading American AI developers. He blamed this on US export restrictions, which prevent Chinese companies from buying Nvidia’s most advanced GPUs. He continued, “it is an issue in the short run and probably the medium run.”

Despite the sanctions, it might be said that China’s leading AI developers lag their US counterparts by only two or three years, despite the difficulty of calculating the gap.

In terms of the real-world application of AI in society, China may already be ahead of the US in terms of the variety of goods and services on display at the conference and exhibition in Shanghai.

More than 80 businesses devoted to the creation of AI models have been drawn to the Shanghai Foundation Model Innovation Center ( SMC), a business incubator, according to the China Daily. The city currently has 34 large language models.

With about 250, 000 employees and a valuation of over 380 billion yuan ($ 52 billion ), Shanghai’s AI sector leads the nation.

Follow this writer on&nbsp, X: @ScottFo83517667

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Risk migrates to Europe from Asia – Asia Times

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Subscribe now&nbsp, for access at a special price of only$ 99/year.

Chance leaves Asia and travels to Europe.

According to David P. Goldman, political threat in Europe is rising as the National Rally in France and the AfD in Germany increase confusion and uncertainty in European areas, while quiet has returned to China’s ownership industry.

European parliamentary elections as expected

Diego Faßnacht reports on the effects of the French legislative election, with the National Rally receiving more than 33 % of the vote. Strong split between the left and Macron’s supporters make assistance hard, likely leading to a divided and dormant congress.

Ukraine’s losing place casts darkness over US vote

Concerns about the effects of US political dynamics on their support are rising in Kiev, according to James Davis, which could lead to negotiations over securing protection services, aid, and possible NATO membership assurances. Russia appears to be paying close attention to the political climate in the US.

US sanctions against Chinese technology are getting near their boundaries.

Scott Foster discusses Japan’s emphasis on preventing Beijing from imposing new technology restrictions at Washington’s peril, citing China’s significant market share for Chinese semiconductor equipment manufacturers and the rapid development of Chinese artificial intelligence and 5G.

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How do you manage a staff of mostly 1,500 gamers? Razer’s head of people pushes for inclusivity and innovation

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Lunchtime is spent in breakout groups, playing Mobile Legends: Bang Bang ( MLBB ), a popular multiplayer online battle arena game, Pokemon Unite, or any of the team’s latest gaming obsessions.

AFK, little for” Gone From Keyboard”, happens every last Friday of the month. When Razer employees engage in video game or observe other employees engage in them while they are employed.

Wan even directs her team’s involvement in the Razer Cup, a monthly inside gaming competition that is typically streamed live to the staff.

A major part of her work includes advocating for conservation, and shaping the labor culture for greater diversity, equity, employee engagement and effectively- being.

Razer USA and Razer Singapore were able to maintain their Great Place to Work accreditation for two consecutive years between 2021 and 2023 under her authority. This worldwide certification is based on independent study and employee feedback.

Variety, THE CORE OF Development

Being a adult leader distinguishes her from other women: Razer Singapore is 35 percent feminine and 65 percent man. The company’s international sex ratio is 62 per share men and 38 per cent female. &nbsp,

She is also a Gen Xer, a non-traditional player who is influential in entertainment society. Thin admitted that she is never a hardcore gamers and is now playing a more” puerile” game, Disney Frozen, which is similar to Candy Crush. &nbsp,

She argues, however, that modern game has transcended traditional man or youth culture. And with that, richness of the workplace is key to technology.

” Diversity is about richness of thoughts, and variety of ideas come from the personal history, culture, gender and persons each individual interacts with. That is essential to developing items that appeal to the intended audience, she said.

Wan’s first priority when he started working for the company in 2019 was to advocate for the introduction of a human resources data program, which would allow the company to digitize and analyze the data of its 1,500 personnel around the world.

Pale and her 50-strong crew waited about a time to type the data. With information like people ‘ race, gender, age, employment, pay, and other factors, the software can identify which sections of Razer have more skill set and which places are lacking in order for the company to optimize performance and productivity.

Additionally, it makes it possible for the firm to implement anti-bias training programs and diverse hiring practices.

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Singapore-based fashion brand Aupen partners with LVMH Metiers d’Art, plans to shift production base to France

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Aupen described the circumstances surrounding the relationship in a speech to the media, stating that both businesses “discovered a shared vision and determination to creating value, classic products rather than following brief trends,” adding that LVMH was “particularly impressed by Aupen’s quick grip in the market.”

Aupen even clarified that&nbsp, LVMH did not keep any collateral in it, allowing Aupen to be independent. It hopes to have its earliest works of art published with LVMH Metiers d’Art in January 2025.

For today, just previously- launched designs, such as Nirvana bags, may be sold on Aupen’s site.

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Investments from GIC ‘not the solution’ to shake up Singapore’s stock market: Chee Hong Tat

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SINGAPORE: Directing Singapore sovereign wealth fund GIC to invest in locally-listed firms is “not the solution” to improve the attractiveness of the local equity market, said Transport Minister Chee Hong Tat on Tuesday (Jul 2).

“Doing so will compromise our objectives of setting up GIC, which is not beneficial for Singapore and Singaporeans,” he said, adding that the government would continue to seek more “sustainable” approaches.

Mr Chee, who is also Second Minister for Finance, was responding to a parliamentary question from Member of Parliament Liang Eng Hwa (PAP-Bukit Panjang) on whether the government would consider a suggestion from some industry players for GIC to allocate part of its investments to securities listed on the Singapore Exchange (SGX).

GIC – one of the three investment entities managing Singapore’s reserves – is the government’s fund manager. It does not own the assets it manages and as a rule, it does not invest in Singapore.

The suggestion that GIC should expand its portfolio to include the Singapore market gained traction after a recent report by the Financial Times.

The report on May 5 said the SGX and other government agencies are studying proposals from a venture and private capital association that include allowing pension and sovereign money to be invested in the stock market.

This is not the first time that this has been mooted. The Singapore Business Federation proposed having GIC use Central Provident Fund (CPF) monies to invest in the Singapore stock market as early as 2016. 

Earlier this year, the Society of Remisiers (Singapore) also made a similar recommendation as a way to shake up the struggling local stock market, which has seen subdued trading volumes and delistings frequently outnumbering listings.

Last year, for example, there were 25 delistings and just six initial public offerings (IPOs).

This contrasts with the SGX’s regional peers. In 2023, there were 79 IPOs in the Indonesia Stock Exchange, while bourses in Malaysia and Thailand welcomed 32 and 40 listings, respectively, according to a report by Deloitte.

Several Singapore companies have also opted to list overseas in recent years, such as property tech firm Ohmyhome, which made its debut on the Nasdaq last year. More recently, cancer diagnostics firm Mirxes refiled its draft prospectus in May for an IPO in Hong Kong.

“SHOULD NOT DIRECT OR INTERFERE” WITH GIC’S INVESTMENT DECISIONS: CHEE

In his reply, Mr Chee said GIC’s mandate is to preserve and enhance the international purchasing power of Singapore’s reserves, especially for crisis needs.

This means that GIC’s investment decisions must “aim to achieve good long-term returns for Singapore”.

“GIC must, therefore, continue to make professional investment decisions, and the government should not direct or interfere with GIC’s investment decisions,” said the minister.

He added that under current arrangements, the sovereign wealth fund can “invest in appropriate Singapore companies if these companies have a global footprint and generate good returns for GIC’s portfolio”.

A “more sustainable way” to develop the local equity market is to groom and develop a pipeline of good companies to list on the SGX, Mr Chee said.

One initiative is through establishing funds, such as the Anchor Fund @ 65 introduced in 2022, that support growth enterprises and prepare them for IPOs in Singapore. 

“These funds have invested in nine companies to date and they are working closely with the portfolio companies to prepare them for IPO on the SGX,” said Mr Chee.

The government also has various schemes in place to help more SGX-listed companies expand overseas and become more attractive to global investors.

“The government remains open to new ideas and measures to improve our equity market and support business growth. We will continue to work with industry stakeholders on this goal,” Mr Chee told the House.

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Sustainable transformation: making transition finance stick | FinanceAsia

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The Asia Pacific region is currently facing a significant gap in the race to fund decarbonisation – estimated at $US1.1 trillion by the International Monetary Fund (IMF).

However, this is not the only problem for a region whose coal-fired economies represent around half of global emissions, according to the International Energy Agency.

China alone accounts for 35% of global CO2 emissions, the agency says.

Speakers at the Sustainable Finance Asia Forum 2024 said that regulators will need to rebalance sustainable investment priorities – placing more emphasis on adaptation rather than mitigation – if the region’s most heavily polluting emerging economies are to meet their carbon zero targets.

Debanik Basu, the head of responsible investment and stewardship APAC at APG Asset Management, told a panel on harnessing transition finance for sustainable transformation that investment in mitigation (reducing greenhouse emissions at source) now represented the majority of transition funding.

He said the often more complicated task of climate adaptation – the need to change systems, behaviours and whole economies – was receiving scant attention.

“Currently the region is getting around $300 billion in transition finance so there’s a massive gap that needs to be addressed,” he told the conference. “Even within the small portion of finance that we are getting, more than 80 per cent of the funds are moving towards mitigation.

“Consensus estimates suggest that ideally it should be 50/50 between mitigation and adaptation.”

He said the other critical problem was that aspects of climate finance were not well understood and appreciated by the market overall, in particular within the agriculture and forestry segment.

“When you look at the NDCs (Nationally Determined Contribution) put out by a lot of countries, there are specific targets around climate change, but there aren’t explicit targets around forestry and agriculture,” he said.

“And even when there are targets, there is no clear roadmap. What all this means is that the institutional capacity is lacking. There are gaps in infrastructure and there are gaps in knowledge.

“As an investor, conversations with companies around biodiversity are at a very nascent stage.”

A question of taxonomies

Kristina Anguelova, senior advisor and consultant on green finance strategy APAC at the World Wildlife Fund, told the conference that regulation was moving in the right direction, guided by hubs such as Singapore and Hong Kong.

She added that the unofficial rivalry between Hong Kong and Singapore in terms of developing regulatory taxonomies was having a positive effect on the transition finance landscape in the region.

“I think the competition between Singapore and Hong Kong in this case is a good thing because it’s advancing regulation in the region quite a bit,” she said. “The Singapore Asia Taxonomy lays out transition taxonomy criteria across eight sectors.”

While the regulation is tailored to Singapore, she said she believed it would lay foundations for others to follow.

“It’s so important as a regulatory piece because it can serve as an incentive for investors to start to scale transition finance comfortably and confidently without the loopholes and the risks of potentially being accused of greenwashing,” she said.

In terms of biodiversity, she highlighted the nascent stage of biodiversity finance compared to climate finance, discussing the need for capacity building, regulatory clarity, and financial instruments to support nature-based solutions.

A case in point, she said, is the International Sustainability Standards Board (ISSB) which is developing standards aimed at developing a high-quality, comprehensive global baseline of sustainability disclosures focussed on the needs of investors and the financial markets.

“On biodiversity, I think we’re moving a bit slowly, but we’re getting there. Obviously coming from a science-based NGO, efforts can never be fast enough,” she said. “But the good news is that the ISSB will also be integrating the TNFD or the Task Force for Nature-related Financial Disclosures soon.

“Those jurisdictions that have adopted or committed to the ISSB will also be adopting those nature regulations.”

The challenge as always, she added, was that regulators had to strike a balance between mitigating financial risk and overregulating such that it slowed economic development.

Blended solutions

Building capacity, both speakers argued, would be critical to transition finance solutions to climate change and that new instruments, particularly in blended finance, were likely to be leading the charge.

“We are seeing beyond transition bonds to different types of instruments that are designed to go into blended finance structures such as transition credits which are based on the assumption that we can get carbon savings out of early retirement of coal-fired power plants,” Anguelova said.

One avenue that was currently being explored in a number of jurisdictions was concessionary capital: i.e. loans, grants, or equity investments provided on more favourable terms than those available in the market.

These terms could include lower interest rates, longer repayment periods, grace periods, or partial guarantees.

Of these instruments, Basu said, guarantees were evolving as one of the methods currently being pursued in several markets.

“What we are also seeing is that, apart from concessionary capital, a lot of public institutions are more comfortable with providing guarantees instead of direct capital because that then keeps the overall cost of capital down,” Basu said.

“It might be at a very nascent stage – and it is difficult to say if this is going to be the future – but it is developing,” he said.


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