New Zealand: Treaty Principles Bill voted down after widespread outrage

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Kathryn Armstrong

BBC News

Getty Images Members of the Māori community march in a protest rally to criticise the government for its policies affecting the Indigenous Mori population in Wellington.Getty Images

In its second reading, a contentious act that sought to rewrite the founding document of New Zealand, which established the rights of both Mori and non-Mori, was defeated.

The Treaty Principles Bill was defeated 112 to 11 times after a government commission had suggested that it should not be introduced.

The proposed legislation sought to legally define the principles of the 1840 Treaty of Waitangi – causing widespread outrage that saw more than 40,000 people taking part in a protest outside parliament last year.

The bill had already been widely expected to fail, with most major political parties committed to voting it down.

The single MPs to cast a ballot for it at the following checking on Thursday were members of the right-wing Act Party, which sponsored it. David Seymour, Act’s head, has pledged to continue his campaign on the subject.

He wrote on social media that he believed the costs or something similar would move in a day because there were no compelling arguments in favor of its contents.

During a conversation prior to the ballot in November, tensions were high in congress. After refusing to remove a statement in which he called Seymour a “liar,” Labour MP Willie Jackson was ordered to leave.

Labour leader Chris Hipkins said the proposed legislation would forever “be a stain on our country”, while Te Pāti Māori [The Māori Party] MP Hana Rāwhiti Maipi-Clarke – who gained international attention for starting a haka in parliament at the bill’s first reading – said it had been “annihilated”.

Instead of dividing and conquering, this act has backfired and brought together areas across the nation in support of our founding deal and what it represents, according to Green Party co-leader Marama Davidson, who afterward said in a statement.

A limited council, which had been reviewing the proposed policy, released its final report, which revealed that more than 300, 000 entries had been made, the vast majority of which were opposed, leading to the next reading.

The New Zealand legislature has ever received the most extensive answer to legislative proposals.

Getty Images Act leader David Seymour speaks to media after a service to commemorate Waitangi Day at the Waitangi Treaty Grounds on February 06, 2025Getty Images

While the principles of the Treaty have never been defined in law, its core values have, over time, been woven into different pieces of legislation in an effort to offer redress to Māori for the wrong done to them during colonisation.

The primary tenets of the legislation’s proposed regulations were that everyone was equal before the laws and had the right to equal protection, and that the New Zealand government had the authority to govern and have parliament to pass laws.

The bill do” maintain the process of defining the Treaty rules,” according to the group, and would not change the Treaty itself. They believe this may promote social cohesion and promote justice for all New Zealanders.

Ruth Richardson, a former finance minister for the centre-right National Party, was one of those who backed it, telling the select committee that the policy was” a bill of result whose time has come.”

She claimed that the Treaty itself could not be refuted, but that the concept of its rules was a “relatively current matter,” and that these rules had so far been mostly defined by the authorities, rather than congress.

” On the cultural before, there is a new essential in New Zealand: the need to solve and correct the overreach of the Treaty, which has glaringly become wrong and wayward,” she said.

AFP Members of the Maori community and their supporters march through the streets in a protest rally to criticise the government for its policies affecting the Indigenous Mori population in Wellington AFP

Despite this, critics of the bill say it may hurt Mori and lead to more sociable divisions.

On behalf of the Ngti Whtua rkei hap [sub-tribe], Sharon Hawke, the daughter of the late Mori activist and MP Joe Hawke, told the select committee that the legislation” strips the fabric of where we’ve been heading for the last three decades” in terms of improving” Maori’s ] ability to gain education, warm housing, and good health.”

She continued, adding that the act “polluted” the notion of all New Zealanders having a coming together.

” We will continue to show our antagonism to this,” she said.

Members of the public who submitted to the limited committee’s commission identified the key points as being inconsistent with the Treaty’s values and that it promoted equality with equity without taking into account social disparities, such as those brought on by the legacy of colonization.

Concerns were raised over whether the bill complied with international law and whether it would have a negative impact on New Zealand’s reputation abroad.

In addition, supporters of the bill’s supporters cited the present lack of clarity and certainty regarding the Treaty’s fundamental rules and the importance of justice for all.

Additionally, they argued that a vote was necessary to start a conversation about the Treaty, things David Seymour also thinks is necessary.

The strong party in New Zealand’s ruling coalition, National, who had promised to support it as part of a partnership agreement with Act, but no more, supported the Treaty Principles Bill during its first reading in November.

Prior to this, former head of the National Party, Christopher Luxon, the prime minister, claimed there was nothing in the act that he liked. He did not attend the second reading of the legislature, but earlier in the day he said it was time to move on.

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High Court dismisses suit against 2 Chinese news veterans over S0,000 ‘loan’ for failed business venture

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SINGAPORE: The High Court on Wednesday (Apr 9) dismissed a businessman’s suit against two Chinese news veterans over a loan of S$990,000 (around US$733,600). 

Mr Ren Xin Wu had given the purported loan to Mr Chua Chim Kang, the former head of Mediacorp’s Chinese news team, and Ms Lee Kuan Fung, a former news veteran with Chinese daily Lianhe Zaobao from Singapore Press Holdings (SPH).

The sum was allegedly a working capital for two businesses that provided tuition and specialised in Chinese-language programmes and events.

The holdings company – called Homing Holdings – was ordered to wind up in January 2021.

Mr Chua stepped down from his role as head and chief editor of Chinese news and current affairs at Mediacorp in February, saying he resigned due to health reasons.

Ms Lee had spent 18 years at SPH before leaving in May 2017, her LinkedIn profile showed. 

In getting Ms Lee and Mr Chua to return the S$990,000 to him, Mr Ren later sued them both, claiming that it was an interest-free loan repayable in three years from 2017 when it was given.

However, Mr Chua and Ms Lee’s lawyers alleged that there was no such agreement. 

Delivering his verdict on Wednesday, Judicial Commissioner Mohamed Faizal said the agreement entered by the three parties bore a clause that specifically stated that the money was loaned “on a no-guarantee” basis.

Given the clear language of the clause of the agreement, he added that the parties agreed to “squarely put the risk of non-return” on Mr Ren if the business did not “blossom” in the way that the parties had hoped. 

BACKGROUND OF THE CASE

The court heard from the defendants’ opening statement that Mr Ren, a citizen of China and a Canadian resident, first met Mr Chua in 2015 when the latter was an executive with SPH.

At the time, Mr Chua had been in the news media industry for about 15 years.

Over a social lunch, Mr Ren mentioned that he wanted to promote and raise the profile of an event for China Minsheng Investment Group, the defence said.

In the capacity of his role at SPH, Mr Chua then introduced Ms Lee to Mr Ren since she was in a position at SPH where she could assist him.

Mr Ren later had a successful project with SPH, the defence said in its opening statement.

The trio later met to celebrate the success and had subsequent lunches, where Mr Ren purportedly persuaded the two news veterans to start a business with him.

Homing Holdings was incorporated in June 2017. It was the holding company for the operating companies Luminaries Holdings and Lulele Learning. 

On July 26 in 2017, the parties entered an agreement, which stated that Mr Ren would invest S$10,000 into Homing Holdings for a 35 per cent share.

Mr Chua and Ms Lee would “commit to management and intellectual property” in return for a 35 per cent and 30 per cent share of Homing respectively.

The agreement also bore a clause stating that Mr Ren would extend a loan of S$990,000 to Homing Holdings on a “no guarantee, interest-free basis for a duration of three years” – above and beyond his equity investment of S$10,000. 

SUIT AGAINST MR CHUA AND MS LEE 

In the written judgment, it was stated that the main issue of Mr Ren’s claim was whether the loan agreement between the three shareholders contained an implied term that sought to impose duties on Ms Lee and Mr Chua to procure the return of the loan from Homing Holdings.

During the civil trial, which opened in the High Court last November, both Mr Chua and Ms Lee denied that the agreement had the effect of a personal guarantee that would render them personally liable, pointing that this would fall within the ambit of a “special promise” under the Civil Law Act.

They argued that since there was no such personal guarantee in writing or that it was signed by Mr Chua and Ms Lee, no action shall be brought against them.

They also submitted that personal liability was never envisioned under the agreement, since one of the clauses specifically provided that the loan was on a “no guarantee, interest-free basis”.

On his part, Mr Ren alleged that sometime in August 2020, he had spoken to Mr Chua over the phone about the return of the loan. 

In his affidavit, he testified that during phone calls on Aug 3 and 4 in 2020, Mr Chua had agreed to a return of the loan by transferring S$210,000 from Homing Holdings to Mr Ren within two days.

The two men would then transfer all of their shares to Ms Lee.

Following that, Homing Holdings would provide a contract to pay Mr Ren a sum of S$765,000 with interest over the next one to three years.

However, Judicial Commissioner Faizal said that because the agreement had a clause that specifically states that the money was being loaned “on a no guarantee” basis, it fortified the conclusion that the loan was provided to Homing Holdings without any assurances, promises or confirmation on outcomes or results.

Turning to an audio file that Mr Ren submitted during the trial – of a conversation between Mr Ren and Mr Chua suggesting that such an agreement did take place – the judge further said that the extract provided “little to no” context to it. 

In his written judgment, he also said it was clear that Mr Ren was “actively painting an inaccurate picture” of the phone conversations between himself and Mr Chua.

He noted that Mr Ren was “literally saying nothing in response … except stock phrases or platitudes”. At times, Mr Ren even persuaded Mr Chua to “think twice about promising such things to his own detriment”.

“Not only does the stark difference between Mr Chua’s and Mr Ren’s responses suggest that Mr Ren was, in essence, laying the groundwork for Mr Chua to say things he was seeking to surreptitiously record, but the entire flow of conversation is impossible to appreciate or understand in the absence of badly needed context,” the judge continued.

The extract of the recording that Mr Ren put forth had lacked the clarity and nuance necessary to determine the true nature of the interaction.

The jduge added that even if it were taken at face value, it was “immediately obvious” that there was every chance that this was an “intentionally incomplete and misleading” piece of evidence.

Moreover, he noted that Mr Chua could not have promised a transfer of S$210,000 from Homing Holdings to Mr Ren since he could not decide matters for the company on his own.

Judicial Commissioner Faizal said that Mr Ren was “not the most credible” of witnesses, explaining that there was a “marked shift” observed from the evidence he provided in his affidavit to his oral evidence on the stand. 

“In particular, Mr Ren’s evidence in court appeared to be so slanted that it was difficult to accord it any credit,” he added, noting that Mr Ren had adopted conspiratorial stances on “almost anything” that Ms Lee and Mr Chua did over the course of their business venture.  

This included Mr Ren’s stance that the entire business of Homing Holdings was an elaborate hoax engineered by Ms Lee and Mr Chua to defraud him of his money, as well as his suggestion that Ms Lee had “destroyed all the evidence” and was in the habit of “using company funds to resolve her personal issues”.

SUIT AGAINST GOLDCITI AND MS LEE 

On Wednesday, the High Court also dismissed another suit against Ms Lee and Goldciti, a company hired to provide restructuring advice to Homing Holdings when it was threatened with proceedings to wind up the business. 

The suit was filed by liquidators for Homing Holdings, with the suing parties claiming that Ms Lee had caused Homing Holdings to enter into a sham agreement with Goldciti to siphon funds from the former.

Homing Holdings sought to recover the sum of S$40,000 paid under the alleged sham agreement for services that were never rendered, as well as to hold Ms Lee liable for breaching her fiduciary duties as director of the company.

Another accusation was that Ms Lee had conspired with Goldciti to defraud Homing Holdings and caused it to suffer a financial loss.

To support the allegation that it was a sham transaction, the liquidators pointed to the “extremely belated” production of two documents – a proposal between Homing Holdings and Goldciti entered on Sep 30, 2020, and the Goldciti report – which suggested that the documents were manufactured at a later date.

Despite having sought these documents from Ms Lee and Goldciti on numerous occasions, Homing Holdings claimed that the Goldciti report was produced only on Nov 16, 2022, two months after formal legal proceedings began.  

On Wednesday, the judge ruled that the transaction was not a sham because the liquidators did not discharge their burden of proving on a balance of probabilities that this was the case. 

He gave a lot of weight to the testimony of Ms Yessica Budiman, one of the people representing the liquidators for Homing Holdings.

It seemed that she had “accepted” during cross-examination that the arrangements were not likely to be a sham as had been suggested by the contents of her affidavit, the judge added.

His judgment was that her concessions were an “all-but-fatal” turn to the claim.

Addressing the point that the liquidators made about Goldciti and Ms Lee failing to produce an original soft copy of the Goldciti report, the judge said that the misplacement of original soft copies of documents is a “common, unintentional and frustrating feature of our daily lives”. 

The liquidators had alleged that the report was fabricated to legitimise a payment of S$80,000 from Homing Holdings to Goldciti for providing advice on restructuring options.

They also alleged that it was not prepared in November 2020 but was backdated to give an appearance of services rendered.

However, the judge said that such lack of an original soft copy cannot, in and of itself, be grounds for inferring malicious intentions, adding that it was highly unlikely that the report would have been fabricated from scratch. 

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Nobel Laureate touts ‘Three Zero’ theory

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Muhammad Yunus offers advice to young era on building a better planet

Prof Muhammad Yunus, a Nobel Laureate economist and chief adviser to the government of Bangladesh, gives the keynote address at the Bimstec Young Gen Forum on Thursday, ahead of the leaders’ summit of the regional group on Friday in Bangkok. (Photo: Muhammad Yunus Facebook account)
Prof Muhammad Yunus, a Nobel Laureate scholar and chief adviser to the state of Bangladesh, gives the presentation target at the Bimstec Young Gen Forum on Thursday, ahead of the leaders ’ summit of the local party on Friday in Bangkok. ( Photo: Muhammad Yunus Facebook account )

The “Three Zero Theory ” is a way for the younger generation to a sustainable new society, says Professor Muhammad Yunus, a Nobel Laureate scholar and chief adviser to the state of Bangladesh.

Prof Yunus laid out his strong perception in a keynote talk at the first Bimstec Young Gen Forum: Where the Future Matches, hosted on Thursday in Bangkok by the Thai Ministry of Foreign Affairs in partnership with TNN World.

He called on budding companies across the Bay of Bengal area represented by Bimstec to reject antiquated systems in favour of new models for growth.

“If we want to create a new culture, we must keep older ideas behind because they were the crib of the old culture, ” he said.

He proposed a creative foundation called “Three Zero”, referring to zero carbon emissions, zero money focus and zero employment.

Prof Yunus argued that company in this new society must not be driven by greed, which he warned eventually leads to success collecting among a select some.

“ When money becomes concentrated, energy follows. And if energy is not shared with the citizens, world collapses, ” he said.

“We usually brand rising success among the few as ‘development’, ‘economic growth’, or a ‘great economy’. But these are, in reality, seeds of decline. Without equal distribution, society may succeed. ”

He criticised present society’s deep-rooted materialism, stating that the attainment of this at all costs has led to unworkable waste and environmental degradation.

“Life should not be about producing spare, but conserving and protecting the environment, ” said Prof Yunus, who was awarded the Nobel Peace Prize in 2006 for founding the Grameen Bank and founding entrepreneurship and finance.

Central to his idea of zero employment is a definition of what career means.

Instead of seeking standard jobs, he urged community to motivate people, especially the younger generation, to be entrepreneurs.

“Every human being is born with an entrepreneurial talent, ” he asserted, challenging the current education program.

“Schools really teach kids how to be entrepreneurs, never job seekers. Today’s children have far more probable than earlier generations. ”

To help realise his, Prof Yunus encouraged people aged 12 to 35 to shape “Three Zero Clubs”, community activities dedicated to low-carbon life, success capital, and the entrepreneurial spirit.

“This idea must begin small, in communities, ” he said. “If it works, it can be expanded. Life is about building prototypes. Once you have a working model, the rest becomes easy. If one model works, it can be replicated thousands of times.

“Start small. If you succeed on a small scale, you can conquer the world. ”

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Commentary: As Trump’s tariffs roil markets, can Singapore seize the moment?

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SMALL-CAP STRENGTH

The three big businesses in Singapore- DBS, OCBC, and UOB- dominate the market, accounting for about 25 per share of daily trading volume. Their powerful functionality has led to a substantial boost in their combined weight in the Straits Times Index (STI), from 40 per cent in 2019 to 54 per share now.

But, over 80 per share of the listed businesses on the SGX have a market capitalisation of under US$ 1 billion, positioning the trade as a small-cap business. This section, especially small and mid-cap companies, remains undervalued despite being well-run, prosperous, and offering attractive income. Revitalising this industry sector may provide much-needed cash and power to the SGX.

Rather than forcing fund managers to invest in individual stocks, a more effective strategy could be to create indices and exchange-traded funds ( ETFs ) based on small and mid-cap companies- perhaps an SGX50, SGX100, and SGX200.

These funds would make it easier for institutional investors, including home offices, to get exposure to smaller- and mid-caps, therefore enhancing cash. Such a move could drastically affect the buying dynamics of the local marketplace by bringing administrative wealth into formerly neglected parts.

While the EMRG’s S$ 5 billion action appears to be a step in the right direction, some business watchers argue that more could be done to support the SGX. For example, it is worth considering if government-backed funds like the Government of Singapore Investment Corporation ( GIC ) should invest in SGX-listed stocks.

If the SGX succeeds in attracting local companies to record here, it makes little sense if the GIC does not participate in them, especially when it does so on other markets like Hong Kong. Such an technique may further enhance the attractiveness of the SGX as a list destination.

The issue of blacklisting, which has been a growing problem with around 20 firms delisting last year and five so far this year, may also be alleviated if the S$ 5 billion program introduces enough liquidity into the business. In addition, the tax incentives already announced will serve as an attractive catalyst for companies to consider the Singapore market for their IPOs.

However, there is room for further improvement. One potential area is investor education. Retail investors, particularly the younger demographic, tend to gravitate towards overseas markets and more volatile assets like cryptocurrencies. Given that the current SGX retail base is largely aged 55 and above, efforts to engage younger investors could help diversify the investor base and encourage more participation in the local market.

Analyst coverage of mid- and small-cap stocks could also be enhanced. Analysts should be encouraged to identify and promote undervalued stocks with growth potential, rather than focusing primarily on large-cap companies. Brokers, too, should be more willing to engage with clients and promote growth and value stocks, aligning with investors ‘ risk appetites.

Lastly, attracting large, well-known companies to list on the SGX, such as PSA, Changi Airport, and NTUC, could serve as a powerful signal of the exchange’s competitiveness. Waiving or reducing some transaction fees and taxes could further reduce costs and make the SGX one of the most attractive trading platforms in Asia.

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Trump’s ‘Liberation Day’ tariffs will hurt literally everyone – Asia Times

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It resembled a reality TV suspense. Some folks had never even heard of taxes up until recently. There has been a lot of life foreign policy of so-called” Liberation Day,” as US President Donald Trump laid out taxes that will be imposed on nations all over the world.

Trump just announced that a new “baseline” 10 % tax would apply to goods into the United States from all nations just hours ago. US Customs and Border Protection will charge an additional tax on items that cross the border.

The higher mutual tariffs on personal nations are anticipated to start on April 5 and the lower ones on April 9 respectively. That eliminates the opportunity for companies to update their supply stores.

What might the upcoming “episode” have in store for the rest of the world? We can anticipate that some nations will retaliate, imposing tariffs and other customary tariffs. That has its dangers.

Taxes on the entire world

No nation, including many of the US’s standard friends, has been spared from the current benchmark taxes.

Vietnam will be one of the hardest hit countries, coming in at 46 % price. The most recent statement will also have an impact on China, South Korea, and Japan, which are all tariff-exempt. 20 % is applicable to the European Union.

Numerous nations already vowed to react.

Ursula von der Leyen, the president of the European Commission, stated in a recent statement that” all tools are on the board.” She added that the EU members ‘” safe harbor” is the single market.

Apparently, Canada was spared from the original 10 % price. However, it still has to deal with the recently announced 25 % taxes on the electrical and other industries.

Nothing in terms of reprisal has been said by Canada’s new prime minister, Mark Carney, as “nothing is off the board.”

significant levies in Asia

China’s 34 % tax is a more deterioration to already tense relations between the world’s two largest economy.

Vietnam has been attempting to avoid tax risks because it relies a lot on the US market. Jailed Taiwanese citizens from the US have also been made in unprecedented numbers as a result.

Up until this point, Vietnam had benefited from conflicts between the US and China. These new, enormous tariffs will have significant ripple effects not only on Vietnam, but also on less economically developed countries like Myanmar and Cambodia ( 49 % tariff ) and Myanmar ( 44 % tariff ).

Vietnam has a 46 % tax on it. Luong Thai Linh / EPA via The Talk

Is it worthwhile to fight again?

Resilient nations might not have the means to fight back. Given the resource gap, it is difficult to think what influence Cambodia or Myanmar might have on the US.

Different nations believe it is unworthy of the battle. Australia, for instance, is right to wonder if a tit-for-tat approach is successful or will only increase the issue.

Russia is one of the nations that has flocked under the sensor. Russian industry is limited and subject to sanctions. However, according to US press reports, Trump wants to bolster the buying relationship in the future.

The US Postal Service had a dream.

What business experts refer to as the “de minimis” law as one of the interesting side effects of Trump’s disclosures is that typically, if you make a small order online, you don’t have to spend transfer taxes when the product arrives in your state.

Trump fixed this flaw in February. Even if the price is below the “de minimis” quantity of US$ 800, US tariffs still apply to all.

This won’t really be a problem for offline retailers. Every minute, roughly 100 000 little parcels travel to the US. Taxes will now be calculated for each item and coordinated with US Customs and Border Protection.

The new taxes will also apply to small imported deals that were previously exempt.  Photo: Nati Harnik / AP via The Talk

Retaliation and strikes

We may anticipate a rise in consumer reaction both locally and globally. One example of the “elbows up” activity in Canada is.

Consumers are now making a decision to turn their attention away from US products, criticizing the Trump administration’s policies on business, variety, equality, environmental protection, sex rights, and other issues.

Buyers should be cautious about jumping on the bandwagon without doing their homework, though. The local franchise owner will also be affected by boycotting a US fast food restaurant, which may make you feel better ( and admittedly may be better for your health ).

Killing Americans in large numbers is also not effective because many Americans are seriously upset about what is happening.

claiming success while paying more to customers

One of Trump’s mantras that was made famous in the most recent film, The Apprentice, is the imminent state of success.

After Trump’s earlier price announcements this year, the US trade deficit increased as importers scrambled to hoard supplies ahead of price increases. Because the taxes go into effect in only three days, this can happen this time.

If exports return to normal, the regular business gap will decrease, giving Trump a chance to assert that the policies are effective, even if it is just a rebound effect.

However, these taxes did harm rather than assist regular Americans. A$ 20 t-shirt could soon go up to almost$ 30, devoid of US sales taxes, as a result of everyday purchases like clothing ( made in places like Vietnam, Cambodia, and China ).

The world may be prepared for more episodes, more cliffhangers, and more doubt as this business drama in the style of reality TV continues to develop.

Professor of Law at UNSW Sydney is Lisa Toohey.

This content was republished from The Conversation under a Creative Commons license. Read the text of the content.

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Commentary: Batam struggles to up the ante as Johor-Singapore Special Economic Zone rises

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BATAM’S Fall

Only in 1990 did the island start to take off as part of the Singapore-Johor-Riau ( SIJORI ) campaign along with its sister island Bintan. By utilizing its territories ‘ comparative advantages and good connection, this tripartite initiative courted foreign investment. &nbsp,

Beyond worldwide campaign, the reform of limiting laws, especially those relating to equity thresholds and the ownership of business estates by secret sector operators, was the catalyst for investment in Batam. A number of electrical and electronics companies with offices in Singapore were established in the form of sponsors based in Singapore.

As politicians struggled to contain the effects of the Asian financial crisis of 1997, the SIJORI battle lost steam. However, the majority of the manufacturing activities that occurred in the 1990s continued to exist in the different SIJORI regions, demonstrating the financial potential of these cross-border systems.

Batam and Bintan’s economic fortunes were boosted even more in 2002 when the US-Singapore free trade agreement’s Integrated Sourcing Initiative made it possible for items purchased from the territories to be included in Singapore’s customs place for sale to the US. In 2009, all of Batam and a portion of Bintan became free trade zones (FTZ), allowing duty-free industry and goods.

In the following 20 years, Batam concentrated on its market as an export-focused gateway of production, much like Johor in the north. But, as major business relations crises hit the island, its appeal began to wane.

Many of the region’s electrical and electronics manufacturers emigrated as a result. Increased expense in the shipping and repair sectors was able to mitigate the impact. According to Batam’s FTZ standing, this wave, in turn, subsided according to overcapacity and selling heheuristics on the local market.

Batam’s economy is recovering after COVID-19 caused a decline in commerce. The island’s economy experienced a 2.5 % growth in 2020, but it returned to 4.8 % in 2021 and oscillated between 6.5 % and 7 % between 2022 and 2024. Thermal board, power generation, and silicon producers have all made investments in Batam. Apple’s commitment to spend US$ 1 billion to create AirTags on the island is its most notable accomplishment.

Its market has been further diversified by budding service industries like film and animation as well as data centers. SEZs that focus on the online market, health, and aerospace maintenance, repair, and procedure sectors should ideally help these green shoots and another target sectors. The Johor-Singapore SEZ also has a reputation for some of these businesses.

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By being like Silicon Valley used to be, East Asia challenges it – Asia Times

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Silicon Valley has for centuries been a widely recognized technology image. Governments around the world have tried to develop their own variations by investing strongly in tech hubs in recognition of its popularity.

These initiatives, including Silicon Beach in Los Angeles, Silicon Island in Malaysia, and Silicon Roundabout in the UK, have not always succeeded. However, some regions, especially south Asian regions, have experienced the growth of their own Silicon Valleys.

With a number of businesses and cutting-edge technology to issue Silicon Valley, China has the second-largest venture capital market in the world. Additionally, Japan and Korea have developed into some of the world’s most effective business venture capitalists.

These contender ecosystems also possess some of the characteristics of Silicon Valley in its early years, more in some ways than Silicon Valley itself does today.

Silicon Valley’s size is still, at least for the time being, unmatched. The state’s market capitalization ( the value of publicly traded company stocks ) totaled US$ 14.3 trillion in 2024. This is comparable to China’s complete GDP, the second-largest economy in the world.

Silicon Valley is no longer a multicultural society of businesses built in cars, where little, destructive businesses create world-changing products at a price point. It has changed into a David-like property, not a land of Behemoths.

Some people have switched from instant noodles to aça bowls, and work all-nighters with wellness workshops and modern detox retreats. Silicon Valley technical employees have become “lazy and entitled,” according to Sequoia’s Mike Moritz, according to Skullwart owners.

However, other tech personnel ‘ work ethic and focus have improved. Chinese technology’s working days were referred to as “996” for around ten years, working six times a week from 9am to 9pm. People now go by the name “007,” which means working from midnight to evening, seven days a week.

Great painters steal, fine artists copy, and so on.

Wikimedia Commons Silicon Valley image

The story of Silicon Valley’s history is one of eager rivals destroying the big, dull incumbents. Apple used the exposure to Xerox’s Palo Alto Research Center to draw inspiration from the company’s ideas for a computer with a graphical user interface after raising equity from Xerox, a top print production company. Eventually, Apple made the program for the Macintosh more sophisticated, giving it a distinct edge.

Work once reportedly said in 1996,” Good musicians copy, great performers steal,” and we have never been shameless in stealing great ideas.

The Goliaths in Silicon Valley today have significant intellectual property portfolio to protect. And they are angry when their technology is stolen. The US government has yet asked OpenAI, the British company that created ChatGPT, to label Chinese AI firm DeepSeek” state managed” and forbid its use there. Related names have been made to Huawei and Bytedance’s TikTok in the past.

The impact of DeepSeek’s disruption of the AI scenery on Silicon Valley has been the subject of much of Eastern media’s attention. However, less attention has been paid to how it has created moment rivals in China.

Alibaba, a Chinese tech company, announced that its AI model was better times after Deepseek’s launch. Additionally, China just introduced Manus, a completely automatic AI agent that completely replaces rather than repairs people.

On March 5, 2025, Butterfly Impact co-founder Xiao Hong explains Manus. Photo: Manus. am

Japanese business Kai-fu Lee refers to “gladiatorial entrepreneurship,” or China’s” smartphone.” Because they are aware that their product will be copied and reverse engineered as soon as it is released, they continually innovate in this tradition. The entire system gains from the fierce competition, just like Silicon Valley did in its rise.

The kids have acted as the instructors.

Silicon Valley is renowned for its antiquated tradition and expansive understanding of how technology can change the world. This is exemplified by Masayoshi Son, a former Silicon Valley student from East Asia who is the founder and CEO of the Chinese company SoftBank.

He immediately adapted to the Silicon Valley way of doing business once he arrived in the early 1980s. When he returned to Japan, Son founded his personal company, based on what he learned during his brief time living in California. With this, Softbank became a technology seller.

Masayoshi Son ( Left ) speaking at a 2011 luncheon to promote a brand-new iPhone app. Danny Choo of Wikimedia Commons and Flickr

With over US$ 100 billion in cash, SoftBank’s Vision Fund is the largest venture capital fund in the world right now.

Silicon Valley has experienced a change thanks to Son’s enormous finance and anxious investing strategy.

Soaring valuations and the use of exploding word sheets ( expense offers that expire in a few days ) are becoming more commonplace.

Child is portrayed as a traditional stranger. Lionel Barber’s most recent book, Gambbling Man, details Son’s ethnic Asian background and how he has much touted this opponent narrative.

Child is now one of the biggest buyers in Silicon Valley and is aggressive and aggressive. He has a big idea about how artificial intelligence and other solutions may alter the planet. He is the author of that great vision and a proponent of risk-taking in Silicon Valley that is” traditional.”

China’s AI warriors continually innovate in an effort to beat the once-hungry American goliaths who are now forced to call on the condition to help them maintain their position. The opposing trajectories raise questions about who needs to change to become more like whom if they want to dominate the world’s technological civilization.

Robyn Klingler-Vidra is King’s College London’s evil professor for global commitment and associate professor of political economy and innovation.

The Conversation has republished this essay under a Creative Commons license. Read the text of the content.

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Japan’s Nikkei leads hefty equity market losses; gold hits record

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As investors prepare themselves for a wave of US tariffs this week that has fueled recession fears, Hong Kong led another decline across Asian markets on Monday ( Mar 31 ).

In recent weeks, stocks across the globe have been hit heavily onward of Donald Trump’s” Liberation Day,” which will feature a number of charges against both friends and foes, citing what he calls unjust trading practices.

His news last week that he may also impose 25 % duties on imports of all vehicles and parts sparked a panic on trading floors, hammering auto giants like Japan’s Toyota, the largest in the world.

Governments around the world have reacted to Trump’s taxes and are considering imposing additional countermeasures, while Canadian Prime Minister Mark Carney announced on Friday that he will employ punitive tariffs to defend his country’s employees and business.

Data from last month’s survey of the Federal Reserve’s favored measure of inflation, which was exacerbated by concerns that Trump’s tariffs will stifle price increases and stifle further interest rate reduction, heightened the mood.

On Monday, businesses across the board experienced a decline, with businesses in all industries feeling the strain.

The decline in Japan’s Nikkei 225 index, which included manufacturers Toyota, Nissan, and Mazda, increased by more than 4 %, while it investment leader SoftBank experienced a decline of more than 5 %, adding to last week’s decline.

The stock’s decline placed it in a adjustment, having fallen more than 10 % from its most recent optimum in December.

Zensho Holdings, which operates a number of Chinese restaurant businesses, lost 3. 9 percent after Sukiya, a chain that serves meat dish, announced it would temporarily close nearly all of its 2,000 locations after finding a bug in another meal and a rat in one.

Additionally, the sea was significantly lower.

The car charges did hit Japan and South Korea the hardest in the Asia-Pacific area, according to the report. Automobiles are shipped to the US for about 6 % of Japan’s entire exports. In the case of South Korea, it’s 4 %, according to economists from Moody’s Analytics.

A” significant tax increase” will “erode trust,” hurt production, and stifle orders. The effects will have a ripple effect on these locations ‘ economy because of the lengthy and complex supply chains in car manufacturing.

According to “back-of-the-envelope calculations, the behavior may cut 0.” 2 to 0. 5 percentage points in each’s progress. “

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GE2025: ‘Always a challenge’ to win back a GRC, says PAP Sengkang team’s Lam Pin Min

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Sengkang, being a relatively new area, is marked by a younger population compared to the national average. Over half of its people are under 40 years old, while merely 19.2 per share are 60 and above.

Sengkang GRC was formed ahead of the 2020 General Election, where it combined parts of the former Sengkang West Single Member Constituency ( SMC), Punggol East SMC, and parts of Pasir Ris–Punggol GRC into a new four-member constituency.

During the 2020 election, the Workers ‘ Party ( WP ) came out on top with 52.12 per cent of the votes.

The WP’s stone of individuals comprised attorney He Ting Ru, capital research scientist Louis Chua, social activist Raeesah Khan and associate professor of economics Jamus Lim. &nbsp,

The PAP group consisted of labour key Ng Chee Meng, next secretary in the Prime Minister’s Office, social office buyers Lam Pin Min and Amrin Amin, as well as entrant lawyer Raymond Lye. &nbsp,

Dr Lam– a previous senior minister of state – is the only participant remaining from PAP’s 2020 stone and is the group’s tree seat in Sengkang West and team leader. &nbsp,

In 2022, PAP introduced new faces to helm the other divisions: Assoc Prof Elmie ( Sengkang Central ), Ms Lai ( Sengkang North ) and Mr Ling Weihong ( Sengkang East ).

They took over from Mr Ng, Mr Amrin and Mr Lye both. Nevertheless, the Sengkang East article has been reshuffled half since then.

Mr Ling was succeeded by connections professional Marcus Loh in November 2023. &nbsp,

In January, Mr Loh was replaced by Mrs Bernadette Giam as tree chairman for the Sengkang East section.

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