30,000 illegally-imported pairs of trousers worth B6m seized

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PUBLISHED: 17 Mar 2024 at 14: 42

30,000 illegally-imported pairs of trousers worth B6m seized
On February 5, a visitor wearing Thai classic clothing passes a store selling clothes with elephant designs close to Wat Arun, better known among guests as the Temple of Dawn. ( Photo: Pattarapong ​ Chatpattarasil​l )

30 000 elephant-patterned pants have been taken from a warehouse in Bangkok’s Bang Khuntien city by police in charge of financial crimes.

The trousers were allegedly exempt from trade taxes.

According to Traffic Police Radio, Pol Maj Gen Phutthidet Boonkraphue, the head of the Economic Crime Suppression Division (ECD ), conducted a search warrant on Sunday to search the warehouse on Kanchanaphisek Road and found 30, 000 pairs of trousers worth at least$ 6 million, all of which were imported without paying import tax.

The ECD stated that the apparel was prepared to be distributed to customers or offered for sale online, without providing any information about the buyer, the warehouse owner, or the country of origin.

The ECD merely stated that police would require people in connection with the seized goods to provide proof that transfer fees had been paid, or they would face charges of breaking the Customs Act.

In the country, elephant-patterned pants are a common style.

Prime Minister Srettha Thavisin was angry about the importation of the same-colored pants from China into Thai areas because they might offend rights. Eventually, the Commerce Ministry threatened to halt imports of Chinese clothes.

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Joel Neoh’s First Move fuels Malaysian startups with10 investments in its first year

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  • Investments&nbsp, primarily to Malaysians &amp, KL- based members, US$ 100k regular payment
  • Partnership view by co- engaging with Vertex Ventures, 500 Global, Gobi Partners

In tackling workplace gender and racial disparities, First Move supports the MalaysianPAYGAP initiative, which champions equal pay and career opportunities.

Second Walk, an early stage account, created by companies for businesses, is making moves in the Malaysian company picture by backing its second 10 projects in the first year. First Move is injecting considerable capital into the growth of the ecosystem, providing much-needed first funding support during a critical but frequently overlooked phase, with its special focus on earlier- stage founders.

In its inaugural year, the bank has invested the majority of its cash to Malaysians and Malaysia- based members, with an average purchase dimension of RM467, 000 ( US$ 100, 000 ) per business. The fact that 35 % of the members are supported by people underscores the bank’s commitment to diversity and inclusion. Also, First Move has funded first level customer firms in Singapore, Indonesia and Vietnam.

First Move’s latest investments in Malaysia underscore its commitment to effect investing, with a focused strategy on pricing, economic participation, and round economy. These strategic investments aim to promote regional sustainable and inclusive growth.

Koppiku hopes to transform the coffee industry by lowering the cost of premium daily items, expanding the supply chain, and fostering more local jobs. In tackling workplace gender and racial disparities, First Move supports the MalaysianPAYGAP initiative, which champions equal pay and career opportunities, contributing to broader social equity.

3Cat supports device trace-in, repair, and reuse, significantly reducing waste and extending the lifespan of technology.

3Cat is leading the charge by enabling device trace- in, repair, and reuse while furthering the circular economy in the sustainable consumer electronics space. This initiative significantly reduces waste and increases the technology’s lifespan. Furthermore, enhancing access to niche markets, First Move’s investment in Collektr connects collectors of unique items, showcasing a commitment to improving circular commerce and fostering community engagement.

First Move multiplies its impact on the Malaysian startup ecosystem by combining early- stage investments with strategic co- investments alongside leading venture capital firms, including Vertex Ventures, 500 Global, Gobi Partners, and more. This approach not only provides startups with essential financial support but also grants them access to a wealth of networks, expertise, and mentorship. This cooperative approach ensures that these brave businesspeople are prepared to face off on a global scale.

Joel Neoh and Audra Pakalnyte, Partners at First Move have a strong focus on early-stage founders, providing much-needed funding support during a crucial but often overlooked phase. At the same time, a significant 35% of the founders supported are women, underscoring the fund's commitment to diversity and inclusion.

” We are excited about the impact in our first year of operation”, said Audra Pakalnyte, Partner at First Move. Our investments in Malaysian startups have attracted international investors ‘ attention and interest as well as fueled their expansion. We are proud to be a part in the growth of Malaysian startups and look forward to carrying out our mission, which is to provide visionary founders with the resources they need to succeed.

First Move’s entry as an early investor complements the ecosystem established by key Malaysian enablers like Khazanah, Penjana Kapital, Malaysia Venture Capital Bhd ( MAVCAP ), EPF, and KWAP, encouraging more entrepreneurs to launch their ventures.

This synergistic approach promotes local talent by providing essential resources, promoting economic growth, and creating jobs, as well as accelerating the development of scalable ventures. Consequently, the broader aim is to reinforce Malaysia’s emergence as a vibrant hub for entrepreneurship, fostering a culture of innovation and technological advancement.

For more information about First Move and its investments, please visit www. firstmovefund.com.

Collektr connects collectors of unique items, showcasing a commitment to improving circular commerce and fostering community engagement.

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Russia’s grip on Crimea shakier than a decade ago – Asia Times

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On March 18, 2014, Russia fraudulently annexed Crimea, which has been ten years old. However, subsequent attempts to tightly integrate the island into the Russian Federation have been far from the success history that the Kremlin frequently enjoys portraying.

In fact, comparing Moscow’s increasingly fragile place on the island to the one before the annexation would indicate that Russia’s tactical position has deteriorated over the past ten years.

Vladimir Putin, the Russian president, drove a vehicle across the Kerch bridge in 2018. The event marked a significant opening for the Russian-Crimea border. It has come to represent both the Ukrainian weight and the Soviet occupation of Crimea. Amazing Russian attacks in October 2022 and July 2023 exposed the direness of Russia’s relation to the island.

Additionally, repeated missile and drone assaults on Russian deployments in Crimea and political activity there have only heightened the perception of Russian risk.

Black Sea loss

The most important thing is that over the past two years, Russia’s Black Sea fleet has suffered considerable loss. The Kremlin decided to move the Black Sea fleet from Sevastopol to Novorossiysk on the Russian mainland as a result of these Russian achievement.

Compare that to the situation prior to the 2014 annexation of Crimea, when Russia held a safe rent on Sevastopol’s naval base until 2042.

Russia and Ukraine have fought for power in the Black Sea since the war in February 2022. Map: Nations Online Project

Additionally, Russia is unable to move ships easily into and out of the Black Sea because of the Greek closure of the Bosphorus and Dardanelles soon after Moscow’s full-scale invasion of Ukraine in February 2022.

This makes losses, like those of the premier ship Moskva in the Black Sea fleet in April 2022, and recent losses to the police deliver Sergey Kotov and the animal getting ship Caesar Kunikov, even more of a proper blow to Russian capabilities.

Additionally, these problems are major symbolic for Ukraine and its supporters. The 2023 Ukrainian battle on the island failed to meet expectations, but Kyiv’s clever use of longer-range weapons and air and sea robots caused a notable change in the Black Sea.

This was highlighted recently by the Kremlin’s removal of its Black Sea Fleet chief following Ukraine’s invasion. Momentum around Crimea evidently seems to be on Ukraine’s area. Ukrainian intelligence key Kyrylo Budanov earlier this month made it clear that a significant activity aimed at loosing Russia’s hold on the Crimean was on hold.

There is also a clear financial gain from these Polish successes, aside from the proper military and symbolic value of these successes. Russia’s departure from the Black Sea corn program, which Turkey and the UN brokered, made it possible for Kyiv to create its own freight corridor due to the fact that Moscow lost naval dominance there.

Important Ukrainian agricultural exports are now reaching global markets at levels that are beyond those during the time the grain deal was in effect.

Russia nervous

This is generally undeniably positive news at a time when Ukraine’s chances of winning this illegal Russian war are frequently bleak. The renewed and arguably more optimistic focus on Ukraine was also apparent in Emmanuel Macron’s recent remarks.

Macron argued that restoring Ukrainian sovereignty over Crimea was essential for lasting peace in the region, including for the security of EU members Romania and Bulgaria, which have their own Black Sea coastlines.

This contrasts sharply with a move by lawmakers in the Duma, Russia’s parliament. On March 11, a draft bill was introduced by members of the committee that would overturn former Soviet leader Nikita Krushchev’s 1954 transfer of Crimea from Russia to Ukraine.

It hints at some nagging concerns in Moscow regarding its position on the peninsula, especially considering how little impact, if any, such a law might have on the international legal status of Crimea as a part of Ukrainian territory.

The explosion at the Kerch Bridge was a highly sophisticated operation. Image: Screengrab

However, this does not indicate that Russia is in imminent danger of losing Crimea, let alone the war it has waged illegally against Ukraine in secret and open combat for ten years. Long before the start of Moscow’s full-scale invasion in February 2022, the importance of Crimea was established.

And in addition, Putin and his supporters have repeatedly threatened to use nuclear weapons if Russia were in danger of being forced out of Ukraine. These threats may have been exaggerated, but they show how determined Moscow is to hold onto Crimea.

Ukrainian efforts have clearly demonstrated, however, that the Kremlin’s – and Putin’s personal – commitment may not be enough to secure Russia’s hold forever. In the face of the pervasive gloom over the course of the war, Kyiv’s western partners would be wise to bear in mind that.

Stefan Wolff is a University of Birmingham professor of international security.

This article was republished from The Conversation under a Creative Commons license. Read the original article.

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Changi Airport’s passenger movements in February beat pre-COVID levels for the first time

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Singapore welcomed around 1.44 million visitors in February, with 326, 970 of them coming from China, according to the Singapore Tourism Board. &nbsp,

China, one of Singapore’s major markets, is seeing signs of recovery, after Singapore and China agreed to a 30- time common visa- free access for their citizens.

Vacation organization Trip.com, for example, marked a 60 per cent on- quarter increase in orders from China in February.

Situations CALENDAR “FAIRLY STRONG”

Christopher Khoo, a consultant and managing director of masterconsult services for tourism, said:” I think tourism in general has continued to recover from COVID, and the numbers are coming in. And our main industry are growing quite quickly.

He anticipates that the powerful overall numbers will continue to grow throughout the year.

For the whole of 2023, Changi Airport registered 58.9 million people. This is lower than the 68.3 million customer actions in 2019, before COVID- 19 reach.

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Changi Airport’s passenger movements in Feb beat pre-COVID levels for the first time

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In: South-East Asia

Singapore welcomed around 1.44 million visitors in February, with 326, 970 of them coming from China, according to the Singapore Tourism Board. &nbsp,

China, one of Singapore’s major markets, is seeing signs of recovery, after Singapore and China agreed to a 30- time common visa- free access for their citizens.

Vacation organization Trip.com, for example, marked a 60 per cent on- quarter increase in orders from China in February.

Situations CALENDAR “FAIRLY STRONG”

Christopher Khoo, a consultant and managing director of commerce for MasterConsult Services, said:” I think hospitality, in general, into Singapore has continued to recover from COVID, and the figures are coming through. And our main industry are growing quite quickly.

He anticipates that the powerful overall numbers will continue to grow throughout the year.

For the whole of 2023, Changi Airport registered 58.9 million customers. This is lower than the 68.3 million customer actions in 2019, before COVID- 19 reach.

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China has a plan, and it’s working – Asia Times

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The” two sessions” in first March– the National People’s Congress and the Chinese People’s Political Consultative Conference– took no economic activity of importance, to the confusion of pundits who expected dramatic&nbsp, action from Beijing in the form of financial ease, or consumption stimulus, or a property bailout.

China’s authority was solely focused on transforming its industry through innovative technologies. It asks for and will give no quarter to America’s systems siege, relying on an” all- state work” to reach personal- sufficiency in semiconductors and various key technologies.

In addition to its presently substantial devotion, it announced a 10 % increase in the national knowledge resources and announced an additional US$ 27 billion for a semiconductor business account.

The divergence of views about China’s economy at home and abroad could n’t be more pronounced.

The&nbsp, Center&nbsp, for Strategic and International Studies, the&nbsp, epicenter&nbsp, of conventional wisdom, wrote on February 29 that” China’s economy is showing multiple signs of weakness. Actual growth seems below the official figures, there is substantial deflation, the housing market has yet to stabilize, and the domestic stock markets have fallen significantly”.

Beijing, on the other hand, emphasizes industrial policy while paying little attention to Western macroeconomists ‘ obsession with demand management.
 
A few important data reports since the” two sessions” ended&nbsp, favor&nbsp, Beijing’s benign view of China’s economic circumstances. Contrary to the deflation meme, China’s core consumer price index showed a 1.2 % year- on- year rise in February following a 0.4 % rise in January. The headline CPI number has a negative impact because the core CPI excludes volatile food prices. Headline CPI also rose in January.

Producer prices are continuing to decline, but this is not necessarily a bad thing because lower producer prices and higher consumer prices suggest higher corporate profits. That has been the historic pattern.

Most importantly, exports in RMB terms rose 10.35 year- on- year in January and February. That provides critical support for China’s high- tech industry, especially solar panels, EVs, telecommunications equipment and electronics.
 
China already installs more industrial robots than the rest of the world combined, or 52 % of the total, and its use of automation and economies of scale makes it able to produce solar panels, electronic vehicles, and other important products much more affordably than any rival.

But industrial automation, including the application of advanced 5G ( what Huawei labels 5.5G ) and artificial intelligence, is only the beginning. China is pushing for novel technologies, including nuclear fusion, to be developed.
 
The science budget’s 10 % increase is the largest budget increase ever. To highlight just two major initiatives: the construction of the world’s largest particle collider, which will bring thousands of top international scientists to China, and the accelerated development of thermonuclear fusion as a major energy source of the future.
 
To combine the capabilities of scientists and business leaders to advance research in nuclear fusion technology, a consortium led by China National Nuclear Corp was established at the end of December, in order to build energy-producing reactors by 2030.

The group comprises 25 central government- owned enterprises and research institutes, including some of the country’s largest energy and steel firms, such as State Grid Corp, China Three Gorges&nbsp, Corp&nbsp, and China&nbsp, BaowuSteel Group Corp Ltd.

Advanced particle physics has a second major initiative. The Higgs factory, known as the Circular Electron Positron Collider, will take ten years to complete, making it the next major hub for particle physics, at a cost of 36 billion yuan ($ 5).

Focus on second- and third- tier cities

The Communist Party of China has a strong political desire to address the enormous wealth and income disparities that resulted from Deng Xiaoping’s 1979 reforms. Xi Jinping’s byword for this priority is” common prosperity”.

The minority of Chinese who live in Shanghai, Shenzhen, Guangzhou, Beijing, and other Tier 1 cities already have a living standard close to that of the industrial countries, while much of the country has &nbsp, lagged behind

” Observer” columnist&nbsp, Chen Feng&nbsp, wrote on March 6 that Beijing’s goal “is to make the pie bigger by narrowing the gap between urban and rural areas and narrowing regional differences”. China’s infrastructure spending, Chen explained, will focus on raising the level of smaller cities through the expansion of the high- speed rail network and other infrastructure.

According to Chen, “over-concentration of the population also causes the distortion of the allocation of resources and opportunities among regions.” ” Satellite cities, new urban areas, and sub- centers&nbsp, are some of the solutions, but these ultimately depend on the decentralization of large, &nbsp, medium and small cities that are independent of metropolitan areas”. This is a good place to start because there are now more than 2 million cities in China with more than 2 million people.

The Communist Party wo n’t use enormous amounts of state money to rescue property companies that fell victim to the urbanization boom that cost ten times more than the same house in Chengdu’s suburbs.

The average price of Chinese property doubled from RMB 6, 200 per square meter in 2015 to RMB 11, 000 in 2021 before falling to slightly over 10, 000 in 2023. But in Shanghai, the price rose from about RMB&nbsp, 15, 000/square meter to nearly 50, 000/square meter in 2021.

Beijing’s policy is not to support the windfall gains of wealthy homeowners in tier 1 cities. Instead, according to a&nbsp, March 11 analysis&nbsp, in” Observer”, the burden of adjustment will be shared among all the relevant parties: property company stockholders, bondholders, banks and homeowners.

The People’s Bank of China is leaning toward state-owned commercial banks to provide more support to property companies and has lowered the long-term bank lending rate modestly in favor of homebuyers. However, this is a Chinese-style negotiation in which no one’s rice bowl is broken and everyone is expected to accept some losses.

( This report first appeared in the March 13, 2024 issue of Asia Times Global Risk/Reward Monitor. )

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AI’s rapid evolution | FinanceAsia

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Asian listed technology stocks outperformed world indices in 2023. While lingering geopolitical worries and supply chain constraints muffled the industry’s early year outlook, the sector was buoyed by the near overnight mass adoption of generative artificial intelligence (AI).

The release of user-friendly chatbots found an immediate audience. Within two months of its official launch, ChatGPT reached 100 million monthly active users, making it the fastest-growing consumer application in history, according to Similarweb data. The popularity of the OpenAI-designed chatbot spurred other notable rivals, including Google’s Bard and graphic designer Midjourney. AI systems are now capable of producing digital art designs, college-level essays and software coding – all in just a matter of seconds.

Unsure which generative AI platform will ultimately reign supreme, investors have been adopting a “picks and shovels” approach, a mining analogy favouring equipment makers. The Philadelphia Semiconductor Index returned almost 50% in 2023. Asian tech companies followed, with the MSCI AC Asia Pacific Information Technology Index rallying more than a fifth, compared to a 10% gain for the MSCI World Index.

Looking into 2024, there is little to believe tech’s outperformance will reverse, said Mazen Salhab, chief market strategist, MENA for BDSwiss, speaking to FinanceAsia. Salhab foresees the trend continuing beyond the next 12 months, considering the urgency for corporations to leverage innovative technologies capable of addressing headwinds such as tightening labour dynamics and higher costs.

Given its technological reach, experts see generative AI’s transformative properties creating significant economic value across a spectrum of industries. Bloomberg Intelligence predicts generative AI sales to reach $1.3 trillion over the next decade from a market size of $40 billion in 2022, representing a compounded annual growth rate (CAGR) of 42%, with rising demand for AI products adding $280 billion in new software revenues. 

These numbers are hard to ignore, explained Hong Kong-based Robert Zhan, director of financial risk management for KPMG China, to FA. He added that companies harnessing AI would not only establish a competitive advantage for themselves, but would also unlock substantial client and shareholder values, enriching the entire business ecosystem.

Concentrated gains

Yet, despite the broad-based optimism, generative AI value creation has been narrowly focussed with select names. The market cap of US-listed Nvidia, the graphic processing unit (GPU) chipmaker behind chatbots like ChatGPT, tripled in 2023, breaching the trillion-dollar level and quickly becoming the industry’s benchmark for AI sentiment.

The excitement surrounding AI pushed Nvidia’s current price-to-earnings (P/E) multiple to 120 times, compared to Nasdaq’s market multiple of just 25 times, with analysts justifying AI premiums due to the sector’s rising income profile and robust sales outlook. While historical productivity cycles have often inflated speculative prices, even at the current trading multiples, Salhab doesn’t believe an asset bubble exists, arguing that visible efficiency gains are set to materialise in the near future.

Timing when those AI-related gains appear is riddled with obstacles for asset allocators. Chip designer Arm Holdings, which listed on the Nasdaq in September 2023, has been trading with a P/E as much of 200 times, nearly double that of Nvidia’s, reflecting the widening gap investors are assigning to companies with AI linked revenues.

Despite the elevated valuations, fund managers see generative AI investments as just one catalyst for the tech sector. 

The outlook is particularly promising for semiconductors, said Matthew Cioppa, co-portfolio manager of Franklin Templeton’s technology fund, in a conversation with FA. Cioppa highlights ongoing drivers such as proliferating demand for electric vehicles, internet of things (IoT), and cloud computing, noting that these technologies are at the early growth stages of their innovation, offering catalysts for semiconductor stocks.

The politics of chips 

There are also many political considerations for AI investors. 

As semiconductors serve as the underlying hardware for AI, experts say the technology will inevitably always be related to political decisions that can quickly rattle markets. In October 2023, the US tightened export controls on advanced chip sales to China, hampering Beijing’s AI ambitions and fuelling US-Sino tensions ahead of the US 2024 presidential election.

The US-China trade dispute has diminished the Chinese semiconductor market for US suppliers, acknowledged Cioppa. Although he argues that export restrictions are already priced into the market, Cioppa believes that the political fallout linked to semiconductor chips and AI technology remains a volatile factor that can never be ignored, especially when the world’s two largest economies are directly involved.

Nvidia’s share price has bucked the trend. While the company has thus far overcome trading hurdles by offering alternative chips, that balancing act appears vulnerable following the group’s third-quarter earnings announcement which mentioned a more challenging operating environment ahead. That caution is now being echoed by Nvidia’s Chinese customers who are also concerned about their own generative AI aspirations.

In late November 2023, e-commerce giant Alibaba reversed its decision to spin off its Cloud Intelligence Group, citing the US export controls of advanced Nvidia chips, while China’s Tencent said it would look to domestic semiconductor manufacturers to meet its demand. Even as Nvidia coordinates with the US government on developing approved chip designs compliant with the existing rules, the outcome and timing of decisions remains unclear.

This matters for any technical development, said KPMG’s Zhan. “[Because] geopolitics impacts which AI vendor is selected, companies will be cautious to ensure they meet local regulatory requirements, particularly across data privacy and security.”

Rapid development of Chinese-produced semiconductors may test market sentiment if incumbents like Nvidia underestimate those capabilities. While supply may meet chip demand in the current market, Nvidia believes those alternatives may not provide sufficient computing power to train the next generation of AI systems, as stated in the earnings report.

Technological challenges are also occurring alongside policymaker efforts to incubate a regulatory landscape that supports AI platforms without derailing its potential. In October 2023, London initiated a summit aimed at establishing an AI oversight committee, but soon discovered that Washington had similar intentions, reflecting a lost coordination opportunity. 

What regulations are ultimately introduced is uncertain, but it’s anticipated that numerous discussions and obstacles will arise in the years ahead, said Zhan. When asked what type of regulation works best, he shared: “I would like to compare AI to a human. Right now, AI technology is still in its infancy, so it makes sense that it should get more supervision and more controls to help it learn and grow. But as AI matures and learns, such controls should adjust proportionately according to the risk.”

It is a sentiment underscored by Franklin Templeton’s Cioppa, who said that “over time a combination of sovereign regulatory frameworks and private market solutions would effectively provide AI guardrails as not to stifle innovation or make it too difficult for smaller companies to compete with the mega cap companies on any advancements.”

2024 outlook

The uncertainties facing AI investors for the year ahead are magnified by higher capital costs such as elevated interest expenses as central bankers grapple with inflation, and also the increasing need for expensive data centres.

It will be interesting to see how AI stocks’ performance compare to non-tech companies in an overall weaker investment environment. Any company looking to bring AI into their businesses will have an expensive journey which could weigh on their earnings’ outlook.

As the market undergoes tapering, venture capital and private equity firms are adjusting their expectations. Hong Kong-based Alex Wong, head of M&A advisory at FTI Capital Advisors, told FA:

“Our clients, particularly those considering Hong Kong initial public offerings (IPOs), have recalibrated their expectations. Impacted by the weaker local market, some are exploring various alternatives at reduced exit valuations. Others are studying different listing venues, or altogether, deferring IPO plans and choosing direct exit strategies like trade sales.”

For fund managers preparing for the year ahead, these factors may bode well again for Asia’s technology stocks over non-tech names, particularly innovative companies backed by reliable cash flows and visible dividend payouts to shareholders. For investors that may mean holding onto 2023’s winner in 2024.

Peter Choi, a senior analyst at Vontobel, favours firms such as Taiwan Semiconductor Manufacturing Company (TSMC), the largest constituent for MSCI AC Asia Pacific Information Technology Index which returned more than a third to investors last year, highlighting that TMSC powers AI businesses not only for Nvidia, but also for tech giants such as Google and Microsoft.

Yet, no matter which AI-related companies lead stock market returns, the generative AI attention will unlikely fade, explained Andrew Pearson, managing director of Intellligencia, an AI and analytics company in Hong Kong and Macau.  

“Fundamentally, generative AI is anything that can be imagined even if it doesn’t currently exist, making it good marketing material inside a PowerPoint presentation or even a book,” said Pearson, who recently published The Dead Chip Syndicate. Ominously, he added: “There will always be an audience for something that carries a 10% chance of destroying the human race. It is too big to disregard at this point.”

For investors, there may be a sense of irony by sticking to the same investment strategy in 2024, as arguably the most prudent approach to capture the market upside for a constantly evolving technology, is to repeat what has worked before. Will this trade work again? We will find out over the next 12 months.

This article first appeared in the print publication Volume One 2024 of Finance Asia.


¬ Haymarket Media Limited. All rights reserved.

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Carsome announces strategic changes to strengthen C-suite bench 

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  • Eric Chan assumes the positions of party COO and group president.
  • Juliet Zhu may serve as the management team’s consultant.

Carsome announces strategic changes to strengthen C-suite bench 

The largest included car e-commerce platform in Southeast Asia, CARSOME Group, has made proper leadership transitions to further its commitment to growth and administrative efficiency.

Effective March 1st, Eric Chan ( pic ), former regional managing director at Jardine Cycle &amp, Carriage Limited ( Singapore, Malaysia, Indonesia, and Myanmar ), assumes the roles of Carsome group president and group COO, overseeing all operations across the group’s Southeast Asian footprint. &nbsp,

Chan’s appointment highlights Carsome’s strategic plan to improve operational efficiency and green growth with nearly three decades of intensive administrative experience in the automotive sector.

Chan’s career began as a vehicle sales specialized before moving on to become the managing director of Cycle &amp, Carriage Singapore, along with other significant positions like chair of the Cycle &amp, Carriage Bintang table and director on the PT Tunas Ridean TBK’s board. Now, he serves as an independent chairman at AcroMeta Group Limited, an purchase holding company listed on the Singapore Stock Exchange.

In this transition, Aaron Kee, former COO, will now serve as group chief business officer ( CBO ), focusing on integrating strategies within the Carsome ecosystem, leading business development, and identifying new prospects.

Juliet Zhu, who has tremendously influenced Carsome’s success, will step down from her position as president and work as an assistant to the management team, allowing the business to continue to benefit from her knowledge and experience.Carsome announces strategic changes to strengthen C-suite bench 

Our leadership change is a conscious choice to capitalize on our group’s vast capabilities in the face of our lofty goals. The leadership changes are timely and align with the company’s trajectory toward sustained growth and market leadership”, said Eric Cheng ( pic ), co- founder and CEO of Carsome.

He continued,” The CBO placement is designed to make the most of Kee’s extensive experience and insight, and it will allow us to discover and establish new partnerships and foster cross-functional synergies within our businesses.”

” Chan’s significant career in electrical leadership, especially his work at Jardine Cycle &amp, Carriage, makes the market senior a valued contrast to our Carsome home. His creative thinking and unwavering commitment to excellence are inseparably linked to our desire to improve the automotive industry, and we look forward to assisting him in guiding Carsome’s regional operational goals, Cheng said.

I’m committed to expanding on the company’s reputation and pushing the limits of what we can accomplish in the sector, along with the group. It is about corporate innovation, cooperation, and delivering substantial value to our clients and stakeholders”, Chan said. &nbsp, &nbsp,

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Capital Markets Malaysia supports high growth SMEs with enhanced Elevate Programme

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  • CMM expands the requirements for an executive management program that is fully sponsored.
  • 10- time programme spanning four weeks culminates in traders ‘ roadshow

Capital Markets Malaysia supports high growth SMEs with enhanced Elevate Programme
High-growth small and medium businesses ( SMEs ) are welcome to Capital Markets Malaysia ( CMM), an affiliate of the Securities Commission Malaysia (SC), through its Elevate Programme, which aims to help businesses successfully fund-raise through the capital market and get ready for the upcoming growth stage.

The program, which was launched with the help of SC and Bursa Malaysia, provides the foundation for businesses to fulfill governance standards and make them for the nuances of funding through the cash market, including potential listing on the Main or ACE Market, which calls for them to be more organized and accessible to potential investors and financial intermediaries.

Additionally, it is intended to teach senior leadership how to cultivate an development mindset, how to develop their company models, and how to formulate a vision of growth.Capital Markets Malaysia supports high growth SMEs with enhanced Elevate Programme

The SC recognizes the importance of SMEs to Malaysia’s economy and the need to close the financing supply-demand gap, according to Awang Adek Hussin ( pic ), the executive chairman of SC and CMM. Businesses looking to grow, increase money, or go public with their Investor plans are served by CMM’s Elevate Programme. Against the landscape of an extremely dynamic international marketplace, our goal is to promote the advancement of Malaysia’s higher- growth SMEs”.

The SC and its members are one of many activities that supports SME access to capital business financing. In order to create a strong network of capital-market set MSMEs and increase access to financing for this crucial area of the economy, the SC signed an MOU with SME Corp in 2023.

Capital Markets Malaysia supports high growth SMEs with enhanced Elevate ProgrammeCMM Board Member, Brahmal Vasudevan ( pic ) said,” The capital market can be uniquely leveraged to grow world- class businesses. Malaysia’s money market offers several options for development- oriented companies seeking funds. The key is to make sure the business is prepared for purchase and to determine the most effective financing strategy for businesses at various stages of growth. The CMM’s goal is to provide the knowledge and network necessary to support high-growth Indonesian businesses and their leaders in order to meet their funding needs and advance.

The executive leadership program is designed for SMEs and mid-tier companies ( MTCs ) with annual revenues greater than US$ 1.07 million ( RM5 million ) and is fully funded by CMM. The program covers essential focus areas including layout- thinking, brand, and advertising techniques as well as Environmental, Social and Governance ( ESG) factors. It helps SME leaders understand the intricacies of pitch and creating an ownership story structurally.

The 10-day, four-month program culminates with an investor fair and possibilities for participating organizations to network with and provide to investors, opportunity funds, and private equity firms. &nbsp,

For MTCs looking to enter the investment industry, the Elevate program was initially introduced in 2020. Since therefore, CMM has expanded the eligibility requirements for the most recent program in order to expand its scope and effectiveness, and it has improved the program’s design to make it more valuable for more SMEs and MTCs so that they can draw a significant amount of value from it.

Past cohort members include well-known names like Malaysian Yoghurt Company Sdn Bhd ( Sunglo ), BonusKad Loyalty Sdn Bhd, and Bersatu Integrated Logistics, among others. ICT Zone Sdn Bhd, which properly entered the LEAP industry in 2020 and aims to change to the ACE market by 2025, is one of the notable accomplishments of companies making significant strides in the Elevate program’s money market push. YX Precious Metals Bhd, SNS Technologies, and Thumbprints UTD Sdn Bhd were just a few of the various program alumni who made the investment industry as a result.

The Elevate program’s second of two groups for the year begins in May, and only 15 qualified Malaysian MTCs and SMEs can participate per group. Programs are accepted through April 8th, 2019. Interested parties are asked to apply around. For more information on the programme, visit https ://www.capitalmarketsmalaysia.com/elevate-programme/

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HQ Capital opens Singapore office; announces head of Asia | FinanceAsia

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According to a business statement, international private equity firm HQ Capital has opened a new business in Singapore and appointed Michael Hu as Asia’s managing director.

Hu, based in Singapore, joined HQ Capital’s world executive council in soon 2023 and is in charge of Asia’s investment and business development activities. The new Singapore office will serve its private wealth and institutional investors in the region, whilst acting as a “gateway” for investment activities in markets including Australia, Greater China, Japan, Korea, India and Southeast Asia ( SEA ), according to the statement.

Since 1997, HQ Capital has invested in Asia and has an company there since 2007. HQ Capital invests worldwide with private collateral managers, focusing on the little- to middle- market. The agency also has offices in New York, Frankfurt, London, Shanghai and Tokyo, according to its site. &nbsp,

Hu served as a senior member of the secondaries & primaries investment group and oversaw investment relations and personal success solutions at private funding house Ardian, which is based in Singapore. Hu served as a principal at Greenhill &amp, Co. in Singapore and Hong Kong before becoming a director of the Asia Pacific ( Apac ) capital advisory business. I have 15 years of financial and personal ownership experience.

Marc Brugger, chief executive officer and chief financial officer of HQ Capital, said in the declaration:” Michael has a tremendous track record in secret capital investment, on both a primary and secondary basis, as well as co- investments, and a solid network in the region. Our existence in Asia, a growing market with unfilled investor demand, is further strengthened by the starting of our innovative Singapore office.

With a global software and a specialized investment focus, Hu added,” We will provide long-term, bespoke purchase solutions to personal wealth and institutional investors looking for different access to private markets. I look forward to working closely with our investors, HQ Capital’s global team, and top- tier private equity managers in Asia”.

The Monetary Authority of Singapore ( MAS ), which is pending approval, has approved HQ Capital’s application for a capital markets services license. &nbsp,

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