Video games are the next front in US-China tech war – Asia Times

By:
On:
In: Asia

Black Myth: Wukong, a movie Chinese video game, sold more than 10 million copies in the first few weeks of its release past month, and the Asiatic power has hailed its success as a soft-power triumph.

Nevertheless, as a Chinese language states,” the purpose of the drunk lies not on the wines, but on other purposes”.

In response to US silicon trade restrictions that aim to stifle Chinese AI analysis, China’s entry into the gaming sector also serves a “harder” form of energy.

Black Myth: Wukong, a tale set in the Ming dynasty, takes people on a quest of wars and treasures inspired by ancient Chinese myth.

The wide, high-budget game is the first Taiwanese production on this scale to accomplish for global success. Black Myth: Wukong, a studio run by technical large Google and produced and published by Game Science, illustrates how popular culture can uphold the advertising compulsion to “tell China’s account well.”

Blockbuster gambling with Chinese features

Despite criticisms in the West media, the game is a powerful social export and a vehicle for Chinese social soft power, as I have previously stated.

As exemplified by a well-known article circulating on Taiwanese social media platforms, it is a source of national pride for Chinese players who are tired of playing game in international settings:

你曾在大马士革骑过马
在美国西部小镇开枪决斗
也在埃及当过刺客
现在
你终于可以回到家乡
做自己的英雄

Or in English ( my translation ):

You again rode a mare in Damascus,
In a small American city in the West, two people fight with weapons.
even acted as an murderer in Egypt.
Now
You may go home in the end.
And be your own warrior

Chinese gaming economy at its height

Gambling is not a new form of government assistance in China. For example, Beijing Municipal Government issued guidelines in 2019 to help make it the “international funds of online activities” and use games as a moderate to tell powerful Chinese stories.

Greater policies adopted in 2021, 2022, and 2023, which aim to promote the development and expansion of high-quality activities that are compatible with Chinese culture and values, have strengthened the “go world” strategy for gambling.

Black Myth: Wukong was created for the more expensive and exclusive system and PC gaming markets, both of which demand more sophisticated software and hardware, in contrast to the previous successes with smart gaming. More money has been poured into China’s gaming sector to create significant projects as a result of the game’s success.

China is the nation’s largest single sector for games, but home restrictions such as repression, limits on children’s game moment, and controls on in-game spending and gambling have curbed revenue for Taiwanese game developers. In reply, they are looking to world markets.

Blockbuster sport development can be a winner-takes-all company, and the high development costs suggest resources usually concentrate among major companies. Therefore, China may need to travel a long way to truly dominate the world entertainment industry.

Hardware is a major obstacle, especially given the technological prowess and the need for developing and producing it, particularly in terms of supply of innovative cards. This is the essential linchpin for electronic China’s worldwide supremacy.

Heavy-duty game hardware

Foreign policymakers, tech firms, members of the entertainment industry and players are acutely aware of the components bottlenecks resulting from the US-China technology war. The US has placed limits on the trade of sophisticated chips to China over the past two years.

The regulations apply to cards that can be used for AI, but they also apply to high-end video game like Black Myth: Wukong.

The game is promoted by American chip manufacturer Nvidia, which is the market leader in graphics processing units ( GPUs ) required for cutting-edge graphics and machine learning. Nvidia boasts it helped raise Black Myth: Wukong’s design and engineering to the highest amounts.

YouTube video

]embedded information]

A person may have a Nvidia GPU like the RTX 4090, which costs upward of A$ 3, 000 to fully experience the show’s photos. Players may also make their PCs with several AI-powered “upscaling” solutions, such as Nvidia’s DLSS or alternatives made by rival chipmakers AMD and Intel.

Chinese game developers and players are left without domestic options as a result of American companies producing the best GPUs and upscaling technologies.

China has made significant investments in its domestic chip-making capabilities. However, it is not yet competitive when it comes to the advanced chips needed for cutting-edge gaming, which are also useful for AI and military applications.

In accordance with its comprehensive national security plan, China has targeted chipmakers in the Netherlands and South Korea.

Serious games

The realms of semiconductor microchips, computer gaming and national security are deeply intertwined. The expansion of the gaming sector will result in a rise in demand for advanced chips, opening up a market for increased manufacturing capabilities. Industry-driven, bottom-up initiatives will proceed alongside state-led, top-down investments.

It is no wonder that social media influencers and affiliated Chinese state media outlets have all been promoting the game. It does more than just support the Chinese gaming industry or deliver compelling Chinese stories ( and, in doing so, inspire Western players to become more knowledgeable about Chinese culture and Chinese players to take pride in their own culture ).

The game is a part of China’s strategic strategy to defeat the odds by upholding Mao’s advice to” circle the cities from the countryside.” The short-term focus on video games ‘” countryside” is for the long-term goal of taking over the” cities” of advanced chip manufacturing.

Haiqing Yu is professor at the School of Media and Communication, RMIT University

The Conversation has republished this article under a Creative Commons license. Read the original article.

Continue Reading

China’s Africa interests driven by race for renewables – Asia Times

By:
On:
In: Asia

China-Africa relationships have deepened over the past two years, characterized by increased financial assistance, investment and equipment development. China is now Africa’s largest trading partner, with alliances focused on building roads, trains and energy projects.

As the ninth Forum on China–Africa Cooperation ( September 4-6 ) kicks off in Beijing, a new, green theme is shaping their relationship: the global renewable energy race.

This growth, which places both regions as key people in the global shift towards natural strength, is analyzed by Lauren Johnston, a development analyst with experience in China-Africa relations.

How are China and Africa’s relations affected by the race for natural power?

Due to the global climate crisis, there is a demand for renewable energy technologies like solar and wind power that would reduce rely on polluting energy solutions. China was aware a few years ago that it had a chance to take the lead in such a novel sector.

Many of the crucial minerals needed to develop solar energy, such as copper, cobalt, and lithium, are found in Africa, making up the majority of the ingredients used to manufacture batteries. So, the quest for efficient energy is causing an abundance of these nutrients in Africa, with China, the US, and Europe as leaders.

Chinese mining presence in Africa, which is much lower than Western presence, is concentrated in five countries: Guinea, Zambia, South Africa, Zimbabwe and the Democratic Republic of Congo ( DRC ).

The DRC, Zambia, and Zimbabwe are just three examples of Africa’s fresh clean energy revolution. They are home to Africa’s metal buckle and the greatest business of sodium, copper and chromium.

The DRC is especially crucial. It has considerable cobalt, high-grade copper, and lithium reserves. Cobalt has a high melting point and electrical properties, making it exceptionally hard. It is a key element in sodium batteries.

More than 70 % of the world’s cobalt is produced in the DRC and 15 %-30 % of that is produced by artisanal ( informal ) and small-scale mining.

China is the leading international trader. It owns some 72 % of the DRC’s active cobalt and copper mine, including the Tenke Fungurume Mine – the world’s fifth-largest copper mine and the world’s second-largest cobalt mine.

China’s CMOC Group is the country’s leading cobalt mining business. It may make up to 70, 000 lots, thanks to the new Kisanfu me. About 70 % of the world’s cobalt output and 60 % of rare earths were made up of the DRC and China in 2019.

China has invested in Zimbabwe as well in the name of the natural energy competition. Zimbabwe is home to Africa’s largest lithium resources, a vital element in electric-vehicle power generation.

In 2023 Prospect Lithium Zimbabwe, a subsidiary of Taiwanese firm Zhejiang Huayou Cobalt, opened a US$ 300 million sodium processing plant. In contrast to the 200 million tons of tough stone lithium produced periodically, it has the capacity to process 4.5 million tons of it into concentrate for export.

A few other improvements on the globe are worth watching for. China is investing in the first mega-scale power shop on the globe, in Morocco.

Chinese interests even have authority to create the world’s largest untapped high-grade iron ore loan, in Guinea. In a number of ways, including in wind turbines and solar panel mounting buildings, metal iron plays a significant role in the renewable energy sector.

Different nations are parties to the contract to utilize the Simandou copper ore loan. China’s steel-making big Chinalco is among the people. Manufacturing is anticipated to start in the first half of 2026.

As China ladders up opportunities in these natural minerals, what concerns exist for American countries?

American minerals suppliers are faced with a number of challenges as a result of China’s growing control over important solar nutrients.

Many African nations want to increase the value of their mineral investment at home rather than import raw materials to China and import manufactures, which raises concerns for development for these American nations.

China has received criticism for sacrificing American interests by bringing benefit to China rather than Africa. Local business is determined to capture the market because many people and businesses on the African continent lack reliable, affordable energy.

For example, China controls over 80 % of the world production processes used to produce solar panels, according to the International Energy Agency. The focus of output in China, alongside opposition, has pushed down global solar panels costs.

China’s solar industry is keen to close Africa’s energy gap, providing sustainable energy to the millions that do n’t have access. For example, at this year’s Forum on China-Africa Cooperation meeting, China is expected to expand its Africa Solar Belt Program.

The World Resources Institute supports this plan, which aims to use solar power to similar Africa’s energy space and places emphasise solar power in addition to solar power for schools and other facilities.

Some states, like South Africa, are pushing up by imposing taxes on renewable imports to protect their native business.

There are also concerns that the problems of employees in Africa are being hampered by the Chinese mining-sector companies ‘ policies and the transition to renewable energy. Some nations ‘ increased mine growth has also resulted in forced foreclosures and human rights violations.

What is American nations do differently to profit from China’s metal rush?

There are several possible actions they can acquire. Second, they may focus more on fundamental human rights and labour standards.

Next, American firms should aim to learn from their Chinese lovers. Similar to what China learned from Japanese, Taiwanese, Singaporean, and American companies in the past, they can grow the business knowledge and understanding of the skills and capabilities needed on the globe.

Next, take advice from how various emerging businesses conduct their exchanges with China. For example, with China’s support, Indonesia has taken command of the world metal industry. In 2014, Indonesia began to outlaw metal exports and began to establish its own control and manufacturing industries. This strategy was supported by Taiwanese purchases.

Finally, what I call China’s Hunan Model for Africa has a target on agriculture, mine, travel and construction companies and on building skills. Technical and technical education is included in this.

The better equipped their young people will be to contribute to economic growth and enhancement in Africa the more they place themselves to benefit from coaching programs abroad.

Lauren Johnston is a teacher in charge of the University of Sydney’s China Studies Center.

The Conversation has republished this post under a Creative Commons license. Read the original content.

Continue Reading

‘China’s Nvidia’ collapsing in a heated funding dispute – Asia Times

By:
On:
In: Asia

A fabless device manufacturer vaunted as” China’s Nvidia” has announced it may reject more than 400 people after being hit with a shareholders’s fit in a charity debate.

In an inner conference on August 30th, Xiangdixian Computing Technology, a Chongqing-based chip designer, announced that it had to discontinue its work contracts due to a lack of funds. &nbsp,

The unicorn company, valued at 15 billion yuan ( US$ 2.1 billion ), laid off dozens of its newly employed fresh graduates in April and started capping all employees ‘ monthly salaries at 20, 000 yuan in May. Over the past two decades, it has apparently failed to pay its people. &nbsp,

On September 1 hour, Xiangdixian issued a&nbsp, speech stating&nbsp, that it has not yet gone penniless, as it is only “optimizing” its composition to increase productivity. &nbsp,

Since its founding, the company has been concentrating on producing graphic processing units ( GPUs ), but China’s market development has not yet met the company’s expectations. The firm said it is looking for new owners. &nbsp,

Some experts said Xiangdixian’s products could n’t compete with rivals like Huawei Technologies ‘ Ascend 910 series and Hygon Information’s Deep Computing Units (DCUs ), forcing the company to downsize its operations. &nbsp,

They speculated that the Chinese authorities might not want to place too many Graphic types on local markets because it might prevent habitat development. &nbsp,

” Hygon’s DCUs are now using language pieces for Nvidia’s CUDA program. However, it’s possible that Nvidia will eventually outlaw the use of other chips in its program, according to a Beijing-based journalist in an April article. &nbsp,

Chinese chip makers should not take chances, even though Nvidia has only warned its users about the potential ban and has n’t yet taken any action. They may prepare for the worst by building their personal ecosystem”, the poet says.

The good news is that Alibaba and Baidu, two of the largest online retailers, have already agreed to add Hygon’s DCUs to the nation’s artificial intelligence ( AI ) infrastructure ecosystem.

Since 2021, Nvidia has prohibited running CUDA-based software on other hardware platforms using translation layers in its end-user license agreement ( EULA ), according to a report from Tom’s Hardware in March. The alert does not in fact prevent CUDA application from running on platforms other than Nvidia hardware. &nbsp, &nbsp,

A Huafu Securities research report published in May this year claimed that the effectiveness of Hygon’s Shensuan No 1, launched in 2021, is equivalent to 40 % of Nvidia’s A100 while Shensuan No 2, launched last month, reaches 80 % of the A100. The coming Shensuan No 3 would be the A100’s equal, according to the article. &nbsp,

Shareholder revolt&nbsp,

Tang Zhimin, the president and founder of Xiangdixian, reportedly told employees on August 30 that the company had previously agreed to a pricing adjustment process so that it could raise more than 500 million renminbi in line B funding.

But, he said the business failed to meet the requirement and is now being sued by owners. He also reportedly said the agency’s bank account has been frozen.

The Time Weekly, a regular newspaper based in Guangzhou, visited Xiangdixian’s offices in Chongqing on Monday but its writer said nobody was there. &nbsp,

A complaint involving four Xiangdixian owners was filed on August 23 in Wuxi, Jiangsu state, according to the news. &nbsp,

Three of the four are under Tang’s control, while the other is the state-owned Jiangsu Zhongde Services Trade Industry Investment Fund, a joint venture between China Merchants Group and the Wuxi authorities. &nbsp,

Separately, Capitalonline Date Service, a Shenzhen-listed cloud service provider, said in its 2024 time report that it filed a complaint against Xiangdixian at the Beijing Arbitration Commission regarding an excellent payment of 18.8 million yuan. &nbsp,

The firm said a local prosecutor in Yubei area, Chongqing had now frozen XiangDixian’s goods worth 8 million yuan on August 1. &nbsp,

Tang&nbsp, received&nbsp, his PhD degree from the Institute of Computing Technology ( ICT), Chinese Academy of Sciences ( CAS ), in 1990. He has since then worked in the ICT as a scientist before moving to Apacewave Technologies Limited as general manager. &nbsp,

In 2011, he returned to ICT as a scientist. Before founding Xiangdixian in 2020, he served as the chief technology officer at Sugon ( actually Dawning Information Industry Co Ltd) from 2012 to 2015 and the general manager at Hygon Information Technology from 2016 to 2019. &nbsp,

Tang is now the&nbsp, dean&nbsp, of the University of Computility Microelectronics at Shenzhen University of Advanced Technology. Although Tang has expertise in managing state-owned device manufacturers, Xiangdixian has not been rescued by state-owned resources or businesses. &nbsp,

Some experts speculated that this may be because Xiangdixian produced its GPUs using international intellectual property. They said if one time the West restrictions Xiangdixian, its operations may be severely disrupted. &nbsp,

TMTpost.com, a Taiwanese IT site, said 80 % of Chinese GPU manufacturers, including Xiangdixian, are using the intellectual property of Imagination Technologies, a Chinese-owned company based in the United Kingdom.

Xiangdixian has launched two GPUs, Tianjun No 1 and No 2, but they have never entered large production. &nbsp, &nbsp,

Due to the export control plan in place here in the UK and the China Entity List, which have had an affect on us and our earnings, Imagination CEO Simon Beresford-Wylie told Electronic Engineering Times in an exclusive meeting on August 23.” The China industry has been a bit more challenging than we’d have thought. &nbsp,

Read: China racing to hoard AI-powering HBM bits

Following Jeff Pao on X: &nbsp, @jeffpao3

Continue Reading

China’s sluggish factories spurring hotter stimulus calls – Asia Times

By:
On:
In: Asia

That loud sputtering sound emanating from China is increasing in volume as factory activity contracts for a fourth straight month.

China’s official manufacturing purchasing managers’ index (PMI) dropped to 49.1 in August from 49.4 in July. Since April 2023, this key barometer has been below the 50-mark separating expansion and contraction for all but three months.

It suggests that Beijing’s efforts to revive Asia’s biggest economy care gaining less traction than hoped.

“We believe more fiscal easing is necessary to help secure the around 5% full-year growth target,” says Yuting Yang, an economist at Goldman Sachs Group.

At the moment, trade tensions with the West and debt troubles weighing on local governments are limiting Beijing’s ability to boost consumer spending.

Add in great uncertainty about who might be leading the US economy five months from now – and the magnitude of new tariffs on China-made goods – and Xi Jinping’s government is under increasing pressure to spur growth at home.

Xi’s “fridges-not-bridges” pivot, as some economists call it, aims to put household spending in the driver’s seat.

After the slowdowns of recent history — like the 2008 Lehman Brothers crisis — Beijing switched on the infrastructure engine.

This time, though, with local government finances in distress and overcapacity sweeping the nation, Team Xi is looking to ignite a domestic demand-led growth boom.

The economic payoff for all those massive skyscrapers, six-lane highways, international airports and hotels, white-elephant stadiums, sprawling shopping districts and amusement parks has become less and less over time. And the bill is now coming due.

Pulling off this transition is easier said than done in the post-Covid-19 era. A deepening property crisis has average consumers bracing for further drops in home prices, which is complicating efforts to cushion the downturn. So are deflationary trends spooking global investors.

The resulting blow to confidence is weighing on China’s US$17 trillion economy and triggering capital outflows that are sending mainland stocks lower. All this is making it harder for Xi’s inner circle to turn things around.

“Unfortunately, our year-old negative forecast for China appears to be playing out,” says economist Richard Martin at advisory firm IMA Asia. He adds that “the rest of Asia will need to prepare for the spillover from China’s slump, including the risk of a surge in dumped products.”

Ditto for worries about how Chinese overcapacity will collide with geopolitical currents.

Among them are Western efforts to slow China’s ability to increase global market share. Last week, Canada announced new tariffs on Chinese-made electric vehicles, aluminum and steel.

Ottawa’s 100% levies on EVs and 25% taxes on steel and aluminum put it in protectionist league with Washington and Brussels.

Such moves are adding to Xi’s headaches as a uniquely chaotic US election cycle heats up. Though a Donald Trump 2.0 presidency might be tougher on Beijing, a Kamala Harris-led White House would almost surely also tighten the screws on Xi’s economy.

That might add to the argument for greater Chinese fiscal stimulus. For Xi, who earlier this year began his third term as Communist Party leader, the stakes are high at home and abroad.

The party’s legitimacy with China’s 1.4 billion people rests on rapid economic growth and increasing per-capita income. The same goes for Xi’s ambitions both among the BRICS — Brazil, Russia, India and China — and the broader constellation of Global South nations.

A major narrative surrounding the BRICS and the Global South is of emerging-market economies coming into their own and picking up the slack as the US and Europe mature and grow less rapidly.

For now, China’s overcapacity troubles are putting the nation in global headlines for all the wrong reasons. Many argue, of course, that China isn’t exporting deflation so much as rising mainland productivity and efficiency and thus making the economy more competitive.

“As China is some 55% of regional GDP and the main trading partner for most neighbors, the outlook for China policy is critical,” Martin says. “So far, economic policy has been poorly aligned with the problems undermining China’s growth.”

The good news is that signals from Xi and Premier Li Qiang suggest reforms are being implemented. Key among them: getting bad assets off property developers’ balance sheets, strengthening local government finances across the nation and supporting private sector development.

For many, though, the perceived slow pace of action raises concerns about China’s economic trajectory into 2025.

Once again, says economist Carlos Casanova at Union Bancaire Privée, China’s manufacturing PMI is “highlighting ongoing challenges in the sector, driven by a downturn in housing and sluggish domestic demand. Most components showed a sequential decline, indicating widespread weakness.”

Notably, he adds, producer price and input price subcomponents experienced “significant easing” for different reasons.

“The producer price subcomponent, closely tied to the broader producer price index,” Casanova says, “suggests that overcapacity continued to exert downside pressure on factory prices in August.”

The bottom line, Casanova says, is that “economic growth is uneven, primarily fueled by service consumption, exports and substantial investment in core technology.”

All this, he says, “suggests that the government will need to implement counter-cyclical measures to stimulate domestic demand.”

This could entail additional interest rate cuts by the People’s Bank of China, though that might put downward pressure on the yuan.

“We believe China’s reluctance to pursue RMB appreciation in August may buy exporters time to offload their dollar holdings without incurring significant currency losses,” says Tommy Xie, an economist at OCBC Bank. It also suggests the PBOC might be reluctant to ease more.

Martin at IMA notes that “our view is that policy will be forced into better alignment as you can’t let a house burn for too long before turning on the hose.”

Two big steps are needed and anticipated, Martin notes. First, allowing market clearing by freeing prices and letting firms go bankrupt.

“Beijing has just allowed that in residential property, which means a big real estate and construction shake-out and a rise in unemployment and consumer distress,” he says.

“The rest of Asia needs to be ready for an increase in China’s export dumping in 2025. Second, the national government needs to use its balance sheet to drive up growth as all other balance sheets are too weak. No change yet but we are waiting.”

A major challenge is making good on Xi’s pledge to encourage households to spend more and save less. Along with faster, more balanced economic growth, that means building bigger social safety nets.

As Xi and Li realize, investment-led growth has peaked in China, as the financial system can no longer generate the same pace of credit expansion as in the past decade, says Logan Wright, director of China markets research at Rhodium Group.

“China’s economy is slowing once again, and weaker household consumption is the primary cause,” Wright notes. Household borrowing, he explains, “remains under pressure from low levels of consumer confidence and the flagging property market.”

As a result, the imbalances between domestic and external demand have widened, with China producing persistently large trade surpluses, now reaching $858 billion over the past year, or around 4.8% of GDP.

Because of this “slowdown” in household consumption, Wright says, “calls for structural reform to rebalance China’s economy are multiplying.”

“In the absence of significant fiscal reforms, long-term household consumption growth is likely to slow to around 3% to 4% per year in real terms over the next five to ten years,” Wright says.

At most, he adds, “household consumption will contribute around 1.5 percentage points of GDP growth per year, which is likely to limit overall long-term GDP growth to around 3%, given the known headwinds to faster investment growth.”

The good news is that Xi and Li claim to be on the case, devising ways to recalibrate China’s growth engines. The bad news is that official data continue to paint a picture among investors that Beijing isn’t moving fast enough to turn things around.

Follow William Pesek on X at @WilliamPesek

Continue Reading

Adani Ports and SEZ buys 80% of Singapore’s Astro | FinanceAsia

By:
On:
In: Asia, Finance, South-East Asia

Adani Ports and Special Economic Zone (APSEZ), India’s largest ports and logistics company, has agreed to acquire a 80% stake in Singapore’s Astro, in an all-cash deal for $185 million, implying an enterprise value of $235 million, according to an August 30 company media release.

Incorporated in 2009, Astro is a leading global offshore support vessel (OSV) operator in the Middle East, India, Far East Asia and Africa.

The Singapore firm owns a fleet of 26 OSVs including anchor handling tugs (AHTs), flat top barges, multipurpose support vessels (MPSVs) and workboats and provides vessel management and complementary services. During the year ending 3April 30, 2024, Astro posted $95 million revenue and $41 million earnings, before, interest, tax , depreciation and amortisation (EBITDA). As of April 30, 2024, Astro was net cash positive.

Astro’s customers include NMDC, McDermott, COOEC, Larsen & Toubro and Saipem, and is a key player in the offshore construction & fabrication and offshore transportation markets, including oil & gas. 

Astro also helps support the construction and maintenance of offshore platforms, oil & gas fields and subsea facilities allowing it to service the offshore exploration & drilling markets.

Astro’s vessels also support leading international dredging companies, including large offshore construction and land reclamation projects.

In the statement, Ashwani Gupta, whole-time director & CEO, APSEZ, said: “Astro’s acquisition is part of our roadmap to becoming one of the world’s largest marine operators. Astro will add 26 OSVs to our current fleet of 142 tugs and dredgers, taking the total count to 168.”

He added: “The acquisition will also give us access to an impressive roster of tier-1 customers while further consolidating our footprint across the Arabian Gulf, the Indian subcontinent and Far East Asia. We look forward to working closely with Astro’s leadership team and scaling up the current platform.”

Mark Humphreys, managing director, Astro Offshore, said: “Over the past 15 years, we have created an impressive company trajectory, driven by strategic investments in our OSV fleet and deep relationships with our customers.”

Humphreys added: “This partnership with APSEZ represents a critical inflection point for us. Together, we can accelerate growth to add further scale and diversity to our fleet mix, expand our geographical footprint and deliver more end-to-end solutions to our customers.”

There are no regulatory approvals required and the transaction is expected to close within a month, subject to fulfilment of operational conditions precedent.

The transaction is expected to be value accretive from the first year, the statement said. 

For more M&A coverage from FinanceAsia click here.


¬ Haymarket Media Limited. All rights reserved.

Continue Reading

Pacific policing deal a masterstroke of Australian diplomacy – Asia Times

By:
On:
In: Asia

A new regional policing agreement represents a significant diplomatic victory for Australia, as well as a security win for the Pacific.

The geopolitical rivalry between China on the one hand and Australia, the United States and their allies on the other has been encroaching on all aspects of regional diplomacy, and Pacific leaders last week came into a meeting of the Pacific Islands Forum wanting to refocus the agenda.

And one of the most important issues to the Pacific is transnational crime. With drug cartels from Latin America using Fiji and other Pacific nations as a transit point for drugs entering Australia and New Zealand, transnational crime now sits alongside climate change as the top two regional priorities.

In January, three tons of methamphetamine were seized in Fiji. If delivered to markets in Australia and New Zealand, it could have been valued at hundreds of millions of dollars.

Asian crime syndicates and outlaw motorcycle gangs from Australia and New Zealand are also present in some countries, bringing other crimes, such as human trafficking, prostitution and scamming operations.

In June, Fijian Prime Minister Sitiveni Rabuka told Pacific leaders:

We know that crime and criminal groups do not respect borders. Rather, they manipulate borders with their business model. Cybercriminals ignore borders altogether.

What the new policing agreement will do

This is why this week’s headline announcement of a A$400 million (US$270.6 million) Australian-funded Pacific Policing Initiative is so vital. It’s a comprehensive program designed by Pacific police to meet the increasing threat of transnational crime.

There are three main pillars to the agreement, which will establish:

  • four new policing centers providing specialist training across the region,
  • a Pacific policing support group able to deploy trained officers to countries for major events or to respond to crises and
  • a Pacific policing coordination hub in Brisbane that will have access to Australian Federal Police facilities for training.

Australian Prime Minister Anthony Albanese has been keen to emphasize the idea was developed as a collaborative effort by Pacific police chiefs.

Unlike previous bilateral efforts involving Australia, this initiative will be truly regional. And despite some apprehension about the geopolitical impact of the deal, the consensus among Pacific leaders is that the initiative will be highly beneficial.

Papua New Guinea’s prime minister, James Marape, described it as “a concept that is born from within.” He added:

The entire Pacific is the biggest unpoliced space in planet earth.…It is really important that we come together in this manner.

Spiraling drug use and HIV infections

The threats from transnational criminals are framed as a problem thrust on the region from outside. These organized crime groups are only interested in the strategic value of the Pacific as a waypoint in their distribution networks.

These criminals are also taking advantage of gaps in the Pacific policing capacity and the vulnerability of regional police to corruption.

Unfortunately, the side effect of being a transshipment hub is rising drug use in many Pacific nations themselves, with associated social and health problems such as sex work and HIV infections.

The number of new HIV cases in Fiji, in particular, is surging at an alarming rate. As one UN official said:

It’s a serious concern, we are seeing young people, teenagers, dying of HIV today and that’s shocking. We are seeing 10-year-olds, 12-year-olds coming into clinics testing positive because of drug use.

The geopolitics behind the deal

Responding so comprehensively to this need will also ensure that Australia is viewed as the “partner of choice” for at least a generation of Pacific police.

Many Pacific leaders feel Australia has struggled over the years to deliver a satisfactory response to their concerns over climate change. The policing initiative, however, is an example of Australia delivering on a promise. This will likely give Canberra a boost in its ongoing battle with China for influence.

The deal builds on Australia’s successful military diplomacy in the Pacific in recent years. Canberra has funded key defense infrastructure, such as the Lombrum and Blackrock bases in PNG and Fiji, respectively, and delivered military equipment, such as patrol boats and bushmaster vehicles.

These are practical examples of Canberra using the tools of statecraft at its disposal to achieve its national interests – namely crowding out Chinese influence in this strategic area.

The policing agreement stands in sharp contrast to China’s failure to negotiate a regional security agreement of its own in 2022.

Of course, there is some wariness over the deal. Vanuatu Prime Minister Charlot Salwai said he wanted to ensure the policing initiative is “framed to fit our purposes and not developed to suit the geostrategic interests and geostrategic denial security postures of our big partners.”

Under the agreement, each Pacific government can decide how it chooses to participate in the initiative. The response from the Solomon Islands, which signed a controversial police deal with China, will now be watched closely in Canberra.

In short, the Pacific Policing Initiative is good public policy and diplomacy. It will certainly improve the fight against transnational crime by providing regional police with the resources and expertise they need.

Success on policing shouldn’t breed complacency, however. Australia has a long way to go to meet Pacific expectations on climate change. No doubt China will be searching to gain an advantage in this area.

Michael O’Keefe is director of the master of international relations program in the Department of Politics, Media and Philosophy, La Trobe University.

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

Continue Reading

VentureTech announces collaboration with Tokyo Stock Exchange to drive IPO of Asian companies  

By:
On:
In: Technology
  • Aligns with TSE Asia Startup Hub to attract Asian companies for Japan IPOs
  • Hub provides business development, fundraising & IPO preparation support

VentureTech announces collaboration with Tokyo Stock Exchange to drive IPO of Asian companies  

VentureTECH Sdn. Bhd. has announced a strategic collaboration with Tokyo Stock Exchange, Inc. (TSE) to support the listing of multinational companies on the TSE. This partnership marks a significant step towards strengthening cross-border financial ecosystems and enhancing Asian participation in Japan’s capital markets.

According to the firm, this collaboration aligns with the establishment of the TSE Asia Startup Hub, an initiative by the Tokyo Stock Exchange to attract promising Asian companies for initial public offerings (IPOs) in Japan. This hub provides extensive support in business development, fundraising, and IPO preparations, with the goal of increasing the number of cross-border listings on the TSE, it said. 

Through this partnership, VentureTECH will actively provide support in response to requests from the TSE Asia Startup Hub. By fostering stronger relationships between Asian and Japanese companies, this collaboration also aims to enhance Japan’s role as a globally competitive financial centre.

The TSE Asia Startup Hub was created to recruit and nurture high-potential companies from across Asia, focusing on supporting their journey from growth stage to IPO. The TSE offers guidance to companies interested in expanding their business presence in Japan, and provides tailored assistance such as business matching, visibility enhancement, and facilitating connections with Japanese venture capital and corporate investors.

Ahmad Redzuan Sidek, CEO of VentureTECH said, “We are excited to collaborate with the Tokyo Stock Exchange, one of the most prestigious financial bourses in the world. This partnership not only opens new horizons for our local companies but also reinforces our commitment to driving the growth of high-potential Malaysian businesses.”

“By providing access to Japan’s dynamic capital markets, we are enabling our local companies to scale faster, attract strategic investment, and elevate their market presence on a global stage. Moreover, this collaboration is a testament to VentureTECH’s vision of empowering Bumiputera entrepreneurs and high-growth industries in Malaysia, facilitating their expansion into international markets. We look forward to working closely with the TSE Asia Startup Hub to promote innovation and sustainable economic growth, while further strengthening the ties between Malaysia and Japan.” he added.

The TSE Asia Startup Hub will begin recruiting eligible companies in Q3 2024, with a focus on businesses that exhibit strong connections with Japan or possess significant potential for growth. VentureTECH is committed to providing hands-on support to these companies, from their business development phases through to successful IPOs.

Continue Reading

Commentary: Luxury mooncakes and the battle of the alpha consumers

By:
On:
In: South-East Asia

So many things in Singapore embrace newness over durability. Of course, sometimes things and places reach their natural end and need renewal and replacement, but I think that we do sometimes take things to their extremes. From replacing perfectly functioning cars, to quick-fix fast fashion, to relentless renovation. Is this a case of just buying and not thinking?

And does this drive for one-upmanship also mean we lose people, places and things that are not as “fancy” but nonetheless valuable to the fabric of society? In a few years, I dread to think there will be no more bakeries making simple, cost-effective mooncakes and other pastries, because we no longer want to eat them.

QUIET LUXURY WON’T SOLVE THINGS

Some news outlets are reporting that conspicuous consumption is now becoming less prevalent. Luxury brands known for their ostentatious labelling are reporting difficult sales in key markets around the world. The buzzword amongst Gen Z now appears to be “quiet luxury”, made popular by TV shows like Succession.

Quiet luxury eschews the showiness of brands with an apparent focus on simple designs and understated colours. One might think that embracing a trend like quiet luxury suggests that we have matured as a society and are striving towards “stealth-wealth”.

I do not think this is the case, because while the showiness becomes more muted, the hierarchies of visibility I mentioned previously simply become hierarchies of invisibility – that is, hierarchies still exist and one-upmanship continues unabated, albeit in the shadows. The desire to acquire new things for the sake of newness persists.

Instead, perhaps what we need is to question the desire to make everything newer and whether we are seeking luxury for the sake of luxury. Are we, as the saying goes, spending money that we don’t have to buy things we don’t want to impress the people we don’t like?

This is the greatest challenge in a world saturated by advertising, media and messages that revolve around the acquisition and performative consumption of goods and brands, which in itself becomes a strain on the earth’s already limited resources.

The mooncake race is simply symptomatic and symbolic of this wider issue, one that has important consequences for the individual, society and the environment.

Terence Heng is Senior Lecturer in Sociology at the University of Liverpool. His new co-edited book, Death and the Afterlife: Multidisciplinary Perspectives in a Global City (Routledge 2024) documents, maps and theorises Chinese death practices in Singapore.

Continue Reading

FinanceAsia Achievement Awards 2024: entries are now open | FinanceAsia

By:
On:
In: Asia, Finance, South-East Asia

FinanceAsia’s annual Achievement Awards recognises excellence in bringing together those issuers, banks, investors, advisors and other market participants, who are working hard to develop and expand Asia Pacific’s (Apac) financial markets.

This year, for the first time, we are also looking to recognise excellence in the fast-growing markets of the Middle East.

We are looking to recognise the standout companies and strategies that are redefining the way issuers and investors are interacting with markets and adapting to evolving regulatory requirements and diverse needs, amid an increasingly competitive environment.

There are both Deal awards and House awards across a range of categories and markets. For more details please see here for Apac and here for the Middle East. 

In addition, our Deal Maker Poll rewards individuals who have been instrumental in closing some of the region’s most ambitious deals over the last 12 months.

The timeline for the deals is October 1, 2023 to September 30, 2024.

We look forward to your participation and seeing your entries! Please click here to find out how to enter at our dedicated Awards website. For frequently asked questions click here and for list of our experienced judges see here. 

Key dates: 

August 19: Awards’ launch

Early-bird entry deadline: September 6, 2024

Main entry deadline: September 19, 2024 

Entries’ evaluated by judges: October 2 to November 6, 2024 

Winners’ announced: November 2024 

Awards’ ceremony: February 2025, date TBD  


¬ Haymarket Media Limited. All rights reserved.

Continue Reading

As online financial influencers gain popularity in India, regulators attempt to clamp down on rogue players

By:
On:
In: Asia

GROWTH OF ONLINE FINANCIAL Bloggers

Financial aficionados like Ms. Tolkar are one of India’s 3.5 million material makers in a fast-growing industry.

Their extraordinary surge coincided with a surge in the property market, the ease of online trading, and the COVID-19 crisis.

Thousands of regular Indian citizens were eager to invest, and many of them sought advice online. The level of financial education in India is currently 27 %. &nbsp,

However, a lack of oversight has resulted in unethical behavior, such as charging registration fees for which customers receive little or nothing in profit.

The market is also replete with so-called “pump-and-dump” techniques, where traders are urged to buy a certain property so that its value is deliberately inflated. The person responsible for the plan finally profits when they sell the shares to themselves.

Managing director of Mumbai-based Bexley Advisors, Mr Utkarsh Sinha, noted that online financial tips is a quickly evolving room with no access barriers. He added that even if they do n’t have credentials, they can be trusted as influencers. &nbsp,

” There’s a lot of ability for mis-selling, for pump-and-dump methods, and so rules of this space is required”, he said.

It’s also very challenging to patrol these flies because they come up in pairs, they say.

REGULATING FINANCIAL Celebrities

Nevertheless, India’s market regulator, the Securities and Exchange Board of India ( SEBI ), has been taking steps against potentially harmful content, in line with countries like the United Kingdom and Singapore which have rules on financial influencers in place.

Agents and mutual funds are then prohibited from working with people who offer investment advice on stocks and bonds despite not being registered with the regulation under the fresh SEBI restrictions approved in June.

Nearly 9, 000 instances of false or immoral social media content in relation to markets were discovered by SEBI in July. &nbsp,

Since then, it has urged channels to file legal lawsuits and is looking into ways to get people to register as investment advisors. However, it acknowledged that its demands, regarded as strong, have led to confined take-up.

Continue Reading