Pikom strengthens Malaysia’s digital economy through MoU with nasscom

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  • Partnership to enhance Malaysia’s digital market, promote global tech standing
  • 7 American firms in M’sia committed to education and hiring at least 5k&nbsp, individuals

From left: Rajesh Nambiar, chairperson of nasscom, Gobind Singh, Digital minister, Ong Chin Seong, chairman of Pikom

Pikom, the National Tech Association of Malaysia has announced the filing of a MoU&nbsp, with nasscom, the trade system and chamber of commerce of the software industry in New Delhi, India, on August 21. This agreement is set to create significant opportunities for Malaysia’s electronic economy, reinforcing the world’s sitting in the global tech environment, the organization said in a speech.

The MoU was signed during Anwar Ibrahim’s state visit, which highlighted the deepening relationships between Malaysia and India in the engineering industry. The occasion was graced by Gobind Singh Deo, Malaysia’s Digital Minister.

The Digital Ministry just announced that at least 5, 000 Malaysians will be trained and hired by seven international American firms with occurrence in the country. At the same time, at a conference in New Delhi, the Malaysia Digital Economy Corporation ( MDEC ) and nasscom signed a memorandum of understanding.

Pikom stated that it will use nasscom’s cooperation to help with this endeavor. The MoU marks a critical step in the agency’s efforts to further promote Malaysia’s modern business by fostering innovation, enhancing business admittance, and strengthening diplomatic relations between Malaysia and India.

The main areas of interest for this MoU include:

    Facilitating Mutual Exchange of Information: Both parties will exchange insights on the tech industry landscapes of India and Malaysia, including recent shifts, challenges, and potential growth areas. This exchange will help businesses in both countries learn how to navigate and understand one another’s markets.

  • Plans to organize and support collaborative events, both virtual and in-person, to increase collaboration between Malaysian and Indian technology companies.
  • Engaging Subject Matter Experts: Nasscom and Pikom will invite industry experts to share case studies and offer advice on growth strategies, best practices, and other relevant topics, assisting businesses in both nations to achieve greater success.
  • Fostering Networking Opportunities: The agreement includes provisions for organizing networking opportunities between Indian and Malaysian IT companies, focusing on collaboration, research and development, and joint go-to-market strategies.
  • Establishing Special Interest Groups: A Special Interest Group will be established to facilitate the Malaysian market’s use of joint industry positioning and promote collaborative efforts.

Ong Chin Seong, Pikom’s chairman, stated,” Pikom is thrilled to strengthen its cooperation with nasscom through this MoU. We aspire to develop this into a stronger, comprehensive strategic partnership in the same way that the relationship between Malaysia and India has evolved over time. Through knowledge sharing and joint initiatives, we aim to create a more vibrant and interconnected ecosystem”.

Meanwhile, Rajesh Nambiar, chairperson of nasscom, said,” This MoU signifies a new chapter in the relationship between the Indian and Malaysian tech industries. We are committed to expanding this collaboration, which will not only expand the scope of both countries ‘ markets but also encourage innovation and growth in the region.

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Tectonic shift coming on global currency markets? – Asia Times

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A subdued but significant shift in global economic interactions may be imminent, one that will have a significant impact on the relationship between the Chinese yuan and the US dollar.

Central to this shift is a potential shift by Chinese companies to return their significant assets of dollar-denominated property, a situation that will likely result as US interest prices are cut in the upcoming months. &nbsp,

With far-reaching effects for the yuan, the money, and global forex markets as a whole, this action may cause a flood of cash flows up to China.

According to estimates, Chinese businesses have amassed more than US$ 2 trillion in onshore investments, the majority of which are parked in US dollars assets. &nbsp,

Since the beginning of the pandemic, Chinese companies have been seeking higher yields worldwide, finding greater profits in dollar-denominated goods than in private, yuan-denominated options.

However, this tendency may soon change. In response to easing prices and posing problems for the US economy, it is widely anticipated that the US Federal Reserve will cut interest rates. &nbsp,

As there are lessening their borrowing costs, the appeal of holding dollar property is likely to decline, possibly causing Chinese companies to relocate their opportunities back home. &nbsp,

Estimates for how much of the capital might be repatriated vary, but they range from$ 400 billion to$ 1 trillion. &nbsp,

Also at the lower end of this variety, the impact on the renminbi could be major, with some experts predicting that the money could increase by as much as 10 % against the dollar.

Technicians behind the move

This influx of capital flows could be fueled by a shrinking interest rate difference between the US and China. Foreign companies have built substantial onshore assets in everything from US Treasuries to corporate securities and real estate over the past few years. &nbsp,

But, with the Fed now signaling a change in direction, the math is shifting. &nbsp,

In comparison, China’s financial conditions have remained relatively stable, albeit with their own issues, and private assets may start to appear more attractive as US yields drop.

The relocation of money comes into play in this situation. Foreign companies may choose to take their money back home by converting their money holdings into yuan if US rates decline and the buck loses some of its strength. This may cause the value of the yuan to rise, especially if the cash outflows are significant.

In light of continuous US-China tensions and the Chinese economy’s growing importance on the world stage, a stronger yuan may signal a wider rebalancing of economic power.

While this situation is realistic, it’s far from certain. Many factors could influence the amount and schedule of any investment repatriation and, by expansion, the yuan’s appreciation. &nbsp,

First and foremost, the People’s Bank of China ( PBOC ) may not stand idly by and allow the yuan to rise unchecked. The Taiwanese government has a long history of carefully controlling its money and taking legal action to ensure security. &nbsp,

If Chinese firms repatriate lots of billions—or even up to a trillion—dollars, it may cause extensive repercussions for worldwide markets. &nbsp,

Strong demand for US assets has long supported the economy’s dominance as the world’s major supply money. A major shift in this demand could have an impact on the value of the dollar and possibly affect how the US and China balance their economic power balance is shaped.

And this is not really a US-China history. In emerging markets where China and its currency are competing for exports, a stronger renminbi may have an effect on other assets. &nbsp,

If the yuan is considerably increased, it could significantly alter the nature of trade between other Asian nations whose currencies are still weak in comparison.

The potential for a stronger renminbi and a weaker dollar is true, and it could fundamentally change the world economy in a significant way.

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Avalanche alert: China may dump dollars when Fed eases rates – Asia Times

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Since the mid-1990s, the US Federal Reserve has had a somewhat shaky past in Asia.

Between 1994 and 1995, the US central bank past tightened with the same intensity as it did recently. The 1997-98 Eastern problems, which resulted from a runaway dollar rally destabilizing the region’s currency pegs, was caused by the short-term rate increase in 12 months.

Since then, the 2008″ Lehman impact” that the Fed was slow to see coming and the 2013 “taper kid” have overwhelmingly rocked Asian areas.

Asia also bore the brunt of the Fed’s 2022-2023 tightening period. Epic ripples of capital scurrying toward US assets as the currency’s surge in response to Fed Chairman Jerome Powell’s price hikes resulted in spectacular waves of funds.

However, could the Fed’s rate reductions cause a different sort of tumult in Asia? If analyst Stephen Jen is correct, it certainly was.

As Team Powell undoes its most recent price hike campaign, the CEO of Eurizon SLJ Capital anticipates Chinese companies to chuck about US$ 1 trillion in dollar-denominated assets.

In truth, Jen predicts something of an “avalanche” as a strengthening dollar sends tides of repatriating money China’s manner, upending dollar industry in the process.

Granted, Jen has warned of this dollar-dumping active for a couple of years today. In June 2023, for instance, Jen argued that” Taiwanese corporates continue to hoard cash. Foreign companies ‘ total investment is increasing as a whole. The economy’s higher have perhaps at present seem enticing to Chinese entities, but this construction is ultimately unpredictable”.

The scenario Jen has been advising about is “prospective rate cuts by the Fed and/or an economic reacceleration in China could lead to a precipitous fall” in the dollar-yuan rate” as corporate treasurers in China scramble to sell the dollars they do n’t need to have.”

Since the Covid-19 pandemic, mainland companies have gobbled up more than$ 2 trillion of overseas investment, a bet on higher-yielding assets than punters often find in China. As Powell begins ratcheting levels lower, those assets may grow less appealing.

Up to US$ 1 trillion will be on the move as a significant number of island companies decide to return funds, according to Jen. Interestingly, Jen points out that his guestimate may be” conservative”.

Then, as Powell declares” the time has come for legislation to change” toward less restrictive problems, Chinese selling dangers may be upon us. It’s worth noting, Jen adds, that companies swapping out of dollar assets could see the yuan&nbsp, strengthening by up to 10 %.

Additionally, it’s important to point out that the resettlement fluid that is developing throughout China could reach businesses in Asia.

This is n’t a risk many have on their Bingo cards. Powell’s vow on August 23 to” we will do everything we can to help a strong work industry as we make more progress toward price balance” has frequently boosted Asia’s markets.

The same with Powell’s confidence that the US can achieve a so-called” soft landing”, a remarkably rare occurrence. There is good reason to believe that the economy will return to 2 % inflation while maintaining a robust labor market, Jen tells Bloomberg.

Asian bourses were cheering when they learned that Powell “has rung the bell for the start of the cutting cycle,” according to Seema Shah, principal global strategist at Principal Asset Management.

The real gains could be in Asia’s “laggard” markets, notes Chetan Seth, strategist at Nomura Holdings. We believe that the relatively safe harbor is likely to be markets and sectors that are uncrowded ( parts of ASEAN ) and more domestically driven markets ( India/ASEAN), as Seth writes in a recent note. Investors in this situation must be much more cautious and reduce their investment in Asian cyclical markets, like those in North Asia.

Yet other risks abound. Consider Jen to be one of the economists who worry that central banks from Washington to Tokyo have recently injected too much stimulus into the global financial system, causing inflation.

As Powell said in July:” Go too soon, and you undermine progress on inflation. Wait too long or do n’t go fast enough, and you put at risk the recovery. And so, we have to balance those two things. It’s a rough balance”.

Problem is that the costs of a policy error are rapidly rising due to the US’s high and rising national debt, which has recently surpassed US$ 35 trillion. Just a few months before Americans vote on November 5 to choose a new president, this milestone was reached.

Democratic nominee Kamala Harris provides details on spending plans that will add trillions of dollars to the public debt in one corner. Donald Trump, too. Trump makes hints that removing the Fed’s role as independent arbitrator of US interest rates, in addition to another multi-trillion tax cut that is currently being funded by the government.

Trump browbeat Powell into cutting rates in 2019 when the US did n’t need it during his first term as president, from 2017 to 2021. Trump also threatened to fire Powell, a previously unheard of threat from a US leader.

In a second term, the” Project 2025″ scheme that Republican activists cooked up for a Trump 2.0 White House could see the Fed’s power curtailed.

In such an uncertain world, though, the Fed pivoting toward monetary accommodation is n’t necessarily straightforward. The view driving this Asian stock rally is “broadly correct”, at least in the medium-term, says Tan Kai Xian, economist at Gavekal Research.

” Rate cuts will reverse the recent contraction in US liquidity, which will support US aggregate demand, after a lag”, Tan notes. ” But in the shorter term, rate cuts will squeeze corporates ‘ interest income, and therefore their profits. This will disproportionately affect large corporations with large cash reserves, which may result in their relative underperformance.

The effect, Tan notes,” will be bigger than commonly believed. Even though the path was indirect, thanks to businesses selling products to households in receipt of stimulus checks, handouts during Covid allowed US companies to build up sizable cash reserves.

When the Fed cuts interest rates, interest income will fall. At least before the lagged boost to aggregate demand kicks in, Tan says,” The near-term drag on corporate profits could discourage capital spending, which would have a dampening effect on US economic growth.” ” In the short term, then, rate cuts could weigh on large-cap US equities relative to bonds”.

Given that the US inflation rate is continuing to decline, Jen believes Powell may raise rates more forcefully than many investors anticipate. The global reserve currency may be under increased downward pressure due to Washington’s dual budget and current account deficits. That, Jen argues, could see the yuan appreciating more than many investors expect.

The yuan’s gains could be even bigger if the People’s Bank of China avoids moves to offset dollar liquidity. Odds are that the yuan will start to rise once the Fed starts cutting interest rates as soon as September 18? If the Fed makes any hints about further easing, the pressure will increase.

This could cause tension between PBOC Governor Pan&nbsp, Gongsheng and Xi’s economic team. Beijing has been surprisingly tolerant of a rising yuan over the past year despite the fact that global export markets became more competitive.

Xi has been working to gain more confidence in the yuan and stop large property developers from defaulting on their foreign debts. A skyrocketing yuan that nullifies growth prospects may be even worse unwelcome.

The clouds on China’s economic horizon can be seen in this week’s$ 55 billion stock crash&nbsp, in Temu-owner PDD Holdings. It’s a sign that China’s growth engines are still cooling despite Beijing’s effort to boost household demand.

Additionally, the external sector does n’t appear particularly promising. This week, Canada slapped a 100 % tariff on China-made electric vehicle imports, following the lead of the US and European Union.

Additionally, it is unlikely that the upcoming US election cycle will offer Team Xi a break. Both presidential candidates, Trump and Harris, are trying to outdo each other with anti-China rhetoric and trade policies.

All of this explains why China’s foreign exchange watchdog has been paying close attention to dizzying yuan-dollar movements. And why things might turn out differently than many investment funds currently believe.

” The pressure will be there” on the yuan to rally, Jen tells Bloomberg. We are talking about$ 1 trillion worth of fast money that could be involved in such a potential stampede if we just assume half of this amount is the money that is “footloose” and easily provoked by changing market conditions and policies.

Follow William Pesek on X at @WilliamPesek

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Beijing rips Canada’s 100% tariffs on China-made EVs – Asia Times

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After Canada announced its intention to impose tariffs on electric vehicles ( EVs ) and other steel and aluminum products produced in China, Beijing has pledged to take all necessary steps to safeguard the interests of Chinese businesses. &nbsp,

Justin Trudeau, the country’s prime minister, announced on Monday that starting October 1, China will start imposing a 100 % tariff on imports of Chinese-made electric vehicles and a 25 % tariff on Chinese steel and aluminum.

” We are transforming Canada’s automotive industry to be a world leader in building the cars of tomorrow”, Trudeau said. However, China and other countries have chosen to give themselves an unfair advantage in the world market, compromising the safety of our vital sectors and displacing skilled American metalworkers and autoworkers.

While protectionism only protects what is protected, subsidies do not produce business competitiveness. Potential growth will be abandoned”, Lin Jian, a director of the Chinese Foreign Ministry, said in a press presentation on Tuesday. &nbsp,

” The rapid advancement of China’s Vehicle market is the result of prolonged technology innovation, well-established business and supply chains, and total market competition”, he said. ” This is what occurs when our comparative benefits match the market’s needs,” the statement goes.

He claimed that China regrets and opposes the French side’s decision because it disregards facts, violates WTO regulations, and goes against historical trends. &nbsp,

He claimed that this ostentatious action störches China-Canada trade relations, harms American businesses and consumers ‘ interests, and does little to support Canada’s green transition process and global climate change efforts. &nbsp,

Some experts claimed that Canada’s tariffs will only have an impact on the exports of Tesla EVs from China because big Chinese EV manufacturers have not yet entered the American market. They claimed that while large Chinese electric car manufacturers like BYD were originally planning to export products to Canada in 2025, they will now have to think about starting factories there to prevent new tariffs. &nbsp,

Effect on Tesla&nbsp,

According to Automotive News Canada, Tesla sold 36, 900 Vehicles in Canada last year, compared with 24, 400 in 2022. Elon Musk, the company’s CEO, is currently supplying Canada with its Vehicles manufactured in Shanghai, but it can evade the new tariffs by moving to US factories. &nbsp,

Liu Chunsheng, an associate professor at the Beijing-based Central University of Finance and Economics, claimed that Tesla’s Automotive taxes could push China to reduce production there. &nbsp,

” The major places of Chinese Vehicles are not the US and Canada, but Southeast Asia, Eastern Europe and some Belt and Road places”, Liu said. ” Canada’s taxes will not harm the export of Taiwanese EVs”.

” We must beware, however, that the US is now urging its allies to decrease or stop the goods of Taiwanese electric vehicles. Canada’s taxes will be a display and affect additional countries ‘ decisions”, he said. ” Besides, Tesla may be forced to reduce its creation in China”.

Tesla stated in March of this year that it had decreased its car production in China as a result of weak demand and fierce business competition. Reuters then reported, in May, that Tesla’s Model Y output in Shanghai was 49, 498 units in March and 36, 610 products in April– down 17.7 % and 33 % year-on-year, both. &nbsp, &nbsp, &nbsp, &nbsp, &nbsp,

With a manufacturing capacity of about one million cars annually, Tesla’s Shanghai stock is the largest in the world. &nbsp,

BYD’s plan&nbsp,

The Biden administration increased the US’s import tariff from 25 % to 100 % in May. It imposed a 25 % tariff on steel products in July, and a 10 % tariff on aluminum products that came from Mexico. &nbsp,

Mexico has n’t already imposed tariffs on Chinese electric vehicles, but it has since stopped funding incentives like tax breaks or low-cost land for EV production there.

Chinese EV companies were subject to 17 to 38 percent tariffs from the European Union in early July, but analysts claimed Chinese EV companies had a value benefits and were able to withstand the EU’s new tariffs.

Now, BYD has been selling electronic trucks and trucks in Canada. The Shenzhen-based business reportedly intends to sell customer electric vehicles to Canada through a rideshare program with Uber, starting with financial in 2025. &nbsp,

A multi-year strategic partnership between Uber and BYD was announced on July 31 as part of its commitment to introduce 100, 000 brand-new BYD Vehicles onto the Uber system in important global markets. According to the news, the relationship may start in Latin America and Europe before moving on to the Middle East, Canada, Australia, and New Zealand. &nbsp, &nbsp,

The United Kingdom government, according to a report from The Financial Times next month, is not immediately planning to investigate China’s auto industry grants or impose new tariffs on Chinese electric vehicles.

Additionally, Australia has never added any tariffs on Chinese electric vehicles. Over the past 15 times, more than 550, 000 China-made cars have been sold in Australia, media reports said. &nbsp,

Read: China EVs also driving for EU’s secured industry

Observe Jeff Pao on X: &nbsp, @jeffpao3

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Lighthouse Canton boosts North Asia and SEA wealth management teams | FinanceAsia

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Singapore-headquartered Lighthouse Canton has appointed Stella Lau as managing director, wealth advisory where she will be strengthening the company’s client base and leading the growth strategy for North Asia.

A market veteran, Lau has over two decades of private banking and leadership experience. She was previously Greater China market group head at Deutsche Bank and has held similar roles, managing and expanding North Asia market teams at JP Morgan, UBS, and Credit Suisse.

Lau’s team will provide co wealth solutions to ultra-high-net-worth clients, families, and institutions.

In addition, Charlene Lin has been promoted to managing director, strategic growth – North Asia and Southeast Asia (SEA). A founding member of Lighthouse Canton, Lin has been pivotal in establishing the company’s presence across Asia since its inception in 2014, a statement said. 

Shilpi Chowdhary, Lighthouse Canton’s group CEO, said in a statement: “Under the leadership of Stella and Charlene, I’m confident that we have a formidable team, deeply committed to delivering excellence and innovation. Their extensive experience and expertise are invaluable assets to our company, and I’m certain their teams will be instrumental in advancing our growth strategy.”

Rapid growth

In H1 2024, Lighthouse Canton reported a 89% increase in revenue compared to the same period last year to assets under management (AUM) of $3.7 billion.

The firm’s AUM is expected to cross $4 billion by the end of 2024 with growth in markets including Singapore, the Middle East, and India. Additionally, it has seen a 23% increase in hires since the start of the year and is continuing to make strategic appointments across business lines.

Lighthouse Canton employs more than 160 professionals across its offices in Singapore (based in Collyer Quay – pictured), Dubai, India, and London.

The firm offers wealth and asset management services to ultra-high-net-worth individuals, families, family offices, private accredited investors, and institutional investors.

For more FinanceAsia people moves click here. 


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Hasina’s last stand leans on India and pro-Hindu misinformation – Asia Times

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Bangladesh’s just ousted president, Sheikh Hasina, has sought shelter in India, her closest foreign supporter. According to reports, her attempts to obtain hospital in the UK, Canada, and the US failed, leaving her with a chance of staying in India for the foreseeable future.

The fallen leader’s child, Sajeeb Wazed Joy, has stated that she has no intention of leaving India, and it appears that she is now planning a counteroffensive in response to the rebellion that ended her much law.

Hasina’s strategy so far seems to involve her partnering with the ruling Bharatiya Janata Party ( BJP) and its Hindutva supporters, which could give her more political influence in Bangladesh if she wins the election.

To know what’s at stake, it’s important to understand the relationship relationships at enjoy. Hasina and her Awami League have persistently benefited from the Indian government’s efforts to establish a patron-client relation similar to those in Russia and Belarus.

Hasina successfully won the election in 2014 even before the vote was over, with the major opposition BNP going to the polls.

In the lead-up to that contentious election, then-BJP outside affairs secretary Sushma Swaraj met with Bangladesh Jatiya Party officials to promote their involvement, giving the poll a facade of legitimacy.

With an astonishingly high percentage of almost 95 %, which is similar to that of North Korea, Hasina’s Awami League won another highly contentious election victory in 2018. Unavoidable political fraud that was carried out to respect the ruling party was to blame for this victory.

The BJP-led American state was the first to congratulate Hasina and provide important international support that strengthened her plan despite widespread international denunciation of the election as a sham. The American formation, it is commonly believed, was totally aware of the obvious vote-rigging that took place at the time.

Western forces began to force Sheikh Hasina to hold a free and fair election as the election year neared. But, Delhi, acting on Hasina’s representative, apparently managed to alleviate any potential reaction from these capabilities, especially the US, allowing another flawed vote to continue.

When A K Momen, the then-foreign minister, declared that he had urged India to do everything in its power to maintain the Awami League, the depth of the relationship was more noted in 2022.

Obaidul Quader, the Awami League’s common minister and former chancellor, echoed the mood when he declared,” Indeedlands are here, we are here,” and that India may stop any legal risk to the Awami League’s supremacy.

Awami League political candidates also campaigned as” Delhi’s Candidate”, boldly acknowledging their dependency on American help. Now, Hasina’s son, Sajeeb Wazed Joy, is officially urging India to stress the time government to hold elections within 90 days.

Hasina’s unexpected resignation sent ripples through the American political establishment. For some time, Bangladesh was left without a functioning state, and in this power vacuum, popular chaos erupted.

Over the past 15 times, the Awami League had turned its gathering agencies and authorities terminals into centers of persecution, bribery and fraud.

As panic ensued, local populations, fed up with years of abuse, decided to take matters into their own hands. Awami League leaders were killed in the murder, and thousands of police stations and gathering headquarters were set on fire.

About 10 % of Bangladesh’s Muslim lot community is Hindu, a minority statistical represented within the Awami League. Consequently, a notable section of the group’s leadership is Hindu.

It is unclear whether these problems were motivated by religious identification or social associations because the crowds targeted both Hindu and Muslim Awami League leaders.

The larger pattern suggests that the primary motivation for the assaults was Awami League membership. The Awami League’s Muslim victims were largely ignored by the BJP-aligned media in India, who immediately obliterated this distinction and portrayed the crime as an abuse on religious minorities.

This description diverted interest from the social context of the turmoil by portraying Hindu leaders and protesters as victims of religious persecution.

Quick actions were taken to protect minority properties and temples in response to the rising crime. Although these actions might be seen as political political work, there is also a strategic consideration: some people may have understood that the Awami League and its BJP-aligned media could use the tale of minority abuse to undermine and destroy any post-Hasina government.

On X ( previously Twitter ), BJP-aligned Indian media and influencers have chosen to present the situation in a way that appeals to right-wing political agendas.

Misinformation and doctored video clips are spreading rapidly, fueling false narratives. For instance, false reports of temples being set on fire in restaurants and markets are being made of fires in restaurants and markets, and disturbing footage of mobs lynching Muslim Awami League leaders being misrepresented as being violent against Hindus.

In one instance, Indian media inaccurately described the incident as an attack on cricketer Liton Das because of his religion when former Bangladesh cricket captain Mashrafe Mortaza’s house was burned due to his association with the Awami League in a disputed election.

Similarly, a fire that spread from Sheikh Mujibur Rahman’s residence to the home of Rahul Anand, a member of the band Joler Gaan, was misrepresented despite Anand’s clarification that it was an accident.

Independent fact-checkers like Boom, Dismisslab, and AFP are working hard to counteract the surge of fake news from India, but they face an uphill struggle, for each piece of misinformation they correct, numerous others quickly spread on social media.

There has also been some notable criticism of protesters who toppled the statues of Hasina’s father, Sheikh Mujibur Rahman, who is frequently portrayed as the architect of independent Bangladesh.

This criticism frequently ignores the fact that Mujibur Rahman was given a near-mythical status by the Awami League government, with murals and statues akin to the Kim clan’s fairy tale personality cult built around the Kim clan in North Korea.

After the party’s worst electoral performance in a decade, the BJP-leaning media in India is taking advantage of this opportunity to resurrect their support base.

Hasina’s son Sajeeb has been making regular appearances on Indian media, echoing BJP talking points by placing blame on phantom enemies like Pakistan’s ISI and America’s CIA. In his TV shows, he has also actively promoted the idea of violence against Hindus.

However, the careless reporting by the Indian media has also affected Sajeeb and Hasina. A statement attributed to Hasina that claimed she had resigned recently was published by The Print, prompting Sajeeb to quickly denounce the report as false and fabricated. The incident suggests that the Awami League might be trying to find new stories to appeal to more people.

In Bangladesh, the Awami League seems to be exploiting a contrived issue. Reports in Sylhet suggest that Awami League leaders have carried out false flag attacks on Hindu communities.

Additionally, party leaders and Bangladesh Chhatra League students are holding demonstration rallies where Hindu victims who were actually killed by Hasina’s security forces are portrayed as victims of the current interim government.

The” Jai Shri Ram” (” Glory to Lord Rama” ) chant, which is associated with the BJP’s Hindutva movement but unfamiliar to the Bangladeshi Hindu community, has also been used at these rallies. The Hindu Grand Alliance’s leader, Govinda Pramanik, has already accused the Awami League of defrauding the Hindu population and gaining control.

Subramanian Swamy, a prominent right-wing Indian MP, has suggested the annexation of northern Bangladesh in response to these media reports.

He suggested in a YouTube video that the Indian military should set up a military operation to bring Hasina to power outside of Bangladesh’s borders.

Hasina has long been an unwavering supporter of India, and her support might be seen as a way to show how loyal she is to her. However, this approach runs the risk of impairing India and Bangladesh’s long-term diplomatic ties with their respective populations.

On a positive note, many decent people in India are aware of the larger repercussions of this support and are showing strong support for the Bangladeshis, calling for a more unbiased and principled approach to a volatile situation that could still lead to many twists and turns.

Taukir Aziz is an economic, financial and political analyst specializing in Bangladesh’s political economy and financial sector, and where the two intersect.

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Alibaba’s listing upgrade the lift Hong Kong needs – Asia Times

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On Wednesday ( August 28 ), Alaba Group Holding will complete its long-awaited transition from secondary status on the Hong Kong Stock Exchange to a primary listing. The walk might be just as significant for the area as the e-commerce giant itself.

Hong Kong Exchanges and Clearing Limited is about to end a fourth that was exhausting. Stock investing and initial public offerings restored the bourse’s reputation as a global economic hub, and the April-June time was its best on history. The globe’s fourth-largest stock market saw net profits surge 9 % to HK$ 3.16 billion ( US$ 405 million ), or HK$ 2.49 per share.

The decision by Alibaba may cause an extra backseat. Typically speaking, one firm seldom, if ever, makes or breaks an exchange. However, Alibaba’s size and significance for the island’s tech-economy tale could result in billions of dollars in new investments that will likely be filtered into the country’s wider Hong Kong market.

Alibaba can touch titanically large flows of coast money thanks to the transition to main listing in Hong Kong, which wraps up a two-year process. Alibaba’s stock today qualify to add Stock Connect, a system that connects Hong Kong’s change to areas in Shanghai and Shenzhen.

That will make buying Alibaba shares easier than ever for buyers in the island, opening the door to capital inflows of up to US$ 20 billion into the business over the next six weeks, according to estimates. And maybe boosting the general market’s mood.

According to Marvin Chen, an analyst with Bloomberg Intelligence,” We believe the addition of Alibaba to the Stock Connect may have a positive impact on the stock and may help regulate mood given that it is a family name among coast buyers.” He expects island assets of the stock to climb by double-digit ratios, broadening benefits in tech-sector shares.

Alibaba, of course, is even keeping its key listing in New York. This could be its own advantage. Hong Kong shares frequently react muted to gains made on the island. Alibaba’s hold in the US market could offer Hong Kong more inside if New York’s bulls work continues.

Though based in Hangzhou, China, the firm Jack Ma co-founded first listed on the New York Stock Exchange in 2014, raising nearly US$ 22 billion.

At the time, it was the largest US Investor always. Additionally, it established Xi Jinping’s Communist Party as a significant leader, making China a worthy target for international attention.

In 2019, Alibaba opened a secondary list in Hong Kong, raising an extra US$ 13 billion. Afterwards, in 2022, Alibaba’s table applied to transfer its Hong Kong stock to key status. Last month, shareholders eventually approved the pivot.

The prospect is as great as the chance are at play. In 2023, China’s biggest e-commerce person had one of the most turbulent times in its 25-year story. Even by the norms of 2020, the year the government of President Xi repressed internet usage.

In March 2023, Alibaba split into six units to adjust and concentrate its main businesses: home e-tailing, global e-commerce, cloud computing, native services, logistics, and media and entertainment.

At the time, the cash-cow home e-commerce class, which includes the Taobao market, aimed to be a wholly-owned system. The five people are run by various CEOs who each have the authority to pursue their own public ads.

The market is the best litmus test, according to former Alaba CEO Daniel Zhang, who remarked 17 times ago:” Every business team and company may pursue independent charity and Investments when they are available.

The enterprise was bigger than Alibaba, though. As Xi’s regulators attempt to mitigate risks and halt monopolistic tendencies among tech giants, China Inc. did a case study of sorts.

Given that Xi and Premier Li Qiang want private companies to be the ones who create the most jobs and boost a troubled economy, it’s quite a balancing act.

Ma’s Alibaba was an obvious place to start. It has long been a global representation of China’s tech goals and a symptom of Beijing’s tolerance for tech billionaires spreading their wings.

Nowhere did that tension come across more clearly than in October 2020. After Ma criticized China’s financial regulators for stifling innovation, authorities canceled a$ 35 billion IPO planned by Ma’s fintech unit Ant Group.

Alibaba’s efforts to remake itself remain a work in progress. Last year, the e-commerce titan disappointed investors as profits dropped and revenue growth was a weaker-than-expected 4 % in the second quarter.

The company’s performance highlights two significant issues that Zhang, who took over as CEO in September, and Chairman Joseph Tsai and CEO Eddie Wu have yet to resolve. One is intensifying competition from rivals such as JD.com, Temu-owner PDD Holdings and others.

” Competition will remain a key issue for Alibaba”, says Shawn Yang, an analyst at Arete Research. As Alibaba began testing a new advertising tool this past quarter, some investors may have high hopes for the increase in the company’s take rate. However, the results ‘ actual figures indicate that it may take longer for that effort to pay off.

The other is a lethargic Chinese economy that Team Xi has yet to revive, which is hampered by weak consumption and made worse by a cratering property sector. Chinese consumers deposited less money in the bank in July but also did n’t spend more. Some people assume that 2024 will be a bad year for economic growth.

” The year-on-year decrease in excess savings growth has not yet translated into increased consumption”, says Tommy Xie, head of Greater China research at OCBC Bank. This may be related to households shifting their deposits to wealth management products and paying off their loans early.

That deleveraging matters to Alibaba’s bottom line. Team Ma, after all, created an amalgam of Amazon, PayPal, eBay, travel agencies, brokerage services and real estate, thrusting his interests into virtually every sector imaginable to reach China’s 1 billion-plus internet users.

This arguably makes Alibaba’s quarterly performance a better gauge of China’s economic health than gross domestic product ( GDP ) reports. Nothing else would increase Alibaba’s stock more quickly than Xi’s reform team’s increase in consumer spending. &nbsp,

There is still a level of capital outflow pressure, according to Lynn Song, chief economist for Greater China at ING Bank, “weak growth is likely to lead to more PBOC easing.”

By the most general sense, China’s budget expenditures are shrinking at a time when local government land sales are declining at a rate unprecedented. Many economists believe that this will put more pressure on Xi and Li to take bolder steps to stabilize China’s US$ 17 trillion economy.

The Third Plenum extravaganza’s policies, as anticipated, will prioritize boosting consumer spending. So far, such moves have been in short supply.

Zhang Ming, an economist, recommends that Beijing should increase investment and promote consumer spending by double or triple the value of this year’s special sovereign bonds, reaching 3 trillion yuan ( US$ 420 billion ).

According to Zhang, deputy director of the Institute of Finance &amp, Banking at the Chinese Academy of Social Sciences, a government think tank, “if we adhere to the central budget deficit level of 3 % no matter what it takes, fiscal spending will inevitably contract and become pro-cyclical.”

Upright Asset Management’s chairman, Chenjie Liu, points out that “raising the fiscal deficit ratio is an appropriate and effective policy tool.”

Economist Lisheng Wang of Goldman Sachs adds that” we see significant downward pressure for fiscal funding this year from falling tax and land sales revenue, besides the multi-year” deleveraging by state-owned companies known as local government financing vehicles, or LGFVs.” The hope is to reduce China’s exposure to off-balance-sheet debt risks.

If China’s 5 % growth goal is met, it will significantly ease Alibaba’s path to 2025 and entice more investors to buy Alibaba shares.

As of now, analyst Laura Wang at Morgan Stanley says” we expect some inflows but not major”, at about US$ 12 billion in the first six months after inclusion, or about 7 % of Alibaba’s total outstanding shares.

The positive news is that Alibaba’s significant investment in cloud computing has succeeded. The business experienced a modest 5.9 % growth as a result of CEO Wu’s strategic change in cloud computing and artificial intelligence. That offset Alibaba’s main platforms Taobao and Tmall, which saw a 1 % decline in revenue.

Any progress Beijing makes in accelerating economic growth would be greatly benefited by Alibaba’s unique position on the frontlines of China’s GDP zigs and zags, but it would have a big impact on its appeal among international investors. Perhaps even for Hong Kong’s appeal, too.

Follow William Pesek on X at @WilliamPesek

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Australia introduces cap on international students

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Getty Images A silhouette of a woman walking on an Australian university campusGetty Images

As part of its efforts to reduce overall movement to pre-pandemic rates, Australia may set a cap on the number of new foreign students it accepts.

The country has one of the biggest foreign scholar markets in the world, but there will only be 270, 000 new students enrolled in the country in 2025.

The authorities announced on Tuesday that each higher education institution may be subject to an adult limitations, with the biggest cuts being made by technical education and training providers.

The primary education sector has been angered by the change, with some universities calling it “economic vandalism,” but Canberra claims it will increase the sector’s quality and longevity.

Australia is host to about 717, 500 foreign students, according to the latest federal figures from first 2024.

Education Minister Jason Clare acknowledged that higher learning was hit hard during the pandemic, when Australia sent international students house and implemented strict border controls.

He also made note that, in addition to rising tuition costs, private technical and training companies are now 10 % more popular than they were before Covid-19, and that the number of international students attending universities is now 10 % more popular.

Individuals are back, but so are the shills; people are attempting to rip this sector off to make a quick buck, according to Mr. Clare.

Some providers have previously been accused of “unethical” behavior, including accepting students who do n’t have the ability to succeed, providing a subpar education or training, and enrolling those who want to work rather than study.

These changes are intended to improve and advance it, and put it on a more lasting standing, according to Mr. Clare.

He added that the restrictions may also help solve Australia’s record-breaking movement levels, which have put pressure on already-dense housing and infrastructure issues.

The government has already imposed tougher least English-language standards for foreign students, stricter language standards for those applying for a subsequent study visa, and fine lots of “dodgy” companies.

Attendance at public colleges will be pared again to 145, 000 in 2025, which is around their 2023 rates, Mr Clare said.

While there will be a cap on the number of vocational education and training organisations, which includes private universities and non-university higher education companies, 30, 000 new foreign students.

Additionally, the plan may provide opportunities for universities to construct more housing for foreign students, Mr. Clare added.

However, higher education providers claim that a helmet would kill the sector and that housing and immigration issues are being made a “fall guy” for the field.

International education was worth A$ 36.4bn ( £18.7bn,$ 24.7 ) to the Australian economy in 2022-23, making it the country’s fourth largest export that year.

The proposed proposed cuts may cost the American economy$ 4.1 billion and lead to about 22, 000 work losses in 2025, according to financial modeling commissioned earlier this year by Sydney University, where international students account for about half of attendance.

Vicki Thomson, chief executive of a figure which represents some of Australia’s most prominent institutions, described the proposed legislation as “draconian” and “interventionist”, saying they amounted to “economic theft” in remarks made earlier this year.

Mr. Clare argued that the helmet would hurt the industry, but acknowledged that some service providers might have to make tough budget choices.

It is absolutely and ultimately wrong to give the impression that this is somehow destroying international education, he said.

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Vietnam becoming a chip-making powerhouse – Asia Times

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Vietnam is a decoupling recipient of the US-led device war against China and is a significant newcomer to the global semiconductor industry.

Vietnam’s well-educated and highly motivated professionals work for relatively lower wages, attracting several silicon presentation and layout companies from the US, Germany, Japan, South Korea and Taiwan.

With a technology-oriented business development plan, Vietnam is following in the footsteps of Malaysia, now the country’s sixth-largest silicon producer and with 13 % of the world assembly, tests and packaging industry, according to ISIS Malaysia, a think tank.

This will undoubtedly appeal to the Biden administration, which has been advocating Vietnam as a viable alternative to China under the US-Vietnam Comprehensive Strategic Partnership, despite the fact that it is likely going to happen anyway.

According to market research firms, Vietnamese engineers make about US$ 8, 000 annually, which is roughly half the salary that engineers in Malaysia make. Those figures are$ 34, 000 in South Korea,$ 46, 000 in Taiwan,$ 50, 000 in Japan and$ 68, 000 in Singapore.

Semiconductor industry sources say annual salaries for design engineers with less than three years of experience range from$ 10, 000-$ 15, 000 in Vietnam versus$ 65, 000-$ 70, 000 in the US.

Even with faulty data and fluctuating exchange rates, salaries in Vietnam and Malaysia are so low that there is little chance of closing the pay gap in the near future.

This explains why Intel’s largest integrated circuit ( IC ) assembly, packaging, and test facility are both in Vietnam and in Malaysia, which has its largest advanced 3D packaging facility.

Germany’s largest semiconductor maker, Infineon, has established a product development team at its new office in Hanoi, which was opened in June of last year.

With a burgeoning and youthful population of nearly 100 million, Vietnam has quickly become a coveted destination for multinational corporations seeking to tap into a pool of exceptional technical talent, according to the CEO of Infineon Technologies Asia-Pacific, C S Chua.

The new development center in Hanoi, according to senior Infineon executive Hartmut Hiller, will make it easier for Infineon Technologies to meet the rising demand for functional testing and customized circuit designs, particularly for our leading System-on-Chip ( SoC ) solutions.

At its new factory in Malaysia, which has a skilled workforce and supportive infrastructure, Infineon began producing silicon carbide power semiconductors earlier this month. As the Vietnamese semiconductor industry expands, it is important to keep safe supply of electricity and water.

Renesas Electronics, Japan’s largest integrated semiconductor device manufacturer, has been in Vietnam since 2004, when it established a design team in Ho Chi Minh City. Renesas Design Vietnam is now the largest design studio for the business outside of Japan. Renesas has also established universities in Vietnam as a provider of semiconductor design programs.

South Korean IC design companies BOS Semiconductors, which works with Hyundai, and CoAsia, which works with Samsung, have R&amp, D centers in Vietnam.

Samsung Electro-Mechanics, Hana Micron Vina and Hanmi Semiconductor manufacture package substrates, printed circuit boards and semiconductor packaging equipment, respectively, in Vietnam.

While Alchip Technologies intends to establish one, Taiwanese semiconductor design firms GUC and Faraday Technology both have design centers in Vietnam. GUC and Alchip are affiliated with Taiwan’s world-leading TSMC.

FCC Partners, a Taiwanese investment bank, is collaborating with FPT Software in Vietnam to create a Vietnam Semiconductor Development Fund.

Vietnam also has its own semiconductor design firms, including VN Chip and FPT Semiconductor. With the support of universities, start-up incubators, large corporations and financial institutions, high-tech industrial parks, tax incentives and subsidies, more can be expected.

By 2030, the Vietnamese government intends to train 50 000 semiconductor engineers. According to Associate Professor Truong Viet Anh of the Hanoi University of Science, that is about ten times more than the nation currently has, according to VnEconomy.

But the largest foreign presence in the Vietnamese semiconductor industry, far and away, is American. In addition to Intel, US companies with operations in Vietnam include Microchip, Marvell, Qualcomm, Synopsis, Cadence, Savarti, Uniquify and Amkor.

Marvell, which specializes in data infrastructure semiconductor solutions, expects Vietnam to become its third-largest design center after the US and India.

Microchip, which makes microcontrollers, mixed-signal, analog and other devices, develops chips for the auto, industrial, aerospace and defense, communications, computing and consumer markets in Vietnam.

In 2003, Qualcomm established a presence in Vietnam, and it has since collaborated with network providers and the government to switch from 2G to 5G. The company runs the annual Qualcomm Vietnam Innovation Challenge&nbsp, for start-ups with the support of Vietnam’s Ministry of Science and Technology.

Synopsis, the world’s top electronic design automation company, has more than 500 employees at several locations in Vietnam. The Da Nang People’s Committee, the Vietnam National Innovation Center ( NIC ), and the Authority of Information and Communication Technologies Industry, all signed MOUs in 2023 to support the establishment of a semiconductor research institute.

The NIC also made an announcement last year that it would collaborate with Synopsis rival Cadence to promote IC design innovation in Vietnam. Under the agreement, Cadence design tools are provided to Vietnamese universities, training centers and start-ups. Additionally, the NIC and Arizona State University have come to an agreement to create training and research programs related to semiconductors.

US semiconductor design companies Savarti and Uniquify have established R&amp, D centers in Vietnam, with Savarti specializing in analog and mixed-signal devices and Uniquify in system-on-chip ( SoC ) design.

Amkor, the world’s second-largest provider of outsourced semiconductor assembly and test ( OSAT ) services, opened its first factory in Vietnam in October 2023. Located in the Yen Phong Industrial Park in the province of Bac Ninh, near Hanoi, it is a” state of the art” factory, according to Amkor CEO Giel Rutten. ” The kind of secure and reliable supply chain our customers need—in communications, automotive, &nbsp, high-performance computing, and other key industries”, he added.

On July 26 of this year, the US Department of Commerce signed a non-binding preliminary memorandum of terms with Amkor to help with the construction of the company’s first OSAT factory in the US with up to$ 400 million in direct funding, loans, and tax credits under the CHIPS Act. The US Department of Commerce had a secure supply chain in mind. A$ 2 billion investment in advanced packaging capability, it is expected to create about 2, 000 jobs in Arizona.

” Accordingly”, writes the US Commerce Department,” companies such as TSMC, Apple, and GlobalFoundries–which power the world’s most advanced technologies–will be able to package and test their essential chips domestically, enabling the full end-to-end cycle of the chip manufacturing process to occur in the United States”.

However, the$ 500 million International Technology Security and Innovation ( ITSI) Fund provides financial support for the semiconductor industry in Vietnam and other countries overseas.

As such, Amkor’s new factory in Bac Ninh may eventually employ about 10, 000 workers when it reaches full capacity, according to a Vietnam report.

Gina Raimondo, the US Secretary of Commerce, was without a doubt correct when she claimed that” this proposed funding would enhance our supply chain security.” However, it appears that it will result in a lot more employment for Vietnam than for the US.

Follow this writer on&nbsp, X: @ScottFo83517667

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