India stocks fall on election uncertainty

After the government’s general election, which indicated that Prime Minister Narendra Modi’s party may not be able to type a majority government, American companies have fallen sharply.

The standard NSE Nifty 50 promote score closed down nearly 6 %, its steepest decline since March 2020’s first Covid lockdowns in India.

First results suggest that Mr. Modi’s social group may need to concentrate on friends and form a partnership government.

That could lead to confusion over economic plans, some experts said.

The NSE Nifty 50, which comprises stocks in various big companies, had plunged 8.5 % at one point but ended the day down 5.9 % at 21, 884.5 points.

The S&amp, P BSE Sensex also fell sharply, closing 5.7 % lower at 72, 079.05.

The dollar slid 0.5 % against the US dollar, its biggest fall in 16 months.

More than half the seats have been counted in India’s public poll, and Mr Modi’s Bharatiya Janata Party ( BJP) looks unlikely to secure a majority in the 543- part lower house of parliament.

It might have to rely on the National Democratic Alliance ( NDA ) allies to form the new government.

Experts suggest that could lead to some doubt over economic plans, such as a force for expense, which has been one of the mainstays of the Modi government’s principle.

” The important question is whether BJP may preserve individual- gathering majority”, Ken Peng, head of investment strategy, Asia, at Citi Global Wealth, told Reuters.

” If not, then do its coalition be able to provide economic development, especially infrastructure”?

Puneet Sharma, the new government’s chief executive and fund manager, told Reuters that if it relies on coalition companions, it “may change its target” to put more emphasis on security “rather than focusing on reforms during the July finances.”

Legislatures in the Hindu nationalist BJP in 2014 and 2019 were won.

After leave surveys over the weekend suggested Mr. Modi and the BJP did win a major success, industry had spiked on Monday.

However, it appears that the BJP may struggle to achieve a majority on its own.

Fiona Cincotta, a industry analyst, reported to the BBC that important American share indexes had been “really battered.”

She added that there had been some “very great fallers” in individual companies, including oil and gas company Reliance Industries, and Bank of India.

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India election 2024: Modi heading for reduced majority, early results show

48 hours ago

Simon Fraser,Asia online editor, London

Getty Images A cardboard cut-out of India's Prime Minister Narendra Modi during vote counting for the national elections in New Delhi, India, on Tuesday, June 4, 2024.Getty Images

The general election vote count for Indian Prime Minister Narendra Modi’s ally is easily onward, but earlier results indicate that it is far behind the disaster exit polls for the alliance.

Mr Modi’s BJP- led ally is leading in more than 290 of 543 chairs up for grabs. More than 220 allied opposition events are represented by the Congress and other events.

The powerful opposition showing so far has surprised many spectators.

The BJP-led NDA ally was predicted to have a very bulk in a number of weekend exit polls, which would allow it to amend the constitution.

Mr Modi, eyeing a traditional second subsequent term in office, had set a goal of 370 tickets for the BJP and 400 tickets for his empire.

However, the BJP might not even receive the 272 votes on its own that are required for a lot in the lower house of parliament if early styles are confirmed by last results expected afterwards on Tuesday.

This would be a big surprise because many people saw the election as a referendum on Mr. Modi’s decade in business, during which he has altered many aspects of life in India.

At Congress office, group workers have been celebrating the first results. The fact that there has n’t been a runaway result for the governing alliance has been demonstrated by the Indian markets ‘ jitters, which have fallen by more than 2 %.

EPA Bharatiya Janata Party (BJP) supporters celebrate as they watch election election results on a television screen at BJP headquarters in Bangalore, India, 04 June 2024. EPA

However, experts warn that there may be significant changes in the electronic voting machines ‘ matter over the coming days.

An average 66 % of voters took part in the election, official figures showed. With almost a billion registered voters, or one in eight of the world’s population, it was the largest for training the world had ever seen.

Due to security and operational concerns, ballot was schedulered over seven rounds between April 19 and June 1. The election was largely conducted in serious and fatal heat as the temperature soared to almost 50C in some parts of India.

Getty Images Congress supporters celebrate in DelhiGetty Images

The primary minister denies that he was being divisive when rivals accused him of demonizing Muslims, and the BJP and its rivals engaged in a brutal- at times vituperative- campaign.

Mr. Modi visited the nation, praising his accomplishments in places like promoting welfare programs and raising India’s report internationally.

Opposition parties raised concerns that legal changes could make the underprivileged less secure and that great employment, especially for young people, is a problem. They even promised to stop India’s” drop into autocracy”.

Delhi’s general secretary Arvind Kejriwal was taken into custody on fraud costs in April but quickly released after that time to allow him to campaign. In recent years, several opposition leaders and federal critics have been jailed.

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Why Russians still embrace the war – Asia Times

Vladimir Putin, the president of Russia, arrived in Beijing for a two-day visit on May 15, 2024, and Chinese President Xi Jinping welcomed him with a dark floor greeting.

The two officials pledged a “new age” for the Russia- China marriage, building on their” no limits relationship” struck only before Russia’s 2022 invasion of Ukraine. Putin’s first overseas vacation since winning election in March was a case in point, highlighting both his and Russia’s unwavering support of the Ukrainian conflict.

Putin won 87 % of the vote from a record-high voter turnout despite Russia’s election in 2024 being marked by widespread persecution of severe alternative events and candidates and decades of brazen remarks about Russia’s “managed” politics.

Yet with some self- censorship and a small drop in approval, the Russian public also generally backs the war, despite a mostly static frontline, the severance of ties with Europe, declines in living standards, and the deaths and injuries of hundreds of thousands of Russian soldiers.

Ukraine, a country that Putin and some Russians consider to be a brotherly country and the family tradition of Russia, has a remarkable number of casualties.

In comparison, a few years after the problems began, US local support for the wars in Afghanistan and Iraq began to decline significantly, and there were signs of a drop in Soviet public support for the war that soon followed.

However, although the costs of Russia’s war in Ukraine continue to rise and it appears far from finish, various reasons have compelled Russian citizens to maintain supporting the war and the senator who initiated it.

Russia’s opposition to war faces unique difficulties not experienced in the US, but convincing a populace that war is inevitable is crucial for any government to carry out a war effort.

The Kremlin’s military exercises represent a noble effort by the country to protect ethnic Russians and Russian speakers from Kiev’s fascist regime, a claim that has been shared by many Russians and the country’s involvement in World War II.

Highlighting growing restrictions on the Russian language in Ukraine furthers this message while Russia’s excuse that they were answering cries for help in Ukraine echoes their 1968 invasion of Czechoslovakia.

In addition, Russian media uses the country’s forces to question President Volodymyr Zelensky’s legitimacy because Ukraine is accused of killing civilians in Russia and Ukraine’s failure to hold scheduled elections in 2024 has been used to undermine its legitimacy.

Volodymyr Zelensky, the president of Ukraine, is described as illegitimate in Russia. Image: X Screengrab

Putin has used a historical and patriotic lens to interpret the invasion by portraying Ukraine as the mother culture of Russia. The conflict is seen as an internal struggle to reaffirm Russian dominance over the country’s ancestral homeland, which gave birth to the Russian language, religion, and political roots against an illegal Ukrainian government that is currently occupying the nation.

Russian nationalism can be rallied by invoking ethnic unity, territorial patrimony and the need to rectify Ukraine’s separation from Moscow, making it easier to dismiss Ukraine’s sovereignty.

Russia has also deflected its UN Charter violations against non-aggression by portraying itself as an aggrieved party that was forced into war by the US-led West and its vassal states. It is a sentiment that is supported by well-known figures like Slovakia’s Prime Minister Robert Fico, who declared that Ukraine was under Washington’s total control in January 2024.

On May 1, 2024, an exhibition of captured Western weapons, vehicles and equipment since the start of the war opened in Moscow – much like Kiev’s in May 2022 which showed captured Russian equipment.

The Kremlin makes a strong connection to the conflict, not the least of which is the most recent ISIS attack in Moscow. The American public, however, started to think that US leaders had misled them into supporting the War on Terror, particularly the Iraqi conflict, which it believed could have been avoided.

Russians ‘ support for the war has manifested as the culmination of decades of “patriotic mobilization” that has taken place since Putin’s first term. Since the invasion, there has been a significant increase in the spread of nationalist sentiment, which is pervasive across all forms of media, culture, and politics.

Russian identity is increasingly woven into the existential need to defend Russia from NATO, boost Russian military might, and protect its reputation abroad.

Preparing and instilling confidence in the Russian armed forces ‘ ability to sustain a major conflict has been ongoing for decades. In the 2000s, Russian forces carried out counterinsurgency operations in the restive region of Chechnya and supported a limited conflict in the neighboring Georgia in 2008.

In 2014, Russian forces seized Crimea from Ukraine and fought a limited conflict to support Ukraine’s tense border region with Russia. In 2015, they launched a major military operation to rescue Syrian President Assad in 2015.

The significant escalation of Russia’s conflict in Ukraine in 2022 did not come as a surprise because Syria had been relatively successful. This contrasts with the perceived failures of Western military engagements in the twenty-first century, which have resulted in domestic confidence in the US military declining.

To alleviate domestic concerns stemming from severing Russia’s historical connections with Europe, as well as distancing by other countries to comply with Western sanctions, Putin has embarked on a series of foreign trips to show Russia’s resiliency.

Visits to Belarus and other former Soviet Union nations in Central Asia and the Caucasus have helped to stabilize its regional influence. Russia has hosted dozens of foreign leaders from the Global South, as well as those of Hungary and Austria, and visits to Iran, Saudi Arabia, and the United Arab Emirates have served as a way to demonstrate its enduring influence in the Middle East.

However, Russia’s ties with China form its most crucial bilateral relationship. Putin’s May visit to China confirmed Moscow’s strategic relationship with Beijing despite the power imbalance.

Russian President Vladimir Putin and Chinese President Xi Jinping are each other’s brothers.

Russia’s capacity to confront the US and collaborate with other major powers offers reassurance that has erased much of the pain of the geopolitical decline that accompanied the Soviet collapse. Moscow has also aimed to counteract any Western moral superiority in Ukraine by highlighting Washington and Kiev’s continued support for Israel.

The Kremlin hopes to legitimize its policies and expand Russia’s appeal to the Global South by framing it as part of Russia’s struggle with the West for a new multipolar world order.

Following the Nigerien government’s expulsion of US troops in May 2024 and the invitation of Russian forces, images of Russian troops entering the same airbase where US military personnel were stationed further underscored Russia’s assertive struggle with the West and wider geopolitical ambitions.

Additionally, Russian citizens have received subsidies for fuel, food, and other essential resources to protect them from the effects of the war’s economic effects. The presence of significant foreign reserves and gold has helped to fund the war and stop prolonged currency volatility, while the imposition of severe sanctions on foreign companies considering leaving Russia has dissuaded many Western companies from leaving or forced them to pay significant costs.

Russia’s major economic partners, most importantly China and India, have helped maintain stability in Russia’s exports and imports. By design, sanctions from the West have not severely affected the Russian economy, as preventing Russian resources from reaching global markets would cause prices to rise.

Additionally, the public of Russia has been largely spared of destruction. Ukrainian attacks within Russia have mostly been limited to small flareups in border regions and attacks on energy and transport facilities while Ukrainian forces are still restricted from using Western weapons. Despite rising sabotage attacks, the situation is manageable in Russia.

No Russian civilians have been vehemently engaged in combat, in contrast to Ukrainian citizens. The 2022 partial mobilization called up reservists, while recent changes to laws have meant Russia has been more easily able to offer generous contracts to annual conscripts soon after their training has concluded.

Russian media can assert that it only employs volunteers and those who are already enlisted in the military in comparison to the forced conscription videos in Ukraine. Russian soldiers who are injured, as well as the families of Russian soldiers who lost their lives while serving, are paid a lot of money.

Though payment is often delayed, the modest backgrounds of most Russian soldiers mean that these funds can be life- changing. Regular Russian soldiers have also been shielded by the use of prisoners in particularly risky military operations, with Ukraine only considering this aspect earlier this year.

Tens of thousands of Russian soldiers have been killed and hundreds of thousands more have been seriously hurt, though. This tests the casualties hypothesis, which states that the public’s willingness to remain engaged in a military intervention declines as casualties mount.

In the war, hundreds of thousands of Russian soldiers have been hurt. Egmont Institute, Facebook, or Screengrab in image

The Soviet Union’s 10- year war in Afghanistan saw 15, 000 Soviet troops killed and eventually helped lead to the downfall of the country, while the deeply unpopular Iraq War saw 4, 500 US soldier deaths and saw the Bush administration’s popularity decline considerably.

Official casualty figures are undoubtedly distorted by the Russian government. However, it is crucial to situate Russia’s losses in Ukraine in light of recent events. The Covid- 19 pandemic claimed more than 400, 000 Russian lives, far surpassing the casualties in Ukraine.

Additionally, the large number of deaths of prominent Russians since the start of the war may have influenced the Russian public’s stomach in the face of such significant losses.

The conflict and its effects have been documented in Russian media as evidence of a sense of collective sacrifice among the country’s most powerful individuals who are able to be killed and have their assets confiscated.

Amid the chaos of the war, dozens of Russian oligarchs and political figures have been killed in suspicious circumstances both in Russia and overseas, in a public settling of scores, opportunism and punishment from the Kremlin for disobedience.

Alexander Tyulyakov, a senior executive of Gazprom’s corporate security, was discovered hanging in his garage a day after Russian forces entered Ukraine.

In September of this year, Ravil Maganov, the chairman of Russia’s oil giant Lukoil, allegedly fell from a hospital window. In December, businessman Vladimir Bidenov died of heart problems at the Hotel Sai International in India – two days later his business associate and deputy in the Legislative Assembly of Vladimir Oblast, Pavel Antov, fell out of a window at the same hotel.

While the deaths of oligarchs and politicians may provide some comfort to regular Russian soldiers stationed in Ukraine, there has also been a significant loss of senior military figures.

Some, like Lieutenant General Vladimir Sviridov, were killed as well in ominous circumstances, such as in an unknown location. However, the necessity for high- ranking Russian military officials to remain near the frontlines, owing to a more top- down decision- making military structure and the risk of electronic eavesdropping by Ukrainian and Western advisors, contributes to their higher casualty rate.

Russia has confirmed that seven general officers had been killed in Ukraine by 2024, with Ukraine claiming more than 14 had already been killed by the start of 2023, in addition to hundreds of other high-profile deaths.

No US general has lost his life in combat since the Vietnam War’s last fatal encounter occurred in 2014 when an Afghan service member opened fire on NATO personnel in Kabul.

With this backdrop of sacrifice and solidarity among Russian elites, Russia’s “rally -’round- the- flag” effect may sustain itself longer than expected.

Russians appear to believe that time and demographics are in favor of them. After decades of emigrating, the share of Russians who wanted to move abroad hit a record low, partially as a result of many of those who wanted to leave already did so. According to a March 2024 poll by Russia’s Levada Center.

However, according to Finion, a Moscow-based relocation company, 40 to 45 % of Russians who fled abroad have since returned, as a result of factors like tighter regulations for remote work, visa issues, reduced fears of conscription, and general desire to return.

And while tens of thousands of Russian soldiers have perished in occupied areas of Ukraine, along with thousands of more ethnic Russians, millions of those who reside in those occupied territories have already been incorporated into the Russian Federation’s 144 million citizens before they are over.

Conversely, Ukraine, with 37 million people before the war, has faced a population exodus compounding already challenging demographics.

By the early 2024 period, the general opinion was that Russia had a fragile advantage. Although potentially pyrrhic, history appears more and more likely in Russia, if loosely defined. Yet, as the conflict drags on, sustained by a Russian economy increasingly geared toward the war, the pursuit of victory may wane as casualties and other costs mount.

In the Voronezh Region, Russia, service members of the engineer-sapper regiment take the military oath. Press release from the Russian Defense Ministry

The Kremlin’s anxieties are now focused on Western nations, led by the UK, France and Poland, allowing Ukraine to use Western weapons in Russia, which would further bring the war home to Russian civilians and internal infrastructure.

Tensions are unquestionably high in the Kremlin despite the public’s perception of calm. Estimates of Russia’s ability to sustain the conflict in its current state typically range between two and three years.

Yet unwavering support for Putin, coupled with the absence of viable alternatives, may extend his strong personal commitment to the war indefinitely. Russia appears capable of and determined to fight the war, but its uncertain future will continue to put pressure on the country’s conceited support for it.

In the West, Putin’s willingness to keep the war is seen as something to exploit. Western policymakers have witnessed Russia increasingly commit its domestic resources to the conflict, as well asrecently shift from calling it a” special military operation” to a war.

Russia’s Soviet arsenal and foreign arm deployment will continue to wear down as a result of Russia’s steadily advancing technological capability to fight a war of attrition, demonstrating the weakness of Russia’s production and advanced weapons systems.

It is anticipated that a second major convulsion across the former Soviet Union will further reduce Moscow’s geopolitical influence by provoking a Russian defeat.

Russia’s protracted military campaign and the West’s strategy of prolonging the conflict through escalation management will keep exacting a catastrophic toll on Ukrainian lives and infrastructure.

John P. Ruehl, a journalist from Australia and the United States who works for the Independent Media Institute, is a correspondent for the Independent Media Institute on world affairs. He contributes to several other foreign affairs publications as well as contributing editor to Strategic Policy. His book, Budget Superpower: How Russia Challenges the West With an Economy Smaller Than Texas ‘, was published in December 2022.

This article first appeared on Independent Media Institute, and it has since been republished with kind permission.

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Avanade appoints Bhavya Kapoor as new Growth Markets Area President 

  • Achieves Rodrigo Caserta, then Avanade’s Global Technology Business Group direct
  • Responsiblilities include accelerating progress, expanding Avanade’s business management

Avanade appoints Bhavya Kapoor as new Growth Markets Area President 

Avanade, the leading Microsoft solutions provider, has announced that it has appointed Bhavya Kapoor ( pic ) as the new area president for Growth Markets. Most recently, Bhavya, the company’s Southeast Asia handling director, succeeds Rodrigo De Queiroz Caserta in his novel capacity as Avanade’s Global Technology Business Group leader. Both sessions take effect on June 1st, 2024. &nbsp,

In his fresh position, Bhavya is responsible for Avanade’s proper way and priorities, accelerating business development, expanding the company’s market- leading position, and creating an inclusive culture across Avanade’s most different regions that include Asia- Pacific, Japan and Latin America. Bhavya reports into Pamela Maynard, CEO of Avanade, and joins Avanade’s international Executive Committee. He continues to be based in Singapore.

Bhavya joined Avanade in 2021 as its Southeast Asia handling producer, with over two decades of experience in business management, technology and auditing. Under his management, Avanade’s Southeast Asia firm has experienced twice- digit growth, recognized as an inclusive company, and named Microsoft’s leading partner in the region. &nbsp,

Bhavya graduated from Harvard Business School, holds a bachelor’s degree in electronics and communications, and is a graduate of Harvard Business School. He also serves on the board of directors of the International Institute of Rural Reconstruction, a global non-profit firm whose goal is to inspire rural individuals to develop resilient communities and achieve social equality through innovative and community-led action.

Pamela Maynard said” With Bhavya’s proven track record of creating and ramping businesses in large- development regions, complemented by his love for inclusion, diversity and sustainability, I am convinced that he will continue to drive our business to new heights. Rodrigo Caserta deserves special appreciation for the tremendous impact he has had on our Growth Markets business over the past four years. I look forward to Caserta’s application of Growth Markets ‘ learnings and experiences to his new position as Avanade’s Global Technology Business Group Lead.

Growing Markets is an exciting fusion of the world’s most dynamic and diverse territories, according to Bhavya, and I’m honored to lead our people and business into the next chapter of growth. I’m eager to embark on this journey together with our people, clients, communities, and ecosystem partners because these areas are filled with exceptional talents and organizations with enormous potential. Through the use of AI, data, and human ingenuity, we will empower people and businesses to make a real human impact.

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Bank of Singapore creates global advisory council; appoints chief portfolio strategist | FinanceAsia

To support the bank’s Chief Investment Office’s ( CIO ) research capabilities and to gain client insights, Bank of Singapore established an independent investment advisory council.

According to a declaration from the bank, eight members of the CIO Global Advisory Council have been chosen based on their track records in finance, public policy, political research, resource allocation, and investment management. &nbsp,

The members are: Belinda Boa, head of Apac engaged investments and key investment officer of emerging markets, BlackRock, Ken Caplan, world co- key investment officer, Blackstone, Fabiana Fedeli, key investment officer, equities, multi- asset and sustainability, M&amp, G Investments, Robin Hu, Asia chair, Milken Institute and advisor senior director, Temasek, Stewart James, co- head, office of government affairs Apac, Goldman Sachs, Yuichi Murao, chief investment officer, Nomura Asset Management, Adam Posen, president, Peterson Institute for International Economics, and Paula Campbell Roberts, chief investment strategist for global wealth, KKR.

Jean Chia, global chief investment officer, Bank of Singapore, said in the statement:” Building intellectual capital is a key part of the bank’s strategy to become the top private bank in Asia. In today’s knowledge-driven economy, we are strengthening our competitive advantage by utilizing our research capabilities, including creating a global advisory council that complements our internal insights.

Since January 2024, the CIO has reported to Bank of Singapore’s chief executive officer Jason Moo. According to the statement, the CIO manages client assets while the advisory and discretionary portfolio management teams manage client assets. &nbsp, &nbsp,

While the CIO Global Advisory Council will offer insights, the Bank of Singapore’s house view– which guides investment decisions – uses the CIO’s in- house research, investment strategy and asset allocation expertise, the bank explained. &nbsp,

The CIO established a wealth management and investment management technology earlier this year that asset managers and institutional investors use. One of the first private banks in Asia to use the platform for clients of private banking is Bank of Singapore. &nbsp,

Bank of Singapore is owned by OCBC, and has offices in Singapore, Hong Kong, Malaysia, the UK, Luxembourg and Dubai, and a representative office in the Philippines, according to its website. &nbsp,

Rickie Chan introduced the position of the Hong Kong branch’s chief executive on April 17. Chan added it to his role as head of private banking, Greater China, and replaced Cindy Wong, whose last day at the bank was May 31, 2024. She became the Hong Kong branch’s CEO in 2021 after joining the Bank of Singapore in November 2015. &nbsp,

New chief portfolio strategist

Additionally, the Bank of Singapore has appointed a chief portfolio strategist. Owi Ruivivar, who has over 30 years of experience in economics, investment strategy and portfolio management, has assumed the new role, starting on June 3.

Ruivivar, who is based in Singapore, will be a member of the bank’s investment committee, which decides on client calls for strategic and tactical asset allocation. She reports to Chia.

The newly created position will assist in the creation of a” systematic, robust, and risk-based multi- asset allocation framework that will guide clients as they build long-term investment portfolios,” according to a statement.

Ruivivar comes to Singapore from GIC, where she oversaw the department’s department’s department’s investment and investment strategy department’s investment-oriented thematic research. She also served as the head of the team responsible for investing in future markets, which managed multi-asset investments in emerging markets countries. Prior To GIC she spent 17 years with Goldman Sachs Asset Management.

Chia said:” In today’s knowledge- driven economy, we aim to enhance our competitive advantage by hiring and developing talent in research and portfolio management capabilities”.

¬ Haymarket Media Limited. All rights reserved.

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Bank of Singapore creates global advisory council; hires chief portfolio strategist | FinanceAsia

To support the Chief Investment Office’s ( CIO ) research capabilities and gain insight from clients, Bank of Singapore established an independent investment advisory council.

According to a statement from the bank, eight members of the CIO Global Advisory Council have been chosen based on their track records in finance, public policy, political research, resource allocation, and purchase control. &nbsp,

The members are: Belinda Boa, head of Apac engaged investments and key investment officer of emerging markets, BlackRock, Ken Caplan, world co- key investment officer, Blackstone, Fabiana Fedeli, key investment officer, equities, multi- asset and sustainability, M&amp, G Investments, Robin Hu, Asia chair, Milken Institute and advisor senior director, Temasek, Stewart James, co- head, office of government affairs Apac, Goldman Sachs, Yuichi Murao, chief investment officer, Nomura Asset Management, Adam Posen, president, Peterson Institute for International Economics, and Paula Campbell Roberts, chief investment strategist for global wealth, KKR.

Jean Chia, global chief investment officer, Bank of Singapore, said in the declaration:” Building intellectual money is a vital part of the company’s strategy to become the best personal bank in Asia. We are investing in research capabilities in today’s knowledge-driven economy, including creating a global advisory council that complements our internal insights.

Since January 2024, the CIO has reported to Bank of Singapore’s chief executive officer Jason Moo. According to the statement, the CIO oversees the asset allocation framework, investment views, and securities research, while the advisory and discretionary portfolio management teams oversee client assets. &nbsp, &nbsp,

While the CIO Global Advisory Council will offer insights, the Bank of Singapore’s house view– which guides investment decisions – uses the CIO’s in- house research, investment strategy and asset allocation expertise, the bank explained. &nbsp,

The CIO established a wealth management and investment management technology earlier this year that asset managers and institutional investors use. One of the first private banks in Asia to adopt the platform for private banking clients is Bank of Singapore. &nbsp,

Bank of Singapore is owned by OCBC, and has offices in Singapore, Hong Kong, Malaysia, the UK, Luxembourg and Dubai, and a representative office in the Philippines, according to its website. &nbsp,

Rickie Chan introduced the Hong Kong branch’s position as its chief executive on April 17. Chan added it to his role as head of private banking, Greater China, and replaced Cindy Wong, whose last day at the bank was May 31, 2024. She became the Hong Kong branch’s CEO in 2021 after joining the Bank of Singapore in November 2015. &nbsp,

New chief portfolio strategist

Additionally, the Bank of Singapore has appointed a chief portfolio strategist. Owi Ruivivar, who has over 30 years of experience in economics, investment strategy and portfolio management, has assumed the new role, starting on June 3.

Ruivivar, who is based in Singapore, will be a member of the bank’s investment committee, which decides client requests for strategic and tactical asset allocation. She reports to Chia.

The newly created position will assist in the creation of a” systematic, robust, and risk-based multi-asset allocation framework that will guide clients as they build long-term investment portfolios,” according to a statement.

Ruivivar started at the department of economics and investment strategy at Singapore’s GIC, where she oversaw the department’s investment-focused thematic research. She also served as the head of the team responsible for investing in future markets, which managed multi-asset investments in emerging markets countries. Prior To GIC she spent 17 years with Goldman Sachs Asset Management.

Chia said:” In today’s knowledge- driven economy, we aim to enhance our competitive advantage by hiring and developing talent in research and portfolio management capabilities”.

¬ Haymarket Media Limited. All rights reserved.

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Local halal industry gets a boost

Regional gateway programs make development

Local halal industry gets a boost

According to Minister of Industry Pimpatra Wichaikul, the Thai kosher sector is ready to promote the region as a muslim gateway.

Ms. Pimpatra, who presided over the starting meeting of the Halal Industry Center hall at THAIFEX- Anuga Asia 2024, stated that the government is eager for Thailand to become the region’s center through the National Halal Industry Committee and the Halal Industry Center.

More than 200 million baht is likely to be in the mix as a result of negotiations with companies that hold connections during the May 28 to June 1 function. After this, the government, she said, will stimulate the growth of exports to possible markets around the world.

Halal items have a large and growing business, and it continues to grow. The worldwide market for halal items is valued at more than US$ 2.3 trillion and is expected to increase to$ 2.8 trillion by 2025, covering a broad range of products and services, including food, cosmetics, fashion, and hospitality, she said.

With 63 % of the total market value, the food and beverage team has the most shares. The world kosher food industry is valued at US$ 1.4 trillion, which is expected to increase within five decades, expanding in line with increases in the nation’s Muslim community.

According to Ms. Pimpatra,” Prime Minister Srettha Thavisin wants to promote kosher as a significant business in the nation.”

He had designated the Ministry of Industry as the primary force behind the program.

To provide a framework for the Thai Halal Industry Center’s habitat, the ministry established one. Its goals are to raise the bar for technological innovation in production, place emphasis on creating new products, and increase kosher product standards. It would also encourage business in the muslim business domestically and internationally, she said.

Second, she claimed that the ministry has” created awareness of the potential of the Thai halal industry” both domestically and internationally through international exhibitions like the Malaysia International Halal Showcase ( MIHAS ) and THAIFEX- Anuga Asia 2024.

In a final statement, Ms. Pimpatra claimed that the government promoted” business promotion and the expansion of international trade markets” through discussions and the signing of cooperation agreements or MOUs between bilateral and multilateral countries.

She stated that the government wants to expand the muslim goods and services sector to Brunei Darussalam, Malaysia, and Indonesia.

Pimpatra: Highlights possible industry

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Equinix opens two data centers in Malaysia with US0 mil invested to date

  • Numerous lessons were learned by Malaysian service providers when the two features were being constructed.
  • JH1 in Johor provides obvious cost savings for Singapore companies looking to outsource tasks.

Equinix opens two data centers in Malaysia with US$140 mil invested to date

Equinix, a Nasdaq listed digital infrastructure company, has opened two data centers in Malaysia, one in the southern state of Johor ( JH1 ) and the central region state of Selangor, with the facility called&nbsp, Kuala Lumpur (KL1 ). These carrier-neutral International Business Exchange ( IBX ) facilities form Malaysia’s digital infrastructure backbone, giving local businesses access to Equinix’s global ecosystem of over ten thousand businesses spread across 260 data centers in 71 major cities. &nbsp,

Equinix opens two data centers in Malaysia with US$140 mil invested to date” We strongly believe that the entry of JH1 and KL1 inaugurates a new era in Malaysia,” said Cheam Tat Inn, managing director of Equinix Malaysia. ” By providing businesses with unprecedented access to worldwide network and cutting- top systems, Equinix is poised to improve the digital environment” .&nbsp, Cheam was speaking to reporters during a press journey at JH1 on Mon, 27 May.

The US$ 40 million JH1 service, which was announced in Nov 2022, is located 15km from Singapore in Nusajaya Tech Park and offers up to 500 units and 1, 800 square feet of coworking area. When fully operational, the US$$ 100 million KL1 data centre in Cyberjaya is anticipated to have 900 cabinets and 2,630 square feet of space. Both websites bring strong connection and online companies like Equinix Fabric, Cloud Router, and Internet Exchange to Malaysia, said Equinix.

While Equinix did not share prices for its two multi- client sites, also called retail collocation, a property analyst familiar with sales in the Malaysian business said the business value ranged from US$ 106.3 to US$ 117 ( RM500 to RM550 ) per watt per month. &nbsp,

Due to the proximity of the JH1 facility to Singapore, Cheam claims that the “offloading of workloads” will be made possible because Singapore-based businesses with growing digital needs can quickly move across the border to the new data center. By tapping into Equinix’s global reach across 71 cities, Malaysian businesses can also use the site as an interconnection hub to establish digital presences all over the world.

Though Cheam did not mention it, the JH1 facility is expected to offer Singapore based companies a clear cost advantage should they move workloads to JH1, with a market study by Statista.com ( chart ) in July 2020 showing Singapore data centers charging retail colocation rates of between US$ 230 to US$ 280 ( RM1, 032 to RM1, 318 ) per kilowatt. &nbsp,

Equinix opens two data centers in Malaysia with US$140 mil invested to date

While JH1 is anticipated to draw customers from Singapore, multinationals looking to service ASEAN markets from Malaysia are expected to use KL1. Already, Malaysian telcos like TIME and Maxis are leveraging Equinix’s Malaysian footprint, alongside firms spanning fintech, gaming, AI, and content provision.

Cheam remarked on the unavoidable impact of AI on the business, adding that” the deployment of AI use cases is clearly growing at a rapid rate.” AI’s hunger for high interconnectivity also means that,” They]customers ] are not just coming in and doing generic AI- their AI use cases span financial modeling and different industries”.

In a nod to growing concerns about the impact of the expanding data centers on the environment, both JH1 and KL1 are 100 % renewable energy as part of Equinix’s commitment to achieving its goal of becoming climate neutral by 2030, in keeping with Malaysia’s stated sustainability goals. Additionally, the facilities incorporate energy-efficient design that is compliant with international standards to improve power usage effectiveness.

Cheam also addressed the talent shortage in the construction of the highly developed facilities, not from a technological perspective, as the United States is already experiencing a talent shortage that is causing delays in data center construction. Cheam noted that” a lot of learnings went on, especially for Malaysian companies and construction firms,” pointing out that developing such cutting-edge data center facilities calls for close collaboration to develop local expertise. It’s not just about skills for operating the data centers, but helping architects, construction teams, and others understand data center design and building processes”.

To further nurture the data center talent pipeline, Equinix, with over 30 Malaysian staff at JH1 and KL1, said it plans on partnering with government agencies like MDEC, MIDA, and MITI on developing training programs. There are still no plans.

As for further expansion, Cheam said,” The immediate thing is to continue growing JH1 and KL1. Next, we’ll introduce our full line of digital services. We’re seeing strong demand for our data center services. We will be looking into new opportunities based on customer demand, just as we have done so for the last 25 years to address the growth of digital infrastructure.

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Bank of Singapore creates independent global advisory council | FinanceAsia

To support the Chief Investment Office’s ( CIO ) research capabilities and to gain client insights, the Bank of Singapore established an independent investment advisory council.

According to a declaration from the bank, eight members of the CIO Global Advisory Council have been chosen based on their track records in finance, public policy, political research, resource allocation, and investment management. &nbsp,

The members are: Belinda Boa, head of Apac engaged investments and key investment officer of emerging markets, BlackRock, Ken Caplan, world co- key investment officer, Blackstone, Fabiana Fedeli, key investment officer, equities, multi- asset and sustainability, M&amp, G Investments, Robin Hu, Asia chair, Milken Institute and advisor senior director, Temasek, Stewart James, co- head, office of government affairs Apac, Goldman Sachs, Yuichi Murao, chief investment officer, Nomura Asset Management, Adam Posen, president, Peterson Institute for International Economics, and Paula Campbell Roberts, chief investment strategist for global wealth, KKR.

Jean Chia, global chief investment officer, Bank of Singapore, said in the statement:” Building intellectual capital is a key part of the bank’s strategy to become the top private bank in Asia. We are investing in research capabilities in today’s knowledge-driven economy, which includes convening this global advisory council in addition to our in-house insights.

The Chief Investment Office has received a direct report from Chief Executive Officer Jason Moo since January 2024. The advisory and discretionary portfolio management teams manage the clients ‘ assets in accordance with their return expectations and risk appetite, while the chief investment office establishes the asset allocation framework, investment views, and securities research.

While the CIO Global Advisory Council will offer insights, the Bank’s house view– which guides investment decisions – is built upon the Chief Investment Office’s in- house research, investment strategy and asset allocation expertise, the statement said. &nbsp,

Asset managers and institutional investors use wealth management and investment management technology, which the Chief Investment Office established earlier this year. One of the first private banks in Asia to adopt the platform for clients of private banking is Bank of Singapore. &nbsp,

The Bank of Singapore is owned by OCBC and has offces in Singapore, Hong Kong, Malaysia, the UK, Luxembourg, Dubai and a representative office in the Philippines, according to its website. &nbsp,

Rickie Chan introduced the Hong Kong branch’s position as its chief executive on April 17. Chan replaced Cindy Wong, whose last day at the bank was May 31, 2024, by adding it to his role as head of private banking, Greater China. She became the CEO of the Hong Kong branch in 2021 after joining the Bank of Singapore in November 2015. &nbsp,

¬ Haymarket Media Limited. All rights reserved.

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Japan’s service firms to hurt the worst in China split – Asia Times

In recent years, the Chinese government has made its desire to leave China in response to growing Sino-American economic rivalries.

The Shinzo Abe administration has already provided grants worth 70 billion renminbi ( US$ 445. million ) to Chinese companies in order to move their output from China to Southeast Asia or back to Japan as of 2020.

The Chinese government could conduct more in-depth examination of trade in sympathetic goods with China on national security grounds, frequently in cooperation with US and European authorities, thanks to changes to the Foreign Exchange and Foreign Trade Act that year. &nbsp,

However, it has been proven by numerous assessments that the two nations ‘ long and extensive trading relationship poses a significant barrier to dispersion. In fact, the supply chains that Japan’s and China’s latest economic partnership are characterized by are intricately intertwined.

As Japan’s largest trading partner, China buying more than 21 % of Japan’s export while providing more than 24 % of the products that support the Chinese economy bite on. These figures must be cut in order for Japan to truly detach itself from China. &nbsp,

Articles show Chinese production is decoupling from China, if slowly and cautiously, according to several factors. The most pronounced is a worry of being barred from the attractive US market as China enacts more stringent tech and trade sanctions and begins to censor China’s transshipment and different roundabout efforts to evade the disciplinary measures.

A kills of big Chinese companies are eager to establish new production facilities in the US, while only 27 % of Japanese businesses with business relationships to China expressed a desire to grow those relationships. Toyota and Panasonic are two examples of US companies that have received grants for their further growth in the US. &nbsp,

The difficulty of Japan Inc.’s ability to compete in China is also making their move toward the Chinese business more difficult. Japanese car sales in China dropped to an unprecedented 17 % next year as a result of a rapid shift toward EVs produced by Chinese companies like BYD.

Toyota and Nissan have collaborated with local Chinese companies to succeed while Mitsubishi has to cut back on its manufacturing in China. Japanese carmakers ‘ losing battle with Chinese EV manufacturers is suggestive of Chinese home electronics manufacturers that were once common in Chinese stores and were being overtaken by companies like Haier, Xiaomi, and Hisense.

Opponents of Japan’s decoupling from China also benefit from the wider restructuring of the two nations ‘ various trading partners. The slowing expansion in China, combined with concern for wider US and EU punishment, is altering global supply chains in ways that could lower Japan’s deal with the Middle Kingdom.

News from TSMC’s opening of new semiconductor factories in Japan, India, Mexico, and ASEAN’s attempts to entice companies away from China and a slow but steady flow of reshoring by US companies all point to a prospect where Japan must less rely on “made in China” products.

However, these evaluations, which are based on the patterns in producers and made goods, ignore a significant portion of the factor that will ultimately decide whether Japan’s large decoupling from China will succeed or fail.

The same cannot be said of the numerous Chinese companies that operate restaurants, stores, companies, and clinics that are based in China, although Chinese manufacturers that produce in China for Chinese markets may possibly still sell to China when factories are moved abroad.

Considering that manufacturers only account for about 40 % of the roughly 12, 000 Japanese companies that are currently active in China, ignoring this enormous presence of the Japanese service sector paints an incomplete picture of decoupling trends and potential outcomes.

Indeed, a casual look shows that Japanese service providers are deepening, not uprooting, their presence in China amid all the talk of decoupling. For instance, Japanese chain of convenience stores have steadily increased their presence in China since 2019, with Lawson almost tripling its number of locations over the same time period.

Meanwhile, fast- fashion giant Uniqlo’s presence in China grew from 711 stores in 2019 to 925 in 2023. Restaurant chain Saizeriya grew from 120 stores in 2016 to 387 over the same period. Aeon, the owner of a shopping mall, opened its first branch in 2010 and now has 22 locations in China.

These businesses ‘ growing presence in China has not been seen on a comparable scale in any other nation. The” China- only” success of the Japanese service industry is glaring from any perspective.

Among Lawson’s 7, 344 foreign outlets, 6, 288 are in China, representing 86 %. The equivalents for Uniqlo, Saizeriya and Aeon are respectively 57 % (925 out of 1, 634), 81 % ( 387 out of 478 ), and 59 % ( 22 out of 37 ).

Decoupling is a difficult task because Japan’s rapidly shrinking population makes it more urgent for these companies to expand abroad.

Japan Inc. will need to pay more attention to businesses in the services sector, not just its manufacturers, as it looks at ways to lessen its economic reliance on China.

The Japanese government should invest the same effort in helping Japanese service providers navigate a transition that could disproportionately harm their interests while implementing policies to reduce the volume of goods traded with China.

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