Are you managing your diabetes as well as you think you are? Probably not, according to this new survey

By:
On:
In: South-East Asia

Dr. Lim Su Lin, the main nutritionist and director of therapeutics at National University Hospital, said that “diabetes management requires more than just lowering sugar intake.” ” Glycaemic information can be significantly improved with portions and a balanced diet that includes fewer carbs and processed food.”

The silver lining is that almost all of the interviewees (97 per cent ) took their drugs regularly.

What other studies have shown a disconnect between how well the disorder is actually managed and what is perceived?

DIET AT INFLUENCING BLOOD GLUCOSE LEVELS IS THE MOST IMPACTFUL.

Nine out of ten people thought that controlling blood sugar levels can be attributed to diet and nutrition. In reality, 74 per share have cut back on pastries and drink after being diagnosed.

However, just four in 10 related another products ‘ effect on their blood sugar levels. For example, 46 per cent decreased their calorie intake, and 43 per share, their processed food intake. Just 30 per share decided to eat more protein.

More people need to be aware of the impact of part power on blood sugar levels. After being diagnosed with diabetes, only one in ten people said they focused on section power.

MORE PERIOD NEEDS TO BE SET FOR EXERCISE.

Nearly eight out of ten people acknowledged not getting the recommended 150 hours of moderate-intensity exercise per week. On average, they exercised for 95 days a year, and about one in two did but over three weeks or less per month.

Elderly above age 60 tended to be doing better literally. Compared to 17 % of those under the age of 60, almost 30 % of them reported putting in 150 minutes of physical activity each week.

MANY PERSONS USE HEALTHCARE Experts FOR ADVICE- IMPORTANTLY.

Seventy-eight per share relied on medical experts such as dietitians and nurses, various than doctors, for details.

Bloggers, including life instructors, fitness gurus and chefs, are less likely to be utilized, with about 20 per share depending on them for details on diabetes.

Continue Reading

CEO of the Year 2024

By:
On:
In: South-East Asia

The ‘Bangkok Post’ is today running the third of its ‘Bangkok Post CEO of the Year 2024’ series with the profiles of three more CEOs who received awards.

We honour Disathat Panyarachun, Chief Executive Officer of PTT Oil and Retail Business Public Company Limited (OR), as the CEO of the Year in Sustainable Business Leadership; Woraphot Thavornwan, General Manager of Lenovo Thailand and Rest of Indochina, as the CEO of the Year in Transformational Tech Leadership; and Natira Boonsri, Chief Executive Officer of Central Department Store Group, under Central Retail, as the CEO of the Year in Retail Transformation Excellence.

Natira Boonsri Chief Executive Officer of Central Department Store Group, under Central Retail

Natira Boonsri Chief Executive Officer of Central Department Store Group, under Central Retail

Keeping Thailand’s top retailer front, right and Central

Central Dept Store Group CEO Natira Boonsri creates iconic stores to give customers a world-class experience

Natira Boonsri, Chief Executive Officer of Central Department Store Group (CDG) under Central Retail, leads one of the most prominent department store groups in Thailand and Southeast Asia, overseeing the iconic Central and Robinson Department Stores.

With nearly 20 years of experience in the retail industry, Natira has successfully driven the transformation of several key retail spaces to meet modern consumer demands.

One of her most notable projects includes the complete transformation to elevate Central Chidlom which opened its doors in 1973 to become a truly iconic constant of Thailand’s luxury shopping destination, positioning it as “The Store of Bangkok”. This ambitious project reflects her visionary approach to retail and her ability to navigate the evolving market landscape.

Ms Natira’s journey in retail began after earning a bachelor’s degree in Economics from Boston College and an MBA from Harvard Business School. She started her career as a consultant at Boston Consulting Group (BCG) before joining Central Retail in 2005 as project development director.

By 2014, she had become president of Zen Department Store and senior vice president of Central Department Store, where she demonstrated her leadership skills by spearheading major renovations at CentralWorld and Central Ladprao. In 2018, she was appointed president of Central Department Store, and in 2021, she transitioned to Chief Commercial Officer of Central Retail Corporation Plc (CRC). She returned to CDG as CEO shortly thereafter.

Ms Natira, a third-generation member of the Chirathivat family, which owns and operates Central Group, is the eldest daughter of Boonbunlue and Ratana (Chirathivat) Norpanlob. She is married to Nathavud Boonsri and has two children, Napat and Narisa.

Among her accomplishments is the transformation of Zen Department Store into CENTRAL@centralwOrld, a key project that revitalised one of Bangkok’s busiest shopping districts. Ms Natira invested over 1 billion baht in this renovation, transforming the 50,000-square-metre space into a hub that integrates shopping, dining, and leisure experiences for customers. The move also introduced more than 3,000 brands, creating a blend of retail and lifestyle offerings. Ms Natira emphasised this transformation was not just about shopping — it was about enhancing the overall customer experience.

Under her leadership, CENTRAL@centralwOrld has become a model for integrating omni-channel strategies, allowing for a seamless, personalised shopping experience both online and offline. She plans to extend this model across an additional 20 out of 23 Central locations in five years.

Ms Natira’s commitment to retail transformation goes beyond physical renovations. Her focus is on understanding changing consumer preferences and driving innovation. She remains dedicated to enhancing the customer experience by offering new brands and services that align with modern lifestyles.

Ms Natira says every renovation is a team effort. It needs to work closely with marketing, communications, and brand teams to ensure the firm offers the best products and services for customers. Seeing customers happy and enjoying the new spaces is the greatest source of pride.

Beyond business, Ms Natira is committed to corporate social responsibility (CSR) and creating shared value (CSV). She is focused on not only driving profitability but also contributing to the environment and society. By placing customers at the heart of the business and leveraging innovation and development, she is ensuring Central Department Stores remain a leader in the retail industry. Through her leadership, Natira Boonsri is shaping the future of retail in Thailand, embodying a commitment to excellence and transformation.

Natira BoonsriChief Executive Officer ofCentral Department Store Group,under Central Retail

While it would be a challenge for OR to enter the healthcare and beauty business sector, the move is expected to generate revenue fir the company, Mr Disathat said.

While it would be a challenge for OR to enter the healthcare and beauty business sector, the move is expected to generate revenue fir the company, Mr Disathat said.

OR banking on diversification strategy

CEO Disathat Panyarachun oversees expansion from oil retail to healthcare and beauty products

The transformation of a business to ensure its survival in response to technological disruption requires a varied approach, according to Disathat Panyarachun.

The chief executive officer of PTT Oil and Retail Business Plc (OR) is not opposed to making changes within a business in response to disruption, but in his opinion such steps are often carried out when it’s already “a bit too late”.

Rather, Mr Disathat is a proponent of individuals trying to “disrupt themselves” first, before the emergence of any tech disruption. This approach has enabled him to prove that he has guided and directed OR on the right track, ensuring the company is able to further grow from the expansion of its non-oil businesses.

From developing electric vehicle (EV) charging facilities to selling healthcare and beauty products, OR’s business diversification has provided opportunities to fuel the company’s growth amid technological upheaval and the emergence of new societal and lifestyle trends.

Mr Disathat continues to get behind OR’s plan to roll out more EV charging stations at PTT petrol stations to serve EV motorists, a move that aligns with the global trend of promoting greater EV usage.

Like other oil retailers, OR saw the impact of increasing numbers of battery-powered vehicles on the country’s roads had on oil sales. This led the company to rapidly roll out charging services for EV motorists at its petrol stations. Indeed, it was one of the first to do so.

Mr Disathat says OR needs to rapidly become part of the EV ecosystem before electric-powered vehicles make an even bigger dent on the demand for oil in the future. Global demand for oil is expected to rise by 5% to a peak of 50 million barrels per day by 2032, with oil use per vehicle likely to fall sharply as EVs are expected to account for more than half of all auto sales by 2040, according to a report released in June 2024 by Goldman Sachs Research, a division of Goldman Sachs Group, a global investment banking, securities and wealth management firm.

The development of EV charging stations is part of OR’s “Beyond Fuel” concept, which also includes the company’s food and beverage business. This prioritises matching OR’s product and service offerings with the demands of consumers amid new societal and lifestyle trends.

OR has long been working towards realising the Beyond Fuel goal by embarking on non-oil ventures rather than remaining in the comfort zone by enjoying its long-established status as a major oil retailer, said Mr Disathat. “We don’t care what new energies there will be in the future. What we have to do is to maintain our leadership position as we do in the oil retail sector,” he said.

The company wants EV charging stations to provide another alternative service for motorists, which will also provide OR with a new business opportunity. OR earlier announced it plans to increase its investment in the battery charging business through its EV Station PluZ plan. The company expects to have 600 EV charging outlets nationwide within this year, up from 400 outlets as of July 2023. The longer-term aim is to raise the number of outlets to 7,000 by 2030.

Another non-oil business OR is keen on promoting is the sale of healthcare and beauty products, representing another aspect of the company’s shift away from its decades-long role as an oil retailer.

While visiting a petrol station, consumers can now experience a one-stop shop by selecting a tasty dish, sipping some refreshing coffee and purchasing from a range of alluring cosmetics and skincare products. Thailand is now the second largest healthcare and beauty market in Southeast Asia and OR is keen to tap into this significant business opportunity.

Through its subsidiary OR Health and Wellness, OR took the step of venturing into the health and beauty business by partnering with Sugi Holdings, a Japanese drugstore chain and nanotech platform operator.

OR plans to open up to 10 shops named “found & found” by year end to increase sales of these products. Mr Disathat said while it would be a challenge for OR to enter the healthcare and beauty business sector, which has a local market value estimated at 1 trillion baht, the step is expected to generate revenue for the company.

Disathat Panyarachun Chief Executive Officer of PTT Oiland Retail Business Public Company Limited (OR)

Woraphot ThavornwanGeneral Manager of Lenovo Thailand and Rest of Indochina

Woraphot ThavornwanGeneral Manager of Lenovo Thailand and Rest of Indochina

Ensuring Lenovo’s sustainable future

Woraphot Thavornwan, General Manager of Lenovo Thailand and Rest of Indochina, is on a mission to drive Thailand towards intelligent transformation

Lenovo Thailand, under the leadership of general manager Woraphot Thavornwan, has successfully transformed from a computer hardware-centric organisation to a comprehensive AI-powered services and solutions provider as the market matures, ensuring a sustainable future.

Thailand is one of the top markets for Lenovo in Asia-Pacific. Mr Woraphot’s mission is to drive Thailand towards intelligent transformation.

In 2020 he was appointed Lenovo’s director of the consumer business division in Thailand, where he played a crucial role in driving the consumer and retail business forward. After that, Mr Woraphot was promoted to general manager for Myanmar, Laos and Cambodia, overseeing diverse markets and demonstrating his adaptability.

In his current role, he has positioned Lenovo Thailand as the market leader in the computer segment, showcasing his ability to excel in a competitive environment.

Mr Woraphot said Lenovo has been a leading company in the PC industry for many years and has continued to hold the No.1 position globally. In the latest quarterly report by IT research house IDC, the company remains in the top position. “Over the past few years, we’ve transformed our organisation into three business groups. First is the Intelligent Device Group (IDG), which encompasses a range of products, including tablets, desktops, notebooks and workstations,” he said.

The second is the Infrastructure Solutions Group (ISG), which covers servers, storage, cloud solutions and security products, providing end-to-end solutions.

The third is the Solutions and Services Group (SSG), dedicated to delivering comprehensive, tailored solutions across various industries, including manufacturing, food and beverage, hospitality and finance.

“Our clear strategy and strong execution, as well as our persistent focus on innovation and operational excellence resulted in revenue improvement across all business groups in the recent quarter, with 47% of revenue coming from non-PC sources,” said Mr Woraphot.

Lenovo is implementing its One Lenovo strategy, where a single account executive or sales representative will be able to provide comprehensive end-to-end solutions — from edge to cloud to customers, which reduces working redundancies, he said.

This approach allows Lenovo to tailor its offerings to meet the specific needs of end-users across various industries in Thailand and the Indochina region. “We’ve invested time and resources in upskilling our sales team to ensure we retain the necessary skills to stay ahead of the curve,” said Mr Woraphot.

He said understanding this structural shift is crucial. The company has also leveraged artificial intelligence (AI) to enhance its organisational capabilities and help customers adapt to the changes. “The key is our ability to adjust our methodologies to deliver a seamless value chain, from our products, ranging from edge devices to cloud infrastructure equipment, ensuring fluency in serving our customers. I believe we’re on the right path and will win in the market,” said Mr Woraphot.

He said every success stems from a deep understanding of the customers. “Delivering smarter technology for all is not an easy task, but we’ve made significant investments in research and development — standing at US$476 million in the last fiscal year. Remarkably, one in every four employees is dedicated to R&D, with more than 18 locations delivering products across 180 markets,” said Mr Woraphot.

“Our success is largely due to our commitment to listening to the market. In the consumer segment, we offer a wide range of AI PCs and devices, while in the commercial sector, we provide a comprehensive suite of solutions — from edge to cloud, including client technology, networking and intelligent infrastructure.”

He said Lenovo is well-prepared to serve various markets with the right talent. In Thailand, for example, the company has a full range of training programmes to develop the workforce. This enables the company to respond to changes, serve customers and partners better, and ensure the best products from its R&D efforts reach end-users through business partners. “This holistic approach is how we achieve success in the market,” said Mr Woraphot.

“Listening is just as important as speaking; we need to empathise and put ourselves in others’ shoes. This requires flexibility and resilience to adapt to change. At Lenovo, we think globally but act locally, empowering our teams with diverse skills,” he said.

“Understanding timing and behavioural differences of different markets is crucial. We also need to empower our people and foster teamwork based on trust. When we delegate responsibilities, we do so collectively, supporting each other through challenges and celebrating successes together,” said Mr Woraphot.

This approach has led to high employee satisfaction in Thailand, resulting in the company’s recent recognition as a “Great Place to Work in 2024”, he said.

“Ultimately, our success stems from winning in the market, serving our customers and partners, and valuing our employees. At Lenovo, we believe that teamwork is essential, and we are prepared to win together,” said Mr Woraphot.

Woraphot ThavornwanGeneral Manager of Lenovo Thailandand Rest of Indochina

Continue Reading

MOH rolling out updated COVID-19 vaccines, closing joint testing and vaccination centres

By:
On:
In: South-East Asia

SINGAPORE: The Ministry of Health (MOH) will be rolling out updated COVID-19 vaccines from Pfizer and Moderna and closing Singapore’s joint testing and vaccination centres (JTVCs).

The two vaccines are the updated JN.1 PfizerBioNTech/Comirnaty and JN.1 Moderna/Spikevax jabs. 

Both have been approved by the Health Sciences Authority, said MOH in a press release on Friday (Oct 25).

Updated vaccines were also approved by the United States Food and Drug Administration in August. 

The decision to administer the updated vaccines was based on the 2024-2025 recommendations of the Expert Committee for Immunisation (ECI), said MOH. 

“The updated COVID-19 vaccines provide a stronger immune response against current and emerging strains compared to previous versions of the vaccines, and therefore confer better protection against COVID-19,” the ministry said.

“The safety profiles of the updated vaccines are comparable to that of previous versions.” 

All vaccination locations offering the PfizerBioNTech/Comirnaty and Moderna/Spikevax vaccines will begin administering the updated JN.1 versions of the jabs from Oct 28.

For Singapore’s healthy general population, the severity of COVID-19 infections is low since most people in the country have “either taken the vaccine and/or been infected with COVID-19 and recovered safely”, said MOH. 

However, the ECI has recommended that individuals with an increased risk of severe COVID-19 receive both the initial, if they are unvaccinated, and additional doses of the vaccination. 

These include individuals aged 60 and above, medically vulnerable individuals aged six months and above as well as residents of aged care facilities. 

“Healthcare workers and persons living or working with medically vulnerable individuals are encouraged to consider receiving the vaccine,” said the Health Ministry. 

“Other individuals aged six months and above who wish to receive the COVID-19 vaccine can continue to do so.”

Unvaccinated individuals who are six months to four years old should receive two doses, eight weeks apart. If they are five and older, only one dose is recommended since most of Singapore’s population has some level of protection from past COVID-19 infections. 

Individuals who are six months old and above who are receiving an additional dose should receive it around one year or at least five months from their last vaccine dose.

COVID-19 vaccination is free for all eligible individuals under the National Vaccination Programme.

Continue Reading

Deep ocean marine heatwaves may be under-reported, study says

By:
On:
In: Asia

HONG KONG: Heatwaves deep in oceans may be” significantly under-reported”, highlighting an area of marine warming that has been largely overlooked, a joint study by Australia’s national science agency ( CISRO ) and the Chinese Academy of Sciences has found. The study, which was published on Thursday ( October 17Continue Reading

Black Arrow: US missile aims for more pointed strikes on China – Asia Times

By:
On:
In: Asia

Leidos, a US defense company, is gearing up to change the AC-130J gunship into a fierce precision strike platform ready to face advanced adversaries like China with its Black Arrow missile, a dynamic, long-range weapon that promises to revolutionize United airpower.

Following successful non-firing tests in December 2023, Leidos is scheduled to conduct its Black Arrow missile test firing from a US Special Operations Command ( SOCOM) AC-130J gunship this fall.

Defense One says that the Black Arrow, a little air-to-ground cruise missile, aims to meet SOCOM’s 2021 need for a missile capable of flying 400 coastal yards and hitting targets without GPS.

The statement notes that Leidos, usually known for weapons components, utilized digital technologies and compact design to quicken the rocket’s development.

It says the company used high-data modeling and digital twinning to simulate millions of trajectories, ensuring the missile’s compatibility with the AC-130 and the Naval Surface Warfare Center ( NSWC ) Battle Management System.

Defense One says the rocket’s layout allows quick integration with different platforms, including the MQ-9 aircraft and carry aircraft like the C-130. The statement says this freedom may gain companion militaries&nbsp, seeking cost-effective weapon solutions.

Leidos ‘ approach, facilitated by a Cooperative Research and Development Agreement ( CRADA ) with SOCOM, highlights a shift towards faster, more affordable missile development, potentially transforming the landscape for US and allied forces.

For combat operations in liberal airport, the AC-130 and its forebears were made. The AC-130 is ineffective to combat a near-peer attack conflict with China because the US is now shifting its proper focus to the great Pacific islands.

According to an Asia Maritime Transparency Initiative ( AMTI ) map, China has stationed surface-to-air missile ( SAM ) systems on Woody Island, Fiery Cross Reef, Subi Reef and Mischief Reef in the South China Sea. The main air defense deployed on the held features is the HQ-9 SAM, according to the image.

According to the Missile Defense Advocacy Alliance ( MDAA ), most land-based HQ-9 variants can hit targets 200 kilometers away, with a claimed 90 % single-shot kill capability against aircraft.

In an October 2021 essay for The National Interest, David Axe claimed that Taiwan’s combat aircraft could be shot down by China’s Russian-made S-400 SAM techniques as soon as they take off.

Given the threat of powerful Chinese heat defenses, The War Zone mentioned in August 2024 that the AC-130 ships may need to move away from its traditional direct-fire role&nbsp, and use long-range conflict armaments as a “bomb truck”, such as cruise missiles and drone swarms, to be relevant.

The document says this development has already begun with the AC-130J Ghostrider, which features upgraded methods and new weapons, including Inferno weapons, Small-Diameter Bombs and&nbsp, the Rapid Dragon palletized weapons.

The Asia Times noted in August 2023 that Rapid Dragon allows the US to launch long-distance problems without the need for fighter jets or planes, which may be in short supply.

A palletized version of the Rapid Dragon can carry nine Joint Air-to-Surface Standoff Missiles ( JASSM) for C-130s and six for the C-17. Because targeting information is programmed into the weapons using a laptop, it is intended to be quickly deployed without altering the launch plane.

It addresses the issues with software connectivity, availability, and capacity that are frequently encountered with air-launched cruise missiles like the JASSM, which was originally intended to be used on fighter jets or bombers.

It can also significantly improve reliability by firing a number of rockets from a single launcher. A surveillance weapon equipped with a high-resolution cameras can identify the enemy, followed by an electronic warfare missile to reduce enemy radar and other sensors&nbsp, and, lastly, a high-explosive missile for devastating effect.

Rapid Dragon operators confirm or update the location’s routing coordinates before deploying a target, request a strike, and confirm the change. This makes it possible for air forces to bombard an area with numerous weapons, make targeted attacks harder, and use less air defense munitions. The system also helps US allies when there are limited aircraft availability, enabling new operational ideas.

As for the AC-130 launching swarming drones, Asia Times noted in May 2024 that drone swarms can perform surveillance, test or jam enemy air defenses, patrol areas of interest, launch swarm attacks and destroy enemy drones.

Additionally, multiple drones in a swarm with various sensors act as various nodes in an a&nbsp, mesh network that can effectively track and target enemies using a variety of surveillance techniques.

However, according to The War Zone, the AC-130’s design and mission may need to undergo additional changes due to budget constraints and shifting military priorities. According to the report, the AC-130’s ability to contribute to upcoming conflicts will depend on how well it adapts to new mission demands, such as long-range precision strikes and support for agile combat operations in the Indo-Pacific theater.

The US is considering using the AC-130 in a number of other capacities, further reflecting the transition from long-running counterinsurgency operations in permissive airspace to near-peer great power conflicts.

Riley Feeney mentions that the AC-130J is being modified for roles like special operations forces ( SOF ) support, command and control, global firepower projection, and many other roles as the US military shifts focus on potential conflicts with peer competitors like China in an August 2023 Air University article.

Regarding the AC-130J providing SOF support, Feeney notes that with a shift away from direct-action raids, SOF units are being trained to operate with less support, including less air support.

As a result, he says the AC-130J is being considered for special reconnaissance, which involves clandestinely relaying critical information from forward SOF teams to command and control.

According to Feeney, the AC-130J is equipped with advanced communication systems and skilled aviators for command and control, making it a valuable asset during air warfare.

He points out that it has the potential to lead joint all-domain command and control ( JADC2 ) operations even in remote areas where other aircraft, such as the E-3 or E-8, might not be able to effectively operate, enhancing both command and control capabilities and delivering firepower.

Feeney claims that the Rapid Dragon concept allows for a worldwide firepower projection without the need for modifications to the aircraft and converts any cargo aircraft into a weapons platform.

He claims that it also allows for the global deployment of firepower when using traditional shooters in non-shooting roles, such as the AC-130J in command and control. He cites the US Air Force’s efforts to improve the AC-130J’s combat capabilities with better defensive systems and precision-guided weapons.

However, Feeney points out that the AC-130J upgrades focus on increasing lethality but may not fully align with the needs of the Joint Force in the US Indo-Pacific Command ( INDOPACOM) theater. He claims that to increase the relevance of the aircraft, technological investment and creative employment are necessary.

Continue Reading

Don’t forget Japan’s Gamblers, Fraudsters, Dreamers & Spies – Asia Times

By:
On:
In: Asia

What if the rise of modern Japan was n’t shaped just by its politicians, academics, and company leaders but also by a motley crew of players, thieves, dreamers, and scouts? What if the people who had the biggest influence on Japan’s post-war conversion were n’t the historical figures but the strangers who lived in the dark?

Robert Whiting ‘s&nbsp, Gamblers, Fraudsters, Dreamers &amp, Spies: The Outsiders Who Shaped Modern Japan&nbsp, takes you on a journey into the lives of these very characters – risk-takers and rule-breakers who, through their daring and often illegal techniques, changed the face of the nation forever. &nbsp,

Whiting’s earlier works for as&nbsp, Tokyo Underworld&nbsp, and&nbsp, You Gotta Have Wa have explored both the legal underbelly and Japan’s love for baseball and in his latest work, Whiting brings us into the dark, complex world of people who never quite fit into Japan’s firm society but also managed to leave their mark. It navigates through a tricksters ‘ exhibition of personalities who defied convention and altered the course of the nation.

The authors ‘ characters range from post-war gang leaders and foreign spies to hustlers and intellectuals who saw Japan as a land of opportunity. Whiting skillfully uncovers the relationships between them, demonstrating how frequently their actions impacted the development of history in unintended methods.

Although Yoshio Kodama is not the main character in the book, I have a story about her, and I’ve also written about her in an article called” Who is Yoshio Kodama” ( ). –&nbsp, is often entertaining. Whiting wrote about Kodama in&nbsp, Tokyo Underworld&nbsp, but he pops up again in this guide.

Kodama’s history reads like a drama, blending high-level social influence, strong ties to organized crime, and secret involvement with the CIA. Kodama was a plumber, a nationalist, and a gentleman who understood the power of working in the darkness, which is the kind of personality Whiting excels at monitoring.

And, believe me, there are so many excellent reports in&nbsp, Gamblers, Fraudsters, Dreamers &amp, Spies: The Strangers Who Shaped Modern Japan&nbsp, that you’ll come back to it over and over again to learn. What I really like about Whiting’s new text is that you can learn the pages at any time you want and return and read it over and over again.

Amazon.com: Gamblers, Fraudsters, Dreamers & Spies: The Outsiders Who ...

Kodama’s lifestyle, like many of the different characters in this book, completely encapsulates the book’s key theme: Often, it’s not the constitutional or spiritual figures who shape a nation, but the outsiders willing to take risks and bend the rules to succeed. &nbsp,

Whiting has a real gift for turning history into an engaging narrative. This book is both thrilling and informative thanks to his thorough research and a storytelling that almost seems to be cinematic. The gamblers and fraudsters he writes about were n’t just criminals; they were visionaries who saw Japan as a land of opportunities, frequently daring to make moves that the conventional power structures could n’t possibly imagine.

In the same way, the spies and dreamers he encounters saw Japan as a crucial battleground during the Cold War, and their covert actions affected both Japanese and international policy. I was surprised to also read about a CIA agent who has the same last name as mine and I wrote about it on my&nbsp, substack, &nbsp, too.

Charles Kades, a stellar GHQ figure, with his mistress, Viscountess Tsuruyo Torio. ( Robert Whiting Substack ).

In&nbsp, Gamblers, Fraudsters, Dreamers &amp, Spies, Whiting also shows that it was n’t always men who played dubious roles in shaping post-war Japan.

Figures with significant political influence included Viscountess Tsuruyo Torio, who had a scandalous relationship with Colonel Charles Kades, a senior US Occupation force in Japan after World War II, and had a scandalous relationship with him.

She proves that women, too, could wield power and stir controversy behind the scenes.

Kades, a Harvard-educated lawyer, played a crucial role in drafting Japan’s post-war constitution. Despite being married, he openly visited Viscountess Torio, with her husband’s knowledge and approval.

The Viscount even seemed proud of their union, hosting Kades while still maintaining his own extramarital affairs, which led to a notable scandal.

The Moonies story is by far my absolute favorite book chapter. The CIA was a crucial component of the establishment of the Korean Central Intelligence Agency (KCIA ) in 1961, which was modeled after the CIA itself, in an effort to contain communism in East Asia after the Korean War. The KCIA’s goal was to safeguard South Korea from communist influence, particularly from the North, while also serving as a tool for US geopolitical goals in the area.

Sun Myung Moon’s Unification Church, a religious organization with vehement anti-communist ideology, quickly became associated with the KCIA. Brigadier General Kim Jhong-pil, the KCIA’s founder, embedded several agents within the church, recognizing its utility in combating communism. &nbsp,

Rev. Sun Myung Moon, founder of Unification Church, dead at 92 | CTV News
Rev. Sun Myung Moon, founder of Unification Church.

With CIA backing, the Unification Church expanded rapidly, aligning with pro-American political forces in both South Korea and Japan. The Unification Church’s influence spread internationally, particularly in the US, where it was involved in various political campaigns, and the CIA provided initial seed money and contacts to Moon’s ventures in the United States.

Moon’s organization was seen as a tool for shaping US foreign policy, and its support for right-wing politicians strengthened its ties to intelligence agencies. The church’s anti-communist stance and the covert support of the CIA and KCIA helped it develop into a political force, using funds raised abroad, but primarily from Japan, to further its goals.

Whiting brilliantly weaves the complex relationship between the Moonies and Japan’s political elite, particularly with his grandson Shinzo Abe and former prime minister Nobusuke Kishi.

The church gained influence within Japan’s ruling Liberal Democratic Party ( LDP ), growing in popularity with the KCIA and receiving financial support from powerful Japanese ultranationalists like Kodama. Kishi’s ties to the church allowed the LDP to benefit from donations, free labor and political support.

Abe continued to have close ties to the church as a result of decades of this alliance. Abe even congratulated Unification Church members as late as 2021, extending the family’s relationship with the organization. In the end, his 2022 assassination resulted from the connection.

The assassin blamed the church for his family’s financial ruin ( his mother had donated vast sums to the church, driving the family into bankruptcy ) and this personal connection, combined with the church’s broader controversial practices in Japan, motivated the assassin to target Abe, believing that Abe’s political support for the church was responsible for his family’s downfall​.

Shinzo Abe: How the former Japan PM's assassination unfolded - BBC News
Tetsuya Yamagami, former prime minister Shinzo Abe, was shot shortly after the incident.

For someone like me, who has long been fascinated by the intersection of politics, power, and morality, this book is an absolute gem. My own interest in Japan’s hidden influencers is deeply influenced by Whiting’s investigation into the lives of the characters. It’s these untold stories, of people who live on the margins but exert enormous influence, that truly shape a country’s identity.

Whiting captures this theme brilliantly, drawing the reader into a world where the stakes are high, the moves are bold, and the consequences are often game-changing. The book does n’t glorify these figures, but does argue that their roles were essential to Japan’s development, shedding light on a darker side of history that is often overlooked.

In&nbsp, Gamblers, Fraudsters, Dreamers &amp, Spies: The Outsiders Who Shaped Modern Japan, &nbsp, Whiting presents a variety of compelling stories from Japan’s postwar underworld. For me, three of the most fascinating things are:

    The Allies and the Soviet Union battled for influence in Japan after World War II. Whiting delves into the Canon Agency, a black-ops spy network created by US Army Major Jack Canon. A formidable Texan with a background in explosives, Canon was given the task of conducting covert operations to expel communist sympathizers and Soviet spies. His agency was involved in sabotage, drug smuggling, and even kidnapping double agents like Wataru Kaji, all in the name of keeping Japan under American influence. Canon recruited a diverse group of Euro-American, Nisei ( second-generation Japanese-American ), and Korean-American agents, setting new standards for postwar covert operations. [ Whitting’s writings on the Canon agency have been published or republished by Asia Times. ]

  1. The Girard Incident: &nbsp, Whiting details the killing of 46-year-old Japanese woman Naka Sakai by United States Army soldier William S. Girard in Soma, Gunma Prefecture, on January 30, 1957. When Girard shot an empty grenade cartridge at her, apparently for his own amusement, Saki, a housewife who was collecting shell casings from a military base to sell for scrap, was killed. The incident led to disputes between Japan and the U.S. Army over jurisdiction, which resulted in Wilson v. Girard, a US Supreme Court case. The US Army demoted Girard, and the incident resulted in a reduction in US troops stationed in Japan. Girard also received a three-year suspended sentence from Japanese authorities.
  2. The Korean Taxi Barons: Whiting profiles the rise of the Aoki family, ethnic Koreans who overcame discrimination to build MK Taxi, one of Japan’s largest taxi firms. Sadao Aoki, the family patriarch, battled both Japanese taxi competitors and government regulators, who were reluctant to see an ethnic Korean succeed. His son Masaaki Aoki, despite facing racism in both Japan and the US, eventually took over the business, leading it to new heights, including introducing revolutionary practices like late-night taxi services. A cliffhanging book can be written about Masaaki’s demise.

Gamblers, Fraudsters, Dreamers &amp, Spies&nbsp, is a must-read for anyone intrigued by Japan’s modern history, especially those curious about the unsung individuals who played critical roles in its rise as a global power. Whiting invites us to consider a more nuanced and complex version of history, where the influence of outsiders and misfits is equal to, if not more, that of the famous figures we read about in books.

You wo n’t be disappointed by the tales of ambition, risk, and rebellion that shaped the Japan we know today.

( A footnote: Whiting was incredible in my documentary film&nbsp, The Ones Left Behind: The Plight of Single Mothers in Japan ��

Rionne’s Writings

Rionne” Fujiwara” McAvoy is a Tokyo-based Australian professional wrestler and filmmaker whose documentary” The Ones Left Behind: The Plight of Single Mothers in Japan” recently began showing in K’s Theaters in Tokyo’s Shinjuku. This article, originally published on his Substack, is republished with permission.

Continue Reading

Indian cosmology, Industry 4.0 and the coming end of work – Asia Times

By:
On:
In: Asia

India’s ancient sages believed that a balanced society relies on the contribution of four “varnas”, generic categories representing workers, merchants, protectors, and teachers. When one of the four varnas is neglected or sidelined, society becomes conflicted and fails to reach its full potential.

The varna concept later devolved into a rigid caste system (jāti), used for political oppression, but its original framework remains valuable for understanding the modern world. The varna concept suggests that communism failed because it sidelined the merchants, and that capitalism is failing because it sidelines the workers.

Scholars have drawn parallels between the varna concept and Marxism, equating class struggle with “caste struggle.” They equate workers and merchants in the varna concept with labor and capital in Marxism. However, the four categories of the varna concept offer a more nuanced view of society and have a cosmological basis.

Varna is part of an ancient Vedic prophesy. The four varnas take turns leading society. Each varna stage advances the human condition to the next level until it reaches a new spiritual age. The prophesy is comparable to the Second Coming in Abrahamic traditions. Both offer a vista to a better world to come.

But the true value of the varna system today is that it offers a different lens for looking at the contemporary world with its many apparent contradictions, complexities, and conflicts, including the seemingly intractable conflict between the US and China.

Varna

The concept of varna was first mentioned in the Vedas around 1500 BCE. The ancient sages observed that people naturally gravitate toward specific roles within society. They classified these roles into four generic types or varnas: merchants, workers, protectors, and teachers.

Central to the varna concept is the idea that humanity moves through cycles in which each varna plays a leading role in advancing civilization, from barbarism to enlightenment. Once this cycle is completed, it starts again, reflecting the Vedic view of time as cyclical.

The four varnas cover all social human activity and are interdependent. All four are essential to a functioning society, but they hold distinct worldviews and have different desires, needs, and values.

– Teachers/Spiritual Seekers (Vipra): Enlighten others by valuing the mind, cultivating spiritual and scientific knowledge, and creating laws enforced by warriors.

– Warriors/Protectors (Kshatriya): Driven by competition, they value strength and valor, safeguarding society through order and security.

– Merchants/Entrepreneurs (Vaeshya): Skilled in managing resources, they advance society’s material prosperity.

– Workers (Sudra): Focused on practical labor, empathetic with others. They value security, but given their numbers, they can bring the system down if their needs are not met.

Varnas can overlap in each individual. Most people have traits of two or more varna types. A merchant type can also have a spiritual inclination, and a worker type can also have a merchant impulse. But one of the four varnas typically predominates in each individual.

The malignant caste system that developed in later centuries was the result of politics and human vanity. In the words of modern spiritual teacher Sadhguru, things went wrong “when the goldsmith started to feel superior to the blacksmith.” The caste system transformed the varnas from psychological profiles to lineages.

Modern applications

Despite the varna concept being tainted by centuries of abuse, it has found modern, constructive applications.

Australian scholars Peter Hayward and Joseph Voros developed the Sarkar Game, a role-playing game that is used in corporate training programs. Participants take turns assuming the role of one of the four varnas. This fosters empathy and understanding by stepping into the perspectives of others.

The game, created in collaboration with Professor Sohail Inayatullah, Chair in Futures Studies at UNESCO, helps participants navigate social dynamics and problematic hierarchies. When people adopt different varna roles, they make more informed decisions that address the concerns of all parties.

The Sarkar Game is named after Indian spiritual teacher Prabhat Ranjan Sarkar (1921-1990), founder of the socio-spiritual PROUT movement. PROUT promotes an all-encompassing social program based on the varna cycle, emphasizing physical, educational, cultural, and spiritual well-being.

Professor Inayatullah is one of PROUT’s most prominent proponents.

Varna and futurist Lawrence Taub

Varna is also central to the work of American futurist and macrohistorian Lawrence Taub (1936-2016). Taub made the daring claim that the Varna cycle can be mapped to actual (linear) human history.

Taub based his claim on the specific characteristics of the four varnas: their worldviews, ruling elites, sources of power, etc. He argued that one of the four varnas was predominant in specific cultural regions throughout human history up to the present time.   

In Taub’s model, the first Spiritual Age, Satyayuga I, was the prehistoric, animistic period. This age was global, not confined to specific regions. People believed that animals, plants, rivers, and mountains were imbued with a spiritual essence. Shaman leaders mediated the relationship between humans and nature.

The Spiritual Age was followed by the Warrior Age, the age of heroic conquest. It introduced the horrors of large-scale war but also advanced the human condition. Warrior kings Constantine and Ashoka spread Christian and Buddhist spiritual consciousness around the world.

The subsequent Merchant Age began in Europe in the early 17th century. It was marked by the Dutch Revolt against the Spanish occupiers. The Dutch Republic was ruled by merchants. They opened the world’s first stock exchange and created the Duch East-India Company, the first chartered, globe-spanning multinational trading company.

The current Worker Age began in the late 19th century when the Industrial Revolution gathered steam. Workers formed unions to fight for better working conditions, organizing strikes to press their demands. Solidarity was their most potent weapon and they gradually made progress.

In the 20th century, most industrialized countries introduced free basic education and social welfare programs. Even the US, the bulwark of capitalism, created a social safety net. President Lyndon Johnson’s Great Society introduced Medicare for the elderly and Medicaid for the vulnerable.

Merchant fightback

Transitions between varna stages are marked by struggle. The ongoing shift from the Merchant Age to the Worker Age is no exception. The merchants, who retained an outsized influence on society, used a retrograde ideology, neoliberalism, in an attempt to reverse the gains of the workers.

In the 1980s, US President Ronald Reagan and British Prime Minister Margaret Thatcher embraced neoliberalism. They called for a reduction of the role of government in the economy, deregulation, privatization, free markets, and reducing the so-called welfare state.

Neoliberalism was a partial return to the laissez-faire capitalism of the 19th century. The merchants prioritized profits over people and moved factories to low-income countries. They deindustrialized a large part of the US and alienated millions of workers.  

Moreover, the American economy became increasingly financialized. Everything from real estate and sports franchises to art objects were traded like commodities. Money became an asset to make more money rather than to produce goods or services. The concentration of wealth increased and income disparity returned to levels not seen since the 19th century.

Ironically, billionaire entrepreneur Donald Trump was the first president to seriously challenge the neoliberal power structure. While his supporters were mostly workers, Trump had a merchant worldview. As president, he mostly adhered to the neoliberal agenda of his predecessors but gave neoliberalism a nationalistic twist.

Neoliberalism opened up the world economy and stimulated global trade, but it had a fundamental flaw. Antithetical to government interference in the economy, it prevented the country from setting national goals to deal with a changing world. The problems caused by a lack of planning and foresight became apparent in the first decades of the 21st century.

Instead of developing a long-term vision, the US government simply reacted ad hoc to global challenges. It resorted to sanctions, tariffs, subsidies for vulnerable domestic industries, and the weaponization of the dollar. The latter had the opposite of its intended effect, resulting in a global movement to de-dollarize bilateral trade.

China’s market reforms

The start of the neoliberal era coincided with China’s market reforms under Deng Xiaoping. Deng opened the country to foreign investment and allowed commerce to flourish. Communism under Mao Zedong had sidelined the merchants, but Deng, putting pragmatism over ideology, reintegrated the merchants into Chinese society.

As was the case in Russia, China’s communism movement was a revolt against the merchants, both domestic and foreign (neo) colonialists who had plundered China for a century. Led by the intelligentsia (vipras), the communist revolution was widely supported by the workers and the warriors.

Deng’s reform, which prioritized outcomes over ideology, transformed China into a global economic powerhouse. Using 5, 10, and even 50-year plans, the Chinese economy grew at breathtaking speed. The goal was Xiaokang or the creation of a “moderately prosperous society.”

Deng’s market reforms liberalized the economy, but the Communist Party retained control, in part to prevent the merchants from building a political power base and coopting government policy.

When tech billionaire Jack Ma, founder of e-commerce giant Alibaba, questioned the economic policies of the Chinese government, the government cut him down to size to let him know who is in charge.

Other billionaires got the message. Zhong Shanshan, the billionaire founder of a bottled water company, set up the “Common Prosperity Fund.” Tech giants Tencent, Alibaba, and other big companies made large contributions to the fund or launched similar initiatives in the name of “common prosperity.”

China’s rise was spectacular. The Chinese middle class today is the largest in the world by far. But its rise was predictable. In the 1980s, Japan virtually destroyed the Western consumer electronics industry and the Western automobile industry came close to meeting the same fate, rescued only by import restrictions.

China, ten times larger than Japan, applied a similar formula. Taub calls it teamwork capitalism informed by the worker worldview. He wrote: “Both value society (the State) over the individual. They stress conformity, group-mindedness, linkage, cooperation, a collective attitude, sensitivity to others, and a desire to live securely.”

The end of work

Worker varna qualities will play a key role in the Fourth Industrial, the next stage of technological development. Industry 4.0 combines multiple technologies and the social sciences to integrate Industry 4.0 into daily life. China is leading in most of the technologies that are crucial to the Fourth Industrial Revolution.

Barring unforeseen circumstances, China’s economic and technological influence in the world is likely to increase. For the US to keep up, it needs a plan. The same applies to the rudderless EU, like the US taken over by neoliberals. Without a plan or destination, the ship of state is lost at sea, at the mercy of the force of history.

Taub warns against the West imitating China. The Worker Age is the shortest of the four varna ages and will be superseded by the new Spiritual Age, Satyayuga II. Harbingers of this new era are the growing interest in yoga, meditation, mindfulness and ecology.

Taub argues that several traits cultivated during the merchant era – such as a well-developed ego and individualism – were out of step with the Worker Age, but these merchant traits will align more closely with Satyayuga II than the Confucian-inspired emphasis on teamwork and prioritizing society over the individual.

This may be true but the world must first navigate the Fourth Industrial Revolution. Industry 4.0 will gradually lead to the end of most work and transform society. China leads this transition and has the economies of scale to set global standards. It is bound to play a key role in mediating the transition to Setyayuga II.

Continue Reading

Islamic finance players eye Middle East growth | FinanceAsia

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

The main banks and financing method used by Muslim communities is Islamic finance. The Shariah-compliant section was created in accordance with Islamic law, which forbids specific activities like the collection of interests and investments in dangerous businesses like tobacco and pornography.

Islamic finance accounts for around 3 % of the global financial markets by valued assets, with key activities in Southeast Asian ( SEA ) markets such as Indonesia, Malaysia and Brunei, and the Middle Eastern region. Islamic finance consists of Islamic banking, Sukuk ( fixed income ), Islamic equity funds and Islamic insurance, among other lines of business. &nbsp,

In the Middle East, the Islamic finance market is estimated to be worth$ 2 trillion in 2024 and is expected to reach$ 2.57 trillion by 2029, according to reports. Iran and Saudi Arabia are two of the world’s largest markets by Shariah-compliant assets, with over$ 400 billion in both countries.

According to S&amp, P Global Ratings, the Gulf Cooperation Council ( GCC ) countries had the highest percentage of Islamic banking assets in 2023, making up 70 % of that percentage.

In this part, FinanceAsia spoke to promote players to find out where they see the most options.

Sukuk: an alternative funding cause

Data from S&amp, P Global Ratings suggested that 37 % of the Sukuk securities in 2023 came from manufacturers based in GCC places, revealing a growing Islamic money have from Arab businesses. Saudi Arabia has been the major growth drivers, especially in dollar-denominated Sukuk securities.

Some proceeds from the Sukuk issuances are channelled to activities related to energy transition and sustainability, on top of general business operations, according to Sue Lee, director and Asia Pacific ( Apac ) head of index investment strategy at S&amp, P Dow Jones Indices.

This coincides with a trend across the majority of Arab governments to cut back on oil-related economy. New technologies like natural technology and clean energy are higher on the agenda in the context of the growth travel. For instance, Saudi Arabia wants to use 50 % of alternative energy by 2030 and has a goal of going from zero to zero by 2060.

In order to accomplish these objectives, significant funding is required to support the development of the region’s facilities and engineering, which in turn increased the volume of fixed income bonds issued.

Sukuk, as a Shariah-compliant alternative to conventional ties, provides lenders with a diversified revenue resource by tapping into a unique investment pool, Lee said. For instance, markets in SEA, such as Malaysia, are long-time officials within the Islamic banking area.

In the first quarter of 2024, Sukuk items performed statistically better than its competition on the secondary marketplace.

Lee explained that this is related to a shorter Sukuk lifespan on average, which is typically less than five centuries. Short-term lending has become advantageous for the Muslim fixed income solution in a market with rising interest rates.

However, green Sukuk is growing rapidly from a small foundation, supporting the energy transition of Arab countries.

Equity money: growing buyer demand

Munirah Khairuddin, chief executive officer ( CEO ) Malaysia and managing director, strategic distribution and institutional client relations, Southeast Asia and global Shariah, at Principal Asset Management, said that the teams is seeing growing interest from Middle Eastern investors, especially those based in Saudi.

” As Middle Eastern markets grow and expand, there will be an increased need for Shariah-compliant purchase goods. Traders who are guided by Islamist beliefs will look for opportunities that are in line with their beliefs, she said.

A premium is currently relevant to other asset lessons as well as Shariah-compliant opportunities.

For example, the S&amp, P 500 Shariah, an index which covers all Shariah-compliant constituents of S&amp, P 500, offers a 1-year return at 26.77 %, slightly higher than that of S&amp, P 500 at 26.15 %. Over the past five decades, according to Lieu, Shariah-compliant global capital indices generated on average 2.5 % extra return per year compared to their regular counterparts. &nbsp, &nbsp,

The Shariah-compliant index, filtered with Shariah rules, taking out monetary stocks and high-leveraged sectors such as energy, which in turn leads to an increased conduct of other sectors such as technology stocks. Islamic indices will typically outperform financials in times of outperformance for the information technology ( IT ) sector.

Steven Larson, investment manager, world stocks, at Principal Financial Group, echoed these views, expecting boosting returns generated from IT, logistics, medical and biological sectors.

He claimed that the worldwide Islamic finance sector’s assets are just growing swiftly in a select few key markets.

Larson added:” Additionally, we see an increased appetite for private market materials, however, the market lacks shariah-compliant structures to cater to the rising demand. However, we are seeing more efforts from property managers to create more shariah-compliant strategies in real property, private financing and secret equity”.

On top of that,” Shariah rules share a lot of commonalities with environmental, social and governance ( ESG) principles. And as more buyers look to these rules while investing, results of ESG or Shariah-compliant firms may get affected”, Lee pointed out.

She said that a rise in silent property should be a potential prospect because Islamic cash ‘ percentage of quiet assets under control is much lower than that of regular ones.

Meanwhile, Kuala Lumpur-based Khairuddine pointed out how regional initiatives and partnerships can help standardise practices, enhance liquidity and create larger markets. To make Islamic finance more accessible, improvements are also made to trading platforms, settlement systems, and regulatory frameworks.

Digitising Islamic finance

Islamic finance also faces a problem of limited products, as well as investment appetites. Saif Khan, founder of iFintechpro, a fintech player focussing on Islamic finance, said enhances in technology and digitisation would help.

Middle Easterners are increasingly using digital products, with more and more people opting for them. The landscape is shifting towards a digital-first approach”, he told FA.

These include digital Islamic banking, digital Sukuk issuances, and tokenisation of real-world assets, on which Khan’s team is working on. He claimed that the blockchain technology would lower thresholds and improve risk profiles of investment projects, thereby making Islamic investment more accessible. For example, assets like buildings, solar farms and agricultural projects can be tokenise, enabling retail investors to invest and benefit.

” Technology can reduce the wealth gap by making high-quality investment products available to everyone”, he said. &nbsp, &nbsp,

Khan claimed that some Middle Eastern markets have already established a welcoming regulatory framework despite the fact that the practice is still in its infancy. The Dubai Financial Services Authority ( DFSA ) introduced its rules over investment tokens in Dubai in 2021 as part of its digital asset regime. Qatar and Saudi Arabia have also put in place the same guidance.

According to Islamic law, tokenization of Waqfs, which refers to endowments of property that are given for religious and charitable purposes, could be a useful application.

” This can lead to tremendous social impact by providing transparency, traceability and greater trust”, he explained. ” With smart contracts on chain, updates could be automated and simplified for stakeholders”.

To press ahead, more communication between regulators and different players is needed, Khan added. For example, legal structuring, investor protection, liquidity and market education are some aspects to carefully consider.

¬ Haymarket Media Limited. All rights reserved.

Continue Reading

Xi’s property fix has a local government problem – Asia Times

By:
On:
In: Asia

Local government leaders who appear to have failed to understand the importance of reviving China’s home problems are putting an unforeseen stop to Xi Jinping’s most daring attempt to do so.

The efforts that were announced four months ago had headlines surrounding the 300 billion yuan ( US$ 42.5 billion ) of central bank cash being used to buy up unsold homes. However, the true force of the plan was to encourage local authorities to increase the amount of housing available nationwide.

So far, though, fewer than 30 coast towns out of the more than 200 Beijing hoped to incentivize had heeded the telephone. This raises a enticing question: Are municipal leaders being criminal, or is their silence because they see a bigger portrait that Xi’s group is missing?

It might be the former, however. Local government officials who defy Beijing do n’t typically achieve high status in Communist Party circles. In contrast, provincial functionaries are more likely to succeed by producing economic growth rates and development indicators that are above the national average.

However, it’s likely that local authorities in the world’s funds, who are dealing with aging laborers, are more aware of their balance sheets than Premier Li Qiang or Finance Minister Lan Foan’s workers.

And this Beijing-ordered housing boom may be a result of the nation’s already depressed local government financing vehicle ( LGFV ) debt burden.

More than half of China’s property problems may pull on another two to five years, according to a Bloomberg study of 15 China analysts. If so, China’s negative forces had become much more entrenched.

And depreciation becomes even more difficult to eradicate over time as Japan continues to demonstrate this.

Team Xi rejected an International Monetary Fund proposal next month to launch massive waves of northern federal funding to finish empty housing projects in Asia’s largest business. A governmental collapse of almost US$ 1 trillion is suggested by the IMF.

The 300 billion yuan save deal, which Beijing unveiled in May, is far below the 1 trillion to 5 trillion yuan that some leading economists believe is required to solve the house problems.

The IMF, however, has taken pains to inform Beijing against creating any “expectation of potential state bail-out and so social hazards”, as Zhang Zhengxin, the IMF’s executive producer for China, puts it. Xi’s group, Zhang says,” may continue to apply market-based and rule-of-law rules in completing and delivering these products”.

Michelle Lam of Societe Generale SA uses the word” somewhat disappointing” when she refers to the IMF’s individual caution around. China’s financial jazz may last for as long as Beijing drags its foot on aiming enough financial power at the house industry.

China’s central bank made a number of new policy announcements to boost the economy on Tuesday ( September 24 ). Women’s Bank of China Governor&nbsp, Pan Gongsheng&nbsp, precise methods to reduce to its essential short-term interest rates, improve bank lending to companies and consumers, and lower mortgage rates for existing housing loans.

Pan speculated that there might be a further reduction in reserve requirement ratios of between 0.25 and 0.5 %. Nevertheless, though,” the rhinoceros in the room is the home business”, says Xu Gao, chief analyst at Bank of China International. He continues,” The current plan to maintain the property business is clearly not enough.”

Count Xu among those who believe a 3 trillion yuan investment may be required to stabilize the real estate industry.

Former PBOC Governor Yi Gang made headlines earlier this month when he claimed Beijing officials” should focus on fighting the negative pressure” through “proactive governmental policy and flexible financial plan.”

The PBOC’s concern now appeared to be being addressed, problems that were validated last week by its decision to remain neutral as the Federal Reserve cut US interest costs by 50 basis points.

In certain ways, Beijing’s reluctance to put stimulus in the short-run has had a magic coating. In light of industry conflicts with the US and Europe, according to economist Gabriel Wildau at consulting firm Teneo, Xi and Li are placing a higher priority on raising China’s competitive sport in technology and production.

However, current information on fixed property investments, industrial output, and retail selling suggested Beijing’s 5 % economic growth goal for this time is becoming more and more of a long-shot. This may have propelled the PBOC to take action.

At a business forum in Beijing last week, Zhu Guangyao, a former vice minister of finance, said that in the” short term, we must really focus to be sure to successfully achieve this year’s 2024 growth goals“. He added that” we still have confidence to reach” this year’s 5 %.

As such,” there’s a good chance that the People’s Bank of China will lower rates and banks to lower]benchmark rates ] soon”, write analysts at Commerzbank. The Fed rate cuts allow room for PBOC to reduce, and lackluster growth necessitates monetary policy easing.

The chance of a vicious economic cycle rises without more incisive policy decisions. In particular, the plunge in land sales that’s currently decimating local governments ‘ budgets could gain momentum. That would make it even more difficult for municipalities to finance their current priorities, ignoring the possibility of acquiring excess real estate to save Xi’s Beijing administration.

Local governments could in fact attempt to raise money to buy up housing through special bond issues. However, it is only if municipal leaders can find enough buyers before selling numerous local government bonds. If all investors, regardless of size, have doubts about China’s financial system, that is easier said than done.

Yet longer-term reforms are even more important. Although exports and domestic demand-driven growth are the focus of recent efforts to rebalance the growth engines, progress is slower than anticipated. Similar to how social safety nets are constructed to encourage households to save less and spend more, is the same.

The LGFV piece of the puzzle continues to be a significant wildcard. These roughly 4, 000 entities created to fund local infrastructure projects carry debts topping$ 8.5 trillion, by the IMF’s estimates.

One problem is the lack of information about these debts. Analysts at Fitch Ratings, for example, are skeptical about Beijing’s claims that the ratios of LGFV debt relative to local GDP have declined.

Rather, moves to reclassify debt to avoid LGFV status, often to bypass bond issuance restrictions, largely explain this supposed trend.

As Fitch analyst Harry Hu notes, the rating company identified 324 entities, about 8 % of the 4, 000 entities that, by June 2024, were no longer classified as LGFVs on a widely used Chinese bond data platform.

We rate 34 of these businesses, which indicates that reclassification was likely to facilitate bond issuance rather than be a result of business transformation, Hu says.

However, the LGFV conundrum is a challenging one. Independent economist Jonathon Sine explains that” a decade ago Beijing not only set out to constrain LGFVs, but eliminate them,” in a recent report on the “rise and fall” of these off-balance sheet entities. Fiscal restructuring proved insufficient. Localities still have incredibly broad roles and mandates today. Will they be forced to abdicate or will they find themselves without any funding?

Sine adds that “in this evolving context, will local officials face new incentives to keep their all-purpose handyman, the LGFV, alive and kicking? Will LGFVs vanish as Lenin once predicted the Soviet Union would? Who will make them? With a new round of audits sweeping the nation alongside top-down inspection tours and the ongoing anti-corruption campaign, what might become of China’s … LGFVs”?

As 2025 approaches, it’s anyone’s guess. However, it suffices to say that the extent to which local governments cooperate with Beijing will be crucial for property sector stability in the long run.

Finding a more activist response from Beijing may be necessary, in terms of providing state funding and developing a mechanism to revive non-performing assets. &nbsp,

Another key issue: Xi and Li ensuring expeditious and transparent implementation. That calls for a bold and obvious shift away from focusing on economic advancement.

Over the past two years, Xi’s team has stuttered from pledge to pledge to develop a plan to significantly lower the ranks of property developers by removing toxic assets from their balance sheets.

One possibility about which investors have long buzzed is Beijing adopting a&nbsp, Resolution&nbsp, Trust&nbsp, Company-like&nbsp, model the&nbsp, US used to address the&nbsp, savings-and-loan crisis of the 1980s. That could save a decade in Japan, where a sector essential to growth gains a new lease on life.

Doing so would afford Xi’s reform team&nbsp, an opportunity to confound the naysayers and reinvigorate&nbsp, China Inc. Additionally, it would fulfill Xi’s promises to prioritize the quantity over the quality of growth. Change the narrative that China is repeating the mistakes Japan made in the 1990s as a result of its bad-loan crisis and deflationary nightmare.

However, for the moment, at least one thing is certain: Beijing’s hopes that local governments will come to grips with the housing crisis are n’t working so far.

Follow William Pesek on X at @WilliamPesek

Continue Reading