Islamic finance players eye Middle East growth | FinanceAsia

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

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

People’s Party warned to carefully vet donations

According to the Election Commission, Walk Forward’s resurrection still has time to establish branches in accordance with the law.

People’s Party leader Natthaphong Ruengpanyawut is flanked by deputy leader Sirikanya Thansakun (left) and spokesman Parit Watcharasindhu at a membership sign-up event in Pathumwan district of Bangkok last Saturday. (Photo: Nutthawat Wichieanbut)
At a membership signing-up event held in Bangkok’s Pathumwan district last Saturday, People’s Party leader Natthaphong Ruengpanyawut is accompanied by deputy leader Sirikanya Thansakun ( left ) and spokesman Parit Watcharasindhu. ( Photo: Nutthawat Wichieanbut )

The Women’s Party also has time to open sufficiently branches as required by law, but it must thoroughly check its contributors to reduce the risk of disintegration, according to the secretary-general of the Election Commission.

The Move Forward Party was replaced by the People’s Party last week by the Constitutional Court on the grounds that its proposals to update the lese-majeste rules threatened the constitutional monarchy.

Walk Forward’s 143 people immediately enlisted in the under-recognized Thinkakhaochaovilai Party, which has been registered with the Election Commission for ten years but has never had an elected MP. It was then renamed the People’s Party.

In Chiang Mai, the Thinkakhaochaovilai Party informed him on April 4 that it had closed three trees and kept just one one opened, according to Mr. Sawaeng. So, it had until April 3, 2025, to open at least one unit per region in the country to be in conformity with EC principles, he said. That deadline may then apply to the Person’s Party.

” For now, the position of the social group remains intact”, said Mr Sawaeng.

He made the comments in response to a&nbsp, challenge&nbsp, by the ultra-royalist Thai Pakdee Party to the reputation of the Women’s Party. It was questioned about whether the party had sufficiently trees.

Thai Pakdee even posed issues about&nbsp, gifts to the People’s Party. According to Mr. Sawaeng, the party must examine the donors ‘ information before accepting gifts through the Thinkakhaochaovilai Party’s verified bank account.

If a patient’s skills were prohibited by law, that could lead to bash disintegration, he said.

In its first three nights of operation, The Women’s Party welcomed 50, 000 people and accepted more than 25 million baht in gifts, the majority of which were in the range of 500 or less for enrollment fees.

Continue Reading

People’s Party told to carefully check donations

According to the Election Commission, Walk Forward’s reincarnation still has time to establish trees in accordance with the law.

People’s Party leader Natthaphong Ruengpanyawut is flanked by deputy leader Sirikanya Thansakun (left) and spokesman Parit Watcharasindhu at a membership sign-up event in Pathumwan district of Bangkok last Saturday. (Photo: Nutthawat Wichieanbut)
At a membership signing-up event held in Bangkok’s Pathumwan district last Saturday, People’s Party leader Natthaphong Ruengpanyawut is accompanied by deputy leader Sirikanya Thansakun ( left ) and spokesman Parit Watcharasindhu. ( Photo: Nutthawat Wichieanbut )

The Women’s Party also has time to open sufficiently branches as required by law, but it must thoroughly check its contributors to minimize the risk of disintegration, according to the secretary-general of the Election Commission.

The Move Forward Party was replaced by the People’s Party last week by the Constitutional Court on the grounds that its proposals to update the lese-majeste rules threatened the constitutional monarchy.

Walk Forward’s 143 people immediately enlisted in the under-recognized Thinkakhaochaovilai Party, which has been registered with the Election Commission for ten years but has never had an elected MP. It was then renamed the People’s Party.

Mr. Sawaeng claimed that the Thinkakhaochaovilai Party informed him on April 4 that Chiang Mai, in the northeastern state of Chiang Mai, had closed three departments and kept just one available. So, it had until April 3, 2025, to open at least one unit per region in the country to be in conformity with EC principles, he said. That deadline may then apply to the Person’s Party.

” For now, the position of the social group remains intact”, said Mr Sawaeng.

He made the comments in response to a&nbsp, challenge&nbsp, by the ultra-royalist Thai Pakdee Party to the position of the Women’s Party. It was questioned about the party’s number of branches.

Thai Pakdee even posed issues about&nbsp, gifts to the Women’s Party. According to Mr. Sawaeng, the party may check the donors ‘ information before accepting gifts through the Thinkakhaochaovilai Party’s verified bank account.

If a patient’s skills were prohibited by law, that could lead to bash disintegration, he said.

In its first three weeks of operation, The Women’s Party signed up 50, 000 people and accepted more than 25 million ringgit in gifts, the majority of which were in the range of 500 ringgit or less for enrollment fees.

Continue Reading

AI fuelling more sophisticated phishing attempts, cyberattacks

NEW DIMENSION TO CYBER THREATS

AI has also allowed malicious actors to scale up their operations, reported CSA.

The agency and its partners analysed a sample of phishing emails observed in 2023, with about 13 per cent found to contain AI-generated content. 

These emails “were grammatically better and had better sentence structure”, said CSA. 

AI-generated or AI-assisted phishing emails also had “better flow and reasoning, intended to reduce logic gaps and enhance legitimacy”.

It added that AI’s ability to adapt to any tone allowed malicious actors to exploit a wide range of emotions in their victims.

The technology has also been used to scrape social media profiles and websites for personal identification information that can be used by malicious actors. This allows them to increase the speed and scale of their attacks.

CSA warned that malicious actors could also become unintended beneficiaries of legitimate research into how generative AI is used negatively. 

These actors could recreate and operationalise research findings, incorporating them into their cyberattacks, said the agency. 

“The use of generative AI has brought a new dimension to cyber threats,” said Mr David Koh, commissioner of cybersecurity and chief executive of CSA. 

“As AI becomes more accessible and sophisticated, threat actors will also become better at exploiting it.”

Individuals and organisations need to learn how to detect and respond to malicious uses of Gen AI, said CSA. 

Users can discern if the content they are viewing is a deepfake by assessing its message, analysing its audio-visual elements and using tools to authenticate its content, it said. 

DECREASE IN PHISHING SCAMS IN 2023

According to CSA’s report, Singapore saw a 52 per cent decline in phishing attempts in 2023 compared with the year before. The drop bucked a global trend of sharp increases. 

However, the total number of phishing attempts in 2023 was around 30 per cent higher than in 2021.

CSA warned that phishing attacks continue to be a major threat to organisations and individuals, especially as threat actors improve on the sophistication of their cyberattacks.

The agency observed that cybercriminals were making their attempts more legitimate and authentic.

For example, more than a third of reported phishing attempts in 2023 used the more credible-looking domain “.com” instead of “.xyz”, an increase of about 20 per cent from 2022.

More than half of the phishing URLs reported also used the more secure “HTTPS protocol”, a significant increase from the 9 per cent that did so in 2022, said CSA.

The most spoofed industries in 2023 were banking and financial services, government, and technology.

Sixty-three per cent of the organisations imitated in phishing attempts were from the banking and financial services sector. 

“This industry is often being masqueraded as banking and financial institutions are trusted organisations which hold significant amounts of sensitive and valuable information, such as personal details and login credentials,” said CSA. 

Continue Reading

From ‘life coaches’ to ‘spiritual healing gurus’: Fake experts being targeted on China’s version of TikTok

SINGAPORE: China’s leading short video app Douyin is cracking down on the accounts of false authorities and” self-proclaimed experts”, amid a wider cyber recovery being undertaken by the state.

The domestic sister app of TikTok announced the clampdown on Monday ( Jul 22 ) in a WeChat statement. It claimed it recently found a number of accounts with “fake personas.” &nbsp,

Claiming to become professionals from popular companies, professionals or” self-proclaimed masters”, these characters gain the trust of Douyin people before directing them to third-party systems to make a profit. &nbsp,

” Such behaviour violates ( Douyin’s ) platform rules and may cause other users to suffer financial and emotional losses”, the platform warned. Douyin had about 755 million monthly active users as of February 2024, according to Statista.

On Monday, Douyin stated that it has always been committed to keeping a” clean, healthy, and trusted environment.” It urged the upsetting accounts to promptly” right” or remove false or misleading information, or give believable proof of their claims.

If never, they face possible accounts bans, a update of their names or personal information, as well as movies being removed.

Insulting accounts may also have their crowdfunding rights cancelled, removed from search advertisements, or banned from gaining new fans. &nbsp,

“MASTERS OF LOST Like Healing”

Douyin gave instances of conduct by these “fake specialist” records that went against its standards.

For example, people who claim to be successful but ca n’t or do not provide credible evidence, such as self-declared senior executives who claim to be the “director of a large factory” or professionals with” 20 years of experience in companies.”

Also in the crosshairs- accounts with” unverifiable performances”. For example, they would claim to have” successfully helped more than 300 companies double their sales”, helped” 1 million mothers get rich while working part-time”, or” brought 5, 000 couples together”, Douyin stated.

Accounts run by” self-proclaimed masters” who are well-known in society may also see themselves banned.

These are people who claim to be the” love and marriage experts””, life coaches””, spiritual healing gurus” as well as” masters of lost love recovery”, Douyin pointed out.

Continue Reading

Family of Malaysian TikToker Esha who died in cyberbullying case seeking legal advice after offender fined RM100

According to Sedul police captain Ahmad Sukarno Mohd Zahari, whose district hq conducted the investigation into Ms. Rajeswary’s bullying situation, investigations have come to a close and the” suspects have been charged in judge”

Because she was unable to have her speech recorded, Esha’s concerns were not taken into account. If she was n’t present to give her speech, how is her cellphone be recovered? he said.

Assistant Commissioner Ahmad Sukarno recently reported to local media that officers had also received a report from a 39-year-old man about challenges made against her on TikTok on July 6, the day after Ms. Rajeswary’s death.

According to the police chief, the plaintiff claimed that he saw two messages on TikTok by profiles called Dulal Brothers and Alphaquinnsha, who were allegedly defaming and threatening Ms. Rajeswary, as reported in the New Straits Times.

” The claimant’s report triggered the problem and authorities investigated based on his record, no Esha’s statement”, Assistant Commissioner Ahmad Sukarno told CNA.

In Ms. Rajeswary’s scenario, two people have been charged with conversation crimes.

One of them, lorry drivers B Sathiskumar, pleaded guilty to a cost of posting lewd remarks on TikTok using the account” @dulal_brothers_360″ with the intention to offend others at 10.12pm on Jun 30, The Star reported.

The 44-year-old was charged under Section 233 ( 1 ) ( a ) of the Communications and Multimedia Act 1998 and faces a fine of up to RM50, 000 ( US$ 10, 700 ) or imprisonment of up to one year or both, with an additional fine of RM1, 000 for each day the offence continues after conviction.

Sathiskumar also claimed test to a minute cost of posting vulgar comments with the intention to anger the humility of Esha’s family, Ms Puspa Rajagopal, 56, at 10.15pm on the same day.

This crime, under Part 509 of the Penal Code, provides for prison of up to five years or a good or both.

According to The Star, Sathiskumar had requested a test for the next demand and sought legal counsel, so KL Sessions Court Judge Siti Aminah Ghazali delayed punishment for the first command to give him time to find a solicitor. On August 16th, the event will be reported.

The other person accused of Ms Rajeswary’s event at the Magistrate’s Court, identified as Shalini Periasamy, was ordered to pay RM100 in definition of seven days ‘ prison for purposefully uttering vulgar things with the aim of inciting rage and disturbing peace through her TikTok accounts.

Shalini, 35, pleaded guilty to the crime committed via her TikTok accounts “alphaquinnsha” at around 4.10am on Jul 1. She was charged under Section 14 of the Minor Offences Act, which provides for a maximum excellent of RM100 upon faith, The Star reported.

The attorney Mr Harpal said Ms Rajeswary’s community is disappointed with the punishment.

” The household said, how can the woman really get ahead with RM100 when they lost their child. I now managed to explain to them that these are the legitimate repercussions Malaysia is currently facing,” he said.

” But sometimes, families are bereaved and you ca n’t help it”.

Communications Minister Fahmi Fadzil expressed disappointment at the quantity but acknowledged that it was meted out based on the evidence collected, Free Malaysia Today reported. Additionally, some people have suggested that the sentence is very forgiving.

The government has also pledged to improve the effectiveness of cyberbullying police through the Penal Code and to introduce a fresh Bill to make online solutions more accountable for issues involving website security, including bullying.

The Malaysian Cabinet has agreed to set up a special committee to address cyberbullying issues in the nation, according to Mr. Fahmi, who is also the unity government’s spokesman on Friday ( Jul 19 ). It may require the Communications Ministry, Home Ministry, Digital Ministry as well as the Legal Affairs Division of the Prime Minister’s Department.

According to Bernama, Mr. Fahmi was quoted as saying,” The committee will look at the legal aspects and ( make ) changes to the laws,” as well as other steps we feel are necessary to take to address the problems of cyberbullying.

Continue Reading

Chinese ‘pig butchering’ scams targeting American suckers – Asia Times

BANGKOK – Human “pig butchering” scams have stolen billions of dollars from Americans rendering them financially devastated, heartbroken from fake love, and in worst cases suicidal, according to a new US Institute of Peace ( USIP ) report on Chinese-dominated transnational crime based in Southeast Asia.

In a sad bend, many of the estimated 300, 000 lying, sweet-talking scammers – largely from developing nations – likewise suffer because they are supposedly imprisoned and brutalized by the Chinese-run groups.

The armed groups trap or steal them to Myanmar, Cambodia, and Laos and “deploy abuse to employ victims in driven criminality”, the USIP statement said.

There are presently no reports of any Americans being trapped in these facilities, but there have been a small amount, according to USIP visiting specialist Jacob Sims in an interview.

” A couple of years ago, an American was in a compound]in Cambodia ] – and treated as a criminal once he got out, by the Cambodian government – and eventually found his way back to America.

” And there was another who was repatriated to Thailand and then returned to America from a mixture on the Thai-Myanmar border.

” That one was I think more just, maybe three months ago, something like that”, Sims said.

” He was released during a large release of some, like adjacent to a thousand persons, that were being held. ” Some of them ended up getting released, and some ended up getting deported,” back home in China.

He claimed that he was allegedly brought up to the US after being slowly brought back to Thailand.

According to Sims,” It is actually highly probable that there are Americans or British people working willingly in these compounds, but the incentives do n’t work out against Americans ]against their will because the US government is then going to be more aggressively reacting against the compounds.”

According to USIP Burma ( Myanmar ) country director Jason Tower,” there are a lot of law enforcement representatives from all over the world who have traveled to that area,” where compounds are clustered along Thailand’s Myanmar side.

” The 30-some-odd materials which are there, are all smuggling people and keeping citizens enslaved”, Tower said.

Beijing is one of the nations attempting to stop the organized crime that started years ago when illegitimate net Chinese gambling sites discovered heinous methods of money transfer.

” China’s government and law enforcement, after failing to take this issue seriously for years, are now using the reputation of Chinese-led violence groups in other countries to support dramatic increases in the presence of China’s authoritarian authorities around the globe”, said the 68-page report.

” The United States and China ]are ] the two most strongly affected victims of the online scamming industry”, it said.

Deceitful, scripted attempt at relationship resulting in stolen funds through online scams and fraudulent financial applications and websites, are known in China as” sha zhu dish” – animal killing.

Individual Americans and other foreign survivors who fall in love with their con artists and invest in fake opportunities frequently experience extreme emotional and financial stress as a result of the deceptive con.

According to the Washington-based USIP report,” this scamming industry could soon rival fentanyl as one of the top dangers that Chinese criminal networks pose to the United States.”

” I am on the ground, listening to what victims are actually experiencing in the United States”, said Erin West, an international cross-agency Rapid Enforcement Allied Computer Team ( REACT) prosecutor and Santa Clara County, California, deputy district attorney.

” In the United States, and in many other countries around the world…this particular scam does n’t end until they ]victims ] have lost every last penny they have”, she said.

The pig butchering scam is similar to that. And I refer to it as devouring our victims from snout to tail.

They are using the courtship period to find out exactly how much our victims have and where the assets are located, she said.

West made the remarks at the Foreign Correspondents ‘ Club of Thailand in June during a Transnational Crime in Southeast Asia panel discussing the release of the USIP’s May report.

The cyber gigolo knows “exactly how much is still available that they can get these people to invest,” she said when the delusional one-sided romances turn into dreams of big profits being made through cryptocurrency investments.

These fake relationships start with a cold call made by an unidentified person who attempts to meet cute with the patsy online and patiently cultivates them until the victims agree to invest an initial US$ 5, 000 or so in cryptocurrency.

Their funds are transferred to an online crypto account that the con artists control. Soon, the victims of love-struck are instructed to be brave and aim for much bigger profits by depositing more and more.

When victims try to withdraw their investment, the scammers tell the now-panicking dupes they must first pay a 25 % tax bill” from new funds.”

” They’re mortgaging their homes, they’re taking high-interest loans, and borrowing from everyone they know,” West said.

Then the scammers disappear into cyberspace.

Today, thousands of criminals are posting counterfeit profiles of non-existent, good-looking, romantic people on Meta, Facebook, Linked In, Tinder, Whats App, Telegram, and other online social media to fool victims.

Thieves fabricate images to resemble their fictitious personalities to mimic the lifestyles of their targets.

Pig butchering call centers have smaller operations in the US and other countries, but are primarily located in Southeast Asia, according to investigators.

Eager job seekers, who are primarily from Asia, are frequently conned into visiting Myanmar, Cambodia, and Laos through websites and chat groups describing fantastic positions at hotels, casinos, and other locations.

Those three relatively impoverished countries, clustered around Thailand, are ideal because widespread corruption enables the gangs to operate.

” Thailand offers the enclaves reliable energy, stable telecommunications, and easy access to a major financial center,” USIP said.

When new, unsuspecting employees arrive, they are captured, brutalized, and forced to work in guarded, hidden buildings using the gang’s computers and encrypted telecommunications, USIP said.

Because of their language prowess, Indians, Malaysians, and other English-speaking people are regarded as pig butchers in the US and Europe.

According to USIP,” China-origin criminal networks” that are “running the scams from Southeast Asia during 2023” are estimated to have lost$ 3.5 billion.

Worldwide, up to$ 64 billion was stolen from millions of people last year, they said.

Sean Gallagher, a senior researcher at Sophos, a cybersecurity firm, said he investigated pig butchering in 2023 by pretending to be a potential sucker.

A 40-year-old woman posing as a 40-year-old woman allegedly lied to Gallagher as a Hong Kong-based con artist who instructed him to download and use secretly infected software to upload his signed identification papers and deposit money into an account holding gold.

In Gallagher’s second test”, a Cambodia-based Chinese organized crime operation” tried to lure him into a cryptocurrency scam, Sophos reported.

In 2023, Sophos discovered two “malicious” apps on the Apple and Google Play Store, prompting Apple and Google to remove them.

One of the bad apps was” Ace Pro” which disguised itself in the app store as” a QR code-checking application.”

The other fake app was” MBM_BitScan” which offered” a real-time data tracker for cryptocurrencies “and” a fake crypto trading interface,” Sophos reported.

According to USIP, “pig butchering scams have also exposed vulnerabilities in the US financial system,” with one instance involving the closure of a state-owned bank in Kansas and the prosecution of a victim facing criminal charges.

Richard S Ehrlich is a Bangkok-based American foreign correspondent reporting from Asia since 1978, and winner of Columbia University’s Foreign Correspondents ‘ Award. Excerpts from his two new nonfiction books”, Rituals. Killers. Wars. &amp, Sex. — Tibet, India, Nepal, Laos, Vietnam, Afghanistan, Sri Lanka &amp, New York “and” Apocalyptic Tribes, Smugglers &amp, Freaks “are available here.

Continue Reading

The irrelevance of Biden’s senility – Asia Times

We are better off knowing neither the way our supper is made nor the way our government operates, according to a trite old saying. &nbsp,

Although its best-known form, which compares the doing of regulations to the making of meatballs, is frequently mistaken as Otto von Bismarck, the clever noble-born director of the Jacobin Club who had committed suicide more than endured a second prison under Robespierre, it appears to have first been printed in 1798.

Prior to the development of radio or television, the saying expressed gratitude for a fact: Some people in the country had already slaughtered and butcheted their own meat and worked in the fields that produced the grain for their bread. &nbsp,  

Some people heard their leaders speak for extended periods of time on symbolic occasions or heard them speak for it. Some people who had not been thoroughly published and prepared speeches or works by their rulers.

The internal workings of Elizabeth Tudor’s royal council, of Talleyrand’s or Metternich’s foreign government, of Abraham Lincoln’s government, or of Bismarck’s court, were largely unknown to the public until decades or centuries later.

Rulers were loved or despised, and they remained or fell based on the standard of management that they provided, not the standard bacon. They were chosen based solely on their laws ‘ suitability and outcomes, not on any individual traits. Having bonuses to govern effectively, they typically did so.

How illiterate was George Washington by 1797, when he ceased serving as president of the United States at the age of 65? According to the data currently available, he may have been significantly less strong in his second term than he was in his first.

Some of his people then knew that and most of them supported his state for its plans, which were generally formulated and executed by officials, notably Alexander Hamilton.

How egotistical was Pyotr I Alekseyevich, the Prince of All Russia from 1721 to his death in 1725, the ruler of Muscovy from 1682 to 1721? By any common, really, really. &nbsp, Yet he governed thus successfully that Russians have remembered him as Peter the Great and their subsequent- biggest town bears his title.

In essence, a leader’s personal character and mentality were irrelevant from the beginning of the century in that they only had an impact on the guidelines he or she pursued or the level of leadership they delivered. &nbsp,  

Rise and fall of political babysitting

When our leaders were able to appear on television in our houses to comfort us whenever any common apprehension occurred, all changed.

Even though a president cannot stop natural disasters and preventing and punishing crime is the responsibility of local institutions, not the federal government, he is widely and publicly mocked for not traveling to the page of a natural disaster to console its subjects or to provide apologies to the victims of a much-publicized crime. &nbsp,

During the Great Depression, Franklin Roosevelt honed the art of public nannying through radio during times when, admittedly, Americans needed a little nannying. &nbsp,

In the age of television, our rulers have developed that art to include visual appearance. They assiduously steer clear of the error widely believed to have cost Richard Nixon the 1960 US presidential election, namely that they did n’t use enough makeup for the first of his nationally televised debates against John Kennedy, which was the first of its kind to take place in the US.

After their first of four presidential debates at a television studio in Chicago, Illinois, on September 26, 1960, Senator John F. Kennedy, left, and then-Vice President Richard M. Nixon are shown following their nationally televised first of four presidential debates. Photo: Wikimedia Commons / AP

Many of us now hear and see our rulers, just as we do family and friends, and we need to know more about them. Many of us even place the expectation that our rulers will act best for us as though we are dating or having an affair with them.

This development is more pronounced in the US, where the president is both head of government and head of state, than in other Western countries where the head of government is not head of state. A US president can now and frequently does so to try to win votes from his or her head of state functions. &nbsp,

Consequently, the advent of radio and television led to an expansion of the president’s head- of- state functions into public and publicized comforting, consoling, reassuring and ego- boosting – functions largely outside the purview of the presidency as recently as a century ago.

However, it appears as though the growing level of political conflict in the US has recently caused voters to care less about a president’s personality, appearance, or mental fortitude in relation to his policies.

Biden’s pointless senility

Since years before the nationally- televised Biden- Trump debate of June 27, 2024, it has been obvious, to anyone who has paid even a little attention to US public affairs, not only that Biden is increasingly senile but also that his performance of presidential functions has been directed by or through advisors and handlers with deliberately low public profiles.

That is simply irrelevant for any American who, in spite of decades of systematic political infantilization, does not need a personal relationship with a nannying president. What matters is the level of governance that the Biden administration has provided over the past four years, as well as the appropriateness or outcomes of the policies it has proposed or pursued. &nbsp,

If Biden is re-elected, similar governance and policies can be anticipated, whichever comes first, until his death or the end of his second term.

Whatever interests are currently in charge of Biden will continue to rule him if he is re-elected, either through the same advisors and handlers or by someone else of their choosing. That is true regardless of who those advisors and handlers may be. Their identities and particular roles are unimportant.

In the recently released second half of Denis Villeneuve’s film adaptation of Frank Herbert’s 1965 sci-fi novel” Dune,” the high priestess of a cult who covertly spies on a galactic empire to install as emperor a young man who is all-knowing to be psychopath. &nbsp,

She explains to one of her protégé priestesses that the key is not whether this prospective emperor is a psychopath or not, but that the high priestess knows how to control him.

There is abundant evidence that Biden can be controlled, and how much he has been controlled and will continue to be controlled if re-elected. &nbsp, His senility, like the psychopathy of the prospective emperor in” Dune”, is immaterial.

Trump’s egomania is so irrelevant.

Donald Trump’s egomania is no less irrelevant for any American who has not been raised with the idea of a personal relationship with the president. Trump has unabashedly displayed his egomania to the American public for half a century. Even before 2016, a description of its numerous public manifestations could fill a book.

However, Trump did a remarkable job of turning the Republican Party from a fat cats ‘ party into a socially conservative populist party when he won the nomination in 2016. He was also elected president.

Policies that a second Trump administration will implement are comparable to those of a second Biden administration. Trump tried more than any other president in the history of his first administration to keep his campaign promises.

There is no reason to think that he will not do so again and his 2024 campaign promises are both candid and similar to his 2016 and 2020 campaign promises. Although the majority of Trump supporters are aware of his flaws, they are also impressed by his policies and rhetoric. &nbsp,

Donald Trump sees migrants as a threat to “real” Americans. Screengrab image:

Trump uses facts in ways that no one else who could get a significant hearing before 2016 was willing to share. One such truth is that America’s ruling elites, abetted by academia, the media and the federal bureaucracy, have impoverished American workers by their ceaseless quest for access to cheap foreign labor through free trade with poor countries and immigration from poor countries.

Other examples of such truths include the notion that social justice is not merely or even primarily based on race, gender, or sexual preference, that there are many different genders of people, that white skin does not necessarily make one evil, and that excluding Muslims from the US is a less expensive, more compassionate, and more effective way to stop Islamist violence than annexing Muslim nations.

Additionally, Trump’s actions during his first year of office were incredibly in line with his campaign rhetoric. Lest we forget: Franklin Roosevelt, in his 1932 campaign, promised to balance the federal budget, Lyndon Johnson, in 1964, promised not to send US troops to Vietnam, and Bill Clinton, in 1992, vehemently opposed free trade with China. Each of them did the disproportional thing that he had preached. Trump did n’t do that.

Why character and mental acuity now matter less

Advocates of electing a president based solely on personal characteristics point to the necessity of good character and mental fortitude in an unforeseen crisis. Do you want a senile dotard’s finger or an egomaniac’s finger on the nuclear trigger, as they frequently mention the possibility of a nuclear war?

However, an egomaniac’s finger was on the nuclear trigger for four years during which relations with other nuclear- armed countries were never allowed to become so bad as to threaten nuclear war. &nbsp,

For the past four years, a more senile dotard’s finger has been on the nuclear trigger, with the first major war in Europe since 1945 breaking out. Relations with both Russia and China have deteriorated, but the chance of a nuclear war has remained undetermined. &nbsp,  

A president is also subject to a number of restrictions that prevent him from starting a nuclear war out of egotism or senility. General Mark Milley’s insubordinate but never-punished actions as chairman of the Joint Chiefs of Staff limited then-president Trump’s nuclear options from late October 2020 through January 2021 illustrate that. &nbsp,

The 25th Amendment to the US Constitution has a potential use, among other things, to prevent a president from using nuclear weapons without justification.

The constraints on a senile or egomaniacal president might be weaker, and his mental acuity and character might matter more, but that is uncertain, as are all aspects of unknown and unforeseeable contingencies.

A president’s character and mental acuity may seem to matter less when perceived problems are chronically worsening and threaten to become critical than when potentially grave problems are sporadic but frequent. &nbsp,

The Berlin crises, the Korean War, and the Cuban missile crisis, all of which threatened nuclear war, were a sporadic but frequent, potentially grave issues that the Cold War had. Under those conditions, a president’s character and mental acuity seemed to matter greatly. &nbsp,

However, Robert Kennedy’s restraint of his brother’s bellicosity, which was the most severe of those crises, the Cuban missile crisis, prevented nuclear war.

America’s perceived issues have been chronically worsening in recent years and now threaten to become critical. The country’s biggest issue is the decade-long expansion of populism, according to the ruling elites, academia, the media, and the federal bureaucracy, according to the ruling elites and academic community. &nbsp,

The greatest issues for populists are decades-long impoverishment of the working class caused by free trade and immigration to provide cheap labor for the rich to employ, decades-long and worsening cultural decay, decades-long growth of federal government debt that threatens to cripple, decades-long ideologization of all institutions, and decades-long growing intolerance and demonization of dissent from an ideology that only defines social justice in terms of race, gender, and sexual preference and is unconcerned with inequality

Populists believe that democracy has been in decline for decades, but they also believe it is deteriorating. They perceive the ruling elites as resorting since 2016 to increasingly undemocratic means in order to curtail the populist threat to their interests and expect them to continue to do so.

A president’s character and mental acuity do n’t matter as much in these circumstances as they did during the Cold War. And American voters are much more adept at understanding this than their politicians and experts.

Despite the panic of Democratic Party politicians and pro- Democratic media since the June 27 debate displayed the extent of Biden’s senility, neither Biden’s job approval rating nor the proportion of voters planning to vote for him seems to have dropped more than about two percentage points as of July 6.

Additionally, as memory of that debate fades, the erosion of Biden’s support is likely to diminish as other highly publicized events bring it into focus.

As new events start to dominate the news media, Biden’s debate performance will become less significant. Image: CNN Screengrab

Similar to how the majority of media pundits and the numerous politicians from both parties who had opined that Trump had no chance of winning the presidency were misled by voters in November 2016 after The Washington Post released a transcript of a 2005 recording in which he admitted to telling a TV show host that he did” try and f*ck” a married woman before appearing on his show and that “women ] let you do anything.” Just grab them by the p*ssy, please.

Admittedly, pollsters report that a minority of Americans, many of them young, claim to be unwilling to vote for Biden because he’s too old, and that another minority of US voters, many of them college- educated women, claim to be unwilling to vote for Trump because he’s too nasty.

However, for the majority of Americans, the political conflict between the nation’s ruling elites and populists who want to end those elites ‘ political and cultural dominance has grown so much that it is no longer necessary to have a kind, attractive, comforting, and ego-stoking ruler on the boob tube. &nbsp,

The battle lines have been drawn and most Americans will choose a side based on considerations more compelling than which side offers the better nanny.

Continue Reading

Deferred Senate poll result ‘not a postponement’

Results will be verified when it is certain that the poll commission’s vote was” clean, honest, and legal.”

Deferred Senate poll result ‘not a postponement’
On June 26, the Senate vote method reached its conclusion, EC Chairman Ittiporn Boonpracong addresses writers in Nonthaburi. ( Photo: Nutthawat Wichieanbut )

The Election Commission (EC ) has indefinitely delayed announcing the verified results of the Senate election, citing unresolved issues that still need to be addressed.

Ittiporn Boonpracong, the president, said he disagreed with those who viewed the selection as a delay. He claimed that the deadline of July 3 was just a rough estimate for announcing the effects.

No precise date will be given for the release of the vote results, as per the natural laws regarding the Senate composition. The EC just needs to set aside five days after the election’s last round to get complaints.

The EC did announce the qualified outcome when it is certain the vote was clear, fair and valid, said Mr Ittiporn.

When questioned about what precisely was stopping the EC, he merely stated that the news would only be made once the EC had completed its tasks.

” This is n’t a postponement. The empty work will have to be done before the EC you make an announcement”, he said.

The EC does release the election results as a preliminary research is still being conducted. So, do n’t call it a postponement”.

The Senate’s Secretariat has been given a location to house the 200 new lawmakers who did report to the office starting on Sunday, according to custodian senator Somchai Swangkarn, who announced on Wednesday.

He claimed that that action demonstrated that the poll body’s choice to not release the qualified results on Wednesday was simply a ploy to avoid criticism.

According to Mr. Somchai, the EC does n’t want to be accused of failing to ensure the election was impartial before rushing to get the results verified.

A resource said on Tuesday that the EC has so far reviewed more than a thousand concerns about suspected disqualification of a number of senators-elect and reported election rules violations.

Some folks who strongly followed the procedure claimed to have discovered a lot of strange things. For example, some individuals had never voted for themselves, although they were allowed to do so. This indicated that their only intention was to cast ballots for specific people as per instructions from particular attention groups or social events.

Numerous senators- elect have even faced criticism for recognized profiles that were imperfect, inaccurate, inflated or simply misleading. More than a few were alleged to have relationships with political events or other vested interest organizations. The senators is supposed to be quasi- political.

During the multi-level Senate vote that ended last month, Mr. Somchai himself provided evidence of what he claimed was votes fraud.

His problem concerns four suspected circumstances in Si Sa Ket, Amnat Charoen, Buri Ram and Trang regions, said the senator.

According to Mr. Somchai,” Do n’t ever say you did n’t have the evidence to support these alleged misconduct cases because it was already presented to you along with the complaints,” referring to the Election Commission.

The three-stage vote method came to an end on June 26 when 2, 989 individuals— who had already won more than 45, 000 votes in the first round — cast their ballots at Impact Muang Thong Thani in Nonthaburi.

The new senators will have 200 members drawn from 20 professional organizations in place of the 250 senators who were appointed by the military and whose terms ended on May 10 and were due to expire on May 10.

Unlike their predecessors, new lawmakers are not empowered to join in&nbsp, legislature’s vote of a prime minister. They will continue to review regulations that the House has passed, appoint members of separate organizations, and monitor the effectiveness of the executive branch.

Continue Reading