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
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 , 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 , 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 , 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 , 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 , 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.
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 , Gamblers, Fraudsters, Dreamers &, Spies: The Outsiders Who Shaped Modern Japan , 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.  ,
Whiting’s earlier works for as , Tokyo Underworld , and , 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” ( ). – , is often entertaining. Whiting wrote about Kodama in , Tokyo Underworld , 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 , Gamblers, Fraudsters, Dreamers &, Spies: The Strangers Who Shaped Modern Japan , 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.
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.  ,
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 , substack,  , too.
In , Gamblers, Fraudsters, Dreamers &, 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.  ,
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.
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 , Gamblers, Fraudsters, Dreamers &, Spies: The Outsiders Who Shaped Modern Japan,  , Whiting presents a variety of compelling stories from Japan’s postwar underworld. For me, three of the most fascinating things are:
Gamblers, Fraudsters, Dreamers &, Spies , 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 , The Ones Left Behind: The Plight of Single Mothers in Japan ��
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.
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.
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.
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 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.
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.
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.”
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.
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.  ,
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&, 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&, 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&, 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&, P 500 Shariah, an index which covers all Shariah-compliant constituents of S&, P 500, offers a 1-year return at 26.77 %, slightly higher than that of S&, 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.  ,  ,
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.  ,  ,
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.
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 , Pan Gongsheng , 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.  ,
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 , Resolution , Trust , Company-like , model the , US used to address the , 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 , an opportunity to confound the naysayers and reinvigorate , 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
According to the Election Commission, Walk Forward’s resurrection still has time to establish branches in accordance with the law.
PUBLISHED: 14 Aug 2024 at 15: 08
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 , challenge , 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 , 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.
According to the Election Commission, Walk Forward’s reincarnation still has time to establish trees in accordance with the law.
PUBLISHED: 14 Aug 2024 at 15: 08
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 , challenge , 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 , 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.
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.
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.
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.”  ,
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.  ,
” 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.  ,
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.