AI’s rapid evolution | FinanceAsia

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Asian listed technology stocks outperformed world indices in 2023. While lingering geopolitical worries and supply chain constraints muffled the industry’s early year outlook, the sector was buoyed by the near overnight mass adoption of generative artificial intelligence (AI).

The release of user-friendly chatbots found an immediate audience. Within two months of its official launch, ChatGPT reached 100 million monthly active users, making it the fastest-growing consumer application in history, according to Similarweb data. The popularity of the OpenAI-designed chatbot spurred other notable rivals, including Google’s Bard and graphic designer Midjourney. AI systems are now capable of producing digital art designs, college-level essays and software coding – all in just a matter of seconds.

Unsure which generative AI platform will ultimately reign supreme, investors have been adopting a “picks and shovels” approach, a mining analogy favouring equipment makers. The Philadelphia Semiconductor Index returned almost 50% in 2023. Asian tech companies followed, with the MSCI AC Asia Pacific Information Technology Index rallying more than a fifth, compared to a 10% gain for the MSCI World Index.

Looking into 2024, there is little to believe tech’s outperformance will reverse, said Mazen Salhab, chief market strategist, MENA for BDSwiss, speaking to FinanceAsia. Salhab foresees the trend continuing beyond the next 12 months, considering the urgency for corporations to leverage innovative technologies capable of addressing headwinds such as tightening labour dynamics and higher costs.

Given its technological reach, experts see generative AI’s transformative properties creating significant economic value across a spectrum of industries. Bloomberg Intelligence predicts generative AI sales to reach $1.3 trillion over the next decade from a market size of $40 billion in 2022, representing a compounded annual growth rate (CAGR) of 42%, with rising demand for AI products adding $280 billion in new software revenues. 

These numbers are hard to ignore, explained Hong Kong-based Robert Zhan, director of financial risk management for KPMG China, to FA. He added that companies harnessing AI would not only establish a competitive advantage for themselves, but would also unlock substantial client and shareholder values, enriching the entire business ecosystem.

Concentrated gains

Yet, despite the broad-based optimism, generative AI value creation has been narrowly focussed with select names. The market cap of US-listed Nvidia, the graphic processing unit (GPU) chipmaker behind chatbots like ChatGPT, tripled in 2023, breaching the trillion-dollar level and quickly becoming the industry’s benchmark for AI sentiment.

The excitement surrounding AI pushed Nvidia’s current price-to-earnings (P/E) multiple to 120 times, compared to Nasdaq’s market multiple of just 25 times, with analysts justifying AI premiums due to the sector’s rising income profile and robust sales outlook. While historical productivity cycles have often inflated speculative prices, even at the current trading multiples, Salhab doesn’t believe an asset bubble exists, arguing that visible efficiency gains are set to materialise in the near future.

Timing when those AI-related gains appear is riddled with obstacles for asset allocators. Chip designer Arm Holdings, which listed on the Nasdaq in September 2023, has been trading with a P/E as much of 200 times, nearly double that of Nvidia’s, reflecting the widening gap investors are assigning to companies with AI linked revenues.

Despite the elevated valuations, fund managers see generative AI investments as just one catalyst for the tech sector. 

The outlook is particularly promising for semiconductors, said Matthew Cioppa, co-portfolio manager of Franklin Templeton’s technology fund, in a conversation with FA. Cioppa highlights ongoing drivers such as proliferating demand for electric vehicles, internet of things (IoT), and cloud computing, noting that these technologies are at the early growth stages of their innovation, offering catalysts for semiconductor stocks.

The politics of chips 

There are also many political considerations for AI investors. 

As semiconductors serve as the underlying hardware for AI, experts say the technology will inevitably always be related to political decisions that can quickly rattle markets. In October 2023, the US tightened export controls on advanced chip sales to China, hampering Beijing’s AI ambitions and fuelling US-Sino tensions ahead of the US 2024 presidential election.

The US-China trade dispute has diminished the Chinese semiconductor market for US suppliers, acknowledged Cioppa. Although he argues that export restrictions are already priced into the market, Cioppa believes that the political fallout linked to semiconductor chips and AI technology remains a volatile factor that can never be ignored, especially when the world’s two largest economies are directly involved.

Nvidia’s share price has bucked the trend. While the company has thus far overcome trading hurdles by offering alternative chips, that balancing act appears vulnerable following the group’s third-quarter earnings announcement which mentioned a more challenging operating environment ahead. That caution is now being echoed by Nvidia’s Chinese customers who are also concerned about their own generative AI aspirations.

In late November 2023, e-commerce giant Alibaba reversed its decision to spin off its Cloud Intelligence Group, citing the US export controls of advanced Nvidia chips, while China’s Tencent said it would look to domestic semiconductor manufacturers to meet its demand. Even as Nvidia coordinates with the US government on developing approved chip designs compliant with the existing rules, the outcome and timing of decisions remains unclear.

This matters for any technical development, said KPMG’s Zhan. “[Because] geopolitics impacts which AI vendor is selected, companies will be cautious to ensure they meet local regulatory requirements, particularly across data privacy and security.”

Rapid development of Chinese-produced semiconductors may test market sentiment if incumbents like Nvidia underestimate those capabilities. While supply may meet chip demand in the current market, Nvidia believes those alternatives may not provide sufficient computing power to train the next generation of AI systems, as stated in the earnings report.

Technological challenges are also occurring alongside policymaker efforts to incubate a regulatory landscape that supports AI platforms without derailing its potential. In October 2023, London initiated a summit aimed at establishing an AI oversight committee, but soon discovered that Washington had similar intentions, reflecting a lost coordination opportunity. 

What regulations are ultimately introduced is uncertain, but it’s anticipated that numerous discussions and obstacles will arise in the years ahead, said Zhan. When asked what type of regulation works best, he shared: “I would like to compare AI to a human. Right now, AI technology is still in its infancy, so it makes sense that it should get more supervision and more controls to help it learn and grow. But as AI matures and learns, such controls should adjust proportionately according to the risk.”

It is a sentiment underscored by Franklin Templeton’s Cioppa, who said that “over time a combination of sovereign regulatory frameworks and private market solutions would effectively provide AI guardrails as not to stifle innovation or make it too difficult for smaller companies to compete with the mega cap companies on any advancements.”

2024 outlook

The uncertainties facing AI investors for the year ahead are magnified by higher capital costs such as elevated interest expenses as central bankers grapple with inflation, and also the increasing need for expensive data centres.

It will be interesting to see how AI stocks’ performance compare to non-tech companies in an overall weaker investment environment. Any company looking to bring AI into their businesses will have an expensive journey which could weigh on their earnings’ outlook.

As the market undergoes tapering, venture capital and private equity firms are adjusting their expectations. Hong Kong-based Alex Wong, head of M&A advisory at FTI Capital Advisors, told FA:

“Our clients, particularly those considering Hong Kong initial public offerings (IPOs), have recalibrated their expectations. Impacted by the weaker local market, some are exploring various alternatives at reduced exit valuations. Others are studying different listing venues, or altogether, deferring IPO plans and choosing direct exit strategies like trade sales.”

For fund managers preparing for the year ahead, these factors may bode well again for Asia’s technology stocks over non-tech names, particularly innovative companies backed by reliable cash flows and visible dividend payouts to shareholders. For investors that may mean holding onto 2023’s winner in 2024.

Peter Choi, a senior analyst at Vontobel, favours firms such as Taiwan Semiconductor Manufacturing Company (TSMC), the largest constituent for MSCI AC Asia Pacific Information Technology Index which returned more than a third to investors last year, highlighting that TMSC powers AI businesses not only for Nvidia, but also for tech giants such as Google and Microsoft.

Yet, no matter which AI-related companies lead stock market returns, the generative AI attention will unlikely fade, explained Andrew Pearson, managing director of Intellligencia, an AI and analytics company in Hong Kong and Macau.  

“Fundamentally, generative AI is anything that can be imagined even if it doesn’t currently exist, making it good marketing material inside a PowerPoint presentation or even a book,” said Pearson, who recently published The Dead Chip Syndicate. Ominously, he added: “There will always be an audience for something that carries a 10% chance of destroying the human race. It is too big to disregard at this point.”

For investors, there may be a sense of irony by sticking to the same investment strategy in 2024, as arguably the most prudent approach to capture the market upside for a constantly evolving technology, is to repeat what has worked before. Will this trade work again? We will find out over the next 12 months.

This article first appeared in the print publication Volume One 2024 of Finance Asia.


¬ Haymarket Media Limited. All rights reserved.

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Cult Creative reinvents collaborative content creation: Extending services to agencies

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  • strengthen agencies to fully exploit the potential of creative creator marketing
  • System, ready in six weeks, will aid agencies to identify and crew creators

Cult Creative reinvents collaborative content creation: Extending services to agencies

Cult Creative, a martech company in Malaysia, has announced its new product providing to become a trusted organization online partner. Through innovative User- Generated Content ( UGC ) service, Cult Creative, which started as a skill platform for artists in March 2020, said it aims to revolutionize customer strategies. With an extensive network of over 13, 000 developers and 1, 100 companies across Malaysia, Indonesia, Singapore and Australia, Cult Creative said it expects to alter the landscape of creative content development.

Cult Creative has expanded its UGC services to work directly with agencies, positioning itself as an invaluable extension of its teams. As a creator marketing agency for brands like Farm Fresh Malaysia, Bata Malaysia, and Hotel Indigo by IHG, it has expanded its UGC services. Through a unique agency credit system, organizations can use Cult Creative’s services on multiple brands in their portfolios to streamline operations and increase efficiency.

Cult Creative reinvents collaborative content creation: Extending services to agenciesShermaine Wong ( pic, right with co-founder Lina Esa, co-founder and CEO of Cult Creative ),” Our evolution into an agency affiliate partner marks a significant milestone in our journey.” By offering our services to businesses, we aim to provide them with the resources and tools necessary to unlock the full potential of collaborative creator marketing.

Cult Creative is dedicated to facilitating seamless collaborations while upholding brand standards and campaign objectives. The platform, which is being developed right now and will be ready in about six months, aims to help agencies find and hire creators, making sure that each piece of content resonates with viewers with curated insights and organized procedures.

By acting as a bridge between agencies and creators, ensuring that the outcome is effective and impactful, Culture Creative offers a distinctive value proposition. We appreciate the team’s dedication to detail, the affordable pricing for creators, and the systematic workflow process”, said Charmaine Chow, Head of Brand and Marketing at Farm Fresh.

Cult Creative, which in Jan raised a US$ 107, 500 seed round, already counts industry- leading agencies, including Mad Hat Asia, Bike Bear, AVANT- X, and Wavemakers Collective as partners in its affiliate model. These collaborations demonstrate its commitment to driving meaningful engagement and producing tangible outcomes.

Cult Creative’s services and the transformative impact of strategic partnerships are invited to explore the power of collaborative content creation.

Cult Creative reinvents collaborative content creation: Extending services to agencies

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Same-sex marriage bill moving ahead

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In: South-East Asia

By the end of March, the House could pass legislation, and the year-end passage is anticipated.

PUBLISHED: 14 Mar 2024 at 19: 00

Same-sex marriage bill moving ahead
A few and their spouses sign up for a relationship celebration held by the Dusit area office on February 14, 2023. ( Photo: Pattarapong Chatpattarasill )

Thailand is moving forward with its plan to legalize same-sex unions, with politicians expected to approve adjustments that may make it the first place in Southeast Asia to grant equal conjugal rights.

According to Akaranun Khankittinan, a deputy president of the board, a council established by the House of Representatives on Thursday approved the proposed amendment to the nation’s Civil and Commercial Code. According to him, the second and third analyses of the amended costs are scheduled for March 27. &nbsp,

Before it can be enforced, the bill will require a final vote from the Senate and finally a royal endorsement once it has passed the elected lower home. By the end of the year, Mr. Akaranun said, the method is anticipated to get finished.

The bill proposes a key fundamental shift to the content of a relationship, from” a gentleman and a girl” to” two individuals”, and a change in the formal legal status from “husband and wife” to a transgender “married couple”. The bill aims to grant LGBTQ people the same basic rights that heterosexual couples now do under the Civil and Commercial Code. &nbsp,

The so- called “marriage justice costs” is one of the important promises of Prime Minister Srettha Thavisin’s management, which took strength in September last month. The legislature approved the proposal in its first reading times after Mr. Srettha’s government had approved it in December. &nbsp,

The latest version of the bill allows union of similar- sexual partners aged 18 and over, said Tunyawaj Kamolwongwat, another assistant chairman of the committee. Additionally, they will be granted guaranteed freedom, such as child adoption, estate, and tax breaks. &nbsp,

It’s set to get steps further than the preceding military- backed government’s legal union bill, which sought to recognise similar- sex legal partnerships in Thailand. That bill would have allowed LGBTQ couples the right to adopt children, jointly manage assets and liabilities, and inherit properties, while stopping short of legalising marriage. Before the lower house was disbanded by then-prime minister Prayut Chan- o cha ahead of a general election in May of last year, the bill failed to win the approval of the parliament.

Only two places in Asia — Taiwan and Nepal — currently recognise same- sex marriage, among fewer than 40 countries worldwide. &nbsp,

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Thailand forges ahead with bill to legalise same-sex marriage

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In: South-East Asia

PUBLISHED: 14 Mar 2024 at 19: 00

Thailand forges ahead with bill to legalise same-sex marriage
A few registers their marriage at a Dusit area office event held to honor Valentine’s Day on February 14, 2023. ( Photo: Pattarapong Chatpattarasill )

Thailand is moving forward with its plan to legalize same-sex unions, with lawmakers expected to approve modifications that may establish the first place in Southeast Asia to grant equal conjugal rights.

The document amendment to the government’s Civil and Commercial Code was approved by a committee set up by the House of Representatives on Thursday, according to Akaranun Khankittinan, the panel’s assistant chair. According to him, the second and third observations of the amended costs are scheduled for March 27. &nbsp,

Before it can be enforced, the bill will require a final vote from the Senate and therefore a royal endorsement once it has passed the elected lower home. By the end of the year, Mr. Akaranun said, the process is anticipated to get finished.

The bill proposes a key fundamental shift to the content of a relationship, from” a gentleman and a girl” to” two individuals”, and a change in the formal legal status from “husband and wife” to a transgender “married couple”. The bill aims to grant LGBTQ couples the same basic rights that heterosexual couples now do under the Civil and Commercial Codes. &nbsp,

The so- called “marriage justice costs” is one of the important promises of Prime Minister Srettha Thavisin’s management, which took strength in September last month. The legislature approved the proposal in its first reading times after Mr. Srettha’s government had approved it in December. &nbsp,

The latest version of the bill allows union of exact- sexual partners aged 18 and over, said Tunyawaj Kamolwongwat, another assistant chairman of the committee. Additionally, it will grant them, among other guaranteed rights, rights to estate, tax breaks, and baby adoption. &nbsp,

It’s set to get steps further than the preceding military- backed government’s legal union bill, which sought to recognise similar- sex legal partnerships in Thailand. That bill would have allowed LGBTQ couples the right to adopt children, jointly manage assets and liabilities, and inherit properties, while stopping short of legalising marriage. Before the lower house was disbanded by then-prime minister Prayut Chan- o cha ahead of a general election in May of last year, the bill failed to win the approval of parliament.

Only two places in Asia — Taiwan and Nepal — currently recognise same- sex marriage, among fewer than 40 countries worldwide. &nbsp,

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Hundreds rescued from love scam centre in the Philippines

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People at the scam centre in Bamban, the Philippines, after a raidNational Anti- Organized Crime Commission
By Virma Simonette &amp, Kelly Ng
in Manila and Singapore

Hunderte of folks have been saved from a swindling business in the Philippines where they were forced to pos as fans online.

Authorities said they raided the heart on Thursday and rescued 383 Filipinos, 202 Foreign and 73 different foreign nationals.

The center, which is about 100km north of Manila, was masquerading as an online gaming firm, they said.

South East Asia has grown to be a hotspot for con artists, with many of the con artists frequently being forced into legal action.

Young, tech-savvy victims are frequently persuaded to engage in these unlawful activities, which range from money laundering and blockchain fraud to so-called love scams. The latter are also known as “pig butchering” scams, which are named after the cultivation custom of fattening animals before slaughtering them.

These generally begin with the scammer adopting a false persona to woo their victim and then using the conceit of a romantic or romantic relationship to deceive or take from the victim. They frequently do this by convincing them to make investments in phony plans or companies.

A Asian man who managed to flee the hoax center last month, according to police, was the source of Thursday’s attack near Manila.

According to Winston Casio, spokesman for the national committee against organized crime, the person, who is in his 30s, arrived in the Philippines in January of this year after being offered what he was told would be a restaurant’s work.

However, the person realized quickly that he and lots of others had fallen victim to crypto scams and human traffickers who ran love.

According to Mr. Casio, those who were imprisoned in the Bamban center were forced to send” special somethings” to their patients, many of whom were Chinese. They would check in with inquiries about their day and what they had eaten for their final food. Additionally, they may send pictures of themselves to foster the union.

Mr. Casio claimed that the owners of the con artists “were ensnared by good-looking men and women to entice ] victims.”

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On 28 February, the Asian male escaped the hospital by climbing up a ceiling, crossing a valley, and seeking shelter at a land. The land owner then notified the police of it.

There were indications of abuse on the person, including marks and marks from lightning, said Mr Casio, whose staff visited the guy early this month.

Mr. Casio added that many people attempted to flee but were never caught.

Authorities also seized three firearms, a 9mm handgun, two.38 quality revolvers, and 42 rounds of live weapons from the center.

Authorities are still in the first phases of the inspection because the majority of those saved from Thursday’s attack are still” shaken,” he said.

In what remains its biggest statue to date, more than 1, 000 people were freed and forced to conduct online scams in a harbor area in Clark, a capital even north of Manila, in May of last year.

According to a UN report from previous August, hundreds of thousands of people from all over the world have been trafficked to Southeast Asia to conduct online frauds.

People who have fallen prey to these legal networks have recently received messages from The BBC.

Some people have claimed to had traveled to South East Asian nations like Cambodia and Myanmar in response to job postings and benefits claims. If they refuse to take part in the schemes, they are chained when they arrive and threatened with deportation. Emigrants and survivors have alleged rape and inhumane remedy.

Institutions across Asia, from Indonesia to Taiwan, have expressed concern at the increase in these scam areas. For example, foreign diplomats in places like Cambodia and Thailand have issued instructions to their members to beware of being duped into fraud centers.

China gave warriors open rewards for operating fraud centers across the border in Myanmar, which were operated by Chinese mafia groups and targeted Foreign citizens. In recent months, many of those detained have been turned over to China.

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From Western domination to a dialogue of civilizations – Asia Times

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A speech between civilizations has been seen as necessary at times. The League of Nations and the United Nations were established to help this speech as the world appeared to be emerging from a long black hole at the end of the First and Second World Wars.

However, the pattern of war has remained unbroken to this point, and Taiwan’s threat of nuclear conflict is also looming. Are we on the verge of a civilization-wide speech?

It’s not just the wars in Ukraine and Gaza, we also face natural disturbance, increasing injustice, loss of society, declining physical and mental health, and the lack of reliable sources of significance.

We are essentially one world because technology has made connections between us. But how do we create the institutions and mindsets that enable us to respond to our shared problems in a planned manner, fueled by various inputs?

The West: Enlightened or Barbaric?

American administration is being challenged. But are American beliefs. However, many Northern people see their democratic society as the country’s best trust in the face of Chinese and Russian totalitarianism, religious fundamentalism and terrorism.

However, such claims have a dull ring for those with darker body who have lived through American imperialism and its aftermath.

The winning Allies after World War I refused to support self-determination for participant people and racial justice because of the grievous harm that racism and imperialism had caused to non-white people. The viability of Western humankind’s capability to calm violence and maintain civility was undermined when Eastern intellectuals saw the fractious slaughter of two world wars.

There have been brutal attacks of human populations by the United States during World War II, the Holocaust in Germany, and numerous deaths in Vietnam and Gaza at the hands of British military technology, to add to the horrors of servitude, the murder of indigenous people, and the indignities of colonialism. As Gandhi pointed out over a century ago, the West lacks the social capital for global leadership.

Do non-Western leadership and a world order based on various civilized principles, however, been more compassionate? Not necessarily, in light of recent history. Once they become militarily powerful, the Japanese and Chinese peoples are humiliated and downed by Western imperial powers and support nationalist governments with their own imperial designs.

After being subject to racism and unfair treaties by the West, Japan rose to the position of imperialist power in Asia. Its alleged goal was to elude Western imperial powers from Asia as a pretext for brutal aggression. Today, the Chinese government acts bellicosely toward its less prosperous neighbors in Southeast Asia.

Under the banner of the Belt and Road Initiative, it is trying to set up its own sphere of influence, justified, as in prewar Japan, by appeals to” co- prosperity”.

Once they mastered the technical mentality and its associated skills and established modern institutions, it was inevitable that non-Western peoples would overtake them in terms of wealth and power. But such “development” has come at a high cost.

The emerging countries ‘ embrace of the nation-state system, whose driving force is nationalism, has been replaced by emerging ones, such as China and India. Moral considerations do not impede the national pursuit of wealth and power, just like in the West.

Nevertheless, competition among nation- states for supremacy may be coming to a close. The stakes are too high, given the crises we face. Our current difficulties cannot primarily be attributed to Western leadership. Rather, they point to the limits of global modernity. All modern countries are affected by ecological decay, the threat of nuclear war, and the absence of a moral and spiritual compass.

Globalization, promoted by the liberal West, promises material abundance evenly distributed as the basis for lasting peace. However, this promise ca n’t be kept in a world of finite resources where people must adjust to environmental constraints. What’s more, the West, and the United States, in particular, expect China and India to make the greatest sacrifices for the sake of the environment.

Additionally, the West has denied the Islamic, Chinese, and Indian civilizations more political voice and influence. Because these civilizations have large populations, seek a place in the sun, and are frequently motivated by anger toward the West, this will only increase conflict.

Within Eastern civilizations, the path to inner awakening has been highly developed, but it is never a central part of the majority’s daily lives. Their influence, though, evaporated in modern times as Westernization and the nation- state took hold.

Then, as the West’s admiration for it faded and ethnic nationalism grew, warrior virtues and a masculine cult took hold. Inner development and reflection appeared to be unaffordable luxuries due to the need for quick and decisive action.

The code of the samurai was idealized in prewar Japan, while in contemporary India, Modi has supplanted Gandhi’s nonviolent and Nehru’s cosmopolitan outlooks with a muscular Hindu nationalism.

Politicized versions of Islam have pushed Sufism aside in recent times, but the nation-state has also neutralized the influence of Muslim jurists and scholars.

Even in China, long ruled in accordance with communist ideology, Xi Jinping has introduced Confucian nationalism. This politicized Confucianism, justifying Xi’s authoritarian rule and top- down orientation, is a far cry from Confucian reliance on the building of moral character and appeals to benevolence.

Is it too harsh or too simple to say that the political and moral values that are a significant component of Eastern culture’s excellence have been undermined by economic development and political power? After all, cultural differences can be accommodated in order for economic development to be achieved without widespread consumerism and ecological collapse, and international politics does n’t need to be a zero-sum game.

Time for intercivilizational dialogue

The alternative modernities to the Western model that Japan, China, and now India have adopted have succeeded in promoting economic growth.

As Tu Weiming suggests, the Enlightenment values of instrumental rationality, freedom, rights, the rule of law and individualism are universal modern values, and so are the Confucian values of sympathy, equality, duty, ritual and group orientation. It seems that yang and yin, reason and emotion, left and right hemispheres of the brain are complementary.

If Western and Confucian civilizations compensate for each other’s weaknesses, they both would benefit from intercivilizational dialogue. Real power is the capacity to be aware of and detach ourselves from our social and cultural conditioning, and the leaders and peoples of China and the United States disagree because they lack a crucial insight that is at the spiritual core of Eastern philosophies. Then we no longer unconsciously react to the prompts of media, advertising and political propaganda, like puppets on a string.

By choosing our own destiny, we take the next step in human development. We are well-versed in the East but also in the West with wisdom traditions that enable us to make this significant leap forward.

Modern science, which has provided us with a lot of insight into human nature and its psychological and social dimensions, is now integrating ancient wisdom, greatly increasing our ability to address the world’s modern crisis. However, opinion leaders and their supporters must acknowledge that no country can win the global fight for power because, under current circumstances, we all lose by its very existence. This is due to modern identities, which are built on gaining power in a zero-sum game.

Civilizations are interconnected, not independently evolving. This was Marshall Hodgson’s radical conclusion, whose book in the 1950s and 1960s revolutionized Western understanding of the Islamic world.

Equally important, Hodgson realized that in the wake of World War II, the world outlook of the West had to become cosmopolitan. Scholars were unable to see these regions in Western terms as the rest of the world began to assert itself. They each had their own distinct histories, religions, and cultures that a narrowly Western perspective could n’t possibly cover.

Iran, in 1998, proposed the idea of a UN Year of Intercivilizational Dialogue, which was adopted in 2001. Muhammad Khatami, the President of Iran, stressed the need for a global culture, while also emphasizing the importance of being anchored in local culture.

Without dialogue among thinkers, scholars and artists from different civilizations, we would be vulnerable to” cultural homelessness”. He added that it was impossible to continue relying on the discourse of power in international relations. From an ethical standpoint, the will to power had to give way to empathy and compassion, without which a stable world order was not possible.

Discussions were taking place at UN Headquarters in New York at the same time as the Twin Towers bombings took place. The South African author who took part in the discussions, Nadine Gordimer, made the point that even more sophisticated weapons did not keep a nation safe.

The question is whether or not we will engage in sincere intercivilizational dialogue before new tragedies happen. Or will we continue with the status quo in terms of politics and culture while ignoring the dangers that lie ahead?

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US well-placed to guide Myanmar’s new governance – Asia Times

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In Myanmar, hardly a day passes without a report of another village, town or township being “liberated” by one or more of the ethnic resistance organizations ( EROs ) or People’s Defense Forces ( PDFs ) fighting to overthrow the nation’s military junta, the State Administrative Council ( SAC ).

While the news is usually viewed as a cause for celebration, it also creates a major problem: How will the newly liberated society be governed? Additionally, the US government has a chance to boost its deteriorating standing among Myanmar’s pro-democracy resistance movements.

The author had a meeting with about 50 members of the Chin National Front ( CNF), the CNF, and the CDF in November 2022, who spoke about their efforts to establish new local governments in the towns and villages. Before joining the military struggle, many of these CDF and CNF soldiers had worked as producers and teachers and had no prior experience organizing local governments. But, they all wished to establish a free and democratic state that reflected the hopes and aspirations of the local people.

A newly established research group, Chin Agency, has &nbsp, released a study &nbsp, of the emerging local governments in the areas of Chin State under CNF and/or CDF control. The report claims that the majority of native governments are created using a “bottom- up approach,” which involves regional leaders and CDF and CNF representatives.

In many cases, the resulting system of government reflects traditional methods of the local Chin tribes. Some of the fresh local governments use the military-imposed confines of Myanmar, while others establish new boundaries based on merged ethnic communities.

The local institutions ‘ structure is a unique feature of the report’s findings. A majority of local governments have three major bodies: a defense system, a criminal body, and an administrative body. In many cases, the court is a division that is in charge of the military and administrative body.

After the Love and PDFs ousted the local authorities and the military junta, comparable local governments are being established in different regions of Myanmar. As more and more of the states of Rakhine and Karenni are under their control, the Arakan Army ( AA ) and Karenni Army (KA ), respectively, are expanding their emerging governance systems.

The Kachin Independence Army and the Karen National Liberation Army are also expanding their long-standing governments to new areas of Kachin and Kayin ( Karen ), as well as portions of the neighboring divisions of Bago and Sagaing.

Local governments are being established in areas that the Kokang and Ta’ang consider to be their home states in the state of Shan by the Myanmar National Democratic Alliance Army and the Ta’ang National Liberation Army ( TNLA ).

The issue of management is not only present at the local levels. The AA has stated that it wants to establish an automatic state-level government in Rakhine State. An interim executive government has been created by the KA and its political finger, the Karenni National Progressive Party, to oversee the state of Karenni.

The separatist Arakan Army wants to rule Rakshine State entirely. Image: YouTube screengrab

Two distinct organizations have announced the establishment of transitional governments in Chin, which they refer to as” Chinland.” On December 6, 2023, the CDF, CNF and members of most of the Chin nations released a&nbsp, intermediate Chinland Constitution&nbsp, and formed the Chinland Council. Another party, led by the Chin Brotherhood Alliance, formed the&nbsp, Chin Women’s Administrative Committee&nbsp, on January 27, 2024.

Sources within the Chest community have informed the author that the proponents of both time governments are attempting to reconcile their differences regarding Chinland’s establishment of a state government.

Myanmar’s emergence of time automatic state governments has implications for the potential formation of a federal republic in the future. The Committee Representing the Pyidaungsu Hluttaw on March 31, 2021, announced that the majority of the Love and Documents do not accept the legitimacy of the Federal Democracy Charter and the National Unity Government ( NUG).

In discussions over potential new national republics in Myanmar will the automatic time state governments be consulted on if their respective territories expand and consolidate their authority.

This new reality was recognized in a&nbsp, joint statement&nbsp, issued by the CNF, the Karenni National Progressive Party (KNPP ), the Karen National Union (KNU), and the NUG on January 31, 2024. The statement explicitly discredits the Federal Democracy Charter, saying that” all related parties” will review and promulgate” a new law that exemplifies federalism and political values”

Additionally, it includes the creation of a” Transitional National Unity Government,” which may be different from the current NUG, in its action plan. The combined statement was no signed by the majority of the major Love and Files.

The presence of the AA, Kachin Independence Army, Myanmar National Democratic Alliance Army, and TNLA is of special notice. The state’s three Venus, the Shan State Army-North, Shan State Army-South, and the United Wa State Army, are also absent. They each handle major portions of Shan. Regarding the possibility of creating a new national state in Myanmar, the Mon National Liberation Army and its political finger, the New Mon State Party, are at odds with where they stand.

The Biden administration’s conformity with SAC limits on humanitarian aid has harmed Myanmar’s weight movement’s perception of the US government.

If Congress and the Biden administration were to publicly offer technical assistance and guidance on how to form local and state governments in Myanmar, it may improve the popularity of the US government and, in some cases, lay the foundation for a potential democratic country.

Michael Martin works for the Center for Strategic and International Studies in Washington, DC as an adjunct fellow ( non-resident ). The author has kindly requested that this article be republished in accordance with the author’s authority, which Center for Security and International Studies and Pacific Forum recently published.

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Carsome announces strategic changes to strengthen C-suite bench 

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  • Eric Chan assumes the positions of party COO and group president.
  • Juliet Zhu may serve as the management team’s consultant.

Carsome announces strategic changes to strengthen C-suite bench 

The largest included car e-commerce platform in Southeast Asia, CARSOME Group, has made proper leadership transitions to further its commitment to growth and administrative efficiency.

Effective March 1st, Eric Chan ( pic ), former regional managing director at Jardine Cycle &amp, Carriage Limited ( Singapore, Malaysia, Indonesia, and Myanmar ), assumes the roles of Carsome group president and group COO, overseeing all operations across the group’s Southeast Asian footprint. &nbsp,

Chan’s appointment highlights Carsome’s strategic plan to improve operational efficiency and green growth with nearly three decades of intensive administrative experience in the automotive sector.

Chan’s career began as a vehicle sales specialized before moving on to become the managing director of Cycle &amp, Carriage Singapore, along with other significant positions like chair of the Cycle &amp, Carriage Bintang table and director on the PT Tunas Ridean TBK’s board. Now, he serves as an independent chairman at AcroMeta Group Limited, an purchase holding company listed on the Singapore Stock Exchange.

In this transition, Aaron Kee, former COO, will now serve as group chief business officer ( CBO ), focusing on integrating strategies within the Carsome ecosystem, leading business development, and identifying new prospects.

Juliet Zhu, who has tremendously influenced Carsome’s success, will step down from her position as president and work as an assistant to the management team, allowing the business to continue to benefit from her knowledge and experience.Carsome announces strategic changes to strengthen C-suite bench 

Our leadership change is a conscious choice to capitalize on our group’s vast capabilities in the face of our lofty goals. The leadership changes are timely and align with the company’s trajectory toward sustained growth and market leadership”, said Eric Cheng ( pic ), co- founder and CEO of Carsome.

He continued,” The CBO placement is designed to make the most of Kee’s extensive experience and insight, and it will allow us to discover and establish new partnerships and foster cross-functional synergies within our businesses.”

” Chan’s significant career in electrical leadership, especially his work at Jardine Cycle &amp, Carriage, makes the market senior a valued contrast to our Carsome home. His creative thinking and unwavering commitment to excellence are inseparably linked to our desire to improve the automotive industry, and we look forward to assisting him in guiding Carsome’s regional operational goals, Cheng said.

I’m committed to expanding on the company’s reputation and pushing the limits of what we can accomplish in the sector, along with the group. It is about corporate innovation, cooperation, and delivering substantial value to our clients and stakeholders”, Chan said. &nbsp, &nbsp,

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HQ Capital opens Singapore office; announces head of Asia | FinanceAsia

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In: Asia, Finance, South-East Asia

According to a business statement, international private equity firm HQ Capital has opened a new business in Singapore and appointed Michael Hu as Asia’s managing director.

Hu, based in Singapore, joined HQ Capital’s world executive council in soon 2023 and is in charge of Asia’s investment and business development activities. The new Singapore office will serve its private wealth and institutional investors in the region, whilst acting as a “gateway” for investment activities in markets including Australia, Greater China, Japan, Korea, India and Southeast Asia ( SEA ), according to the statement.

Since 1997, HQ Capital has invested in Asia and has an company there since 2007. HQ Capital invests worldwide with private collateral managers, focusing on the little- to middle- market. The agency also has offices in New York, Frankfurt, London, Shanghai and Tokyo, according to its site. &nbsp,

Hu served as a senior member of the secondaries & primaries investment group and oversaw investment relations and personal success solutions at private funding house Ardian, which is based in Singapore. Hu served as a principal at Greenhill &amp, Co. in Singapore and Hong Kong before becoming a director of the Asia Pacific ( Apac ) capital advisory business. I have 15 years of financial and personal ownership experience.

Marc Brugger, chief executive officer and chief financial officer of HQ Capital, said in the declaration:” Michael has a tremendous track record in secret capital investment, on both a primary and secondary basis, as well as co- investments, and a solid network in the region. Our existence in Asia, a growing market with unfilled investor demand, is further strengthened by the starting of our innovative Singapore office.

With a global software and a specialized investment focus, Hu added,” We will provide long-term, bespoke purchase solutions to personal wealth and institutional investors looking for different access to private markets. I look forward to working closely with our investors, HQ Capital’s global team, and top- tier private equity managers in Asia”.

The Monetary Authority of Singapore ( MAS ), which is pending approval, has approved HQ Capital’s application for a capital markets services license. &nbsp,

¬ Haymarket Media Limited. All rights reserved.

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HQ Capital opens Singapore office; appoints head of Asia | FinanceAsia

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In: Asia, Finance, South-East Asia

According to a business statement, international private equity firm HQ Capital has opened a new business in Singapore and appointed Michael Hu as managing producer and nose of Asia.

Hu will take over HQ Capital’s world professional commission and will be in charge of the Asia-focused investment and business growth activities. The new Singapore office will serve its private wealth and institutional investors in the region, whilst acting as a “gateway” for investment activities in markets including Australia, Greater China, Japan, Korea, India and Southeast Asia ( SEA ), according to the statement.

HQ Capital has invested in Asia since 1997 and has an company there since 2007. HQ Capital invests worldwide with private collateral managers, focusing on the little- to middle- market. The agency also has offices in New York, Frankfurt, London, Shanghai and Tokyo, according to its site. &nbsp,

Hu served as a senior member of the secondaries &amp, primaries funding group and led investment relations and personal success solutions before becoming a controlling director at secret investment house Ardian, which is based in Singapore. Hu served as a principal at Greenhill &amp, Co. in Singapore and Hong Kong before becoming a director of the Asia Pacific ( Apac ) capital advisory business. I have 15 years of financial and personal ownership experience.

Marc Brugger, chief executive officer and chief financial officer of HQ Capital, said in the declaration:” Michael has a tremendous track record in secret capital investment, on both a primary and secondary basis, as well as co- investments, and a solid network in the region. Our presence in Asia, a growing market with unmet investor demands, is further strengthened by the opening of our new Singapore office.

With a global platform and a specialized investment focus, Hu added,” We will offer long-term, bespoke investment solutions to private wealth and institutional investors looking for different access to private markets. I look forward to working closely with our investors, HQ Capital’s global team, and top- tier private equity managers in Asia”.

The Monetary Authority of Singapore ( MAS ), which is pending approval, has approved HQ Capital’s application for a capital markets services license. &nbsp,

¬ Haymarket Media Limited. All rights reserved.

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