Unicorns – Sure A Not

Trump tariffs potential death knell for Japan automakers – Asia Times

On: December 4, 2024

In: Asia

Somewhere in the world, probably Beirut, Carlos Ghosn is having a severe case of sadness.

The Nissan-Motor-CEO-turned-international-fugitive is seeing stock plunge 47 % during the recent CEO’s five-year career. Makoto Uchida also lost more than 100 percent details to Japan’s Topix score. He’s then Nissan’s worst-performing president since at least 1974.

But Nissan’s slip isn’t happening in a suction, as Japan’s another engine giants can speak.

In 2019, the business was still reeling from Ghos n’s arrest on financial misconduct charges and escape. Nissan and its Japanese competitors are now facing a worldwide market shakeup caused by the growth of China.

Or, as Michael Dunne, CEO of automobile industry advice ZoZoGo, calls it, the “great China vehicle blitzkrieg”. According to Dunne,” the unexpected flood of Chinese cars is upending years of steady market securities and profits.”

As Donald Trump enters the White House to start off trade war, China Inc. is becoming even more of a goal. Chinese manufacturers are under increasing pressure due to a precise explosion in competition from China, particularly in the field of energy vehicles.

The Volt manufacturing acceleration process has been at best slower. Has Japan Inc. CEOs ‘ pressure on the nation’s long-dominant hybrid car market shifted to EVs and loosened their hand?

” China may export a spectacular 6 million vehicles to more than one hundred countries this month, cementing its status as the country’s No 1 producer”, Dunne says.

The typical price of those made-in-China cars: US$ 19, 000. ” That’s less than half the regular price of a new vehicle in America and Europe”, Dunne adds. Customers in all time zones are switching to new Chery, MG, Changan, and BYD models instead of Chevys, VWs, and Hondas.

If not for Trump’s returning to the scene 48 time from now, Chinese EVs eating Japan’s meal would be problems much. The US president-elect has hit the ground running by enacting transfer taxes on both China and Canada.

Trump’s inclusion of neighbors in his price list is shocking Tokyo and Seoul. One big concern is Trump’s plan to impose 100 % levies on vehicles made in Mexico ( and, presumably, on Canada too ).

As Trump results to business, his “revenge” journey is sure to start in Asia. That has leaders at Toyota, Honda, Nissan, Hyundai, Kia and some bracing to levies of similar scale heading Asia’s manner. Auto-production-heavy markets like Thailand also may be in harm’s way as global supply chains go astray.

Tesla businessman Elon Musk has Trump’s hearing as the next trade war develops, thinning the story. Earlier this year, Musk warned that Chinese Vehicle areas are destined to have” important” achievement outside China.

Musk claimed in January that” the Chinese auto companies are the most competitive car companies in the world.” According to the statement,” I believe they will have a major achievement outside of China depending on the establishment of taxes or trade barriers.”

But, he added, “frankly, I think, if there are no industry restrictions established, they will very much dismantle most various companies in the world”.

In the months that followed, Musk has attempted to refute those sentiments. Apparently, someone in the Shanghai place reminded Musk of Tesla’s sprawling manufacturing presence there, where he built his first outside” Plant”.

Musk’s close relationship with Trump — including a position as authorities efficiency advisor— muddies the issue. How Musk manages to compromise his position in Trump World with an economy that Tesla heavily relies on, one that Tesla relies on.

Some argue that Musk’s level – and position in Trump World – may help Tesla engage in China via-a-vis contemporaries.

Tesla “has the scale and scope that are unmatched in the EV industry, and this dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled with likely higher China tariffs that will continue to dethrone cheaper Chinese EV players ( BYD, Nio, etc. )” from flooding the U. S. business over the forthcoming times”, says Dan Ives, an analyst at Wedbush Securities.

There is nothing scientific about where all this leads, though, in Japan, where the country’s economy is still reeling from decades of excessive monetary easing.

Japanese Prime Minister Shigeru Ishiba has been frantically trying to meet with Trump since his shock victory on November 5. But to no cost. So much, Trump World has refused to grant Ishiba a Mar-a-Lago market.

Ishiba hopes that by forming a specific relationship with Trump, Japan Inc. will suffer less collateral harm. It’s what former Prime Minister Shinzo Abe did during Trump’s 2017-2021 president.

Abe became the first earth president to jump to Trump Tower in New York to love the ring in November 2016, just weeks after Trump’s victory in the election. But other than garnered worldwide headlines, the prank did little good.

Trump continued to withdraw from the Trans-Pacific Partnership, which was started by the US. Abe had pressed Trump to be on the TPP, which was the foundation of Tokyo’s efforts to encircle China.

Nor did Abe’s beauty offensive win Tokyo a slip on the Trump 1.0 taxes. Trump, however, palled around with Kim Jong Un in way that upheld North Korea’s brutal government at the cost of Japan’s national security. Trump humiliated Abe by revealing that the Chinese president had nominated him for the Nobel Peace Prize, adding insult to injury.

But there’s another reason Ishiba may perform Trump 2.0 quite carefully: the interpersonal US leader’s wish for a “grand bargain” with Xi.

Trump government takes, including Scott Bessent as US Treasury director, argue that this is the end game. Today’s risks of large tariffs, they argue, are only a negotiating strategy aimed at prodding Beijing to flex to US needs.

Japan’s issue is that it would be looking into any diplomatic Group of Two trade offer from the outside. Chinese EV industry would be the main beneficiaries of any such agreement.

That, of course, would be the same of President Joe Biden’s plan of shutting Chinese Vehicles out of the US business with 100 % fees.

Trump claimed on the campaign trail that “large companies are only being built across the border in Mexico” by China to make vehicles to offer in the US market. Our folks will man those flowers, and those plants will be constructed in the United States.

The vegetables Trump may employ to encourage China to construct US factories remain ambiguous. But the stick if China Inc doesn’t post could be 200 % tariffs, Trump has warned.

Where does this leave South Korea and Japan, in my opinion?

Now, it’s clear Foreign EV makers are on a break. By the time they were a month quick, BYD, Leapmotor, and Xiaomi already had their yearly delivery goals crossed. What’s more, BYD, Xpeng and Zeekr saw record quarterly sales in November.

BYD, for instance, delivered 504, 003 passenger cars in November and 500, 526 in October. Its full-year sales for passenger vehicles presently hit 3, 740, 930, exceeding the week’s 3.6 million goal.

Leapmotor, which is backed by Stellantis, saw 40, 169 deliveries in November, up 5.2 % from October and a whopping 117 % year on year. As competition in China heats up, Tesla has had to slash Model Y prices by 10, 000 yuan ( US$ 1, 371 ) to 239, 900 yuan ( US$ 32, 000 ).

At the moment, Chinese automakers are playing catch-up in the EV area and boosting purchases. That’s regardless of what becomes of Trump’s business conflict or his pledge to eliminate Biden’s$ 7, 500 return on EV payments.

Toyota, for instance, is building a great power shop in the US state of North Carolina”. We plan for the long term, but political considerations aren’t a factor in how we approach product creation or investment opportunities,” says David Christ, vice president of Toyota North America.

Yet Japan Inc. is bleeding global market share. A new analysis by Bloomberg economists found that Japanese automakers saw the biggest market share losses of any peers between 2019 and 2024 in China, Indonesia, Malaysia, Singapore and Thailand.

How China is gaining from those losses can be written in bold font between the lines. It’s likely they’ll strengthen that push,” says Bloomberg Intelligence senior auto analyst Tatsuo Yoshida of China’s ambitions.

Even the sales and output of the much-vaunted Toyota appears&nbsp, to have plateaued. All six of the main Japanese automakers that Bloomberg Intelligence has tracked have consistently ceded ground. In Thailand and in Singapore, where Japanese carmakers long enjoyed strong customer loyalty, market shares are down to 35 % from 50%-plus in 2019.

In 2023, China dethroned Japan to become the world’s top automaker. The devastating blow to Japan’s collective psyche was the worst since China overtook Japan in terms of GDP in 2011.

However, the ways that Chinese automakers managed to capture Japan’s nap continue to surprise economic historians. It’s not just autos. Efforts to generate more tech” unicorns,” for example, didn’t gain the traction Japan’s government expected. Even today, Japan trails Indonesia in the race to generate US$ 1 billion-plus valuation startups.

As the EV market expanded, Japan’s persistent obsession with hybrid vehicles reflects this same pattern. Granted, the slowdown in US demand for EVs has many auto analysts believing Japan’s dual-track approach has merit. At least temporarily.

Yet Toyota officials and their Japanese counterparts are in fact aware of their errors when they dismiss the EV future as being in view. Toyota is catching up on older models. Japan’s top automaker is tripling EV output as it chases China’s BYD, which in 2023 surpassed Musk’s Tesla.

The question, of course, is whether it may already be too late as Tesla, Detroit, Germany and China beat Toyota to the market”. No one,” says advisory ZoZoGo’s Dunne”, can match BYD on price. Period. Boardrooms in America, Europe, Korea and Japan are in a state of shock.”

Of course, Trump’s trade war could complicate the outlook considerably. This is especially important because no one is sure whether Trump will strike a deal with Xi’s China or instead impose tariffs.

For now, Cigdem Cerit, an analyst at Fitch Ratings, sees a” neutral outlook for the global automotive sector, “reflecting” our expectation of a stable production environment, with global light vehicle sales projected to increase by about 2 %.”

But Cerit adds”, the growth will be unevenly distributed across regions, as European and Chinese markets face macroeconomic challenges. We expect pricing to remain subdued due to escalating competition.”

For Japanese chieftains like Nissan’s Uchida to those at Toyota, the threat from China’s auto industry isn’t to be taken lightly. Nor does the upcoming US government work with China Inc. or support its replacement.

Follow William Pesek on X at @WilliamPesek

Protectionist moves like iPhone 16 ban could help Indonesia gain investments, but risk backfiring: Analysts

By: Jing Write

On: November 7, 2024

In: Asia

Overcome LOCAL BUSINESSES ‘ UNDERLYING PROBLEMS, EXPERTS SAY

In recent years, Indonesia has seen a sharp decrease in its middle-class people from the effects of the COVID-19 crisis, which left some businesses and factories shuttered. &nbsp,

According to experts, Mr. Prabowo has promised to build 19 million jobs, and the best way to do that is by attracting more foreign investment to revive its lagging manufacturing industry. &nbsp,

According to experts, the best course of action is to press companies to participate by putting up tariffs and trade bans.

ByteDance reportedly started cutting about 450 work at its Indonesian e-commerce shoulder starting in June after combining its TikTok Shop and Tokopedia. The decline makes up about 9 per share of the leg people, Bloomberg reported.

” To bring purchase, policy persistence is vital. According to Mr. Faisal of CORE, unfair treatment should not be used against both domestic and foreign investors regardless of the government’s coverage. &nbsp,

By creating infrastructure like ships and streets, he said, Indonesia needs to train its workforce, eliminate bureaucracy, and lower the cost of shipping goods across the great island.

It needs to address the core issues that prevent local goods from competing with cheap imported products and safeguard Indonesia’s MSMEs, who make up 97 % of the country’s gross domestic product and use 97 percent of the workplace. &nbsp,

According to Mr. Bhima of CELIOS,” the issues ( faced by ) SME business actors in Indonesia are not only opposition with imported goods but also large lending rates, a relative skill gap for SME people, low quality control, and weak shipping prices.” &nbsp,

” Rather than carrying out baseless protectionism, the government should solve ( these ) fundamental problems”.

High tech costs and limited economic support, according to the Asian Development Bank, have created a challenge for Indonesia’s small business operators. &nbsp,

There are options for Indonesia, according to Dr. Siwage from the ISEAS-Yusof Ishak Institute in adapting to the experiences of a global online marketplace where customers can purchase goods at competitive prices from overseas.

Dr. Siwage cited the success of native e-commerce systems Tokopedia and Bukalapak, both of which are now regarded as “unicorns” – start-ups valued at over US$ 1 billion. He said the nation could make a better environment for more nearby start-ups to develop. &nbsp,

“( Indonesia ) should design policies and incentives for foreign investors to collaborate with local investors”, he said, noting that Tokopedia’s merger with TikTok Shop could be a business model for other companies. &nbsp,

SOME CONSUMERS BURNT BY phone 16 Swindlers

Many people are currently looking for the products on the black market or abroad, which could result in millions of dollars in sales tax in Indonesia as a result of the restrictions on the phone 16 and Google Pixel telephones. &nbsp,

Indian economy ministry official Febri Hendri said that as of final quarter, 9, 000 phone 16 products have entered Indonesia. &nbsp,

The devices were purchased elsewhere, and they are currently being used solely by individuals. Mr. Febri stated that his office will work to ensure that the phones wo n’t be resold and will be sold on the Indonesian market. &nbsp,

The cheapest iPhone 16 is priced at about S$ 1, 299 ( US$ 994 ) in Singapore, according to Apple. If Indonesian customers want to buy the phone into their nation, they will have to pay an additional US$ 135 in import duties.

Soon after the restrictions on October 25, Indonesian e-commerce sites were flooded with customers claiming to be selling the new phone. &nbsp,

Mr. Febri claimed that the government had requested that these sites stop these offers, and many of them have accepted. &nbsp,

We advise consumers to avoid purchasing an iPhone 16 from illegal online retailers and marketplaces. We will act on any details regarding the sale and purchase of the phone 16,” Mr. Febri said in a statement on November 1. &nbsp,

Haryana: India start-ups eye rural markets to drive next leg of growth

By: Marcus Ching

On: October 21, 2024

In: Asia

Getty Images An Indian woman using a mobile phone outdoors in a rural setting

The small towns of Haryana state in India’s remote north-western are now in an unlikely position in the spotlight.

Farmers ‘ homes in towns close to the industrial area of Rohtak are suddenly in demand and can now double as movie set.

Alongside the mooing of cows, it is n’t unusual to hear a director shouting “lights, camera, action” here.

A fresh start-up, called STAGE, has spawned a budding movie industry in this countryside.

” Batta”, a high-octane drama about power and injustice, is just the latest in half-a-dozen shows under production in the area, Vinay Singhal, founder of STAGE, told the BBC on the film’s models.

” Before we came in, there were just a few odd Haryanvi movies made in India’s story.” Since 2019, we’ve made more than 200″, says Mr Singhal.

STAGE makes information for generally under-served municipal audiences, keeping hyper-local tastes, philosophical quirks and the remote social grammar in mind.

There are 19 500 distinct languages in India, and STAGE has identified 18 that are spoken by a large enough population to justify their own independent movie industry.

Information is already available in Haryanvi and Rajasthani, respectively. It has three million paying clients and is planning to develop and include different languages like Maithili and Konkani, which are spoken in north-east and coastal-west India, both.

“We’re also on the verge of closing a funding round from an American venture capitalist firm to expand into these territories,” says Mr Singhal, who appeared along with his co-founders on the Indian version of Shark Tank, a business reality show, a year ago.

Saraskanth Lakh A regional movie scene being shot at a farmer's house in India's Haryana state.

One of the growing number of Indian start-ups is STAGE, which is betting heavily on the potential for growth in rural areas. People like DeHaat and Agrostar are among the people.

While a large of India’s 1.4 billion people still live in its 650, 000 villages, they’ve almost been a business for its flourishing software start-ups so much.

Asia’s third-largest economy has been a hotbed for innovation, birthing several dozen unicorns- or tech companies valued at over$ 1bn- but they’ve all largely built for the” top 10 %” of urban Indians, according to Anand Daniel, partner at Accel Ventures, which has funded some of the country’s most successful ventures, from Flipkart to Swiggy and Urban Company.

While there have been significant exceptions like online market Meesho, or a few land systems people, the start-up growth has mostly bypassed India’s villages.

As more owners succeed in reaching remote customers and receiving funding for their ideas, that is now changing.

” Investors do n’t show you the door anymore”, says Mr Singhal.

” Five years ago, I did n’t get any money at all. I had to genesis the business”.

Through its pre-seed accelerator program, Accel itself announced it will invest up to$ 1 million in rural start-ups, cutting more checks to entrepreneurs looking to solve problems for the rural market.

Unicorn India Ventures, another regional VC account, says 50 % of their assets are now in start-ups based in level 2 and tier 3 places. Suzuki, the auto industry’s biggest player, announced a$ 40 million India fund in July of this year to fund rural-market startups.

Saraskanth Lakh A woman showing her phone to a group of friends in India's Haryana state

So what’s driving this move?

The untapped market opportunity is large, says Mr Daniel, and there’s a growing realisation among investors and founders that rural does n’t necessarily mean poor.

Two-thirds of India’s population live in the countryside and spend about$ 500bn annually. In reality, the top 20 % of this demographic spends more money than half of those that live in the cities, according to Accel’s individual quotes.

” As India adds$ 4tn to GDP over the next decade, at least 5 % of that will be online influenced, and coming from’ Bharat’ or remote India”, says Mr Daniel.

That’s a$ 200bn incremental opportunity.

The growing penetration of phones among middle-class remote communities is a contributing factor to this.

More than half of the population in the US currently uses one outside of its locations, or 450 million.

And for businesses looking to expand their offerings beyond the towns, the highly praised UPI program has changed the way they do business.

” Five or seven years ago, the ability to reach this goal group- get it online, economically or in terms of getting obligations- was n’t simple. However, the right time is also much better for this era of start-ups trying to enter this industry,” says Mr. Daniel.

In addition, a decade ago, the majority of development occurred in cities like Mumbai and Bengaluru, but a growing number of businesses are now emigrating from smaller towns, fueled by factors like lower operating costs, native talent presence, and state initiatives aimed at promoting innovation in less-metropolitan regions, according to a statement from Primus Ventures.

Being close to the ground may have also contributed to exposing members to the potential of the enormous non-metro business.

Saraskanth Lakh A group of women sitting together on the ground as one of them uses her phone in India's Haryana state

But it’s simpler to crack remote India.

The little town customer is price-conscious and regionally dispersed. In any given location, there are much less addresses for buyers than in cities.

Infrastructure also continues to lag, so “distribution is n’t easy, and operating costs are high”, says Gautam Malik, chief revenue officer at Frontier Markets, a rural e-commerce start-up that does last-mile deliveries to villages with populations below 5, 000.

Besides, those using industrial designs and force-fitting them to the village environment may fail, says Mr Malik.

His business quickly realized why traditional e-commerce could n’t get to the very last mile. The customer in the village genuinely did n’t trust her money with a business that did n’t have a local presence.

To increase that level of trust, Mr. Malik and his team needed to collaborate with village-level women entrepreneurs to operate as their sales and distribution representatives.

Such diversity and a responsibility for the long haul will be important, he says, to winning rural India and cracking that iterative$ 200bn business prospect.

Follow BBC News India on Instagram, YouTube, Twitter and Facebook.

Midwest Composites set to compete in Startup World Cup Grand Finale

By: Mary Blight

On: September 10, 2024

In: Technology

Midwest Composites may compete for the US$ 1 million royal prize.
Company will angle in front of international investors, network with leading VCs

(From left): Cradle Fund Group CEO, Norman Matthieu Vanhaecke; Midwest Composites CEO, Sethu Raaj; Growth Charger director, Iskandar Shafi’i and Pegasus Tech Ventures Investor, Yonathan Vincent Xavier.

The Malaysia Finals of Startup World Cup 2024 coincided with Malaysia’s Merdeka and Malaysia Day celebrations, reflecting the country’s aspirations to become a leader in the global startup ecosystem by 2030, as outlined in the Malaysia Startup Ecosystem Roadmap ( SUPER ) 2021-2030.

A total of ten high-potential startups, selected from a dynamic pool, presented their enterprise solutions across sectors such as learning technology, healthcare, clean energy, agriculture, and online platforms. These winners, chosen for their impressive techniques and market-ready options, impressed a panel of judges, including business leaders and owners from MDEC, The Hive Southeast Asia, Iris Capital Partners, Artem Ventures, Ignite Asia, MRANTI, and Sunway iLabs.

” Growth Charger is pleased to announce that Midwest Composites has won the Startup World Cup ( Malaysia ) 2024. Their success is a bible to the company ecosystem’s ability and creativity in Malaysia. As they head to Silicon Valley this October, we believe they will make a strong impact on the global stage and compete for a US$ 1 million ( RM4.35&nbsp, million ) investment. &nbsp, We are glad to Pegasus Tech Ventures, &nbsp, &nbsp, administrator of Startup World Cup 2024, and our colleagues for making this trip possible”, said Iskandar Shafi’i, producer and co-founder of Development Charger.

Sethu Raaj, CEO of Midwest Composites, said,” We are glad to have been selected as Malaysia’s official to the Startup World Cup in San Francisco. We look forward to demonstrating to the earth that Malay startups are world-class and have inventions that are comparable to those in any world ecosystem.

However, Norman Matthieu Vanhaecke, Group CEO of Cradle, said,” We are glad to help the skill and creativity demonstrated by our local companies at the Malaysia Finals of this year’s Startup World Cup. We at Cradle continue to look into ways and opportunities to display some of our top Malaysian businesses on the global stage, such as this Startup World Cup. These initiatives reflect our commitment to fostering and enabling these initiatives to realize their full potential both locally and globally, helping the nation achieve its goal of being one of the top 20 global company communities. Midwest Composites receives our sincere congratulations and wishes them the best of luck as they prepare to compete in San Francisco’s royal finals.

The event was supported by numerous key ecosystem players, including Cyberview and MDEC as strategic partners, WORQ and CloudMile as ecosystem partners, and supporting partners such as Invest Selangor, The Hive Southeast Asia, Gobi Partners, Iris Capital Partners, Curine Ventures, Kumpulan Modal Perdana ( KMP), Artem Ventures, Sunway iLabs, Ficus Capital, Ignite Asia, Indelible Ventures, TRIVE, Antler, International Medical University ( IMU), Endeavor, JomHack, NTT Group, NTT Startup Challenge, and Nestspace.

Shafinaz Salim, brain of Cyberview’s Tech Hub Development Division, said,” The Startup World Cup Championship is a testament to the amazing talent and vision of companies who are shaping Malaysia’s potential. We are thrilled to see Midwest Composites, a startup from our current Cyberview Living Lab® Accelerator ( CLLA ) cohort, emerge as the champion. We would also like to thank Vidanex and Faradays Energy, even from our present group, along with two of our students, Pandai and MengajiOnline, for making the list of winners. This success highlights their extraordinary skill and entrepreneurial spirit, underscoring the importance of supporting and nurturing them in their potential as Malaysia’s “next rainbows”

To promote a vibrant startup habitat in Malaysia,” CloudMile and Growth Charger work together.” With the goal of promoting the Malaysia business field, we provide the resources and tools they need to succeed. Madani Malaysia”! said Lester Leong, Country Manager of CloudMile Malaysia.

The Startup World Cup is a worldwide competition that connects company communities all over the world. The Malaysia Finals of the Startup World Cup 2024 represent a significant phase in Malaysia’s quest to become a global technology superstar because local championships are held abroad. &nbsp, Growth Charger, a company pedal and embryo, hosted the Malaysia Finals, with Cradle Fund Sdn Bhd as the Title Partner. The Asia School of Business ( ASB ) hosted the competition.

For more details about the Startup World Cup Malaysia Finals 2024, please visit: https ://www.growthcharger.com/startup-world-cup-malaysia-growth-charger-…

MDEC’s FOX programme hits the spot for Respond.io and Juwai-IQI Holdings as they scale globally

By: Mary Blight

On: September 6, 2024

In: Technology

Standfirst: MDEC’s FOX initiative builds adaptable firms with strong elements

Gerardo Salandra of Respond.io (2nd from left) speaking on a Gen AI panel at the recent Endeavor Future Forum 2.0

Gerardo Salandra and Georg Chmiel have many similarities, most notably their involvement in the Malaysian Digital Economy Corporation’s ( MDEC ) Founders Centre of Excellence ( FOX ), a multifaceted initiative designed to promote the development of high-potential Malaysian tech companies.

The national strategic initiative of Malaysia Digital ( MD), which aims to promote and grow domestic tech companies to become unicorns by 2025, is a part of the FOX program. The Squirrel program assists these organizations by fostering a robust support system and providing targeted resources, as well as strengthening their business basics and proper capabilities.

Both Georg and Gerardo are Malaysian-born foreigners who are launching international firms in a quick manner. Despite being offered relocations by other nations, they decided to stay because they believed Malaysia offers everything they need to develop their startups, even before the Squirrel program was introduced in March 2023.

Gerardo, from El Salvador, started his Business-to-Business Software as a Service ( B2B SaaS ) company in Hong Kong and then, deciding that being in Hong Kong was not going to help him achieve his dream of building a global company, picked Malaysia as his base.

I met some MDEC people at a conference and learned about their amazing service, the Malaysian Tech Entrepreneurs Pass ( MTEP), which allowed me to obtain a five-year work visa for myself. I mean, five times? Nothing gives you a five-year immigration. That is enough time for me to develop a business”, he said. &nbsp, &nbsp, &nbsp,

In contrast to Gerardo, Georg was now well-versed in Malaysia when he assumed the position of Group Managing Director of iProperty in the middle of 2010. Georg is now aiming to build his subsequent home tech success as co-founder and executive president of Juwai IQI Holdings after successfully witnessing the price of iProperty to Australia’s REA Group, where he previously served as CFO.

Georg has seen a lot of government programs designed to promote business growth, but also he is impressed by the FOX program despite having over 25 years of experience in actual estate across Australia, Asia, and now Malaysia. ” To placed it clearly, this is like joining a top concierge service. Simply ask a topic and you get pointed in the right direction”, he says.

Juwai IQI's senior leadership team together with MDEC representatives at the recent launch of Juwai IQI’s global headquarters

Besides the concierge-like services that he feels is a striking feature of MDEC’s FOX program, Georg, who does a good bit of exploring, has noticed anything interesting about the effects of the programme.

When I say we were chosen to be a part of the program and explain how it works, he says, “people see us diversely.” The development of the FOX program, which aims to aid in the growth of its businesses, demonstrates Malaysia’s desire to contribute more to the world’s modern economy. ” This opportunities Malaysia as an impressive state, in the eye of outside shareholders. And that gains us”, he explains. &nbsp,

That perception shift that Respond .’s testimonials demonstrate. Malaysia’s reputation is improved by Juwai IQI and Juwai IQ. However, MDEC’s work via the FOX program has assisted high-growth businesses to expand into global companies, and possibly unicorns. More businesses outside Malaysia may acquire Malaysia as their base to expand into global businesses as a result of the businesses ‘ decision to stay there after they achieve great success.

If the passionate comments from Georg and Gerardo is any indication, the FOX project, in this early stage, seems to be pressing all the right keys for its businesses.

It appears that the program thoroughly selects the businesses it needs to be assisting most. It continues to expand its reach, overcoming first failures with a lot of messages and information until it managed to grab Gerardo’s attention and convince him to sign up for the program.

Gerardo reflects,” As a leader, I understand the need for regular self-improvement and development. But as a business leader, the emails, messages, names, and discussions never seem to stop. When I return to the office after this meeting, I’ll be greeted with a stack of things demanding my interest. But, when is there time to focus on specific growth”?

With some very proper partnerships with international outfits, MDEC appears to have captured the attention of founders and their top leadership teams, making this a fact that the Squirrel program has integrated. &nbsp,

One of these engagements, with Ernst &amp, Young Malaysia ( EY Malaysia ), even changed Gerardo’s perception of consultants. You have a tendency to think that professionals are pricey and unable to deal with business challenges, so I would never have paid for them.

However, Gerardo and his management staff have come to appreciate the value of consultants because of his work with EY and the EY 7 Motorists of Growth Framework dynamic research conducted. ” And today, we do pay for consultants” .&nbsp, &nbsp,

Being connected to members who have effectively built B2B SaaS businesses like his was an even greater benefit of Gerardo’s subjection to his FOX program. This face it, not many people in Malaysia or the surrounding area may pertain to the difficulty of expanding a B2B company like me. Who may I call to make a enable request?

Gerardo has greatly benefitted from MDEC’s tie-up with Initiative via the Malay office in this regard. He was connected to the C-suite executive of a B2B SaaS business with a European address thanks to the Squirrel program. In order to pursue his goal of entering the Middle East market himself, he also had the opportunity to speak with the leader of a significant Middle Eastern company. Gerardo himself is currently pursuing joining Endeavor Malaysia despite having meetings that are ongoing and how valuable they were.

The Squirrel program strengthens Malaysia’s position to expand internationally and lead technical innovation by fostering strategic partnerships and constant outreach.

For more information on MDEC and its schemes, choose visit www. mdec.com. my

MDEC’s FOX programme hits the spot for Rocketbots and Juwai-IQI Holdings as they scale globally

By: Mary Blight

On: September 5, 2024

In: Technology

Initiative aims to help firms expand growth, grow into global businesses
Helps high-potential businesses and boosts Malaysia’s world ramping and development

Gerardo Salandra of Respond.io (2nd from left) speaking on a Gen AI panel at the recent Endeavor Future Forum 2.0

Gerardo Salandra and Georg Chimel have a lot in common, most notably their participation in the Malaysia Digital Economy Corporation’s ( MDEC ) Founders Centre of Excellence ( FOX ), a multifaceted program designed to promote the development of high-potential Malaysian based tech companies. &nbsp,

Both of them are foreigners who are rapidly expanding world businesses from Malaysia. Both have received offers from different nations to move ahead from Malaysia, but both turned them down because they believe they have all the necessary infrastructure in place in Malaysia to support their businesses. And this was yet before FOX, launched in March 2023, came into the image. &nbsp,

Salandra, from El Salvador, started his Business-to-Business Software as a Service ( B2B SaaS ) company in Hong Kong and then, deciding that being in Hong Kong was not going to help him achieve his dream of building a global company, picked Malaysia as his base. &nbsp,

” I now had a few employees here, but I finally met some MDEC employees at a meeting and learned about the incredible service they offered to members called the Malaysian Tech Entrepreneurs Pass ( MTEP), through which I received a five-year work visa. I mean, five times? Nothing gives you a five-year card. That is enough time for me to create a business”, he said. &nbsp, &nbsp, &nbsp, &nbsp,

Contrary to Salandra, Chimel was now well-versed in Malaysia when he assumed the position of iProperty’s team managing director in the middle of 2010. After successfully completing the sale of iProperty to Australia’s REA Group, where he previously held the position of chief financial officer ( CFO ), Chimel now intends to establish his second property technology success as co-founder and executive chairman of Juwei IQI Holdings. &nbsp,

With over 25 years of real estate expertise in Australia, Asia, and presently Malaysia, Chimel has seen a lot of government initiatives that aim to promote business growth, but FOX still impressed him. ” To set it clearly, this is like joining a top concierge service. Simply ask a problem and you get pointed in the right direction”, he says. &nbsp,

Juwai IQI's senior leadership team proudly accepted the award for Malaysia's Largest Proptech company at the glamorous Malaysia Digital Expo 2023 Awards Night from Minister of Communications Fahmi Fadzil

Besides the concierge-like services that he feels is a striking feature of FOX, Chimel, who does a good bit of exploring, has noticed anything exciting about the effects of Wolf. &nbsp,

When I say we were chosen to be a part of the program and explain how it works, he says, “people see us diversely.” Rabbit was established with the intention of assisting in the development of its businesses, which speaks to Malaysia’s desire to contribute more to the global digital economy. ” This opportunities Malaysia as an impressive state, in the eye of outside shareholders. And that rewards us”, he explains. &nbsp, &nbsp,

That change in perception even gives the country a social improve, acknowledges MDEC’s FOX programme hits the spot for Rocketbots and Juwai-IQI Holdings as they scale globally ( pic ), head of Digital Exports, MDEC. We are hoping to galvanise more businesses outside the country by using our efforts to help our FOX businesses become international businesses and finally to encourage unicorns to stay in Malaysia after they become extremely successful.

If the passionate comments from Chimel and Salandra is any indication, FOX, in this early period, seems to be pressing all the right buttons for its companies. &nbsp,

It appears that the program thoroughly selects the businesses it needs to be assisting most. It continues to expand its mentoring work, overcoming initial disappointments with a lot of emails and messages until it succeeded in capturing Salandra’s focus and persuading him to sign up for the program.

Salandra reflects,” As a leader, I understand the need for regular self-improvement and development. But as a business leader, the emails, messages, names, and discussions never seem to stop. When I return to the office after this meeting, I’ll be greeted with a stack of things demanding my interest. But, when is there time to focus on specific growth”?

With some very proper partnerships with international players, MDEC appears to have captured the attention of owners and their senior management teams, a reality that MDEC has embedded into FOX. &nbsp, &nbsp,

One of these engagements, with Ernst &amp, Young Malaysia ( EY Malaysia ), even changed Salandra’s perception about consultants. You might think professionals are pricey and unable to handle business problems, but I would never have paid for them.

However, Salandra and his management staff have come to understand the value of consultants because of his encounter with EY and a competitive evaluation it conducted using the EY 7 Drivers of Development Framework. ” And today, we do pay for consultants” .&nbsp, &nbsp, &nbsp,

Being connected to members who have effectively built B2B SaaS businesses like Salandra’s was an even greater benefit of his FOX coverage. Let’s face it, not many people in Malaysia or the surrounding area are able to handle the difficulty of expanding a B2B company nationally. Who can I pick up the phone to ask for help” ?&nbsp,

This is where Salandra has benefited greatly from MDEC tying up with Mission via the Malaysian business. He was able to communicate with the C-suite administrative of a B2B SaaS business with a German address owing to FOX. In order to pursue his goal of entering the Middle East market himself, he also had the opportunity to speak with the leader of a significant Middle Eastern company. Salandra himself is currently in the process of joining Endeavor Malaysia despite both ongoing conversations ( which are ongoing ) and the incredible value he received. &nbsp,

FOX strengthens Malaysia’s position to grow worldwide and become a leader in modern innovation by fostering strategic partnerships and relentless outreach.

Commentary: What would it take to revive Singapore’s stock market?

By: Marcus Ching

On: September 4, 2024

In: South-East Asia

ENHANCING THE LISTING ECOSYSTEM

Next, Singapore may increase down on building its network of start-up and development companies. A constant supply of local businesses that want to go public can be assured by expanding initiatives like the Grant for Equity Market Singapore, the Anchor Fund@65, and increasing support for small and medium-sized enterprises eyeing a list.

Singapore should also be ramped up in efforts to make it the preferred identifying location for local start-ups. This can be accomplished by aggressive outreach to business capital and private equity firms, as well as focused tax incentives and co-investment funds to support IPOs. Pulling in more Eastern “unicorns” will build buzz and develop a critical mass of development businesses.

Third, Singapore may try to be a gateway for global investment to access Eastern growth prospects. This can be accomplished by actively promoting secondary listings of Eastern businesses that are already listed worldwide and encouraging listings of major Asian companies that are located elsewhere.

The key to fostering the right ecosystem of indicator providers, research firms, and industry makers will also be to promote investment and cost discovery in these stocks. Singapore now serves as an Eastern hub for international banks and asset managers; it may make use of these connections to encourage the participation of worldwide institutional investors.

Although a merger with another ipo might not be the best option, SGX may also benefit from pursuing strategic alliances and partnerships with other exchanges and industry participants.

For instance, SGX could discover joint ventures or mutual listing agreements with other markets in the region, such as those in Malaysia, Indonesia or Thailand. These partnerships may give businesses a way to access many markets and entrepreneur bases while still keeping their main listing in Singapore.

Third, some people have suggested that aligning the company’s major achievement indicators&nbsp more closely with the Singapore stock market’s overall growth and development may lead to positive outcomes even though the details of SGX’s inside incentive structures are not completely clear to outside observers.

Digital News Asia

By: Mary Blight

On: August 24, 2024

In: Technology

Tourplus CEO embodies leader hurry, with keen gaze for chance
Owners have the highest duty, may convey optimism &amp, hope

The partnership with Tourism Selangor will earn Rickson Goh revenue, expand his supply of products and give him market inroad.

Some Malaysian startup founders have acquitted themselves as well as Rickson Goh, the gentle said founder of travel tech company Tourplus Technology Sdn Bhd, if you want to see how well they have handled the Covid-19 pandemic.

In the midst of a terrible halt in Malaysia’s tourism industry, he never merely raised eyebrows in the ecosystem with a powerful US$ 1 million seed capital fund raise, but he also went on to form some partnerships that will place his travel tech startup quite well when the tourism rebound occurs. Plus, he has also started talking to buyers on raising his second large as he projects profits for 2021 to reach US$ 1.65 million ( RM7 million )– almost none of it coming from vacation.

But what exactly is he smoking and what exactly is he spitting in his te sir? Turns out it is nothing more than leader rush and a strong desire for success. &nbsp,

Cuts win-win cope with Tourism Selangor

Tourplus, which had no mobile application before this, announced in a simple press release that it had worked with Tourism Selangor to create a wireless application for the state agency.

The true story is that Tourplus and Tourism Selangor have a 50:50 revenue share contract under the name Get Selangor for any income made through the game. Better yet, the state agency will start promoting Tourplus to those interested in the state agency’s database by encouraging all manufacturers of travel-related products to start digitizing their operations ( though this is not an exclusive agreement ).

As Rickson points out, the majority of these vacation players are small businesses, which would have been nearly impossible for Tourplus to enter. Instead, then it gets a reputable position company to make the introduction.

” We expect the game does go sit in Oct 2021″, says Rickson. Tourplus did examine business arrangements and installation in the app, operate and make the payout, etc., he states.

As Selangor intensifies efforts to prepare the journey ecosystem for the post-pandemic go rebound, Go Selangor may serve as the state government’s official travel app.

A crucial part of the efforts to find habitat players, most of whom are SMEs, available, is to encourage them to digitalise so that their vacation packages, services and inventory may be added to Get Selangor.

Rickson, who first proposed the idea in March and was given approval by the Selangor Information Technology and Digital Economy Corp. in July, believes that this partnership will benefit more rural operators or “hidden gem providers” that are not in the main stream platforms like Klook.

It is also a sweet deal for Rickson, who is preparing himself for the post-pandemic rebound by adding new inventory to his database. The latest of his recent cutbacks to his fundraising efforts in October, 2017.

Rickson Goh shows how you deal with a pandemic His back was against the wall by that point, so the timing could n’t have been better. It was not an easy time, he admits. There was little to no money being made, and the statement” We were running out of money then” was true.

Even Rickson ( pic ) struggled to see any light, and the team had lost hope. It was very difficult for me. Day and night, I was trying to figure out a way to survive. We founders have the highest responsibility. No matter how we feel inside, and sometimes I felt helpless, but we have to exude hope and optimism for the team”, he says.

A quick foray into providing frozen food to consumers was unsuccessful. The key moment, however, came when he made the decision to forgo any international travel for at least for 24 months. A startup that had built its future off of inbound travel to Malaysia made a chilling realization.

Hanging out in Parliament, getting TSP status, convincing investors

Rickson swung into action. In the early stages of the pandemic lockdowns, webinars rose in popularity, and Rickson started taking classes there to learn from other business owners. He also became aware of the benefits of local players going digital and learned about the various government initiatives that are being implemented to help businesses. This would serve as Rickson’s lifeline as domestic tourism was awaiting a return to life.

” I was able to persuade my investors that domestic tourism was the best course of action and that the various government Covid aid recovery programs offered short-term opportunities.”

One of his biggest advantages was the stable government relations he established over a short period of time. He claims that it was not from funding any projects but rather from supporting the government in digitizing brick and mortar businesses, particularly those in the travel industry. He had to travel to the Malaysian Parliament to meet with relevant ministers in order to make his pitch, which helped Tourplus become recognized as a TSP ( Technology Service Provider ).

With this recognition Tourplus was able to assist businesses in requesting the Digital Marketing Grant, which is a component of the Malaysian Government’s efforts to assist businesses in recovering from the effects of the pandemic. They were qualified for up to a RM5,000 grant, and we have already received 200 companies ‘ approval from an overall 800 applications for the grant.

This work not only keeps his 20-strong team ( 30 % are part-time ) busy but has helped with cash flow as well.

Rickson Goh

Key collaborations in China, instant access to 200k hotel rooms globally

One important collaboration between Rickson and the Chinese travel agency ChongQing China Youth Travel Service started in April of this year.

Even though we raised money, traveling is still our main business, according to Rickson, adding that income and cash flow must be closely monitored.

” We need to keep innovating as well and I need to hire tech people, UI/UX designers, product people which will also help us scale”.

Another exciting development, one that he has kept under wraps is a partnership he has struck with China’s largest OTA ( Online Travel Agency ), the Nasdaq listed Ctrip. Users of the Tourplus app can now now directly book 200, 000 hotel rooms from all over the world where Ctrip has hotel partners thanks to an API integration.

” It is a very exclusive priviledge to be given the trust of API integration with a business like Ctrip,” Rickson asserts. That likely cuts both ways because Ctrip, which was founded in 1999, likely sees a little of itself in the ferocious startup from Kuala Lumpur and its gritty founder.

Unicorns: Cross-culture love story explores secret LGBTQ+ world

By: Marcus Ching

On: July 19, 2024

In: Asia

3 days before

By Nicola Bryan, BBC News

Unique Entertainment An asian drag queen looking at the camera, she is wearing pearls and gold jewellery

A love story between a light, bisexual, working-class engineer and a North Eastern Muslim drag queen is shining a light on an underwater LGBTQ culture.

The visually provocative so-called “gaysian” scene, which combines the terms queer and Asian, is explored by the feature film Unicorns, which introduces its beautiful drag queens.

Sally El Hosaini, who co-directed the movie with her lover James Krishna Floyd, said that many of the kings are closeted and only have a specific number of hours on weekends when they can really get themselves. Many of them also use nicknames and have been isolated from their people.

” On the surface]the gaysian image is ] extremely beautiful, really interesting… but underneath it’s actually a very dark, real and very a extreme world”, added Floyd.

” They’re a majority within a majority… they’re getting attacked and rejected from all sides, from popular culture, from South Asian societies for the most part, from their religious societies for the most part and from the popular LGBTQ society as well”.

Unique Entertainment Luke (played by Ben Hardy) and Aysha (played by Jason Patel) laughing together in a car

Floyd, who even wrote the story, said he and El Hosaini- who is half Welsh and half Ancient- were keen to discover “fluid names”.

” For me personally as a half Indian, half English guy who has had sexually fluid experiences… mainstream culture is always putting all of us in very neat little boxes”, he said.

” I find that very frustrating and just so limiting”.

He said he had “always known about the gaysian scene” but was properly introduced to it by his friend Asifa Lahore, who in 2014 became the UK’s first Muslim drag queen to speak publicly about her work.

Producer on the movie is Lahore.

Unique Entertainment Characters Aysha and Luke singing karaoke

” Everything in the film is based on either Asifa’s experiences, my own experiences or South Asian drag queens that I now know very well- it all comes from reality”, said Floyd.

Ashiq ( played by Jason Patel ) works in a shop by day but at night transforms into drag queen Aysha, dancing for a largely South Asian LGBTQ audience.

When single father and mechanic Luke ( played by Bohemian Rhapsody and former EastEnders actor Ben Hardy ) miserably discovers Aysha is a drag queen at a club, they exchange a kiss and move on.

Unique Entertainment Three Asian drag queens in a car

Patel, who plays Aysha, is not a real-life drag queen but many of the supporting cast are.

El Hosaini and Floyd received audition tapes from a number of South Asian drag queens after receiving a casting yell-out on social media.

” A lot of those tapes were very moving”, said El Hosaini.

Some of them said,” I do n’t care if I get this role, but the fact that this is being made about this kind of character and exists,” she said.

Someone had taped their conversation in a bathroom and was speaking very quietly because their family was present and they did n’t want to be overheard.

” It was another moment of just reminding us why we’re making this film”, added Floyd.

” If we were making this film for anyone, it was for the gaysian community… because there has n’t been a film about them, certainly not a fictional feature film”.

Floyd and El Hosaini, who live in London and have a son together, first met when Floyd starred in El Hosaini’s directorial debut feature film My Brother the Devil.

He starred again in her second feature film The Swimmers.

Unicorns is Floyd’s directorial debut and the pair’s third time working together.

What’s it like to collaborate on a movie with your partner?

” We first met in work, so we had that creative connection before our relationship”, said El Hosaini.

” When you do what we do and you’re so involved, we are each other’s rocks and support”.

She claimed that the project was” as old as our son, so it was actually like a child that had grown up in our family” when Floyd began working on Unicorns nine years ago.

” Coming together to make it all work just felt natural and appropriate,” she continued.

Getty Images Sally El Hosaini and James Krishna Floyd looking at the camera

El Hosaini, whose mother is Welsh and father is Egyptian, was born in Swansea, raised in Cairo and returned to Wales at 16 to study at UWC Atlantic College in the Vale of Glamorgan.

Ffilm Cymru Wales provided funding for Unicorns, and it will be shown in a special way at the next month’s Green Man Festival in Powys.

El Hosaini said,” The industry has frequently seen my Egyptian side and seen me as Arab, so I’ve been sent a lot of projects that always have an Arab perspective.”

” But I’m equally as Welsh as I am Arab, it’s definitely in my bones, my blood and part of me and I think it’s just time until I do my Welsh projects”.

Getty Images Left to right: Ben Hardy, Sally El Hosaini, James Krishna Floyd, and Jason Patel attend the Unicorns premiere during the 2023 Toronto International Film Festival in September 2023

Floyd and Floyd both expressed frustration with the limited number of films that can be seen in theaters.

” This industry is not very kind to minorities and it certainly is n’t kind to minorities within minorities”, he said.

” There’s such an imbalance. How many films do we need to make about- and I can say this as a half-white man- privileged, white, middle-class, cis, heteronormative men? Do we need any more of those? No, we do n’t”.

He claimed that one of the benefits of storytelling was that it could “light up those communities that we do n’t really hear about.”

” There’s more that connects us than divides us”, added El Hosaini

Unicorns is currently available in UK and Irish theaters.

KPMG identifies top 3 risks to sustainable business growth

By: Mary Blight

On: June 10, 2024

In: Technology

International trade restrictions, political uncertainty, and AI management gaps
5 original methods for CEOs to get to understand current “polycrisis” setting

Source: Top risks forecast: Bottom lines for business in 2024 and beyond, KPMG International, June 2024.

International businesses are facing slowing development and mounting challenges to extended- word conservation, according to a fresh report from KPMG International. The findings in KPMG’s Major risks forecast: Bottom lines for business in 2024 and beyond glow a light on the varied, difficult challenges facing companies looking to grow worldwide at a time of increasing divergence on regulation, conflict, technological advancement and social uncertainty.

The analysis of the report highlights the three most pressing risks for businesses right now, known as “bottom lines,” and are likely to have an impact on operations this year and beyond:

Vulnerability calling for operational resilience: The geopolitical landscape is characterized by increasing vulnerability, driven by various factors such as rapid technological advancements, climate change, and geopolitical tensions. In 2023, a staggering 91 countries were involved in some form of conflict, a significant increase from 58 in 2008. This conflict has a significant impact on the global economy, with estimates that it will have a 12.9 percent impact on global GDP.
AI governance gaps: With investments in AI rising more than fivefold between 2013 and 2023, AI has transformed the world. While AI presents immense opportunities, it also brings about governance gaps that organizations must address. &nbsp,

Stefano Moritsch, Global Geopolitics Lead at KPMG International, said:” To some extent, the COVID pandemic was a rehearsal for some of the broader risks and profound threats facing companies today. Leaders have improved their resilience, but for the first time in recent memory, they are facing challenges on a number of fronts, including conflict, complex regulation, climate change, and a “patrickwork” of AI adoption across various countries and regions.

KPMG identifies top 3 risks to sustainable business growth The rise of trade protectionionism, according to Johan Idris ( pic ), Managing Partner of KPMG in Malaysia, could have an impact on the export-oriented nation’s export-oriented economy, which accounts for 66.1 % of Malaysia’s GDP in 2023. He added that “recent global events have revealed the fragility of the global trade ecosystem and disruptions will continue to impact organizations unable to shore up ample defenses. Business leaders should develop adaptive capacity to increase operational resilience as a strategy. This can be accomplished by using a top-down policy mandate and bottom-up corporate capabilities approach.

He also emphasized Malaysia’s need to navigate the changing landscape of AI governance, which will ensure the responsible integration of this transformative technology into the nation’s economic fabric. Businesses must actively shape their own AI strategies while the Malaysian government is developing a governance and ethics code framework. Any regulatory measures will quickly become outdated as a result of the rapid advancements in AI, so businesses must take the lead in AI governance and integration.

” AI presents a significant opportunity to revolutionize Malaysia’s industries. However, it is equally crucial to establish guidelines that address ethical issues and reduce potential risks associated with AI deployment, Johan added.
For organizations to effectively navigate the current “polycrisis” environment, KPMG’s report outlines five initial steps CEOs can take today:

Conduct a comprehensive risk assessment
Stay informed and monitor geopolitical developments
Diversify supply chains
Enhance operational resilience
Foster strong stakeholder relationships.

KPMG has also created a heat map that examines the impact of the top risks on specific, crucial sectors. The Middle East’s uncertainty and the increasing politicization of access to minerals and other important resources are the main risks, according to the analysis. Second and third place are the financial services and infrastructure sectors, both of which are impacted by growing economic uncertainty and AI governance gaps.

The energy and natural resources sector also had the lowest Financial Performance Index ( FPI ) score among all sectors, according to KPMG’s analysis. KPMG FPI is a global financial health measure based on data from over 40 000 businesses. A lower score indicates that the sector has underperformed and might experience financial instability. This underperformance highlights the urgent need for businesses in this sector to reevaluate their strategies, manage risks effectively, and adapt to changing market conditions in order to improve their financial health.