Tycoon Robert Kuok stands tall amid the bashings from Umno leaders


Well-regarded: Kuok in his office in Hong Kong. Picture taken from ‘Robert Kuok: A Memoir’.

 

DURING the two week-Chinese New Year celebrations, with the tossing of yee sang for better times ahead, the key topic of conversation among the Chinese revolved around the general election.

But the sudden eruption of high-level political attacks on Robert Kuok last weekend sent shockwaves through the community. Since then, the richest man in Malaysia has been the talk of the town.

The onslaught could not be taken lightly as Kuok is not just any ordinary businessman but someone of stature held in high esteem not only in Malaysia and China, but also by the global Chinese community.

It is a known fact that Kuok helped to lay the groundwork for the end of communist insurgency in Malaysia, played a role in easing racial tension after the May 13 racial riots and contributed funds to Umno and MCA during elections.

His generous donations have benefited the poor and rich.

Kuok has always stood tall among everyone.

Dubbed the “Sugar King of Asia”, Kuok has set up a huge international empire with businesses spanning from commodity trading to hotels, sugar and oil palm plantations, wheat flour milling, property development and entertainment.

In Malaysia, he retains control of Shangri-La Hotels and the wheat flour business after selling his sugar and property businesses.

Hence, the Chinese community here feels hurt to see their business icon being smeared based on hearsay. They see grave injustice done to this man whose loyalty and commitment to the country is being questioned.

However, due to suspicion that the whole episode could be a politically driven scheme ahead of GE14 for various reasons, Chinese community leaders only spoke up after Kuok defended himself.

While many are aware that Kuok’s recent memoir had irked some quarters due to his disdain for the New Economic Policy (1971-90), they are perplexed by the timing of this smear campaign.

Kuok’s political revelations in his book have also earned him brickbats from some people.

This round, the criticisms against the tycoon were based on three articles posted by blogger Raja Petra Kamaruddin on the online portal Malaysia Today.

The most startling allegation made by the controversial blogger, who has a record of stirring up racial hatred towards local Chinese in past writings, was that Kuok had donated hundreds of millions to the DAP in a bid to overthrow the Umno-led government.

Without verifying the content, Malay critics and senior Umno politicians told Kuok to be grateful to the Government as the tycoon had built his early sugar, rice and flour empire based on his good ties with Umno leaders.

The remarks by Tourism and Culture Minister Datuk Seri Nazri Aziz were particularly scathing, as crude and offensive words were used. In addition, he told Kuok to surrender his citizenship.

The critics might have misconstrued earlier statements by Datuk Seri Najib Tun Razak, who had said that some of the richest people, including Kuok, owed their success to opportunities created through government policies.

“If we look at the list of names of the richest people in Malaysia, such as Robert Kuok, who gave him the key to become the rice and sugar king? It was given to him by the ruling government,” said the Prime Minister at an event in Selangor on Feb 24.

“Yes, he is driven, hardworking, industrious and disciplined – but that is not enough. Everyone still needs the key to creating these opportunities,” he added.

Although DAP leaders promptly denied receiving money from Kuok, this failed to stop the tirade of aspersions cast against Kuok.

It was obvious that Kuok had to defend himself. He issued a statement last Monday, saying all allegations against him were “untrue, unjustified and amounted to libel”.

The 94-year-old Kuok, who moved his business headquarters from Kuala Lumpur to Hong Kong in 1975, denied funding The Malaysian Insight portal or opposition parties to overthrow the Government.

He also denied that he was anti-government, a racist or a Chinese chauvinist.

While Kuok’s hint of instituting libel suits might have some deterrent effect, the proposal by MCA president Datuk Seri Liow Tiong Lai to the Prime Minister to intervene in the matter could have shut the mouths of Umno leaders.

Liow tweeted: “I have conveyed the feelings of the Chinese community to the PM. We hope that the PM will intervene to put this issue to rest. Mr Kuok has contributed greatly towards the development of the nation.”

If the vicious attacks on Kuok were allowed to continue, the first casualty in GE14 could be MCA and Gerakan, and ultimately Barisan Nasional, as angry Chinese could be provoked to vote against the coalition in GE14.

And the unintended winner from this latest episode could be the opposition side.

The question now is: Faced with so many challenges in the coming polls, could Barisan afford to sow a new seed of discontent and allow it to germinate unchecked?

The Prime Minister’s Office issued a statement, saying Kuok’s success is “an inspiration” for other entrepreneurs.

Though this brief statement and its “cooling effect” came a bit late in the political sense, it was better than nothing.

In addition, a tribute to Kuok posted by Najib’s brother Datuk Seri Nazir Razak on Instagram is also a comfort to the Chinese.

“I may not agree with all his views but he (Kuok) is a patriot, the icon of Malaysian business and a first-class gentleman,” said Nazir, the chairman of CIMB Group Holdings Bhd last Wednesday.

However, the injustice done to Kuok on such a scale is unlikely to be forgotten soon, as this incident has also stirred up some debates.

Is there any hidden political agenda to vilify Kuok before GE14? Do successful businessmen owe their allegiance to ruling political parties? Is it morally wrong to change your political stand?

Dr Oh Ei Sun, former political secretary of Najib, offers some explanations to Sunday Star: “Robert Kuok has shown his contempt for the NEP in his book. This may be seen as questioning Malay supremacy and this attitude must be nipped in the bud.”

He adds that Kuok may not be forgiven for stating the obvious, which many Chinese have wanted to voice out but could not for fear of losing business opportunities.

In his memoir, Kuok stated that although the Chinese have played a significant role in the economic development of Malaysia and other South-East Asian nations, many did not receive just and fair treatment.

Sin Chew Daily, quoting unnamed Barisan sources, says the bashing of Kuok also carried a warning message to the business community to think twice before they contribute election funds to opposition parties.

“These attacks also sent a message to the Malay community that they must be united to support Umno, which is being ditched by others it has helped to prosper,” said the Sin Chew report last Thursday.

Although a life member of the MCA, businessman Tan Sri Lee Kim Yew believes people owe no loyalty to political parties.

He tells Sunday Star: “A businessman is expected to be loyal to his country, not to ruling parties. Politicians and political parties come and go.

“Whoever becomes the government has a duty to create a conducive environment for the people to prosper and live harmoniously. If politicians are not worthy of support, people are free to switch their political stand in a democracy.”

Apart from ordinary people, the business community is also watching developments linked to Kuok with concern.

“If the issue on Robert Kuok is not handled properly, there will be a negative impact on the sentiment of investors. We are all following these developments,” says a businessman at a CNY dinner.

by Ho Wah Foon, The Star

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Restructuring our household debt


NEW Year always come with new resolutions. Finance is an important aspect of most people’s checklists when it comes to planning new goals.

While it is good to set new financial targets, it is also vital to re-look at our debt portfolio to ascertain if it is at a healthy state.

At a national level, our country also has its financial targets matched against its debt portfolio.

According to the latest Risk Developments and Assessment of Financial Stability 2016 Report by Bank Negara, the country’s household debt was at RM1.086 trillion or 88.4% of gross domestic product (GDP) as at end 2016.

Residential housing loan accounted for 50.3% (RM546.3bil) of total household debts, motor vehicles at 14.6%, personal financing at 14.9%, non-residential loan was 7.4%, securities at 5.7%, followed by credit cards at 3.5% and other items at 3.6%.

Evidently, residential housing loan is the highest among all types of household debt. However, a McKinsey Global Institute Report on “Debt and (Not Much) Deleveraging” in 2015 highlighted that in advanced countries, mortgage or housing loan comprises 74% of total household debt on average.

As a country that aspires to be a developed nation, a housing loan ratio of 50.3% to total household debt would be considered low, compared to 74% for the advanced countries. In other words, we are spending too much on items that depreciate in value immediately – such as car loans, credit card loans and personal loans – compared to assets that appreciate in value in the long run, such as houses.

Advanced economies, which are usually consumer nations, have only 26% debts on non-housing loan as compared to ours at 49.7%.

In order to adopt the household debt ratio of advanced economies, our housing loan of RM546.3bil should be at 74% of total household debt. This means that if we were to keep our housing loan of RM546.3bil constant, our total household debt should be reduced from the current RM1.086 trillion to a more manageable RM738bil. This would require other non-housing loans (car loans, credit card loans and personal loans etc) to reduce from 49.7% of total household debt to only 26%. To achieve this ratio, the non-housing loan debt must collapse from the current RM539.7bil to only RM192bil.

Reducing total household debt from the current RM1.086 trillion to a more manageable RM738bil would also have the added benefit of reducing our total household debt-to-GDP ratio from the high 88.4% to only 60%, making us one of the top countries globally for financial health.

Malaysia’s household debt at present ranked as one of the highest in Asia. Based on the same 2015 McKinsey Report, our household debt-to-income ratio was 146% in 2014 (the ratio of other developing countries was about 42%) compared to the average of 110% in advanced economies.

Adjusting the debt ratio by reducing car loans, personal loans and credit card loans will make our nation stay financially healthy.

Car values depreciate at about 10% to 20% per year based on insurance calculations, accounting standards and actual market prices. Assets financed by personal and credit card loans typically depreciate immediately and aggressively.

The easy access to credit cards and personal loan facilities tend to encourage people to spend excessively, especially when there is no maximum credit limit imposed on credit cards for those earning more than RM36,000 per year.

If we maximised the credit limit given without considering our financial ability, we will need a long time to repay due to the high interest rates, which ranged from 15% to 18% per annum.

Based on a report in The Star recently, Malaysia’s youth are seeing a worrying trend with those aged between 25 and 44 forming the biggest group classified as bankrupt.

The top four reasons for bankruptcy were car loans (26.63%), personal loans (25.48%), housing loans (16.87%) and business loans (10.24%).

It is time for the Government to introduce more drastic cooling-off measures for non-housing loans in order to curb debt that is not backed by assets. This will protect the rakyat from further impoverishment that they are voicing and feeling today.

As we kick start the new year, it is good to relook into our debt portfolio. When we are able to identify where we make up most of our debts, and start to reallocate our financial resources more effectively, we will be heading towards a sound and healthier financial status as a nation.

By Alan Tong – Food for thought

Datuk Alan Tong has over 50 years of experience in property development. He was the world president of FIABCI International for 2005/2006 and awarded the Property Man of the Year 2010 at FIABCI Malaysia Property Award. He is also the group chairman of Bukit Kiara Properties. For feedback, please e-mail feedback@fiabci-asiapacific.com.
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Moving forward with affordable housing


One way to solve housing shortage problem is to build more houses.

“If we take a look at countries with commendable housing policies such
as Singapore and Hong Kong, we notice that the government plays a very
important role in building and ensuring a sufficient supply of housing
for their people.”

THE issue of affordable housing has been a hot potato for many countries, especially for a nation with a growing population and urbanisation like ours.

In my previous article, I mentioned that there was a growing shortage of affordable housing in our country according to Bank Negara governor Tan Sri Muhammad Ibrahim. The shortage is expected to reach one million units by 2020.

According to Bank of England governor Mark Carney, one of the most effective ways to address the issue is to build more houses. There are good examples in countries like United Kingdom, Australia and Singapore, which have 2.4, 2.6 and 3.35 persons per household respectively.

In comparison, the average persons per household in our country is 4.06 person, a ratio which Australia had already achieved in 1933! To improve the current ratio, we need to put more effort into building houses to bring prices down.

If we take a look at countries with commendable housing policies such as Singapore and Hong Kong, we notice that the government plays a very important role in building and ensuring a sufficient supply of housing for their people.

For example in Singapore, their Housing and Development Board (HDB) has built over one million flats and houses since 1960, to house 90% of Singaporeans in their properties. In Hong Kong, the government provides affordable housing for lower-income residents, with nearly half of the population residing in some form of public housing nowadays. The rents and prices of public housing are subsidised by the government and are significantly lower than for private housing.

To be on par with Australia (2.6 persons per household), our country needs a total of 8.6 million homes to house our urban population of 22.4 million people. In other words, we need an additional 3.3 million houses on top of our existing 5.3 million residential houses.

However, with our current total national housing production of about 80,000 units a year, it will take us more than 40 years to build 3.3 million houses! With household formation growing at a faster rate than housing production, we will still be faced with a housing shortage 40 years from now.

Therefore, even if the private sector dedicated all its current output to build affordable housing, it will still be a long journey ahead to produce sufficient houses for the nation. It is of course impossible for the private sector to do so as it will be running at a loss due to rising costs of land and construction.

In view of the above, the government has to shoulder the responsibility of building more houses for the rakyat due to the availability of resources owned by the government. Land, for example, is the most crucial element in housing development. As a lot of land resources are owned by government, they must offer these lands to relevant agencies or authorities to develop affordable housing.

I recall when I was one of the founding directors of the Selangor State Development Corp in 1970s, its main objectives was to build public housing for the rakyat.

However, today the corporation has also ventured into high end developments in order to subsidise its affordable housing initiatives. This will somehow distract them from focusing on the affordable housing sector.

Although government has rolled out various initiatives in encouraging affordable houses, it is also important for the authorities to constantly review the original objectives of the relevant housing agencies, such as the various State Economic Development Corporations, Syarikat Perumahan Negara Bhd, and 1 Malaysia People’s Housing Scheme, to ensure they have ample resources especially land and funding to continue their mission in building affordable housing.

A successful housing policy and easy access to affordable housing have a huge impact on the rakyat. It is hoped that our government escalates its effort in building affordable housing, which will enhance the happiness and well-being of the people, and the advancement of our nation.


Datuk Alan Tong has over 50 years of experience in property development. He is also the group chairman of Bukit Kiara Properties. For feedback, please email feedback@fiabci-asiapacific.com.
By Alan Tong

Penang hit by floods again !


GEORGE TOWN: Some 20 houses located on a slope in Hong Seng Estate in Mount Erskine were flooded due to blocked underground drainage.

“Not again!” was the reaction of factory worker S. Kalaiselvi, 42, who found herself neck-deep in water at her house at 2am yesterday after a three-hour downpour.

She waded through the water to higher ground with her parents, who are in their 60s.

“I have been living here for 26 years and only now am I seeing such floods,” said Kalaiselvi, who also had to move out when her house was hit by the massive floods on Nov 4 and 5 last year.

Her father Subramanian Peru­mal, 68, said he was still waiting for the relevant authorities to resolve the problem.

At the site, firemen had to install a water pump to draw out the rainwater, which flooded most of the units to waist level at one point.

It was the third time that the area was flooded since October last year.

Last Oct 30, blocked underground drainage caused floodings affecting six houses during an evening downpour, followed by massive floods during the Nov 4 and 5 storm.

On Sept 29 last year, seven houses in the estate were also affected by soil erosion.

Consultant engineer Datuk Lim Kok Khong had said the soil erosion was due to water seeping under the ground.

Kebun Bunga assemblyman Cheah Kah Peng, who has been barred from helping out with the registration of flood victims for the one-off RM700 aid given by the Penang government, was also there but offered no concrete solution to the floods in the area.

Pulau Tikus assemblyman Yap Soo Huey said nine houses had to be demolished to make way for repair works.

She said they had offered owners of the nine affected houses a low medium-cost unit each as compensation, but the residents insisted on staying put.

Earlier, Penang Flood Mitigation Committee chairman Chow Kon Yeow said the latest floods were caused by the continuous downpour that began on Thursday evening.

“The rain also coincided with a 2.34mm high tide at 2.30am yesterday,” he said.

Chow said the short-term measures to deal with the floods were to dig and deepen the rivers, and carry out upgrading and cleaning works at riverbanks to ensure that there were no blockages.

In Bukit Mertajam, a low wall sealing off the entrance to a lorry driver’s house prevented it from being submerged in floodwaters all over again.

While the water on the road outside was up to knee level, Heng Kai Chin’s home remained relatively dry, thanks to the metre-high barrier of cement and bricks.

But Heng, 43, still skipped work yesterday to keep an eye on the flooding.

A state flood report said water had entered at least 100 homes in Bukit Mertajam.

Source: The Staronline

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Penang struck by yet another deluge

PENANGITES woke up to a cloudy and rainy morning as continuous downpour lasting for hours inundated several parts of the state.
Wet day: Students wading through floodwaters at SMK Mak Mandin in
Butterworth, Penang. (Left) Motorists braving through the waters on the
flyover at Sungai Nibong, Bayan Lepas. — MUSTAFA AHMAD/The Star and
social mediapic

 

 

Metre-high wall keeps flood out of his home

More rain in Sabah and S’wak

Fish and veggie prices go up due to scarce supply

Two primary schools in Sabah remain closed

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Wanted: Leaders who listen !


Turning a blind eye: The grumblings over exposed hills are growing louder but little is being done to rectify the situation

//players.brightcove.net/4405352761001/default_default/index.html?videoId=5636613745001

 Grievances from residents warning of environmental damages must not fall on deaf ears

 “Leaders who don’t listen will eventually be surrounded by people who have nothing to say.

MY family home in Kampung Melayu, Air Itam in Penang, is more than 56 years old. That’s about my age, and it has never been hit by floods. Not once!

But last week, my parents – dad is 92 years old and mum, 86, – had their sleep rudely interrupted sometime after 1am by water gushing into their home.

They have been sleeping on the ground floor for years now because they are too old to climb the stairs to their bedroom.

The water that flowed into their room almost touched the top of their bed but fortunately, one of my nephews and his wife from Kuala Lumpur were staying over that night.

It was so fortunate that they were there to calm my anxious parents down and assure them all would be fine. They managed to comfort my stunned folks, who had never experienced such an unpleasant situation before. My father had to be carried to the room upstairs as the house remained flooded throughout the early morning.

Our home was filled with layers of mud the next day and the cars parked outside were all damaged. They sadly look like write-offs.

My father’s pride and joy, his first-generation Proton Saga car – which he bought in 1985 – is now unusable.

A week on, my brothers and nieces are still cleaning up the mess from the massive flood. They haven’t had the time or mood to even assess the financial losses.

And bound by a common sentiment as Penangites, they are tired of the blame game, a trade the state’s politicians have plied to near-perfection.

How many times can the finger be pointed at the previous government, with the incumbent almost 10 years in power? And how many more times can we blame it on torrential rain, which came from Vietnam – or wherever? Worst of all is, when discussions are mooted on flood issues, the voices of the people are swiftly silenced.

It appears that even to talk about hillslope development, one would have to contest in the elections, or be perceived to be challenging the state government, or more extremely, be some kind of lackey in cahoots with the Federal Government.

Blaming everyone else except oneself is simply a way of covering up one’s weaknesses. But the discerning public, in a maturing democracy with heightened transparency and a huge middle class like Penang, will not tolerate such short-term manoeuvring for long.

Suddenly, civil society – a buzzword among politicians – has vanished, with NGOs now regarded as irritants and an affront to the state establishment. Politics is apparently the monopoly of politicians now.

As the National Human Rights Society aptly puts it, “With the benefit of hindsight, we are sure that the Penang government now realises that they should not so readily malign civil society, howsoever obliquely – for the legitimate and well-founded articulation of matters of great concern to civil society.

“This is because it undermines the fundamental values of a functioning democracy and the fundamental human rights of the populace at large.”

Perhaps, the state political elites, many of whom aren’t pure blood Penangites, don’t realise the state is the home of a vibrant civil society, with many active NGOs and activists who are respected influencers of society.

Having walked through the corridors of power and appreciated power’s pleasures, perks and the adulation it brings, maybe it is becoming much harder for people to take criticism. This is, in fact, a reflection of the arrogance of power.

Many have developed thin skin now, with little tolerance for the slightest form of criticism. If anyone even dares raise their voice, an army of cybertroopers, hiding behind anonymity, are unleashed to attack them.

Freedom of speech, it seems, is only the domain of the opposition, with some media (regarded as unfriendly) unceremoniously ridiculed and questioned for their attendance at press conferences.

There are politicians from the Federal Government, too, who are shamelessly cashing in on the flood situation in Penang.

Their relief work must be splashed across news pages, and they have to be seen wading through the flood waters for dramatic purpose. Phua Chu Kang’s iconic yellow boots could likely be the hottest item in the state, as politicians bask in the media’s glare.

Ridiculous remarks have also been passed, one even blaming the state government, saying it has earned the wrath of God.

The rain and floods will go away, eventually. Penangites are stakeholders in the state, and they don’t only make up politicians. The state doesn’t belong to the state government or the opposition.

Caught up in the thick of the action, we seem to have forgotten that the hills are crumbling even without rain. As a stern reminder, just last month, a landslide buried some people in Tanjung Bungah. Investigations on that tragedy are still ongoing.

Basically, the trees – which act as sponge on the hills – are gone. We don’t need to be soil experts to know that.

The grumblings are growing louder because the hills have been progressively going bald in recent years. But the voice of discontent has fallen on deaf ears.

Penangites are alarmed at what they are seeing, and they don’t like it one bit, as much as they understand that land is scarce on the island and property developers need to source some to build homes on.

While it’s easy to hang the Penang state government out to dry for its follies, it’s difficult to ignore how the floods in the east coast states have become annual affairs, too. So, what effective flood mitigation plans have been put in place there?

Kelantan has suffered senselessly, and after more than a year of having been subjected to Mother Nature’s havoc, many victims have yet to recover from their losses. Flooding is obviously nothing exclusive and doesn’t discriminate. Every state has, unfortunately, experienced it in some shape or form.

So, irrespective of location, when life returns to normal, you can expect the politicians to resume their old denying ways.

If there’s a thread that binds our politicians – regardless of which side of the political divide they come from – it is their inability to apologise for their mistakes, despite waxing lyrical about accountability.

Don’t expect them to say sorry, because an apology would be admission of guilt, or worse, a sign of weakness in their realm of inflated egos.

And to put things into perspective, perhaps we could learn a lesson from a quote by prominent American pastor Andy Stanley – “Leaders who don’t listen will eventually be surrounded by people who have nothing to say.”
On the beat Wong Chun Wai

Wong Chun Wai began his career as a journalist in Penang, and has served The Star for over 27 years in various capacities and roles. He is now the group’s managing director/chief executive officer and formerly the group chief editor.

On The Beat made its debut on Feb 23 1997 and Chun Wai has penned the column weekly without a break, except for the occasional press holiday when the paper was not published. In May 2011, a compilation of selected articles of On The Beat was published as a book and launched in conjunction with his 50th birthday. Chun Wai also comments on current issues in The Star.

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Chinese Scientists Make Breakthrough in Replacing WiFi With LiFi


CHANGCHUN, Oct. 3 (Xinhua) — Chinese scientists have made a breakthrough in creating full-color emissive carbon dots (F-CDs), which brings them one step closer to developing a faster wireless communication channel that could be available in just six years.

Light Fidelity, known as LiFi, uses visible light from LED bulbs to transfer data much faster than radio wave-based WiFi.

While most current research uses rare earth materials to provide the light for LiFi to transmit data, a team of Chinese scientists have created an alternative — F-CDs, a fluorescent carbon nanomaterial that proves to be safer and faster.

“Many researchers around the world are still working on this. We were the first to successfully create it using cost-effective raw materials such as urea with simple processing,” said Qu Songnan, an associate researcher at Changchun Institute of Optics, Fine Mechanics and Physics, the Chinese Academy of Sciences, which leads the research.

Qu said rare earth has a long lifespan which reduces the speed of LiFi transmission. However, F-CDs enjoy the advantage of faster data transmission speeds.

In previous studies, carbon dots were limited to the emission of lights such as blue and green. The new nanomaterial that Qu’s team has developed can emit all light visible to the human eye, which is a breakthrough in the field of fluorescent carbon nanomaterial.

Qu said this is significant for the development of LiFi, which he expects to enter the market in just six years.

A 2015 test by a Chinese government ministry showed that LiFi can reach speeds of 50 gigabytes per second, at which a movie download can be completed in just 0.3 seconds

Source: Xinhua

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JPMorgan CEO warns he will fire any employee trading Bitcoin for being “stupid.”


 
Tough stand: Dimon has warned that he will fire JPMorgan traders who traded in bitcoin ‘in a second. For two reasons: It’s against our rules, and they’re stupid. And both are dangerous.’ — AFP

NEW YORK: JPMorgan Chase & Co chief executive officer Jamie Dimon said he will fire any employee trading bitcoin for being “stupid.”

The cryptocurrency “won’t end well,” he told an investor conference in New York on Tuesday, predicting it will eventually blow up. “It’s a fraud” and “worse than tulip bulbs.”

If a JPMorgan trader began trading in bitcoin, he said: “I’d fire them in a second. For two reasons: It’s against our rules, and they’re stupid. And both are dangerous.”

Bitcoin has soared in recent months, spurred by greater acceptance of the blockchain technology that underpins the exchange method and optimism that faster transaction times will encourage broader use of the cryptocurrency.

Prices have climbed more than four-fold this year – a run that has drawn debate over whether that’s a bubble.

Bitcoin initially slipped after Dimon’s remarks. It was down as much as 2.7% before recovering.

Last week, it slumped after reports that China plans to ban trading of virtual currencies on domestic exchanges, dealing another blow to the US$150bil cryptocurrency market.

Tulips are a reference to the mania that swept Holland in the 17th century, with speculators driving up prices of virtually worthless tulip bulbs to exorbitant levels.

That didn’t end well.

In bitcoin’s case, Dimon said he’s sceptical authorities will allow a currency to exist without state oversight, especially if something goes wrong.

“Someone’s going to get killed and then the government’s going to come down,” he said.

“You just saw in China, governments like to control their money supply.”

Dimon differentiated between the bitcoin currency and the underlying blockchain technology, which he said can be useful.

Still, he said banks’ application of blockchain “won’t be overnight.”

The bank chief said he wouldn’t short bitcoin because there’s no telling how high it will go before it collapses.

The best argument he’s heard, he said, is that it can be useful to people in places with no other options – so long as the supply of coins doesn’t surge.

“If you were in Venezuela or Ecuador or North Korea or a bunch of parts like that, or if you were a drug dealer, a murderer, stuff like that, you are better off doing it in bitcoin than US dollars,” he said.

“So there may be a market for that, but it’d be a limited market.”— Bloomberg

 

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