World Business High-Tech Sports Culture Travel China
 |
| A view of Alibaba’s AI chip Hanguang 800 Photo: Courtesy of Alibaba |
China has made up its mind to become self-sufficient in chip technology. Amid a boiling trade war with the US that disrupts the global supply chain, China’s chip industry is witnessing a sweeping change, with investment plowing in apace and breakthroughs being made in high-end chips that will significantly reduce reliance on imports.
In the latest move, China’s government-funded “starlight chip project” announced on Monday that it plans to invest 10 billion yuan ($1.43 billion) in the next decade on chip technology research, standard-setting study, application development and large-scale industrialization.
Launched in 1999, the project has applied for more than 3,000 patents and formed several chip technological systems including digital media, intelligent security and artificial intelligence.
The project is a vivid example of how investment is shaping China’s semiconductor industry this year, in particular after Washington’s brutal crackdown on Chinese tech companies like Huawei and ZTE that could potentially cut off key US component supplies.
In October, China set up a second national semiconductor fund of 204.2 billion yuan in a bid to nurture the domestic chip industry, a 47-percent increase of the scale of investment compared with the first fund of 138.7 billion yuan, according to media reports.
“Chinese industry insiders and authorities are giving the biggest-ever incentives to the homegrown chip industry. We all feel a sense of urgency to wean ourselves off foreign technology, spurred by a spiraling trade war,” a manager of a Beijing-based chip start-up who spoke on condition of anonymity told the Global Times on Monday.
The whole industrial chain has been shifting its attitude on chips made by Chinese suppliers, according to the manager.
“In the past, downstream vendors tended to prefer foreign chips over homegrown ones. Now, they gravitate toward ours and are willing to help us in accommodating, testing and even in improving functions,” he explained.
The industry-wide effort has helped to fuel a boom in the design of advanced computer and smartphone chips. It has also led to a rapid expansion of the market share of homegrown memory chips.
In September, Huawei’s HiSilicon unveiled its latest mobile application processor – the Kirin 990. The chipset series is widely believed to be the world’s most powerful mobile system-on-chip, with a performance surpassing its foreign competitors such as Qualcomm.
“Huawei’s Kirin series represents a major breakthrough in the chip industry. It shows that Chinese players have the ability to design all ranges of chips and their gap with leading foreign players is closing,” Xiang Ligang, an expert in the telecoms industry, told the Global Times on Monday. “We just need some time to forge industrial chain ability.”
China is on track to achieve its goal of being able to produce 40 percent of the semiconductors it uses by 2020 and 70 percent by 2025. Chinese firms currently supply more than 15 percent of the semiconductors used in the nation, industry insiders estimated.
The nation is also one step closer to producing about 5 percent of the world’s memory chips by the end of 2020 from virtually none in 2018, the Nikkei Asian Review reported, quoting sources close to the matter.
But observers admitted that Chinese firms’ chip manufacturing abilities are years behind their rivals due to their late start. China’s largest chip manufacturer, SMIC, has reportedly begun mass production of chips using its 14-nanometer FinFET manufacturing technology, while top foreign players such as Samsung and Intel already are in a race to supply 7-nanometer chips to the market.
Newspaper headline: China makes chip breakthroughs in 2019
Huawei to launch first 5G tablet by Q1 2020Huawei will launch its 5G-enabled tablet in the first quarter of 2020, which is expected to beat Samsung to become the world’s first.
A new trade pattern seems to be taking shape among the US, China, and Vietnam as the trade war has given Chinese businesses strong incentives to transport goods to Vietnam …
While attacks from the world’s most powerful country turned 2019 into the toughest year ever for Huawei, the Chinese telecom giant is still standing, and doing well.
Source: Global Times
With Huawei cut off, boom year unlikely for US White House trade adviser Peter Navarro may sincerely believe that it will be “a boom year in 2020 for the American economy” with trade deals done. In fact, he’s just ..
While there has been much discussion of the tech world rivalry and competition between China and the US, the sphere of immersive technologies arguably calls for greater joint collaborative efforts. ..
China’s per capita GDP is expected to reach nearly $10,000, Chinese President Xi Jinping said in his annual new year address Tuesday evening. China’s GDP is expected to reach 100 trillion yuan ($14.37 trillion) in 2019, Xi said.
China has emerged as a global leader
Related posts:
AI Superpowers: China, Silicon Valley, and the New World Order; Singapore tries its own path in clashTHE NEW YORK TIMES , USA TODAY , AND WALL STREET JOURNAL BESTSELLER Dr. Kai-Fu Lee—one of the world’s most respected expert.
 |
|
M Mall in Penang where MBI investors can exchange their virtual coins is now almost deserted.
|
IT may seem like it was not so long ago that money-game was practically on everybody’s lips especially here in Penang,
My close friend even invested in MBI Group International which was one of the most popular investment schemes then.
At its peak, one would be considered the odd one out for not investing in the scheme.
How times have changed. Now, my friend is telling me that he has not heard from his upline for months.
It was a far cry from the time when the upline would tell him how good the scheme was, and even spell out a time frame to cash in on the investments.
Most investors have now resigned to the fact that their investments are as good as gone. They feel ashamed to lodge police reports and many just suffer in silence for fear of people teasing them.
However, their counterparts from China were less forgiving.
In October, hundreds of them staged a peaceful protest near the Chinese Embassy in Kuala Lumpur. Wailing and sobbing, they urged the Chinese government to help them recover the hundreds of million ringgit they had invested in the Penang-based company.
In Penang, several groups of Chinese investors also vented their frustration at a hotel and the jetty of an island resort here, where both properties are said to be associated with the company.
The last we heard, three of them even went to the extent of dropping fake bombs at a house in Bukit Gambier out of desperation.
The house belongs to the son of MBI Group International founder Tedy Teow. Luckily, no untoward incidents took place.
Another friend of mine told me that he started believing in karma after putting faith in the money- game.
He is now convinced that what goes around, comes around. This is his story.
He put in a sum of money in BTC I-system, a scheme which claimed to invest in bitcoin digital currency.
Without even knowing how the investment works, he managed to get back his capital within two months, plus a few thousand of ringgits extra in the next few months. Then the scheme collapsed.
He then took the plunge again in another scheme. He was confident of easy money again, especially after being told he was among the first few to join the investment. He was not so lucky this time.
The profit that he got in the first investment ended up paying for the second scheme that went bust.
I have seen many people whose relationship with family members had become strained all because of these dubious schemes.
Direct Selling Association of Malaysia (DSAM) president Datuk Tan Chong Guan reminded the public that there is no free lunch in this world.
“Where there is no sales but a return is promised on investments, this is a sign that it is a money-game, or a pyramid scheme, ” he was quoted then.
If you still could not figure out or get a clear explanation on how the investment will make money, then you better opt out.
If it involves any chain-recruitment that offers commissions for bringing in new affiliates, or sophisticated or complicated investment schemes that sound too alien, then you better avoid it.
Always remember that one has to work hard to earn one’s keep.
But believe me, money-game would always re-emerge in other forms, just like the online scams as long as there is human greed.
Source link
Related posts:
Smooth operation: Domestic Trade, Co-operatives and Consumerism Ministry
Read more
The US has once again disparaged the Chinese economy to entertain itself. US President Donald Trump on Saturday claimed China’s supply chain was “all broken, like an egg,” and said China wanted a deal more than the US did.
The fact is, however, senior US officials are talking about trade wars and trade deals almost every day, while Chinese officials rarely do this. Anyone who knows a little bit about psychology can figure out that such responses of the US reflect anxiety, rather than calmness.
Is China’s supply chain broken like an egg? Chinese telecom giant Huawei has not begged the US to be “magnanimous.” It is now US companies that are asking to be excluded from US restrictions.
Being placed in the Entity List has certainly caused difficulties for Huawei, but such hardships are far from delivering vital blows to fling the company down. Some US elites are clamoring for knocking Huawei down, but their indecent acts have only stimulated Huawei’s strength and growth. And Chinese people generally believe that this high-tech company will be increasingly strong.
The US cannot even defeat one Chinese enterprise by making full use of its whole country’s power. Now it is claiming it will break the supply chain of all of China as an egg. Is such bragging too exaggerated? We wonder how the public opinion and voters in the US can tolerate such a boast. The voters are seemingly quite gullible.
The US is suffering an economic downturn, and many indicators demonstrate that its good days are coming to an end. US state leaders and senior officials are like cheerleaders, taking turns to cheer up the stock index.
In terms of economic situations, Chinese officials’ description is absolutely more objective and calm than the US side. China recognizes that the trade war has brought negative impacts, and our efforts to eliminate such effects are open and timely. The US, however, is trying to cover up the effects of the trade war it has launched.
China has already focused its efforts on solving its own problems. We will not bet on the idea that reaching a deal will fundamentally change China-US economic relations. Most Chinese believe that whether there is an agreement or not, turmoil between the two countries will not end. Chinese society is in favor of reaching a trade deal, but it is also patient.
Including Chinese companies such as Huawei in the Entity List will cause long-term damages to US business community’s reputation. Foreign companies may be on guard against US enterprises in the future while building their own supply chains, which will certainly offer more opportunities for US competitors.
The US is so keen on imposing sanctions, and is fond of applying sanctions on related third-parties. Betting on US companies may work in a short term, but cannot serve as a long-term strategy. The US has trodden business ethics under foot in this round of China-US games. It is even pleased with itself for overtly destroying China’s supply chain. At the strategic planning in the US, there are no such concepts like honesty and morality. The Chinese society has clearly observed this, as has the entire world.
Fortunately, China has the widest range of manufacturing sectors in the world, which has given the country a special strength in the global supply chain. China is not afraid of any game against the supply chain. Producers without China’s supply chain will certainly feel more pain than China.
US State Sec. Mike Pompeo has heaped unprecedented criticism on China’s government, saying it needs to be “confronted head on” and that it poses a threat to US national security. Sourabh Gupta, of the Institute for China America Studies joins Rick Sanchez to share his expertise. He argues that the US is “way too far ahead with its rhetoric” about China and that Pompeo’s attacks on Beijing are because the US “cannot compete” with China’s meteoric development.
Related posts:
Illustration: Liu Rui/GT US President-elect Donald Trump appointed Peter Navarro, a strident critic of China, as head of the new Nat…
As China continues to develop, so does its global influence. What would the future be like for South-East Asia with a ‘risen China’? Risi..
Broad measures spelt out under Budget 2020 will likely sustain the economy, if there is no further escalation in trade fights.
A glimmer of hope emerged after the US outlined the first phase of a deal to settle some issues related to trade, but there is a lingering suspicion that China could be just buying time as it will most likely not concede to any loss of sovereignty.
China is developing its own ecosystem that could be “outside the reach” of the US, and it is possible that the time bought with such rearguard actions may allow China to achieve its aims.
Malaysia, a trade dependent economy, can only hope that it all works out well, if it can integrate into both ecosystems, said Inter-Pacific Securities head of research Pong Teng Siew.
More stimulus measures would be undertaken should the global economy worsen and in the worst case scenario, Malaysia would have room to spend more if it increases the budget deficit, currently at 3.2% of the gross domestic product (GDP).
The worry is that a further deterioration in global trade tensions may push the global economy into recession. If that does not happen, these Budget 2020 measures should be able to sustain the economy, according to RHB Research Institute chief Asean economist Peck Boon Soon.
Given the external headwinds that continue to pose more downside risks, it looks like Budget 2020, which attempts to spread out its positive effects, has been designed to brace for rough times.
Some positive impetus could be derived from measures to support tourism, construction and infrastructure, as well as small and medium scale enterprises (SMEs), said AmBank Research head Anthony Dass.
Tourism-related businesses such as food and beverage, accommodation, travel and transport, shopping and entertainment will likely benefit.
Recognising the importance of SMEs in driving growth, a string of measures to facilitate their financing needs, ease of doing business, faster adoption of high technology and green initiatives, should also bode well.
The bottomline is that resources are limited while the government still aims for fiscal consolidation and repayment of all debts.
Spreading out these scarce resources will probably succeed in paring off any broad-based slowdown, but it will be hard to make a dent when the sense of a loss in economic momentum is gradually settling in, said Pong.
More measures are required to stimulate the economy but in view of the gloomy global outlook and domestic issues, it is still overall, a good budget.
However, the allocation between capital and operating expenditure is still imbalanced; there is too little capital expenditure and there appears to be ‘little effort’ to reduce operating expenditure.
This will have a long term effect, especially in an aging society, according to Areca Capital CEO Danny Wong. In view of concerns over the lack of investments and falling revenue, efforts to boost foreign direct investments and tourism are welcome but more robust steps are required.
A correction in property prices may be a remedy for the overhang and inaffordability issues especially among young people.
The budget tries to forestall a price pullback, which would affect developers stuck with high land prices, by allowing foreigners to fill the demand gap.
But demand has evaporated, partly caused by the migration of mid-level talent and delays in household formation, the driver of long term demand and new home construction. Developers, lulled by the padding of demand through low interest rates for borrowers, high financing margins and easy access to debts, find it hard to lower prices.
They had thought the elevated level of demand was sustainable but it was not. Reduced prices may mean less profits but possibly a lifeline by way of cashflows, and may help restore delays in household formation and loss of talent, said Pong.
A worrying trend is that more and more young Malaysians are moving out of the country in search of jobs.Even mid-level expertise and talent is migrating; previously, it was mostly those who were highly mobile internationally.
A major cause is the lack of growth in real purchasing power.
Is the projected GDP growth of 4.8% achievable?
With the government continuing its spending and development initiatives, growth should remain robust, supported by services and construction, higher production from agriculture and mining. But manufacturing is expected to moderate.
Malaysia can achieve its 4.8% growth target, said Hong Leong Bank chief operating operating officer, global markets, Hor Kwok Wai.
However, in view of slower world GDP growth of 2.8%, AmBank Research expects growth of 4.0% with an upside of 4.3% for Malaysia.
Coming up with a further set of stimulus, should things worsen, may be a challenge.
Columnist Yap Leng Kuen is watchful of the tech war. The views expressed are the writer’s own.
Read more:
https://www.pressreader.com/malaysia/the-star-malaysia/20191020/281698321521077
Both China and the US still have resources to sustain a trade war, but further consumption of those resources is unnecessary since their goals have proved naive and absurd. The situation is still highly uncertain, but the historical indicators will gradually be corrected. China and the US will not get lost and the world will benefit from the implementation of the consensus reached by the two heads of state, assuming the responsibility to both countries and the world and moving steadily towards the final end of the trade war in stages.
 |
| Leng Siew Yeap |
Leng Siew Yeap, a Malaysian, a graduate of UMS applied for a scholarship to do a doctorate degree but was refused outright by the local govt.
She was however offered scholarships by University of Edinburgh, London University and Cambridge University. She chose Cambridge University’s Dorothy Hodgkin postgraduate award to study stem cell.
On graduation she accepted the offer from Harvard to study human immunology. She is now working in research for a Shanghai university hospital.
She has successfully helped to create an method/procedure 4 the body to secrete
an antibody to fight HIV. She is now married to a Shanghai citizen, living and working in Shanghai. She and her achievements are never mentioned in any Malaysia newspaper.
|
View Full Profile – Shanghai Institute of Immunology
|
Our body is constantly attacked by pathogens. To fight against various pathogens, B cells produce a large antibody repertoire through different processes that involve genomic DNA alterations. During B cell development, a DNA cut and paste mechanism called V(D)J recombination generates a primary antibody repertoire by producing V(D)J exons that
are made up of combinations of different V, D and J segments. Upon activation by pathogens, mature B cells undergo secondary antibody diversification, whereby Somatic Hypermutation (SHM) generates antibodies with higher affinity, while Class Switch Recombination (CSR) generates antibodies with different effector functions. In theory, our body has the capability to generate all necessary antibodies to fight against different pathogens through antibody diversification mechanisms. However, this is not the case. For example, in certain infectious diseases such as Human Immunodeficiency Virus Infection/ acquired immune deficiency syndrome (HIV/AIDS), only a small percentage of the infected patients were able to produce effective antibodies. Our research aims
to elucidate molecular mechanisms that facilitate approaches in generating highly effective antibodies to fight pathogens and infectious diseases. We employ various approaches including mouse models, cell line systems, CRISPR-mediated genome editing and next-generation sequencing technologies (Yeap et al., Cell, 2015, Figure below) to address our aims.
Top Malaysian researcher working to wipe out infectious diseases
 |
|
Dr Yeap heads the antibody diversification team at Shanghai Institute of Immunology, Shanghai Jiao Tong University School of Medicine, China.
|
LIKE many of her peers, Dr Yeap Leng Siew, 39, was raised believing that noble careers only include doctors and lawyers.
So when the Selangorian failed to enter medical school because she didn’t get straight As in the Sijil Tinggi Persekolahan Malaysia (STPM), her childhood ambition of becoming a doctor came crashing down.
She was upset for awhile but remembered that as a secondary school girl, she had done well in Biology.
It encouraged her to take up Biotechnology at Universiti Malaysia Sabah (UMS).
“I passed with flying colors and was the best student at university. If I hadn’t been rejected to do medicine, I wouldn’t have the career that I now enjoy. It was a blessing in disguise.”
Now married to a Chinese national and living in Shanghai, the mother-of-two graduated with first class honours from UMS in 2003, and received the Royal Educational Award and Tunku Abdul Rahman Medal. These awards recognise the country’s best student from each public university. After graduation, she was still unsure about her career path until a research stint at the Genome Institute of Singapore (GIS) sparked her interest in cell biology.
She went on to do her doctorate in stem cell biology at the University of Cambridge, before continuing as a Harvard Medical School postdoctoral fellow at the Boston Children’s Hospital.
“Initially I wanted to do a Ph.D in Singapore but my GRE score (a US-based graduate entrance exam) was not great.”
Though she did not receive any offers during the first round of application, she was determined to pursue a Ph.D degree.
“People are bitter about rejections because they do not have backup plans. Prof Bing Lim, my supervisor at GIS, once told me to be open-minded because a narrow mind narrows potential. His words were etched in my heart ever since.”
She was later granted the Biotechnology & Biological Sciences Research Council (BBSRC) Dorothy Hodgkin Postgraduate Award – a full scholarship for outstanding students from developing countries to pursue a Ph.D degree at the University of Cambridge.
She continued to make her mark when she was awarded the St Catharine’s College Graduate Prize for Distinction in Research during her stint in Cambridge. She then went on to receive the prestigious Cancer Research Institute Postdoctoral Fellowship in the United States.
Disappointment, she said, is part of life.
“It is how we overcome disappointments and take up challenges that distinguishes us from the rest.”
The former research assistant at GIS now heads the antibody diversification team at Shanghai Institute of Immunology, Shanghai Jiao Tong University School of Medicine, China.
“Prof Huck Hui Ng from GIS once told me, ‘work hard, and the sky is the limit’. I now tell my students those very same words.”
In 2017, Yeap was selected by the National Natural Science Foundation of China (NSFC) to receive the Excellent Young Scientist Fund, which is aimed at nurturing young talents with innovative potential.
She speaks to StarEdu about her work and advises young science students to expand their horizon. The world doesn’t end just because you didn’t get into medical school. There are many opportunities for those interested in Science, Technology, Engineering and Mathematics (STEM).
> What is your area of research?I am interested in understanding why some people develop effective antibodies to fight diseases while others do not. For example, only a small percentage of HIV-1 infected patients develop potent antibodies against the virus, which is why this remains a major health problem globally. Another example is how despite being vaccinated for the flu or hepatitis B (HBV), some do not develop protective antibodies and are still susceptible to these illnesses. My research group is studying how the antibodies acquire high levels of mutations and other special characteristics. Understanding how these rare antibodies develop will shed light on developing HIV or new vaccines for the flu or HBV.
> How long have you been away from home? Sixteen years. During the final semester of my undergraduate studies, I did a 10-week research attachment at the National Cancer Centre of Singapore. It was a time when biological research was just starting to bloom there. I was very fortunate not to be sent home because of the Severe Acute Respiratory Syndrome (SARS) outbreak, and even luckier, because I landed my first job as a research assistant at the Genome Institute of Singapore (GIS).
Seeing that I graduated from a university that didn’t even exist when he left his hometown, Kota Kinabalu, my supervisor at GIS, Dr Bing Lim, decided to hire me. He has been a great mentor ever since. In his laboratory, we were trying to culture human stem cells and I was fascinated by the idea that these cells may be turned into any type of cells for therapeutic purposes.
I realised then that I would have to pursue a Ph.D degree if I want to move further along in my research career. Two years later, I moved to the United Kingdom to begin my postgraduate studies in the lab of Prof Azim Surani at the University of Cambridge. When I completed my doctorate, my parents were expecting me to come home. So when I told them that I had planned on continuing my postdoctoral training in the United States, they were shocked. It took a while to convince them that a Ph.D degree is just the beginning of a career in research and that to have a chance of running my own laboratory one day, I would have to undergo a postdoctoral training as well.
In 2010, I started my postdoctoral training in the laboratory of a top immunologist, Dr Fred Alt at Harvard Medical School. During the five years of postdoctoral training, I met my husband and gave birth to my first child.
In 2015, we decided to move closer to home to start our career as independent researchers.
> What is it about home you miss the most?The food definitely – nasi lemak, durian, and my mum’s cooking.
> You helped find a way for the body to fight HIV. Tell us about that breakthrough.During my postdoctoral training, I developed mouse models to study how different antibody genes undergo mutation. We found that certain DNA sequences are more prone to mutations and that the same DNA sequences are also prone to deletions, another common characteristic of anti-HIV broadly neutralising antibodies.
These results suggest that DNA sequence direct the evolution of antibodies and these results were published in Cell in 2015, a top journal in the biological field. In 2017, we published in Proceedings of National Academy of Science on a related work where we analysed a mouse model carrying a human antibody gene and found that many mutations in anti-HIV antibodies are not easily achieved. Understanding how our bodies are able to elicit these rare antibodies will help in vaccine design strategies.
> What are you currently working on?We are continuously trying to elucidate the molecular mechanisms underlying highly effective antibody generation and developing approaches to guide our bodies to produce such antibodies during infection. We use animal models, cutting-edge gene editing techniques and next generation DNA sequencing in our research. We hope to one day wipe out infectious diseases like HIV.
> Are there any plans to work with other Malaysian researchers moving forward?We are constantly reaching out to researchers from all over the world, and Malaysia is definitely a priority. On Aug 9, I was in Malaysia with a delegation headed by Shanghai Jiao Tong University School of Medicine chancellor Prof Guoqiang Chen, and Shanghai Institute of Immunology director Prof Bing Su, to promote collaborations with Universiti Malaya’s Faculty of Medicine. We also visited the International Medical University (IMU).
With the Chinese government’s ‘One Belt, One Road’ initiative, there are plenty of funding opportunities for academic exchanges and scholarships for graduate studies. Hopefully, more people will come to know about research and academic opportunities in our school.
I have been exposed to different research environments in top laboratories and research institutes around the world, and the current biomedical research environment in Shanghai and other major cities in China, is definitely on par with the places that I have been to.
>What is the most challenging aspect of working in a lab?As an independent researcher, my job is to design and supervise experiments, analyse the results with my students and postdocs, and write manuscripts for publications. I also have to make sure that the lab has enough funding to do research.
Some of the challenging aspects include dealing with failed experiments, manuscripts and grants being rejected, and harsh criticisms by peers. But the satisfaction in being the first in the world to discover something new and potentially textbook-changing, makes all the hard work worthwhile.
> What qualities would a young, aspiring researcher need?Passion, persistence and determination. In the labs I’ve been to, I’ve seen college or even high school students doing research internships during school holidays. These kinds of opportunities allow students to experience the laboratory culture and life as a researcher. Being exposed to different career options at an early stage allows students to make better career choices and develop greater potential. I hope young Malaysians can be more pro-active and seek out such opportunities to enrich themselves in their spare time. I didn’t know there was such a possibility when I was in school.-Source link
Read more:
Ex-advisers worried about Trump’s behavior, NYT reports
Trump Says He’s Lost Billions Being President
President Trump: I don’t blame China, I blame past leadership
Departure of U.S. companies from China will hurt U.S. economy
A Lot of Confusion in China on U.S. Motives, Says AmCham China’s Stratford
Escalation of China-U.S. trade tension
Markets sink as Trump presses US companies to leave China
Stocks fall amid fresh tensions in US-China trade war
KUALA LUMPUR: Asian markets started the week on a weak note amid escalating trade war concerns after the US and China announced plans for additional tariffs against each other.
Locally, the FBM KLCI stayed in negative territory for the whole of yesterday, before paring losses to close 8.8 points or 0.55% lower at 1,600.53 points. Before the closing, the index hovered below 1,595, falling 1.17% to an intraday low of 1,590.51.
Despite the fall, the local index was among the least affected by the regional selldown, compared with other Asian indices. The biggest loser among the regional indices was Japan’s Nikkei 225, falling 2.17% to 20,261.04. This was followed by Hong Kong’s Hang Seng Index and the Taiwan Stock Exchange, down 1.91% and 1.74% respectively. India’s Sensex notably closed 2.16% higher.
In Southeast Asia, Singapore’s Straits Times Index was the biggest decliner, down 1.45% at 3,065.33, and the Jakarta Composite index closed 0.66% lower at 6,214.51.
Last Friday, US President Donald Trump announced an additional duty on some US$550 billion worth of targeted Chinese goods, following China’s move to hike trade levies on US$75 billion worth of US goods.
Trump said US tariffs on US$250 billion of Chinese imports will increase from 25% to 30% on Oct 1, while an additional 5% tax on US$300 billion worth of Chinese goods — raising the tariff to 15% from 10% — starts on Sept 1.
The president made it clear that the US was responding to China’s threat of additional tariffs on US$75 billion of goods including soybeans, automobiles and oil.
“This looks like a tit-for-tat [response] and I don’t see an easy resolution to the trade war, as there seems to be no middle ground between the US and China. It is very unsettling for the market because there is no direction from day to day,” said Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew.
However, the tensions eased a bit towards the later part of yesterday, as Chinese Vice Premier Liu He said China was willing to resolve the trade dispute through calm negotiations, stating the nation was against the escalation of the conflict.
Trump responded positively to China’s suggestion and, on the sidelines of a summit in France, had hailed Chinese President Xi Jinping as a great leader and welcomed the latter’s desire for calm negotiations.
It remains to be seen how the trade dispute will be resolved, given the constant retaliatory tariffs between the two economic behemoths since early last year.
Several trade talks between the two nations have not brought any solutions to the trade war, still affecting investor sentiments towards global markets. For the KLCI, the trade war remains a major factor affecting analysts’ forecasts.
Kenanga Research said the index’s underlying trend remains bearish but does not discount the possibility of a technical rebound as the KLCI has been in oversold territory for about a month. “Look out for overhead resistance levels at 1,630 and 1,650. If selling pressure continues, the key support levels to keep an eye on are 1,570 and 1,550,” Kenanga Research wrote in a note yesterday. – Source link
Read more:
I think it’s necessary to include something Liu once said that also applies here, “The world needs a new America. It needs an America that is free of prejudice and intolerance. It needs an America that understands respect, that matches words with deeds, that understands the principles of benevolence, righteousness, propriety,
wisdom, and faithfulness. The world would be lucky if the new America could become such a country.”
Trump has turned Twitter into a stage for his political show, where he says things to gain votes for reelection. He repeats what he has done for the US – to provide Americans welfare, and to “make America great again.” But he is actually damaging the interests of his own country and people.
In today’s world of production patterns, no country can marginalize China anymore. Whichever country forcibly cuts economic ties with China will only harm itself. After Trump tweeted, he received almost one-sided opposition and doubts, which showed how inappropriate was his unrealistic proposal.
Former U.S. treasury secretary criticizes policies of Trump administration
American expert accuses Western countries of double standard in HK affairs
The past few months have been sad and depressing for those who live in Hong Kong. The safety guaranteed on the streets of Beijing and Xi’an should be available to the people of Hong Kong. China should not be asked to compromise its sovereignty. If Americans want to boycott anyone, they should do so with their politicians who support the
Hong Kong unrest.
Many Hongkongers are confusing right from wrong while Western public opinion constantly delivers the ideological energy that the radical protesters need. The West has shed no tears for Iraq, Syria and Ukraine, which had gone through similar hardships. Now, it is turning Hong Kong into the forefront of the struggle with China, and, as usual, they will shed no tears for the city’s misery.
Related posts:
New U.S. arms sale to Taiwan and rising trends of ‘white supremacy’ in the U.S https://youtu.be/yMiBxgtRxnM White House p..
https://youtu.be/DPt-zXn05ac US Secretary of State Mike Pompeo: “I was the CIA director. We lied, we cheated, we stole. We had ent..
SINGAPORE: Singapore slashed its full-year economic growth forecast as global conditions were seen worsening and data confirmed the slowest growth rate in a decade amid mounting fears of recession in the city-state.
The government cut its forecast range for gross domestic product in Singapore – often seen as a bellwether for global growth because international trade dwarfs its domestic economy – to zero to 1% from its previous 1.5%-2.5% projection.
Singapore’s downgrade adds to concerns globally about the effect of increasing protectionism on exports and production.
The deterioration in the global outlook has pushed central banks to cut interest rates and consider unconventional stimulus to shield their economies.
“GDP growth in many of Singapore’s key final demand markets in the second half of 2019 is expected to slow from, or remain similar to, that recorded in the first half, ” the trade ministry said in a statement to the media yesterday.
The ministry flagged a host of growing economic risks including Hong Kong’s political situation, the Japan-Korea trade dispute, the Sino-US tariff war, slowing growth in China and Brexit.
Final second quarter GDP data yesterday showed a 3.3% on-quarter contraction on a seasonally-adjusted annualised basis. That was slightly smaller than the 3.4% decline seen in the government’s advance estimate but deeper than a 2.9% fall predicted in a Reuters poll and a sharp contrast to the robust 3.8% first quarter expansion, which was driven by brisk construction activity.
Yesterday’s data also confirmed annual GDP expanded 0.1% in April-June from a year earlier, its slowest rate in a decade, and lower than poll expectations of 0.2% and the first quarter’s 1.1%.
Singapore’s benchmark stock index fell 1.2% to a two-month low in early trade, underperforming other bourses in the region.
Singapore has been hit hard by the Sino-US trade war, which has disrupted world supply chains in a blow to business investment and corporate profits.
Also yesterday, Singapore cut its full-year forecast for non-oil domestic exports to a 9% contraction from an 8% fall previously.
That comes after a 26.9% drop in electronics exports in the second quarter year-on-year.
“With trade tensions between the US-China unlikely to abate anytime soon, we expect exports and trade-related services to push the economy into technical recession in Q3, ” said Sian Fenner, lead Asia economist at Oxford Economics.
New Zealand, India and Thailand all cut interest rates last week, signalling major concerns about the outlook for economic growth. Last month, the US Federal Reserve cut interest rates for the first time since 2008.
Singapore Prime Minister Lee Hsien Loong said in an annual speech last week that the government stood ready to stimulate the economy.
“It feels like the storm is coming if you look at the whole macro economic fundamentals softening, ” said Selena Ling, head of treasury and strategy at OCBC Bank.
“All the downside risks are piling up on one side, ” Ling added, pointing to the myriad of global risks flagged in the trade ministry statement. — Reuters
Read more:
FBM KLCI dives below 1,600 level to near four-year low
by Wong Ee Lin
Related posts:
China Has Not Manipulated the Yuan, PIIE’s Bergsten Says
China urged the US to stop its unfair and discriminatory
treatment of Chinese firms following the US government moves to ban on
Wednesday federal purchases of telecommunications equipment from five
Huawei’s HarmonyOS unveiled: Could it catch on?
China warns the U.S. of tariff ‘countermeasures’
 |
|
Poised for correction: A file picture showing a woman walking by an electronic stock board of a securities firm in Tokyo. After 10 years of continued rise in asset prices, markets are poised for correction. — AP Tariffs are here to stay and likely to disrupt the 10-year economic cycle |
IF investors ever needed a reminder that not all is right with the equities market, the shock waves the world capital markets, including Bursa Malaysia, had to endure earlier this week are proof enough.
Most stock markets are at the tailend of a 10-year bull run, although the same cannot be said for Bursa Malaysia which has generally has been more bearish than others in the last five years. Going by the current trends, Bursa Malaysia is likely to finish the year lower, which if it happens will be the fourth time in the last five years.
But the leading platform in the world which sets the pace for global flow of capital – the Wall Street – has been hitting new highs although it corrects from time to time largely due to the tweets from President Donald Trump.
Wall Street’s run started in May 2009 and seems to have the strength to carry on for a few more legs, defying conventional logic that economic boom-bust cycles corrects after 10 years. Other stock markets have had good and bad times since 2009 but the US has been consistently on the rise.
The benchmark Dow Jones Industrial Average, the Nasdaq and S&P 500, which charts the broader market, have all hit news highs. Bursa Malaysia on the other hand has languished between the 1, 600 and 1, 700 levels, with only one year of positive returns since 2014.
There are several reasons for Bursa Malaysia’s poor performance compared with other markets. For instance, the United States slashed tax rates, which spurred earnings of companies and has the best technology companies listed there. It’s not the same elsewhere in the world.
Nevertheless, after 10 years of continued rise in asset prices due to the combination of a low interest rate environment and advancement in technology, the markets are poised for correction. Until earlier this week, nobody had an inkling of an idea where and how the correction will take place.
However, after President’s Trump latest statement that the US would impose 10% tariff on an additional US$300bil worth of exports from China, it clearly underlines that the trade war is here to stay.
If anybody had a view that the trade war would end if President Trump does not retain his position in the US elections next year, they are wrong. Even some Democrats are leaning towards imposing tariff as measure to help the US keep its competitive edge in the world economy.
Reverse globalisation is no longer a bad word in world trade.
A 25% tariff has already been imposed on US$250bil worth of China’s exports to the United States since March this year.
It is bringing in billions to the US coffers with some going towards helping the farmers overcome the woes of the trade war. The person who takes over from Trump is not likely to dismantle the structure.
Any other president will want to get more from China, which is led by the influential President Xi Jinping, who is seen as the most powerful man that rules the second biggest economy in the world after the late chairman Mao Zedong.
China has retaliated by imposing tariffs on US$110bil worth of imports from the US so far including the produce from farms. It has also allowed the yuan to weaken, sparking concerns that the trade war is evolving into a currency war.Latest data from China shows that the exports are still growing and imports dropping in July even though there is a trade war, suggesting that President Xi will not yield to pressure from the US easily.
A new cold war in the form of the trade war has emerged. As a result, it has caused upheavals in the capital markets that should worry investors.
There have been significant shifts in asset prices from bonds to equities and commodities such as oil. Among all asset classes, dramatic movement in bond prices of government debt papers is the first to feel the impact from the trade war.
This is on the back of increasing certainty that the Federal Reserve and other major central banks will reduce interest rates more aggressively to stimulate the sagging economy. It has caused for money to seek safe haven such as US government debt papers.
For instance the yields on the 10-year US debt paper is 1.69% now. It was 1.9% a week ago and 2.06% a month ago. The yields moves inversely with the price of the bonds.
The yields on the five- and two-year government debt papers have also moved by up 18 points in the last one week. Such movements on billions of dollars will have an impact in the months to come.
The trade war has caused a major disruption in the global supply chain, evidence of the economy slowing globally.
If anybody wants any evidence of the disruption in global supply chain, they only need to go to the KLIA cargo complex and see for themselves the number of idle lorries that do not have enough cargo to move about.
In Malaysia’s case, apart from a slowdown in movement of goods around the world, the uncertainties in Hong Kong have exacerbated the situation.
The combined effects of the trade war, China’s economic uncertainties and Hong Kong’s future as Asia’s financial hub will only be felt in the fourth quarter of this year.
Until then, asset prices will continue to adjust to the new norm.
Read more:
Chinese telecommunications giant Huawei released its
much-anticipated operating system HarmonyOS on Friday amid the US ban
still that is imposed on the company and escalating China-US trade
tensions. A Huawei executive said the groundbreaking move, considered a
Plan B that the company has long prepared, could be used at any time if
the company is no longer able to access Google’s Android.
China’s real effective exchange rate (REER) in 2018 is estimated to be at the same level as warranted by fundamentals and desirable policies, the International Monetary Fund (IMF) reiterated on Friday in a newly released report.
Politicians like Navarro have ruined the efforts made in the China-US trade talks and US society will pay for this, analysts said
At the waterfront of the Singapore River, an exhibition of porcelain bowls and gold artifacts dating back to China’s Tang Dynasty (618-907 AD) offers a glimpse to how this region was importantly situated on an ancient trade route.
Related posts:
KUALA LUMPUR (Aug 1): The economic outlook in Malaysia is looking to be better as the strengthening relationship with China is expected to pave way for rising investment flows from China to Malaysia, according to Manulife Asset Management Services Bhd.
In its mid-year market outlook report today, Manulife Asset Management Services head of total solutions and equities investments Tock Chin Hui said the revival of major infrastructure projects is expected to pump-prime the economy for the second half of the year.
“Malaysia corporates and consumers are expected to spend more due to the progressive disbursements of tax refunds and the resumption of infrastructure projects, which will eventually drive domestic consumption, and investor sentiment is expected to improve as the government continues to embark on structural changes to overhaul the economy and future-proof it.
“Looking ahead, Malaysian equities offer attractive dividend yield and significant defensiveness amid uncertainty caused by trade tension. The Malaysian market is expected to show resilience and could outperform regional peers given its defensive trait and year-to-date laggard performance,” said Tock.
Commenting on the region, Manulife said Asian assets could offer opportunities given their resilience to market volatility in the first half of 2019.
It said Asian equities have held up strongly despite the negative impact of escalating Sino-US trade tensions, and the US Federal Reserve’s increasingly dovish stance has allowed Asian bonds to remain in a good position.
Manulife Investment Management chief economist and head of macroeconomic strategy Frances Donald said central banks have entered a global easing cycle in response to the deteriorating global growth activity and heightened uncertainty surrounding international trade policy.
“This uncertainty has created a confidence shock that is slowing global hiring and business investment along with global trade.
“We expect the Federal Reserve will cut rates at least twice in 2019 as insurance against deteriorating growth in the face of heightened uncertainty but also to stoke inflationary pressures which have been absent.
“Should trade tensions re-escalate in the second half of the year, we would expect the Federal Reserve to respond with more than two rate cuts,” said Donald.
The Tanjong Pagar container terminal in Singapore . Shock contraction in quarterly GDP raises risk of job losses
Many procrastinate on starting a retirement fund thinking there is still a long way to go to retirement age. However, they fail to realise the effects of inflation on their retirement funds. To ensure you have enough time to build a stress-free retirement, here are some reasons you should start saving while you are young.
• Financial independence – As the saying goes, “Sikit-sikit lama-lama jadi bukit.” When it comes to investing your savings, the earlier you start, the greater the accumulated returns on your original investment thanks to compound yield. By investing consistently and regularly, you will be able to secure yourself a comfortable retirement without having to depend on others. Work towards accumulating enough to cover the cost of your basic necessities, lifestyle expenses and occasional splurge on luxuries.
• Saving is a good habit to develop – If you start saving for your future from a younger age, you will find that it becomes second nature. It will be easier to put aside some money for retirement. It helps to start with small amounts, especially for young adults who are just entering the workforce, so it is not as overwhelming. How you manage your paycheck will determine how you save for the rest of your earning years. A person who is used to saving on a monthly basis will find it easier to set aside 10% of her salary for retirement as opposed to an individual who is not used to spending her money prudently.
• Gain control over your future – When you set aside money for your retirement, remember that you are shaping your future.
This is a task no one else will perform for you or push you to do. By saving consistently, you are ensuring that you are well prepared for any outcome when you leave the workforce. With sufficient savings, you will most likely be able to live your dream lifestyle even during your retirement years – promising you the peace of mind of a secure financial future.
Steps to successful retirement planning
Building a substantial sum for your retirement nest egg can be easy and painless if you start investing early and regularly. Public Mutual’s Direct Debit Authorisation facility allows you to invest regularly while employing the Ringgit Cost Averaging strategy.
Not only that, you can enjoy tax relief of up to RM3,000 per annum if you contribute to the Private Retirement Scheme (PRS) fund. PRS contributions are creditor-protected. Public Mutual’s PRS contributors can also enjoy a free insurance or Takaful coverage of up to RM100,000, subject to terms and conditions.
To cater to diversified investors’ needs and investment objectives, Public Mutual offers six PRS core funds and three non-core funds, which make a great pool of funds for investors to choose from. Young investors who have long-term investment horizons can consider investing in PRS non-core funds, which can yield better potential returns in the long term.
Disclaimer:
These articles are prepared solely for educational and awareness purposes and should not be construed as an offer or a solicitation of an offer to purchase or subscribe to products offered by Public Mutual. No representation or warranty is made by Public Mutual, nor is there acceptance of any responsibility or liability as to the accuracy, completeness or correctness of the information contained herein.
Read more:
World Video Sci-Tech Video Business Video Sports Video Culture Video China Video
Rightways 