How to make living more affordable?


 

 

IN my previous article I asked the question, Do you earn enough to sustain your lifestyle?

The feedback received was consistent. People told me that they worry about the situation, some even wrote in to share their concern.

A reader by the name of Yap wrote me an email about his observation after reading my article.

“I always doubt how a family with a median household income can survive in KL. Based on my calculation, there is no way a family with two children can survive in KL with RM6,275 without accumulating bad debt or spending 4.5 hours to travel on the road. Housing is one of the factors, but not the only one,” he wrote in his email.

Belanjawanku, an expenditure guide launched by the Employees Provident Fund (EPF) in early March states that a married couple with two children spend about RM6,620 per month on food, transport, housing, childcare, utilities, healthcare, etc.

However, the median household income for Malaysians in 2016 was RM5,228. While the median income of M40 group (Middle 40%) was RM6,275, which means five out of 10 households in this category received RM6,275 per month or less. This is far below the RM6,620 required for a family with two children to stay in the Klang Valley.

Another alarming fact is… Belanjawanku compiles only core living expenses without including long-term financial planning tools such as education funds or investments. The actual budget constraint can be more severe if we take them into account.

The living cost in major cities is inevitably higher than in small towns or suburb areas.

As such, when we discuss housing affordability in the cities such as Kuala Lumpur and the Klang Valley, we shouldn’t impose the same benchmark of RM300,000 as everything else is more expensive in the city. Affordable housing should benchmark against the cost of living of the area.

Based on the research for Belanjawanku, even if housing was provided for free, a household of four would still need RM5,750 to sustain their lifestyle.

The transportation cost alone is RM1,040 for a family, higher than the RM870 allocated for housing.

Therefore, if a family is looking to lower their cost of living, moving to suburb areas would allow them to have a more affordable budget.

According to a news report which quoted information from brickz.my, the housing prices in KL are five times higher than in Seremban, with median housing price of RM1mil (RM940 psf) in the KL city centre, versus RM200,000 (RM210 psf) in Seremban.

Suburbs which are nearer to KL such as Klang and Shah Alam also offer attractive housing prices with a median price of RM340,000.

For families who stay in the city centre and plan to reduce their cost of living, they can consider moving to suburbs to enjoy a better quality of life, and leverage on the improved public transportation which offer hassle-free travelling from suburbs to city centre.

Although high living cost is a concern for many Malaysians, KL is ironically found to be the cheapest city to live out of the 11 major cities in Asia, according to the 2018 Wealth Report Asia.

We are “cheaper” or ranked lower than our neighbouring cities, including Bangkok, Manila and Jakarta. KL, Manila, and Jakarta are also the most price competitive cities when it comes to the residential properties segment.

Why are we still facing the challenge of high living costs despite being the “cheapest” city in the region? The underlying factor is because of the low household income earned by most Malaysians, as the previous government failed to transit us to a higher income nation.

In his email, Yap mentioned that “I always imagine what Malaysia can be if there were no leakages. Hundreds of billions could be spent to stimulate various industries. Our GDP per capita could be close to if not similar to Singapore’s”.

That is the vision and sentiment shared by a majority of Malaysians. With the new government that promises to be more transparent and efficient, we hope that one day, we can afford to live comfortably in any city we wish to, with a higher household income.

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 email bkp@bukitkiara.com

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In the digital dumps: technology triggers teen depression


Teenagers are unable to disconnect from their
smartphones, causing them undue anxiety and distress. But according to experts, saying no to smartphones is not the solution.

Teenagers feel if they’re not on social media all the time, they’re missing something important, or will miss out on a  funny conversation, or someone might say something about them, according to Nolan. — 123rf.com
Technology is how teenagers maintain relationships so Nolan advises parents to discuss and find healthy ways to use it. — dpa
“We know that people rely on smartphones. A recent study shows we touch them about 2,500 times a day on average ”

Brian Bolan, guidance director at Andrew High School in Tinley Park, Illinois.

“Nobody likes to feel a loss of control. So work with them to arrive at a
mutually agreed upon reasonable amount of time to spend on the phone.
Haveitbea discussion, a collaboration. That will probably yield better
results than just saying, ‘No phones’.”
– The Daily Southtown/ Tribune
News Service

Parents have to help teenagers turn off in a world that’s always on.

The problem with teens and ­smartphones, experts say, is “they’re always on”.

Both of them. And that can take a toll on their mental health. A new study links anxiety, severe depression, suicide attempts and suicide with the rise in use of smartphones, tablets and other devices.

Parents are urged to help their children foster real ­relationships, the ones that involve making eye contact and ­interpreting body ­language. Local mental health experts encourage teens and ­parents to establish a routine that fosters a balance between real and virtual communication, even as many adolescents will no doubt have found gifts of technology under the tree last holiday.

For as smart as phones may be these days, they simply don’t know when to quit. To protect their kids’ mental health, parents must ­develop methods for outsmarting them, experts say, and often that involves simply turning them off.

Jean Twenge, psychology professor at San Diego State University and a graduate of the University of Chicago, has written extensively on youth and mental health. She has released a study that shows a ­correlation between the rise of the smartphone and increasing rates of depression, suicide attempts and suicide itself among teens.

According to news reports, the finding is based on CDC data and teen-issued surveys that revealed that feelings of hopelessness and suicidal contemplation had gone up by 12% during the time period and that nearly half of the teens who indicated they spend five or more hours a day on a ­smartphone, laptop or tablet said they had contemplated, planned or attempted suicide at least once – compared with 28% of those who said they spend less than an hour a day on a device.

Local school counselors and social workers as well as clinical mental health experts at local ­hospitals in the United States ­confirm they are seeing an uptick in signs of depression and/or ­anxiety among teens. But, they also say, there are things parents and professionals can do to help curb the risks.

Too much, too often

“I just came from a South Side guidance directors conference where we heard from a couple of hospitals in the area that treat ­students for depression or suicidal tendencies or high anxiety. They’re telling us they’ve seen quite an uptick, that they’re hiring staff, they’ve got longer waiting times, they’re running more programmes just to keep up with the need they’re seeing among high school kids and even younger kids,” said Brian Nolan, guidance director at Andrew High School in Tinley Park, Illinois.

Nolan said, “My belief is that today’s technology never allows children to truly disengage from their social lives. When we were kids we could hang out with our friends during the day and then at night, we’d have down time with the family or we might go shoot hoops or play Legos away from friends, so we could gain some kind of balance.”

But the smartphone’s ability to connect us all immediately doesn’t allow that social interaction to ever be turned off, he said. Some of the allure is the desire to be included, and some of it is defensive, he said.

“They feel like if they’re not on it all the time, they’re missing ­something important, or will miss out on a funny conversation, or someone might say something about them. There’s a lot of worry and concern and stress about what’s going on in social media at a time when it would be nice for a child to step away from it and not care,” Nolan said.

“We know that people rely on smartphones. A recent study shows we touch them about 2,500 times a day on average,” he said. “I use food as a metaphor. If a student is overeating or eating a bunch of junk food, you probably as a parent would have a conversation about better eating habits, the importance of exercise, moderation, things like that.”

“Cellphones are exactly the same. To tell a student you can’t use it, is the same as saying you can’t eat. That may sound extreme but that’s the ­reality. (Technology) is how they maintain ­relationships. So, it’s ­probably better to discuss healthy ways to use it,” he said.

Questions to ask your teen, he said, might include: Do you feel addicted to it? Are you checking it ­constantly? Can you set it down for awhile?

When students only ­interact via technology, Nolan said, “they’re much more likely to withdraw from healthier interactions and are more likely to be hypersensitive to what’s being posted. If they aren’t included they can feel lonely. If they are included, they can feel pressure to keep up”.

“I think parents feel bad (about this). It’s hard to attack a thing we don’t fully understand ourselves, because we didn’t grow up with it,” he added.

But, Nolan added, “modeling is a big piece of this. We as adults sometimes stop conversations with our own children because we have a text message coming in. Or we’ll text at the dinner table or while driving. So, we’re teaching our children that what comes through the phone is immediate and important and that it should take precedence over what we are currently doing”.

Equal access to good and bad

In her 17 years as a social worker at Argo High School in Summit, Illinois, Allison Bean said she’s had “a front row seat to the shift from a time where kids couldn’t wait to leave the house to hang out with their peers to the present day digital age where our kids are reluctant to leave the couch”.

“Many of my students may not have adequate clothing, food or even running water in their homes; but they have phones,” she said.

Teens, she said, “are (physically) isolating themselves more and more from their real support ­systems during a period of their lives that, even under the best ­circumstances, is very turbulent and stressful”.

Exacerbating the situation, Bean said, is that the very device that can cause depression is also giving fragile teens access to websites that can encourage them to engage in self-harming behaviours.

To complicate matters, she said, mental health experts are warning about the dangers of technology at a time when more schools are going paperless and issuing tablets to students.

“While there may be an upside to going paperless, one thing is ­certain: Our kids will be spending countless numbers of hours in front of some type of screen during the duration of their education. Headaches, tired eyes, and ­insomnia are bad for everyone. For students that are already prone to mental health issues, this too often results in truancy, low test scores, poor homework habits and ­depression,” she said.

“They are depriving themselves of the opportunity to exercise their social skills; skills that are critical for life. This is obviously dangerous in numerous ways. Not only does it dissuade students from ­leaving the confines of their rooms to engage with peers in a ­developmentally appropriate way, there are many predators online who are able to find young people who are vulnerable, isolated and desperately seeking attention,” she said.

“There’s no question mental health crises are on the rise, and at the high school level, depression and anxiety are the primary ­diagnoses that I see in our ­community,” she said.

Signs of trouble?

It’s not just technology that is causing the trouble, said Rian Rowles, chairman of psychiatric services at Advocate Christ Medical Center. In his 12 years at the Oak Lawn, Illinois hospital, the ­psychiatrist has seen the number of patients referred to the ­adolescent programme rise by more than half.

“It’s also social media. It’s very clear to me that the advent of social media has exacerbated stressors. Not just depression, but anxiety as well,” he said.

“There are stressors that go along with adolescence but you used to be able to leave the interpersonal stuff at school. Bullying used to be a school phenomenon.”

Social media, he said, can make it a 24/7 thing.

“When you’re writing and ­posting things, there’s a phenomenon in which you don’t have the same filter you might when talking on the phone or in person. I think that lends itself to more abrasive statements,” he said. “So not only is it constantly there for these kids, it’s more intense.”

Rowles said adolescents can have the same symptoms as adults when it comes to depression and anxiety: abrupt changes in sleep ability, appetite changes (usually significantly less food), social ­isolation marked by less ­communicating with friends and less participation in social or school events, and drastic or ­significant personality change, say from calm to irritable or angry.

Parents can help by reducing the amount of time a teen spends on social media, he said. Professional help typically involves teaching kids ways to develop new coping mechanisms.

Something that might surprise adults, Rowles said, is that ­overusing technology can have a detrimental affect on them, as well.

“Not as drastic, because of what kids have to deal with at school. The phenomenon I see in adults is someone who is already in my care for anxiety or depression and then they get on Facebook,” he said. “People will sort of put on Facebook things that make their life seem very wonderful and it may not be the reality but other people see that and it can ­contribute to their depression. (Facebook) makes it seem like everybody has a better life.”

Widening the lens

Technology may not be the lone culprit, and it is not necessarily bad, said Nadjeh Awadallah, licensed clinical professional ­therapist at Little Company of Mary Hospital in Evergreen Park, Illinois.

The current increase in ­depression and anxiety among teens might be attributed to a ­higher frequency of smartphone use and the fact there’s less stigma about mental health issues, Awadallah said.

“Kids are more prone to ­speaking about mental health issues than maybe they were before,” he said.

A lot of adolescents, he said, would argue that the relationships they have with people online are real relationships. “If they’re ­interacting at a high level of ­frequency, either talking with friends or playing videogames, they’re actually interacting with them,” he said.

And a phone can be a kind of “digital security blanket” in that it enables a person who is dealing with anxiety to look at their phone instead of at other people.

“It’s kind of protective if you want to be left alone,” he said.

Nevertheless, Awadallah added, there is “a great deal of benefit to interacting with somebody face to face because so much of communication has to do with nonverbal communication and giving feedback. When you’re just texting you have to imagine how the person’s voice sounds. It’s hard to deduce if someone is being ­genuine, or sarcastic. So whatever the person transplants onto the thing that they’re reading can impact their mood.

“There’s a high correlation between people withdrawing from person-to-person interaction and depression because that’s what people tend to do when they’re depressed,” he said. “So it’s kind of like a chicken and egg relationship where you don’t know if they’re depressed because they’re on ­electronic media or if they’re on electronic media because they’re depressed.”

Smartphone addiction is a form of process addiction, he said. “It’s a non-chemical addiction where ­people compulsively use the Internet or phone in lieu of self-care actions likes eating or ­sleeping,” he said.

Signs there might be a deep-­seated issue: problems at school, such as concentration, lack of ­energy, poor attendance or a drop in grades; substance abuse or superficial self-harm (such as cutting as an emotional release); and a significant decline in self-esteem.

What can parents do? Awadallah said, “Institute a routine. Make sure kids aren’t using phones or devices when supposed to be ­sleeping because exposing ­themselves to unnatural blue light that’s going to be overly ­stimulating and not let them sleep well. If they’re more invested with ­interacting online than with people in person, you need to talk.

“Nobody likes to feel a loss of control. So work with them to arrive at a mutually agreed upon reasonable amount of time to spend on the phone. Have it be a ­discussion, a collaboration. That will ­probably yield better results than just saying, ‘No phones’.”

— The Daily Southtown/Tribune News Service

How can parents help their teens?

● Encourage downtime

● Be a good role model

● Teach your child to develop coping skills

● Institute a routine

● Mutually agree on time limits for devices and social media

By donna vickroy, The Star

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High life of the young, carefree and broke Malaysians hit a new low


Younger set not living within their means and are bankrupt before they are 30

 

“When they start their own lives, they are not financially stable. Some want to get married.” – Datuk Abdul Rahman Putra Taha

They are young and carefree to the point of being careles, and have expensive tastes. Branded handbags, holidays to exotic places, fancy cars and lavish weddings all lead them into huge debts. By the age of 30, they are bankrupt. Some as young as 25 are among the shocking 60% of the 94,400 people declared bankrupt in the last four years.

PETALING JAYA: They lived the fast life, a life of Pradas and Guccis. When the cash is out, they max out on their credit cards.

Some even go as far as taking up personal loans to finance overseas trips, buying the latest expensive gadgets and holding lavish weddings.

And before they even turn 30, they are bankrupt.

Malaysia’s youth are seeing a worrying trend with those aged between 25 and 44 forming the biggest group classified as bankrupt.

They constituted almost 60% of the 94,408 cases reported from 2013 to August, according to the Insolvency Department.

Director-general Datuk Abdul Rahman Putra Taha said there were multiple factors that contributed to the trend, but singled out that many of them just wanted to “start their own life”.

“When they start their own lives, they are not financially stable. Some want to get married, but if the in-laws ask for hantaran gifts such as cars or a house, they need the money.

“Their pay can be considered low but they need expensive gifts. Where else can they go other than applying for personal loans?” he said in an interview recently.

Abdul Rahman also listed the top four reasons why a borrower was declared a bankrupt.

“Car loans took up 26.63%, personal loans (25.48%), housing loans (16.87%), and business loans (10.24%),” he said.

He revealed that the total number of people declared bankrupt from 2013 stood at 296,712 as of August, with Selangor having the most at 72,114, followed by the Federal Territories (46,377), Johor Baru (41,179) and Penang (22,136).

He urged the public to manage their finances prudently to ensure they would not be burdened by debt.

At the same time, Abdul Rahman said Bank Negara Malaysia (BNM) was making huge efforts to ensure it would not be so easy for the young to obtain credit cards.

In response, he said the department was committed to ensuring that the Government meets its target, especially with the Voluntary Arrangement under the Insolvency Act 1967.

Almost 58,000 bankrupts have been cleared or had their bankruptcy annulled by the courts in about the last five years, marking the first phase of the Government’s efforts to reduce bankruptcy cases following amendments to several bankruptcy laws.

From 2013 to August 2017, the courts have cleared 1,356 cases while another 11,627 cases have been terminated upon annulment of the bankruptcy order.

A total of 44,950 cases were discharged via Insolvency Certificate from the director-general.

However, the Government is pushing to slash the number of people being declared bankrupt to just about 4,000 to 5,000 cases per year.

“The enforcement of the newly amended bankruptcy law began this year. If they meet our criteria, qualified borrowers will be automatically discharged as bankrupts three years from the date of filing of the Statement of Affairs (Penyata Hal Ehwal),” said Abdul Rahman

Under the amended laws, someone at risk of being declared a bankrupt can settle his debt without bankruptcy proceedings with a voluntary agreement.

“Our intention is to ensure that borrowers will be able to pay back their loans without undue suffering and creditors will get their money back, too.”

He said debtors must adhere to the agreed sum of contribution paid to the creditors and they must also file their pay and expenses slip statement every six months throughout the three-year period.

“As long as they fulfil the payment within the period, we will release their names,” said Abdul Rahman.

Under the new amendments of the Bankruptcy Act 1967, the Government has introduced a rescue mechanism with a single bankruptcy order to replace the receiving order and adjudication order from the courts as practised previously.

“This move ensures that creditors are also protected under the amended laws,” he said.

The Act has also paved the way for the setting up of the Insolvency Assistance Fund and a release from bankruptcy without objection by the creditors for certain groups of people.

These include social guarantors made bankrupt under the Bankruptcy Act 1967, those who have died, those categorised as people with disabilities (OKU) by the Welfare Department and those certified by government medical officers as suffering from chronic or serious diseases.

The Star Malaysia by RAHIMY RAHIM rahimyr@thestar.com.my

Young, carefree and broke Malaysians hit a new low


Younger set not living within their means and are bankrupt before they are 30

 “When they start their own lives, they are not financially stable. Some want to get married.” – Datuk Abdul Rahman Putra Taha

They are young and carefree to the point of being careles, and have expensive tastes. Branded handbags, holidays to exotic places, fancy cars and lavish weddings all lead them into huge debts. By the age of 30, they are bankrupt. Some as young as 25 are among the shocking 60% of the 94,400 people declared bankrupt in the last four years.

PETALING JAYA: They lived the fast life, a life of Pradas and Guccis. When the cash is out, they max out on their credit cards.

Some even go as far as taking up personal loans to finance overseas trips, buying the latest expensive gadgets and holding lavish weddings.

And before they even turn 30, they are bankrupt.

Malaysia’s youth are seeing a worrying trend with those aged between 25 and 44 forming the biggest group classified as bankrupt.

They constituted almost 60% of the 94,408 cases reported from 2013 to August, according to the Insolvency Department.

Director-general Datuk Abdul Rahman Putra Taha said there were multiple factors that contributed to the trend, but singled out that many of them just wanted to “start their own life”.

“When they start their own lives, they are not financially stable. Some want to get married, but if the in-laws ask for hantaran gifts such as cars or a house, they need the money.

“Their pay can be considered low but they need expensive gifts. Where else can they go other than applying for personal loans?” he said in an interview recently.

Abdul Rahman also listed the top four reasons why a borrower was declared a bankrupt.

“Car loans took up 26.63%, personal loans (25.48%), housing loans (16.87%), and business loans (10.24%),” he said.

He revealed that the total number of people declared bankrupt from 2013 stood at 296,712 as of August, with Selangor having the most at 72,114, followed by the Federal Territories (46,377), Johor Baru (41,179) and Penang (22,136).

He urged the public to manage their finances prudently to ensure they would not be burdened by debt.

At the same time, Abdul Rahman said Bank Negara Malaysia (BNM) was making huge efforts to ensure it would not be so easy for the young to obtain credit cards.

In response, he said the department was committed to ensuring that the Government meets its target, especially with the Voluntary Arrangement under the Insolvency Act 1967.

Almost 58,000 bankrupts have been cleared or had their bankruptcy annulled by the courts in about the last five years, marking the first phase of the Government’s efforts to reduce bankruptcy cases following amendments to several bankruptcy laws.

From 2013 to August 2017, the courts have cleared 1,356 cases while another 11,627 cases have been terminated upon annulment of the bankruptcy order.

A total of 44,950 cases were discharged via Insolvency Certificate from the director-general.

However, the Government is pushing to slash the number of people being declared bankrupt to just about 4,000 to 5,000 cases per year.

“The enforcement of the newly amended bankruptcy law began this year. If they meet our criteria, qualified borrowers will be automatically discharged as bankrupts three years from the date of filing of the Statement of Affairs (Penyata Hal Ehwal),” said Abdul Rahman

Under the amended laws, someone at risk of being declared a bankrupt can settle his debt without bankruptcy proceedings with a voluntary agreement.

“Our intention is to ensure that borrowers will be able to pay back their loans without undue suffering and creditors will get their money back, too.”

He said debtors must adhere to the agreed sum of contribution paid to the creditors and they must also file their pay and expenses slip statement every six months throughout the three-year period.

“As long as they fulfil the payment within the period, we will release their names,” said Abdul Rahman.

Under the new amendments of the Bankruptcy Act 1967, the Government has introduced a rescue mechanism with a single bankruptcy order to replace the receiving order and adjudication order from the courts as practised previously.

“This move ensures that creditors are also protected under the amended laws,” he said.

The Act has also paved the way for the setting up of the Insolvency Assistance Fund and a release from bankruptcy without objection by the creditors for certain groups of people.

These include social guarantors made bankrupt under the Bankruptcy Act 1967, those who have died, those categorised as people with disabilities (OKU) by the Welfare Department and those certified by government medical officers as suffering from chronic or serious diseases.

The Star Malaysia by RAHIMY RAHIM rahimyr@thestar.com.my

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Lonely South Korean President Park Geun-hye faced mounting pressures to resign


https://www.youtube-nocookie.com/embed/kbQtyJk1k-Q

Angry lot: People chanting slogans during a rally demanding Park step down, in central Seoul. — Reuters

SEOUL: South Korean President Park Geun-hye faced mounting calls to step down as a record number of people at a massive rally criticised her as unfit to rule over allegations she allowed a friend to meddle in state affairs and wield influence.

The protest rally in downtown Seoul drew more than half a million people, according to its organisers, many of whom were ordinary citizens who packed the main streets running through the city centre including a 12-lane thoroughfare.

They came with family, and students and young parents pushing strollers were among the crowd as were people in wheelchairs and crutches, in a sharp contrast from some previous rallies often dominated by militant unions and civic groups that had turned violent and clashed with police.

They chanted “Step down, step down, you must step down.”

“Of course she must step down,” Jung Sun-hee, a 42-year-old homemaker who attended the rally with her husband and two pre-teen daughters, said.

“I believe we need a new person to break through this situation, who will be better than this one.”

The crowd has been given a go-ahead by the court to march later in the evening to within a few blocks of the presidential Blue House compound, which had been previously disallowed by the police, citing security reasons.

It was the third weekend protest rally since Park’s first public apology on Oct 25 where she admitted she had sought the advice of her friend, Choi Soon-sil, which only fuelled public anger and suspicion over the secret confidant who apparently held no official government position.

https://www.youtube-nocookie.com/embed/wZrBDi-3ZeQ
Choi Soon-sil mobbed by reporters

Another apology by Park and an offer to work with the parliamentary opposition to form a new Cabinet and relinquish some power failed to calm public anger, prompting her opponents to say she did not grasp the gravity of the crisis at hand.

Members of main opposition parties joined the rally calling on Park to resign, indicating there was a growing opinion in parliament to take action to remove her from power, although there was no formal move yet to launch impeachment proceedings. — Reuters

South Korea’s president said tragedy and “loneliness” drove her to rely on a shadowy female confidante

https://www.youtube-nocookie.com/embed/NufGEVbwaUk

Since I arrived in the presidential office, I’ve lived a lonely life.

In a deeply contrite apology, South Korean president Park Geun-hye said today (Nov. 4) she alone was responsible for the current scandal engulfing her presidency, and denied allegations that she was involved with a cult or had performed shamanistic rituals at the presidential Blue House.

South Korea has been rocked by the revelation that Choi Soon-sil, the daughter of a Christian cult leader, had been advising the president on policy matters, editing her speeches (without holding any office), and leveraging their close relationship for influence and personal gain. Choi is also said to have a spiritual hold over the president and has given her advice based on mystical beliefs, including on auspicious colors to wear.

Park’s approval rating has plunged to 5% (link in Korean) according to the latest Gallup poll—a record low for a South Korean president and breaching the 6% rating of president Kim Young-sam during the Asian financial crisis in the late 1990s. Park offered a deeply emotional apology that referenced her own tragic upbringing. During it, the president did not have her usual confident bearing, and instead looked small, dejected, and diminished.

“Living on my own, I had no one to help me with the many private affairs that needed taking care of, so I turned to Choi Soon-sil, whom I have known a long time for help,” Park said, adding that it was the “loneliness” she felt after cutting ties with her remaining family that drove her to lean on Choi. Park, who has never married, said she distanced herself from her remaining family after she became president “in case any untoward thing were to happen.”

“[Choi] was the person that stood by me during my hardest times, so I had my guard down. Looking back, I now see this all came about because I trusted our relationship and did not scrutinize things carefully,” Park added.

Choi Soon-sil’s father was extremely close to Park’s father, the dictator Park Chung-hee–who presided over a rapid economic boom that lifted millions of Koreans out of poverty. Park Chung-hee was assassinated by his bodyguard in 1979 when Park Geun-hye was 27. Her mother died in a previous assassination attempt on her husband. Because of these events, the current president cuts a deeply tragic figure in Korea, and there is still sympathy for her.

Kim Sun-chul, an assistant professor of Korean studies at Emory University in Georgia, said that since both her parents were killed when she was young, Park Geun-hye “doesn’t have much confidence in herself… and didn’t have much of a social life.”

“There are even parts I can understand. The daughter of a president and an ordinary university student, it’s not a typical meeting, fate, to become friends and stay friends for 40 years, so the two of you must have leaned on each other and helped one another materially,” veteran Korean news anchor Kim Joo-ha said in a letter she read on TV in October (link in Korean). Kim later faced harsh criticism and harassment for her letter, for implying that the president was a victim.

Sympathy for Park is strongest among the elderly in Korea, although even there it is not widespread. Park has a 13% approval rating among people aged 60 and above, the Gallup poll found.

“The older generation lived through the brutal assassination of her parents,” said Katharine Moon, a professor of political science at Wellesley College in Massachusetts. “It just became part of their daily life, the tragedy that that family went through… it’s not possible for some of the older generation to separate Park Geun-hye and her life from the tragedy that befell her.” – http://qz.com/

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Singapore’s first Olympic gold medal, dreams do come true !


Video: https://www.youtube-nocookie.com/embed/-JTwPEutLdY

RIO DE JANEIRO (Reuters) – Joseph Schooling won the men’s 100 metres butterfly final on Friday to secure Singapore’s first Olympic gold medal and deny Michael Phelps a 23rd in the last individual race of the American’s extraordinary career.

Phelps, the defending champion and world record holder who is heading into retirement — again — after Rio, finished second in a three-way dead heat with two of his greatest rivals — South Africa’s Chad Le Clos and Hungary’s Laszlo Cseh.

Astonishingly, all three touched out in 51.14 seconds, behind Schooling’s Olympic record 50.39 in the second dead-heat in a final in two days.

“I’m just ecstatic. I don’t think it has set in yet. It’s just crazy,” said Schooling.

Straight after his historic golden feat, Schooling told Singapore media: “This swim wasn’t for me. It’s for my country.

“Some people believe that Singapore has a lot of talent. I believe that. It doesn’t matter where you’re from really. I hope this opens new doors for sports in our country and I hope I’ve set a precedent for the young in our country.

“It’s been a hard road, I’ve done something that no one in our country has done before. I’ve received a lot of support and that’s phenomenal, that’s great. I can’t really describe what that means.

“But it’s been a tough road, I’m not going to lie, the first guy through the wall is always bloody. I had to take that blow.

“I’m thankful and I’m blessed that I have the ability to accomplish this. This moment is not about me, it’s really for my country, it’s all about my coaches, my family, my friends who believed from when I was a six-year-old kid, that I could do it.”

In Singapore, cheers broke out across housing estates and social media erupted in celebration as Schooling won in Brazil.”

Prime Minister Lee Hsien Loong and President Tony Tan, who was in Rio to cheer Team Singapore, led an outpouring of congratulations for Schooling.”

“It is an incredible feat, to compete among the world’s best, stay focused, and emerge victorious,” Mr Lee said in a Facebook post.”

Schooling will receive S$1 million for his gold medal as part of a programme aimed at encouraging studious Singaporeans to excel in sport.”

“Schooling winning shows that even homegrown athletes can win an Olympic medal and I think it’s a good example for our youth that sporting greatness is possible,” said real estate agent Michael Tan, 35, who cheered on Schooling at a coffee shop in a residential estate.

“It’s amazing that Singapore finally has a gold medal at the Olympics, I don’t think anyone thought this was possible,” Madeleine Lim, 62, told AFP.”

Video: https://www.youtube-nocookie.com/embed/0C6XrjKPvCE

Dreams Do Come True

 

It was back in 2008, a 13-year-old teenager Joseph Schooling got to meet his hero, one of the all-time greatest Olympians, Michael Phelps, who had visited Singapore before the start of the Beijing Olympics. Eight years later, Schooling, now 21, creates history by beating Phelps to bag the gold in the 100m Butterfly finals. The specialty of the occasion is double great as this is for the first time a Singaporean wins an Olympic gold.

It was a dream come true for Schooling when he got an opportunity to swim in the same race with Phelps at London Olympics 2012. That was the year Joseph first qualified for the Olympics in London, but then disaster struck when he was told his goggles weren’t Olympics standard just before the race. He rushed to get replacements, but ended up getting a poor time in his heats and didn’t get through to the semi-finals.

He pulled off one of the biggest upsets in Rio, interrupting the 31-year-old Phelps’ quest for what would have been his fifth gold in Brazil and 23rd Olympic gold of his career.

Schooling’s father Colin, who hosted a viewing party at his home in Singapore, wept when his son won.

“If I cry in front of all of you all, it’s because I have nothing to be ashamed of,” he told reporters.

“My love for my son is nothing I can describe to you all.”

Related stories: 

Left: A young Schooling posing with Phelps, whom he idolised, during a training camp in Singapore in 2008. Below left: Phelps congratulating Schooling as they leave the podium after the 100m butterfly victory ceremony. Gold medallist Joseph SchoolingOlympics: Joseph Schooling’s win is shaking up everyone’s world 

 

 Mr Poon, 70, remembers Schooling's insatiable quest to win even while attending his swimming classes as a child.Schooling learnt to be fearless from first coach Vincent Poon

 Medals By Countries – Rio 2016

 Rank by: Gold TOTAL

TOTAL

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Money lost under the shadow banking: loan sharks Ah Long


 

IN my previous article, I shared the impact of high credit card interest rate that many have overlooked and hence, overspent. Interestingly, there are loans outside the confines of financial institutions that affect the mass. These loans are largely unregulated and therefore, more painful in terms of financial burden and emotional stress when the loan and interest cannot be repaid on time.

Every now and then, I will receive text messages from unknown contacts offering loans at “attractive” rates. A check with my close associates indicates that I am not alone in receiving such messages. These messages and those stickers offering loans on the streets share the same traits, i.e. easy loan with no pre-qualification required. Example – “Borrow RM1,000, and return RM200 monthly for six months”.

At first glance, it seems like the interest rate for the loan is 20%. However, as the repayment period is only six months, it is actually 40% per annum! This rate is 11 times higher compared with the average fixed deposit rate of 3.5% per annum in the market.

These loans are offered mostly by unlicensed moneylenders, otherwise commonly known as “loan sharks”. According to a news article published in The Star recently, the interest they charged are mostly counted based on monthly or even daily rest basis.

It is learnt from the article that people usually borrow between RM1,000 and RM10,000 at an interest rate of 0.5% to 1% per day. This works up to about 15% to 30% monthly. When the loan is defaulted, another 5% is added as a late repayment penalty.

It therefore becomes evident that the borrowers of such loans face immense problem repaying their loans. They will generally end up borrowing from other moneylender to cover their existing loan which will lead them to more debts. Imagine the emotional stress from harassment when they are unable to serve the interest.

Sadly, this loan with its easy application process and low requirement attracts people who are financially desperate, regardless of professional or income group.

Bank Negara has announced that Malaysia’s household debt-to-gross domestic product (GDP) ratio has increased from 86.8% to 89.1% as of 2015. We have one of the highest household debts in the region without including the unregulated loans from these “moneylenders”. I wonder how this “shadow banking” or “off balance sheet transaction” impact our people and economy.

To protect the rakyat, the government should look at strengthening the enforcement of eliminating illegal money lending.

As the saying goes “where there is demand, there is supply”. Hence the key is to first understand why people resort to borrowing from these “moneylenders”. It is important to strengthen financial education and awareness of public through various channels.

People, especially children, should be taught to borrow for the right things from young, and understand the difference between good debt and bad debt. More importantly, people should learn to ask themselves if there is a real need to borrow. Borrowing money to buy assets that depreciate over a short period of time, such as cars and luxury items is deemed as “bad debt”. This is in stark contrast to “good debt”, such as buying a home or asset that has the possibility of appreciating in the long term, and at the same time, paying a much lower interest rate compared with bad debts.

For people with a genuine need for financing, there are many other options such as borrowing from the banks and legal money lenders, or even to the explore “fintech”, a financial technology which offers more efficient and cheaper financial services through the use of technology. Again, it is important to ensure these channels are legal and well regulated.

Borrowing from unregulated moneylenders is like jumping from the frying pan into the fire. It is important to have wise financial planning in the first place and always seek advice before doing anything financially. One may get advice from government agencies, such as Agensi Kaunseling dan Pengurusan Kredit, when faced with financial challenges.


By Datuk Alan Tong, who 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 email feedback@fiabci-asiapacific.com.

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US containing a rising Chinese power


Might the rush to arbitration be nothing more than a US provocation to provide an excuse for military engagement? asks Shannon Ezra

 

The most effective way to halt China’s global rise is to exert control over its gateway to the sea, through which it conducts 80 percent of its trade, says the writer. File picture: Eugene Hoshiko. Credit: AP

https://player.cntv.cn/standard/cntvOutSidePlayer.swf

Video: South China Sea Is Indisputable Part of China

Video:
8th China-U.S. S&ED & 7th CPE

Johannesburg – If the containment of China is one of the key strategic pillars of US foreign policy, the impending outcome of The Hague’s arbitration on the South China Sea dispute is of critical importance to the US.

Even though China disregards the arbitration process as illegitimate, the decision of the tribunal, which is due in the next 10 days, will ratchet up tensions in one of the world’s most hotly contested bodies of water. It will set the stage for what could degenerate into a serious conflagration, as the US pulls out all the stops to encircle China, and China takes measures to assert its sovereignty.

America’s objective is to contain a rising power, which presents itself as a major challenge to US global hegemony. Geo-strategically, the most effective way to impede China’s rise is to exert control, through proxies, over China’s gateway to the sea, through which it conducts 80 percent of its trade and transports its energy supplies.

This strategic waterway has turned into a game of chess between China, which claims sovereignty over four main archipelagos, and some of its neighbours along the South China Sea, which have made a series of territorial claims and are backed by the US.

The US claims its interest in the South China Sea is to protect the freedom of navigation as US trade through this waterway is worth $1.2 trillion (R17.6 trillion) annually. To date, China has posed no threat to international navigation in the waters of the South China Sea and also seeks to protect its annual $5 trillion worth of trade.

Despite the tug of war, the situation was under control prior to 2009. When President Barack Obama took office in that year, he announced his keystone foreign policy undertaking as a “strategic pivot to Asia” or rebalancing strategy to the Asia-Pacific. The entire region intuitively recognised that the rebalance was, and is, about China.

A new determination emerged within the US administration to support the territorial claims in the South China Sea of China’s neighbours. It was in this way that the US was arguably the invisible hand behind the rising tension in the region since 2009.

From the Chinese perspective, it was the US that plotted behind the scenes the arbitration of its South China Sea dispute with the Philippines. There have been allegations that the US staffed a team of lawyers to lead the Philippines through the arbitration process, and encouraged them to launch their arbitration case when a Japanese national was president of the International Tribunal for the Law of the Sea. The Japanese national in question had been previously opposed to China’s positions in previous cases and became one of the five arbitrators in the case.

From the time that the Philippines took the unilateral initiative of taking the South China Sea arbitration to the tribunal in January 2013, China has refused to accept or participate in the arbitration. It maintains that territorial sovereignty issues are beyond the purview of the UN Convention on the Law of the Sea (UNCLOS).

As for maritime delimitation, China made an exclusion declaration in 2006, thereby lawfully excluding itself from any compulsory dispute settlement procedure by a third party. Apart from China, more than 30 other countries, including the UK, France, and Russia have made the same exclusion declaration.

China also maintains that, together with the Philippines, they have reaffirmed settling the South China Sea dispute through bilateral negotiations. This is in keeping with the Declaration on the Conduct of Parties in the South China Sea, signed between China and the Association of South-east Asian Nations, which explicitly states that the parties concerned should undertake to resolve their disputes through consultations and negotiations.

From the perspective of the Philippines, there have been a number of exchanges of views with China since 1995, which led to no resolution. But China argues that the two states have never engaged in any serious negotiations on the dispute. According to UNCLOS, China has the right to choose the means of dispute settlement, which means it cannot be forced to accept dispute settlement which is imposed on it, including a third-party settlement. But this has not stopped the arbitration from continuing without China’s participation.

What kind of consequences could the rush to arbitration, encouraged by the US, result in? Would China withdraw from UNCLOS and expand its Air Defence Identification Zone over all its territories in the South China Sea?

This was always a likely scenario, which begs the question of whether the US is keen to provoke a military confrontation as part of its containment strategy. Why else would it be deploying 60 percent of its naval fleet and 60 percent of its overseas air force to the South China Sea by 2030?

By Shannon Ebrahim who is the foreign editor for Independent Media http://www.iol.co.za/

Related:

 
http://t.cn/R5R1nar

http://english.cntv.cn/2016/07/01/VIDEFqZVHU17UA77AL1fVaQZ160701.shtml

The nine-dashed line was first discovered and owned by China. It is a
maritime boundary line formed after China’s long-term jurisdiction and
development of the South China Sea islands.

China holds sovereignty and jurisdiction rights within the nine-dashed line. Other countries’ ships have the right to freedom of navigation and their aircraft enjoy rights to fly over the territory. There had been no problem with the nine-dashed line before the 1970s, but with Vietnam, the Philippines and other countries pushing further territorial claims, more governments are beginning to deny legitimacy of
the nine-dashed line.

The United States and other countries have intervened in the South China Sea issue; using the so-called freedom of navigation in the South China Sea to deny the nine-dashed line to disregard China’s territorial
rights.

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Promoting women entrepreneurs; mind your finances


Do we need specific initiatives to help female entrepreneurs? Some say no, because men and women face similar obstacles in business. However, there can be no denying that women face challenges not experienced by their male counterparts.

LAST May, the SME Association of Malaysia organised a talk on women entrepreneurship at its regular SME Club get-together. We were worried that the topic would not be interesting, but to our surprise, the event was well received.

About a hundred people participated in the talk.

When we told the SMEs that we were going to have a talk on women entrepreneurship, some of them asked: Why talk about women entrepreneurship? Does it matter? Why bother?

After all, business is a men’s world. The place for women is at home.

Others said there was no need to differentiate women entrepreneurs from entrepreneurs in general, as many of the barriers faced by female-owned SMEs were similar to those faced by male-owned SMEs.

To this, I would say: Yes and no.

While male and female entrepreneurs may face similar constraints in general, women face specific barriers and challenges not experienced by their counterparts.

While women make up about 50% of Malaysia’s population, less than 20% of the SMEs are owned by women. Even though the number for women entrepreneurs is small, it’s nonetheless encouraging as it shows that women no longer buy the stereotype of business being a male domain.

There are several key reasons for women to get into business. Running your own business provides flexibility in managing career and domestic responsibilities.

Also, it gives some degree of personal freedom to women who are dissatisfied with “fixed” employment. Job flexibility, like work hours, office location, environment, and the people they work with, is appealing to many women.

Other reasons for women to start a business include income security and career satisfaction. Some women become entrepreneurs due to some personal circumstances, like being laid off, divorce, or the retirement of their spouse. They start a business to improve or maintain their social or economic status.

Some women who do not have any previous work skills or experience start a business in order to prove that they can be productive and useful.

The majority of women-owned businesses are smaller outifts than those owned by men, and they are mostly concentrated in the service sector (about 90%). Many of these businesses are likely to be unregistered micro-enterprises operating in the home or on temporary premises, with few employees and limited capital for expansion.

Access to financing is one of the biggest challenges. They are less aware of the options relating to loan and grant opportunities. In addition, women usually lack the collateral required compared to men, stemming in part from restrictions on asset ownership.

Women entrepreneurs are also less likely than their male counterparts to have a history of interaction with formal financial systems, lowering their credit-worthiness and potentially raising interest rates on loans assumed.

They also encounter obstacles in accessing opportunities to acquire knowledge and skills that underpin successful entrepreneurship. This may be due to impediments in access to education, training and job experience. These are usually compounded by the demands of domestic responsibilities.

Time constraints further limit women entrepreneurs’ formal networking, which, in turn reduce access to skill and capacity-development opportunities. Formal networks, such as business associations, provide a wealth of information on business opportunities, access to government officials, grants and support programmes, as well as credit credentials and access to loan packages, to name a few.

Good networks provide good access to information and resources. First-hand information allows entrepreneurs to move one step ahead and grab the opportunities. A good pool of resources would help entrepreneurs to survive in bad times and to expand more effectively.

The Government needs to take a proactive role in promoting women entrepreneurs. We need to put in place gender-responsive policies and capacity-building initiatives to address the structural, institutional and socio-cultural inequalities.

It would perhaps be best to start by enhancing their access to finance, which is essential in building a good business foundation.

By Datuk Michael Kang who is the national president of the SME Association of Malaysia.

Mind your finances

Up to 36 of business failures are caused by inadequate financial management, according to a report by the ACCA. —123rf.com

IN GENERAL, more than 50% of startups fail within five years, and up to 36% of business failures are caused by inadequate financial management, according to a report by the Association of Chartered Certified Accountants (ACCA) entitled “Financial management and business success – a guide for entrepreneurs”.

The report says many entrepreneurs are not equipped to make informed and effective decisions about their financial resources.

“Having the right financial capabilities remains vital throughout the life of a business, whether you are just starting out, have an established business or are looking towards a final exit from a firm,” explains Rosana Mirkovic, ACCA’s head of SME policy.

“Businesses are changing and innovating more rapidly than ever, and the financial management needs of organisations must continue to evolve alongside their developments. Recognising the right financial management capabilities is therefore imperative to their success,” she explains.

Mirkovic adds that understanding financial information is vital for offsetting the risk of business failures as it reveals the early warning signs of impending problems.

The report by ACCA addresses the financial literacy skills gap, potentially serving as a guide to those starting their own businesses and are new to financial management.

Business planning plays a critical role at every stage of the business, says the report.

“Preparing a business plan pushes you to identify and assess the opportunities and threats facing your business. It helps ensure that you have an in-depth understanding of your market, the competition and the broader business environment,” it elaborates.

Effective planning takes into account long-term goals, objectives, strategy, tactics and financial review.

ACCA also advises startups to seek good financial advice and involve their accountants or individuals with financial expertise at the planning stage to take full advantage of their expertise in areas such as business planning, raising business finance, tax planning and setting up financial management systems.

Significant financial expertise may be needed to understand and evaluate the different financial options entrepreneurs may have. This includes knowing the company’s financial strength, financing cost, financial flexibility, business control, financial risk, personal finances and business strategy.

“Good financial control offers far more than just keeping track of purchases and sales. Rather than approach financial control as a chore to be left to the bookkeeper, your aim should be to see how the right capabilities can improve your business,” the report advises.

ACCA notes that business owners should gradually develop the capabilities of their in-house financial team.

“Choosing the right solution for your particular business takes careful planning. Your overall investment in financial capabilities — whether you are paying for additional employees, higher salaries for more skilled employees, training costs, use of external providers or upgraded systems — must be affordable and offer value for money,” it adds.

But financial management is at its most powerful when used to drive improvements in business.

Moreover, for many entrepreneurs, it could also lead to a successful business exit. Preparation for a successful exit typically begins far in advance of its final date.

Effective exit planning needs to start early and take into account a whole range of issues like timing, succession, management systems and tax efficiency.

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The affliction that feeds on children


PEDOPHILIA is not a new sex crime. What is new is the attention that it is getting in the public arena in Malaysia especially after the case of Huckle (pic). In fact pedophilia has developed into the hot topic in Criminology.

A pedophile is an individual who prefers to have sex with children. They have an abnormal and an unnatural desire and attraction for sexual relations only with children.

Sexual abuse of the children can begin without people recognizing it because it can be a small act in everyday life.

Pedophiles come from a variety of socioeconomic backgrounds. They are normally male, from any race, educated or uneducated, young or old, rich or poor, employed or unemployed. They can be religious or non-religious, a father, family member or trusted coworker or professional.

Just as Huckle used” wealth and status as Westerner” to exploit children, pedophiles hide behind the cloak of normality, morality and respectability within the community. Research revealed that nine out of ten are close to their mothers.

One of the most popular criminological theories is the notion that criminal behavior is learned in association with those who have criminal attitudes and values.

The majority of criminologists believe that the behavior of a pedophile is caused by environmental factors (nurture), involving upbringing and life experience of the individual. Furthermore, perpetrators confess that they themselves were child victims of sexual abuse.

However, recent studies revealed that individuals suffering from pedophilia are also fostered by genetic or biological traits which eventually lead to criminal behavior.

Colleen Berryessa, a Criminologist, stated that a 2014 Korean report on monozygotic twins with pedophilia, concluded that genetic influences appeared to be more important to the causes and development of pedophilia than environmental factors, including childhood abuse.

But there seems to be little or no agreement about what conclusively makes an individual cause pedophilia.

Experts also believe that there is no permanent treatment to cure pedophiles but some claim therapy treatment can work but is a challenge. Since pedophiles are sociopaths whose behavior is antisocial, lack sense of empathy and moral responsibility for their victims, the disorder is chronic and lifelong.

Studies show that pedophiles are repeat offenders after imprisonment or treatment.

The criminogenic asymmetries factor such as relaxed atmosphere, weaknesses in laws and enforcement produce criminal opportunity, motive for foreign pedophiles like Huckle himself to took advantage of the weak internal controls in a country to find victims. The penalty in their home country is normally more severe.

To fight this crime we need legislative changes, more effective laws, intelligence gathering and sharing, technology such as facial recognition and enhance investigation capabilities by training specialists.

Huckle operates a website called The Love Zone (TLZ) on the Dark Web, a hidden network used to maintain anonymity. His site consisted of photos of the children he abused and shared with other members.

The web is accessible only with specialized software or conducting deep web analysis. To make it more complicated; cybercriminals are often using encryption to protect their malicious data and communications.

There should also be increased focus on proper enforcement and skill level in conducting cybercrime investigations in order to reduce the use of the Dark Web in committing child sexual activities.

Crime prevention should be the priority for police but that should not be their sole responsibility. To prevent crime is the obligation of everyone in society and parents, schools and families have responsibility to ensure children are safe.

They must also instill in children a strong appreciation of right and wrong.

Parents, being the most important people in their children’s lives, must make sure children are not exposed to situations where irresponsible people can take advantage of them.

They must pay attention and respond when any adult seems overly focused on befriending a child, make a spot check on child nurseries and babysitters and do not allow a child to go alone on vacation or spend the night with someone other than those proven to be trustworthy and reliable.

Certainly do not assume that a person is reliable because of position, status, title or working in a place where children commonly gather.

At this point, our country still does not have a central registry for child abusers and pedophiles. The data is very important as it would contain the particulars of sex offenders, allowing law enforcement agencies to keep track and monitor the child sexual activities in our community. We need to protect our children.

By DATUK AKHBAR SATAR

Institute of Crime & Criminology, HELP University

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http://www.thestar.com.my/metro/focus/2016/06/10/protect-our-children-from-sex-offenders-malaysia-cannot-be-perceived-as-a-paradise-for-child-abusers/


The dynamics of elder abuse is different from child or domestic abuse. There needs to be specific laws that protect the elderly and safeguard their interests.

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