2 Chinese nationals admit breaking into Singapore home, stealing jewellery worth US$422,000
By CNA
Two men from a criminal syndicate in China scaled a fence of a house along Singapore’s Windsor Park Road and made off with S$570,000 (US$422,000) in jewellery.
Long Zhihua, 38, and Luo Changchang, 44, were caught before they returned to China, but the authorities did not manage to recover S$390,200 in jewellery belonging to the victim, a 53-year-old woman.
Both men, who are Chinese nationals, pleaded guilty on Tuesday to one count each of housebreaking.
Long has an additional charge of possessing stolen items, which will be taken into consideration when he is sentenced.
According to court documents, both men are part of a criminal syndicate from China. The duo came to Singapore for the purpose of breaking into houses to steal.
At least five other Chinese nationals from the same syndicate had come to Singapore around June this year for the same purpose.
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By CNA
Two men from a criminal syndicate in China scaled a fence of a house along Singapore’s Windsor Park Road and made off with S$570,000 (US$422,000) in jewellery.
Long Zhihua, 38, and Luo Changchang, 44, were caught before they returned to China, but the authorities did not manage to recover S$390,200 in jewellery belonging to the victim, a 53-year-old woman.
Both men, who are Chinese nationals, pleaded guilty on Tuesday to one count each of housebreaking.
Long has an additional charge of possessing stolen items, which will be taken into consideration when he is sentenced.
According to court documents, both men are part of a criminal syndicate from China. The duo came to Singapore for the purpose of breaking into houses to steal.
At least five other Chinese nationals from the same syndicate had come to Singapore around June this year for the same purpose.
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Hong Kong to host global heavyweights at Asian Financial Forum on ‘next growth engine’
By Aileen Chuang
Hong Kong is set to host the 18th Asian Financial Forum (AFF), the first major international financial and business event of 2025, under the theme “Powering the Next Growth Engine”.
The forum on January 13 and 14 will bring together 100 global policymakers and business leaders, financial experts and investors, entrepreneurs, tech giants and economists to discuss the latest developments in financial markets and investment opportunities, according to the organiser, the Hong Kong Trade Development Council (HKTDC).
It will be an opportunity for industry heavyweights to explore how Hong Kong can capitalise on its strengths as an international financial centre to seek breakthroughs, HKTDC added.
“The geopolitical and economic landscape of 2025 is set to be fraught with challenges, underscoring the importance of international collaboration,” said Luanne Lim, chairperson of the AFF steering committee and HSBC’s Hong Kong CEO.
The event will focus on the growth potential of emerging markets such as mainland China, Southeast Asia and the Middle East, as well as advancements in sectors like artificial intelligence (AI), fintech, sustainability, philanthropy and family offices, she added.
“The forum continues to provide a premier platform for renowned global investors and fundraisers to collaborate and ignite new engines for growth with its strong international influence and diverse perspectives,” Lim said.
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By Aileen Chuang
Hong Kong is set to host the 18th Asian Financial Forum (AFF), the first major international financial and business event of 2025, under the theme “Powering the Next Growth Engine”.
The forum on January 13 and 14 will bring together 100 global policymakers and business leaders, financial experts and investors, entrepreneurs, tech giants and economists to discuss the latest developments in financial markets and investment opportunities, according to the organiser, the Hong Kong Trade Development Council (HKTDC).
It will be an opportunity for industry heavyweights to explore how Hong Kong can capitalise on its strengths as an international financial centre to seek breakthroughs, HKTDC added.
“The geopolitical and economic landscape of 2025 is set to be fraught with challenges, underscoring the importance of international collaboration,” said Luanne Lim, chairperson of the AFF steering committee and HSBC’s Hong Kong CEO.
The event will focus on the growth potential of emerging markets such as mainland China, Southeast Asia and the Middle East, as well as advancements in sectors like artificial intelligence (AI), fintech, sustainability, philanthropy and family offices, she added.
“The forum continues to provide a premier platform for renowned global investors and fundraisers to collaborate and ignite new engines for growth with its strong international influence and diverse perspectives,” Lim said.
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Malaysia’s appointment of Thaksin and Hun Sen as Anwar’s advisers raise eyebrows
By Hadi AzmiReuters
Malaysia’s decision to appoint Thai ex-prime minister Thaksin Shinawatra and former Cambodian strongman Hun Sen as advisers to Prime Minister Anwar Ibrahim has raised eyebrows given the controversies surrounding the two titans of Asean’s political scene.
On Monday, Anwar made the surprise announcement that the Thai billionaire had accepted his invitation to advise him when Malaysia takes over as chairman of the Association of Southeast Asian Nations in January.
“Thank you for agreeing to this because we need the benefit of the experience of such a statesman,” Anwar said at a press conference in Putrajaya alongside Thai Prime Minister Paetongtarn Shinawatra, Thaksin’s daughter, during her first official visit to Malaysia.
Anwar’s nemesis and two-time former prime minister Mahathir Mohamad was sceptical when asked by reporters about Thaksin’s appointment.
“I don’t know why. Thaksin is problematic, but I don’t want to say anything,” he said on Tuesday, adding that it was Anwar’s “right to do what he wants”.
Malaysian Foreign Minister Mohamad Hasan earlier confirmed that Anwar would also consult “elder statesmen”, including former Cambodian Prime Minister Hun Sen.
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By Hadi AzmiReuters
Malaysia’s decision to appoint Thai ex-prime minister Thaksin Shinawatra and former Cambodian strongman Hun Sen as advisers to Prime Minister Anwar Ibrahim has raised eyebrows given the controversies surrounding the two titans of Asean’s political scene.
On Monday, Anwar made the surprise announcement that the Thai billionaire had accepted his invitation to advise him when Malaysia takes over as chairman of the Association of Southeast Asian Nations in January.
“Thank you for agreeing to this because we need the benefit of the experience of such a statesman,” Anwar said at a press conference in Putrajaya alongside Thai Prime Minister Paetongtarn Shinawatra, Thaksin’s daughter, during her first official visit to Malaysia.
Anwar’s nemesis and two-time former prime minister Mahathir Mohamad was sceptical when asked by reporters about Thaksin’s appointment.
“I don’t know why. Thaksin is problematic, but I don’t want to say anything,” he said on Tuesday, adding that it was Anwar’s “right to do what he wants”.
Malaysian Foreign Minister Mohamad Hasan earlier confirmed that Anwar would also consult “elder statesmen”, including former Cambodian Prime Minister Hun Sen.
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Hong Kong lawmakers spent 2 hours on average on each funding plan discussed
By Edith Lin
Hong Kong lawmakers spent about two hours on average vetting each of the 28 funding applications that required discussions this year, while a committee chairman said legislators took a “cautious” approach in scrutinising proposals.
Data revealed at a press conference held by the Legislative Council’s Finance Committee on Tuesday showed lawmakers approved a combined HK$250 billion (US$32.2 billion) for 58 funding applications in about 90 hours.
Only 28 proposals required discussion, taking up 54 hours and 49 minutes of the total, or an hour and 55 minutes for each application.
Addressing the forecast deficit of HK$100 billion for the 2024-25 financial year, committee chairman Ronick Chan Chun-ying said he was against cutting the salaries of civil servants and principal officials, arguing that effective measures were more important than a “goodwill gesture”.
He said the committee had spent about four hours vetting certain projects of public concern such as the Trunk Road T4 project that aimed to ease traffic congestion in Sha Tin.
Lawmakers’ criticism of the project’s initial cost of HK$7.1 billion prompted the Transport and Logistics Bureau to postpone its funding application and later scale it down to HK$6.8 billion. The committee approved the proposal in May.
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By Edith Lin
Hong Kong lawmakers spent about two hours on average vetting each of the 28 funding applications that required discussions this year, while a committee chairman said legislators took a “cautious” approach in scrutinising proposals.
Data revealed at a press conference held by the Legislative Council’s Finance Committee on Tuesday showed lawmakers approved a combined HK$250 billion (US$32.2 billion) for 58 funding applications in about 90 hours.
Only 28 proposals required discussion, taking up 54 hours and 49 minutes of the total, or an hour and 55 minutes for each application.
Addressing the forecast deficit of HK$100 billion for the 2024-25 financial year, committee chairman Ronick Chan Chun-ying said he was against cutting the salaries of civil servants and principal officials, arguing that effective measures were more important than a “goodwill gesture”.
He said the committee had spent about four hours vetting certain projects of public concern such as the Trunk Road T4 project that aimed to ease traffic congestion in Sha Tin.
Lawmakers’ criticism of the project’s initial cost of HK$7.1 billion prompted the Transport and Logistics Bureau to postpone its funding application and later scale it down to HK$6.8 billion. The committee approved the proposal in May.
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China’s ban on critical minerals to be felt across ‘all branches’ of US military
By Seong Hyeon Choi
China’s export ban on critical minerals to the United States could disrupt more than 1,000 US weapons production systems, according to a defence intelligence company report.
The analysis, published on December 3 by Govini, found that more than 20,000 individual parts used by the Pentagon and the US coastguard are captured under the ban, announced earlier this month by the Chinese commerce ministry.
The impact of the ban on the critical minerals antimony, gallium and germanium – used in everything from bullets and cables, to nuclear weapons, night vision goggles and even EV batteries – will be felt across all branches of the military, the report said.
According to the analysis, 6,335 of the affected weapons parts need antimony, 11,351 require gallium, while germanium is used in 12,777.
“Despite known US stockpiles, ensuring readiness and sustainment for the systems that depend on these minerals on a protracted basis will require precision,” it said.
“It is imperative that [the Department of Defence] have the ability to map supply and anticipate demand as it relates to specific weapons systems … to effectively mitigate the risk caused by the critical minerals export controls.”
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By Seong Hyeon Choi
China’s export ban on critical minerals to the United States could disrupt more than 1,000 US weapons production systems, according to a defence intelligence company report.
The analysis, published on December 3 by Govini, found that more than 20,000 individual parts used by the Pentagon and the US coastguard are captured under the ban, announced earlier this month by the Chinese commerce ministry.
The impact of the ban on the critical minerals antimony, gallium and germanium – used in everything from bullets and cables, to nuclear weapons, night vision goggles and even EV batteries – will be felt across all branches of the military, the report said.
According to the analysis, 6,335 of the affected weapons parts need antimony, 11,351 require gallium, while germanium is used in 12,777.
“Despite known US stockpiles, ensuring readiness and sustainment for the systems that depend on these minerals on a protracted basis will require precision,” it said.
“It is imperative that [the Department of Defence] have the ability to map supply and anticipate demand as it relates to specific weapons systems … to effectively mitigate the risk caused by the critical minerals export controls.”
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Policy support sees China’s tax revenue rise for second straight month
By Sylvia Ma
China’s tax revenue rose for the second straight month in November on the back of supportive domestic policies, while local governments continued to struggle with shrinking land sales income amid a prolonged property market slump.
Tax revenue climbed 5.3 per cent year on year to 1.11 trillion yuan (US$152.4 billion) last month, following October’s 1.8 per cent growth, according to calculations by Chinese financial data provider Wind based on official releases from China’s Ministry of Finance.
With non-tax revenue surging 40.4 per cent, overall general public budget revenue jumped 11 per cent in November, marking the first double-digit growth since June last year and the third consecutive monthly increase.
“Among major tax categories, corporate income tax, domestic value-added tax, export rebates, and stamp duty showed notable improvement,” GF Securities said in a research note on Tuesday.
“It offers a clear and direct reflection of the ramped-up countercyclical policies taking effect.”
Beijing has unveiled a slew of supportive policies, starting with monetary easing by the central bank at the end of September, to prop up growth amid weak consumption, rising local government debt and a property downturn.
At last week’s annual central economic work conference, policymakers made the expansion of domestic demand the top economic priority for next year, following the Communist Party Politburo’s earlier promise to adopt “more active” policies and “unconventional” countercyclical adjustments to steer the economy.
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By Sylvia Ma
China’s tax revenue rose for the second straight month in November on the back of supportive domestic policies, while local governments continued to struggle with shrinking land sales income amid a prolonged property market slump.
Tax revenue climbed 5.3 per cent year on year to 1.11 trillion yuan (US$152.4 billion) last month, following October’s 1.8 per cent growth, according to calculations by Chinese financial data provider Wind based on official releases from China’s Ministry of Finance.
With non-tax revenue surging 40.4 per cent, overall general public budget revenue jumped 11 per cent in November, marking the first double-digit growth since June last year and the third consecutive monthly increase.
“Among major tax categories, corporate income tax, domestic value-added tax, export rebates, and stamp duty showed notable improvement,” GF Securities said in a research note on Tuesday.
“It offers a clear and direct reflection of the ramped-up countercyclical policies taking effect.”
Beijing has unveiled a slew of supportive policies, starting with monetary easing by the central bank at the end of September, to prop up growth amid weak consumption, rising local government debt and a property downturn.
At last week’s annual central economic work conference, policymakers made the expansion of domestic demand the top economic priority for next year, following the Communist Party Politburo’s earlier promise to adopt “more active” policies and “unconventional” countercyclical adjustments to steer the economy.
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Chinese IPOs surge in Hong Kong as Minieye, Guming line up listings
By Mia Castagnone
Plans for Hong Kong share listings by Chinese companies are coming at a faster pace, as autonomous driving start-up Minieye Technology prices its shares and bubble tea giant Guming revives its initial public offering (IPO) plans.
Shenzhen-based Minieye will sell 39 million shares in the range of HK$17 to HK$20.20 next week, which would allow it to raise up to HK$783 million (US$100 million), the company said in an exchange filing on Tuesday. Guming, which has roughly 9,000 shops in mainland China, aimed to raise US$300 million to US$500 million when it first made a move to list earlier this year.
The growing momentum from Chinese companies is expected to bolster Hong Kong’s exchange in 2025, according to recent forecasts by EY and KPMG.
Fundraising reached HK$83.4 billion in the year to November, according to data compiled by EY, an increase of 80 per cent from a year earlier. The city’s IPO market slumped for a third straight year in 2023 when volume dropped to US$5.9 billion, according to LSE Group data.
Minieye is backed by Alibaba Group Holding co-founder Eddy Wu, who holds a 2.3 per cent stake in the company, according to its prospectus. The company went through at least 17 rounds of fundraising before submitting its prospectus on May 27. Alibaba owns the Post.
Founded in 2014, the start-up’s corporate backers include investment houses such as Beijing Siwei Management, Shenzhen Zeyi, and China International Capital. The company has supported 29 carmakers in delivering autonomous-driving systems.
The exchange is also seeing a flurry of interest from consumer-focused companies. Guming revived its plan for an IPO in Hong Kong over the weekend, after the China Securities Regulatory Commission approved the listing.
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By Mia Castagnone
Plans for Hong Kong share listings by Chinese companies are coming at a faster pace, as autonomous driving start-up Minieye Technology prices its shares and bubble tea giant Guming revives its initial public offering (IPO) plans.
Shenzhen-based Minieye will sell 39 million shares in the range of HK$17 to HK$20.20 next week, which would allow it to raise up to HK$783 million (US$100 million), the company said in an exchange filing on Tuesday. Guming, which has roughly 9,000 shops in mainland China, aimed to raise US$300 million to US$500 million when it first made a move to list earlier this year.
The growing momentum from Chinese companies is expected to bolster Hong Kong’s exchange in 2025, according to recent forecasts by EY and KPMG.
Fundraising reached HK$83.4 billion in the year to November, according to data compiled by EY, an increase of 80 per cent from a year earlier. The city’s IPO market slumped for a third straight year in 2023 when volume dropped to US$5.9 billion, according to LSE Group data.
Minieye is backed by Alibaba Group Holding co-founder Eddy Wu, who holds a 2.3 per cent stake in the company, according to its prospectus. The company went through at least 17 rounds of fundraising before submitting its prospectus on May 27. Alibaba owns the Post.
Founded in 2014, the start-up’s corporate backers include investment houses such as Beijing Siwei Management, Shenzhen Zeyi, and China International Capital. The company has supported 29 carmakers in delivering autonomous-driving systems.
The exchange is also seeing a flurry of interest from consumer-focused companies. Guming revived its plan for an IPO in Hong Kong over the weekend, after the China Securities Regulatory Commission approved the listing.
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Bali Zoo mourns death of Sumatran elephant swept away by river current
By Associated Press
An elephant that lived at the zoo on Indonesia’s tourist island of Bali was found dead on Tuesday after being swept away by a strong river current.
Molly, a 45-year-old female Sumatran elephant was one of two being guided by a mahout to a holding area outside the zoo grounds through a river on Monday afternoon. The activity was part of their daily routine of mental and physical stimulation.
The first elephant had made it across and Molly was in the river when the current suddenly increased due to heavy rain upstream, the zoo said in a statement.
“In this situation, Molly lost her balance and was swept away by the current,” it said. The mahout was uninjured.
A team from Bali Zoo and Bali Natural Resources Conservation Agency conducted an intensive search. The dead elephant was found on Tuesday morning in Cengceng river in Sukawati subdistrict in Gianyar district, Bali.
“The entire team at Bali Zoo is deeply saddened by the loss of Molly, a female elephant who has been an important part of our extended family. Molly was known to be a kind and friendly elephant,” the zoo said.
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By Associated Press
An elephant that lived at the zoo on Indonesia’s tourist island of Bali was found dead on Tuesday after being swept away by a strong river current.
Molly, a 45-year-old female Sumatran elephant was one of two being guided by a mahout to a holding area outside the zoo grounds through a river on Monday afternoon. The activity was part of their daily routine of mental and physical stimulation.
The first elephant had made it across and Molly was in the river when the current suddenly increased due to heavy rain upstream, the zoo said in a statement.
“In this situation, Molly lost her balance and was swept away by the current,” it said. The mahout was uninjured.
A team from Bali Zoo and Bali Natural Resources Conservation Agency conducted an intensive search. The dead elephant was found on Tuesday morning in Cengceng river in Sukawati subdistrict in Gianyar district, Bali.
“The entire team at Bali Zoo is deeply saddened by the loss of Molly, a female elephant who has been an important part of our extended family. Molly was known to be a kind and friendly elephant,” the zoo said.
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Lawyers group has ‘frank’ talk with Beijing about Hong Kong post-Article 23
By Willa Wu
The Hong Kong Bar Association has held a “frank” discussion with mainland Chinese officials overseeing the city’s affairs about the local situation following the enactment of domestic national security legislation, the organisation’s chairman has said.
Victor Dawes, who is visiting Beijing at the head of a 14-member delegation, met officials from the Hong Kong and Macau Affairs Office (HKMAO) on Tuesday morning, the second day of the association’s three-day trip to the capital.
In April of last year, the organisation visited Beijing for an ice-breaking trip after the annual exchanges of views were paused for five years.
Tuesday’s meeting was also attended by Shen Chunyao, chairman of the Legislative Affairs Committee and Basic Law Committee, which falls under the National People’s Congress Standing Committee – the country’s top legislative body.
Xiang Bin, a party group member at the HKMAO also attended the annual exchange session for the first time.
Speaking to reporters in Beijing, Dawes said: “We have endeavoured to accurately reflect the situation in Hong Kong, matters that the general public is concerned with and matters that the legal profession is concerned with.
“Those dialogues were frank … We have definitely not reported only the good things but have also mentioned worthy concerns.”
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By Willa Wu
The Hong Kong Bar Association has held a “frank” discussion with mainland Chinese officials overseeing the city’s affairs about the local situation following the enactment of domestic national security legislation, the organisation’s chairman has said.
Victor Dawes, who is visiting Beijing at the head of a 14-member delegation, met officials from the Hong Kong and Macau Affairs Office (HKMAO) on Tuesday morning, the second day of the association’s three-day trip to the capital.
In April of last year, the organisation visited Beijing for an ice-breaking trip after the annual exchanges of views were paused for five years.
Tuesday’s meeting was also attended by Shen Chunyao, chairman of the Legislative Affairs Committee and Basic Law Committee, which falls under the National People’s Congress Standing Committee – the country’s top legislative body.
Xiang Bin, a party group member at the HKMAO also attended the annual exchange session for the first time.
Speaking to reporters in Beijing, Dawes said: “We have endeavoured to accurately reflect the situation in Hong Kong, matters that the general public is concerned with and matters that the legal profession is concerned with.
“Those dialogues were frank … We have definitely not reported only the good things but have also mentioned worthy concerns.”
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Sri Lanka’s Dissanayake chooses India for his first overseas trip – is China a factor?
By Biman Mukherji
The visit by Sri Lankan President Aruna Kumara Dissanayake to India on his first overseas trip is seen by analysts as his commitment to deepen New Delhi’s economic support for debt-stricken Colombo and allay any concerns over China’s influence in the South Asian island nation.
Dissanayake, who took office in September, met Indian Prime Minister Narendra Modi on Monday and both leaders agreed to increase economic cooperation. Among their proposed measures, India, Sri Lanka and the United Arab Emirates will build an energy pipeline between the two South Asian countries while India also plans to supply liquefied natural gas to Sri Lanka.
Following Sri Lanka’s economic collapse in 2022, India stepped in with billions of dollars in financial aid, including food, fuel and medicines.
During his meeting with Modi, Dissanayake thanked India for stabilising the country’s economy through financial support of US$4 billion and helping in restructuring the country’s debt.
“I think he [Dissanayake] would primarily be interested in ensuring that commercial support [from India] comes through because the country’s economy remains very fragile,” said Harsh Pant, an international relations professor at King’s College London.
While India’s aid to Sri Lanka would continue, Delhi might bring up concerns of private Indian investors about their projects in Sri Lanka coming under scrutiny by the local authorities, said Aditya Gowdara Shivamurthy, associate fellow, Neighbourhood Studies at Observer Research Foundation.
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By Biman Mukherji
The visit by Sri Lankan President Aruna Kumara Dissanayake to India on his first overseas trip is seen by analysts as his commitment to deepen New Delhi’s economic support for debt-stricken Colombo and allay any concerns over China’s influence in the South Asian island nation.
Dissanayake, who took office in September, met Indian Prime Minister Narendra Modi on Monday and both leaders agreed to increase economic cooperation. Among their proposed measures, India, Sri Lanka and the United Arab Emirates will build an energy pipeline between the two South Asian countries while India also plans to supply liquefied natural gas to Sri Lanka.
Following Sri Lanka’s economic collapse in 2022, India stepped in with billions of dollars in financial aid, including food, fuel and medicines.
During his meeting with Modi, Dissanayake thanked India for stabilising the country’s economy through financial support of US$4 billion and helping in restructuring the country’s debt.
“I think he [Dissanayake] would primarily be interested in ensuring that commercial support [from India] comes through because the country’s economy remains very fragile,” said Harsh Pant, an international relations professor at King’s College London.
While India’s aid to Sri Lanka would continue, Delhi might bring up concerns of private Indian investors about their projects in Sri Lanka coming under scrutiny by the local authorities, said Aditya Gowdara Shivamurthy, associate fellow, Neighbourhood Studies at Observer Research Foundation.
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Worker found dead on roof of Hong Kong building after falling during paint job
By Harvey Kong
A woman has been found dead on the roof of a building in Shek Kong Barracks on Tuesday, with Hong Kong police deeming it an industrial accident.
The Labour Department said it was aware of the case and that it has launched an investigation, with one concern group saying it was “unacceptable” for a worker to have remained at their place of work without being noticed.
The force said that it received a report of the woman lying down at the roof of a building at Shek Kong Barracks along Route Twisk, where she was certified dead at the scene. Police believed that she lost her balance on a ladder and fell while doing paint work on the site.
The 67-year-old woman, surnamed Kung, fell unconscious and later died. The case was later classified as an industrial accident by the force.
Asked about the incident, the Labour Department said it was aware of the case and had launched an investigation.
Fay Siu Sin-man, chief executive of the Association for the Rights of Industrial Accident Victims, called the death “unacceptable”, saying it was not the first time such a situation had occurred.
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By Harvey Kong
A woman has been found dead on the roof of a building in Shek Kong Barracks on Tuesday, with Hong Kong police deeming it an industrial accident.
The Labour Department said it was aware of the case and that it has launched an investigation, with one concern group saying it was “unacceptable” for a worker to have remained at their place of work without being noticed.
The force said that it received a report of the woman lying down at the roof of a building at Shek Kong Barracks along Route Twisk, where she was certified dead at the scene. Police believed that she lost her balance on a ladder and fell while doing paint work on the site.
The 67-year-old woman, surnamed Kung, fell unconscious and later died. The case was later classified as an industrial accident by the force.
Asked about the incident, the Labour Department said it was aware of the case and had launched an investigation.
Fay Siu Sin-man, chief executive of the Association for the Rights of Industrial Accident Victims, called the death “unacceptable”, saying it was not the first time such a situation had occurred.
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Digital nationalism is killing the promise of an open internet
By Jeffrey Wu
The internet was once heralded as a force that transcended borders, connecting people and businesses in a seamless global network. That vision, however, is rapidly unravelling.
Governments are asserting sovereignty over their digital domains, rewriting rules for global tech giants. Driven by national security concerns, economic priorities and geopolitical rivalries, this shift is fracturing the digital economy – with profound consequences.
By 2022, the digital economy accounted for 15.5 per cent of the global economy, projected to grow to 17 per cent by 2028, with over two-thirds of new value creation expected from digitally enabled platforms over the next decade. Yet the dream of a borderless ecosystem is giving way to a reality of increasingly fragmented markets.
Policies mandating local data storage, production and partnerships are raising compliance costs and eroding the interconnectedness that once defined the digital era.
Indonesia has emerged as a leader in this shift. Apple’s US$100 million investment offer fell short of the country’s ambitions. The government then said in early December that the company is planning a US$1 billion investment tied to stringent local component requirements.
Apple must ensure that at least 40 per cent of its smartphone components sold domestically are made locally. This aligns with the country’s Making Indonesia 4.0 road map, which prioritises high-value exports in electronics, chemicals and advanced technologies.
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By Jeffrey Wu
The internet was once heralded as a force that transcended borders, connecting people and businesses in a seamless global network. That vision, however, is rapidly unravelling.
Governments are asserting sovereignty over their digital domains, rewriting rules for global tech giants. Driven by national security concerns, economic priorities and geopolitical rivalries, this shift is fracturing the digital economy – with profound consequences.
By 2022, the digital economy accounted for 15.5 per cent of the global economy, projected to grow to 17 per cent by 2028, with over two-thirds of new value creation expected from digitally enabled platforms over the next decade. Yet the dream of a borderless ecosystem is giving way to a reality of increasingly fragmented markets.
Policies mandating local data storage, production and partnerships are raising compliance costs and eroding the interconnectedness that once defined the digital era.
Indonesia has emerged as a leader in this shift. Apple’s US$100 million investment offer fell short of the country’s ambitions. The government then said in early December that the company is planning a US$1 billion investment tied to stringent local component requirements.
Apple must ensure that at least 40 per cent of its smartphone components sold domestically are made locally. This aligns with the country’s Making Indonesia 4.0 road map, which prioritises high-value exports in electronics, chemicals and advanced technologies.
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China is recruiting embassy staff with a focus on electric vehicles, source says
By SCMP Reporter
Beijing is on the hunt for science and technology counsellors for its overseas embassies, with a focus on diplomatic engagement related to the electric vehicle sector, according to a source with knowledge of the situation.
China has the world’s biggest EV market and the latest diplomatic push comes as it faces allegations of overcapacity, with the US, Canada and Europe all slapping tariffs on its electric cars in a bid to level the playing field for local manufacturers.
Hundreds of candidates sat an exam in Beijing recently as part of the recruitment process for new science and technology counsellors, according to the source, who was speaking on condition of anonymity due to the sensitivity of the matter.
The candidates were put forward by state-owned research institutes or government agencies from across the country, the person said.
Most of the applicants were said to be fluent in English and had been educated overseas. They were assessed on their understanding of Communist Party ideology – a standard test for all government-related positions – as well as knowledge of the electric vehicle sector.
It is not known how many counsellor positions are being filled, but the Ministry of Science and Technology has carried out similar selection processes in recent years in an effort to create a pool of science talent to post in China’s diplomatic missions abroad, the source said.
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By SCMP Reporter
Beijing is on the hunt for science and technology counsellors for its overseas embassies, with a focus on diplomatic engagement related to the electric vehicle sector, according to a source with knowledge of the situation.
China has the world’s biggest EV market and the latest diplomatic push comes as it faces allegations of overcapacity, with the US, Canada and Europe all slapping tariffs on its electric cars in a bid to level the playing field for local manufacturers.
Hundreds of candidates sat an exam in Beijing recently as part of the recruitment process for new science and technology counsellors, according to the source, who was speaking on condition of anonymity due to the sensitivity of the matter.
The candidates were put forward by state-owned research institutes or government agencies from across the country, the person said.
Most of the applicants were said to be fluent in English and had been educated overseas. They were assessed on their understanding of Communist Party ideology – a standard test for all government-related positions – as well as knowledge of the electric vehicle sector.
It is not known how many counsellor positions are being filled, but the Ministry of Science and Technology has carried out similar selection processes in recent years in an effort to create a pool of science talent to post in China’s diplomatic missions abroad, the source said.
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European luxury stocks find gold to end the year on China, US optimism
By Bloomberg
Shares of European luxury goods companies are rebounding after a bad year, as investors hope stimulus measures in China will support the economy and spur consumption.
Optimism seems to be returning following Beijing’s recent efforts to support the economy, which has put shares of luxury companies on course for their best month since February. A Goldman Sachs basket tracking the sector is up more than 8 per cent in December, trimming its year-to-date decline to just 1 per cent.
Chinese consumers account for nearly 15 per cent of the global luxury market and any future stimulus measures could spark a rally in equities. Another potential boon for luxury demand next year could come from the US, where Donald Trump’s plans to deregulate the economy and reduce taxes could help to increase consumer spending.
“For many luxury companies, China and the US remain key catalysts for the short-term,” said Dora Buckulčíková, a portfolio manager at Robeco Switzerland. “We are positive on both” even if the exact timing of the turnaround is “still uncertain,” she said in an interview.
This year has been difficult for LVMH Moët Hennessy Louis Vuitton (LVMH), the world’s biggest luxury stock, which was Europe’s largest listed company before being overtaken by drug maker Novo Nordisk.
LVMH shares are down 14 per cent so far this year, their worst performance since the global financial crisis. The stock now trades at 22 times its 12-month blended forward price-to-earnings, below an average of about 25 times since 2018.
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By Bloomberg
Shares of European luxury goods companies are rebounding after a bad year, as investors hope stimulus measures in China will support the economy and spur consumption.
Optimism seems to be returning following Beijing’s recent efforts to support the economy, which has put shares of luxury companies on course for their best month since February. A Goldman Sachs basket tracking the sector is up more than 8 per cent in December, trimming its year-to-date decline to just 1 per cent.
Chinese consumers account for nearly 15 per cent of the global luxury market and any future stimulus measures could spark a rally in equities. Another potential boon for luxury demand next year could come from the US, where Donald Trump’s plans to deregulate the economy and reduce taxes could help to increase consumer spending.
“For many luxury companies, China and the US remain key catalysts for the short-term,” said Dora Buckulčíková, a portfolio manager at Robeco Switzerland. “We are positive on both” even if the exact timing of the turnaround is “still uncertain,” she said in an interview.
This year has been difficult for LVMH Moët Hennessy Louis Vuitton (LVMH), the world’s biggest luxury stock, which was Europe’s largest listed company before being overtaken by drug maker Novo Nordisk.
LVMH shares are down 14 per cent so far this year, their worst performance since the global financial crisis. The stock now trades at 22 times its 12-month blended forward price-to-earnings, below an average of about 25 times since 2018.
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China’s crop import curbs causing soybean shortage
By Bloomberg
The Chinese government’s efforts to limit agricultural imports this year are causing a soybean shortage in the south of the country by leading to longer-than-usual wait times at customs, according to traders with knowledge of the matter.
Some soybean crushers in the oilseed processing hub of Dongguan in Guangdong province have had to suspend operations for the last three weeks as they cannot get enough supply, said the traders, who asked not to be identified as they are not authorised to speak publicly. Cargoes have been delayed at the border for more than 20 days, compared with about five days under normal circumstances, they said.
China’s General Administration of Customs could not be reached for comment.
Dongguan is one of the major oilseed crushing centres in China, and is home to factories run by companies including agricultural powerhouse Cargill and Yihai Kerry Arawana Holdings. Spot prices for soybean meal, used in animal feed, in Guangdong jumped almost 7 per cent last week, the biggest increase since March, due to the shortage.
Officials are taking longer than usual to perform quality inspections on imported beans, said a spokesperson from Wilmar International, the parent company of Yihai Kerry. Cargill did not respond to an email inquiry on the impact on its operations in Dongguan.
China, the world’s biggest food importer, has asked traders and processors to buy less foreign grain this year in an attempt to buoy prices and support local farmers amid a slowdown in domestic demand. Authorities initially suggested corn purchases be kept subdued and then later requested halts of barley and sorghum imports, but the measures seem to be leading to longer customs wait times for other crops as well.
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By Bloomberg
The Chinese government’s efforts to limit agricultural imports this year are causing a soybean shortage in the south of the country by leading to longer-than-usual wait times at customs, according to traders with knowledge of the matter.
Some soybean crushers in the oilseed processing hub of Dongguan in Guangdong province have had to suspend operations for the last three weeks as they cannot get enough supply, said the traders, who asked not to be identified as they are not authorised to speak publicly. Cargoes have been delayed at the border for more than 20 days, compared with about five days under normal circumstances, they said.
China’s General Administration of Customs could not be reached for comment.
Dongguan is one of the major oilseed crushing centres in China, and is home to factories run by companies including agricultural powerhouse Cargill and Yihai Kerry Arawana Holdings. Spot prices for soybean meal, used in animal feed, in Guangdong jumped almost 7 per cent last week, the biggest increase since March, due to the shortage.
Officials are taking longer than usual to perform quality inspections on imported beans, said a spokesperson from Wilmar International, the parent company of Yihai Kerry. Cargill did not respond to an email inquiry on the impact on its operations in Dongguan.
China, the world’s biggest food importer, has asked traders and processors to buy less foreign grain this year in an attempt to buoy prices and support local farmers amid a slowdown in domestic demand. Authorities initially suggested corn purchases be kept subdued and then later requested halts of barley and sorghum imports, but the measures seem to be leading to longer customs wait times for other crops as well.
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Central Beijing mall put up for sale by Hong Kong developer Parkview
By Bloomberg
A landmark commercial complex in Beijing is being put up for sale by Hong Kong-headquartered property company Parkview Group, as China’s prolonged property slump weighs on its cash flow.
Parkview Green, locally known as Fang Cao Di, located in Beijing’s central business district, is up for sale as the company grapples with high mortgage payments and low occupancy rates in the capital city, according to people familiar with the matter, asking not to be named discussing private matters.
A Chinese state-owned firm is interested in purchasing the asset, which is known for its unique pyramid-shaped structure, the people said. Considerations are ongoing and no final decisions have been made, the people added.
Completed in 2012, the 200,000-square-meter, mixed-use development located in Beijing’s Chaoyang district includes a shopping centre, hotel, office towers and an arts hub, according to its website.
The potential sale of Parkview Green comes amid China’s prolonged real estate slump and sluggish consumer spending. Retail sales rose 3 per cent in November from a year ago, the slowest pace in three months and undershooting even the most bearish of forecasts.
Meanwhile, China’s commercial real estate is suffering a downturn, with Beijing’s citywide vacancies jumping to 20.6 per cent in the second quarter, the highest in at least 15 years, Bloomberg News reported earlier citing Colliers data.
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By Bloomberg
A landmark commercial complex in Beijing is being put up for sale by Hong Kong-headquartered property company Parkview Group, as China’s prolonged property slump weighs on its cash flow.
Parkview Green, locally known as Fang Cao Di, located in Beijing’s central business district, is up for sale as the company grapples with high mortgage payments and low occupancy rates in the capital city, according to people familiar with the matter, asking not to be named discussing private matters.
A Chinese state-owned firm is interested in purchasing the asset, which is known for its unique pyramid-shaped structure, the people said. Considerations are ongoing and no final decisions have been made, the people added.
Completed in 2012, the 200,000-square-meter, mixed-use development located in Beijing’s Chaoyang district includes a shopping centre, hotel, office towers and an arts hub, according to its website.
The potential sale of Parkview Green comes amid China’s prolonged real estate slump and sluggish consumer spending. Retail sales rose 3 per cent in November from a year ago, the slowest pace in three months and undershooting even the most bearish of forecasts.
Meanwhile, China’s commercial real estate is suffering a downturn, with Beijing’s citywide vacancies jumping to 20.6 per cent in the second quarter, the highest in at least 15 years, Bloomberg News reported earlier citing Colliers data.
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