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Friday, December 29, 2017

Bitcoin falls as S. Korea says exchange closures possible

Downtrend: A small toy figure is seen on representations of the bitcoin virtual currency in this illustration. The cryptocurrency is down about 28 from its record high reached last week. — Reuters


SEOUL: Bitcoin resumed its tumble after South Korea said it was eyeing options including a potential shutdown of at least some cryptocurrency exchanges to stamp out a frenzy of speculation.

South Korea has been ground zero for a global surge in interest in bitcoin and other cryptocurrencies as prices surged this year, prompting the nation’s prime minister to worry over the impact on Korean youth.

While there’s no immediate indication Asia’s No. 4 economy will shutter exchanges that have accounted by some measures for more than fifth of global trading, the news poses a warning as regulators the world over express concerns about private digital currencies.

Bitcoin fell as much as 9% to as low as US$13,828 in Asia trading, erasing modest gains after the South Korean release, composite Bloomberg pricing shows. It’s now down about 28% from its record high reached last week.

South Korea will require real-name cryptocurrency transactions and impose a ban on the offering of virtual accounts by banks to crypto-exchanges, according to a statement from the Office for Government Policy Coordination.

Policy makers will review measures including the closure of crypto-exchanges suggested by the Ministry of Justice and take proper measures swiftly and firmly while monitoring the trend of the speculation. Bitcoin was trading at about a 30% premium over prevailing international rates yesterday in Seoul – a continuing sign of the country’s obsession, and the difficulty in arbitraging between markets.

“Cryptocurrency speculation has been irrationally overheated in South Korea,” the government said in the statement, which comes little more than a week after the bankruptcy filing of one South Korean exchange. “The government can’t leave the abnormal situation of speculation any longer.”

Singapore’s monetary authority warned last week that cryptocurrency buyers should be aware they could lose all their money, joining counterparts who’ve warned about speculative mania surrounding bitcoin, which has surged more than 1,300% this year.

“Regulators are getting so concerned that this is primarily and predominantly a retail phenomenon,” said Stephen Innes, head of trading for Asia-Pacific at Oanda. “Regulators not only in Asia but globally are going to start addressing this fact because I don’t think they’ve actually come to terms with what the absolute downside of a complete drop in crypto means for the economy.”

Source: Bloomberg

Related posts:

Bitcoin falls as S. Korea says exchange closures possible

Downtrend: A small toy figure is seen on representations of the bitcoin virtual currency in this illustration. The cryptocurrency is down about 28 from its record high reached last week. — Reuters


SEOUL: Bitcoin resumed its tumble after South Korea said it was eyeing options including a potential shutdown of at least some cryptocurrency exchanges to stamp out a frenzy of speculation.

South Korea has been ground zero for a global surge in interest in bitcoin and other cryptocurrencies as prices surged this year, prompting the nation’s prime minister to worry over the impact on Korean youth.

While there’s no immediate indication Asia’s No. 4 economy will shutter exchanges that have accounted by some measures for more than fifth of global trading, the news poses a warning as regulators the world over express concerns about private digital currencies.

Bitcoin fell as much as 9% to as low as US$13,828 in Asia trading, erasing modest gains after the South Korean release, composite Bloomberg pricing shows. It’s now down about 28% from its record high reached last week.

South Korea will require real-name cryptocurrency transactions and impose a ban on the offering of virtual accounts by banks to crypto-exchanges, according to a statement from the Office for Government Policy Coordination.

Policy makers will review measures including the closure of crypto-exchanges suggested by the Ministry of Justice and take proper measures swiftly and firmly while monitoring the trend of the speculation. Bitcoin was trading at about a 30% premium over prevailing international rates yesterday in Seoul – a continuing sign of the country’s obsession, and the difficulty in arbitraging between markets.

“Cryptocurrency speculation has been irrationally overheated in South Korea,” the government said in the statement, which comes little more than a week after the bankruptcy filing of one South Korean exchange. “The government can’t leave the abnormal situation of speculation any longer.”

Singapore’s monetary authority warned last week that cryptocurrency buyers should be aware they could lose all their money, joining counterparts who’ve warned about speculative mania surrounding bitcoin, which has surged more than 1,300% this year.

“Regulators are getting so concerned that this is primarily and predominantly a retail phenomenon,” said Stephen Innes, head of trading for Asia-Pacific at Oanda. “Regulators not only in Asia but globally are going to start addressing this fact because I don’t think they’ve actually come to terms with what the absolute downside of a complete drop in crypto means for the economy.”

Source: Bloomberg

Related posts:

Monday, December 25, 2017

Protect your IoT devices

The Internet of Things is a big, juicy target for criminals. — Dreamstime/TNS

As more and more devices connect to the Internet, the risk of them being targeted by criminals is also increasing.


Internet-connected devices are nearly ubiquitous, with ­computer circuitry now found in a variety of common appliances. They can include security cameras, DVRs, printers, cars, baby monitors, and refrigerators – even “smart” lightbulbs and clothing. Collectively those devices are called the Internet of Things.

The Internet of Things is a big, juicy target for criminals. Up to a million devices were hijacked to create the Mirai botnet which was used to extort companies and bring a university computer system in New Jersey to its knees. The botnet was later exploited to bring down vast swaths of the Internet in a ­sustained attack on Oct 21, 2016.

Paras Jha, a former Rutgers University student, pleaded guilty Dec 8 with two other men who admitted they wrote the Mirai code. Named after an obscure anime film character, Mirai scoured the Internet for unsecured devices and easily found them.

Once discovered, the Internet of Things devices were hijacked by the Mirai malware and became part of a botnet that launched assaults on Internet service providers and scores of websites. Jha, 21, allegedly monetised the botnet by demanding ransom to call off the attacks, using it to inflate the number of advertising clicks on websites, and renting it out to other hackers for their own nefarious ends.

The attacks on Rutgers’ computer system may have cost the school US$9mil (RM36.70mil), prosecutors said. Rutgers officials told NJ.com the cost of enhancing security was one of the reasons the school hiked tuition in 2016.

When Jha discovered federal investigators were closing in, he released the Mirai source code to the world to cover his tracks. The code is still circulating online and causing damage, according to Brian Krebs, of KrebsOnSecurity.com.

Krebs advises taking these precautions to keep your Internet of Things devices protected:

– Avoid connecting your devices directly to the Internet.

– Change the default credentials to a complex password that only you will know and can remember. – Check the defaults, and make sure things like UPnP (Universal Plug and Play – which can easily poke holes in your fire wall without you knowing it) are disabled.

– Avoid Internet of Things devices that advertise built-in Peer-to-Peer (P2P) capabilities. P2P Internet of things devices are notoriously difficult to secure, and research repeatedly has shown that they can be reachable even through a fire wall remotely over the internet. That’s because they’re configured to continuously find ways to connect to a global, shared network so that people can access them remotely.

– When it comes to Internet of things devices, cheaper is definitely not better. There is no direct correlation between price and security, but history has shown that less expensive devices tend to have the most vulnerabilities.

The US Department of Justice also offers these tips to protect Internet-connected devices.

– Do your research. Consider the security features of your Internet of things devices before buying. If the device uses a password, make sure it allows you to change it.

– Update firmware when available. Internet of Things devices can be susceptible if not regularly patched. Only install updates from known and reputable sites.

– Disconnect your insecure Internet of Things devices. Outdated security? Can’t update passwords? Then unplug it. – Turn off Internet of Things devices when not in use, or periodically if otherwise always on. Malware is stored in memory and can often be erased by turning the device off and back on.

– Protect routers and WiFi networks. Use your router’s built-in fire wall, confirm it’s enabled.

– Avoid using public WiFi to check Internet of things devices from a smartphone.

– Use antivirus and intrusion-detection products.

– Ask for help, or hire help, if you can’t figure out fire walls or how to “segment” your network of Internet of things devices.

Some free online resources can help determine whether your devices are susceptible to being accessed by Mirai or other malware. Be cautious and use only well-known sources.

If you suspect your Internet of things device is infected, turn it off and on again to purge the device’s memory. Change the password. — The Philadelphia Inquirer/Tribune News Services

Source: By Sam Wood Tech News

Related Links:

A massive zombie robotic network, or botnet, has expanded to infect "an estimated million organizations" and could bring corners of the internet to its knees, Check Point Software says. — Sipa USA/TNS

New digital ‘hurricane’ churns, gathering strength to land blow on the Internet

Just as hurricane trackers chart storms in the Atlantic before they make landfall, cybersecurity researchers track viral infections that threaten mayhem. They've found a doozy.

Protect your IoT devices

The Internet of Things is a big, juicy target for criminals. — Dreamstime/TNS

As more and more devices connect to the Internet, the risk of them being targeted by criminals is also increasing.


Internet-connected devices are nearly ubiquitous, with ­computer circuitry now found in a variety of common appliances. They can include security cameras, DVRs, printers, cars, baby monitors, and refrigerators – even “smart” lightbulbs and clothing. Collectively those devices are called the Internet of Things.

The Internet of Things is a big, juicy target for criminals. Up to a million devices were hijacked to create the Mirai botnet which was used to extort companies and bring a university computer system in New Jersey to its knees. The botnet was later exploited to bring down vast swaths of the Internet in a ­sustained attack on Oct 21, 2016.

Paras Jha, a former Rutgers University student, pleaded guilty Dec 8 with two other men who admitted they wrote the Mirai code. Named after an obscure anime film character, Mirai scoured the Internet for unsecured devices and easily found them.

Once discovered, the Internet of Things devices were hijacked by the Mirai malware and became part of a botnet that launched assaults on Internet service providers and scores of websites. Jha, 21, allegedly monetised the botnet by demanding ransom to call off the attacks, using it to inflate the number of advertising clicks on websites, and renting it out to other hackers for their own nefarious ends.

The attacks on Rutgers’ computer system may have cost the school US$9mil (RM36.70mil), prosecutors said. Rutgers officials told NJ.com the cost of enhancing security was one of the reasons the school hiked tuition in 2016.

When Jha discovered federal investigators were closing in, he released the Mirai source code to the world to cover his tracks. The code is still circulating online and causing damage, according to Brian Krebs, of KrebsOnSecurity.com.

Krebs advises taking these precautions to keep your Internet of Things devices protected:

– Avoid connecting your devices directly to the Internet.

– Change the default credentials to a complex password that only you will know and can remember. – Check the defaults, and make sure things like UPnP (Universal Plug and Play – which can easily poke holes in your fire wall without you knowing it) are disabled.

– Avoid Internet of Things devices that advertise built-in Peer-to-Peer (P2P) capabilities. P2P Internet of things devices are notoriously difficult to secure, and research repeatedly has shown that they can be reachable even through a fire wall remotely over the internet. That’s because they’re configured to continuously find ways to connect to a global, shared network so that people can access them remotely.

– When it comes to Internet of things devices, cheaper is definitely not better. There is no direct correlation between price and security, but history has shown that less expensive devices tend to have the most vulnerabilities.

The US Department of Justice also offers these tips to protect Internet-connected devices.

– Do your research. Consider the security features of your Internet of things devices before buying. If the device uses a password, make sure it allows you to change it.

– Update firmware when available. Internet of Things devices can be susceptible if not regularly patched. Only install updates from known and reputable sites.

– Disconnect your insecure Internet of Things devices. Outdated security? Can’t update passwords? Then unplug it. – Turn off Internet of Things devices when not in use, or periodically if otherwise always on. Malware is stored in memory and can often be erased by turning the device off and back on.

– Protect routers and WiFi networks. Use your router’s built-in fire wall, confirm it’s enabled.

– Avoid using public WiFi to check Internet of things devices from a smartphone.

– Use antivirus and intrusion-detection products.

– Ask for help, or hire help, if you can’t figure out fire walls or how to “segment” your network of Internet of things devices.

Some free online resources can help determine whether your devices are susceptible to being accessed by Mirai or other malware. Be cautious and use only well-known sources.

If you suspect your Internet of things device is infected, turn it off and on again to purge the device’s memory. Change the password. — The Philadelphia Inquirer/Tribune News Services

Source: By Sam Wood Tech News

Related Links:

New digital ‘hurricane’ churns, gathering strength to land blow on the Internet

Just as hurricane trackers chart storms in the Atlantic before they make landfall, cybersecurity researchers track viral infections that threaten mayhem. They've found a doozy.
A massive zombie robotic network, or botnet, has expanded to infect "an estimated million organizations" and could bring corners of the internet to its knees, Check Point Software says. — Sipa USA/TNS

Wednesday, December 13, 2017

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

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

Thursday, December 7, 2017

Sway of the Chinese language as China rising, but English is still king

https://youtu.be/fbQxXibXOxE
https://youtu.be/-HSrnqHkuwM

Sway of the Chinese language on display  


AT a recent forum in Hong Kong, Jim Rogers, a Wall Street tycoon, played a video of his daughter reciting a classical Chinese poem.

This is not the first time Happy Rogers has exhibited her proficiency in the language.

At an event in Singapore in 2013, the then nine-year-old showed off her nearly perfect Putonghua pronunciation and tone when she recited a not-so-well-known poem by Li Qiao, a Chinese poet during the Tang Dynasty. She won a big round of applause from the audience, most of them Chinese descendants. Happy’s sister Baby Bee, then five years old, did equally well, singing nursery rhymes in Chinese.

While it is not uncommon for young Chinese language learners to recite ancient poems, Happy spoke in classical Chinese with a fluency that could make even some native Chinese speakers envious, according to a report in Guangzhou Daily.

And recently, during US President Donald Trump’s visit to China, his granddaughter Arabella’s recital of Chinese poems went viral online, making her a “popular figure” among Chinese audiences.

There is a long list of foreign celebrities and their children learning Chinese, including Amazon founder Jeff Bezos’ four children and Facebook founder Mark Zuckerberg and his daughter. Even Prince William, media reports say, studied Chinese in school.

The increasing popularity of the Chinese language has led to the introduction of various programmes and classes worldwide. It is estimated that more than 100 million people outside China, including overseas Chinese, are studying the language, as many believe it can be used as a tool to gain access to conveniences in not only China but also some other countries.

The growing enthusiasm of people in other countries to learn Chinese can be attributed to their love for Chinese culture.

It perhaps explains why traditional Chinese cultural elements, from kung fu films to ancient works such as The Analects of Confucius and Sun Tzu’s The Art of War, have won so many global diehard fans. Many foreigners even believe that Chinese characters are an expression of aesthetic appreciation – maybe that’s why many famous personalities including former soccer star David Beckham have got Chinese characters tattooed on their body.

China’s economic and social development is another important factor for the growing interest in the language and culture. As the world’s most populous country and the second-largest economy, China for years has accounted for the largest number of students studying in other countries, which might also have made people overseas interested in the language.

As Jim Rogers said, whether you like or not, the 21st century will belong to China. He always tells people that if they have children, they shall encourage them to learn Chinese, “because Chinese will be the most important language”. For foreign companies intending to do business in China, they can have a huge advantage over their competitors if they can master the language.

And with the Belt and Road Initiative progressing smoothly, a number of Chinese enterprises will venture into countries along the ancient trade routes for business, which means a higher demand for Chinese speakers.

Source: China Daily/Asia News Network

China rising, but English is still king

 


Asia News Network and The Star recently published an article “Sway of the Chinese language”, detailing the rising popularity of learning Chinese as posted above.

Facebook CEO Mark Zuckerberg, US President Donald Trump’s granddaughter and billionaire investor Jim Rogers’ daughter are among some of the famous people or their family members brushing up on their Chinese language skills.

Tourists from China are splashing their cash all over the world (in some countries such as Thailand and Malaysia, the Chinese can also go cashless by making their purchases through Alipay).

Meanwhile, economists predict that the GDP of China, currently the world’s second largest, would surpass the United States’ within 10 years. As the economic value of the Chinese language grows, it will unseat English to become the world’s leading language. Or so we are told....

But if history is a clue, this may not happen so soon.

In the heyday of the Roman Empire, as the great Julius Caesar and his successors conquered the Mediterranean, Latin became the dominant language of the European continent. The Roman Empire began to disintegrate in the fifth century. Latin, however, remained relevant for many centuries to come. (The Eastern Roman Empire, also known as Byzantine Empire, survived into 15th century, but its capital was in Constantinople, and its official language was Greek.)

In year 1215, the unpopular King John of England, pressured by rebel barons, issued Magna Carta. The document established for the first time the principle that everybody, including the king, was subject to the law. It is considered one of the first steps taken in England towards establishing parliamentary democracy. The Magna Carta was initially written in Latin.

In year 1687, Sir Isaac Newton published three papers which were collectively known as Principia Mathematica. These works form the foundation of classical mechanics. Principia Mathematica, like the Magna Carta, was written in Latin. That was more than 12 centuries after the demise of the Roman Empire.

In ancient times, Malay language was the lingua franca of the Malay Archipelago. Then the Western powers came, created the modern states of Malaysia, Singapore, Brunei and Indonesia. Post-independence, Javanese, who make up 40% of Indonesia’s population, dominate the republic’s politics and economy. Somehow, Bahasa Indonesia is based on Malay rather than Javanese.

By 2050, China will become the world’s largest economy. The US will drop to second place. In the third spot, as economists believe, will be India. Like Malaysia, India was a British territory. And like our country, English, the language of the former colonial master, is still widely spoken.

By mid-century, the combined GDP of English-speaking and English-as-second-language nations, which include US, India, Britain, Canada, Australia, New Zealand, Ireland, the Philippines, Singapore and Malaysia, will likely be larger than that of China.

I do not doubt that Chinese language will get more important every year, and I encourage everyone to learn it if conditions allow. However, it would be foolish if we, in the advent of “China’s Century”, neglect English.

By CHEW KHENG SIONG Kuala Lumpur

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Sway of the Chinese language as China rising, but English is still king

https://youtu.be/fbQxXibXOxE
https://youtu.be/-HSrnqHkuwM

Sway of the Chinese language on display  


AT a recent forum in Hong Kong, Jim Rogers, a Wall Street tycoon, played a video of his daughter reciting a classical Chinese poem.

This is not the first time Happy Rogers has exhibited her proficiency in the language.

At an event in Singapore in 2013, the then nine-year-old showed off her nearly perfect Putonghua pronunciation and tone when she recited a not-so-well-known poem by Li Qiao, a Chinese poet during the Tang Dynasty. She won a big round of applause from the audience, most of them Chinese descendants. Happy’s sister Baby Bee, then five years old, did equally well, singing nursery rhymes in Chinese.

While it is not uncommon for young Chinese language learners to recite ancient poems, Happy spoke in classical Chinese with a fluency that could make even some native Chinese speakers envious, according to a report in Guangzhou Daily.

And recently, during US President Donald Trump’s visit to China, his granddaughter Arabella’s recital of Chinese poems went viral online, making her a “popular figure” among Chinese audiences.

There is a long list of foreign celebrities and their children learning Chinese, including Amazon founder Jeff Bezos’ four children and Facebook founder Mark Zuckerberg and his daughter. Even Prince William, media reports say, studied Chinese in school.

The increasing popularity of the Chinese language has led to the introduction of various programmes and classes worldwide. It is estimated that more than 100 million people outside China, including overseas Chinese, are studying the language, as many believe it can be used as a tool to gain access to conveniences in not only China but also some other countries.

The growing enthusiasm of people in other countries to learn Chinese can be attributed to their love for Chinese culture.

It perhaps explains why traditional Chinese cultural elements, from kung fu films to ancient works such as The Analects of Confucius and Sun Tzu’s The Art of War, have won so many global diehard fans. Many foreigners even believe that Chinese characters are an expression of aesthetic appreciation – maybe that’s why many famous personalities including former soccer star David Beckham have got Chinese characters tattooed on their body.

China’s economic and social development is another important factor for the growing interest in the language and culture. As the world’s most populous country and the second-largest economy, China for years has accounted for the largest number of students studying in other countries, which might also have made people overseas interested in the language.

As Jim Rogers said, whether you like or not, the 21st century will belong to China. He always tells people that if they have children, they shall encourage them to learn Chinese, “because Chinese will be the most important language”. For foreign companies intending to do business in China, they can have a huge advantage over their competitors if they can master the language.

And with the Belt and Road Initiative progressing smoothly, a number of Chinese enterprises will venture into countries along the ancient trade routes for business, which means a higher demand for Chinese speakers.

Source: China Daily/Asia News Network

China rising, but English is still king

 


Asia News Network and The Star recently published an article “Sway of the Chinese language”, detailing the rising popularity of learning Chinese as posted above.

Facebook CEO Mark Zuckerberg, US President Donald Trump’s granddaughter and billionaire investor Jim Rogers’ daughter are among some of the famous people or their family members brushing up on their Chinese language skills.

Tourists from China are splashing their cash all over the world (in some countries such as Thailand and Malaysia, the Chinese can also go cashless by making their purchases through Alipay).

Meanwhile, economists predict that the GDP of China, currently the world’s second largest, would surpass the United States’ within 10 years. As the economic value of the Chinese language grows, it will unseat English to become the world’s leading language. Or so we are told....

But if history is a clue, this may not happen so soon.

In the heyday of the Roman Empire, as the great Julius Caesar and his successors conquered the Mediterranean, Latin became the dominant language of the European continent. The Roman Empire began to disintegrate in the fifth century. Latin, however, remained relevant for many centuries to come. (The Eastern Roman Empire, also known as Byzantine Empire, survived into 15th century, but its capital was in Constantinople, and its official language was Greek.)

In year 1215, the unpopular King John of England, pressured by rebel barons, issued Magna Carta. The document established for the first time the principle that everybody, including the king, was subject to the law. It is considered one of the first steps taken in England towards establishing parliamentary democracy. The Magna Carta was initially written in Latin.

In year 1687, Sir Isaac Newton published three papers which were collectively known as Principia Mathematica. These works form the foundation of classical mechanics. Principia Mathematica, like the Magna Carta, was written in Latin. That was more than 12 centuries after the demise of the Roman Empire.

In ancient times, Malay language was the lingua franca of the Malay Archipelago. Then the Western powers came, created the modern states of Malaysia, Singapore, Brunei and Indonesia. Post-independence, Javanese, who make up 40% of Indonesia’s population, dominate the republic’s politics and economy. Somehow, Bahasa Indonesia is based on Malay rather than Javanese.

By 2050, China will become the world’s largest economy. The US will drop to second place. In the third spot, as economists believe, will be India. Like Malaysia, India was a British territory. And like our country, English, the language of the former colonial master, is still widely spoken.

By mid-century, the combined GDP of English-speaking and English-as-second-language nations, which include US, India, Britain, Canada, Australia, New Zealand, Ireland, the Philippines, Singapore and Malaysia, will likely be larger than that of China.

I do not doubt that Chinese language will get more important every year, and I encourage everyone to learn it if conditions allow. However, it would be foolish if we, in the advent of “China’s Century”, neglect English.

By CHEW KHENG SIONG Kuala Lumpur

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Tuesday, December 5, 2017

How to measure a politician?

Use technology to learn more about them before casting your vote
Cheah taking a wefie with Tanjung Bungah assemblyman Teh Yee Cheu (behind Cheah) and (from left) Berapit assemblyman Lydia Ong, Speaker Datuk Law Choo Kiang and state officials during a break at the Penang state assembly in November.
KEBUN Bunga assemblyman Cheah Kah Peng of PKR is the man of the moment in the political scene in Penang.

Chief Minister Lim Guan Eng barred him from helping with the registration of flood victims for the RM700 aid in his constituency.

Lim, in his Facebook page, said in Chinese that he wouldn’t sit idly when elected representatives do not perform.

He stopped short of naming Cheah, except to say that he heard grouses from Hong Seng Estate residents about not seeing “their assemblyman” during the floods on Sept 15 as well as on Nov 4 and 5. We do not know if this is true.

In any case, Cheah got a letter from the State Secretariat relieving him of the registration duty. Lim and Pulau Tikus assemblyman Yap Soo Huey took over the task.

Cheah, showing his usual gentleman’s demeanour, declined to comment. But this is not the first time he has come under attack from the state administration.

It was learned that he was reprimanded for being unhappy with the passing of the Penang State Park (Botanic) Corporation Enactment 2017.

Penang Botanic Gardens is in his constituency and he feared the Enactment would affect people’s rights after the park was corporatised. It is said he was informed only a few days before the Bill was tabled.

In 2015, Cheah, Penanti assemblyman Dr Norlela Ariffin, Ong Chin Wen (Bukit Tengah), Dr T. Jayabalan (Batu Uban) and Lee Khai Loon (Machang Bubok) were dubbed the ‘PKR Five’ for abstaining in a vote against a Barisan Nasional motion on land reclamation in the state assembly.

Their relationship with Lim soured after that.

How do we define good elected representatives? Keep count of how many times they visit their constituencies?

And then there is the old question: Should we vote for the person or the party? There are many views on this, but as a journalist, I have an occupational advantage.

I have seen a few assemblymen turning up at gotong-royong, spend less than 30 minutes there for photo opportunities and leave. Yes, I know who you are and I am a voter too.

And then I had the chance to cover many state assembly meetings through the years.

This is where we expect constructive debates among the ‘Yang Berhormat’ on issues that affect us. But on a few occasions, there were no fruitful debates or exchange of ideas.

National issues, which cannot be resolved in the state assembly, dominate the proceedings at times. Why? What were our assemblymen hoping to achieve by prattling about things that the hall cannot act on? They frequently call each other names and bicker in the august House.

In the last meeting, two assemblymen dragged out the name of a newspaper editor and attacked his character in the hall where the editor had no chance to defend himself due to the absolute privilege that lets assemblymen say anything they want there without fear of being sued.

But I was relieved because at least five other assemblymen stood up to defend the editor and talked those two assemblymen down.

Unlike them, I do not have absolute privilege so regretfully, I can mention no names.

With today’s technology, it is easy to get to know political candidates before giving them our votes.

Check out their Facebook pages or Google their names to learn about them.

If they are not up to mark, something might show in their social media exchanges.

Remember, the election season is just around the corner. Use your vote wisely.

By Tan Sin Chow

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(From left) Dr Norlela Ariffin (PKR – Penanti), Lydia Ong Kok Fooi (DAP – Berapit), Cheah Kah Peng (PKR – Kebun Bunga) and Teh sharing a light moment between sessions at the Penang State Assembly.25% discount on water bill to be extended from one to two months, says CM

THE one-off payout for each household and business operator affected by the floods on Nov 4 and 5 has been increased from RM500 to RM700.
 

State hopes to learn from China

THE state government is looking at having an alternative early warning system on storms from China.
(From left) Dr Norlela Ariffin (PKR–Penanti), Law Heng Kiang (DAP–Batu Lanchang) and Chow having a light moment between sessions.

Caring groups do their bit to help flood victims

THE Malaysia-Singapore Coffee Shop Proprietors General Association handed RM125,000 towards flood relief efforts in Penang.

10,000 tonnes of rubbish cleared in flood aftermath

ALMOST 10,000 tonnes of waste have been cleared from the streets since Penang was hit by the worst floods in 30 years.
One of the temporary dump sites filled with giant heaps of rubbish collected from flood-hit areas in Bukit Mertajam, Seberang Prai.

Teh defends Penang Forum

A DAP assemblyman has come to the defence of the Penang Forum, saying that there was no need for the state government to criticise the coalition of 20 environmental and civil rights organisations.
Teh debating the state’s 2018 Budget at the state assembly sitting.

DAP rep wants commission to probe Penang sinkholes and landslides

GEORGE TOWN: A DAP assemblyman has proposed for a royal commission of inquiry to be set up to look into the sinkhole in Persiaran Tanjung Bungah and the landslides in Penang Hill.
Penang DAP's Tanjung Bungah assemblyman Teh Yee Cheu.

Residents stage silent protest against hill development

FIVE people stood quietly outside the state assembly building while the sitting went on.
Leng (left) with other residents showing pictures of the hillside development near their homes in Miami Green, Batu Ferringhi, outside at state assembly building in George Town.

Jahara: Seabed mining activity critical in Penang, can destroy marine ecosystem

OPPOSITION Leader Datuk Jahara Hamid (BN-Teluk Air Tawar) has alleged that seabed mining in the state has become critical.
Jahara (middle) addressing the press conference at the state assembly building. She is flanked by Sungai Acheh assemblyman Datuk Mahmud Zakaria (left) and Sungai Dua assemblyman Muhamad Yusoff Mohd Noor.


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