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Thursday, July 20, 2023

How will US weaponize AI for its technological hegemony?

 AI Photo:VCG

https://youtu.be/DoHnSqZb86Y

The UN Security Council on Tuesday for the first time held a session on the risks that artificial intelligence (AI) poses to the world, the latest evidence that regulating the development of AI has become a universal concern. While discussions of AI development norms are necessary, whether for the international community or any country, it is still disturbing to see the inclination of AI weaponization in some discussions among US lawmakers.

US Senate Majority Leader Chuck Schumer, who introduced AI legislation last month, said in a recent speech that "If we don't program these algorithms to align with our values, they could be used to undermine our democratic foundations ... The Chinese Communist Party ... could leap ahead of us and set the rules of the game for AI. Democracy could enter an era of steep decline."

Experience has made it clear that whenever US politicians associate some issues with values, it is always in a way that is distorted and adheres to a zero-sum game, bringing chaos and uncertainty to all concerned. Unfortunately, AI may have just become a new front in Washington's tech war against China. In fact, the US attempt to take control of AI is still fixated on keeping global markets and capital firmly in American hands.

In addition to the Congressional legislation efforts, the Biden administration is also reportedly preparing to restrict Chinese companies' access to US cloud-computing services, The Wall Street Journal reported earlier this month. The move may curb Chinese customers' ability to use AI-related services from US companies.

Apparently, AI won't be exempted from the US technological competition with and crackdown on China. The US wants to maintain its dominance in almost all high-tech fields and is willing to contain China's technological development by means of suppression, just like it has been doing in the chip war.

Such hostility in technological competition is an obvious cause for worry, especially when governments around the world are facing challenges as to how to use and regulate AI as well as balance its development and security risks.

Just look at what Washington has been doing in terms of chip suppression related to China, and it is not hard to imagine what norms and rules the Biden administration could be plotting in a political environment where AI is seen as an important weapon in ensuring US technological hegemony.

If the US abuses AI rule-making as a weapon against China, it will be a disaster for global AI development. There is much unknown about the specific trends and paths of AI development. Under such circumstances, if the US insists on introducing geopolitical factors, then future AI development will certainly face a split, which means two systems and development directions, bringing more confusion and jeopardizing AI global governance.

Another implication of the US maintaining its scientific and technological dominance and hegemony is that the high-tech development of developing countries will be under US control and bullying.

In high-tech fields like AI, if some countries maliciously obstruct the technological development of other countries, and artificially create technological barriers, they are actually undermining the rights and interests of developing countries to seek open cooperation. To prevent such a scenario, the rules of global AI governance must first ensure fairness for the development of developing countries.

Zhang Jun, China's permanent representative to the UN, proposed at the Tuesday Security Council meeting that five principles must be adhered to when it comes to guiding principles for AI governance - putting ethics first, adhering to safety and controllability, fairness and inclusiveness, openness and cooperativeness, and committed to peaceful utilization.

In stark contrast to what US politicians have emphasized in AI governance, these principles deserve the attention of the international community. 

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Wednesday, July 19, 2023

‘Focus on long-term gains’: benefits of pursuing tertiary studies far outweigh upsides of being a gig worker

 

Brighter future: Numerous studies suggest that college life most often leads to more holistic individuals. – 123rf.com

 

Benefits of pursuing tertiary studies far outweigh upsides of being a gig worker

THE last couple of weeks had been a rather busy period for many universities and colleges which had their open days where they showcased their courses.

While most education fairs witnessed a fair share of visitors, the decline in the number of students completing their Sijil Pelajaran Malaysia (SPM), and the issues surrounding this, has caught the media’s attention.

In 2022, for instance, 3.8% or 14,858 of first-time SPM candidates were absent for at least six subjects. In 2021, the figure was close to 10,700 students.

In another report, a staggering 72.1% of SPM graduates surveyed revealed that they had no intention of pursuing a higher qualification. The same report also purported that Malaysia is not alone in witnessing this trend. In the United Kingdom, for example, only a third of school-leavers feel that obtaining a university qualification is vital.

Naturally, the following questions warrant answers: Why aren’t all qualified school-leavers excited to continue their studies? Where are they in the economy if they do not? Is obtaining a higher education qualification still vital given the massive role technology plays in our lives?

Reports by various commentators suggest that three possible reasons explain this trend.

Firstly, this may have to do with the prevalence and growth of the gig economy. Malaysia Digital Economy Corporation (MDEC), in a published report, projected that the Malaysian gig economy would grow to a minimum of RM650mil in 2025, largely due to the growth and development of local platforms.

The growth in the gig sector seems to be in tandem with the number of school-leavers in search of gig jobs.

Research suggests that gig workers can earn anything between RM2,500 and RM5,000 per month, with some claiming to even exceed RM6,000 per month.

One could argue that gig jobs seem more lucrative relative to the median salary of RM2,062 as per the Department of Statistics Malaysia (DOSM) reports in 2020.

In essence, the allure of gig money seems to be driving segments of school-leavers away from pursuing higher education.

The temptation of becoming a professional social media influencer could be another factor.

The ubiquitous nature of the Internet, coupled with the ease of using social media platforms to create content, is seen by some to be an alternative to higher education.

A third reason could be the belief that a higher education qualification may not necessarily guarantee better employment prospects.

While these are fair and logical arguments, there are many points in favour of having a higher education qualification. Let’s examine some of them.

Issues with gig jobs 

A gig worker is someone who works based on freelance contracts, usually short-term, in contrast to a longer-term fixed-salary position with an organisation.

Various industries hire gig workers, and these include the information technology, administrative, and creative sectors.

However, close to 72% of surveyed SPM school-leavers in Malaysia expressed interest to work in either the e-hailing or social media influencer sector of the gig economy.

The short-term benefits of working in such positions in the gig sector include flexible work hours, a low level of commitment expected from employers, and opportunities for working anywhere, anytime.

However, the main challenge of gig workers, particularly in the e-hailing sector, is the lack of a safety net. Typically, gig workers are not entitled to perks such as healthcare and retirement benefits.

In Singapore, Grab recently announced laying off 1,000 employees to remain competitive.

When companies in the gig sector decide to slash payrolls, gig workers are often to be first at risk.

In sum, while the allure of short-term gain is there, securing long-term and more sustainable employment, with a better safety net, may require higher education qualification.

Personal development

Numerous studies suggest that college life most often leads to more holistic individuals.

According to a recent study by the Utah State University in the United States, the major benefits of a college education include producing individuals who are more mature, confident and have a stronger sense of self.

This report also suggests that individuals with higher qualifications tend to have higher ethical and moral standards.

A three-to-four-year college process and activities allow individuals to work in teams and with people from different cultural backgrounds, thus allowing them to make more balanced, reasoned, and generally unbiased judgements.

Some studies also state that a college education often leads to individuals who are more disciplined and professional in nature.

Networking opportunities

Larry Page and Sergey Brin, the founders of Google, met while pursuing a doctoral degree in computer science at Stanford University in the US.

A major benefit of pursuing tertiary education in this context is the vast networking opportunities that it offers.

Many successful companies have been founded based on the strong bond individuals built and developed as they ventured on the college journey together.

Although there are successful entrepreneurs who never finished college, the numbers who do, and start something after that, are significant.

Simply put, higher education is not about the pursuit of knowledge alone, but should be viewed through the lens of opportunities that it has to offer by connecting people. This is something that short-term monetary gains can never buy!

Keeping it relevant

To ensure young adults are lured into the mainstream higher education pathway, colleges and universities have a major role to play.

Firstly, these institutions must ensure that the programmes they offer are in line with what industries require.

Stated differently, the onus is on these institutions to produce highly employable graduates. This means continuous improvement to the curriculum, and taking input from industry players, is a must across all disciplines.

Programmes related to computing, technology, and engineering must be developed with future industry trends in mind. For example, in the tech sector, jobs such as prompt engineers, full-stack developers, blockchain developers, and cybersecurity experts are set to command higher salaries.

Institutions that offer such programmes will be sought after and thus remain relevant in the long run – and perhaps attract teenagers who may otherwise opt out and become part of the gig sector.

My son, a budding musician who wants to make it big and seek a career in the digital music industry, assured me that despite his deep interest in music, he will pursue a college degree as a backup. For a conservative and somewhat traditional family, this is reassuring indeed.

One may play a part in the gig sector. Nevertheless, do consider the long-term benefits of having a higher education qualification. Just in case.

Prof Dr Murali Raman is the deputy vice-chancellor (Academic Development & Strategy) overseeing postgraduate and continuous education at Asia Pacific University of Technology & Innovation (APU). Focused on executive training and consultancy, his niche training areas include design thinking, coloured brain communication and emotional drivers, digital economy, crafting digital strategies, and mindset change. The views expressed here are the writer’s own. 

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Protection, aid for gig workers

 

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In support for better protection for Gig workers

The gig economy has experienced rapid growth in Malaysia, becoming a significant source of income for numerous Malaysians. - NSTP/L.MANIMARAN

 https://www.nst.com.my/opinion/letters/2023/06/922968/support-better-protection-gig-workers

Monday, July 17, 2023

New Zealand PM's speech outlines China policy; much focus on importance of stabilizing ties with China

 

National flags of China and New Zealand on Tiananmen Square in Beijing on June 25, 2023 Photo: VCG 

 

New Zealand Prime Minister Chris Hipkins' latest remarks on China's Taiwan and South China Sea are clichés echoing the US' strategy toward China, but the essence of his speech is to stress the significance of stabilizing relations with China, which has been deliberately downplayed by some Western media, Chinese analysts said, after some reported Hipkins' "concerns" over China's increasing influence being the driver behind the "increasing competition in the Indo-Pacific."

In a speech to the China Business Summit on Monday, Hipkins expounded New Zealand's connections with China. He noted that "It's normal for states to pursue their interests and to use all the tools at their disposal to exert influence regionally and internationally… but China's rise and how it seeks to exert that influence is also a major driver of the increasing strategic competition, particularly in our wider home region, the Indo-Pacific," according to a transcript the New Zealand government released.

China is a member of the Asia-Pacific and has always worked with regional countries to practice true multilateralism and defend regional peace and stability. Based on mutual respect, China will have dialogue with all parties, including New Zealand, to jointly contribute to regional prosperity and stability, Chinese FM spokesperson Mao Ning said at a routine press conference on Monday.

Mao also noted that the Taiwan question is China's internal affair and the most significant safeguard for cross-Straits stability is upholding the one-China principle. Also, there are no issues on the South China Sea and it is hoped that the relevant countries will respect regional countries' efforts to defend the stability of the South China Sea.

Hipkins' speech, which outlined the New Zealand leader's China policy after his first visit to China in June that helped expand cooperation in economy, trade, education, technology, tourism and other fields, was overlooked by some Western media. The Guardian on Monday highlighted Hipkins' remarks on China's increasing influence as "a major driver of the increasing strategic competition" particularly in the Indo-Pacific.

Hipkins' remarks on the Taiwan question and South China Sea were a repeat clichés echoing the US' strategy toward China. However, compared to the rhetoric used by other US Western allies, the New Zealand leader's words were "much more toned down," and the essence of Hipkins' speech is stabilizing China-New Zealand relations, Chen Hong, director of New Zealand Studies Centre in East China Normal University, told the Global Times on Monday.

During the Monday speech, Hipkins took more time to talk about the economic and people-to-people connections between China and New Zealand, and the importance of continuing to engage with China, which has been deliberately underplayed by these Western media, said analysts.

Chen said that Hipkins' Monday speech is more like a comprehensive overview of his China policy after being sworn in as New Zealand's prime minister in January, and it shows that New Zealand has shifted from putting the US at the center of its foreign policy, a stance that has also been taken by Au

stralia, making China a focus of its diplomacy. The speech, as well as Hipkins' visit to China in June, also showed that he has put much emphasis on stabilizing and improving relations with China, as it meets New Zealand's national interests and will help him lead the Labour Party to win the upcoming general election, said Chen.

While New Zealand is pursuing stable relations with China, analysts also warned that it should also remain vigilant for some hawkish politicians pushing for a tougher China stance as well as pressure from Australia and the US to sow discord and disturb bilateral relations. 

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Malaysia’s secularism based on Constitution, Alliance Memorandum, its secularism shoudn't be open to misinterpretation

Malaysia's secularism based on Constitution, Alliance ...

PETALING JAYA: Malaysia’s secularism is evidenced in the Federal Constitution and the Alliance Memorandum 1956, says MCA.

It said MCA, as a member of the Alliance Coalition, played a significant role in shaping the Alliance Memorandum submitted to the Reid Constitutional Commission on Sept 27, 1956.

“The memorandum explicitly stated that ‘the religion of Malaya shall be Islam... and shall not imply that the state is not a secular state’,” it said in a statement on Tuesday (July 11).

MCA also emphasised that Islam and the position of Malay Rulers as heads of Islam in their states are protected by the Federal Constitution.

“Article 4 of the Federal Constitution establishes the Constitution as the supreme law of the land, thereby protecting the position of Islam and the Malay Rulers,” it said.

MCA said it unequivocally takes the position that Malaysia is a democratic and secular state with Islam as the official religion - a position that the country has not changed in the last seven decades.

Explaining, MCA said that a secular state is one where the source of law is secular.

“In Malaysia, religious authorities derive their source of authority from secular laws enacted by the Malaysian Parliament.

“Islam is enshrined in Article 3 of the Federal Constitution, which is itself a secular document and forms the foundation of our nation.

“This is unlike a theocratic state like Saudi Arabia, where religious laws and scriptures are the primary source of legislation, rather than the Constitution, Parliament, or the Court,” it added.

MCA said secularism can take different forms, and it is not unusual for secular nations, such as the United Kingdom, to integrate religion into their systems.

“This can be observed through the presence of their state church led by the monarchy, a characteristic that mirrors Malaysia's approach,” it said.

The Barisan Nasional component party said their statement was necessitated by instances where leaders from different political parties often conflate Malaysia's secularism with the notion of "complete separation of state and religion".

“It is our earnest hope that political leaders exercise greater responsibility when discussing Malaysia's legal and constitutional nature to avoid any misinterpretation of their words.

“The resulting confusion could cause unnecessary anxiety among the public and undermine international confidence in Malaysia,” it added. Source link



PETALING JAYA: Malaysia’s secularism is evidenced in the Federal Constitution and the Alliance Memorandum 1956, says MCA.

As one of the founding members of the Alliance (the precursor to Barisan Nasional), MCA played a significant role in shaping the Alliance Memorandum submitted to the Reid Constitutional Commission on Sept 27, 1956.

According to the National Archives, the commission was formed on March 21, 1956, to review and recommend the Constitution of the Federation of Malaya in preparation for Malaya’s independence on Aug 31, 1957.

“The memorandum explicitly stated that the religion of Malaya shall be Islam ... and shall not imply that the state is not a secular state,” it said in a statement yesterday.

MCA also emphasised that Islam and the position of Malay rulers as heads of Islam in their states are protected by the Federal Constitution.

“Article 4 of the Federal Constitution establishes the Constitution as the supreme law of the land, thereby protecting the position of Islam and the Malay Rulers,” it added.

MCA also unequivocally took the position that Malaysia is a democratic and secular state with Islam as the official religion, adding that it did not change its position on this in the last seven decades.

MCA also said that a secular state is one where the source of law is secular.

“In Malaysia, religious authorities derive their source of authority from secular laws enacted by the Malaysian Parliament.

“Islam is enshrined in Article 3 of the Federal Constitution, which is itself a secular document and forms the foundation of our nation.

“This is unlike a theocratic state like Saudi Arabia, where religious laws and scriptures are the primary source of legislation, rather than the Constitution, Parliament or the Court,” it added.

MCA said secularism can take different forms, and it is not unusual for secular nations, such as the United Kingdom, to integrate religion into their systems.

“This can be observed through the presence of their state church led by the monarchy, a characteristic that mirrors Malaysia’s approach,” it said.

The Barisan Nasional component party said their statement was necessitated by instances where leaders from different political parties often conflate Malaysia’s secularism with the notion of “complete separation of state and religion”.

“It is our earnest hope that political leaders exercise greater responsibility when discussing Malaysia’s legal and constitutional nature to avoid any misinterpretation. The resulting confusion could cause unnecessary anxiety among the public and undermine international confidence in Malaysia,” it added.

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Sunday, July 16, 2023

The economics of the sport of golf, a game of patience as well as strategy

 

MST Golf's is a one-of-a-kind listing and therefore would enjoy a scarcity premium.

 


 

THERE is a joke in the golfing community, ask a man to wake up before sunrise, there will be a million excuses.

Ask a man to tee off at dawn, he will be right on time. In the years I have played the game, I have witnessed the laziest people putting the utmost effort into improving their golf swing.

The amount of money spent on equipment, coaching, practice rounds in the driving range, club membership fees, travel and flight expenses to overseas golfing trips is mind-boggling.

This sport is by no means cheap and compared to other equipment sports like ping pong, it is incomparable.

However, once you start the game, you will be hooked for life. Every single round of golf is different.

The experience of playing with different people and courses makes it even more interesting.

So, what has all this got to do with business or the stock market?

Well, we have a highly anticipated

Main Market initial public offering (IPO) coming soon, which is the MST Golf Group Bhd listing.

For those who play the game, MST is a household name for golfers. It has been around for as long as I was born.

Over the years, MST has grown from a single retail store to controlling more than 51% of the local golf equipment retail and distribution market in Malaysia.

It is also the second largest golf retailer in Singapore. Although some older establishments such as RGT Golf, Desa Golf House, Transview Golf and others still exist in the market, none of them have seen the growth rate and expansion the way MST has done through the years.

A game of passion


Golf as a sport has been growing tremendously in the past century since its founding in Scotland in the 1860s. Today, there are over 80 million golfers and 30,000 golf courses globally.

The United States, Japan and South Korea are the top three countries which dominate global golf participation.

Based on the World Golf Report 2023 data, worldwide golf equipment and apparel market hit Us$20bil (Rm93bil) in 2022 of which Us$11.1bil (Rm51bil) was in equipment sales and Us$8.9bil (Rm41bil) in apparel sales.

There was also a major surge in worldwide sales in 2021 with an annual increase of more than Us$5bil (Rm23bil).

The sport is so popular that a seismic change in the golfing landscape occurred in 2022 when a new professional golf tour funded by the Public Investment Fund (sovereign wealth fund of Saudi Arabia) known as LIV Golf started and challenged the historic PGA Tour.

The prize fund up for grabs for a single season tournament reached a staggering Us$400mil (Rm1.8bil). Top-ranked golfers were offered hundreds of millions just to join LIV.

The PGA Tour reacted by banning professional golfers who played on the LIV golf circuit and multiple legal suits were filed between the two organisations.

Ultimately, a resolution appeared to be in sight following the news that a potential merger will go ahead between the two franchises. A Netflix documentary on golf, called Full Swing, depicts the sport’s evolution.

Golf as a sport has a huge market not only in terms of the annual growth rate of the number of players, but it remains the most lucrative sport in terms of the prize money and sponsorship deals.

We can see the continuous sponsorship of Rolex and other premium brands plastered all over golfing events.

Market leadership


MST’S IPO was oversubscribed by 5.28 times. This is a good performance considering it is a Main Market listing looking to raise Rm130mil for expansion.

At the IPO price of 81 sen, the market cap upon listing is expected to be Rm665mil. This is a rather huge IPO and not comparable to smaller ACE Market listings.

The question on some retail investors’ minds is that recent Main Market listings have been disappointing such as DXN Holdings Bhd, Radium Development Bhd and more recently Skyworld Development Bhd.

Some are concerned that the sentiment may impact this IPO as well. I am of lesser concern because the true value of the company lies not only in which market it lists but also its business itself.

Apart from the clear market leadership position of MST, many from the investment fraternity have used MR DIY as a peer comparison. I have also seen some other commentary using other retailers such as Innature, Senheng, Padini and others which are in the consumer retail space.

This led to the misconception that MST is listing at a very steep valuation. MST in fact is a specialty retailer and distributor of equipment for a global sport catering to the segment of consumers with the highest disposable income.

MST is very different from the other above-mentioned consumer retail companies which target the masses.

Furthermore, due to its track record and entrenched market share, we are unlikely to come across another golf equipment retailer and distributor company listing on Bursa Malaysia in the years to come. This is a one-of-a-kind listing and therefore, would enjoy a scarcity premium.

Ideally, I would like to see MST perform as well as MR DIY on listing day and the weeks to come.

However, the distinguishing factor that I believe would see MST sustain and do better for the longer horizon is because the MR DIY listing does not include the businesses in its other foreign markets which it expanded to such as Indonesia and the Philippines, etc.

For MST, the listing of the group includes all markets and MST is only starting to venture into Indonesia and Thailand; both are huge golfing markets by the sheer number of their population, popularity of golf tourism and burgeoning middle class.

A better peer comparison in terms of the valuation for MST would be Us-listed Topgolf Callaway Brand Corp.

It is one of the most popular golf equipment brands with a long history of being golfers’ favourite. Callaway has historically traded at an average forward price earnings (PE) valuation of 31 times. The immediate forward PE valuation is 23 times.

On the premise of the same valuation metrics, the likely intrinsic fair value for MST in 2024 is not too far off from TA Research’s recent report.

I often likened investing in the stock market to playing the game of golf. It is a game of patience, prudence and strategy.

A lot of practice and dedication is required to be good at the game.

Additionally, this is one sport where the biggest competitor is yourself and not your opponents. Consistency is the key, and one swallow does not make a summer. It is a long game.

Investing in the right company within a short span of time is meaningless if you cannot maintain the performance over a long duration of time.

Ultimately, the one who is regarded as a good investor, like a good golfer, is someone who consistently beats the market and surpasses their own performance over a long duration.

Golf is one sport that has a long-life span. It is a game that one can play until a ripe old age. Unlike badminton, football or basketball, the cardio element and companion requirements limit the longevity of the sport.

If your elderly parents are still insisting on playing badminton on a regular basis at the age of 70 and above, I would recommend you asking them to slow down.

Golf, on the other hand, would be one that requires little concern. If anything, the long outdoor session followed by the after-game chit chat session bodes well for the elderly who enjoy companionship.

Now, for those who have subscribed to the MST Golf IPO or are planning to invest on “Gong” day, I hope my article is able to shed some light on the economics of golf both for the uninitiated and for those who enjoy the game as much as I do.

But I must put forth a disclaimer; as an avid golfer myself, my views may be coloured by an inherent bias and lack the objectivity required for a fund manager.

Whether my love for the game would help with my investment or otherwise, we shall find out on July 20.

My best wishes to all fellow golfing aficionados, hopefully we can all reap the rewards of the long game. In the event this IPO goes out of bounds at tee off, we can always try asking Bursa for a Mulligan. 

The Star - StarBiz
Ng zhu hann
 

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Friday, July 14, 2023

Monthly budget cost of living estimates

CLICK TO ENLARGE 

CLICK TO ENLARGE


https://clips.thestar.com.my/Interactive/main/Belanjawanku_KlangValley.mp4

 


PETALING JAYA: Discussions on the cost of living in urban areas are getting many Malaysians all worked up this week following the publication of an official guide on how much families should pay for their monthly groceries.

On July 12, netizens debated whether an infographic publicised by the Community Communications Department was realistic as it stated a family of four would only need RM391 per month for groceries, with items on the list including rice, chicken, bread, eggs, cooking oil and cooking gas.

According to another budgeting guide for Malaysians put forth by the Employees Provident Fund (EPF), a single person in the Klang Valley would require a monthly budget of between RM1,930 and RM2,600 to survive, whereas a married couple without children would require RM4,630, those who have a child would require RM5,980, and those who have two children will require RM6,890. 


The guide suggests that singles should allocate RM610 for their monthly grocery budget while married couples without children should plan to spend RM960 on food each month.

For couples with one child, the monthly allocation for food should be RM1,420 while those with two children can cap it at RM1,690.

EPF stated that these were merely guides to assist their contributors in budgeting wisely, in accordance with their locations.

Checks on the ground showed that many income earners are trying to stretch the ringgit by buying cheaper meats such as chicken instead of seafood and shopping at cheaper places.

For mother of four Norlaili Aryati, 48, who lives at the Intan Baiduri People’s Housing Project (PPR) in Kuala Lumpur, the Community Communications Department’s suggestion of RM391 would barely cover essential food items for her household.“My household would need about 10 chickens per month as the children do not like to eat fish, and chicken is also cheaper than fish. One chicken can be priced at RM20.

“Just the food – both wet and dry items – would easily come to about RM1,000. My household income is now RM5,000 as three of my children are working and only one is still schooling,” said Norlaili, who makes a living babysitting for her neighbours.

She said that her grocery bill is her largest expense, so she has decided to reduce her spending on school transport and instead rely on the free bus services offered by the Kuala Lumpur City Council.

Lower middle income earner and portal sub-editor Khayrana Pilus, 49, from Seremban, said that eggs and chicken are her mainstay for her household with four children.

Khayrana, whose household income is about RM7,000, said at least two chickens are consumed in her house every week.

“I do not cook much vegetables as the children would not eat them, and it would just be for me and my husband. I would buy milk and cereal on pay day.

“I don’t buy cheese or butter, as they are too expensive. RM1,000 is what I spend on food every month. Luckily, I work from home, and this allows me to cook and skip eating out,” said Khayrana.

Housewife and mother of three, Prema Pekasam, 52, of Petaling Jaya, said she still watches her bills even though her household income may be in the top tier.

She said that her children, aged between 17 and 23, are still studying, and much of her household income goes for their education.

“I make sure that my grocery bill does not exceed RM2,000 every month. I cook almost every day as my children, even though they are in their early 20s, still bring packed lunches to college.

“Fresh items and groceries alone would come to between RM1,300 and RM1,500. My family also consumes about 15kg of rice a month.

“I go to wholesale marts such as NSK to buy my chicken as it is cheaper there. While supermarkets elsewhere may sell chickens for RM11 or more per kg, it is only RM8 per kg at these wholesale outlets.

“Every month, I would buy four whole chickens and also chicken parts. A supermarket trip would cost me about RM300 for a full trolley,” said Prema. Subscribe now to our Premium Plan for an ad-free and unlimited reading experience! 

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Thursday, July 13, 2023

Janet Yellen's visit to China: the world has not changed, what has changed is China. China has become stronger

 


Let Yellen yell all she wants but China just humbly listen and then says it needs to clear off a big chunk of Us OLD Treasuries debt first, only then will consider to buy new ones. However buying new Treasuries now will mean supporting their incoming huge military budget which is really a big security threat to world peace



This is how Yellen negotiated with China. She proposed to cancel the additional tariffs imposed during the Trump era, but requires China to meet the 3 following conditions:

1. Buy $850 billion US treasury bonds

2. Withdrawal of China's counter-sanctions (export restrictions of the two rare metals indispensable for the making of high-end chips etc)

3. Pledge not to support Russia.

All these conditions are unilaterally advantageous to the USA. Tariff removal will to some extent advantage China. However given 90% of the cost of the tariffs are borne by US consumers, it will mainly serve to bring down the US inflation. 

Secondly, Yellen wants China to forgive the BRI debts. Thus, the cash flow derived from the infrastructure projects China financed and built for developing countries will be repurposed to pay back debts of US banks and the IMF. So in the end, everything China had built for the Global South will serve as the collateral when these countries borrow from the US. 

Americans must be very proud of the extremely clever way their politicians has aggressively protected US interests from the position of strength. 

China answered - *NO*

Not surprisingly the US is nostalgic of the era of the eight allies invading China in 1900.  A photo of that shameful event is still hanging on the wall of the US military headquarters and another such photo is on the wall of the US embassy. The US 'sensitivities' obviously doesn't apply to China.  Imagine if on the US embassy walls were hung pictures of their ancestors' slave markets, or their early settlers giving smallpox infested blankets to the American natives. 

In 1900, China was as helpless as the American Indians when they were facing European invaders. The westerners had advanced weapons, forcing China into total submission within months from the start of any war with them. 

China subsequently were forced to sign the unequal treaties, such as the Boxer Protocol, one of the many unequal treaties that marked China's one hundred years of humiliation, having to hand over war compensation of 18,000 tons of silver to these invaders. Lands and ports were turned over as foreign concessions. 

The eight country alliance, (ie, the current G7 plus Russia) carved up China amongst themselves.  The world has not changed, what has changed is China. China has become stronger. This is China's patriotic lesson from these westerners. The historical shame is deeply burnt into the psyche of every Chinese, including those overseas Chinese who still regard themselves as Chinese. 

Yellen invited a group of pro-American feminist economists to dinner. While Pro-Chinese academics in USA are under CIA/FBI surveillance and are frequently thrown in prison and charged for espionage, Yellen is free in China, she can meet anyone she pleases. 

As usual, Yellen told her Chinese guests that the USA government is only against the Chinese government but not against the Chinese people. She seem to suffer from an information lag.  Twenty years ago, many Chinese liberals bought that. Today, Chinese people don't buy that anymore.

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Tuesday, July 11, 2023

Who would think that US Treasury Secretary Janet Yellen is 'kowtowing' to China?

 US Treasury Secretary Janet Yellen “Bows” To The Chinese

US Treasury Secretary Janet Yellen meets with Chinese officials in Beijing, on July 8, 2023. Photo: VCG

 

The scene of US Treasury Secretary Janet Yellen making a courtesy bow during a meeting with Chinese Vice Premier He Lifeng in Beijing on Saturday has left some Americans irritated and rankled. Yellen has returned to the US, and these people are still criticizing her, claiming that she seems to be "summoned to the principal's office," and is "kowtowing to China," "showing weakness" and so on. Some former US official even shouted "Never, ever, ever... An American official does not bow." This shows the extent to which American public opinion is allergic to Chinese elements.

When watching Yellen's past videos, it is not difficult to find that this is one of her habitual actions. If it hadn't caused such a strong reaction in American society, few Chinese people would have noticed this detail. The Chinese people would not be so naive as to think that Yellen was "kowtowing" to China. They tend to consider her move as a courteous performance, which will not only objectively add to her personal charm, but also somewhat improve the impression of the US and its officials on Chinese society.

Humility is a respected virtue in China, a country of etiquette, and it is impossible for someone to be criticized for being humble and observant. The opposite of humility is arrogance. Who would like an arrogant person or country? The most prominent feature of some American officials who "never bow" is arrogance.

It can be seen from this unexpected incident that Yellen's humility is only an isolated case in the US, and it cannot represent or change the characteristics and overall style of the US diplomacy and officials. American public opinion's attack on Yellen has drawn back the emotional distance between China and the US that she has narrowed with her personal qualities, and once again proves how narrow the space is for rational decision-making and behavior in the US' China policy.

The hegemony shown in the controversy over the "Yellen bow" video in the American public opinion is precisely the reason why Chinese society is subconsciously wary of Washington. Few Chinese people would naively think that Yellen, who has shown humility, will compromise or be weak during the China-US talks, and the facts have proven this.

The mainstream perception of the US in Chinese society is highly sober, emphasizing reciprocity while also being unwavering on issues of sovereignty, security, and the right to development. Yellen's bowing gesture demonstrated rare goodwill and politeness from a US official, but it was swiftly dispersed by the distorted winds of American public opinion.

The decline of American hegemony first occurs within the minds of some Americans. In today's US, it seems whoever is expressing some friendly gesture to China is seen as kowtowing to China. This is an irrational mentality, stemming from a relative position of psychological weakness, seeking psychological compensation by maintaining a posture of strength. The US remains the world's sole superpower. However, its arrogance, fragility, and sensitivity in dealing with foreign powers, particularly China, are derivatives from its severely damaged confidence in the face of China's rapid development. All countries should draw lessons and experiences from this.

As some Americans were finding it hard to accept that Yellen bowed, another picture of Yellen having a meal with a few young Chinese female economists also sparked controversy on the Chinese internet.

The attendees received criticism from many netizens. It must be said that while the two incidents may seem similar, the situations are different. It is normally common and indisputable for government officials to have meals with local individuals during foreign visits as a form of public diplomacy. However, US officials often exploit this format to intervene and interfere in other countries' internal affairs, which we have to guard against. Some reactions on the Chinese internet reflect the chilling effect caused by the long-term suppression of China by the US, which has influenced Chinese public sentiment toward the US.

It's said before the lunch, Yellen even took out a prepared speech and delivered it, which the US also published afterward. In the speech, she stated that while the US has differences with the Chinese government, these are not disagreements with the Chinese people, which carries an obvious intent to sow discord.

The different reactions in China and the US to these two incidents fully illustrate the complexity and delicacy of the US-China relationship. Ultimately, this stems from the US' flawed perception of China and its unhealthy political ecosystem, which generates strong emotions in both Chinese and American societies, in turn affecting the bilateral relationship and creating a vicious cycle. Correcting this abnormal state depends crucially on whether the US can make substantive adjustments.

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Monday, July 10, 2023

MACC going after foreign agent in ruckus, who received RM18,000 bring in the Chinese national through KLIA

 MACC hunt agent who 'assists' Chinese tourists held up by Immigration


 

‘Man charged Chinese visitor RM18k’


KUALA LUMPUR: Graft busters are tracking down an individual who is believed to have an acted as an agent or middleman to a Chinese woman whose entry into Malaysia via Kuala Lumpur International Airport (KLIA) last month caused a ruckus.

Malaysian Anti-Corruption Commission (MACC) chief commissioner Tan Sri Azam Baki (pic) said the individual is believed to be a foreigner.

Initial investigations revealed that the individual received RM18,000 to bring in the Chinese national through KLIA, and he is not a Malaysian citizen.

“We have already identified the individual and we are tracking him down,” he said when contacted, adding that the MACC was still attempting to ascertain whether the individual was still in the country.

“We obtained the information on the individual based on our initial investigation (into the matter).

“Give us space to investigate the matter thoroughly,” he added.

On June 29, Tourism, Arts and Culture Minister Datuk Seri Tiong King Sing caused a stir after he confronted Immigration Department officers at KLIA for detaining a female employee of a China-based media company. 

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Tiong said he was coming to the rescue of the employee after she was barred from entering Malaysia.

He alleged then that she was being pressured into paying several thousand ringgit in order to enter Malaysia.

The incident led to calls for the department to be investigated over alleged corruption at KLIA.

Besides the MACC, the police are also investigating the matter.

Last Wednesday, Azam said that the statements of 14 individuals had been recorded so far, including that of two Chinese nationals, Tiong, eight Immigration Department officers and several other witnesses.

On Saturday, he also urged the media not to sensationalise the allegations of corruption taking place at the country’s entry points.

Azam made the comment in reference to a news portal’s report claiming that the MACC had found no elements of bribery in its investigation.

“It’s too early to conclude the case, it is the sixth day of investigation.

“There are still witnesses to be called, so we advise the media not to sensationalise the issue by quoting unidentified sources.

“We want a thorough investigation and once completed, we will refer it to the public prosecutor or the Attorney General.

“Then it can be determined if there was an element of bribery or not,” he said.

He added that the MACC would also investigate those involved in handling foreigners issued with Not to Land (NTL) notices. 

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