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  JPMorgan’s Dimon says he regrets China Communist Party comment
Posted by: superadmin - 11-25-2021, 02:40 PM - Forum: Politics - No Replies

  • JPMorgan Chase Chief Executive Jamie Dimon said on Wednesday he regretted his remarks that the Wall Street bank would last longer than China’s Communist Party.
  • “I regret and should not have made that comment. I was trying to emphasize the strength and longevity of our company,” Dimon said in a statement issued by the bank.
  • A JPMorgan spokesperson added that Dimon had acknowledged that he should “never speak lightly or disrespectfully about another country or its leadership.
[Image: 106979924-1637757690111-106979924-163775...=740&h=416]

JPMorgan Chase Chief Executive Jamie Dimon said on Wednesday he regretted his remarks that the Wall Street bank would last longer than China’s Communist Party, moving quickly to avoid any longer-term fallout.

Dimon’s comments had risked jeopardizing JPMorgan’s growth ambitions in China where it won regulatory approval in August to become the first full foreign owner of a securities brokerage in the country. China experts in the United States said his quick apology should ensure no serious damage was done.

“I regret and should not have made that comment. I was trying to emphasize the strength and longevity of our company,” Dimon said in a statement issued by the bank.

Dimon realized immediately after he made the comment that it was a mistake, according to a source familiar with his thinking. After seeing the reaction, he decided to express regret, the source said.

In a later statement, Dimon said: “It’s never right to joke about or denigrate any group of people, whether it’s a country, its leadership, or any part of a society and culture. Speaking in that way can take away from constructive and thoughtful dialogue in society, which is needed now more than ever.”

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  India announces bill to ban cryptocurrencies
Posted by: superadmin - 11-25-2021, 01:55 PM - Forum: Business, Economy and Investment - No Replies

[Image: 20210619-Cryptocurrency-Pixabay.jpg]

MUMBAI – India’s government will introduce a bill to ban private cryptocurrencies and create a framework for a central bank-backed digital money, Parliament said in a shock announcement late Tuesday.

The proposed bill “seeks to prohibit all private cryptocurrencies in India”, the Lok Sabha said, and comes after Prime Minister Narendra Modi warned last week that bitcoin presents a risk to younger generations and could “spoil our youth” if it ends up “in the wrong hands”.

It is the latest such move by a major emerging economy, after China declared all cryptocurrency transactions illegal in September.

India’s crypto market has boomed since the country’s Supreme Court overturned a previous ban in April last year, growing more than 600% over the past year according to research by Chainalysis.

Between 15 and 100 million people in Asia’s third-largest economy are estimated to own cryptocurrencies, with total holdings in the billions of dollars.

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  Why do we choose narrow-mindedness over integrity?
Posted by: superadmin - 11-25-2021, 11:39 AM - Forum: Politics - No Replies

[Image: shankar-r-santhiram-columnist-new-170321-1.jpg]

We just had a state election last weekend.

Thankfully the “frogs” or the opportunistic party hoppers lost their seats. But the voters in Melaka sent the former politicians who lost their positions in 2018, primarily for the lack of integrity, back to power.

It was a strange result, if you consider that everyone harps on about integrity and righteousness.

Granted, it was a “mid-term” single state election. The turnout was pretty low at about 65%, and the vote majority gained by the overall victors were clearly slim in most constituencies. The obvious gerrymandering of the electoral map definitely played a role, especially with the low number of voters.

Most significantly perhaps, the fatigue that many people have with the credibility of those politicians who were supposed to give us “hope” the last time round, contributed to the return to power of Malaysia’s formidable, if not seriously tainted, coalition.

This time, even with so many pending legal charges, corruption claims, and allegations of malfeasance, they are back in control, as a result of a direct election, and not by the ubiquitous “backdoor”.

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  Chinese mainland punishes pro-secessionist Taiwan companies
Posted by: superadmin - 11-24-2021, 09:05 PM - Forum: Politics - No Replies

Chinese mainland punishes pro-secessionist Taiwan companies 'for better cross-Straits economic ties, to push reunification'

[Image: 00045e18-21e2-40e3-8cd7-34330196db3b.jpeg]

The Chinese mainland has fined the Far Eastern Group (FEG), a Taiwan-based company operating in several mainland provinces, for violations of business regulations, after the mainland declared that business founders and sponsors who support secessionist Taiwan politicians in the island will be punished. 

Experts from both the mainland and Taiwan said on Tuesday that law enforcement actions need to be accurate and thorough, so the mainland can effectively sanction the real sponsors of Taiwan secessionist politicians and avoid harming the majority of Taiwan companies which are doing business in the mainland. 

Analysts said Taiwan firms will not be scared away from conducting businesses in the mainland because of the huge market and the profitable policies. The actions will only improve economic ties across the Taiwan Straits, to provide a healthier business environment for Taiwan companies operating in the mainland. 

Taiwan business circles in the mainland expressed their support for the anti-secessionist policy and the mainland's law enforcement actions, stressing that companies which have supported the Taiwan secessionists - like the Democratic Progressive Party (DPP) which rules the island - are not the majority of Taiwan firms in the mainland, and they will keep and develop their business and investment to support cross-Straits joint development and the reunification process.

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  China's disappearing ships: The latest headache for the global supply chain
Posted by: superadmin - 11-24-2021, 07:30 PM - Forum: Business, Economy and Investment - No Replies

[Image: 211123053808-china-yangshan-deepwater-po...ge-169.jpg]

Hong Kong (CNN Business)Ships in Chinese waters are disappearing from industry tracking systems, creating yet another headache for the global supply chain. China's growing isolation from the rest of the world — along with a deepening mistrust of foreign influence — may be to blame.

Analysts say they started noticing the drop-off in shipping traffic toward the end of October, as China prepared to enact legislation governing data privacy.

Usually, shipping data companies are able to track ships worldwide because they are fitted with an Automatic Identification System, or AIS, transceiver.

This system allows ships to send information — such as position, speed, course and name — to stations that are based along coastlines using high-frequency radio. If a ship is out of range of those stations, the information can be exchanged via satellite.

But that's not happening in the world's second-largest economy, a critical player in global trade. In the past three weeks, the number of vessels sending signals from the country has plunged by nearly 90%, according to data from the global shipping data provider VesselsValue.

"We are currently seeing an industry wide reduction in terrestrial AIS signals in China," said Charlotte Cook, head trade analyst at VesselsValue.

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  No windfall tax on companies that enjoy tax breaks, says Tengku Zafrul
Posted by: superadmin - 11-24-2021, 07:02 PM - Forum: Business. Economy and Investment - No Replies

[Image: Tengku-Zafrul-Bernama-241121.jpg]

KUALA LUMPUR: Finance minister Tengku Zafrul Aziz has shot down a proposal by Bersatu MP Mohd Redzuan Md Yusof to impose a windfall tax on companies that enjoy tax incentives, saying it will hurt investments.

Redzuan (PN-Alor Gajah) made the proposal in the Dewan Rakyat when he interjected the finance minister during his winding-up speech on the Supply Bill 2022 at the committee stage today.

He argued that the windfall tax should be imposed on multinational and pioneer companies that enjoy 12-year tax breaks and make more than RM100 million, as well as those in the palm oil, banking and rubber glove sectors.

Tengku Zafrul replied: “Your proposal will impact our investments. The intention of the ‘cukai makmur’ (prosperity or windfall tax) is to create revenue to strengthen our public healthcare system and guarantee the well-being of people badly affected by the pandemic.”

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  Can the resurgent BN steer a middle course?
Posted by: superadmin - 11-24-2021, 06:57 PM - Forum: Politics - No Replies

[Image: K-Parkaran-Columnist-3-.jpg]

Obviously, few had predicted a landslide victory for Barisan Nasional at the Melaka elections, although many had thought it might obtain a simple majority in the state assembly.

Some online commenters say that the Melaka scenario will not be the same at the national level when a general election is called.

BN secured an impressive win despite only managing 38% of the popular votes, while Pakatan Harapan managed nearly 36% but only won five seats. Perikatan Nasional, on the other hand, won only two seats but amassed 25% of the votes cast.

Obviously BN’s two-thirds majority with 21 seats with that percentage of votes comes off as a bit odd, but such is the reality of the distribution of votes in Malaysian constituencies where the population of one seat sometimes totals three others in the same state. It’s very lopsided and that is why BN won that many seats with 38% of the votes.


PN and PH obtained 61% of the votes but only won seven seats combined. This does not reflect the actual democracy that we speak about but as we follow the Westminster system, the “first past the post” rule decides who governs.

In Malaysian politics, we have parties with lower popular votes winning general elections. So all the excuses of this snag or other, or a poor turnout, will not change things much. The truth is the voters are split three ways now. It is very unlikely that those who voted for PN will vote for PH now.

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  Ex-Penang Gerakan chief apologises to Guan Eng in court
Posted by: superadmin - 11-24-2021, 11:42 AM - Forum: Politics - No Replies

[Image: Lim-Guan-Eng-and-Teng-Chang-Yeow.jpg]

GEORGE TOWN: Former Penang Gerakan chairman Teng Chang Yeow apologised to Lim Guan Eng in the High Court here today in a consent judgment to end a defamation lawsuit brought against him by the former chief minister.

Lim had sued Teng over statements on the sale of state-owned land in Pulau Jerejak in 2016.

Lim had also named Star Media Group Berhad, its news editor, northern region business journalist David Tan and journalist Crystal Chiam Shiying as defendants over their reports on the controversy. Chiam now works for the Penang Island City Council.

The MCA-owned media company had settled the matter earlier with Lim without going to court.

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  PH should have highlighted vision for Melaka, says DAP man
Posted by: superadmin - 11-24-2021, 11:38 AM - Forum: Politics - No Replies

[Image: FMT-ONG-KIAN-MING-DAP-01.jpg]

PETALING JAYA: Pakatan Harapan, which suffered a major setback in the Melaka elections, should have focused more on bread-and-butter issues in the run up to the polls, says a DAP man.

This was among the points highlighted on what the opposition could have done to avoid the disastrous outing on Saturday when the coalition won only five seats – far short of the 15 it won in 2018.

Bangi MP Ong Kian Ming said more local issues should have been presented in the days leading to the state election.

He said PH had not communicated a compelling vision of what the coalition’s state government would be like if it won the state polls.

He was speaking at a live session titled “Melaka state election 2021: Silver Linings for Pakatan Harapan” with moderator Wong Fook Meng, who is also a lawyer and former councillor for Hang Tuah Jaya.

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  Thick smoke covers KL with fire in Segambut
Posted by: superadmin - 11-23-2021, 08:00 PM - Forum: Local News - No Replies

[Image: kebakaran-segambut-KL-fb-2.jpg]

PETALING JAYA: Thick clouds of smoke engulfed the sky of Kuala Lumpur due to a huge fire in Segambut this evening.

It is learnt that an auto parts factory was ablaze. As of now, further details of the fire are not known.

The incident occurred when the road was congested with vehicles after working hours.

The fire department is expected to issue a statement shortly.

According to private worker Salmi Said, the thick cloud of smoke could be seen from Sentul.

Source: FMT

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