Businessman of the year

- A + A (Aug 15): Myanmar’s deposed leader Aung San Suu Kyi was sentenced to six more years in prison on Monday in a judgement that could further anger supporters of the 77-year-old Nobel peace prize laureate. A special court inside a prison compound in the capital Naypyidaw found her guilty of four corruption charges related to a charity named after her late mother, according to people familiar with the matter, who spoke on condition of anonymity because the proceedings aren’t public. It’s the fourth round of criminal verdicts against Suu Kyi since the military seized power in a 2021 coup and brings her total jail term to 17 years, extinguishing any chance of her staging a political comeback, while the junta remain in power. Mandalay Region High Court Judge Myint San ruled that Suu Kyi caused the State to lose more than 24.2 billion kyat (US$13 million) by leasing land in Naypyidaw to build the headquarters and related projects of Daw Khin Kyi Foundation, a … [Read more...] about Ex-Myanmar leader Suu Kyi said to get six more years in prison

AFP Yangon, Myanmar   ● Mon, August 15, 2022 2022-08-15 20:00 0 b2587592dd54281f57bdb7dba9112914 2 Asia and Pacific military-junta,Court,Aung-San-Suu-Kyi,corruption,human-rights,Min-Aung-Hlaing,jail Free A Myanmar junta court jailed Aung San Suu Kyi for six years for corruption on Monday, a source close to the case said, taking the ousted leader's prison time to 17 years. Suu Kyi, 77, has been detained since the generals toppled her government in a coup on February 1 last year, ending the Southeast Asian country's brief period of democracy. She has since been hit with a series of charges, including violating the official secrets act, corruption and electoral fraud. She faces decades in jail if convicted on all counts. Suu Kyi was sentenced to "six years imprisonment under four anti-corruption charges", said the source, who requested anonymity because they are not authorised to speak to the media. She appeared in good health and did not make any … [Read more...] about Myanmar junta court jails Suu Kyi for six years for corruption

MANILA, Philippines — Dengue infections in the country have breached the 100,000-mark for 2022 after the Department of Health (DOH) on Monday said it has so far logged 102,619 cases as of July 30, 2022. “Cumulatively, cases this year are 131 percent higher compared to the reported cases during the same period in 2021 [which was at] 44,361,” said DOH in a statement. According to DOH, most cases were reported from the following regions: Central Luzon – 18,664 Central Visayas – 10,034 Metro Manila – 8,870 Meanwhile, in the recent four-week period from July 3 to July 30, 23,414 cases were recorded, with the following regions posting the most infections: Central Luzon – 5,838 Metro Manila – 2,689 Calabarzon – 2,369 During this period, 9 out of 17 regions (Regions Cagayan Valley, Central Luzon, Calabarzon, Mimaropa, Western Visayas, Central Visayas, Zamboanga Peninsula, Cordillera Administrative Region, and Metro Manila) exceeded the epidemic threshold in the past … [Read more...] about Dengue cases in PH jump past 100K in 2022, 131% higher than last year

A 48 year old Thai man finally got his first ID card after a lifetime of trying, thanks to a little help from the Thai media. The man, Sena Sriphet, is from the Koh Chan district in Chon Buri province, but he moved to live with his wife in the Nong Bua sub-district, Pa Kam district, in the Isaan province of Buriram 10 years ago. Sena informed the media that he has never had an ID card even though all his relatives and siblings have one. The issue only became a problem when his wife died and he had to pay for surgery for leaky gut syndrome after an accident at work. He revealed he couldn’t get any welfare help because he did not have an ID card and the government did not recognize he existed. Government officials recommended he took a DNA test to prove his Thai nationality. He completed the DNA test, and the result matched with his relatives, but he still didn’t get an ID card. Sena said he had to pay for the DNA test by himself too, which generally costs between 6,500 … [Read more...] about 48 year old Thai man gets first ID card after a lifetime of trying

This article first appeared in The Edge Malaysia Weekly, on August 8, 2022 - August 14, 2022. - A + A THE recent Public Accounts Committee (PAC) report on the RM9.13 billion procurement of littoral combat ships (LCS) by Boustead Naval Shipyard Sdn Bhd (BNS) questions the actions of former Boustead Heavy Industries Corp Bhd (BHIC) managing director Tan Sri Ahmad Ramli Mohd Nor and LCS project director Anuar Murad. Ahmad Ramli, who was also chairman of the LCS Steering Committee, appointed committee members without the approval of, or discussion with, BHIC’s board members. The PAC report adds that Anuar, who was also BHIC defence and safety director, issued various letters of award (LoA) and variation orders (VO) with the support of Ahmad Ramli, allowing lax management to prevail. BNS is 20.77% controlled by BHIC and 68.85% by Boustead Holdings Bhd, with armed forces fund Lembaga Tabung Angkatan Tentera (LTAT) holding 10.38% and the Minister of Finance … [Read more...] about Ahmad Ramli, Anuar Murad in the thick of LCS issue

New York (CNN Business) The American economy didn't get the memo that it's supposed to already be in a recession. The brutal GDP report released on July 28, showing the economy had contracted for a second quarter in a row, led some to insist the much-feared recession had already arrived. The good, the bad and the unknown of the inflation news And in some ways that makes sense: Since 1948, every period of back-to-back quarters of negative growth coincided with a recession. But the recession-is-already-here argument has been severely undermined since that GDP report came out. A series of events in the past 10 days suggest those recession calls are, at a minimum, premature. Yes, the economy is cooling off after last year's gangbusters growth. But no, it does not appear to be suffering the kind of downfall that would qualify as a recession. Read More Consider the following developments: The economy added more than … [Read more...] about American recession fears collide with reality

- A + A KUALA LUMPUR (Aug 15): Capital A Bhd’s airasia Super App has launched an intercity food delivery service, leveraging on its low-cost carrier services to fly delicacies from Penang to Klang Valley. With a fee of RM5.99 per order, all fresh meals will be air-flown in strict hygienic conditions, with the last order at 5pm one day before the delivery day, airasia said in a statement. Users can order up to 30 days in advance, it said. The unique feature among food delivery services allows airasia to champion local merchants who can now tap on airasia’s ecosystem to reach a much wider audience, said airasia food regional head Tan Suan Sear. The service is currently available on Wednesday, with plans to add frequency and to include other states in Malaysia, moving forward. “We have successfully launched the same intercity food delivery service in Thailand, where popular delicacies from Phuket are flown into Bangkok to great fanfare and interest of the diners,” … [Read more...] about airasia launches food delivery via flight from Penang to Klang Valley

State-controlled Baowu, the world’s biggest crude steel producer, is likely to acquire controlling stakes in some integrated production lines owned by Tsingshan at Indonesia Morowali Industrial Park in Central Sulawesi province, the people familiar with the negotiations said. - A + A (Aug 15): Tsingshan Holding Group Co, the nickel giant owned by billionaire Xiang Guangda, is in advanced talks to sell some of its stainless-steel assets in Indonesia to China Baowu Steel Group Corp as part of a strategic review, according to people familiar with the negotiations. State-controlled Baowu, the world’s biggest crude steel producer, is likely to acquire controlling stakes in some integrated production lines owned by Tsingshan at Indonesia Morowali Industrial Park in Central Sulawesi province, the people said, asking not to be identified discussing confidential information. The talks started in April, and the assets for sale include production plants of stainless steel … [Read more...] about Billionaire behind big nickel short plans to sell steel assets

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 12, 2022. REUTERS/Staff LONDON  – Global shares struggled to advance on Monday while investors digested news of an unexpected cut in Chinese interest rates as data pointed to faltering growth in the world’s second largest economy, sending oil prices nearly 2 percent lower. Weaker U.S. stock index futures also weighed on sentiment, while a steadier dollar knocked gold. The MSCI all country index was barely firmer, a month-long advance having whittled away the benchmark’s decline for the year to about 13 percent. China’s central bank cut key lending rates to revive demand as data showed the economy unexpectedly slowing in July, with factory and retail activity squeezed by Beijing’s zero-COVID policy and a property crisis. Until now, investors have been grappling with how much further central banks in the United States and Europe would hike rates when they meet next month. … [Read more...] about Stocks struggle as China rate cut sends oil tumbling

- A + A LONDON (Aug 15): The safe-haven US dollar rose on Monday (Aug 15), after a new batch of disappointing data from China bolstered global recession worries, while the yuan weakened following a People's Bank of China (PBOC) surprise rate cut. Chinese industrial output, retail sales, and fixed-asset investment all fell short of analyst estimates on Monday, as a nascent recovery from draconian Covid-19 lockdowns faltered. "Of course, bad data from China also weighed on recession worries for the rest of the world," said Ipek Ozkardeskaya, a market strategist at Swissquote. That pushed down the euro against the greenback, she added. The dollar was also supported by US Federal Reserve policymakers' hawkish comments in response to early signs that US inflation may have peaked. Richmond Fed president Thomas Barkin told CNBC last Friday that he would like to see inflation running at the Fed's 2% target for "some time" before stopping rate hikes. "The euro is slowly … [Read more...] about Dollar gains on safety flows after China data, yuan eases on rate cut