A new model of China's carrier rocket Long March-6 carrying 20 micro-satellites blasts off from the launch pad at 7:01 a.m. from the Taiyuan Satellite Launch Center in north China's Shanxi Province, Sept. 20, 2015. The new carrier rocket will be mainly used for the launch of micro-satellites and the 20 micro-satellites will be used for space tests. (Xinhua/Yan Yan)
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China successfully launched a new model of carrier rocket, Long March-6, at 7:01 a.m. Sunday from the Taiyuan Satellite Launch Center in north China's Shanxi Province.
The rocket carried 20 micro-satellites into the space for space tests.
The new rocket, fueled by liquid propellant made of liquid oxygen and kerosene, is China's first carrier rocket that uses fuel free of toxicity and pollution, said Gao Xinhui, an official at China Aerospace Science and Technology Corporation.
"Using such propellant can cut costs by a great margin," he said.
Zhang Weidong, designer-in-chief at the Shanghai Academy of Spaceflight Technology with the China Aerospace Science and Technology Corporation, said the new rocket also "reformed the way carrier rockets are tested and launched in China."
"Loading, testing and positioning were finished when the Long March-6 rocket was at a horizontal position, before it was lifted to an upright position for launching," he said.
"We believe it will greatly boost the competitiveness of Chinese carrier rockets in the international market. The new model will also significantly improve our abilitiy to access space," said Zhang.
The launch on Sunday has tested the feasibility and accuracy of the rocket's design as well as other new technologies.
The new carrier rocket will be mainly used for the launch of micro-satellites.
The rocket is the 210th mission by the Long March rocket family. In 1970, a Long March-1 rocket sent China's first satellite, Dong Fang Hong 1, or "the East is Red", into Earth orbit. - Xinhua
While Asians think long term, their institutional framework remains short term.
Global factory: A cargo ship waits to be loaded with shipping containers at a port in Qingdao, Shandong province. China’s emergence consolidated Asia’s key role as the global factory, supplying the rest of the world with all manner of consumer goods. – Reuters
ANYONE who thinks he can predict the future of Asian finance has to know first how the Asian real economy will be doing. Projections of the future, based on past data, are notoriously inaccurate. But there are general scenarios that we can paint about the mega trends in the global economy that will certainly shape what will happen to Asia.
Roughly every five years, the US National Intelligence Council (www.dni.gov/NIC_2030_project.html) has been publishing scenarios about the future, the latest being for 2030. There are no straight line projections into the future, but rather factors that we do have some knowledge about that will impact on future outcomes.
The key trends are well known, such as demographics, urbanisation, technology and social media, globalisation, climate change and growing risks through social conflict, including terrorism, civil disruption and regional wars. The main trend that makes life much more complicated is the fact that we have moved from a uni-polar world where the US dominant position has weakened relative to the other major players.
Not only are there new powers emerging, such as the BRICS countries, but also non-state players like Isis that can fight across borders without a national identity. This makes coordinated and consistent action much more difficult to manage, which is why there is little agreement at the level of the United Nations, International Monetary Fund and other multilateral institutions.
The McKinsey Global Institute has tried to help corporate captains and policy-makers frame the uncertain future for the period 2015-2025 into basically four possible outcomes. The best scenario is a globally coordinated and distributed growth underpinned by broadening productivity increases.
Next are pockets of global growth with imbalances. Scenario three is low but stable global growth, with lots of muddling through. And the worst is continuing rolling regional crises with volatile and weak growth all round.
Stimulus packages
Most of what is likely to happen would depend on what is happening near term to stimulus packages like quantitative easing (QE) and the outlook for energy prices. Over the long term, the aging of advanced economies, rapid urbanisation (or labour migration) and technology and global connectivity will shape the final outcome.
The near-term outlook is much bleaker in the post-crisis adjustment period. Having shot the world full of steroids in terms of QE, the world’s central banks are moving in divergent paths. The Fed wants to withdraw, while the European Central Bank and Japan are still bent on using very loose monetary policy. But post-crisis, advanced country growth are roughly 2% below potential, and their demand for Asian imports are likely to remain weak.
Which is why Asian finance would depend on what happens in the next decade to the Asian global supply chain. Historians remember that the Japanese led the post-war revival of the Asian economies by being the first to supply the demand for consumer goods by the West.
After growth in Japan peaked in the 1980s, Japan invested heavily in the rest of East Asia to exploit cheap labour and increase its productive capacity. China’s emergence consolidated Asia’s key role as the global factory, supplying the rest of the world with all manner of consumer goods.
The success of the Asian global supply chain meant that Asia ran a current account surplus with the rest of the world, but mostly with the US. With rising incomes and savings, Asia became a net lender to the world, further stimulating global growth as domestic investments, an emerging middle class and demand took most of Asia to middle-income levels.
But such excessive savings were never properly intermediated within Asia. Instead, the excess savings were parked in New York and London, returning to Asia in the form of foreign direct or portfolio investments. Fundamentally, Asia did not upgrade its bank-dominated system of using short-term deposits to fund long-term investments.
Despite aging population, the level of long-term pension and insurance funds and therefore the institutionalisation of long-term savings remained small compared with the banking system.<
Low rate policies
Much of this has to do with a penchant for low interest rate policies, beginning with the Japanese attempts to reflate its economy with ultra-loose monetary policy. Excessively low interest rates meant that investments may not go to the best use of funds, while speculation in asset bubbles became more profitable than upgrading total factor productivity.
China’s stock market gyrations this year symbolise the contradictions within Asia’s financial system. On the one hand, the stock market should be the source of long-term equity much needed for giving the whole economy an equity cushion against overleveraged fragilities.
On the other, the stock market became a casino for retail punters with margin funding.
Which is why the Fed’s decision on raising interest rates has so much impact on the future of Asian finance, because New York and London remain an important intermediary for Asian excess savings.
Capital outflows back to New York and London occur precisely because as Asian excess savings unwind, interest rates will adjust upwards and Asian asset bubbles will accordingly also unwind.
The irony of Asian growth is that while Asians think long term, their institutional framework remains distinctly short term. Asian pension and insurance funds remain too small and lack the firepower and innovative imagination to be the market stabilisers that are needed for the long haul.
The Japanese pension system is the classic example of Asian institutional weakness. By putting the bulk of its savings in domestic government bonds, the system is trapped in terms of returns, since the large Japanese fiscal deficit and debt overhang (roughly twice GDP) can only be sustained by low interest rates. We then have the world’s largest net saver becoming the largest borrower, owing everything to oneself
Can the right hand of an aging person rescue its left hand? Over any demographic cycle, it is the young that will support the old, so one must invest in the young for the future to be bright.
The future of Asian finance is less a technical issue and more a mindset problem. Unless Asian policymakers start thinking more about long-term funding for its young (in thinking as well as action), it will continue to be subject to the whims of monetary policy decision in Washington DC.
Andrew Sheng writes on global issues from an Asian perspective.
U.S. Federal Reserve Chair Janet Yellen attends a press conference in Washington D.C., the United States, Sept. 17, 2015. The Federal Reserve announced on Thursday that the federal funds rate will stay unchanged considering the weak global economy and low inflation. (Xinhua/Yin Bogu)
WASHINGTON, Sept. 17 (Xinhua) -- The U.S. Federal Reserve on Thursday kept its benchmark interest rate unchanged, saying the rising uncertainty abroad and low inflation were the key reasons behind the decision.
After concluding a two-day monetary policy meeting, the Fed said in a statement that the economic activity is expanding at moderate rate with labor market approaching maximum employment but inflation staying muted.
However, in light of the heightened uncertainties abroad and a slightly softer expected path for inflation, the Fed judged it appropriate to wait for more evidence, including some further improvement in the labor market to bolster its confidence that inflation will rise to 2 percent in the medium term, Fed chairwoman Janet Yellen said at the press conference on Thursday.
In regard to foreign developments, the central bank is paying more attention to the developments in China and emerging economies, according to Yellen.
China's economy is growing at a slower pace as it rebalances its economy, which has no surprise, said Yellen, but adding that developments in financial markets in August, in part, reflected concerns that there was down-side risk to Chinese economic performance.
In addition, the substantial downward pressures on oil prices and commodity markets have significant negative impact on resources-exporting emerging markets and advanced economies. Important emerging markets have seen significant outflows of capital, pressures on their exchange rates and concerns about their future performance.
Besides the rising uncertainty in emerging markets, the low inflation is one of the reasons holding the Fed back in raising interest rates.
The core personal consumption expenditure (PCE) price index, an inflation gauge preferred by the Fed, only went up 1.2 percent year on year in July, far below the central bank's 2 percent. The index has been below the Fed's target for over three years.
The recent drop in oil prices and the further appreciation of U.S. dollar have put some downward pressure in the near-term on inflation, which means that it will take a bit more time for these transitory effects to fully dissipate, said Yellen.
According to the Fed officials economic projections released on Thursday, they expected the core PCE price index won't meet the Fed's target until 2018, while the unemployment rate will drop to 4.8 percent, below 4.9 percent, the level the Fed considered as full employment.
Yellen said that as the labor market heals, there will be further upward pressure on inflation. But She said the process is slow and is characterized by lags, and that is why it takes a few years as the inflation to get back to 2 percent, while the unemployment rate falls and even overshoots its longer-run normal level.
The Fed still leaves door open to a rate hike sometime this year. Most Fed officials still expect a first rate increase this year, Yellen said, noting that 13 out of the 17 Federal Reserve Board members and Federal Reserve Bank presidents are looking for a move in 2015.
The Federal Open Market Committee, the monetary policy decision body, will hold two policy meetings this year, in October and December. According to Yellen, every meeting has possibility for a rate increase.
Yellen reiterated that market should pay less attention to the timing of the first interest rate increase and more attention to the expected path of rates.
"The stance of monetary policy will likely remain highly accommodative for quite some time after the initial increase in the federal funds rate," said Yellen.
WASHINGTON, Sept. 11 (Xinhua) -- The U.S. federal government budget deficit decreased in August, providing fresh confidence that the country is poised to meet its deficit cuts goal, the U.S. Treasury Department said Friday.
The budget deficit stood at 64.4 billion U.S. dollars in August, 50 percent less than the amount recorded a year ago.Full story
WASHINGTON, Sept. 15 (Xinhua) -- The World Bank Tuesday warned of the risk of a large decline in capital flows to emerging economies in the upcoming U.S. monetary policy tightening cycle.
If the tightening cycle were accompanied by a surge in U.S. long-term yields, as happened during the taper tantrum in 2013, the reduction in capital flows to emerging economies could be substantial, according to a new research paper released by the World Bank ahead of this week's meeting by the U.S. Federal Reserve to discuss whether to raise interest rates.Full story
MEXICO CITY, Sept. 12 (Xinhua) -- The Latin American markets have been unsettled lately as the U.S. Federal Reserve (Fed) has failed to provide a clear signal on the specific date of its interest rate rises.
For most of this year, expectations have risen that the Fed will raise interest rates. However, the Fed has so far remained quiet, unnerving markets worldwide.Full story
KEVIN Morais (pix) was a pure professional, highly ethical, very hardworking and humble. He possessed no ego of any form.
In his work he was very thorough, often asking as many questions as it required to understand every permutation completely.
He took his work as a prosecutor very seriously, often missing meals, and constantly suffered from red watery eyes after reading law throughout the night. He gave his all to the cases he took on. Sometimes, when witnesses turned hostile or the case went awry for reasons beyond Kevin’s control, it affected him deeply. It hurt him to talk about those cases.
Kevin was married to his work.He took on cases others left behind as serving justice was uppermost in his mind. He endeavoured to make sense of every case so he could fight for justice. He had an excellent command of English and loved trading witty puns with the equally competent.
Every time there was a meeting, staff of all rank would line up to shake his hand not because they had to, but because they wanted to shake the hands of Tuan Kevin Morais and greet him. From the gentle bow of their bodies to the deferential nod of their head and the way they extended their hands – like an offering – you could see the tremendous respect they held for him.
Despite being extremely busy, Kevin always had time for those who sought him. He took the time to explain things slowly and made sure they understood perfectly, trying as it may be for those without legal training.
I often told him, “Kevin, these men hold a tremendous measure of respect for you. This is far more valuable than any Datuk or Tan Sri title.” In his usual deprecating manner, he would laugh it off and say, “Oh, Jess, you so flatter me.”
Kevin was a peaceful soul. He always believed in the goodness of people. It never ceased to amaze me how devastated he would be if he found out how bad or guilty they were. In his trademark hand-over-the-mouth gesture, he would keep saying, “No, no please. Not him too!” It amazes me that he was so innocent even after years of practising his profession, choosing to believe good over evil.
I hold him very dear in my heart and not a day has gone by since his disappearance that I’ve not broken down. My constant question to God is, “Why Kevin, God? Why?” My answer is that the angels in heaven wanted him where he belongs. - By JESSICA GURMEET KAUR SIDHU Malaysia
SUBANG JAYA: It was a dead end road hemmed in on one side by a swampy area near a primary school with Sungai Klang at the end of it.
This was where, after almost 13 days since going missing, Deputy Public Prosecutor Anthony Kevin Morais was found.
His decomposed body was discovered cemented in an oil drum which was dumped into the swampy area.
A 52-year-old army doctor is believed to have hired several men to kidnap and kill Kevin, who was involved in the prosecution of a RM700,000 corruption case against him.
After abducting Kevin in Bangsar, it is believed that they killed him by bludgeoning him before stuffing his body in an oil drum and pouring in cement.
They then dumped the drum in the swamp near SKJC Chee Wen here. The road next to the swamp was a dead end and hardly used by motorists.
Federal CID director Comm Datuk Seri Mohmad Salleh said the doctor was one of seven people detained over the abduction and murder of Kevin.
“We detained four men, two women and a child on Tuesday and one of the suspects led us to this location. We had to send divers into the swamp and they verified that an oil drum was sitting on the river bed,” he said at the scene yesterday.
Comm Mohmad said a forklift took out the drum before personnel from the forensic unit broke it open.
“The body was found in a gunny sack covered with cement,” he said, adding that the body was taken to the Kuala Lumpur Hospital for a post-mortem.
Investigators did not open the gunny sack at the scene but it is believed that the body is intact.
Comm Mohmad said in Penang, police had seized a Mitsubishi Triton, a Honda Accord and RM17,100 cash while in Klang Valley, authorities confiscated a Proton Persona, RM15,000 cash and a receipt for the purchase of cement, stones and sand, believed to have been used in the case.
The Mitsubishi Triton was used to ram into Kevin’s government issued Proton Perdana on Sept 4 along Jalan Duta before he was forced into another car. One of the other suspects then drove away in the Proton Perdana.
“This incident was captured on CCTV in Jalan Duta and that led us to the arrests,” he said, adding that police would be applying for a seven-day remand against the four men.
It is learnt that three more suspects are still at large. The woman and child are believed to be family members of one of the men caught.
“We expect to make more arrests soon,” he said, adding that three of those caught were being investigated for links with gangsterism.
He also denied that the case had any link to the murder of AmBank founder Hussain Ahmad Najadi or the 1MDB scandal.
“I would like to convey my deepest condolences to the Morais family,” he said, adding that police believed that the army doctor and the other four men were in cahoots.
“It is possible that the doctor hired these men to abduct and murder Kevin,” he said.
Kevin went missing after leaving his residence in Menara Duta here for work in Putrajaya in a grey Proton Perdana bearing the registration plate WA6264Q.
Kevin must have been killed because of his cases, says brother: We want justice
KUALA LUMPUR: The grieving youngest brother of Deputy Public Prosecutor Anthony Kevin Morais has called for justice to be done against those who killed him.
When met outside the Hospital Kuala Lumpur (HKL) mortuary, 49-year-old Datuk Richard Morais said his brother must have been killed because of the cases he was involved in.
“I don’t know what to say. This is not a normal death,” said a teary-eyed Richard after the body of his brother was wheeled into the hospital.
“Everybody knows that this was case-related,” he added.
However, Richard said he did not know what case could have caused the 55-year-old to end up dead.
Inconsolable: Relatives supporting a distraught Richard after he arrived at the Hospital Kuala Lumpur mortuary to identify his brother’s body.
“He was a secretive person. He was very professional about his work. He did not share with his family members. Work came first,” he said.
Richard described his brother as a “strict man” who lived for his job and the law.
Another brother, David Morais, said the post-mortem might take up to two days to determine it was Kevin and what killed him.
“It is unbelievable that this can happen to him. We are just waiting for the post-mortem to be over,” he said.
National pride: EcoWorld’s father and son team Tian Xiong (left) and Kee Sin proudly wearing the campaign’s wristbands.
It has been more than a month since the #AAnakAnakMalaysia campaign started and today marks the final day of the simple yet meaningful campaign.
What started out as a campaign to unite Malaysians and uphold the spirit of independence quickly grew and flooded social media, especially with images of the people creatively expressing their patriotism using the campaign’s signature #AnakAnakMalaysia wristband.
Together, two proud Malaysian companies – EcoWorld Development Group Bhd and Star Media Group Bhd (formerly Star Publications (M) Bhd) – banded together to remind us what it means to be Malaysian and to look beyond skin, cultural background, race and creed.
The campaign stands firm in its belief that embracing diversity is key to success and with millions of shares of pictures with the hashtag (at www.anakanakmalaysia.com), it was evident that the campaign struck a chord in the hearts of Malaysians.
Wong (left) beaming with pride as he shows his solidarity with Malaysians.
The Star sat down with EcoWorld chairman Tan Sri Liew Kee Sin, executive director Liew Tian Xiong and Star Media Group Bhd group managing director and chief executive officer Datuk Seri Wong Chun Wai to hear from them the journey of the campaign towards Malaysia Day and its impact.
Tian Xiong said the response to the #AnakAnakMalaysia campaign was beyond what was imagined.
When coming up with a Merdeka-Malaysia Day campaign, he said the group branding team had wanted to do something different.
“Over the years, we realised that fewer flags are being waved. We just wanted to do something significant and remind people that there is a lot to look forward to in this country,” he said.
Although there were about 20,000 pictures shared through the hashtag, Tian Xiong said the total number of shares accumulated to about six million across all social media platforms.
“Everyone was posting pictures –no matter where they were. There were so many creative pictures,” he said.
Tian Xiong’s favourite so far has been the one where a father uses his fingers to form the shape of a heart on his pregnant wife’s belly, signifying the coming of an “Anak Malaysia”.
The campaign drew attention in the media with Tian Xiong even getting personal feedback.
“Everyone has been saying that it’s a good campaign. We made 480,000 wristbands for this and there are still people asking for more,” he said, adding that he always made it a point to pass these to his friends whenever they met up for their weekly football games.
“I’ve never been embarrassed to be a Malaysian. This country has a lot to offer and it gives you character.
“Even when I was studying abroad, I always wanted to come back,” he said.
Growing up, Tian Xiong said being tolerant of other races came naturally, particularly when he was surrounded by people of various ethnic groups every day.
His father Kee Sin said as a parent, the key was to teach children to respect each other, not to look at skin colour, and to embrace diversity.
“Parents should let their children mix and mingle with different races and Malaysians should make friends, rekindle friendships and not stay within their own boundaries,” he said.
In EcoWorld, he said diversity was their theme, which was embraced by all employees.
Growing up in Plentong New Village, he said it never mattered what race each child in the football field was then as everyone just bonded over the sport.
He believes that the reason for such troubled times in the country is because people have taken the country’s richness in culture, race, and religions for granted.
Leaders, he said, should now think of ways to move forward.
A proud Malaysian, he said he always did his little part in placing Malaysia on the world map whenever he travelled.
“I always make it clear to everyone I meet where I come from and will continue to remind people,” he said, adding that overseas, it did not matter what one’s race was as everyone identified themselves as Malaysians.
Wong agreed with EcoWorld that the response to the campaign had been overwhelmingly successful.
“The National Day-Malaysia Day campaign struck a chord with all layers of Malaysians because the majority of us are tired of race politicians and, certainly, disconnected politicians who use race and religion to ensure their survival.
“This is not what most moderate Malaysians want for this country. Malaysians want to celebrate these two great days, not mark these important dates with fear.
“We must be able to go to the streets on Aug 31 and Sept 16 in a celebration of joy. These two dates are about Malaysians of all races, religions and cultures coming together as one people,” he said.
It was shocking, he added, that some had chosen to draw and emphasise on the differences – whether real or imaginary.
Wong said they got daily calls from Malaysians wanting to be part of the initiative and, regardless of race, he could see the genuine joy and pride each time they put on the wristbands.
“We share this joy for our little part in making history for Malaysia.
“It was truly a people’s initiative to spread the word of moderation and we hope to carry out a similar collaboration next year where, again, all Malaysians can make a simple statement of their love for our Malaysia which we truly love,” he said.
Liew and his son Tian Xiong (left) at the interview. The biggest shareholder of Eco World Development Group is Tian Xiong, who at 22 in 2013 became the major shareholder of the company. Entrepreneur who drives the ...
Liew's eldest son, Tian Xiong, is a major shareholder and director in Eco World, another property firm set up by former S P Setia top brass. S P Setia fell five sen to close at RM2.88 while Eco World was up one sen to RM4.15.
“Property development companies such as E&O, Eco World Development Group Bhd and Ewein Bhd are embarking on new large-scale mixed development projects in the state with total gross development value (GDV) of ...
The developers who took part in the exhibition were Eco World Development Sdn Bhd, SP Setia Bhd Group, IJM Properties Sdn Bhd, Asas Mutiara Sdn Bhd, Chong Company Sdn Bhd, Sunway Grand Sdn Bhd, BSG Property, ...
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