Share This

Friday, March 17, 2023

Alarm over medical misinformation

 

Setting the record straight: Zamora showing one of her TikTok videos on her smartphone during an interview in Manila.— AFP

 Philippine social media users face barrage of bogus medical posts

Vlogger Rosanel Demasudlay holds a heart-shaped “virginity soap” bar in front of the camera and assures her hundreds of YouTube followers it can be safely used to “tighten” their vaginas.

The video is part of a barrage of bogus and harmful medical posts on social media platforms where Filipinos rank among the world’s heaviest users.

Even before Covid-19 confined people to their homes and left them fearful of seeing a doctor, many in the Philippines sought remedies online because they were cheaper and easier to access.

During the pandemic, AFP’s Fact Check team saw an explosion of misinformation about untested cosmetic products and quick-fix treatments for chronic illnesses.

The majority appear as free posts or paid advertisements on Facebook, the most popular social media site among the 76 million Internet users in the Philippines.

They can circulate for weeks or even months without detection as Facebook struggles to keep up with the torrent of misinformation flooding its platform.

Many of the products are promoted in videos that have been doctored to make it look like real medical professionals are endorsing them. 

Others appear in falsified news reports, while some are touted by vloggers such as Demasudlay.

AFP fact checkers have debunked dozens of claims, including a manipulated Philippine news report that appeared to promote a herbal supplement for diabetics as an alternative to insulin.

Demasudlay’s 15-minute video was posted in August 2022 and viewed more than 10,000 times.

She falsely claimed the “Bar Bilat Virginity Soap” had been approved by the Philippine Food and Drug Administration as a treatment for skin conditions and a way to tighten the vagina.

In fact, the FDA has warned consumers against using the “unauthorised” soap due to possible health risks that range from skin irritation to organ failure.

A few months later, Demasudlay admitted in another video that the soap had left her “itchy to the point of bleeding” – but she kept promoting it.

Philippine doctors worried about the explosion of medical misinformation during the pandemic began posting videos providing free information about common health conditions.

But the move backfired as promoters of spurious treatments used clips from those videos and inserted them into their own posts for credibility.

Geraldine Zamora, a rheumatologist in the capital Manila, was among those targeted.

In 2020, she began recording videos and posting them on TikTok, where she has more than 60,000 followers.

“It was a good thing for us because we were able to extend our medical knowledge to people who otherwise wouldn’t be able to consult with doctors,” Zamora said.

But then the footage was used to promote an unregistered brand of supplement for arthritis, which the FDA had warned consumers about.

The manipulated posts were viewed tens of thousands of times before being taken down by Facebook.

Zamora said that some of her patients considered purchasing the product in the belief she was endorsing it.

The World Health Organisation said “inappropriate promotion and advertisements” for unregistered medical products had long been a global problem and the pandemic may have made it worse.

The consequences of using unapproved treatments can be dire.

Vicente Ocampo, president of the Philippine Academy of Ophthalmology, said patients as young as 12 had become blind after using eye drops bought online instead of consulting a doctor.

“It saddens us that people will readily believe advertisements that claim to heal all eye problems as speedily as possible and pay exorbitant prices for these eye drops,” Ocampo said. — AFP 

Source link

 

Related posts:

 

Age is not a vice that ruins your life! A Malaysian cardiologist reveals the secret of his longevity and excellent health

Age is not a vice that ruins your life! A 89-year-old malaysian cardiologist reveals the secret of his longevity and excellent health – Heathy Blog

 

 Picture of doctorDr. Mahmood Bukhari’ work place.

 Age is not a vice that ruins your life! A 89-year-old malaysian ...

https://filipinohealthy.com/cardio1/

 https://filipinohealthy.com/cardio1/

Thursday, March 16, 2023

Oppstar soars 225% on ACE Market debut, makes sterling debut on ACE Market

From left: Oppstar chief financial officer Chin Fung Wei, independent non-executive director Datuk Mohd Sofi Osman, independent non-executive chairman Datuk Siti Hamisah Tapsir, executive director and CEO Ng Meng Thai, executive director and chief technology officer Cheah Hun Wah, chief operating officer Tan Chun Chiat, independent non-executive director Datuk Margaret Yeo and independent non-executive director Foong Pak Chee 

Oppstar soars 225% on ACE Market debut

 

KUALA LUMPUR: Oppstar Bhd made its debut on the ACE Market of Bursa Malaysia at RM2.05 a share, a 225.4% premium over the issue price of 63 sen a share.

The stock was the most actively traded with 19.26 million shares exchanging hands.

The integrated circuit design service provider successfully raised RM104.25mil from the initial public offering exercise via the issuance of 165.48 million new ordinary shares.

Oppstar will utilise RM50mil to expand its workforce and RM25.00mil for the establishment of new offices both locally and regionally.

Meanwhile, another RM12mil will go towards research and development expenditure along with RM12.65mil for working capital.

The remaining RM4.6mil will be allocated for its listing related expenses.

“Our vision for the company is simple and clear and it is to show the global players that Malaysia is not only known for its back-end semiconductor value chain, but also has the capability to go into front-end semiconductor IC design.

"I am proud to say that we now serve clients in countries such as China, Malaysia, Japan, Singapore, as well as the USA.

"As we gradually progress, we continually ask ourselves what we can do to expand our business and continue to build up Malaysia’s profile in the front-end semiconductor space. This was where the rationale to go for a listing came about leading up to this today," said Oppstar executive director and CEO Ng Meng Thai said in a statement. 

Source link

 

Oppstar makes sterling debut on ACE Market

 

PETALING JAYA: Oppstar Bhd will focus on building its human resource capital post-listing, as the technology sector is set to grow from the opportunities presented by 5G, artificial intelligence and the Internet of Things.

The integrated circuit design service provider’s chief executive officer Ng Meng Thai said the bulk of the proceeds raised from Oppstar’s listing on the ACE Market of Bursa Malaysia yesterday would be used for the workforce expansion.

“At the moment we have 220 engineers and we have plans to increase that number to 500 in the next three years. With an enlarged workforce, we also hope to grow our revenue and profitability accordingly,” he said after the company’s listing yesterday.

The group is collaborating with various universities in the country to secure future design engineers.

“We started a programme in 2020 where we hire third-year university students for three months. They work part time for 20 hours a week and are paid RM1,500 a month. Upon graduating, they are required to work for us for a year. This is how we build our talent pool.

“When it comes to business, the multinational corporations (MNCs) are our customers. However these MNCs become our competitors when it comes to hiring. This is why other than fundraising, our objective in carrying out the listing exercise is also about hiring and retention,” said Ng.

Oppstar raised RM104.3mil from the public issue of 165.48 million new shares. The company made its debut in the market opening at RM2.05 per share, or a RM1.42 premium above the offer price of 63 sen per share.

The stock closed its maiden trading day up 285.7% or RM1.80 higher at RM2.43 a share. The share price hit a high of RM2.95 and a low of RM2 in intraday trade. Oppstar’s listing did not have an offer for sale of shares from its shareholders.

Oppstar chief financial officer Chin Fung Wei said the group intends to implement a long-term incentive plan of up to 15% of the total number of issued shares of the company for its employees.

“Prior to our initial public offering (IPO), we already had more than 20 shareholders. In fact, every one of our employees, except for those that came on board after the IPO’s closing date, is a shareholder of the company. This is one of our remuneration methods for our employees, apart from their monthly salary,” he said.

Ng added the group’s listing showed Malaysia was not only known for its back-end semiconductor value chain, but also had the capabilities to go into front-end semiconductor integrated circuit design.

“We serve clients in countries such as China, Malaysia, Japan, Singapore, as well as the US. Our expansion plans will enable us to groom future talent and grow our geographical presence which will progressively help strengthen Malaysia’s front-end semiconductor ecosystem in line with our vision,” he said.

The group plans to payout at least 25% of its annual earnings as dividends. AmInvestment Research said the US-China trade war bodes well for Oppstar because China is compelled to develop its own semiconductor capabilities. 

Source link

Related posts:

IC designer Oppstar focuses on talent, IPO offers good value for mony

  Oppstar is one the few Malaysian companies in the front-end of the semiconductor industry, offering a full spectrum of IC design services...

  Related news:

KLSE Screener
https://www.klsescreener.com › news › view › oppstar...
12 hours agoOppstar makes sterling debut on ACE Market. TheStar Thu, Mar 16, 2023 12:00am - 8 hours View Original. From left: Oppstar chief financial ..
 

ACE-Market listed Oppstar debuts at RM2.05, 225% premium ...

The Edge Markets
https://www.theedgemarkets.com › node
1 day agoACE-Market listed Oppstar debuts at RM2.05, 225% premium against IPO price of 63 sen.
 

ACE Market-bound Oppstar's IPO oversubscribed by 77 times

Daily Express Malaysia
https://www.dailyexpress.com.my › news › ace-market...
7 Mar 2023PETALING JAYA: Oppstar Bhd, which is en route to a listing on Bursa Malaysia's ACE Market on March 15, saw its initial public offering (IPO) ...
 
 
 

Know how this vital law protects you from fraud

 

Photo: 123rf.com

CONSUMER protection laws are designed to safeguard consumers and ensure they are not subjected to fraudulent or unethical practices by businesses. One such law in Malaysia is the Financial Consumer Services Act 2013, which aims to protect consumers from unfair or deceptive practices by financial institutions.

One issue that has received increased attention in recent years is “mis-selling” by banks selling investment products to its depositors. Mis-selling refers to the practice of selling financial products to consumers that are not suitable for their needs or financial situation, which can often result in significant financial losses.

Banks have been known to engage in mis-selling by aggressively pushing investment products such as mutual funds, stocks, and insurance policies to their depositors without adequately disclosing the risks involved.

The Financial Consumer Services Act (FCSA) seeks to address this issue by imposing strict requirements on financial institutions to ensure that they act in the best interests of their clients.

FCSA requires financial institutions to disclose information about their products and services in a clear and concise manner, to ensure that consumers can make informed decisions.

It also provides for the establishment of a dispute resolution mechanism to enable consumers to seek redress for grievances.

In addition, the Act requires financial institutions to obtain sufficient information about their clients’ financial situation and investment goals before recommending any investment product.

This is particularly important if customers do not have the same level of knowledge or experience as more seasoned investors.

The Act also provides consumers with greater protection in the event of a dispute. It establishes an independent dispute resolution mechanism that is fair and impartial to resolve complaints and disputes between consumers and financial institutions.

In addition to this, the FCSA provides for compensation for consumers who have suffered losses as a result of mis-selling. Financial institutions are required to establish complaint handling procedures that enable consumers to make complaints and seek redress. These procedures must be transparent and accessible, and financial institutions must take reasonable steps to resolve complaints in a timely and efficient manner.

The FCSA also provides for enforcement measures to be taken against financial institutions that engage in unfair and deceptive practices. This includes fines, penalties, and other sanctions that may be imposed by the regulator.

These measures are designed to deter financial institutions from engaging in practices that are harmful to consumers.

It is important to note, however, that consumer protection laws are only effective when they are enforced. Financial institutions that engage in mis-selling must be held accountable for their actions, and consumers must be empowered to seek redress when they are harmed. This requires a strong and effective regulatory framework, as well as consumer education and advocacy to ensure that consumers are aware of their rights and able to protect themselves.

The FCSA is an important piece of legislation that plays a vital role in protecting consumers in the financial sector.

It provides consumers with greater transparency and clarity in financial transactions, and ensures that they are not subject to unfair and deceptive practices.

The provisions of the Act relating to the mis-selling of investment products by banks are particularly important, as this is a problem that has affected many consumers in the past.

With the FCSA in place, consumers can have greater confidence in the financial sector and can be assured that their rights and interests are being protected.

- PROF DR ONG TZE SAN School of Business and Economics Universiti Putra Malaysia 

Source link

 

Financial Services Act 2013 - Bank Negara Malaysia

 


https://www.bnm.gov.my/documents/20124/820862/Financial+Services+Act+2013.pdf

 

Related posts:

 

Investors duped by fake mutual funds firm lose almost everything  

  The Star on Twitter: "Investors duped by fake mutual funds firm ... KUALA LUMPUR: She wanted to grow her retirement nest, so she p...

 

 

How Fake News Shapes World Order: Atrocity Fabrication and its Consequences

 

Atrocity fabrication – the invention and reporting of atrocities committed by an adversary without knowledge that they ever occurred – ha...

 

 

 

Taiwan telecom fraud suspects repatriated

 from Malaysia and Kenya

Tuesday, March 14, 2023

Stop moral policing at govt offices, a form without substance; Michelle Yeoh after her Oscar win: 'I'm bringing this home', with substance

'Unsuitably dressed' woman denied entry into SSM office

Woman barred entry to SSM office over 'short' dress - MSN

Only in Malaysia: Woman denied entry Companies

 

Stop moral policing at govt offices, says Kula | The Star

MORAL policing related to dress codes at government offices has to stop, says a senior government backbencher.

The Chief Secretary to the Government should also issue civil servants updated instructions on the dress code at government offices, police station and hospitals, said M. Kulasegaran (PH-Ipoh Barat).

“There have been cases where people were stopped from lodging a report at the police station or even from getting (medical) treatment because of what they wore.

“I feel this is unacceptable in any multiracial country,” Kulasegaran told the Dewan Rakyat during committee stage debate of Budget 2023.

On March 10, The Star reported that a woman known as Khor Hooi Chin, 41, whose hemline was slightly above her knees, was denied entry into a government building by a staff member who told her that her attire did not comply with the dress code.

There have also been several other recent cases of women being denied entry to hospitals, police stations and government offices due to their attire.

“I hope a guideline will be issued to all to put an end to this moral policing,” Kulasegaran said. 

Source link

  

Michelle Yeoh after her Oscar win: 'I'm bringing this home'

 

 

Pride of the nation and family | The Star

 

 

Michelle Yeoh on breaking glass ceiling at Oscars: 'I  kung fu-ed it out'

 

The Star Why Halle Berry presenting Michelle Yeoh with Oscar is such a big dea

 

Michelle Yeoh is proof that dreams really do come true | The Star

 

'Thank you Tan Sri for making us M'sians proud', says Dr Wee...


Michelle Yeoh's 'Everything' co-stars Ke Huy Quan, Jamie Lee ...

 

Winning night for Asians - PressReader


Related posts:

 

The rot has spread to Securities Commission, a replay of the 1MDB debacle?

 

Substance over style/form: ‘Dress down’ to suit current times

 

 


 

 

 

 

Change your negative thoughts and behaviours with CBT

 

 
 

Monday, March 13, 2023

Silicon Valley entrepreneurs left in the lurch and livid, as banks topple, regulators face reckoning

 

Silicon Valley Bank was shut down on Friday morning by California regulators and was put in control of the U.S. Federal Deposit Insurance Corp..
 

 

 

In this photo illustration, Silvergate Capital Corporation

NEW YORK: Last Monday, the head of the Federal Deposit Insurance Corp (FDIC) warned a gathering of bankers in Washington about a US$620bil (RM2.8 trillion) risk lurking in the US financial system.

Last Friday, two banks had succumbed to it. Whether US regulators saw the dangers brewing early enough and took enough action before this week’s collapse of Silvergate Capital Corp and much larger SVB Financial Group is now teed up for a national debate.

SVB’s abrupt demise – the biggest in more than a decade – has left legions of Silicon Valley entrepreneurs in the lurch and livid.

In Washington, politicians are drawing up sides, with Biden administration officials expressing “full confidence” in regulators, even as some watchdogs race to review blueprints for handling past crises.

To his credit, FDIC chair Martin Gruenberg’s speech this week wasn’t the first time he expressed concern that banks’ balance sheets were freighted with low-interest bonds that had lost hundreds of billions of dollars in value amid the Federal Reserve’s rapid rate hikes.

That heightens the risk a bank might fail if withdrawals force it to sell those assets and realise losses.

But despite his concern, the toppling of two California lenders in the midst of a single workweek marked a stark contrast with the years after the 2008 financial crisis, when regulators including the FDIC tidily seized hundreds of failing banks, typically rolling up to their headquarters just after US trading closed on Fridays.

Even in the darkest moments of that era, authorities managed to intervene at Bear Stearns Cos and Lehman Brothers Holdings Inc. while markets were shut for the weekend.

In this case, watchdogs let cryptocurrency-friendly Silvergate limp into another workweek after it warned March 1 that mounting losses may undermine its viability. The bank ultimately said Wednesday it would shut down.

That same day, SVB signalled it needed to shore up its balance sheet, throwing fuel onto fears of a broader crisis.

A deposit run and the bank’s seizure followed. The KBW Bank Index of 24 big lenders suffered its worst week in three years, tumbling 16%.

“With Silvergate there was a little bit of a regulatory blind spot,” said Keith Noreika, who served as acting comptroller of the currency in 2017.

“Because they wound it down mid-week, everyone got a little spooked, thinking this is going to happen to others with similar funding mismatches.”

Representatives for the FDIC and Fed declined to comment.

The drama is already spurring arguments in Washington over the Dodd-Frank regulatory overhaul enacted after the 2008 crisis – as well as its partial rollback under President Donald Trump.

Trump eased oversight of small and regional lenders when he signed a far-reaching measure designed to lower their costs of complying with regulations.

A measure in May 2018 lifted the threshold for being considered systemically important – a label imposing requirements including annual stress testing – to US$250bil (RM1.1 trillion) in assets, up from US$50bil (RM226bil).

SVB had just crested US$50bi (RM226bil) at the time. By early 2022, it swelled to US$220bil (RM994.3bil), ultimately ranking as the 16th-largest US bank.

The lender achieved much of that meteoric growth by mopping up deposits from red-hot tech startups during the pandemic and plowing the money into debt securities in what turned out to be final stretch of rock-bottom rates.

As those ventures later burned through funding and drained their accounts, SVB racked up a US$1.8bil (RM8.1bil) after-tax loss for the first quarter, setting off panic.

“This is a real stress test for Dodd-Frank,” said Betsy Duke, a former Fed governor who later chaired Wells Fargo & Co’s board.

“How will the FDIC resolve the bank under Dodd-Frank requirements? Investors and depositors will be watching everything they do carefully and assessing their own risk of losing access to their funds.”

One thing that might help: SVB was required to have a “living will,” offering regulators a map for winding down operations.

“The confidential resolution plan is going to describe the potential buyers for the bank, the franchise components, the parts of the bank that are important to continue,” said Alexandra Barrage, a former senior FDIC official now at law firm Davis Wright Tremaine.

“Hopefully that resolution plan will aid the FDIC.”

The issues that upended both Silvergate and SVB, including their unusual concentration of deposits from certain types of clients, were “a perfect storm,” she said. That may limit how many other firms face trouble.

One complication is that the Fed has less room to help banks with liquidity, because it’s in the midst of trying to suck cash out of the financial system to fight inflation.

Another is that a generation of bankers and regulators at the helm weren’t in charge during the last period of steep interest-rate increases, raising the prospect they won’t anticipate developments as easily as their predecessors.

Indeed, even bank failures have been rare for a time. SVB’s was the first since 2020.

“We’re seeing the effects of decades of cheap money. Now we have rapidly rising rates,” said Noreika. “Banks haven’t had to worry about that in a long time.” — Bloomberg 

Source link

Crypto shaken as SVB exposure depegs US$37bil stablecoin

  

Inflation data to test US stock market | The Star

 

SVB fallout spreads around world from London to Singapore

 

Related posts:

 

Investors duped by fake mutual funds firm lose almost everything 

 

IC designer Oppstar focuses on talent, IPO offers good value for mony

 

 

EPF declares 5.35% dividend for conventional savings, 4.75% for syariah     CLICK TO ENLARGE  Dividend a surprise, much more than economi...