Anwar: Malaysia, China to discuss 'Asian Monetary Fund' to cut dollar dependency - The Edge Markets MY

(April 4): China is open to talks with Malaysia on forming an Asian Monetary Fund, said Prime Minister Datuk Seri Anwar Ibrahim, amid the world’s growing impatience with the dominance of the US dollar. 

Anwar said he proposed setting up the fund at the Boao forum in Hainan last week, stressing the need to reduce reliance on the dollar or the International Monetary Fund. 

“When I had a meeting with Chinese President Xi Jinping, he immediately said, ‘I refer to Anwar’s proposal on the Asian Monetary Fund,' and he welcomed discussions,” Anwar told Parliament on Tuesday (April 4). He was on a state visit to China last week to steer ties post Covid.

“There is no reason for Malaysia to continue depending on the dollar,” he added. Malaysia’s central bank is already working on enabling the two nations to negotiate on trade matters using the ringgit and yuan, said Anwar, who doubles as the finance minister.

The Malaysian leader’s comments come just months after former officials in Singapore discussed what economies in the region should be doing to mitigate risks of a still-strong dollar that’s weakened local currencies and become a tool of economic statecraft.

Anwar said on Tuesday he initially mooted forming the Asian Monetary Fund during his first stint as the finance minister in the 1990s. His idea at that time didn’t gain traction, as the US dollar was still seen as strong, he said. 

“But now with the strength of the economies of China, Japan and others, I think we should discuss this — at least consider an Asian Monetary Fund, and, secondly, the use of our respective currencies,” he said.

Anwar also revealed to lawmakers the breakdown of the record RM170 billion investment China had committed to Malaysia. This includes an initial investment of RM2 billion this year in Zhejiang Geely Holding Group and Proton’s Automative Hi-Tech Valley project, which will later be increased to RM32 billion. 

Rongsheng Petrochemical Co will also increase its activities in Pengerang, Johor with an RM80 billion project, Anwar said. Rongsheng is one of China’s biggest refiners. 

For more Parliament stories, click here.

Read also:
Anwar tells all ministries, depts to get ready with infrastructure, human resources skills to receive foreign investments
Petronas to continue exploration project in South China Sea despite overlapping claims with China, says PM
Rongsheng Petrochemical commits up to RM80 bil for Pengerang refining facility, says Anwar
Anwar: No easy solution to South China Sea claims, but problem not insurmountable

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Malaysia, China to Discuss 'Asian Fund' to Cut US Dollar Dependency - Bloomberg

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Malaysia, China to Discuss 'Asian Fund' to Cut US Dollar Dependency  Bloomberg

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Malaysia, China to Discuss 'Asian Fund' to Cut Dollar Dependency - Bloomberg

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Malaysia, China to Discuss 'Asian Fund' to Cut Dollar Dependency  Bloomberg

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Brazil targets Asian e-commerce giants, local companies in tax push - Reuters

BRASILIA, April 3 (Reuters) - Brazil will soon unveil tax measures, including a crackdown targeting Asian e-commerce giants and curbs on some company tax benefits, as it looks to raise more than 100 billion reais ($20 billion), Finance Minister Fernando Haddad said on Monday.

The e-commerce measures come in response to complaints from local retailers about unfair competition from Asian giants such as AliExpress, Shein, and Shopee.

In an interview with local broadcaster GloboNews, Haddad said companies that operate in Brazil are facing unfair competition from "one or two global players" that hide their electronic commerce as person-to-person remittances to avoid paying taxes.

He later told journalists that combating the practice, which Haddad called "smuggling", should generate 7 billion reais to 8 billion reais in new revenue for the government.

AliExpress, owned by Alibaba Group (9988.HK), Shopee, owned by Sea Ltd (SE.N), and Shein did not immediately respond to a Reuters request for comment.

The government plans to release the measure by next week, together with legislation for its fiscal framework, which sets out limits on spending so President Luiz Inacio Lula da Silva's new administration eliminates the budget deficit next year.

According to Haddad, the framework, which also depends on booming revenue, will be supported by two other measures that the government intends to submit in the next few days.

The most significant impact will come from the government's move to seek approval from the Federal Supreme Court to disallow companies from receiving tax breaks from states on operating expenses, which result in them paying less federal tax.

The minister said the state tax relief should only apply to investments made by companies and that reestablishing federal revenues in this area could generate between 85 billion and 90 billion reais.

Additionally, Haddad said taxation of online sports betting is expected to generate between 12 billion and 15 billion reais for public coffers, more than double the initial estimate.

During the TV interview, the minister also said a planned tax reform aimed at consumption would seek to "collect from those who do not pay" taxes, which would help increase the government's revenue.

The tax reform proposal should be voted in the Lower House by July and in the Senate by October, Haddad said.

($1 = 5.0632 reais)

Reporting by Marcela Ayres and Bernardo Caram; Additional reporting by Victor Borges and Luana Maria Benedito; Editing by Steven Grattan, Aurora Ellis and Sonali Paul

Our Standards: The Thomson Reuters Trust Principles.

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Southeast Asian Market returns to Franklin Delano Roosevelt Park in Philadelphia for summer months - WPVI-TV

The community hub has been in place for over 35 years, the website says.

Sunday, April 2, 2023 10:36PM

PHILADELPHIA (WPVI) -- Large crowds turned out in FDR Park in Philadelphia for the long-awaited return of the Southeast Asian Market.

The market opened for the season this weekend.

According to its website, the market is a "community of refugees and immigrant members who have called the Franklin Delano Roosevelt (FDR) Park their home since the 1980s."

The community hub has been in place for over 35 years, the website says.

Shoppers can enjoy native cuisine dishes, culturally specific produce, plants, clothing, and jewelry.

There were also services provided by entrepreneurs who spoke multiple languages.

The market is open every weekend from 10 a.m. to 6 p.m. now through June.

To learn more, visit the market's website.

Copyright © 2023 WPVI-TV. All Rights Reserved.

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Commentary: Films starring Asians are winning worldwide acclaim - but why not Hong Kong movies? - CNA

While there is still heated debate over whether Hong Kong movies have died, the local film industry has had a surprising rebound after cinemas reopened in the second half of 2022.

Three local productions have surpassed the 2016 Korean action thriller Train To Busan as the highest-grossing Asian movie in Hong Kong. Courtroom drama A Guilty Conscience has become the first non-English film to join the HK$100-million (US$12.7 million) box office club, which until now was dominated by Hollywood blockbusters.

Multiple factors contribute to the comeback of Hong Kong films. First, it follows the broader recovery of local show business. Several movies featuring Hong Kong boy band MIRROR cracked HK$30 million. The lack of entertainment available during the zero-COVID era also generated demand for comedies and led to the success of Table For Six, which grossed HK$77 million.

Moreover, the sentiment in the city favours the rebirth of local movies. Influencers and netizens heavily promoted Warriors of Future, Hong Kong’s first big-budget sci-fi movie, after its poor box office result in China. This reflects the urge to protect local culture and Hong Kong identity since the anti-extradition protests of 2019 and 2020.

OFF THE RADAR FOR INTERNATIONAL AUDIENCES

But outside of their domestic market, Hong Kong films struggle. International box office results indicate that Hong Kong movies do not appeal to audiences overseas.

Even with the presence of familiar faces like Louis Koo and Sean Lau Ching Wan in Warriors of Future, the reality is that no Hong Kong film can gross more than 1 billion yuan (US$146 million) in China. In Taiwan, A Guilty Conscience failed to reach TW$1 million (US$32,800) after a week of showing, a benchmark that new Hong Kong movies are also unlikely to meet now.

Many domestically well-received Hong Kong movies don't even have a chance to show in Southeast Asia, historically an important market. The migration wave has allowed more Hong Kong movies to be shown in the UK. However, my observation in London cinemas is that the ratio of British attendees is much lower compared to Korean and Japanese movies.

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Commentary: Films starring Asians are winning worldwide acclaim - but why not Hong Kong movies? - CNA

While there is still heated debate over whether Hong Kong movies have died, the local film industry has had a surprising rebound after cinemas reopened in the second half of 2022.

Three local productions have surpassed the 2016 Korean action thriller Train To Busan as the highest-grossing Asian movie in Hong Kong. Courtroom drama A Guilty Conscience has become the first non-English film to join the HK$100-million (US$12.7 million) box office club, which until now was dominated by Hollywood blockbusters.

Multiple factors contribute to the comeback of Hong Kong films. First, it follows the broader recovery of local show business. Several movies featuring Hong Kong boy band MIRROR cracked HK$30 million. The lack of entertainment available during the zero-COVID era also generated demand for comedies and led to the success of Table For Six, which grossed HK$77 million.

Moreover, the sentiment in the city favours the rebirth of local movies. Influencers and netizens heavily promoted Warriors of Future, Hong Kong’s first big-budget sci-fi movie, after its poor box office result in China. This reflects the urge to protect local culture and Hong Kong identity since the anti-extradition protests of 2019 and 2020.

OFF THE RADAR FOR INTERNATIONAL AUDIENCES

But outside of their domestic market, Hong Kong films struggle. International box office results indicate that Hong Kong movies do not appeal to audiences overseas.

Even with the presence of familiar faces like Louis Koo and Sean Lau Ching Wan in Warriors of Future, the reality is that no Hong Kong film can gross more than 1 billion yuan (US$146 million) in China. In Taiwan, A Guilty Conscience failed to reach TW$1 million (US$32,800) after a week of showing, a benchmark that new Hong Kong movies are also unlikely to meet now.

Many domestically well-received Hong Kong movies don't even have a chance to show in Southeast Asia, historically an important market. The migration wave has allowed more Hong Kong movies to be shown in the UK. However, my observation in London cinemas is that the ratio of British attendees is much lower compared to Korean and Japanese movies.

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