North Korea's Kim mobilises young labourers in new housing plan amid economic woes - CNA

Kim has said the housing projects faces "unprecedentedly harsh challenges". He mobilised the young labour units, called dolgyeokdae or "Shock Brigade", in his pet infrastructure initiatives which have often faced lacklustre progress amid resources shortages, including a massive housing campaign in the northern alpine town of Samjiyon.

In Sopo, he aims to create a "distinctive street" with about 4,100 homes, in addition to a recently launched drive for 10,000 apartments, Kim said, thanking some 100,000 young men who volunteered to join the plans.

The new housing project would serve as "another proud page in the history of youth movements" and a symbol of the country's socialist revolution and "political struggle", Kim said.

"The distinctive architectures of this street will intuitively show our nation's status and rapid development," Kim said, accompanied by his young daughter who has appeared recently in a series of major events.

"It will clearly prove it to the world how our movement and struggle are advancing and developing and how vigorously they are expanding even in the face of the most arduous trials and difficulties," he added.

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2023-02-25 23:33:00Z
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No G20 joint statement after China objections on Ukraine war - CNA

China has sought to position itself as a neutral party in the conflict while maintaining close ties with strategic ally Russia.

Top Chinese diplomat Wang Yi was in Moscow on Wednesday to meet President Vladimir Putin and Foreign Minister Sergei Lavrov, who is due at a G20 foreign ministers meeting in New Delhi next week.

Chinese state news agency Xinhua quoted Wang as saying China was willing to "deepen political trust" and "strengthen strategic coordination" with Russia.

On Friday, the first anniversary of the invasion, China published a 12-point paper calling for a "political settlement" to the crisis that was met with scepticism from Ukraine's allies.

G20 host India has also refused to condemn Russia, which is New Delhi's biggest arms supplier and has become a major source of oil for India since the invasion.

Western countries - including the United States, Germany and France - had insisted the language in any joint statement could not be weaker than the communique issued by G20 leaders in Indonesia in November.

"This is a war. And this war has a cause, has one cause, and that is Russia and Vladimir Putin. That must be expressed clearly at this G20 finance meeting," German Finance Minister Christian Lindner told a news conference on Friday.

DEBT RELIEF

The gathering also focused on debt relief for poorer countries hit by rocketing inflation because of the war.

The International Monetary Fund said ahead of the meeting that around 15 per cent of low-income countries were in debt distress and an additional 45 per cent were at high risk.

Western officials including US Treasury Secretary Janet Yellen called on China to take "haircuts" on its loans to debt-stricken nations such as Zambia and Sri Lanka.

China wants multilateral lenders including the World Bank - which Beijing sees as Western-controlled - also to restructure their loans, but the United States and others oppose this.

Other topics in Bengaluru included efforts towards a global tax on tech giants, and widening the remit of multilateral development banks such as the World Bank to help nations hit by climate change.

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2023-02-25 15:14:13Z
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G20 finance chiefs differ on debt, Russia-Ukraine war - CNA

Besides the G7 nations, the G20 bloc also includes such countries as Australia, Brazil and Saudi Arabia.

The delegates said the meeting was likely to end with a statement by the host summarising the discussions.

"In the absence of a consensus, the option for India would be to issue a chair statement," one official said.

India's foreign, finance and information ministries did not immediately respond to requests seeking comment.

DEBT NEGOTIATIONS

On the sidelines, the International Monetary Fund (IMF) held a meeting on Saturday with the World Bank, China, India, Saudi Arabia and the G7 on restructuring debt for distressed economies, but there were disagreements among members, said IMF Managing Director Kristalina Georgieva.

"We just finished a session in which it was clear that there is a commitment to bridge differences for the benefit of countries," Georgieva, who co-chaired the roundtable with Indian Finance Minister Nirmala Sitharaman, told reporters.

One delegate told Reuters there was some initial progress made, mostly on the language around the issue, but restructuring was not discussed in detail.

Yellen said there were no "deliverables" from the meeting, which was mostly organisational.

Further discussions of the panel are planned around the time of the IMF and World Bank spring meetings in April.

Pressure has been building on China, the world's largest bilateral creditor, and other nations to take a large haircut in loans given to struggling developing nations.

In a video address to the G20 meeting on Friday, Chinese Finance Minister Liu Kun reiterated Beijing's position that the World Bank and other multilateral development banks should participate in debt relief by taking haircuts alongside bilateral creditors.

Yellen had said before the debt meeting that she would press all bilateral creditors, including China, to participate in meaningful discussions, adding that debt treatment for Zambia and financing assurances for Sri Lanka were "most urgent".

Zambia owed Beijing nearly US$6 billion of a total external debt of US$17 billion at the end of 2021, according to government data, while Ghana owes China US$1.7 billion, according to the International Institute of Finance, a financial services trade association focused on emerging markets.

Sri Lanka owed Chinese lenders US$7.4 billion - or nearly a fifth of public external debt - by the end of 2022, calculations by the China Africa Research Initiative think tank show. 

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2023-02-25 10:56:01Z
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Hong Kong model butchered over money dispute; ex-husband's family among 4 arrested - CNA

HONG KONG: Hong Kong police have made four arrests over the gruesome murder of a 28-year-old model who was dismembered after a financial dispute with her ex-husband's family, authorities said on Saturday (Feb 25).

The partial remains of well-known influencer Abby Choi, who last week appeared on the digital cover of fashion magazine L'Officiel Monaco, were found in a village house set up as a butchery site, police said.

"We are still looking for the head," superintendent Alan Chung told reporters, after disclosing that a woman's limbs had been discovered inside a refrigerator.

The house was equipped with an electric saw and a meat grinder that had been used to mince human flesh, Chung said.

"Two pots of stew believed to contain human tissue" were left at the scene, he added.

Choi's ex-husband, a 28-year-old man surnamed Kwong, was arrested for murder Saturday afternoon as he was attempting to flee the city by boat, Chung said.

The man's father, mother and elder brother had been arrested on the same charge a day earlier.

"We believe the victim and her ex-husband's family had many financial disputes involving huge sums," Chung said.

"Someone was dissatisfied with how the victim handled her assets, which became a motive to kill."

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2023-02-25 09:55:59Z
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China urges Russia-Ukraine talks, UN supports no nukes clause - CNA

BEIJING: China called on Friday (Feb 24) for urgent peace talks as it released its plan to end the war in Ukraine, but several Western powers rebuffed the proposals while warning against Beijing's closening ties to Moscow.

The United Nations expressed cautious optimism over the Chinese proposals, particularly over the document's call to avoid using nuclear weapons.

Russia reacted positively to Beijing's efforts and Ukrainian President Volodymyr Zelenskyy offered a muted response, saying Kyiv needed to "work with China" on approaches to put an end to the year-old war.

Zelenskyy told reporters he was planning to meet with Xi Jinping after the Chinese leader's government called for the peace talks, saying it would "be important for world security".

China's 12-point paper calling for a "political settlement" of the crisis follows accusations from the West that China is considering arming Russia, a claim Beijing has dismissed as false.

Timed to coincide with the first anniversary of Russia's invasion of Ukraine, the paper urges all parties to "support Russia and Ukraine in working in the same direction and resuming direct dialogue as quickly as possible".

It also makes clear its opposition to not only the use of nuclear weapons, but the threat of deploying them, after Russian President Vladimir Putin threatened to use Moscow's atomic arsenal in the conflict.

Russia said Friday it appreciated Beijing's efforts to settle the conflict but insisted any solution should recognise Kremlin control over four Ukrainian regions.

"We highly value the sincere desire of our Chinese friends to contribute to the settlement of the conflict in Ukraine through peaceful means," the foreign ministry said, but added any settlement must recognise "the new territorial realities".

China's document was immediately met by scepticism from Ukraine's allies, with NATO chief Jens Stoltenberg saying Beijing "doesn't have much credibility because they have not been able to condemn the illegal invasion of Ukraine".

US President Joe Biden's national security advisor said the war "could end tomorrow if Russia stopped attacking Ukraine and withdrew its forces".

"My first reaction to (the position paper) is that it could stop at point one, which is to respect the sovereignty of all nations," Jake Sullivan told CNN.

And German President Frank-Walter Steinmeier said that while "every constructive suggestion that brings us closer on the path to a just peace is highly welcome ... whether global power China wants to play such a constructive role is still doubtful".

At a press conference in Beijing, Ukrainian and EU diplomats urged China to do more to press Russia to end the conflict.

Jorge Toledo, the EU ambassador to China, said Beijing has a "special responsibility" as a permanent member of the UN Security Council to uphold peace.

At the United Nations, Secretary-General Antonio Guterres's spokesman said "I think the call on the need to avoid the use of nuclear weapons is particularly important."

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2023-02-24 19:47:20Z
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With higher spending in 2023, Malaysia faces uncertainties in raising revenue: Analysts - CNA

Professor Geoffrey Williams, provost for research and innovation from the Malaysia University of Science and Technology, said the government could probably afford the increased spending. 

But he noted that Malaysia is very heavily affected by what’s happening in the global economy and there are some “headwinds” on the international front.

“So although (revenue) is slightly lower in terms of its overall projection, it very much depends on the strength of the economy. So from a revenue side, I think that it is affordable,” he told CNA’s Asia Now.

Malaysia’s economy is forecasted to expand 4.5 per cent in 2023, Mr Anwar said, slowing from the 8.7 per cent growth in 2022.

Prof Williams pointed out that actual revenue for 2022 turned out to be “very much higher” than predicted in the original budget that year.

Last month, the government announced that Malaysia’s trade surplus hit a record high of RM255.1 billion in 2022. This is the 25th consecutive year the country has recorded a trade surplus since 1998. A trade surplus occurs when the value of a country’s exports exceeds the costs of its imports.

More specifically, the proposed capital gains tax could have a large impact on raising revenue, said Mr Soh Lian Seng, KPMG’s head of tax in Malaysia.

“Capital gains tax will have wide implications, pending details of the mechanism that will be in place; more of interest will be the tax rate that will be imposed,” he said.

If the imposed rate goes up to 30 per cent, which Mr Soh said is the current rate of real property gains tax, he highlighted that this will be a “significant revenue stream” for the government.

Commenting on the luxury goods tax, Prof Williams said it will not be a “big revenue earner”.

Economist Khor Yu Leng, Southeast Asia research director at Segi Enam Advisors, added that the luxury goods tax could be of “limited fiscal revenue significance, but serves as part of the shift for a progressive approach to tax”.

“The new luxury and income taxes may not cover the increased spending,” she said.

With that said, BowerGroupAsia director Adib Zalkapli said the “devil is in the details” when determining how much these taxes could help raise revenue.

“Until the mechanism for capital gains tax is finalised and the definition of luxury goods is made clear, we won't be able to tell how they will improve government revenue,” he said.

However, others like Professor James Chin of the University of Tasmania are less sanguine. He believes that the new taxes will not be able to fund the extra spending.

“But this does not matter in the big picture,” he said.

“It's likely that Malaysia will borrow to fund the difference. All countries are borrowing big to recover from the pandemic and as long as the country grows over the long term, borrowing is all right.”

Malaysia’s national debt is expected to reach RM1.2 trillion in 2023 - more than 60 per cent of the gross domestic product (GDP), said Mr Anwar when tabling the budget. It would have reached RM1.5 trillion when liabilities are included.

Additional reporting by Amir Yusof.

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2023-02-24 14:58:49Z
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Malaysia PM Anwar tables expansionary budget, aims to lower cost of living - CNA

LOWER INCOME TAX FOR M40, HIGHER TAXES FOR THE RICH

Mr Anwar on Friday announced that the government is proposing lowering income tax for the 40 per cent middle income group (M40) while increasing taxes for the rich.

“The T20 group (top 20 per cent earners) are rich so they don’t need assistance. The B40 (bottom 40 per cent) has been given government assistance all this while. But what about the M40?,” said Mr Anwar.

“I am grateful for their patience all this while, even though they have been squeezed by the increased cost of living. So I am happy to announce that the government has agreed to increase the disposable income of the M40 group through a reduction in the individual income tax rate,” he added.

Mr Anwar elaborated that from 2023, the individual income tax rate for M40 residents, who earn between RM35,000 and RM100,000 annually, will be reduced by 2 percentage points. Currently, they pay between 8 per cent and 21 per cent, depending on their income.

Mr Anwar said this tax cut is expected to benefit approximately 2.4 million taxpayers, giving them extra disposable income of up to RM1,300.

On the other hand, Mr Anwar added that high earners with annual incomes of between RM100,000 and RM1 million annually will be taxed between 0.5 and 2 percentage points more.  Currently, they pay between 24 per cent and 26 per cent, depending on their income.

He said the progressive increase in income tax is expected to impact less than 150,000 taxpayers.

“This is a small number of people … but they must also shoulder the responsibility. Because if we want to lower the burden of the poor and middle income, the rich should contribute slightly,” he added.

Mr Anwar added that for the B40 households with income of less than RM2,500 a month, they will receive cash aid of up to RM2,500 depending on the number of children through the Rahmah Cash Aid initiative.

He added that food baskets and vouchers for staple food items worth RM600 will also be extended to Rahmah Cash Aid recipients who are registered.

Mr Anwar on Friday reiterated that the government has no plans to implement a broad-based consumption tax such as the Goods and Services Tax (GST).

“With the majority of the people still facing difficulties, food inflation exceeding 5 per cent, and low wage rates, it is not appropriate at this time to introduce and implement such a tax,” he said.

He added that the government was also studying how to introduce a capital gains tax for unlisted share disposal by companies, in line with international best practice guidelines.

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2023-02-24 12:03:04Z
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