Indonesia offers 'golden visa' to entice foreign investors - CNA

JAKARTA: Indonesia is introducing a golden visa scheme to attract foreign individual and corporate investors in an attempt to boost its national economy, a statement from the ministry of law and human rights distributed on Sunday (Sep 3) said.

“The golden visa is granting a residence permit for an extended period of five to 10 years," director general of immigration, Silmy Karim said in the statement.

The five-year visa requires individual investors to set up a company worth US$2.5 million, while for the 10 years visa, a US$5 million investment is required.

Other countries around the world including the US, Ireland, New Zealand and Spain have introduced similar golden visas for investors, seeking to attract capital and entrepreneurial residents.

Meanwhile, corporate investors are required to invest US$25 million to get five-year visas for directors and commissioners. They need to invest double, or US$50 million, to gain a 10 year visa.

Different provisions apply to individual foreign investors who do not want to establish a company in the Southeast Asian country.

The requirements range from US$350,000 to US$700,000 in funds that can be used to purchase the Indonesian government bonds.

“Once they arrive in Indonesia, golden visa holders no longer need to apply for permit,” Silmy Karim said.

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2023-09-03 05:52:34Z
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'Economy' rice no more: Malaysia restaurant owners looking to raise prices amid increasing costs - The Straits Times

PETALING JAYA – Restaurant owners are looking at raising the price of their rice dishes as the cost of imported rice goes up by 36 per cent, driven by factors including climate change and conflicts.

“We will be left with no choice but to pass the extra cost to our customers. We can expect to see the price of a plate of rice to go up by about 20 sen (S$0.06),” said Mr Wong Choy Sim, owner of a popular Chinese restaurant in Tapah, Perak.

He added that since eatery operators would want to sustain their business, diners would have to pay more.

Rice importer Padiberas Nasional said on Friday the price of white rice was raised to RM3,200 from RM2,350 per metric tonne due to factors such as climate change, the weak ringgit, high operating costs and conflicts in the region.

This will cost consumers 85 sen more for a kilogramme of imported white rice.

Owner of Nasi Kandar Arsyad restaurant Mohd Arsyad Azarin estimated that the price of a meal might go up by between 50 sen and 80 sen at least, with the cost of other ingredients growing too.

He named items such as chicken, red meat, vegetables and ingredients required for making curries. “We are currently absorbing the costs but how long can we sustain this?” he said.

Mr Habib Shahul Hameed, who owns a nasi kandar restaurant in Kelana Jaya, said he would not pass on the cost hikes to customers just yet.

He is not sure how long he can do so. “The prices of all other food items are already rising. And now, with the price of rice going up, it will make things worse for both restaurant owners and their customers,” he noted.

He added that the government should offer more subsidies or increase the production of rice.

Federation of Malaysian Consumers Associations president N. Marimuthu said the government should have programmes to grow rice instead of relying on imports.

He added that the country should take advantage of its fertile land to reach self-sufficiency.

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2023-09-03 02:11:00Z
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'Economy rice' no more - The Star Online

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1. 'Economy rice' no more  The Star Online
2. 'Economy' rice no more: Malaysia restaurant owners looking to raise prices amid increasing costs  The Straits Times
3. Philippines’ Marcos blames cartels and hoarders as he caps rice prices  South China Morning Post
4. Philippines curbs rice prices as inflation worry mounts  CNA
5. Imported white rice to cost more  New Straits Times
6. View Full coverage on Google News

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2023-09-02 23:03:19Z
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Vietnamese Catholics travel to Mongolia to see pope, ask him to visit - The Straits Times

ULAANBAATAR - Vietnamese Catholics who flew thousands of miles to see Pope Francis in Mongolia had one message for the pontiff: They want him to visit their communist-run country too.

"Visit Vietnam, Papa," some in the group shouted as the pope was driven in a golf cart past a crowd of about 2,000 people of various nationalities on the grounds of the Catholic cathedral in Ulaanbaatar on Saturday.

Vietnam broke off relations with the Vatican after the communists took over the reunited country at the end of the Vietnam War in 1975. The authorities then viewed the Catholic Church in Vietnam as having been too close to the former colonial power, France.

"I see that he's very near, very near distance. So I really want to cry when I see him," said Cindy Pham from Ho Chi Minh City. "Even when I saw him, the first time at the gate, I ran, ran a lot to see him again."

The prospect of a papal visit to Vietnam, once seemingly impossible, became more realistic last month when the Vatican and Hanoi agreed to have a Resident Papal Representative in Hanoi.

It was a step years in the making which could lead to full diplomatic ties. It was announced on July 27 when the pope received Vietnamese President Vo Van Thuong at the Vatican.

"I really hope that he will visit Vietnam in the short term," Pham said, mentioning the hope spawned by president's visit to the Vatican.

Maria Vo, a Vietnamese-born tour guide who now lives in the Philippines, could not contain her excitement as Francis waved from the moving golf cart.

"I cannot tell (you) my feelings right now, because I'm so happy," said Vo, seeing the pope for the first time. "Vietnamese people, we love him and are waiting for him to visit us in Vietnam." REUTERS

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2023-09-02 12:40:58Z
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Many Italian parties are against China's Belt and Road Initiative, foreign minister says - CNBC

Many Italian parties are against Rome's participation in China's Belt and Road Initiative, Antonio Tajani, the country's foreign minister said Saturday, ahead of a critical decision on whether to quit the project.

Rome sent shockwaves throughout the Western world in 2019 when it signed up to the BRI — China's massive infrastructure and investment plan aimed at boosting its influence across the globe. At the time, analysts said that by joining the project, Italy was undermining Europe's ability to stand up to Beijing.

When former European Central Bank chief Mario Draghi took power in Rome in 2021, he froze the agreement. Two years down the line and with a new government in place, Italy is now having another think about its ties with China.

"The Italian message is very clear we want to work with China, we want to be present in China's market, we are ready for Chinese investment, but as I said, it is important [to have a] level playing field," said Tajani, who also serves as Italy's deputy prime minister.

Italy is due to announce in the coming months if it is officially ending its participation in the landmark Chinese project.

Under the agreement the two parties can end the deal after five years, otherwise the partnership gets extended for another five-year term. Italy has until the end of the 2023 to inform China on whether it wants to end the deal.

Tajani is due to visit China in the coming days. Speaking to CNBC's Steve Sedgwick at the Ambrosetti Forum, he said the trip won't be difficult, but "it is important for us."

Tajani, however, did not confirm any specific time for when Italy will unveil its final decision on whether to continue in the Belt and Road Initiative.

"The Italian Parliament is checking the situation. In this moment the countries without the Belt and Road Initiative, the European countries, are working better than us. For this, Italy will decide if [to] stay or not [to] stay in the Belt and Road Initiative. In the parliament, many parties are against it," he said.

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2023-09-02 08:43:57Z
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Typhoon Saola slams southern China after battering Hong Kong - CNA

Trains in and out of Guangdong were also suspended until 6pm on Saturday, while the national flood defence agency raised its emergency response for prevention to its second-highest level.

"It's going to affect our life," said Wu Wenlai, 43, who had to close his restaurant in a Shenzhen suburb.

"My eldest son was planning to fly to Chengdu today for university and his flight has been cancelled now."

MORE INTENSE TYPHOONS

Southern China is frequently hit in summer and autumn by typhoons that form in the warm oceans east of the Philippines and then travel west.

Climate change has increased the intensity of tropical storms, with more rain and stronger gusts leading to flash floods and coastal damage, experts say.

In Hong Kong, authorities received at least seven confirmed cases of flooding, as well as nearly 40 reports of downed trees. The city's hospital authority reported seven people seeking medical treatment during Saola.

Businesses taped up their glass displays and windows, while high-rise buildings swayed under the whipping gusts.

In eastern Heng Fa Chuen - a coastal residential area and the site of devastation during 2018's Typhoon Mangkhut - officers in orange vests urged storm-watchers to go home, as trees leaned sideways from the heavy gusts.

In the low-lying fishing village of Lei Yue Mun, which is prone to flooding, water seeped into shops, prompting residents to set up sandbags and board up doors.

"I hope we can save the tools needed for our business, like the fridge. We elevated them so the water wouldn't damage the (electronics)," a restaurant operator surnamed Lee told a local TV station.

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2023-09-01 23:45:00Z
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A quarter of registered overseas voters live in mainland China, Hong Kong and Taiwan - CNA

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2023-09-01 12:47:00Z
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