Japan's Shinzo Abe cruises to party vote win, to stay as Prime Minister

Agencies
September 20, 2018

Tokyo, Sept 20: Prime Minister Shinzo Abe won comfortable re-election as leader of his ruling party Thursday, setting him on course to become Japan's longest-serving premier and realise his dream of reforming the constitution.

The 63-year-old conservative secured 553 votes against 254 won by former defence minister Shigeru Ishiba, a hawkish self-confessed "military geek", in a two-horse race for leader of the Liberal Democratic Party.

The win effectively hands Abe three more years as PM, giving him the chance of breaking the record for the nation's longest-serving premiership held by Taro Katsura, a revered politician who served three times between 1901 and 1913.

Public support for Abe -- a political thoroughbred whose grandfather and father both held power -- has recovered after he managed to survive a series of cronyism and cover-up scandals.

Now reconfirmed in power, Abe will head to New York this weekend to attend the UN General Assembly and hold a summit with US President Donald Trump.

Abe and Trump, who enjoy each other's company on the golf course and are close diplomatic allies, are expected to analyse the latest inter-Korean summit.

But they will also have to confront a growing trade dispute as Trump sees Tokyo among "unfair" trade partners.

'Forever renounce war'

While Japanese voters put the economy and social security as their top priorities, Abe aims to use the election to push his dream of reforming the country's post-World War II pacifist constitution.

Nationalist Abe has frequently voiced his wish to rewrite the charter, imposed by the victorious US occupiers, which forces the country to "forever renounce war" and dictates that armed forces will "never be maintained".

Abe insists any changes would merely remove the country's well-equipped Self-Defense Forces from the constitutional paradox whereby they should not technically exist.

"It's time to stipulate both the Self-Defense Forces and the protection of Japan's peace and independence in the constitution," Abe said in his last stump speech in Tokyo.

But any changes to the text would be hugely sensitive in pacifist Japan and almost certainly greeted with fury in China and the Koreas, 20th-century victims of Japanese military aggression.

Even if Abe manages to force a revision through parliament, he would face a referendum, raising the prospect of a Brexit-style political meltdown if the people vote against him, said Yu Uchiyama, political scientist from the University of Tokyo.

In addition, surveys show that tinkering with the legal text is far from top of most Japanese voters' to-do list, as the country faces an ageing and declining population and a still-sluggish economy.

Acknowledging concerns over the economic outlook, Abe said he plans to introduce "bold" stimulus measures to ease the expected impact of a tax hike scheduled for October next year.

Japan's economy has been expanding for the past few years at a slow pace thanks to the Bank of Japan's ultra-loose monetary policy and huge government spending, which have led to a weak yen -- a key positive element for Japanese exporters.

But analysts warned US-led trade wars could be a major risk factor for an economy still struggling to win a long battle against deflation.

Local media said Abe plans to reshuffle his cabinet on October 1. However, he is expected to retain Vice Prime Minister and Finance Minister Taro Aso, a political ally who has backed his "Abenomics" strategy to stimulate the world's third-largest economy.

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News Network
March 23,2020

Singapore, Mar 23: Oil prices fell at the open in Asia on Monday after a trillion-dollar Senate proposal to help the coronavirus-hit American economy was defeated and death tolls soared across Europe and the US.

US benchmark West Texas Intermediate initially tumbled more than three percent but then pulled back some ground to trade 1.5 percent lower, at $22 a barrel.

Brent crude, the international benchmark, fell 4.9 percent to $25 a barrel.

Prices have fallen to multi-year lows in recent weeks as lockdowns and travel restrictions to fight the virus hit demand, and top producers Saudi Arabia and Russia engage in a price war.

The latest drop came after a trillion-dollar Senate proposal to rescue the US economy was defeated after receiving zero support from Democrats, and with five Republicans absent from the chamber because of virus-related quarantines.

The bill had proposed funding for American families, thousands of shuttered or suffering businesses and the nation's critically under-equipped hospitals.

Coronavirus deaths soared across Europe and the United States at the weekend despite heightened restrictions.

The death toll from the virus -- which has upended lives and closed businesses and schools across the planet -- surged to more than 14,300 Sunday, according to an AFP tally.

AxiCorp chief markets strategist Stephen Innes said that "total demand devastation" had set it.

"Oil markets collapsed out of the gate this morning as prices react... to stringent containment lockdown measures," he said.

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News Network
June 25,2020

Jun 25: Tencent Holdings Ltd.'s $40 billion surge this week and the recent ascent of Pinduoduo Inc. have reshuffled the ranking of China's richest people.

The country's largest game developer has surpassed Alibaba Group Holding Ltd. as Asia's most-valuable company, with its shares rising above HK$500 in intraday trading Wednesday for the first time. Pinduoduo, a Groupon-like shopping app also known as PDD, has more than doubled this year.

The rallies have propelled the wealth of their founders, with an added twist: Tencent's Pony Ma, worth $50 billion, has surpassed Jack Ma's $48 billion fortune, becoming China's richest person. And Colin Huang of PDD, whose net worth stands at $43 billion, has squeezed real estate mogul Hui Ka Yan of China Evergrande Group out of the top three earlier this year, according to the Bloomberg Billionaires Index.

The coronavirus pandemic has accelerated the digitization of the workplace and changed consumers' habits, boosting shares of many internet companies. Now tech tycoons are dominating the ranks of China's richest people. They occupy four of the top five spots: Ding Lei of Tencent peer NetEase Inc. follows China Evergrande's Hui.

‘Perform Strongly'

Tencent has come a long way since hitting a low in 2018, when China froze the approval process for new games. Since then, the stock has almost doubled, and last month the tech giant reported a 26 per cent jump in first-quarter revenue.

“Tencent's online games segment will probably perform strongly through the Covid-19 pandemic, and most of its other businesses are relatively unscathed,” said Vey-Sern Ling, a Bloomberg Intelligence analyst.

That has been a boon for Pony Ma, 48, who owns a 7 per cent stake in the company and pocketed about $757 million from selling some 14.6 million of his Tencent shares this year, data complied by Bloomberg show.

The native of China's southern Guangdong province studied computer science at Shenzhen University and was a software developer at a supplier of telecom services and products before co-founding Tencent with four others in the late 1990s. At the time, the company focused on instant-messaging services.

It has been a long comeback for Pony Ma. He overtook real estate tycoon Wang Jianlin as China's second-richest person in 2013 and topped Baidu Inc.'s Robin Li as the wealthiest in early 2014. Later that year, Alibaba went public in the U.S., catapulting Jack Ma's fortune.

Bloomberg Intelligence's Ling notes, however, that Tencent's jump this year has lagged behind some internet peers, especially those in e-commerce, games and online entertainment. Just consider: Tencent shares have climbed 31 per cent in 2020, while PDD's American depositary receipts have more than doubled. Alibaba, meanwhile, has advanced just 6.9 per cent.

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News Network
June 1,2020

New Delhi, Jun 1: Actor Kendrick Sampson, who stars in HBO series Insecure, was struck by rubber bullets as Los Angeles police officers tried to disperse a crowd protesting George Floyd”s death in Minneapolis.

Floyd, a black man, died last Monday in Minneapolis, Minnesota after a white police officer pressed his knee on his neck for more than eight minutes. The officer was arrested on Friday and charged with third-degree murder.

The actor went live via Instagram on Saturday to show his view of events, but he could be also be seen on a CNN broadcast simultaneously, with viewers watching him get hit by a police baton on TV.

Sampson posted several videos on his page of a large demonstration at Pan Pacific Park near the city”s Fairfax District, where violent clashes took place throughout the day outside the Grove shopping center.

In one video, LAPD officers can be seen firing rubber bullets to try and regain control at the park.

“They shot me four times already. I already got hurt and I got hit with a baton,” Sampson said in the video on Instagram.

Another clip showed him moving away from the police, as he appeared to be hit by an officer”s baton.

“Y”all ain”t see no police f*****g up white folks when they took guns to the statehouse,” he said, referring to an incident in Michigan over coronavirus restrictions, not in California. “Y”all didn”t see police attacking white folks, beating em up with batons, shooting them with rubber bullets when they brought guns to f*****g state houses. We came up here with no weapons, with masks.… And we”re the ones who are not peaceful,” Sampson alleged.

Protests turned violent over Floyd”s death and other police killings of black people spread Saturday in dozens of US cities, with police cars set ablaze, reports of injuries mounting on all sides, shops and showrooms vandalised amid the lockdown.

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