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.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
July 27,2020

Chengdu, China, Jul 27: The American flag was lowered at the United States consulate in Chengdu on Monday, days after Beijing ordered it to close in retaliation for the shuttering of the Chinese consulate in Houston.

Footage on state broadcaster CCTV from outside the consulate showed the flag being slowly lowered early Monday morning, after diplomatic tensions soared between the two powers with both alleging the other had endangered national security.

Relations deteriorated in recent weeks in a Cold War-style standoff, with the Chengdu mission Friday ordered to shut in retaliation for the forced closure of Beijing's consulate in Houston, Texas.

The deadline for the Americans to exit Chengdu has been unclear, but the Chinese consulate in Houston was given 72 hours to close after the original order was made.

On Saturday news agency reporters saw workers removing the US insignia from the front of the consulate.

Over the weekend, removals trucks entered the US consulate and cleaners were seen carting large black rubbish bags from the building.

Beijing says closing the Chengdu consulate was a "legitimate and necessary response to the unreasonable measures by the United States", and has alleged that staff at the diplomatic mission endangered China's security and interests.

Washington officials, meanwhile, said there had been unacceptable efforts by the Chinese consulate in Houston to steal US corporate secrets.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
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.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
June 1,2020

Jun 1: The new coronavirus is losing its potency and has become much less lethal, a senior Italian doctor said on Sunday.

"In reality, the virus clinically no longer exists in Italy," said Alberto Zangrillo, the head of the San Raffaele Hospital in Milan in the northern region of Lombardy, which has borne the brunt of Italy's coronavirus contagion.

"The swabs that were performed over the last 10 days showed a viral load in quantitative terms that was absolutely infinitesimal compared to the ones carried out a month or two months ago," he told RAI television.

Italy has the third-highest death toll in the world from COVID-19, with 33,415 people dying since the outbreak came to light on Feb. 21. It has the sixth-highest global tally of cases at 233,019.

However new infections and fatalities have fallen steadily in May and the country is unwinding some of the most rigid lockdown restrictions introduced anywhere on the continent.

Zangrillo said some experts were too alarmist about the prospect of a second wave of infections and politicians needed to take into account the new reality.

"We've got to get back to being a normal country," he said. "Someone has to take responsibility for terrorizing the country."

The government urged caution, saying it was far too soon to claim victory.

"Pending scientific evidence to support the thesis that the virus has disappeared ... I would invite those who say they are sure of it not to confuse Italians," Sandra Zampa, an undersecretary at the health ministry, said in a statement.

"We should instead invite Italians to maintain the maximum caution, maintain physical distancing, avoid large groups, to frequently wash their hands and to wear masks."

A second doctor from northern Italy told the national ANSA news agency that he was also seeing the coronavirus weaken. "The strength the virus had two months ago is not the same strength it has today," said Matteo Bassetti, head of the infectious diseases clinic at the San Martino hospital in the city of Genoa.

"It is clear that today the COVID-19 disease is different."

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.