THURSDAY, March 28, 2024
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AEC Feed

AEC Feed

Malaysia will use Huawei ‘as much as possible’: PM

Malaysia will continue using Huawei products “as much as possible”, bucking a global trend prompted by security concerns and a US ban on the Chinese firm, the country’s prime minister said last week.
Mahathir Mohamad, speaking at a conference in Tokyo, acknowledged the security concerns but said they would not deter Malaysia.
“Yes, there may be some spying. But what is there to spy [on] exactly in Malaysia? We are an open book,” the 93-year-old said.
Mahathir said Huawei had access to research “far bigger than the whole of Malaysia’s research equivalent”.
“So we try to make use of their technology as much as possible.”
“Everybody knows, if any country wants to invade Malaysia, they can walk through, and we will not resist because it’s a waste of time,” he added.
His comment came after a wave of controversy over the Chinese telecommunications firm, which has been hit by allegations of espionage and faces a US ban.
A number of countries have blocked Huawei from working on their mobile networks and companies have stepped back from the firm after the US ban, citing legal requirements.
The spat comes as the US and China raise tariffs in tit-for-tat moves along with blistering rhetoric accusing each other of unfair trade practices.
Mahathir warned about the heated exchanges between Beijing and Washington, which come as the powers and their allies lock horns in the hotly contested South China Sea.
Mahathir said the US and “the West” must accept that Asian nations now produce competitive products, and should not “threaten” business rivals.
“Yes, I understand Huawei has tremendous advance[s] over American technology even,” he said. – The Star 

Banks rush to issue bonds for long-term capital hike
Vietnamese banks have continued issuing a large amount of bonds to raise capital to meet State Bank of Vi?t Nam (SBV)’s stricter regulations on credit safety limits and capital adequacy.
Last week alone saw the Asia Commercial Bank (ACB) and VietinBank announce bond issue plans worth up to 15.5 trillion dongs (US$665 million, Bt2.1 trillion).
ACB’s board of directors approved a plan to issue two-year and three-year bonds worth 5.5 trillion dongs, with a maximum interest rate of 6.75 per cent.
ACB said the money raised from this issuance would be used to increase the bank’s working capital to satisfy rising credit demand.
In April, ACB also approved the first private placement in 2019 with total face value of 2.5 trillion dongs.
According to the audited financial statement, by the end of March, the bond value issued by ACB was more than VNะ7.96 trillion.
Meanwhile, VietinBank last week also received the SBV’s approval to issue 10 trillion dongs worth of bonds. – Viet Nam News 

Garuda ordered to pay A$19m for price fixing
Australia’s Federal Court has ordered flag carrier Garuda Indonesia to pay 19 million Australian dollars (US$13.13 million, Bt413 million) for colluding on fees and surcharges for air freight services, according to a statement issued by the Australian Competition and Consumer Commission (ACCC).
The statement says the penalties followed the ACCC’s court action against a global air cargo cartel, which has so far resulted in penalties of 132.5 million Australian dollars against 14 airlines, including Air New Zealand, Qantas, Singapore Airlines and Cathay Pacific.
The Court found that between 2003 and 2006, Garuda made agreements that fixed the prices of security and fuel surcharges, as well as customs fees from Indonesia. It was ordered to pay A$15 million. 
A further A$4 million was fined for the imposition and level of insurance and fuel surcharges from Hong Kong.
According to the statement, the ACCC commenced legal action against 14 international airlines between 2008 and 2010 under the 29174 Trade Practices Act for conduct that occurred between 2002 and 2006.
Meanwhile, Garuda Indonesia VP corporate secretary M. Ikhsan Rosan said the airline denied price fixing and such punishment could not be imposed on Garuda.
He also said the court decision was not binding yet and the airline still had the opportunity to submit an appeal. – The Jakarta Post 
 

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