Friday, March 17, 2023

Global Civilization Initiative proposed by Xi 'provides hope to heal the world in turbulence' – another gift from China to world

Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee and Chinese president, attends the CPC in Dialogue with World Political Parties High-Level Meeting via video link and delivers a keynote address in Beijing, capital of China, on March 15, 2023. Photo: Xinhua

Global Civilization Initiative proposed by Xi 'provides hope to heal the world in turbulence'

Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee and Chinese president, proposed the Global Civilization Initiative. Experts said following the Global Development Initiative and the Global Security Initiative, China is trying to share its wisdom and plans to bring new hope for all nations to consider together on how to escape the trap of the "Clash of Civilizations" and find a path that can help the world sail through the current turbulence.

Xi proposed the initiative during his key note speech on Wednesday at the opening ceremony of the CPC in Dialogue with World Political Parties High-Level Meeting via video link and delivered a keynote address.

Under the initiative, Xi called for respect for diversity of civilizations, advocating the common values of humanity, highly valuing the inheritance and innovation of civilizations, and jointly advocating robust international people-to-people exchanges and cooperation.

"We are ready to work together with the international community to open up a new prospect of enhanced exchanges and understanding among different peoples and better interactions and integration of diversified cultures. Together we can make the garden of world civilizations colorful and vibrant," Xi said.

World needs hope

According to a Xinhua News Agency story on Thursday, South African President Cyril Ramaphosa, also president of the African National Congress, and 11 other leaders of political parties and political organizations also addressed the dialogue on Wednesday.

They spoke highly of Xi's proposals in his keynote speech, and expressed their willingness to work with the CPC to play a leading and driving role in the modernization process.

"We fully agree with the four proposals put forward by Chinese President Xi in the Global Civilization Initiative," Ramaphosa said, noting the initiative is vital to the world today.

The event, with the theme "Path towards Modernization: the Responsibility of Political Parties," brought together more than 500 leaders of political parties and political organizations from more than 150 countries.

Li Haidong, a professor at the China Foreign Affairs University, told the Global Times on Thursday that the Global Civilization Initiative will help the world get rid of the old mentality for relations between different civilizations, and create a new landscape for the world which allows all countries to deal with each other based on stability, mutual respect and equality.

Experts said a very fundamental reason why the world at present is experiencing great turbulence is that the old international order dominated by the US-led West is making the world fall into the trap of "Clash of Civilizations," with many countries with different civilizations having a hard time to deal with each other peacefully.

Li said that within the US, people from different ethnic groups and with different religious beliefs are having more tensions rather than becoming more united. For the foreign affairs, during the time of the Trump administration, US senior officials openly hyped "Clash of Civilizations" and currently Washington is still having tensions with many countries with different civilizations, and even instigating conflicts between the countries in the same region with similar civilization.

At present, the old system and order dominated by the US-led West is causing huge problems and dangers to the world in the fields like geopolitics, supply and industrial chains, as well as the financial markets.

The Ukraine crisis is still far from easing, and the energy and foods crises are troubling many countries worldwide. At present, the new danger of a potential global financial crisis brought along by the collapse of US-based Silicon Valley Bank and the problem of Credit Suisse in Europe has made the world more unstable.

Liu Dian, an associate research fellow of the China Institute under Fudan University, told the Global Times on Thursday that in recent years, the world has been facing rising challenges and uncertainties.

"It's just about 15 years away from the financial crisis in 2008, the world is once again under the shadow of another crisis caused by the US," Liu noted. "The world is getting increasingly worried about the old system and getting more desperate to ask for new solution."

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From the Global Development Initiative and the Global Security Initiative to the latest Global Civilization Initiative, China has presented the world with an ideological system that gets increasingly mature. Adding to the China-proposed Belt and Road Initiative (BRI) and the ideal of the global community of shared future, China is trying to use its own wisdom, experiences and influence based on its own successful development and exploration in the past decades to help the world improve and reform the old problematic international system and order, experts said.

Liu said that the series of initiatives proposed by the top leader of the CPC and China are answering the questions for the world and our time. The combination of these three initiatives shows China's comprehensive thoughts that aim to solve global problems and improve global governance.

China is not just proposing the initiatives, but also making contribution through actions, and gain concrete achievements, analysts said. For instance, the successful mediation that lead to the resumption of diplomatic ties between Saudi Arabia and Iran, and the BRI that links countries with different civilizations to jointly realize development.

The vast majority of the international community welcomes and praises the latest reestablishment of Riyadh-Teheran diplomatic ties with China's support and assistance. This shows that the world in turbulence and regions in chaos desperately need new hope and new solution for peace and stability. China is actively utilizing its influence and wisdom to solve global challenges, as a result, more and more countries will be open to and carefully consider and research China's initiatives, Liu said.

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Global Civilization Initiative – another gift from China to world: Global Times editorial

Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee and Chinese president, proposed the Global Civilization Initiative when he delivered a keynote speech at the opening ceremony of the CPC in Dialogue with World Political Parties High-Level Meeting on Wednesday. This is the third major global initiative presented by China after the Global Development Initiative and the Global Security Initiative. It fundamentally answers a series of questions of the times, such as "What kind of modernization do we need?" and "How can we achieve modernization?" The initiative has become another important public good provided to the world.

The background of the Global Civilization Initiative is that in recent years, as geopolitical conflicts have intensified, the "clash of civilizations" and "superiority of civilizations" have returned to public attention under the instigation and hype of some politicians in the US and the West. The hatred and estrangement among different civilizations have seriously hindered international cooperation. At the same time, "black swan" and "grey rhino" incidents are occurring frequently in the international community, and multiple challenges and crises are intertwined and superimposed. Different countries and civilizations urgently need to work together to deal with global challenges that affect the future and destiny of mankind as a whole. The Global Civilization Initiative can be said to have emerged in response to the demand of the times, and has strong practical significance and practical value.

The Global Civilization Initiative puts forward four initiatives - respect for diversity of civilizations, advocating the common values of humanity, highly valuing the inheritance and innovation of civilizations, and jointly advocating robust international people-to-people exchanges and cooperation. It covers the basic concepts and principles that different civilizations can tolerate each other and coexist, and has the source of motivation and a practical path for realization. It is a major initiative that is very constructive, operable and sustainable. Since it advocates respect for different civilizations and support for their development rights, it fully meets the strong needs of the international community and has shown strong vitality from the very beginning, arousing enthusiastic responses in the international community.

As abovementioned, after the end of the Cold War, the world entered an era of high globalization, but it has not really experienced peace. The Cold War mentality and practice of demarcating ideological boundaries and engaging in camp confrontation have not disappeared. On the contrary, in recent years it is resurging. The Russia-Ukraine conflict is essentially a remnant of the Cold War detonating a powder keg in the 21st century. In other parts of the world, the practice of distinguishing between friends and foes in the name of "values" and wooing one faction while fighting against another faction casts a huge shadow on world peace and development.

Furthermore, without true equality and inclusion among civilizations, the process of peace and development will always be at risk of being interrupted. There have been too many tragedies in this regard, both historical and current. In this sense, the Global Civilization Initiative is an extension and complement to the Global Development Initiative and the Global Security Initiative, and together they form the key components of a human community with a shared future.

The world does not need hatred, division or conflict, and the people of all countries want to live a good life. Since the founding of the People's Republic of China, the Communist Party of China has led the Chinese people to create two miracles - rapid economic development and long-term social stability. These are by no means "out of luck." Instead, they have their own profound internal logic. The Global Civilization Initiative, Global Development Initiative and Global Security Initiative are highly condensed versions of China's past successful experiences, which China is willing to share with the world without reservation to achieve common development through mutual exchange and learning. It can be said that these three initiatives are all high-quality global public goods demonstrating China's sincerity and goodwill.

It should be emphasized that China is not only a "thinker" but also a "doer" in promoting building a human community with a shared future. In the past year or so, the number of countries and international organizations supporting the Global Development Initiative has increased to more than 100; the Group of Friends of the GDI established on the UN platform has expanded to more than 60 members; and platforms such as the Global Development and South-South Cooperation Trust Fund, the Global Development Promotion Center, and the China Global Development Knowledge Network have also been established one after another. Just a few days ago, Saudi Arabia and Iran held a dialogue and reached an agreement in Beijing, which also became a successful practice of the Global Security Initiative. This happened less than a year after the initiative was first proposed.

Thus, there are more reasons to expect that the Global Civilization Initiative, together with the Global Development Initiative and the Global Security Initiative, will constantly inject stability and bring new hope to this world of turbulence and transformation. At the same time, we also believe that "Chinese modernization, as a new form of human advancement, will draw upon the merits of other civilizations and make the garden of world civilizations more vibrant."

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Alarm over medical misinformation

Setting the record straight: Zamora showing one of her TikTok videos on her smartphone during an interview in Manila.— AFP

Philippine social media users face barrage of bogus medical posts

Vlogger Rosanel Demasudlay holds a heart-shaped “virginity soap” bar in front of the camera and assures her hundreds of YouTube followers it can be safely used to “tighten” their vaginas.

The video is part of a barrage of bogus and harmful medical posts on social media platforms where Filipinos rank among the world’s heaviest users.

Even before Covid-19 confined people to their homes and left them fearful of seeing a doctor, many in the Philippines sought remedies online because they were cheaper and easier to access.

During the pandemic, AFP’s Fact Check team saw an explosion of misinformation about untested cosmetic products and quick-fix treatments for chronic illnesses.

The majority appear as free posts or paid advertisements on Facebook, the most popular social media site among the 76 million Internet users in the Philippines.

They can circulate for weeks or even months without detection as Facebook struggles to keep up with the torrent of misinformation flooding its platform.

Many of the products are promoted in videos that have been doctored to make it look like real medical professionals are endorsing them.

Others appear in falsified news reports, while some are touted by vloggers such as Demasudlay.

AFP fact checkers have debunked dozens of claims, including a manipulated Philippine news report that appeared to promote a herbal supplement for diabetics as an alternative to insulin.

Demasudlay’s 15-minute video was posted in August 2022 and viewed more than 10,000 times.

She falsely claimed the “Bar Bilat Virginity Soap” had been approved by the Philippine Food and Drug Administration as a treatment for skin conditions and a way to tighten the vagina.

In fact, the FDA has warned consumers against using the “unauthorised” soap due to possible health risks that range from skin irritation to organ failure.

A few months later, Demasudlay admitted in another video that the soap had left her “itchy to the point of bleeding” – but she kept promoting it.

Philippine doctors worried about the explosion of medical misinformation during the pandemic began posting videos providing free information about common health conditions.

But the move backfired as promoters of spurious treatments used clips from those videos and inserted them into their own posts for credibility.

Geraldine Zamora, a rheumatologist in the capital Manila, was among those targeted.

In 2020, she began recording videos and posting them on TikTok, where she has more than 60,000 followers.

“It was a good thing for us because we were able to extend our medical knowledge to people who otherwise wouldn’t be able to consult with doctors,” Zamora said.

But then the footage was used to promote an unregistered brand of supplement for arthritis, which the FDA had warned consumers about.

The manipulated posts were viewed tens of thousands of times before being taken down by Facebook.

Zamora said that some of her patients considered purchasing the product in the belief she was endorsing it.

The World Health Organisation said “inappropriate promotion and advertisements” for unregistered medical products had long been a global problem and the pandemic may have made it worse.

The consequences of using unapproved treatments can be dire.

Vicente Ocampo, president of the Philippine Academy of Ophthalmology, said patients as young as 12 had become blind after using eye drops bought online instead of consulting a doctor.

“It saddens us that people will readily believe advertisements that claim to heal all eye problems as speedily as possible and pay exorbitant prices for these eye drops,” Ocampo said. — AFP

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Thursday, March 16, 2023

Oppstar soars 225% on ACE Market debut, makes sterling debut on ACE Market

From left: Oppstar chief financial officer Chin Fung Wei, independent non-executive director Datuk Mohd Sofi Osman, independent non-executive chairman Datuk Siti Hamisah Tapsir, executive director and CEO Ng Meng Thai, executive director and chief technology officer Cheah Hun Wah, chief operating officer Tan Chun Chiat, independent non-executive director Datuk Margaret Yeo and independent non-executive director Foong Pak Chee

Oppstar soars 225% on ACE Market debut

KUALA LUMPUR: Oppstar Bhd made its debut on the ACE Market of Bursa Malaysia at RM2.05 a share, a 225.4% premium over the issue price of 63 sen a share.

The stock was the most actively traded with 19.26 million shares exchanging hands.

The integrated circuit design service provider successfully raised RM104.25mil from the initial public offering exercise via the issuance of 165.48 million new ordinary shares.

Oppstar will utilise RM50mil to expand its workforce and RM25.00mil for the establishment of new offices both locally and regionally.

Meanwhile, another RM12mil will go towards research and development expenditure along with RM12.65mil for working capital.

The remaining RM4.6mil will be allocated for its listing related expenses.

“Our vision for the company is simple and clear and it is to show the global players that Malaysia is not only known for its back-end semiconductor value chain, but also has the capability to go into front-end semiconductor IC design.

"I am proud to say that we now serve clients in countries such as China, Malaysia, Japan, Singapore, as well as the USA.

"As we gradually progress, we continually ask ourselves what we can do to expand our business and continue to build up Malaysia’s profile in the front-end semiconductor space. This was where the rationale to go for a listing came about leading up to this today," said Oppstar executive director and CEO Ng Meng Thai said in a statement.

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Oppstar makes sterling debut on ACE Market

PETALING JAYA: Oppstar Bhd will focus on building its human resource capital post-listing, as the technology sector is set to grow from the opportunities presented by 5G, artificial intelligence and the Internet of Things.

The integrated circuit design service provider’s chief executive officer Ng Meng Thai said the bulk of the proceeds raised from Oppstar’s listing on the ACE Market of Bursa Malaysia yesterday would be used for the workforce expansion.

“At the moment we have 220 engineers and we have plans to increase that number to 500 in the next three years. With an enlarged workforce, we also hope to grow our revenue and profitability accordingly,” he said after the company’s listing yesterday.

The group is collaborating with various universities in the country to secure future design engineers.

“We started a programme in 2020 where we hire third-year university students for three months. They work part time for 20 hours a week and are paid RM1,500 a month. Upon graduating, they are required to work for us for a year. This is how we build our talent pool.

“When it comes to business, the multinational corporations (MNCs) are our customers. However these MNCs become our competitors when it comes to hiring. This is why other than fundraising, our objective in carrying out the listing exercise is also about hiring and retention,” said Ng.

Oppstar raised RM104.3mil from the public issue of 165.48 million new shares. The company made its debut in the market opening at RM2.05 per share, or a RM1.42 premium above the offer price of 63 sen per share.

The stock closed its maiden trading day up 285.7% or RM1.80 higher at RM2.43 a share. The share price hit a high of RM2.95 and a low of RM2 in intraday trade. Oppstar’s listing did not have an offer for sale of shares from its shareholders.

Oppstar chief financial officer Chin Fung Wei said the group intends to implement a long-term incentive plan of up to 15% of the total number of issued shares of the company for its employees.

“Prior to our initial public offering (IPO), we already had more than 20 shareholders. In fact, every one of our employees, except for those that came on board after the IPO’s closing date, is a shareholder of the company. This is one of our remuneration methods for our employees, apart from their monthly salary,” he said.

Ng added the group’s listing showed Malaysia was not only known for its back-end semiconductor value chain, but also had the capabilities to go into front-end semiconductor integrated circuit design.

“We serve clients in countries such as China, Malaysia, Japan, Singapore, as well as the US. Our expansion plans will enable us to groom future talent and grow our geographical presence which will progressively help strengthen Malaysia’s front-end semiconductor ecosystem in line with our vision,” he said.

The group plans to payout at least 25% of its annual earnings as dividends. AmInvestment Research said the US-China trade war bodes well for Oppstar because China is compelled to develop its own semiconductor capabilities.

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Wednesday, March 15, 2023

Know how this vital law protects you from fraud

Photo: 123rf.com

CONSUMER protection laws are designed to safeguard consumers and ensure they are not subjected to fraudulent or unethical practices by businesses. One such law in Malaysia is the Financial Consumer Services Act 2013, which aims to protect consumers from unfair or deceptive practices by financial institutions.

One issue that has received increased attention in recent years is “mis-selling” by banks selling investment products to its depositors. Mis-selling refers to the practice of selling financial products to consumers that are not suitable for their needs or financial situation, which can often result in significant financial losses.

Banks have been known to engage in mis-selling by aggressively pushing investment products such as mutual funds, stocks, and insurance policies to their depositors without adequately disclosing the risks involved.

The Financial Consumer Services Act (FCSA) seeks to address this issue by imposing strict requirements on financial institutions to ensure that they act in the best interests of their clients.

FCSA requires financial institutions to disclose information about their products and services in a clear and concise manner, to ensure that consumers can make informed decisions.

It also provides for the establishment of a dispute resolution mechanism to enable consumers to seek redress for grievances.

In addition, the Act requires financial institutions to obtain sufficient information about their clients’ financial situation and investment goals before recommending any investment product.

This is particularly important if customers do not have the same level of knowledge or experience as more seasoned investors.

The Act also provides consumers with greater protection in the event of a dispute. It establishes an independent dispute resolution mechanism that is fair and impartial to resolve complaints and disputes between consumers and financial institutions.

In addition to this, the FCSA provides for compensation for consumers who have suffered losses as a result of mis-selling. Financial institutions are required to establish complaint handling procedures that enable consumers to make complaints and seek redress. These procedures must be transparent and accessible, and financial institutions must take reasonable steps to resolve complaints in a timely and efficient manner.

The FCSA also provides for enforcement measures to be taken against financial institutions that engage in unfair and deceptive practices. This includes fines, penalties, and other sanctions that may be imposed by the regulator.

These measures are designed to deter financial institutions from engaging in practices that are harmful to consumers.

It is important to note, however, that consumer protection laws are only effective when they are enforced. Financial institutions that engage in mis-selling must be held accountable for their actions, and consumers must be empowered to seek redress when they are harmed. This requires a strong and effective regulatory framework, as well as consumer education and advocacy to ensure that consumers are aware of their rights and able to protect themselves.

The FCSA is an important piece of legislation that plays a vital role in protecting consumers in the financial sector.

It provides consumers with greater transparency and clarity in financial transactions, and ensures that they are not subject to unfair and deceptive practices.

The provisions of the Act relating to the mis-selling of investment products by banks are particularly important, as this is a problem that has affected many consumers in the past.

With the FCSA in place, consumers can have greater confidence in the financial sector and can be assured that their rights and interests are being protected.

- PROF DR ONG TZE SAN School of Business and Economics Universiti Putra Malaysia

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Tuesday, March 14, 2023

Stop moral policing at govt offices, a form without substance; Michelle Yeoh after her Oscar win: 'I'm bringing this home', with substance

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MORAL policing related to dress codes at government offices has to stop, says a senior government backbencher.

The Chief Secretary to the Government should also issue civil servants updated instructions on the dress code at government offices, police station and hospitals, said M. Kulasegaran (PH-Ipoh Barat).

“There have been cases where people were stopped from lodging a report at the police station or even from getting (medical) treatment because of what they wore.

“I feel this is unacceptable in any multiracial country,” Kulasegaran told the Dewan Rakyat during committee stage debate of Budget 2023.

On March 10, The Star reported that a woman known as Khor Hooi Chin, 41, whose hemline was slightly above her knees, was denied entry into a government building by a staff member who told her that her attire did not comply with the dress code.

There have also been several other recent cases of women being denied entry to hospitals, police stations and government offices due to their attire.

“I hope a guideline will be issued to all to put an end to this moral policing,” Kulasegaran said.

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