When Cheah Cheng Hye left his hometown of Penang in northern Malaysia in 1974 for a higher paying job with The Standard newspaper in Hong Kong, his plan was to stay a few years until he saved enough money to buy his family a house.Unable to afford a flight, Cheah – 20 at the time – travelled to Hong Kong on a cargo ship. These days he is the proud owner of a BMW with a special licence plate that reads “Penang”. He is also the founder of one of Asia’s largest independent asset management firms,…
‘Computer error’ blamed for incorrect vote totals, says Thai Election Commission
Thailand’s Election Commission said on Friday computer software was partly to blame for inconsistent and delayed vote totals from last Sunday’s general election.During early reporting of the election results, its tabulation software had trouble handling data entered simultaneously from several points and sometimes displayed incorrect numbers, the commission said in a statement as it faced accusations about a lack of transparency.Several political activists said they were starting a petition to…
Financial ombudsman clarifies Equality Act powers
The head of the UK’s Financial Ombudsman Service (FOS) has confirmed that the body has the power to require financial services firms to make reasonable adjustments for consumers with disabilities or to stop discriminating against people with other ‘protected characteristics’ where it considers they have not been treated fairly, and has already done so on occasion.
LGPS: structural problems highlighted by charity closure
A UK charity’s decision to close in light of a “substantial pension deficit” should prompt other employers that participate in the local government pension scheme (LGPS) to plan ahead to manage likely increases in their liabilities, a public sector pensions expert has said.
Indonesia election: Widodo has courted Chinese cash. He’s about to find out the cost
Since Indonesia first established diplomatic ties with the People’s Republic of China in 1950, relations have been complicated – and more than those with any other country, continue to impinge on domestic affairs to different degrees.Indonesia’s ethnic Chinese community asserts significant influence over the national economy and because domestic dynamics tend to serve as the primary drivers of the country’s foreign policy, public opinion – and that of the elite – is divided over the rise of…
Malaysia moves to seize millions from 1MDB fugitive financier Jho Low’s father’s bank accounts
The Malaysian government took legal action on Thursday to freeze about 48 million ringgit (US$11.8 million) in bank accounts belonging to the father of fugitive financier Low Taek Jho, The Edge newspaper reported.The money in the seven of Low Hock Peng’s accounts is believed to have originated from state investment company 1Malaysia Development Berhad, the paper said, citing sources it did not identify.The civil forfeiture action by the government was made under the country’s anti-money…
FCA: most consumer credit protections should be retained in law
Most of the current consumer protections contained in the UK’s Consumer Credit Act (CCA) should be retained in statute, the Financial Conduct Authority (FCA) has said.
Lloyd’s market takes action on sexual harassment
People working in the Lloyd’s insurance market face potential lifetime expulsion if they are found responsible for sexual harassment, the market has confirmed.
After Christchurch massacre, Jacinda Ardern insists Facebook has ‘more work to do’ despite its attempts to curb white nationalism and hate speech
New Zealand Prime Minister Jacinda Ardern on Thursday welcomed Facebook’s move to curb support for white nationalism on its platforms but said more needed to be done in the wake of the Christchurch mosque attacks.The social media giant has unveiled tougher guidelines on hate speech for Facebook and Instagram, ruling that white nationalism and white separatism are both linked to organised hate groups and will be banned.When making the announcement, the California-based company did not…
Garuda Indonesia comes under state pressure to cut airfares, as Joko Widodo seeks re-election
Garuda Indonesia is facing continued pressure from its majority shareholder, the Indonesian government, to lower ticket prices and stimulate tourism as the economy flags, a move analysts described as political meddling that will hurt investor confidence.After the transport minister’s appeal last month to Garuda and other domestic airlines, Indonesian President Joko Widodo’s most trusted minister Luhut Panjaitan this week chided the country’s flagship carrier and ordered it to lower ticket…