Financial independence made achievable

Lifestyle

December 5, 2024

Being financially independent can extend to cover a whole host of aspects in your financial status that allows you to be in greater control of your finances.

As an individual you can learn to be more responsible for your own financial decisions and be in greater control of your own future. While for some it may seem like a daunting task but not all decision are perfect and what is important is to learn from mistakes and move on.

MAKING YOUR OWN PLANS

One of the greatest advantages of being financially independent is being able to make your own plans for your future.

From simple decisions such as deciding on where you want to go for a holiday or what car you want to purchase to large life marking decisions such as purchasing your own home to the kind of retirement lifestyle you want to enjoy can all be in your own hands with well-thought out plans.

Of course the other key component to making sure your well-thought out plans are followed though is to execute them well.

THE JOURNEY CAN BE MADE BUT IT MAY NOT ALWAYS BE EASY

While many times, we wish money grew on trees, this may not be the case for most of us. Financial commitments begin the minute you leave school and look for jobs in order to gain independence.

One needs to exercise and practice a great deal of discipline before being able to reach independence. Be realistic when setting goals.

Give yourself a reasonable amount of time to align your achievements with what is realistically possible; however, setting objectives which are slightly stretching can also be a good motivator for you to encourage your personal growth and development.

DOING A BALANCING ACT

Achieving independence does not necessarily mean that you must be completely free of debt or loans from a financial institution.

If this can be achieved however, then you will certainly be on a superior level above the norm.

It is important to manage a healthy level of debt, for example, taking a loan to buy a house is indeed a very large step to achieving your independence and speaks volumes of how you are trustworthy enough to be granted such a facility. However taking a loan just to purchase a TV may not be the best way to manage your finances. The better alternative in this instance is to save up to purchase the TV.

It is important to learn, early on in life, to identify between ‘needs’ and ‘wants’ so that you can strike a better balance between healthy spending habits and healthy debt levels.

ADVICE YOU CAN USE

Unless you are a certified financial consultant, chances are there are a lot of aspects about personal finances that you may not be aware about.

However you do not need to have a certified consultancy course to get your finances in order.

You can bank on a variety of sources to get good financial advice to help you stay on track and most importantly, enhance your financial growth.

Seek out advice or take counsel with a good friend whom you know has good money sense.

This friend can help you stay grounded or inspire you to take your achievements to the next level with healthy competition. Take advice also from very trusted family members whose interest is solely in your favour only.

In the modern and increasing pace of banking, nearly all banks offers personal financial consultancy services free of charge. Speak with your banker on what your goals are and see what solutions they have to offer you.

A good banker will offer you solutions that are realistic and will suit your current financial situation.

KEEP AT IT WITH CONSISTENCY

Similar to regular health checks and car servicing needs, conduct your financial planning and reviews regularly.

By doing so, you can revise your plans to suit changes in your lifestyle and cater for changes in your objectives, thereby making sure that you have not missed out on small important financial details.

IT’S NEVER TOO LATE TO START

Gaining financial independence is not limited to being achieved at an early stage in life.

While it is an advantage to begin early, it is also never too late to start finding ways to rely on yourself better for your own needs. Begin with small steps such as paying off unnecessary debt regularly before going on to accumulate savings. The phrase “slowly but surely” is appropriate to reaching your financial goals. Seeking out fast gains carry a high level of risk and should be avoided if you cannot afford the risk.

Start your financial review today to see where you can improve or enhance your status – financial independence is well within your reach.

This article is for general information purposes only and while the information in it is believed to be reliable, it has not been independently verified by us. You are advised to exercise your own independent judgement with the contents in this article. – Standard Chartered Bank

Syrian army launches counteroffensive against rebels

World

December 5, 2024

BEIRUT (AFP) – Syrian government forces launched a counterattack against rebels around the key city of Hama yesterday after suffering a string of staggering losses, a war monitor said.

Hama is strategically located in central Syria and for the army, it is key to safeguarding the capital and seat of power Damascus.

The fighting around Hama follows a lightning offensive by the rebels who in a matter of days seized swathes of territory from President Bashar al-Assad’s control.

Key in the rebels’ successes since the start of the offensive last week has been the takeover of Aleppo, Syria’s second city, which in more than a decade of war had never fallen from government hands.

In Aleppo, a medical student told AFP that staff at the hospital where he worked were “largely absent, with departments working at 50 per cent capacity”.

“We try to tend to emergency cases that come to the hospital, using medical supplies sparingly,” he said on condition of anonymity.

While the advancing rebels found little resistance earlier in their offensive, the fighting around Hama has been especially fierce.

By Tuesday, rebel forces had reached the gates of Hama city, according to the Syrian Observatory for Human Rights monitor, as the fighting sparked a wave of displacement.

AFP images showed people fleeing the town of Suran, between Aleppo and Hama, many of them carrying whatever they could take aboard their vehicles.

Anti government fighters ride in the back of a pick truck in the town of Suran, between Aleppo and Hama. PHOTO: AFP

Thailand bolsters ecosystem for semiconductor, electric sectors

Business

December 5, 2024

BANGKOK (BERNAMA) – Thailand’s Semiconductor Board has approved a national strategy framework and skilled workforce development plan to prepare for an anticipated wave of foreign investments totalling THB500 billion over the next five years.

The Thailand Board of Investment (BOI) secretary-general Narit Therdsteerasukdi stated the country’s newly appointed National Semiconductor and Advanced Electronics Policy Committee (Semiconductor Board), chaired by Prime Minister Paetongtarn Shinawatra, approved the framework for Thailand’s national semiconductor strategy yesterday.

He said it is a strategy for the development of a skilled workforce to prepare for a new wave of foreign direct investments (FDI) in the sector that could bring at least THB500 billion (USD15 billion) into the country by 2029 as per the government’s target.

“We have had promising meetings with many key investors in the sector, and we are preparing the ecosystem to ensure that Thailand is ready to welcome their investments,” Narit said in a statement after the meeting yesterday.

Narit said the workforce development strategy includes training, upskilling, and reskilling programmes for over 86,000 individuals, with a focus on producing 1,400 master’s and PhD-level researchers under a talent development scheme.

To refine the strategy, he said the BOI will collaborate with a leading global consulting firm for a detailed study based on the approved framework.

For the record, applications for investment promotion in Thailand in the first nine months of 2024 increased 42 per cent year-on-year in value to a combined THB722.5 billion, the highest level since 2015, led by a significant inflow of FDI in large projects in target sectors including the electrical appliances and electronics (E&E), and data centres.

During the period, the E&E sector led with 291 projects worth a combined THB183.4 billion, with several printed circuit board applications also being filed this year.

Meanwhile, Narit said the Thailand Electric Vehicle (EV) Board, also chaired by Paetongtarn, approved extensions for the production timelines of battery electric vehicles (BEVs) and included mild hybrid electric vehicles (HEVs) in the hybrid incentive package to support the industry’s electrification efforts. He said the EV Board chaired by Paetongtarn has approved giving more time to makers of BEV to meet their production commitment under the so-called EV 3.0 incentive package that required them to produce locally to compensate for the vehicles they imported from the start of the subsidies programme in 2022 to end 2023.

“The measures approved today by the EV Board further demonstrate our commitment to the electrification of the whole automotive industry and the full support we are providing to manufacturers during the transition,” he added.

A view of the city skyline in Bangkok, Thailand. PHOTO: AFP

OECD ups global growth forecast but warns of protectionism risk

Business

December 5, 2024

PARIS (AFP) – The Organization for Economic Cooperation and Development (OECD) raised yesterday its 2025 global growth forecast to 3.3 per cent but warned of the risk of protectionist measures to spark inflation and slow the economy.

Just weeks before Donald Trump returns to the White House with pledges to slap tariffs on United States (US) trading partners the OECD said “increases in trade-restrictive measures could raise costs and prices, deter investment, weaken innovation and ultimately lower growth”.

OECD, a Paris-based body that advises industrialised nations on policy matters, issues regular forecasts on the global economy and factors that could impact growth.

The 0.1 percentage point increase in its 2025 global growth forecast, to 3.3 per cent, was primarily due to stronger US growth.

But both France and Germany saw to 0.3 per centage point cuts to their 2025 growth forecasts, to 0.9 per cent and 0.7 per cent, as both countries face political crises amid mounting fiscal pressure.

The downgraded forecast comes as France’s new minority government faces being brought down yesterday by lawmakers after it forced though the adoption of the social welfare budget.

Qatar to invest GBP1B in climate technologies with UK

Business

December 5, 2024

LONDON (AFP) – The British government said yesterday that it has agreed to a partnership with Qatar that will see the Gulf state invest GBP1 billion (USD1.3 billion) in climate technologies.

“The partnership is expected to create thousands of highly skilled jobs over its lifetime and will see the launch of world-leading climate technology hubs across the United Kingdom (UK) and Qatar to accelerate development in climate-friendly technologies,” according to a statement issued during a state visit by Emir Tamim bin Hamad Al-Thani.

British industrial group Rolls-Royce, which manufactures aircraft engines, will receive investments for programmes dedicated to energy efficiency, the statement said.

Qatar’s investments in the British economy are estimated at more than GBP40 billion and the emirate indicated in 2022 that it intends to invest another GBP10 billion by 2027.

The press release also said the two countries will create a joint academy of genomic medicine, which uses information from genome sequencing, and a joint commission on research into artificial intelligence (AI).

Qatar’s emir was welcomed on Tuesday by King Charles III at the start of a state visit where he will also hold talks with Prime Minister Keir Starmer, who wants to negotiate trade deals with Gulf monarchies.

Britain has been seeking new trade pacts since leaving the European Union and in late 2021 began talks with the Gulf Cooperation Council (CCG), which groups Saudi Arabia, the United Arab Emirates, Qatar, Bahrain, Kuwait and Oman.

Britain has joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), signed trade pacts with Australia and New Zealand, and is in negotiations with India.

Qatar’s Emir Sheikh Tamim bin Hamad al-Thani with Britain’s King Charles III at Buckingham Palace in London, United Kingdom. PHOTO: AFP

Amazon launches AI models to challenge rivals

Business

December 5, 2024

SAN FRANCISCO (AFP) – Amazon unveiled a suite of artificial intelligence (AI) models in its boldest move yet to compete with tech giant rivals in the fast-growing generative AI sector.

The launch of its own line of foundation models marks Amazon’s latest push to strengthen its position against forerunners Microsoft, Google, Meta and OpenAI, the creator of ChatGPT.

Until now, Amazon’s AI offerings through its AWS cloud service had largely been limited to providing access to models from other companies, including Anthropic, an AI startup it backs.

Even if Google, Microsoft and OpenAI have taken the lead on AI, AWS remains the market leader in cloud computing, which is needed to power AI tools and products.

“Inside Amazon, we have about 1,000 Gen AI applications in motion, and we’ve had a bird’s-eye view of what application builders are still grappling with,” said senior vice president Rohit Prasad, who is leading the company’s AI efforts. “Our new Amazon Nova models are intended to help with these challenges,” he added.

The Amazon Nova family includes six AI models handling tasks from text creation to video generation.

The company said the models are at least 75 per cent cheaper than comparable offerings available on AWS servers and faster than similar models.

The initial lineup includes Nova Micro for fast text processing, Nova Lite for basic multimedia tasks, and Nova Premiere, set for an early 2025 release, for complex reasoning.

Supporting 200 languages, the models can be customised using customers’ proprietary data – a feature Amazon hopes will attract enterprises developing specialised AI applications.

Two dedicated models target creative content: Nova Canvas for image generation and Nova Reel for video creation.

Amazon emphasised built-in safety measures for the new offerings, which will be available through AWS’s Bedrock service, with usage guidelines detailing specific use cases and limitations.

An Amazon employee passes by the company’s logo. PHOTO: AFP

South Korea says to provide liquidity to stabilise markets after turmoil

Business

December 5, 2024

SEOUL (AFP) – South Korea said it would provide “sufficient liquidity” to support its financial markets yesterday after the country was rocked by President Yoon Suk Yeol’s brief imposition of martial law overnight.

Equities sank more than two per cent in Seoul and the won initially plunged to a two-year low against the dollar after the dramatic move, which stunned traders already concerned about the state of Asia’s number-three economy.

In a bid to limit the fallout from the crisis, the country’s Central Bank and Finance Ministry moved to reassure markets.

“As announced together with the government, it has been decided to temporarily supply sufficient liquidity until the financial and foreign exchange markets stabilise,” the Bank of Korea said.

It added that “the range of securities eligible for (repo) transactions and the target institutions will be expanded”. Deputy Prime Minister Choi Sang-mok, who is also the Minister of Economy and Finance, said financial authorities will keep international partners informed about developments.

“In order to ease concerns about our economic situation, we will closely communicate with international credit rating agencies, major countries such as the United States, domestic economic organisations and financial markets, and share the situation,” he said.

“In addition, we will operate a 24-hour economic and financial situation inspection task force to operate a real-time monitoring system to prevent a real-time economic shock, and we will thoroughly monitor with relevant organisations to prevent any disruptions in exports.”

Yoon said he had made the decision, which took Seoul’s global allies by off guard, “to safeguard a liberal South Korea from the threats posed by North Korea’s forces and to eliminate anti-state elements plundering people’s freedom and happiness”.

Dealers of the Hana Bank headquarters in Seoul, South Korea. PHOTO: AFP

Global stocks mixed, Kospi down 1.4 per cent

Business

December 5, 2024

AP – Global stocks were mixed yesterday after overnight political drama in South Korea added to regional uncertainties, though the Kospi in Seoul fell less than two per cent.

France’s CAC 40 rose 0.3 per cent in early trading to 7,278.18, as the minority government was facing a no-confidence vote yesterday in Parliament following a divisive budget debate.

Germany’s DAX added 0.4 per cent to 20,100.80, while Britain’s FTSE 100 declined 0.2 per cent to 8,343.17.

The future contract for the S&P 500 edged 0.2 per cent higher and that for the Dow Jones Industrial Average was up 0.4 per cent.

South Korean President Yoon Suk Yeol was facing possible impeachment after he suddenly declared martial law on Tuesday night, prompting troops to surround the Parliament. Yoon accused pro-North Korean forces of plotting to overthrow one of the world’s most vibrant democracies. The martial law declaration was revoked about six hours later.

Yesterday, South Korea’s main opposition party called for President Yoon to resign immediately or face impeachment.

Yoon’s move caused the won to plummet to a two-year low against the US dollar, with losses of up to two per cent, the sharpest one-day drop since the market’s seismic reaction to Donald Trump’s 2016 election victory. The won recovered some of those losses yesterday. The dollar was trading at 1,412.87 won, down from Tuesday’s peak at 1,443.40.

South Korea’s Kospi closed 1.4 per cent lower to 2,464.00. Shares of Samsung Electronics, the country’s biggest company, fell 0.9 per cent. Meanwhile, the country’s financial regulator said they were prepared to deploy KRW10 trillion (USD7.07 billion) into a stock market stabilization fund at any time, the Yonhap news agency reported.

Elsewhere in the region, China announced on Tuesday it was banning exports to the United States of gallium, germanium, antimony and other key high-tech materials with potential military applications.

The Shanghai Composite fell 0.4 per cent to 3,364.65.

Japan’s benchmark Nikkei 225 rose 0.1 per cent to 39,276.39. Australia’s S&P/ASX 200 dropped 0.4 per cent to 8,462.60.

On Tuesday, US stocks tiptoed to more records, tacking a touch more onto what’s already been a stellar year.

The S&P 500 edged up less than 0.1 per cent to 6,049.88, setting an all-time high for the 55th time this year.

A person rides a bicycle in front of the Tokyo Stock Exchange building. PHOTO: AFP

Inconsistent Spurs ‘progressing in all aspects’: Postecoglou

Sports

December 5, 2024

LONDON (AFP) – Ange Postecoglou said yesterday that his Tottenham team are “progressing in all aspects of our game” despite a wildly inconsistent Premier League campaign so far.

Spurs, who travel to face Bournemouth today, are seventh in the table with six wins, five defeats and two draws in their opening 13 games – just three points off the top four.

They hammered champions Manchester City 4-0 late last month after being defeated 2-1 at home by struggling Ipswich.

Postecoglou last week launched an impassioned defence of his attacking approach, saying he was “not interested” in pragmatism after they conceded a late equaliser in a 2-2 draw against Roma.

And the Australian said on the eve of the Bournemouth game that his side are heading in the right direction.

Tottenham Hotspur’s Head Coach Ange Postecoglou. PHOTO: AFP

“We’re progressing in all our aspects of our game,” he said. “We’ve scored a lot of goals but even defensively, we’re much more consistent than we were last year.

“The fact that we have got quite a few significant absences is just something we have to work through.

“We had a very similar scenario last year and it’s fair to say we sort of ground our way through it and we’re kind of doing that at the moment.”

Despite his upbeat message, Postecoglou admitted there was room for improvement.

“We’ve obviously had a couple of games where we’ve been not great in executing our football, those two games in particular against Palace (a 1-0 defeat) and Ipswich we fell well below what we wanted to do,” he said.

“That’s probably again an area we’ve tried to iron out but aside from that, it’s progress in all areas.”

German central bank chief calls for debt rule reform

Business

December 5, 2024

FRANKFURT (AFP) – The head of Germany’s central bank backed calls to reform the country’s stringent debt rules in comments published yesterday as years of underinvestment weigh down Europe’s second-largest economy. Relaxing the rules to allow more spending on defence and infrastructure would be a “very smart approach”, Bundesbank president Joachim Nagel told the Financial Times newspaper.

The idea of reforming the so-called debt brake, which limits state borrowing to 0.35 per cent of gross domestic product, has gained traction as the German economy has sputtered.

Berlin expects output to shrink by 0.2 per cent this year, while the outlook for business re-mains gloomy.

The spending cap, which was enshrined in the constitution in 2009, has seen Germany maintain some of the lowest debt levels in Europe.

But its critics said it has curbed sorely needed investments to boost growth or improve Germany’s defences. Differences over spending priorities under the limits imposed by the debt brake were a key reason for the collapse of Chancellor Olaf Scholz’s government last
month.

The disintegration of the Social Democrat’s three-way coalition is leading to new elections slated for late February.

Scholz has gone into the campaign with a promise to support a reform of the debt brake that would be “clearly limited to investments in security and the modernisation of Germany”.

The conservative opposition CDU-CSU bloc, which is currently ahead in the polls, has likewise signalled openness to changing the spending rules.

The conservative candidate for chancellor Friedrich Merz said last month a change could make sense if it promoted investment as opposed to allowing more day-to-day spending.

Borneo Bulletin OnlineThe Independent Newspaper in Brunei Darussalam, Sabah and Sarawak

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