TAP receives nod from ASEAN Forum

National

September 4, 2024

The minister receives the Most Improved Pension Fund (ASEAN) award from Asia Asset Management founder and publisher Tan Lee Hock. PHOTO: JAMES KON

The Employees Trust Fund (TAP) received the Most Improved Pension Fund (ASEAN) award at ‘The 2nd ASEAN Forum: The Future of Finance’, held at The Empire Brunei yesterday.

Asia Asset Management founder and publisher Tan Lee Hock handed over the award to Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah during the opening ceremony.

Tan, in his welcoming remarks said, “We are seeing how the world of finance is coping with the issues and challenges of today.”

He emphasised on the issue of climate change and COP29 by highlighting that the United Nations (UN) conference on climate change will take place in November, this year, in Baku, Azerbaijan, where the world is looking at how much progress can be made towards enhancing climate financing and commitments.

“The current arrangements are for developed countries to provide up to USD100 billion to developing countries to support sustainable transitions but this is evidently not enough,” he said.

Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah in a group photo. PHOTO: JAMES KON

In the area of pension reform, he said, “We are seeing new initiatives being launched and these moves are aimed at addressing the need to improve coverage and benefits for an ageing population.”

Tan said he is pleased to see the progress of the new National Retirement Scheme (SPK) system introduced in the Sultanate last year with enhanced features and benefits to provide a better and improved level of retirement income.

The event continued with a keynote address by Dato Seri Setia Dr Awang Haji Mohd Amin Liew.

The forum was organised by Asia Asset Management (AAM), in collaboration with the Brunei Institute of Leadership and Islamic Finance (BILIF) with support from Brunei Darussalam Central Bank (BDCB) and Brunei Capital Market Association (BCMA).

It was held in conjunction with the 16th Annual Brunei Darussalam Roundtable, attended by local and international industry practitioners, as well as the public. The forum, themed ‘The Future of Finance’, explored key themes that shape the financial landscape and will have far-reaching implications for businesses and the society.

Amid the accelerating Industrial Revolution 4.0, the adoption of new technologies, including the increasing influence of artificial intelligence (AI), alongside evolving global trade dynamics and intensifying climate challenges, are new forces now underway that will have a bearing on the world of finance.

Discussions also centred on Islamic finance, a vital component of the financial sector, with a focus on its issues, challenges and progress within the ASEAN region.

The event included presentations and panel discussion. The forum concluded with closing remarks by BILIF Acting Chief Executive Officer Haji Afero Eswandy bin Haji Mohamad, who emphasised the significance of the ongoing discussions on the key themes can foster collaboration and innovation.

He expressed optimism that the ongoing engagement will enable participants to drive transformation and achieve a lasting impact. – James Kon

Locked out of job opportunities

Opinion

September 4, 2024

I am writing with a heavy heart over the growing unemployment crisis in our country.

Despite earning a Master’s degree, which should have been a mark of achievement, it feels hollow in the face of the anaemic job market. It is a rude awakening to learn that I am now part of the statistics.

I had hoped that my previous work experience would make a different, but after countless applications – and even seeking help from the authorities – I haven’t heard from any of them.

I’m left wondering if all my efforts have been in vain, or if companies only take notice if you have decades of experience.

How can young graduates, like me, gain experience when the door to the job market remains firmly shut?

It’s disheartening to see my dreams stall even before they begin. I spent years working towards the degree, believing that it would open doors. Instead, I find myself locked out of the very opportunities that I have worked so hard for.

I’m left questioning my worth and the value of my education in a system that seems indifferent to the struggles of fresh graduates. Every rejection chips away at the hope I once had for my future.

Demotivated Graduate

‘Adaptability is key to financial future’

National

September 4, 2024

ABOVE & BELOW: Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah delivers a speech; and participants of the forum. PHOTO: JAMES KON

Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah, in his keynote address at The 2nd ASEAN Forum: The Future of Finance, stressed on adaptability as crucial for businesses, investors and policymakers as well as collaboration on global issues like climate change and technology is essential.

The minister said, “Despite a strong post-pandemic recovery, we are now facing slowdowns in major economies, high inflation and challenges like supply chain issues and geopolitical tensions. Advanced economies struggle with low growth, while emerging markets are faced with inflation and reduced demand.”

He added, “Central banks, particularly the Fed, have raised interest rates in the past to combat inflation, affecting global capital flows and emerging markets. The Fed recently signalled that inflation is moving back to target and the labour market is slowing. China’s shift to manufacturing in high-tech sectors has increased competition, prompting responses like higher tariffs from Europe. Geopolitical risks also disrupt global trade and energy markets.”

The minister said, “With interest rates declining and Basel III tightening lending practices, banks are becoming more restrictive. The high demand for financing is pushing private lenders, backed by long-term capital from institutional investors, to fill the gap.

“While these challenges highlight the need for adaptation, they also present opportunities for innovation and growth. Staying informed and proactive will be the key to navigating this evolving financial environment.”

He also said, “Adaptability is also evident in the world of pension funds. Pension funds have increasingly diversified their assets to achieve solid returns amid economic uncertainty and an ageing population. Many mature and sophisticated funds are now investing more in alternatives, which offer higher returns, greater diversification, and unique opportunities.”

Highlighting Brunei’s adaptability, he said, “It is advancing its sustainability goals by taking several initiatives which includes updating its Debenture Issuance Guidelines to align with ASEAN Sustainability-Linked Bonds Standards as well as promoting green and sustainable bonds in line with the ASEAN Capital Market Forum’s Roadmap.

“With over USD48 billion in ASEAN-labelled bonds issued since 2016, the move enhances funding for sustainable projects. Additionally, the ASEAN Annual Report 2022-2023 underscores the Sultanate’s commitment to regional cooperation through cross-border trade facilitation, service improvement, investment enhancement and financial integration, turning challenges into opportunities for mutual prosperity and strong partnerships.” – James Kon

Kudos for price control efforts

Opinion

September 4, 2024

People shop in the food section of a retail store in California, United States. PHOTO: AFP

I would like to applaud the authorities in response to the news article, ‘Six businesses fined for price control violations’, published in the Bulletin on August 30, 2024.

It is assuring to know there is an enforcement team actively monitoring supermarkets and mini marts to make sure that the populace isn’t getting ripped off.

I’m a young mother, who depends on baby formula to keep her child fed. But it is also the one product that is often marked up.

I hope that this is the beginning of the end for these errant businesses as there are still so many of them, who have escaped the attention of the authorities, even well-established supermarkets.

Watchful Eye

Brunei rock band wins Miri Battle of the Band

National

September 4, 2024

‘The Last Minute’ members celebrating their win. PHOTO: JAMES KON

Brunei’s rock band The Last Minute was crowned champion of Battle of the Band Miri Bike Week 2024 in Permy Mall, Miri, Sarawak last weekend.

The band comprises drummer Zul@chico, bassist Azman, guitarists Nafi and Alin, keyboardist Ikram and vocalist Umie.

The Brunei rock band played powerful medley songs, I Was Made for Loving You by Kiss and The Trooper by Iron Maiden.

Umie, in an interview, said, “We were nervous and did not expect to win first place. There was also another band from Brunei called Prodigiez in the competition. They came in fourth place.” Several bands from Miri and Bintulu also competed, with most of them being professional bands performing in Sarawak. – James Kon

Operation uncovers a host of labour violations

National

September 4, 2024

ABOVE & BELOW: Labour Department officials during the operation. PHOTO: LABOUR DEPARTMENT

The Labour Department’s Law Enforcement Division conducted an operation in Tasek Meradun, targeting foreign labour residences.

Four offences committed by employers were uncovered where two were for employing moonlighting workers with expired worker’s licences, one for not providing clean and adequate accommodation and another for not providing workers with medical insurance.

Employers found breaching the Employment Order, 2009 will be fined up to BND1,000. The failure to settle the fine will result in the case being brought to court.

The public can lodge a complaint with the Labour Department at 2381848 during working hours or 7298989 after office hours. – Azlan Othman

‘Shop locally’ doesn’t work due to wage stagnation

Opinion

September 4, 2024

The authorities are always urging the public to shop locally and support the local economy.

Whenever I hear that, a part of me wants so badly to answer the call, but the other part knows it is near impossible to do so, given the wage stagnation that has been plaguing our country long before the recent COVID-19 pandemic.

I’m not sure if it is too expensive to import goods, or is it simply a matter of favourable exchange rate. When it comes to basic essentials, it is cheaper to obtain them across the border.

I know doing so is weakening our economy further, but what choice have I got? My salary isn’t high enough to stretch that far into the month. It’s easy to say that all one needs is to find a better paying job. In the current market condition, a lot of luck is required to even get one foot in the door, even when one has over a decade of work experience. So while the authorities continue to call for us to shop locally, perhaps it is best to start by looking beyond the median income, which skews the full picture of what is really going on.

Looking For Greener Pasture

175 women compete in badminton doubles tournament

Sports

September 4, 2024

The National Badminton Association of Brunei Darussalam (PBKBD), in collaboration with Super Smasher, is organising the Super Smasher Women in Badminton (WIB) Tournament until September 7.

Some 175 local and foreign female players are participating in the women’s doubles tournament, divided into three categories, namely advance, intermediate and novice. The novice category is for participants who have never competed and received the most participation, with more than 60 per cent of the total registrations.

The high participation rate highlighted interest by female badminton players to gain experience in competitive environments and be involved in sports.

Matches take place at The Centrepoint Hotel Hall, Gadong, and are open to the public. – Azlan Othman

ABOVE & BELOW: The competitors in action. PHOTO: PBKBD

House fire in Kampong Sungai Tilong

National

September 4, 2024

ABOVE & BELOW: Photos show firefighters at the scene of the fire. PHOTO: FRD

Firefighters responded to a house fire in Kampong Sungai Tilong on Tuesday night after receiving an emergency call at 8.11pm.

According to the Fire and Rescue Department (FRD), two fire engines were dispatched from Lambak Kanan Fire Station and Berakas Fire Station to the scene of the incident.

Acting Deputy Station Officer Jasme bin Othman led the team, with the assistance of a light pumper fire engine led by station officer Firdaus.

The firefighters arrived to find the fire had already been put out. Investigations revealed the fire was at a bedroom’s ceiling causing damage to the house’s first floor.

Firefighters used a hook to open up the ceiling and doused it with a water jet.

The cause of fire is believed to be an overheated ceiling fan, and the costs of damage are still being ascertained. No casualties were reported. – James Kon

Tug-of-war championship receives more support

Sports

September 4, 2024

Photo shows the sponsorship presentation. PHOTO: BRUNEI CHAINBLOCK TUGGERS

The Brunei Chainblock Tuggers yesterday received a significant boost ahead of the upcoming International Tug of War Championship 2024 in Kuala Lumpur thanks to sponsorship from Chan Kang Yik of Automobile Universe Sdn Bhd.

President of Brunei Chainblock Tuggers Pengiran Azizul Akbar bin Pengiran Haji Badaruddin, alongside Team Director, Husin, also known as Bob received the sponsorship.

The support from Automobile Universe will play a crucial role in aiding the team’s preparations and participation in the event.

The sponsorship marks a milestone for the Brunei Chainblock Tuggers as they gear up to compete on an international stage. – Fadley Faisal

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

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