Stock markets mixed awaiting key rate decision

Business

June 11, 2023

A person looks at an electronic stock board showing Japan's Nikkei 225 index in Tokyo. PHOTO: AP

NEW YORK (AFP) – Stock markets diverged on Friday as investors awaited next week’s crucial interest rate decisions from the United States (US) Federal Reserve and other central banks.

Wall Street stocks finished out a quiet week with modest gains, adding to the weekly advance.

Expectations that the Fed will hold off raising interest rates next week for the first time since starting its hiking cycle last year to combat high inflation have pushed equities higher for most of the month.

“The question on everyone’s mind is, will this good fortune for the stock market continue?” said Briefing.com analyst Patrick O’Hare.

“The answer is unknowable today since it rests in what the future brings the market in terms of economic data, earnings growth, interest rate movements, and policy action,” he added.

Asian indices closed higher but Europe’s major stock markets dipped a day after data showed that the eurozone was in recession at the start of the year.

“It hasn’t exactly been the most exciting day as far as events or data is concerned so I think it’s just been a bit of a low key session,” said market analyst Craig Erlam at the OANDA trading platform.

“What’s more, the US inflation report and Fed meeting next week may be a bit of a distraction in the short term,” he added.

Elsewhere, eyes are on China where there is growing speculation that authorities will unveil fresh stimulus measures to kickstart the world’s number-two economy, with the post-zero-COVID rally already fading.

Disappointing readings on manufacturing activity and trade this week have compounded the view that officials need to step in, with reports suggesting that the People’s Bank of China will cut interest rates soon.

Expectations were ramped up on Thursday after a key government adviser said borrowing costs should come down to help struggling firms’ financing ability.

The need for action was reinforced on Friday by Chinese data showing consumer inflation essentially flat in May and wholesale prices falling more than expected.

“On the whole, the muted inflation environment may call into question the sustainability of the economic recovery, but it also provides a favourable backdrop for policymakers to roll out more policy support,” said HSBC’s Erin Xin.

Brunei commended for SDG efforts

National

June 11, 2023

James Kon

Brunei has embraced a whole-of-government approach, involving stakeholders in the selection of indicators, setting national benchmarks, and taking ownership of the findings. The inclusive and collaborative effort sets a remarkable example for other nations to follow, said United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) representative Dr Arman Bidarbakht Nia.

He said this at the launching ceremony of the Sustainable Development Goals (SDGs) website yesterday.

He also commended the Sultanate’s multiple achievements in support of the SDGs including efforts to improve transparency and accountability through a data-driven assessment of its SDG progress.

“Brunei’s openness to the facts that data teaches us is commendable. By recognising the current status, successes, as well as areas where there may be room for improvement, the country has taken an objective approach towards addressing development gaps. This willingness to confront challenges head-on is crucial for accelerating progress towards the ideals of our society.”

He applauded Brunei for its commitment to transparency.

“The dissemination of results from a purely data-driven assessment demonstrates the government’s dedication to openness and accountability. By placing development gaps under the government’s radar, this ensures that appropriate measures can be taken to address these gaps effectively. Brunei Darussalam is also one of the few countries to present SDG progress in their Voluntary National Review so transparently, which sets a good example for other countries to follow,” he said.

He also acknowledged the hard work and diligence of the Special National Coordination Committee on SDGs and SDG Technical Working Group. “It is through their efforts that we stand here today, celebrating this moment of success,” he added.

On the launch of the SDGs website, he said, “The importance of evidence-based follow-up, review, and the full implementation of SDG indicators cannot be overstated. Without the crucial elements, the progress made towards the 2030 Agenda could remain a secret.

However, Brunei has risen to the challenge and demonstrated its commitment to transparency and accountability by launching the National SDG Tracker.

“The launch of the National SDG Tracker for Brunei Darussalam represents a significant stride towards achieving the 2030 Agenda for Sustainable Development,” he said.

However, he also noted that it is crucial to acknowledge that the milestone is not the final one. “It serves as a reminder of the immense task that lies ahead. We must continue to strengthen our national statistical system, address data gaps for the SDGs, integrate SDG indicators into our national and sectoral planning and monitoring, and establish a systematic approach to sustain this initiative. UNESCAP stands ready to collaborate with the government to achieve these objectives. Regular monitoring of progress against SDGs is essential for our ongoing journey.”

Sultanate among the freest economies in Asia-Pacific

National

June 11, 2023

Azlan Othman

Brunei is ranked ninth among 39 countries in the Asia-Pacific region, and its overall score is above the regional and world averages in the annual Index of Economic Freedom 2023 from The Heritage Foundation which showcases the level of economic freedom in every country on a scale of 0-100, looking at factors like property rights, tax burdens and labour freedom.

The Sultanate’s economic freedom score is 65.7, making its economy the 48th freest in the 2023 Index. Its score is 0.9 points better than last year.

The ranking categorises scores of 80+ as free economies, 70-79.9 as mostly free, 60-69.9 as moderately free, 50-59.9 as mostly unfree, and 0-49.9 as repressed. The countries with a score of 80 or above include Ireland, Singapore and Switzerland, categorising them as completely free economically.

Brunei’s economy is characterised by a relatively high level of market openness that facilitates trade and investment, by a legal system that generally secures private property, and by macroeconomic stability, the report said. The investment environment is generally efficient and transparent, but a more streamlined regulatory framework would enhance economic freedom and competitiveness.

In 2023, the principles of economic freedom that fuelled the monumental progress are once again measured in the Index of Economic Freedom, an annual guide published by The Heritage Foundation, Washington’s number one think tank.

The Billionth Barrel Monument in Seria. PHOTO: KRITTIKA YADAV

It measures economic freedom based on 12 quantitative and qualitative factors in 184 countries, grouped into four broad categories, or pillars, of economic freedom, namely rule of law (property rights, government integrity, judicial effectiveness); government size (government spending, tax burden, fiscal health); regulatory efficiency (business freedom, labour freedom, monetary freedom) and open markets (trade freedom, investment freedom and financial freedom).

Brunei showed an improvement in property rights with a score of 69.1, judicial effectiveness (51.9), government integrity (61.9), tax burden (96.3), government spending (70.0), and labour freedom (75.2) but dropped in score in monetary freedom (71.8) and trade freedom (84.4).

Each of the 12 economic freedoms within the categories is graded on a scale of 0 to 100. A country’s overall score is derived by averaging the 12 economic freedoms, with equal weight being given to each.

Last year, the Sultanate’s economic freedom score was 64.8, making its economy the 62nd freest in the 2022 Index.

Economic freedom peaked in 2017 and has dropped a full five points since then.

Brunei has fallen into the lower half of the ‘Moderately Free’ category. Tax burden and trade freedom levels are good, unlike fiscal health, last year’s report said.

Brunei to present SDG progress in July

National

June 11, 2023

James Kon

Brunei will present its second report on Voluntary National Review (VNR) at the United Nations High-Level Political Forum (HLPF) on sustainable development in July.

The VNR, conducted for a second time, is a stronger analysis of interlinkages across the Sustainable Development Goals (SDGs) and a more thorough understanding of the policy implications, synergies, and trade-offs, therefore providing an assessment of progress through data and evaluates the impact since the last review in 2020.

The presentation of the VNR report was highlighted by Minister at the Prime Minister’s Office (PMO) and Minister of Defence II Pehin Datu Lailaraja Major General (Rtd) Dato Paduka Seri Haji Awang Halbi bin Haji Mohd Yussof in his keynote address at the launch of the SDGs website at the PMO yesterday.

“This is a crucial milestone, marking Brunei’s journey in implementing the SDGs while navigating the post-pandemic recovery phase and within a more complex global socio-economic environment,” the minister said.

Pehin Datu Lailaraja Major General (Rtd) Dato Paduka Seri Haji Awang Halbi also outlined observations from the VNR process.

Firstly, the role of stakeholder engagement during the VNR process, where more sessions were held, including a national workshop, focussed engagement sessions and, more recently, the SDG Youth Dialogue and Pre-2023 HLPF Workshop.

“The sessions brought together major stakeholders and provided them a platform to discuss the SDG progress, showcase contributions and develop solutions. I believe these platforms will serve to strengthen cooperation and partnership,” the minister said.

Secondly, “the VNR process initiated improvements in national SDG indicators and data availability. This is critical for us to measure and evaluate SDGs progress effectively to develop evidence-based actions”.

While the minister recognises the work done within ministries, agencies and the SDG Technical Working Group, he also admitted that more work needs to be done. The data statistics workshop for SDGs, facilitated by the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), is a good start to address gaps and make effective measures, he said.

Thirdly, the efforts made in communicating the SDGs.

The minister said he is pleased to see that there is more visibility in terms of the SDG presence and information-sharing to instil the ownership of SDGs to the community using a whole-of-nation approach.

“We must continue the momentum of progress. Not only should we encourage more collaboration and action, but the sharing of information and knowledge is crucial to supporting national efforts to achieve SDGs,” he urged.

The new SDGs website aims to promote awareness of national efforts and the progress in sustainable development, through knowledge sharing and data visualisation generated by the National SDG Tracker. The website also provides a platform for sharing global development and to communicate interest in fostering more SDGs actions.

The website, the minister said, “can bring us further by channelling information and promoting awareness of the SDGs to encourage more SDG actions and foster collaboration in Brunei and with the international community.

“The website will also allow us to track SDG progress through integration with the SDG tracker. This means that users can get the latest updates on the status of the implementation of those goals, along with data visualisation.”

He called on everyone to continue to work together to ensure that the SDGs are translated into action, thus shaping the future that is envisioned for Brunei Darussalam by both the SDGs in 2030 and Brunei Vision 2035.

Dr Arman Bidarbakht Nia from the UNESCAP, meanwhile, emphasised UNESCAP’s readiness to support Brunei’s efforts to further strengthen the national statistical system to facilitate the integration of SDG indicators into national planning.

Permanent Secretary (Wawasan) at the PMO Pengiran Hajah Siti Nirmala binti Pengiran Haji Mohammad as Chairperson of the Special National Coordination Committee on SDGs was also present.

Grit necessary for success: US sports envoys

National

June 11, 2023

ABOVE & BELOW: Photos show Football Association of Brunei Darussalam (FABD) President Pengiran Haji Matusin bin Pengiran Haji Matasan presenting souvenirs to the US Sports Envoys

Izah Azahari

People often begin their journey with high aspirations, envisioning a smooth and effortless road ahead. However, reality paints a different picture. The path to success is more accurately depicted as a challenging and meandering route that requires unwavering commitment and a strong sense of grit.

This was said by American footballers Amy Allman Griffin and Lorrie Fair Allen, FIFA World Cup Champions in 1991 and 1999, as United States (US) State Department Sports Envoys during a public lecture on ‘Finding Success as a Professional Athlete’ hosted by the US Embassy in Brunei Darussalam at a hotel in Kampong Anggerek Desa on Friday.

“Many people only witness the triumphant moment when athletes stand on the podium, unaware of the arduous journey that led them there,” Griffin said. “They have little knowledge of the countless instances these athletes spent away from their families, the solitary fitness sessions endured in the rain, the battles with injuries, the rejections from teams, and the setbacks they faced. This is the path that everyone must traverse to achieve success.”

She also noted that grit entails persisting over time, maintaining passion and a willingness to work diligently, especially when faced with adversity.

“Even when circumstances seem unfavourable, one can still hold onto their passion for the endeavour,” she said.

Griffin shared that many individuals encounter obstacles along the way – be it hitting a wall, facing months of disappointments, sustaining an injury, or finding themselves in an unsupportive environment. “Sadly, some abandon their commitments when faced with such challenges, straying from the path they once vowed to follow,” she added.

ABOVE & BELOW: Attendees at the public lecture; Deputy Chief of Mission of the United States (US) Embassy in Brunei Darussalam Emily Fleckner delivers an address; and US State Department Sports Envoys footballlers Amy Allman Griffin and Lorrie Fair Allen, FIFA World Cup Champions in 1991 and 1999, speak at the lecture. PHOTOS: IZAH AZAHARI

“However, those who persist through the long haul and learn to break down their journey into manageable pieces can find solace and motivation in small successes along the way.”

They also spoke on the importance of internal motivation as a crucial factor that individuals can control, as relying on others to behave or act in a certain way can lead to frustration and disappointment.

“Therefore, it is essential to nurture and harness internal motivation as the driving force behind one’s actions and goals,” they said.

The key to sustained motivation is when it transforms into a routine that is an integral part of a person.

“When motivation becomes ingrained in your identity, life becomes much smoother and more effortless. However, achieving this state requires consistent effort and commitment.”

They also spoke of the importance of culture as a key to success as relationships move at the speed of trust; celebrating small victories; not making excuses when they don’t win; focussing on opportunities; believing in winning more in the future; and believing that champions are shaped and moulded as individuals. These can develop their individual mind-set and the mind-set of their team with the right thinking, beliefs, and expectations, leading to powerful actions.

The lecture also saw Football Association of Brunei Darussalam (FABD) President Pengiran Haji Matusin bin Pengiran Haji Matasan present tokens of appreciation to the speakers.

Prior to the lecture, Deputy Chief of Mission of the US Embassy in Brunei Darussalam Emily Fleckner outlined events held throughout the week including a press conference to discuss the development of women’s football in Brunei as a FIFA member, celebrating US Independence Day at a sports-themed event at the ambassador’s home, motivational talks, coaching clinics, as well as football training sessions in Kuala Belait and Bandar Seri Begawan.

The embassy also organised a small-sided women’s match with four teams on the lawn of the US Embassy on Friday, and a full-sided women’s match at FABD.

Workshop raises awareness on project proposals, funding

National

June 11, 2023

James Kon

The South Korean Ministry of Foreign Affairs with support from Brunei’s Ministry of Finance and Economy organised the BIMP-EAGA-Republic of Korea Cooperation Fund (BKCF) Workshop.

Established in 2021, the BKCF aims to promote inclusive and balanced growth in Southeast Asia as well as increase Association of Southeast Asian Nations (ASEAN) connectivity by strengthening partnerships between the BIMP-EAGA and South Korea, specifically in the areas of environment, tourism, agriculture and fisheries.

The workshop aimed to raise awareness of the BKCF and guide potential proponents on developing project proposals for upcoming rounds of funding.

KUPU SB brings back parenting workshop

National

June 11, 2023

Rokiah Mahmud

The Religious Teachers University College of Seri Begawan (KUPU SB) will be organising the 3rd Islamic Parenting Skill Workshop at the university’s Tarbiah Hall on June 12 and 13.

Organised by the university’s Fiqh al-Usrah Centre, eight modules will be discussed including strengthening prayer practicality in the family and Al-Quran appreciation in the family and children.

Youth are powerful force for change

National

June 11, 2023

ABOVE & BELOW: Deputy Head of the CIPTA 2023 Seminar Dr Shahid Anjum with other panellists in a discussion during the Crown Prince CIPTA Award 2023 seminar; and an attendee poses a question. PHOTOS: BAHYIAH BAKIR

Izah Azahari

Globally, young people are a powerful force for change. As such the Crown Prince Creative, Innovative Product and Technological Advancement (CIPTA) Award has evolved in the past 15 years to include youth as young as 12 years in its competition.

This was said by Deputy Head of the CIPTA 2023 Seminar Dr Shahid Anjum during his welcoming remarks on the second day of the CIPTA 2023 Seminar, held at Universiti Teknologi Brunei (UTB) Library Complex.

Dr Shahid also highlighted that having ASEAN has sparked creativity in local participants by opening their minds to regional innovative ideas.

He believes that, “One of the great barriers to innovation is the fear of failure. Knowing the journey of successful innovators will boost our confidence in pushing forward our ideas and turn them into reality”.

Dr Shahid also said yesterday’s seminar was a supplement to the CIPTA Award to motivate youth in the country to be creative and innovative.

Themed ‘Spreading the Winning Vibes’, the seminar was held in partnership with Brunei LNG Sdn Bhd joined by UTB Assistant Vice-Chancellor (Industry and Services) Dr Mohamad Saiful bin Haji Omar as the guest of honour.

The seminar is held as part of the Technology and Innovation week of Brunei Mid-Year Conference and Exhibition 2023 (Brunei MYCE 2023).

Brunei MYCE 2023 is organised by the Ministry of Primary Resources and Tourism through the Tourism Development Department in collaboration with local and international government agencies, statutory bodies, higher educational institutions, stakeholders and private agencies.

Brunei MYCE 2023 is supported by Radio Television Brunei (RTB), the Information Department (Pelita Brunei) and Brunei Press Sdn Bhd as official media partners.

Promoting ‘ASEAN-ness’ among school students

National

June 11, 2023

Azlan Othman

The Information Department through its International Affairs Unit as the Secretariat for the Sub-Committee on Information (SCI) of the ASEAN Committee on Culture and Information (ASEAN-COCI), held the Get to Know ASEAN roadshow for over 200 Years 7 and 8 students of Masin Secondary School and over 300 students of Tanjong Maya Secondary School recently.

The briefing was delivered by Head of the International Affairs Desk, Corporate Relations Unit Eddy Iswandy bin Haji Ismail to instil awareness among students, the ASEAN community, in line with the ASEAN Motto, ‘One Vision, One Identity, One Community’.

The programme is organised to promote ‘ASEAN-ness’ among school students.

Quizzes on ASEAN were also conducted to test students on their knowledge of ASEAN and its role in developing member countries.

The roadshow also saw the promotion of the We ASEAN mobile app, containing information about ASEAN’s member states, calendar, videos and galleries.

ABOVE & BELOW: Students of Masin Secondary School in a group photo; and Head of the International Affairs Desk, Corporate Relations Unit Eddy Iswandy bin Haji Ismail briefs the students. PHOTOS: AZLAN OTHMAN

Masin Secondary School students during the roadshow

School set to produce excellent students

National

June 11, 2023

A teacher presenting a token of appreciation to education officer and counsellor at Duli Pengiran Muda Al-Muhtadee Billah College Hajah Siti Azizah binti Haji Wahsalfelah

Lyna Mohamad

Sayyidina Umar Al-Khattab Secondary School organised the Permata Hatiku programme for its Year 11 students as well as their parents and guardians at the school’s hall recently.

Themed ‘Child and Parents are like Jewels’, the programme featured a talk from an education officer and counsellor at Duli Pengiran Muda Al-Muhtadee Billah College, Hajah Siti Azizah binti Haji Wahsalfelah.

The programme aimed to strengthen the relationship between parents and children and allow children to have a better understanding of parents’ roles and responsibilities.

The programme also raised awareness among parents and guardians on the importance of instilling discipline and managing children’s education.

The school hopes the programme is able to achieve the objectives of producing students who excel in school and passes moral fibre and character.

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

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