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Asian Stocks Fall After IMF Downgrades Economic Outlook

Asian Stocks Fall After IMF Downgrades Economic Outlook
A man walks past an electronic stock board showing Japan's Nikkei 225 index at a securities firm in 2017 in Tokyo. Photo: Shuji Kajiyama / Associated Press

SINGAPORE — Asian markets are mostly lower after the IMF downgraded its economic outlook, citing rising interest rates and mounting tensions over trade.

 

Keeping Score

Japan’s benchmark Nikkei 225 fell 1.4 percent to 23,457.00 on Tuesday. Hong Kong’s Hang Seng added 0.2 percent to 26,261.26. The Shanghai Composite index extended its losses by 0.1 percent to 2,712.67, after tumbling 3.7 percent on Monday. Australia’s S&P/ASX 200 gave up 1.0 percent to 6,041.10. Stocks rose in Taiwan, Thailand and Indonesia but fell in Singapore. Markets in South Korea were closed for a national holiday.

 

Wall Street

Banks advanced and technology companies sank for the third day in a row on Monday. Bond markets were closed, leading U.S. indexes to a mixed finish after a day of light trading. The S&P 500 index edged 0.1 percent lower to 2,884.43, while the Dow Jones Industrial Average gained 0.2 percent to 26,486.78. The Nasdaq composite lost 0.7 percent to 7,735.95. The Russell 2000 index of smaller-company stocks shed 0.2 percent to 1,629.51.

 

IMF Downgrade

The International Monetary Fund revised its outlook for the world economy, citing rising interest rates and growing tensions over trade. It said the global economy will grow 3.7 percent this year, the same as in 2017 but down from the 3.9 percent it was forecasting for 2018 in July. The report comes on the eve of the Oct. 12-14 meetings in Bali, Indonesia, of the IMF and its sister lending organization, the World Bank.

 

US-China Talks

U.S. Secretary of State Mike Pompeo said that Washington had a “fundamental disagreement” and “great concerns” about Chinese actions, before a meeting with Chinese Foreign Minister Wang Yi and another senior official in Beijing on Monday. Pompeo said that he was looking forward to discussions, but his polite, edgy tone shone a spotlight on deteriorating U.S.-China relations. The Trump administration has confronted China on its technology policies and territorial claims in the South China Sea, and the countries have raised tariffs on tens of billions of dollars of each other’s goods.

 

Analyst’s Take

“Renewed tension between the U.S. and China has capped risk sentiment as a range of issues from trade to diplomacy are likely to challenge China-U.S. relationship,” Zhu Huani of Mizuho Bank said in a commentary.

 

Google Slips

On Monday, Google said it will shut its Plus social network because a flaw may have caused the leak of personal information belonging to as many as 500,000 people. Google found the problem in March. The winding down of operations will end next August, to give customers time to download and migrate their data. Alphabet, Google’s parent company, fell 1 percent to USD$1,155.92.

 

Energy

Benchmark U.S. crude added 38 cents to $74.67 a barrel in electronic trading on the New York Mercantile Exchange. The contract lost 0.1 percent to settle at $74.29 per barrel in New York. Brent crude, used to price international oils, rose 42 cents to $84.33 per barrel. It dropped 0.3 percent to $83.91 per barrel in London.

 

Currencies

The dollar slipped to 113.08 yen from 113.21 yen on Monday. The euro fell to $1.1485 from $1.1489.

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#MakeMyMark and Amulets: Fight for Dem Top Post Begins

Democrat Party leadership election contenders Warong Dechgitvigrom, Abhisit Vejjajiva and Alongkorn Pollabutr pose for photos on Oct. 8, 2018.
Democrat Party leadership election contenders Warong Dechgitvigrom, Abhisit Vejjajiva and Alongkorn Pollabutr pose for photos on Oct. 8, 2018.

BANGKOK — Former Democrat Party chairman Abhisit “Mark” Vejjajiva launched a social media campaign Tuesday in a bid to defend his seat from two party contenders.

The former prime minister urged followers to use the hashtag #MakeMyMark to show their support for him in the three-way race, to be decided in a Nov. 5 vote. His challengers, former MP Warong Dechgitvigrom and former deputy leader Alongkorn Pollabutr, also announced their own campaigns.

Speaking to reporters, Abhisit said the slogan isn’t about himself but also meant to encourage young people to make their mark on the world.

“It has a lot of meanings. It’s not about my name,” the 54-year-old said. “It’s about expressing yourself and participating in the changes.”

While Abhisit appears to be aiming for the younger voters, Warong outright employed the traditional way of campaigning: supernatural power. Warong told reporters he recently prayed at a temple in Ubon Ratchathani province where a monk predicted he would win the race.

For good measure, the monk also gave him several charms and amulets as blessing, Warong said.

In secular terms however, Warong promised to reform the Democrat Party by granting more power to regional chapters, pushing for reconciliation and pressing ahead with anti-corruption agendas.

“We will ease conflicts and division among the people,” Warong wrote online today.

Alongkorn, who sat on a junta reform body until last year, said he would detail his platforms at a Wednesday news conference. He also told reporters he would start campaigning in Khon Kaen province.

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1 Injured as Thai Airways Plane Overshoots Runway

Update: Suvarnabhumi airport said the plane was removed and all runways were operating normally from 4:15pm.

BANGKOK —  A passenger was injured Monday night when a Thai Airways plane overshot a landing at Suvarnabhumi airport.

The airline said the incident with flight TG679 – inbound from Guangzhou, China – was caused by heavy rain which made the west runway slippery. The top transport official on Tuesday said the plane should be removed by 4pm, and that the runway would remain closed until then.

Transport Minister Arkhom Termpittayapaisith said the retrieval was underway, adding it would take time because one of its wheels was stuck deep in mud. He said he instructed related agencies to investigate the cause of the accident.

The Boeing 747-400 was carrying 97 passengers and 18 crew members. It landed at about 11pm, the airline said.

Dalad Asaves, Suvarnabhumi vice president, said the injured passenger sprained an ankle and had been treated.

Somnuek Rongthong of the aeronautical radio authority said all inbound flights today may be affected as only one runway is open. He said there are about 800 to 900 daily inbound and outbound flights in Suvarnabhumi.

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Loki & Thor? Rey & Kylo? Thai Fangirls Are Shipping. Hard.

Two sisters, 31 and 27, sell postcards with fanart of characters from Star Wars, the Marvel Cinematic Universe, Fantastic Beasts and Where to Find Them and Stranger Things Franchises. “We sold out of Newt Scamander and Dr. Strange postcards,” one said.

BANGKOK — Loki and Dr. Strange flirt as a jealous Thor tries to intervene in a scene set to banter from a recent Thai rom-com.

Young women squeal, some covering the bottom halves of their faces, others nuzzling into friends’ necks.

But there’s no cute celeb onstage. It’s a fan-edited video projected on the wall of a multipurpose room filled with hundreds, causing screams to erupt from hundreds of young women.

At Movies Carnival 5, it was the ships that drew hordes of Thai fans of Western film and TV.

Whether characters from the Marvel Cinematic Universe, Harry Potter, Star Wars or other beloved franchises, hundreds of enthusiasts gathered to express their giddiness for pairing them off in imaginative romantic relationships.

That’s where the “ships” come from: Internet shorthand for romantically pairing unlikely partners that hails back to slash fiction, a la “Kirk / Spock.” There aren’t enough disclaimers to offer those tempted to Google this.

And was evident at Movies Carnival, which went down this past weekend at a room in the 2nd Cavalry Division King’s Guard, the ships were steaming hot and heavy.

Another wave of screaming pierces this air – this time, for the ship between hero king T’Challa and his villainous, equally ripped cousin Erik Killmonger from “Black Panther.”

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One booth sells manga fanart of the men in “Dunkirk.” Another passes out free flyers advertising online fan fiction about Percival Graves and Credence Barebone from “Fantastic Beasts and Where to Find Them” — in which the former is a priest and the latter a demon.

“I love both Loki and Tom Hiddleston. He and Thor have so many moments together. My favorite was when he said he had no home, and when he was dying,” said a writer, who was there selling novels of her fan fiction.

What’s apparent is that most ships prefer gay couples – which they call sao Y, or Yaoi Girls, an offshoot of the original Yaoi genre of homoerotic fiction. Mostly catering to women, Yaoi has long shipped Western movie characters, and there is an enormous international community thriving in places such as Tumblr.

By injecting their favorite fantasy worlds with their own sexual fantasy, or at least a kind of media voyeurism of sexual enthusiasm, girls and young women enthusiastically debate(?) squeal who’s the top and bottom in their favorite pairings (rook and rup in Thai, respectively).

Y isn’t in a dark corner of society anymore. It’s almost as equally visible as men-women pairings,” a 26-year-old artist who asked to be identified as Ice said.

“Before, some people would hide their faces when they came to these fan events,” a convention attendant next to Ice chirped.

“I think in Thai society, it’s seen as inappropriate for a girl to enthuse too much about male-female relationships. Their parents might think the girls are getting a boyfriend soon or something, or it looks inappropriate,” Ice said. “So liking Y is a part of a girl that allows her to express her sexual feelings. It’s farther removed from her; it’s fantasy.”

Indeed, some attendants seemed self-conscious about their involvement in the fandom. Interviews with staff were declined (“to preserve privacy of visitors”), but many fans, such as Ice, were vocal about their passions and opinions.

Y isn’t in a dark corner of society anymore. It’s almost as equally visible as men-women pairings

At her booth, Ice sells hand-drawn postcards of pairings both Y and heterosexual, from international faves of Sherlock and Watson to the titular characters of Disney’s Beauty and the Beast. Her best-selling items are gender-bending, self-published manga called doujinshi. One has a female Harry Potter amorously involved with a male Draco Malfoy. Another, titled “Flipped,” shows a male Ginny Weasley with a female Harry Potter, and a female Draco Malfoy with a male Hermione Granger.

“I can jin both y and hetero couples,” Ice says, using the Thai word for ship. “But my Y items seem to sell out more.”

Ice hypothesizes the booming love of Y comes from a recent decline in the popularity of heterosexual storylines in fiction that revolve around the abuse of women, including rape.

“Girls are refusing these plots but they still want to consume something sexual, so that fetish is seen through Y. You can see that Y plots and storylines are more sexually oriented than hetero ones, but it’s still ‘okay’ because for her it’s somethings that’s far-removed from us,” Ice said.

A few meters away by the stage, the next fanmade clip plays – this time, of Kirk and Spock, interspersing scenes from the old TV series and recent movies.

Ice says that in the two years Movies Carnival has been held, the Western fan bases that have grown among young Thais are the Fantastic Beasts franchise, Maze Runner, gay coming-of-age film “Call Me by Your Name” and, most visibly, the Marvel Cinematic Universe.

Fans scream for a video of Harry Potter and Draco Malfoy spliced with songs and audio from the year’s hit historical rom-com “Bupphesaniwat.” Enthusiastic fans peruse dozens of stalls selling of fan merch.

It is here that one young lady, the aforementioned writer, hawks her novels that have god-brothers Thor and Loki incesting in a ship called “Thorki.”

Her self-published “Saturday’s Stories,” is a collection of Thorki short stories. Except for ones taking the bromance between Captain America and Iron Man to a new level.

Her favorite story follows the god of thunder as he seeks a job as a humble security guard and is employed by Loki, part of the alternate universe (AU) genre where characters are changed from their original, or canon, context.

Laughs chirp through the crowd as a clip of General Hux from Star Wars is dubbed over the junta theme song “Returning Happiness to the People.” Screams pierce the air again when a clip shipping Wonder Woman with Steve Trevor plays.

Like Ice said, both Y and heterosexual couples are squeal-worthy. And the most popular heterosexual ship on display, by far, was of Rey and Kylo Ren of Star Wars, also called Reylo. A 24-year-old woman sold keychains and hand-drawn fanart of the two.

“You can totally see the two have feelings for each other. Normally, the hero and the villain don’t get together in Western movies, unlike in Japanese movies. So I jin them because I really like them,” the Reylo fan said.

Her favorite Reylo scene? The hand-touching scene in “The Last Jedi,” of course.

“When they touched their hands, it was way beyond kissing,” she gushed. “And that scene! It had everything to appeal to Thais. There’s the hut, the rain and being alone with someone.”

She said there are cultural differences in the international fandom.

Pairing Rey and Kylo “is often attacked by Westerners” who view the shipping of the violent, dark antagonist with the plucky heroine as problematic.

“They will oppose this ship and call it toxic,” she said. “But it’s not time to ponder ethics. This gives the fandom flavor, and the basis is in fantasy.”

Note: Images and names in this article were altered out of privacy concerns.

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1 Arrested in Parking Lot Shootout That Killed Tourist

Police on Monday investigate the snooker bar where an altercation there escalated into a shootout.

BANGKOK — Police said Tuesday a man is in custody for his alleged involvement in a deadly gang shootout that left a foreign tourist dead in downtown Bangkok.

Preecha Sakudompaisan, 28, turned himself in Monday night, and authorities are seeking the arrests of at least five more suspects, according to Bangkok police chief Sutthiphong Wongpin. An Indian tourist was killed in the crossfire while four others were injured.

Read: Bangkok Gunfight Kills Tourist Near Mall

“I believe the perpetrators will continue to surrender,” Maj. Gen. Sutthipong said, adding that at least five firearms, including an assault rifle, were used in the shooting.

Police said a fight broke out Sunday night between two gangs at a parking lot of the Watergate Pavillion shopping mall in Ratchathewi district. Sutthipong said the gangs were playing snooker in a nearby bar before they got into a heated argument, which escalated into a gun battle.

He also denied reports that the perpetrators were connected to local “influential figures.”

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Malaysian PM Rallies for Successor, Former Foe Anwar

Malaysia's Prime Minister Mahathir Mohamad, right, sits next to Malaysia's reform icon Anwar Ibrahim during a Monday rally in Port Dickson. Photo: Vincent Thian / Associated Press
Malaysia's Prime Minister Mahathir Mohamad, right, sits next to Malaysia's reform icon Anwar Ibrahim during a Monday rally in Port Dickson. Photo: Vincent Thian / Associated Press

PORT DICKSON, Malaysia — Malaysian Prime Minister Mahathir Mohamad is campaigning for his designated successor and former foe Anwar Ibrahim, urging voters to support Anwar’s return to active politics.

Mahathir’s appearance at a late night political rally Monday marked the first time in two decades that the two shared the same stage, after setting aside a bitter political feud to form an alliance that won a stunning victory in national elections in May.

Mahathir, 93, was elected a second time to the premiership, becoming the world’s oldest leader in the Malaysia’s first transition of power between parties since independence from Britain in 1957.

Anwar couldn’t participate in the polls due to a 2015 conviction for sodomy that he alleged was politically motivated, but he was freed and pardoned by King Muhammad V days after the general election.

Anwar was once a high-flying member of the former ruling coalition but was convicted of sodomy and corruption after a power struggle in 1998 with Mahathir, who was prime minister for 22 years until 2003. Anwar said the charges were concocted to destroy his political career.

He was freed in 2004, but convicted again in 2015.

The unlikely partnership with Mahathir – under the banner of the Alliance of Hope – was put into motion by a massive corruption at a state investment fund that prompted Mahathir to turn on his former party and return to politics.

In Sunday’s parliamentary by-election to fill a vacant seat for the southern coastal town of Port Dickson, Anwar is expected to easily complete his bid to return to parliament and prepare for his eventual takeover from Mahathir. He faces six other candidates.

Mahathir had earlier said he would not go to Port Dickson to campaign for Anwar because the race was a minor by-election. He later changed his mind, a move that appeared symbolic and a way show that the past conflict had been buried.

“I hope that in this by-election, victory will be given to the Alliance of Hope, to Anwar. I hope that we can continue to work together…not for Mahathir or Anwar but for our beloved country,” Mahathir told about 2,000 people seated in a large tent for the rally.

Mahathir’s spoke little about Anwar, using most of his speech to promote a united government to tackle huge national debts due to corruption under the previous government.

Anwar, in his speech, paid tribute to Mahathir as a statesman who helped save the country from the brink of economic destruction. He reiterated that he will focus on parliamentary reforms and has no intention of interfering with Mahathir’s governance.

“In this current situation, it is better for Mahathir to lead the country. I say this with all humility. I love him as a father and as a leader. I fought against him and now I accept that he is the best man to lead Malaysia now,” Anwar said.

Mahathir has said he expects to be in office for at least two years and will keep his promise to hand over power to Anwar.

Story: Vincent Thian, Eileen Ng

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Govt Bans Overnight Stays on Similan Islands

A photo posted online in January shows tourists on Koh Similan. Photo: Loveaholic Journey / Facebook
A photo posted online in January shows tourists on Koh Similan. Photo: Loveaholic Journey / Facebook

Update Oct. 10: The conservation department said Wednesday that the Similan Islands will be limited to 3,325 daily visitors from Jan. 1, with up to 525 for deep-sea diving. Tour boats with a capacity of more than 100 people will also be banned from the area.

BANGKOK — Tourists are not allowed to stay overnight on the Similan Islands from Tuesday on, the conservation department announced.

The announcement, published on the Royal Gazette on Monday, said overnight visits increase water pollution that damages the islands’ ecology – especially corals and aquatic animals. The rule will apply to both liveaboard boats and inland accommodations.

An exception for overnight stays will be made for those operating deep sea diving tour businesses with licenses issued by the national park authorities.

The announcement didn’t elaborate on the details of such exception, but officials said last month, when they raised the idea, that deep sea diving tour boats would be allowed to stay up to four nights.

The massive flow of visitors to the archipelago in Phang Nga province has sparked concerns that nature there could be destroyed beyond the point of restoration. More than 5,000 people visit the islands daily during the open season, according to the conservation department.

In May, authorities shut down accommodation services on the islands hoping to reduce the amount of visitors and pollution from food waste and sewage.

Authorities lately have been stepping up environmental conservation measures. Last week, officials announced that the world famous Maya Beach would be closed indefinitely to tourists until its ecology is rehabilitated.

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Jaw, Skin Found at Park Where 12 Were Charged With Poaching

KANCHANABURI — Park rangers on Monday night discovered more severed animal parts inside a national park where a dozen people – among them a government official – were charged with poaching last week.

Following the Sunday arrest of 12 people found possessing severed bearcat limbs in Kanchanaburi province’s Sai Yok National Park, rangers discovered more animal body parts at a camping site near a Buddhist monastery the group claimed to visit. Among the arrested was Watcharachai Sameerak, permanent secretary of a provincial district, who was suspended from duty Monday.

Panatchakorn Phobandit, the park’s chief, and a troupe of rangers traveled for more than eight hours to Tao Dam Monastery and found animal jaws, black hair-covered skin, bullet shells and a machete at the compound.

Authorities are investigating whether the body parts belong to the same bearcat, whose paws – along with hunting gear – were found with the suspects.

Read: Govt Official Among 12 Charged With Poaching in Kanchanaburi

The monastery caretaker, an ethnic Mon identified only as Tata, told officers that at about 7pm on Saturday, the 12 suspects arrived at the venue with their off-road vehicles. He added that the group camped in tents in front of the monastery and brought the monks offerings of rice and dried food the next morning.

Tata said he hadn’t seen the group at the monastery before.

In addition to poaching, the 12 face charges such as illegal possession of a protected animal and taking a vehicle into an off-road area without authorization.

Bearcats are a protected species under the 1992 Wildlife Protection Act.

Related stories:

Govt Official Among 12 Charged With Poaching in Kanchanaburi

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Airport Immigration Head Transferred for Demanding ‘Tips’

Surachate Hakparn poses by a “No tips please” sign at Don Mueang Airport on Oct. 4, 2018.

BANGKOK — The police officer in charge of border control at one of Bangkok’s international airports was removed and placed under investigation for allegedly extorting bribes from Chinese tourists, the immigration commander said Monday.

Col. Janchai Daengprasert was accused of ordering officers to request “tips” from inbound tourists at Don Mueang Airport, who would not be granted visas unless they paid up. Immigration police chief Surachet Hakpan said his office talked to one of the victims and established that the allegations appear to be true.

“I have already talked about this. As long as there’s wrongdoing, it’s considered a violation of our rules,” Surachet told reporters. “It’s like in sports. If you know the rules and still break them, you’ll be forced to sit outside the field.”

Janchai and three of his deputies were transferred to inactive posts while an investigation against them is ongoing, the police major general said.

The order came after a Thai complained on social media that his Chinese friend was held at immigration for six hours because he refused to pay 200 baht in “tips” for his visa on arrival.

On Surachet’s order, signs proclaiming “No Tips Please” were installed at Don Mueang Airport immigration queues.

It’s the latest scandal to hit Don Mueang Airport. On Oct. 1, the airport’s general manager and security chief were relieved from duty after a security guard was filmed assaulting a Chinese tourist.

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One Championship Lands More Investment, Tops $250 Million

One Championship MMA's Shannon
One Championship MMA's Shannon "OneShin" Wiratchai, at left, and Rika "TinyDoll" Ishige.

One Championship says it has closed a USD$166 million financing round led by Sequoia Capital, pushing the Asian mixed martial arts promotion’s total capital base past $250 million.

The Singapore-based promotion announced its latest equity investment Monday.

One Championship claims to be the largest sports media property in Asia, staging regular live shows that are viewed on television across the region and worldwide online.

The promotion has added boxing and kickboxing matches to its busy slate of MMA shows in recent months, including a title defense by WBC super flyweight boxing champion Srisaket Sor Rungvisai last weekend in Bangkok. The promotion also plans to add competition soon in sanda and wushu, two Chinese martial arts.

One Championship will debut in Japan and Vietnam in 2019.

Related stories:

‘You Will Shine,’ Amir Khan Tells Aspiring Thai Boxers

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