Trump says he spoke with Chinese President Xi Jinping, ahead to swear in as the 47th President of US

 

   

President Xi calls for greater progress in China-U.S. ties in phone talks with Trump

Chinese President Xi Jinping on Friday spoke with U.S. President-elect Donald Trump on the phone, calling for greater progress in China-U.S. relations at a new starting point.

Congratulating Trump on his election as president of the United States, Xi said they both attach great importance to interaction with each other and hope that China-U.S. relations will have a good start in the new U.S. presidential term.

China and the United States are two great countries that are pursuing their own dreams and are committed to making their people live a better life, Xi said, adding that the two countries share extensive common interests and broad space for cooperation.

China and the U.S. can become partners and friends, achieve mutual success and prosperity, and benefit both countries and the world, he said.

As two major countries with different national conditions, it is inevitable that there will be some differences between China and the United States, Xi said, adding that the key is to respect each other's core interests and major concerns and find appropriate ways to properly resolve the issues.

Xi said the Taiwan question concerns China's national sovereignty and territorial integrity, expressing hope that the U.S. will handle it with extra prudence.

The nature of China-U.S. economic and trade relations is mutually beneficial and win-win, he said, adding that confrontation and conflict should not be a choice.

He called on both sides to uphold the principles of mutual respect, peaceful coexistence, and win-win cooperation, strengthen collaboration, and do more great, practical and good things for both countries and the world. This will enable China and the United States to continue moving forward along a course of stable, healthy, and sustainable development.

Thanking Xi for extending his congratulations, Trump said he cherishes great relationship with Xi, calling for continuing to maintain dialogue and communication. He expressed his expectation of meeting with President Xi at an early date.

The U.S. and China are the most important countries in the world, and they should maintain their long-lasting friendship and work together to safeguard world peace, Trump said.

The two leaders exchanged views on major international and regional issues of common concern, such as the Ukraine crisis and the Israeli-Palestinian conflict.

They agreed to establish a strategic communication channel to maintain regular contact on major issues of common concern to the two countries.

Trump urges Supreme Court to pause law that would ban TikTok or force its sale: media

By Global TimesPublished: Dec 28, 2024 08:57 AM

TikTok US Photo: VCG

US President-elect Donald Trump on Friday urged the US Supreme Court to pause implementation of a law that would ban TikTok or force its sale, claiming that he should have time after taking office to pursue a "political resolution" to the issue, according to Reuters.

In a 25-page amicus brief filed with the court published on the court's website, Trump asked the justices to stay the January 19 deadline -- which is one day before Inauguration Day -- so his administration could "negotiate a resolution" that would "obviate the need" for the justices to rule on the case.

"President Trump alone possesses the consummate dealmaking expertise, the electoral mandate, and the political will to negotiate a resolution to save the platform while addressing the national security concerns expressed by the Government — concerns which President Trump himself has acknowledged," the brief stated.

Trump indicated on December 22 that he favored allowing TikTok to continue operating in the US for at least a little while, claiming that he had received billions of views on the social media platform during his presidential campaign, according to Reuters report. 

The President-elect met with TikTok CEO Chew Shou Zi at the Mar-a-Lago resort on December 16, according to reports of multiple US media outlets including CNN. 

Earlier in the day, Trump said during a news conference that he is "taking a look at it" when asked if he plans to stop the ban on TikTok, and claimed that he has "a warm spot" in his heart for TikTok, pointing to his electoral performance among young voters earlier.

The US Supreme Court on December 18 agreed to review a request from TikTok and its Chinese parent company, ByteDance, to block a law that would require the sale of the popular video-sharing app by January 19, or face a ban on national security grounds, the Xinhua News Agency reported.

The US top court are set to hear arguments on January 10 regarding whether the law unconstitutionally limits freedom of speech, in breach of the First Amendment.The US top court are set to hear arguments on January 10 regarding whether the law unconstitutionally limits freedom of speech, in breach of the First Amendment.  

Meta’s move to end fact-checking spurring shift to mainstream sites

PETALING JAYA: Tech giant Meta Platforms Inc’s decision to scrap fact-checking has prompted social media users and parents to be more cautious, driving them toward credible and established sources for information.

Business development executive Christina Lopez, 46, said despite Meta’s move, it will unlikely change her social media habits, including on Facebook.

ALSO READ: Mainstream media poised for bigger role in combating misinformation

“I will still binge, but I will be extra careful with links, videos or content that involves news or opinions,” she said yesterday.

Meta, the parent company of Facebook and Instagram, announced on Jan 7 that it would replace its fact-checkers with a user-based “community notes” system to flag inaccurate posts, much like that on X, formerly Twitter.

Launched in 2016, Meta’s fact-checking system identified hoaxes via staff and technology that flagged posts likely to contain misinformation.

Fact-checkers verified and rated these posts, issuing warnings for false content and limiting its visibility.

ALSO READ: Meta’s end to fact-checking will be felt, but not so much in Malaysia, says Fahmi

Users who have shared misleading posts receive a notification providing them with a link to the fact-check article.

Corrections by authors lifted the restrictions.

On Jan 8, Communications Minister Fahmi Fadzil said Meta’s move to remove independent fact-checking on its platforms would have implications but would not immediately affect Malaysian users.

“At the moment, I don’t see it affecting the Malaysian market, only the United States,” he said, referring to Meta’s initial implementation of the move over the next few months.

Meta said the rollback is starting in the United States but does not apply to other countries “at this time.” However, it has since announced several layoffs.

Lopez, who is an avid content consumer, said she spends hours mostly on Facebook watching videos and reading articles on topics to her liking.

“At times, I’ll check who the content creator is and whether or not they posted similar content in the past.

ALSO READ: Meta is following X's playbook on fact-checking. Here's what it means for you

“However, I will also continue to only trust established and credible sources,” she said, referring to mainstream media and established news portals.

Hamidah Ahmad, 45, a homemaker and a mother of two, expressed concern over Meta’s move, saying that it might lead to the spread of fake news.

“I will remind my kids to not blindly take social media content at face value and to always verify what they find online by cross-referencing with other sources.

“As a parent, I am really wary of clickbait articles because children don’t understand what they are. If there is no gatekeeping, it will open the way to predators and scammers targeting vulnerable groups.

“Also, you do not want your teenagers to be radicalised or influenced by fake content.

“As such, I will never allow social media use for my kid until he is more mature and understands how the world works,” said Hamidah.

Businessman J. Yumnesh, 37, appeared unfazed by the changes, saying that he was unsure if it has any impact on Malaysians.

“Does this mean it applies to our country?

“If it happens, perhaps we will have more freedom to get more information. Whatever it is, in terms of news or information, I will go to a trusted news website or go to any search engine to validate the truth,” he said.

Content Forum chief executive officer Mediha Mahmood said Meta’s move to shift from third-party fact-checking to a community-based approach indicates the evolving complexities of addressing misinformation in the digital space.

“Misinformation or disinformation is a growing challenge, particularly during elections, where false narratives can erode trust and divide communities.

“It is vital for platforms to strike a balance between promoting free expression and providing users with the tools to navigate the online world responsibly.”

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Mainstream media poised for bigger role in combating misinformation

PETALING JAYA: Meta Platforms Inc’s decision to remove its fact-checking initiative in the United States has sparked concern among political and cybersecurity experts over the spread of disinformation and polarisation in Malaysia, especially during elections.

KRA Group director of strategy Amir Fareed Rahim highlighted the World Economic Forum’s Global Risk Report 2025, which identifies misinformation and disinformation as top short-term threats.

“If social media platforms won’t proactively address fake news, everyone must be more vigilant.

“Mainstream media can play a bigger role in fact-checking and debunking fake news,” he said yesterday.

The Star, for example, has its QuickCheck and True or Not sections that debunk fake news and viral content.

Communications Minister Fahmi Fadzil acknowledged Meta’s move on Jan 8.

The firm is also in the final stages of securing an Application Service Provider (ASP) Class Licence in Malaysia.

Amir Fareed said that incorrect stories were spread across multiple countries and regions during the Covid-19 pandemic.

“However, it must also be acknowledged that even the best and most stringent social media fact-checking will not help in countries where trust in public institutions is or has been damaged, or where social polarisation has been allowed to fester.

“Ultimately, the responsibility to maintain social cohesion and credibility rests with governments and institutions.

“The task will get more difficult, but it is still fundamentally their responsibility,” Amir Fareed said, adding that misinformation could be prevalent in the upcoming Sabah and Melaka state elections this year.

Fong Choong Fook, the executive chairman of cybersecurity consulting company LGMS Bhd, said Malaysia perhaps needs a fraud verification unit to combat online scams, which he views as a more critical issue compared with political misinformation in the United States.

“Social media platforms aren’t doing enough to protect users from false advertising on Facebook and other platforms that are used by scammers.

“Users must be wary, especially when AI (artificial intelligence) is now being used to generate false advertising,” said Fong.

He added that disinformation is a global trend, considering that most users rely on the convenience of social media.

This has also led to users easily believing that whatever is posted online is true, which has also conditioned them to trust content without verification.

While there are concerns that Meta’s move could affect the upcoming Sabah election this year, political pundit Dr Tunku Mohar Tunku Mohd Mokhtar of International Islamic University Malaysia said the social media giant’s decision to remove its fact-checking unit would not affect Malaysia that much.

He said that during elections, disinformation often becomes a campaign strategy, as seen in Sabah in the past.

“The danger is when such disinformation spreads, gullible people would believe it, and it is difficult to rectify the situation,” he added.

Tunku Mohar said Facebook and other social media platforms are “democratic” in the sense that people are free to air their views without much restriction.

He said social media platforms provided “credibility” even to unverified news.

In Malaysia’s context, he said fact-checking mechanisms can exist outside of social media platforms to help users verify the truth.

“The government can rely on existing laws, but by the time the due process is completed, the damage is already done.

“In that sense, social media platforms should also be proactively involved to ensure that their platforms aren’t used for ‘black propaganda’,” he added.

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Related stories:

Meta is following X's playbook on fact-checking. Here's what it means for you

Meta’s end to fact-checking will be felt, but not so much in Malaysia, says Fahmi

Indonesia’s fact-checkers slam Meta’s decision to end US fact-checking programme

Meta's 'Community Notes' model will not apply to paid ads

2025: A really bad year for non-property owners

Wealth gap could widen for those without homes

As we usher in 2025, Malaysia’s property market is on a bullish trajectory. However, while this spells good news for property owners and investors, it is shaping up to be a tough year for those who have yet to get on the property ownership ladder.

Let’s explore why this year might be a turning point for tenants and non-property owners—and why waiting any longer to invest could widen the wealth gap even further.

Setting the stage

The year 2024 marked the beginning of the property market’s recovery after the pandemic-induced slump. Several key factors contributed to this rebound:

• Low inflation and unemployment: Inflation remained at a modest 1.9%, while the unemployment rate dropped to its lowest since the lockdowns at 3.2%.
• Foreign direct investment (FDI) growth: Malaysia’s government actively pursued policies to attract foreign investment, bolstered by political stability and a weak ringgit, making Malaysian assets more appealing.
• Stable interest rates: The US Federal Reserve’s decision to cut interest rates by 0.25% helped usher in a lower-interest environment globally.

These factors collectively fuelled a surge in property transactions and higher rental rates. The National Property Information Centre (NAPIC) reported that property transactions reached record highs in Q1 to Q3 2024, with 311,211 units sold, valued at RM162.96bil — a 6.2% increase in volume and a 14.3% increase in value year-on-year.

Why 2025 could be worse for non-owners

With property prices and rentals on the rise, non-property owners face a growing challenge. In some areas, rental rates have increased by as much as 20% year-on-year. The Home Rental Index rose by 5.5%, reflecting sustained demand, especially in urban centres like the Klang Valley.

These rising costs are driven by several factors:

• Undersupply of New Launches: Developers have slowed the pace of new launches due to heightened scrutiny following recent structural issues, such as the sinkhole incident. This supply constraint is expected to persist for the next few years, driving rental demand higher.
• Rising Demand from Foreign Investors: With the ringgit at a historic low, foreign investors are snapping up properties in Malaysia, particularly in prime areas like KLCC, Bangsar and Bukit Bintang. This influx has increased rental yields, making it harder for local tenants to afford.
• Infrastructure Projects: The government’s ambitious infrastructure projects, such as Bandar Malaysia, will further boost property demand. KLCC Properties has been appointed as the master developer for this project and I anticipate that it will replicate its successful development model from Kuala Lumpur City Centre.

Economic stability driving confidence

Malaysia’s improving economic fundamentals continue to drive property investment. Household debt remains manageable at 70% of GDP while loan approvals for personal loans, vehicle financing and credit cards are at their highest levels in years.

This strong credit environment indicates that Malaysians are financially equipped to invest in property, despite rising prices. Personal wealth growth, coupled with a stable government and promising job market, provides further confidence.

NAPIC’s Q3 2024 data paints a clear picture of the market’s momentum:

• 112,000 property transactions in Q3 2024: This represents a 3% increase year-on-year.
• Total transaction value of RM57.3bil: Up 13.7% from Q3 2023.
• Residential sub-sector growth: Property sales reached 192,484 units valued at RM78.17 billion in Q1 to Q3 2024, marking a 4.9% and 6.9% increase, respectively.
• Overhang properties reduced by 15.2%: The total overhang dropped to 21,968 units, down from its peak in recent years.

Despite these gains, Kuala Lumpur, Perak and Johor respectively remain the states with the highest overhang units, highlighting that not all markets are equally buoyant.

Rental market trends

Rental rates have been steadily climbing, driven by increased demand and a constrained supply of new properties. In Klang Valley, rental yields have risen dramatically as workers return to the city post-pandemic and international tenants seek accommodation in prime locations.

The short-stay rental market, such as Airbnb, has also rebounded. Weaker ringgit values have increased domestic tourism, further driving demand for short-term rentals.

Based on current trends, the property bull run is expected to begin this year and continue beyond. Key predictions for this year include:

• Transaction volumes: Maintaining a 10% variance compared to the average of 2022–2024 transaction levels.
• Rental growth: Particularly in Tier 1 areas, where undersupply continues to push prices up.
• Property values: Anticipated to rise to their highest rate in four years.
• New launches: Expected to return to pre-pandemic levels as developers regain confidence.

Bad news for tenants

For tenants and those without property assets, 2025 looks set to widen the wealth gap further. Rising rental rates, increasing property values and constrained supply mean that the cost of not owning property will only grow over time.

With mega infrastructure projects like Bandar Malaysia set to transform the landscape and foreign investment continuing to flow into the country, the property market’s upward trajectory shows no signs of slowing down. Property ownership is no longer just about having a home—it is about securing financial stability and capitalising on Malaysia’s growth story.

For those still sitting on the sidelines, the window of opportunity is narrowing. The longer one waits to enter the property market, the more expensive and challenging it will become to catch up. In 2025, not owning property could be the biggest financial setback for Malaysians.

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‘Good year for property’

Frank Knight Malaysia's Wong said Johor is an obvious market that is expected to grow.

KUALA LUMPUR: The property market is poised for growth in 2025, with a significant focus on industrial property which will be underpinned by supporting government policies and increase in foreign direct investments (FDIs), says Knight Frank Malaysia executive director of research and consultancy Amy Wong Siew Fong.

The increase in FDIs will lead to a higher number of multinational companies opting to kick start operations and thus drive the economy.

Citing a recent report conducted by Knight Frank titled “Real Estate Highlights”, Wong said respondents had ranked data centres, industrial and logistics as the top three growing real estate investment sectors for 2024.

“Moving into 2025, the green light is for data centres, industrial and logistics, while office, hospitality and retail are rather stagnant,” she said during a panel session at the 18th Bursa-Hong Leong Investment Bank (HLIB) stratum focus series here yesterday.

She highlighted that aside from the Klang Valley, Johor is an obvious market that is expected to grow, especially considering the development of the Johor-Singapore Special Economic Zone (JS-SEZ) followed by Penang.

However, in terms of investment, Wong pointed out that despite the Iskandar region playing a huge role for the JS-SEZ, the market may not be as exciting as the Johor Baru City Centre area.

“If you are talking about the JS-SEZ, I think the industrial sector will continue to be a key sector to look at and manufacturers will continue to look into areas surrounding Senai and Kulai – which always have consistent demand due to its good fundamentals,” she said.

Wong said there has also been an increase in interest in the Sarawak and Sabah region, considering its strong drive towards the green agenda.

Asked about expected downside risks for the year, Wong said there are factors that are impossible to predict such as changes in policies and rate cuts.

“With all these chess pieces in place, I think 2025 is going to be a good year for the property market,” she said.

Sharing the same optimism, HLIB group managing director and chief executive officer Lee Jim Leng said affordability remains a key factor for the property market moving forward.

“In 2025, we are expecting higher wages for civil servants and the introduction of a higher minimum wage.

“The incremental increase in disposable income is a much welcome factor in catalysing demand and raising affordability for properties across the country,” she said, adding that the current 3% overnight policy rate and stable mortgage rates are also expected to bode well for the property sector.Positive indicators such as stable employment growth rate and an expected gross domestic product growth of 4.9% for 2025, are expected to provide the right conditions for sustained growth within the property sector.

According to the National Property Information Centre, Malaysia’s property transaction values soared to RM105.65bil in the first half of 2024, marking an impressive 23.8% year-on-year growth and the highest in five years.

As of the nine months of 2024, the number was noted to have increased to RM162.96bil.

The Kuala Lumpur Property Index has increased by 31.17% in 2024 and the residential overhang situation was noted to have improved, with a 12.3% reduction in volume of unsold properties.

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Malaysia's economy poised for continued growth in 2025 ...

Malaysian property market poised for steady growth in 2025

Unmasking the danger of privacy coins

 

Technology supporting cryptocurrencies is used in the real world for drug trafficking, human trafficking, sexual exploitation and smuggling of goods 

Cryptocurrencies that emphasise anonymity and encryption are frequently used by criminals

USING state-of-the-art technology to support cryptocurrencies is a double-edged sword. It facilitates cross-border payments and remittances as well as financial inclusion for the underbanked or unbanked but is increasingly used for criminal activities.

It is used in the real world for drug trafficking, human trafficking, sexual exploitation and smuggling of goods, rather than just cybercrime like ransomware attacks.

According to a European Union Agency for Law Enforcement Cooperation (Europol) report in 2022, cryptocurrencies are being used for all types of crime requiring financial transmissions, the scale of which is difficult to estimate. Europol noted that criminals have also become more sophisticated in using cryptocurrencies to in complex money-laundering schemes.

Both Europol and the Basel Institute on Governance, which also published a report in 2022, point to the rapid progress of technologies involving cryptocurrencies and the challenges governments have in keeping up through legislation and law enforcement or the need to develop and adapt through investigative technologies and techniques.

It is only now that anti-money laundering (AML) and know-your-customer (KYC) processes common in transactions involving fiat money are starting to take into account cryptocurrency transactions.

Bank Negara and the Securities Commission (SC) have guidelines for cryptocurrencies and have hired specialists to monitor or regulate them. Now, the Malaysian Anti-corruption Commission (MACC) is looking at raising the capabilities of its officers who address cases in which cryptocurrencies are used to conceal financial trails.

The move involves further specialised training as well as acquiring advanced technology and equipment. In Malaysia, people can own cryptocurrencies and they can be traded on licensed digital exchanges, but are not considered legal tender.

Some say that the MACC is late to the game as the police already have the capabilities through the Kuala Lumpur-based Cryptocurrency Analysis Laboratory, which was jointly opened with the United Nations Office on Drugs and Crime in 2022. It is the first such laboratory in South-east Asia.

In fact, a series of fraud or scams leveraging cryptocurrencies have been crippled through this crime laboratory capability going from past news reports.

Also, Bank Negara and the SC have been exploring solutions for the past year or two.

A lawyer specialising in cryptocurrency projects shares that its basically track-and-trace to follow the money trail through the blockchain, which is essentially a digital ledger where all transactions are recorded and confirmed. Unlike cash, cryptocurrency transactions are highly traceable from start to finish, and with the right tools, can be mapped out how illicit funds have moved and how they are being funnelled.

When these tools acquire more data, they can also flag out wallet addresses that have been sanctioned or linked to illegal sources, which means authorities will also know whether the funds are tainted.

Compared with the banking system, tracing funds through the blockchain’s public digital ledger is easier, even when these funds cross borders.

According to the lawyer, the police can easily trace illicit fund flows even if a circuitous route is used. Banks have limited tracing ability and cooperation of foreign correspondent banks and law enforcement will be needed once funds cross borders.

Banking laws in other countries may differ pertaining to privacy and disclosure and in most cases, a court order is needed to request information.

There is a need to better understand altcoins such as privacy coins, as these cryptocurrencies that emphasise anonymity and encryption are frequently used by criminals.

There are many privacy coins including Monero, Dash and Zcash but Monero seems to be the cryptocurrency of choice among criminals. They work by enabling anonymous transactions through obscuring both sender and receiver addresses.

What makes them even more useful is that the transaction amounts are also hidden through the use of an obfuscated public ledger specifically for privacy.

The MACC as well as other law enforcement agencies will have to equip themselves with the right tools and know-how to confront these challenges.

Europol describes it thus: “Often illicit funds do not flow straight from wallet to wallet. They instead travel through a multi-step process involving different financial entities, many of which are novel and are not yet part of standardised, regulated financial payment markets.

“Obfuscation methods and other countermeasures continue to be developed and used by criminals.”

Other methods used by criminals include over-the-counter trading in which tracing the trade is almost impossible. Initially used for smaller transactions, there are signs that it is now being used for much bigger ones.

The enormity of the challenges confronting law enforcement agencies such as the MACC is that privacy coins are hard to track as most have been delisted by cryptocurrency exchanges under pressure from governments and no one knows how prevalent the use of these coins is.

Criminal networks often use unlicensed exchanges with looser AML and KYC processes, enabling transactions that involve a complex series of steps to throw off authorities, before eventually being traded for fiat currency.

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