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Singapore and Malaysia abandon high-speed rail project after failing to reach agreement Bhavan Jaipragas in Hong Kong Travellers at Singapore’s Changi Airport mall, which would likely have received increased traffic as a result of the high-speed rail project. Photo: EPA
Malaysia and Singapore on Friday said they would terminate a plan for a multibillion-dollar high-speed rail project after protracted talks failed to break a deadlock over Kuala Lumpur s demands for changes to a blueprint first approved in 2016.
As a result of the cancellation, the Malaysian government of Prime Minister Muhyiddin Yassin is liable to pay Singapore a hefty termination fee, reportedly more than S$100 million (US$75 million).
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‘Waste of money’ giant statue of Chinese general to be moved at cost of US$23.8 million Wang Zixu zixu.wang@scmp.com Made of bronze, the mammoth statue of Guan Yu stands 58 metres tall and weighs close to 1,200 tonnes. Photo: Weibo
A giant statue of a second-century general erected as a tourist attraction in central China four years ago is to be relocated at a cost of 155 million yuan (US$23.8 million), after an inquiry found it to be a waste of money, according to local media reports.
The monument to Guan Yu, a military leader during the Three Kingdoms period (220-280) who was later deified, opened to the public in Guanyi Park in Jingzhou, Hubei province in 2016. Made of bronze, the mammoth creation stands 58 metres (190 feet) tall and weighs close to 1,200 tonnes. It took three years to build and cost 173 million yuan.
China’s new microlending curbs do not address underlying issue of household debt and borrowing, analysts say Sidney Leng sidney.leng@scmp.com Analysts say a recent risk warning and new draft rules by China’s finance regulators could help deter some young people from borrowing money, but the moves will not affect overall consumption. Photo: Reuters
New rules intended to rein in China s booming microlending market may force a number of online platforms out of business, but analysts say it will do little to curb rising household debt, nor completely stop young people from borrowing.
The nation s banking and insurance regulator seems well aware of this, to the point that it was compelled this week to issue a risk alert - imploring consumers not to fall into the trap of uncontrolled and blind consumption amid excessive lending from online lenders.