Bangkok officials end search operation at the skyscraper that collapsed following an earthquake
BANGKOK: Thai authorities on Tuesday officially ended the search operation at the building under construction in the capital, Bangkok, that collapsed following an earthquake that killed dozens over a month ago.
The 7.7 magnitude quake on March 28 centred in Myanmar, more than 800 miles (1,200 kilometres) away, killed at least 96 people in Bangkok, mostly at the collapsed site. More than 3,000 were killed in Myanmar.
Eighty-nine bodies have been retrieved from the rubble while seven people remain unaccounted for at the site, officials said. They said they would continue to test hundreds of pieces of human remains to identify those still missing.
The collapse sparked questions about the enforcement of construction safety and corruption. The high-rise building, meant to be the new office of the State Audit Office, was the only building that suffered a total collapse that day.
The police on Tuesday said they are still investigating and will continue to collect evidence from the collapse site until the end of this month.
Authorities are probing several companies and individuals for any wrongdoing in relation to the collapse, including the state-run Chinese contractor, China Railway No.
10 Engineering Group. The investigation has led to the arrest of its Chinese executive in Thailand, identified as Zhang, and three Thai shareholders on suspicion of operating the business through the use of nominees.
Foreigners can operate a business in Thailand, but it must be a joint venture with a Thai partner, and they cannot own more than 49 per cent to protect local competitiveness.
Another Thai-Chinese company, Xin Ke Yuan Steel, also came under scrutiny over the quality of the steel rods provided for the building. Industry Minister Akanat Promphan said two types of steel rods found at the collapse site did not pass safety standards and that Xin Ke Yuan supplied both. The company has denied any wrongdoing.
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Economic Times
18 minutes ago
- Economic Times
Intel CEO's ‘amazing story' has helped make him a billionaire
Agencies Days after calling for the firing of Intel's CEO, President Donald Trump changed his mind following a 'very interesting' meeting with the executive. 'His success and rise is an amazing story,' Trump wrote in a Truth Social post on Monday. It's a story that's also made Lip-Bu Tan amazingly rich. The 65-year-old technology and venture capital industry veteran has amassed a fortune worth at least $1.1 billion, according to the Bloomberg Billionaires Index, which is calculating Tan's net worth for the first time. The bulk of his fortune stems from Cadence Design Systems Inc., a maker of chip design tools where Tan was chief executive officer for 12 years before joining Intel. He has sold shares worth more than $575 million in the San Jose, California-based company, and still holds a $500 million position, according to Bloomberg's calculations. A Bloomberg report late Thursday afternoon saying the Trump administration is in talks with Intel to have the US government potentially take a stake in the Silicon Valley chipmaker sent the company's shares up 7.4% in New York. The stock gained 15% since Tan's appointment as CEO in March, boosting the value of his stake to more than $29 million. It was Tan's tenure at Cadence, along with his other role as executive chairman of venture firm Walden International, that initially drew criticism from Washington. Trump ally and Republican Senator Tom Cotton sent a letter to Intel's board chair earlier this month questioning Tan's ties to China and his history at Cadence, which sold products to a Chinese military university. A day later, the president posted that Tan was 'highly CONFLICTED and must resign, immediately.' Tan called the claims 'misinformation' in a letter to employees. But his record of investing in China and the riches it has brought him had already cast a shadow over his work. In July, Cadence pleaded guilty to violating US export controls during Tan's tenure and took a $140.6 million charge related to settling the cases. Earlier, in 2023, the US government had sent Tan a letter asking Walden to explain its investments after the San Francisco-based firm had invested in more than 100 Chinese companies.'I want to be absolutely clear: Over 40+ years in the industry, I've built relationships around the world and across our diverse ecosystem – and I have always operated within the highest legal and ethical standards,' Tan wrote in response to the allegations.A spokesperson for Santa Clara, California-based Intel declined to comment. 'Sunset' industry A naturalised US citizen, Tan was born in Malaysia in 1959, the youngest of five children. His father was editor-in-chief of a Malaysian newspaper, while his mother was a professor in Singapore. After graduating with a degree in physics from Nanyang Technical University, he earned a Masters in nuclear engineering from Massachusetts Institute of Technology and an MBA from the University of San Francisco. His move to Silicon Valley brought him into the venture capital world. He met the founding partner of Walden Capital and proposed raising an international fund for them, offering to do so without being paid a salary, according to an oral history of his life from a 2018 interview at the Computer History Museum. The first fund of $3.3 million was partially seeded with the help of his father-in-law and his father's friends in Malaysia. Tan's technical background led him to concentrate on semiconductors at a time when it was seen as a 'sunset' industry. His investors questioned the strategy, wondering why he would invest in an area US firms had largely abandoned, he said in the 2018 interview. 'Now they're starting to recognize my strategy worked.'Walden International went on to invest $5 billion in more than 600 companies across 12 countries, many of them niche semiconductor firms. For a decade and a half, he served on the board of Semiconductor Manufacturing International Corp., now China's leading chipmaker. Since joining Intel as CEO in March, Tan has accelerated his divestments in Chinese technology companies. But he remains executive chairman of Walden International and also invests through Walden Catalyst Ventures, a venture arm focused on startups in the US, Europe and Israel. Through Sakarya Ltd., a Hong Kong-based firm wholly owned by Tan, and various Walden International entities, he has invested in at least 165 Chinese firms and startups, according to Chinese company data provider estimate of Tan's fortune doesn't include Walden International as his personal involvement in the group's entities isn't disclosed. Little sleep During his time as Cadence's CEO from 2009 to 2021, the stock increased more than 4,000%. Tan sold in excess of $575 million of shares through the end of 2023, when he last reported sales. His disclosed ownership at the time of 1.5 million shares, or around 0.53% of the company, is worth about $500 million today. While running Cadence, he also kept his full-time position at Walden, acknowledging in the 2018 interview that he was someone who only needed four or five hours of sleep a night. He saw the roles as synergistic, with the tech investments helping to inform Cadence's direction at the time. 'I think it kind of goes hand in hand, helping the industry, and also, it's good for me for education,' he said. 'I never stop learning.'Tan stepped down as Cadence's CEO in 2021, taking on the role of executive chairman for next two years. He also joined Intel's board, though left in August 2024 after disagreements over the company's strategy and direction, according to published reports. He was named CEO in March, charged with reviving the chipmaker, which has struggled recently as computing migrated to smartphones and AI grew in who has since rejoined Intel's board, owns roughly 1.2 million shares of Intel, with about 99% acquired after agreeing to become CEO, according to an offer letter from Intel. His pay package includes a salary of $1 million, plus a 200% performance-based bonus and $66 million in long-term equity awards and stock options, the company said in a filing. 'The United States has been my home for more than 40 years,' Tan wrote in the letter to employees following Trump's call for his resignation. 'I love this country and am profoundly grateful for the opportunities it has given me.' Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. 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Time of India
18 minutes ago
- Time of India
Intel CEO's ‘amazing story' has helped make him a billionaire
Academy Empower your mind, elevate your skills Days after calling for the firing of Intel 's CEO, President Donald Trump changed his mind following a 'very interesting' meeting with the executive. 'His success and rise is an amazing story,' Trump wrote in a Truth Social post on a story that's also made Lip-Bu Tan amazingly 65-year-old technology and venture capital industry veteran has amassed a fortune worth at least $1.1 billion, according to the Bloomberg Billionaires Index, which is calculating Tan's net worth for the first bulk of his fortune stems from Cadence Design Systems Inc., a maker of chip design tools where Tan was chief executive officer for 12 years before joining Intel. He has sold shares worth more than $575 million in the San Jose, California-based company, and still holds a $500 million position, according to Bloomberg's calculations.A Bloomberg report late Thursday afternoon saying the Trump administration is in talks with Intel to have the US government potentially take a stake in the Silicon Valley chipmaker sent the company's shares up 7.4% in New York. The stock gained 15% since Tan's appointment as CEO in March, boosting the value of his stake to more than $29 was Tan's tenure at Cadence, along with his other role as executive chairman of venture firm Walden International , that initially drew criticism from Washington. Trump ally and Republican Senator Tom Cotton sent a letter to Intel's board chair earlier this month questioning Tan's ties to China and his history at Cadence, which sold products to a Chinese military university. A day later, the president posted that Tan was 'highly CONFLICTED and must resign, immediately.'Tan called the claims 'misinformation' in a letter to employees. But his record of investing in China and the riches it has brought him had already cast a shadow over his July, Cadence pleaded guilty to violating US export controls during Tan's tenure and took a $140.6 million charge related to settling the cases. Earlier, in 2023, the US government had sent Tan a letter asking Walden to explain its investments after the San Francisco-based firm had invested in more than 100 Chinese companies.'I want to be absolutely clear: Over 40+ years in the industry, I've built relationships around the world and across our diverse ecosystem – and I have always operated within the highest legal and ethical standards,' Tan wrote in response to the allegations.A spokesperson for Santa Clara, California-based Intel declined to comment.A naturalised US citizen, Tan was born in Malaysia in 1959, the youngest of five children. His father was editor-in-chief of a Malaysian newspaper, while his mother was a professor in Singapore. After graduating with a degree in physics from Nanyang Technical University, he earned a Masters in nuclear engineering from Massachusetts Institute of Technology and an MBA from the University of San move to Silicon Valley brought him into the venture capital world. He met the founding partner of Walden Capital and proposed raising an international fund for them, offering to do so without being paid a salary, according to an oral history of his life from a 2018 interview at the Computer History Museum. The first fund of $3.3 million was partially seeded with the help of his father-in-law and his father's friends in technical background led him to concentrate on semiconductors at a time when it was seen as a 'sunset' industry. His investors questioned the strategy, wondering why he would invest in an area US firms had largely abandoned, he said in the 2018 interview. 'Now they're starting to recognize my strategy worked.'Walden International went on to invest $5 billion in more than 600 companies across 12 countries, many of them niche semiconductor firms. For a decade and a half, he served on the board of Semiconductor Manufacturing International Corp., now China's leading joining Intel as CEO in March, Tan has accelerated his divestments in Chinese technology companies. But he remains executive chairman of Walden International and also invests through Walden Catalyst Ventures, a venture arm focused on startups in the US, Europe and Sakarya Ltd., a Hong Kong-based firm wholly owned by Tan, and various Walden International entities, he has invested in at least 165 Chinese firms and startups, according to Chinese company data provider estimate of Tan's fortune doesn't include Walden International as his personal involvement in the group's entities isn't his time as Cadence's CEO from 2009 to 2021, the stock increased more than 4,000%. Tan sold in excess of $575 million of shares through the end of 2023, when he last reported sales. His disclosed ownership at the time of 1.5 million shares, or around 0.53% of the company, is worth about $500 million running Cadence, he also kept his full-time position at Walden, acknowledging in the 2018 interview that he was someone who only needed four or five hours of sleep a night. He saw the roles as synergistic, with the tech investments helping to inform Cadence's direction at the time.'I think it kind of goes hand in hand, helping the industry, and also, it's good for me for education,' he said. 'I never stop learning.'Tan stepped down as Cadence's CEO in 2021, taking on the role of executive chairman for next two years. He also joined Intel's board, though left in August 2024 after disagreements over the company's strategy and direction, according to published reports. He was named CEO in March, charged with reviving the chipmaker, which has struggled recently as computing migrated to smartphones and AI grew in who has since rejoined Intel's board, owns roughly 1.2 million shares of Intel, with about 99% acquired after agreeing to become CEO, according to an offer letter from Intel. His pay package includes a salary of $1 million, plus a 200% performance-based bonus and $66 million in long-term equity awards and stock options, the company said in a filing.'The United States has been my home for more than 40 years,' Tan wrote in the letter to employees following Trump's call for his resignation. 'I love this country and am profoundly grateful for the opportunities it has given me.'
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Business Standard
2 hours ago
- Business Standard
China's $11 trillion stock market is a headache for both Xi, Trump
At the heart of why consumers in China save so much and spend so little, and why Xi Jinping and Donald Trump will struggle to change that behaviour even if they want to, lies the country's stock market. Even after a recent rally, Chinese indexes have only just returned to levels seen in the aftermath of a dramatic bubble burst a decade ago. Instead of incentivising consumers to spend, poor equity returns have nudged them toward saving. A $10,000 investment in the S&P 500 Index a decade ago would now have more than tripled in value, while the same amount in China's CSI 300 benchmark would've added just around $3,000. Part of the reason, long-term China watchers say, is structural. Created 35 years ago as a way for state-owned enterprises to channel household savings into building roads, ports and factories, exchanges have lacked a strong focus on delivering returns to investors. That skew has spawned a host of problems from an oversupply of shares to questionable post-listing practices, which continue to weigh on the $11 trillion market. The country's leaders are under pressure to fix this. President Xi is counting on domestic spending to reach the 5 per cent economic growth goal, especially as a tariff war with the US heats up over the massive trade imbalance. At the same time, Beijing has reasons to keep prioritizing the market's role as a source of capital: the country needs vast funding to nurture companies that underpin its tech ambitions — even if their profitability remains questionable. 'China's capital market has long been a paradise for financiers and a hell for investors, although the new securities chief has made some improvements,' Liu Jipeng, a securities veteran who teaches at China University of Political Science and Law, said in an interview. 'Regulators and exchanges are always consciously or unconsciously tilting toward the financing side of the business.' The limits of China's stock rally have again been evident this year. The CSI 300 has risen less than 7 per cent despite a burst of optimism over AI, trailing benchmarks in the US and Europe. The underperformance — along with factors including an uncertain economic outlook — helps explain China's extraordinarily high savings rate, which stands at 35 per cent of disposable income. Chen Long, who works in the asset management industry, has taken to social media platform Xiaohongshu to warn people of the risks of chasing the recent rally. 'Many ordinary people come in thinking they could make money, but the majority of them end up poorer,' Chen said in an interview, adding that he has been investing since 2014. 'State-owned companies primarily answer to the government rather than shareholders, while many private entrepreneurs have little regard for small investors.' Over the past year, China's top leadership has shown greater awareness of the stock market's importance as a vehicle for wealth creation. That's especially the case with an ongoing property slump and a fragmented social safety net, which exacerbates a sense of insecurity. The Communist Party's Politburo pledged to 'stabilize housing and stock markets' in a December meeting — a rare expression of support for equities at the high-level gathering. The body also called for 'increasing the attractiveness and inclusiveness of domestic capital markets' in July. There is no quick fix to boosting household confidence 'except for a stock market rebound,' said Hao Hong, chief investment officer at Lotus Asset Management Ltd. 'This is a topic that we economists have been discussing in the closed door meetings in Beijing.'' In some ways, the market's malaise has been decades in the making. 'The exchanges are motivated to fulfill the government's call for increasing companies' financing,' said Lian Ping, chairman of the China Chief Economist Forum, a think tank that advises the government. 'But when it comes to protecting investors' interests, there are few who are motivated to do it.' An explosive growth in new listings made China the world's biggest IPO market in 2022. Yet insufficient safeguards for shareholders and lax oversight of IPO frauds have led to share price crashes and delistings — what retail investors refer to as 'stepping on a land mine.' Take Beijing Zuojiang Technology, which listed in 2019. The company said in a 2023 statement that its product was modeled after Nvidia's BlueField-2 DPU. The company warned in January the following year that it was at risk of being delisted, citing an investigation for disclosure violations. It was subsequently removed from the Shenzhen bourse. The China Securities Regulatory Commission didn't immediately reply to a fax seeking comment. Recent years have seen greater efforts to screen poor-quality IPOs and crack down on financial fraud. There's also a push to reduce additional stock issuances by listed companies and share sales by major stakeholders, while encouraging more corporate profit to be passed on to investors. There has been visible progress. Initial public offerings shrank to nearly a third of 2023 levels last year. Shanghai and Shenzhen-listed companies handed out a combined 2.4 trillion yuan ($334 billion) in cash dividends for 2024, up 9 per cent from the previous year, according to state media. 'The regulations and overall requirements after IPO have become stricter, in terms of reliability, transparency, or information disclosure,' said Ding Wenjie, investment strategist at China Asset Management Co. Reforms, however, have fallen short of transforming the market into one that prioritizes investor returns. Even with the rise in share buybacks, CSI 300 companies spent only 0.2 per cent of their market value on repurchasing shares in 2024, far less than the nearly 2 per cent spent by S&P 500 firms, according to calculations by Bloomberg. The recent policy push to attract more tech listings is also a worrying sign for some investors. Regulators are resuming the listing of unprofitable companies on the STAR board, dubbed China's Nasdaq, while allowing them for the first time for the Shenzhen-based ChiNext board — which is earmarked for growth enterprises. IPOs so far this year have increased by nearly 30 per cent from the same period in 2024. That's an inevitable move to secure capital for firms that are vital to China's battle against the US for supremacy in AI, semiconductor and robotics, but also signals that authorities may again be putting funding needs ahead of investor protection. Fast-tracking more firms to list without tackling the core problems of corporate credibility will 'just add volume without restoring investor trust,'' said Hebe Chen, an analyst at Vantage Markets in Melbourne. Stock exchange officials have been actively reaching out to investment banks and encouraging companies to file for IPOs, according to people familiar with the matter. Some high-quality tech applicants could get access to so-called "green channels" for a faster review and approval process, the people said. 'The entire regulatory environments are still not up to the task of delivering the best out of those companies,' said Dong Chen, chief Asia strategist at Pictet Wealth Management. It requires a more comprehensive improvement of the institutional environment 'to provide the right incentives'' for companies to deliver values to their shareholders, he said.
