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Between cost and habit: The price of being a book worm

Between cost and habit: The price of being a book worm

WHETHER the air-conditioning is set cold or warm, it makes no difference to the smell that these books emanate. For readers, the complex bibliosmia — with its sharp and earthy scent — is just as enjoyable as the story itself.
Just as a pall of dust settles on a book in one corner, a new shipment arrives with the promise of fresh titles — the latest bestsellers with their pretty, glossy covers.
Sometimes, just a glance at a glossy new cover is enough to make a reader weep.
Like stuffing threatening to burst at the seams, my ever-growing list of to-read books keeps expanding — and that's not necessarily a good thing, especially as books are becoming more and more expensive these days.
HIGH PRICE TO PAY
But why are books so expensive, you ask? Well, rising costs, rent, shipping, production and currency fluctuations all play a part in how much a book costs today.
According to a 2019 article by Hong Kong's South China Morning Post, an industry insider was quoted as saying that the city's high rents contribute significantly to book prices.
Is it the same for Malaysia? It wouldn't be a surprise.
Just do a quick search and you'll find that the same book — same edition, same cover — is often priced slightly higher in an independently run bookstore compared with a commercial one.
But if you are rajin enough to hunt for a bargain, you might find that very same book for a fraction of the price at a bookstore chain known for its wide, affordable selection.
I kid you not. I actually found a book of the same edition and title in that chain for under RM30, while it was going for three times more in an indie bookstore located somewhere in the city.
During a discussion with a good friend over books and coffee, we came to the conclusion that independent bookstore owners have the right to raise their prices.
After all, they have to cover the shop's operating costs, rent, as well as other expenses.
OASIS OF BOOKS
While seeking respite from the Penang heat, I found myself in the quiet enclave of an indie bookstore on Lebuh Aceh, just a stone's throw from the historical Acheen Street Mosque.
The scent of lemongrass lingered in the dim, air-conditioned store. The sole clerk was busy dusting and wiping the shelves.
Between arranging the books, I noticed how relaxed he seemed — almost as if the place was his home.
"I see you love stories from the colonial years," he said, glancing at the armload of books I had pulled from the shelves.
Feeling slightly embarrassed by my own gluttony, I smiled and gave him a nod.
Brushing off my embarrassment with a shake of his head, he proceeded to recommend some newly released titles he thought might interest me.
You see, while e-books are gaining traction — and some think it's stylish to be seen with one — I still much prefer physical books.
Call me a dinosaur, but I'm not giving up the rustle of pages and the scent of ink for a cold, glowing screen.
Yes, physical books do take up space. Oh, how my mother constantly nags me to stop bringing more home.
But no — you can't tell a foodie to stop exploring good food, can you?
So no, I don't mind the teetering stacks or the ever-shrinking shelf space.
Because in a world rushing to go digital, I will still be here — nose-deep in a book, chasing stories inked on paper, one comforting whiff at a time.
I don't regret being a book hoarder either. But please don't tell my dear mother. I think I have enough books (new, used, yellowed) to last me a lifetime.
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Fire sales and defaults deepen Hong Kong commercial real estate crisis
Fire sales and defaults deepen Hong Kong commercial real estate crisis

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Fire sales and defaults deepen Hong Kong commercial real estate crisis

HONG KONG, Aug 18 — Hong Kong's debt-laden developers and their creditors are set to face intensifying financial pressure as bond maturities are slated to jump by nearly 70 per cent next year amid falling sales and valuations for the city's economically crucial property sector. Road King last week became the first city-based developer to default on bond coupons since China's property debt crisis began in 2021, following the first loan default by listed peer Emperor International earlier this year. Slim prospects for a revival in the commercial property sector in the near term and fewer sources of raising fresh capital mean more developers would struggle to meet repayment obligations in Hong Kong, analysts said. Property and its related sectors account for roughly a quarter of Hong Kong's GDP, and the industry's rising non-repayments will not only weigh on its economic prospects but also cast a cloud over creditors, including HSBC, with sizeable exposure to developers in the Asian financial hub. Local property developers' bond maturities will climb to US$7.1 billion (RM30 billion) in 2026 from US$4.2 billion this year, according to LSEG data and Reuters calculations. S&P Global Ratings analyst Edward Chan said that he would not rule out the possibility of more small-sized developers defaulting in the next 12-24 months because banks are cutting their loan exposure to them. 'It will be at a point where there is actually no chance for them to repay such loans,' Chan said. Developers, which hold mainly office and retail assets, are under huge pressure due to the challenge to sell assets to raise cash in those two segments that have seen valuations drop more than 50 per cent from 2019 peaks and with no recovery in sight, he said. More fire sales, on the other hand, would further depress the valuations and affect the overall industry, including cash-rich developers, analysts said. Among the cash-strapped debt issuers, New World Development, one of Hong Kong's top four developers, will face bond repayment obligations of US$168 million next year and of another US$630 million in 2027, while Lai Sun Development will have US$524 million due next year. New World, seen as one of the biggest risks to the city's financial and property markets due to its HK$180 billion (RM97 billion) borrowings, averted default by sealing a US$11.2 billion debt refinancing deal in June. New World did not respond to a request for comment. Lai Sun declined to comment. Hefty charge The majority of Hong Kong developers' debt comes from bank borrowings. In a sign of the growing bad loans in the sector, Hang Seng Bank took a hefty HKUS$2.5 billion charge on Hong Kong commercial real estate in the first six months of this year – up 224 per cent from a year ago. Its parent HSBC updated its internal model that resulted in its Hong Kong commercial real estate loans with significant credit risk, but those that had not yet defaulted, tripling to US$18.1 billion at end June this year. HSBC said the classification of problematic loans that saw a big rise was not an absolute indicator of credit quality, and that it was common for external events and market conditions to lead to increases in that classification without resulting in actual defaults. Hang Seng Bank declined to comment beyond its public comment after its earnings during which it said the rise in expected credit losses was due to a prudent approach amid an increase in allowances for new defaulted exposures, and other factors. Commercial real estate accounts for around 9 per cent of total bank lending in Hong Kong and up to 70 per cent of these loans are secured with around 45 per cent-55 per cent loan-to-value ratio, according to S&P, which has forecast a rise in impaired loan ratios for the local banking sector. But Eddie Yue, the head of Hong Kong's de-facto central bank, said the banking system is 'well-capitalised and has sufficient provisions and good financial strength to withstand market volatilities', citing key indicators including capital adequacy and provision coverage ratio. Some banks have decided not to categorise a defaulted loan as such or demand immediate repayments from distressed developers on worries about a worsening asset quality and the domino effect it could have across the sector, said market observers. And some have also refrained from seizing pledged assets on defaulted loans of developers on concerns it would be hard to recover the debt and crowd-out a market that has already seen commercial asset prices plunge, they said. 'Now banks are actively deciding not to recall these loans too much – they want to buy time for a market recovery,' said JLL Hong Kong's chair Joseph Tsang, adding curtailing lending to developers could hurt economic activity as a whole. — Reuters

Between cost and habit: The price of being a book worm
Between cost and habit: The price of being a book worm

New Straits Times

timea day ago

  • New Straits Times

Between cost and habit: The price of being a book worm

WHETHER the air-conditioning is set cold or warm, it makes no difference to the smell that these books emanate. For readers, the complex bibliosmia — with its sharp and earthy scent — is just as enjoyable as the story itself. Just as a pall of dust settles on a book in one corner, a new shipment arrives with the promise of fresh titles — the latest bestsellers with their pretty, glossy covers. Sometimes, just a glance at a glossy new cover is enough to make a reader weep. Like stuffing threatening to burst at the seams, my ever-growing list of to-read books keeps expanding — and that's not necessarily a good thing, especially as books are becoming more and more expensive these days. HIGH PRICE TO PAY But why are books so expensive, you ask? Well, rising costs, rent, shipping, production and currency fluctuations all play a part in how much a book costs today. According to a 2019 article by Hong Kong's South China Morning Post, an industry insider was quoted as saying that the city's high rents contribute significantly to book prices. Is it the same for Malaysia? It wouldn't be a surprise. Just do a quick search and you'll find that the same book — same edition, same cover — is often priced slightly higher in an independently run bookstore compared with a commercial one. But if you are rajin enough to hunt for a bargain, you might find that very same book for a fraction of the price at a bookstore chain known for its wide, affordable selection. I kid you not. I actually found a book of the same edition and title in that chain for under RM30, while it was going for three times more in an indie bookstore located somewhere in the city. During a discussion with a good friend over books and coffee, we came to the conclusion that independent bookstore owners have the right to raise their prices. After all, they have to cover the shop's operating costs, rent, as well as other expenses. OASIS OF BOOKS While seeking respite from the Penang heat, I found myself in the quiet enclave of an indie bookstore on Lebuh Aceh, just a stone's throw from the historical Acheen Street Mosque. The scent of lemongrass lingered in the dim, air-conditioned store. The sole clerk was busy dusting and wiping the shelves. Between arranging the books, I noticed how relaxed he seemed — almost as if the place was his home. "I see you love stories from the colonial years," he said, glancing at the armload of books I had pulled from the shelves. Feeling slightly embarrassed by my own gluttony, I smiled and gave him a nod. Brushing off my embarrassment with a shake of his head, he proceeded to recommend some newly released titles he thought might interest me. You see, while e-books are gaining traction — and some think it's stylish to be seen with one — I still much prefer physical books. Call me a dinosaur, but I'm not giving up the rustle of pages and the scent of ink for a cold, glowing screen. Yes, physical books do take up space. Oh, how my mother constantly nags me to stop bringing more home. But no — you can't tell a foodie to stop exploring good food, can you? So no, I don't mind the teetering stacks or the ever-shrinking shelf space. Because in a world rushing to go digital, I will still be here — nose-deep in a book, chasing stories inked on paper, one comforting whiff at a time. I don't regret being a book hoarder either. But please don't tell my dear mother. I think I have enough books (new, used, yellowed) to last me a lifetime.

MySalam disburses RM1.25 bil to 1.74 mil recipients since 2019
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The Sun

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MySalam disburses RM1.25 bil to 1.74 mil recipients since 2019

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