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Asia’s business heirs look beyond profits, hoping to escape parents’ shadow

Asia’s business heirs look beyond profits, hoping to escape parents’ shadow

Kuala Lumpur, Malaysia – From Malaysia to Singapore and the Philippines, second- and third-generation family businesses in Asia are charting a different path from their forefathers as they seek out greener and more sustainable investments. For some millennial business heirs, the journey is smooth. For others, the gap between their comfortable lives – which gave them the space to learn about socially conscious “impact investing” – and their parents’ experiences of growing up poor has led to conflict. Malaysian Abe Lim, 27, grew up under circumstances far removed from those of her father, who quit school as a teenager to work as a mechanic to support his family. Lim’s father went on to build a business producing lubricants, soap and dish-washing liquid and recruited her into the company as a young woman in the hope she would take the reins one day. But Lim’s youthful idealism soon clashed with her father’s traditional profit-focused business model. “I wanted to do something more impactful. My father’s business was traditionally run where the focus is based on profits,” Lim told Al Jazeera. “Instead of prioritising monetary gains, I wanted to prioritise social and environmental impact. This is something very new for the previous generation.” While working at her father’s company, Lim suggested setting up a research and development department to explore turning plastic waste into biofuels. Her father agreed and put some money into the idea. “When it was shown scientifically that it is doable but economically not viable, he stopped,” Lim said. Abe Lim clashed with her father over climate change [Courtesy Abe Lim] Lim also disagreed with her father on climate change, which he dismissed as “Western propaganda”. Lim ultimately decided to leave her father’s company and venture out on her own. Her first enterprise, funded by angel investors, was a marketplace for used furniture that aimed to cut down on waste by promoting recycling. “But we couldn’t sustain ourselves as the market wasn’t mature enough,” Lim said. Lim also had to contend with superstitious beliefs about second-hand furniture that are prevalent in Asian culture. “Some people think there are ‘ghosts’ linked to old furniture,” she said. In 2021, Lim founded Purpose Plastic, which recycles discarded plastic into home decor, chess pieces, furniture, mahjong tiles and other products. “We are profitable,” Lim said. “Our largest orders are always corporate gifts.” Lim hopes that businesses will one day prioritise the environment over profit. “I would never want to say it is impossible because I am hopeful it will happen one day,” she said. “For businesses to be on board and participate in sustainable goals, there needs to [be] a form of incentive. Maybe that will get the ball rolling.” In August, the law graduate stood for local elections in the state of Selangor on a platform emphasising policies to tackle climate change. While she was not successful, she is open to running again. “For now, I want to be focused on growing my grassroots and expanding my environmental work. Being a politician is not just about being elected but about providing solutions for the long-term to support people’s everyday lives,” said Lim, who is a member of the Malaysian United Democratic Alliance, a youth-oriented party. Catalyst for change Komal Sahu, a member of the Asian Venture Philanthropy Network, said younger generations are reshaping perceptions among business owners by emphasising the need for companies to make a positive social impact. “They recognize that their family’s wealth can serve as a catalyst for positive transformation, addressing societal needs beyond what government aid covers,” Sahu told Al Jazeera. Sahu said second- and third-generation business heirs are embracing socially conscious investing to show that it is possible to align financial returns with social and environmental goals. “By incorporating environmental, social and governance factors into their investment decisions, they advocate driving positive change while ensuring financial viability for their businesses,” Sahu said. Still, Sahu said, it should not be assumed there is always a conflict between new and old ways of thinking about business. “That is not always the case. … In some instances, the previous generations are the ones encouraging bolder and more innovative ways of thinking to ensure the ongoing success of their businesses or their philanthropic efforts,” she said. Filipino Marianna Lopez Vargas, 32, is a case in point. She is the partnerships manager of the Oscar M Lopez Center, a Manila-based climate change research foundation founded by her tycoon grandfather. Oscar M Lopez, who made his fortune in telecommunications, energy and real estate, opened the centre in 2012 in response to an “alarming lack of funding” going into understanding the local impact of climate change and to develop adaptation strategies, Lopez Vargas told Al Jazeera. Lopez Vargas said she considers herself “very lucky” to be part of a family and organisation that align with her own personal values. Based on concerns about climate change, the family’s businesses made “a very bold decision” in 2016 to completely divest its power interests from coal and pursue an energy portfolio based on clean and renewable energy, she said. Lopez Holdings Corporation currently has no existing or proposed coal-fired power projects. Its energy portfolio is made up of natural gas, hydropower, and geothermal and solar energy – although company bosses have admitted that a complete transition to renewables is not yet realistic because of the intermittency of solar and wind energy. Marianna Lopez Vargas says she is ‘very lucky’ to be part of a family and organisation that align with her own personal values [Courtesy of Marianna Lopez Vargas] “[It’s] quite ambitious at that time given a developing country like the Philippines that was heavily reliant on fossil fuels for its economic development,” Lopez Vargas said. Lopez Vargas is confident that cutting out fossil fuels completely is achievable in time. “It’s certainly a possible future with all the enabling factors and the right institutional incentives in place,” she said. “It is also a necessary transition but done so in a just, equitable and inclusive manner.” For millennial

Israeli defence minister outlines new phase in Gaza war

Israeli defence minister outlines new phase in Gaza war

Israeli Defence Minister Yoav Gallant has outlined Israel’s plans for the next phase of its assault on the besieged Gaza Strip and future scenarios for the day after the war ends. “In the northern region of the Gaza strip, we will transition to a new combat approach in accordance with military achievements on the ground,” Gallant’s office said in a statement it said outlined the guiding principles reflecting Gallant’s vision for the next phases of the war on Thursday. He said operations would include raids, demolishing tunnels, air and ground strikes, and special forces operations. In the south of the besieged enclave – where most of Gaza’s 2.3 million population is now living, many in tents and other temporary shelters – the operation would continue to try to eliminate Hamas leaders and rescue Israeli hostages. “It will continue for as long as is deemed necessary,” the statement said. Israel launched its offensive in Gaza following the October 7 attack by Hamas gunmen who killed some 1,140 people in communities near Gaza and took around 240 into captivity as hostages, according to Israeli estimates. Israel’s war on Gaza has killed more than 22,400 people, according to Palestinian health authorities, and has forced most of the population out of their homes and reduced much of Gaza to rubble. After the war Gallant also outlined Israel’s plans for Gaza after the war. He said Hamas would no longer control Gaza and Israel would reserve its operational freedom of action. But he said there would be no Israeli civilian presence and Palestinian bodies would be in charge of the enclave. “Gaza residents are Palestinian, therefore Palestinian bodies will be in charge, with the condition that there will be no hostile actions or threats against the State of Israel,” Gallant’s office said in a statement on Thursday. Al Jazeera’s Sara Khairat, reporting from Tel Aviv, said Gallant made it clear that Israeli officials want a “Palestinian entity” to be in charge of running civilian affairs in the Gaza Strip, but with “very specific conditions”. “Those conditions are that they won’t act hostile towards Israel, and they won’t act against it in any way, shape, or form,” Khairat said. Israel has repeatedly said that there is “no place” for Hamas in the post-war civilian structures of Gaza. Several Israeli officials, including far-right finance Minister Bezalel Smotrich, have also said Israel will permanently control the Gaza Strip and possibly resettle Israelis there. Gallant also said that Israel will have “complete freedom to military operations in Gaza”, Khairat said. “This is something we’ve been seeing in the occupied West Bank” she noted. ‘Multi-national task force’ As part of a so-called restructuring, Israel also intends to establish a “multi-national task force that comprises … Western and Arab nations”, Gallant told reporters. The force, Khairat said, will look to govern the border area. Israel wants to lead the force, and wants it to be in charge of the restructuring and redeveloping of the Gaza Strip, she said. “Egypt, Israel, and the US are working together to guarantee tight supervision of that border,” Khairat added. Gallant said this is one of many potential plans that officials will be discussing in upcoming meetings. Meanwhile, Hamas is gaining popularity across the occupied Palestinian territories. It governs Gaza and has the backing of several other Palestinian factions. The group has repeatedly said it will remain steadfast and voiced its refusal to leave the territory. Hamas fighters continue to battle Israeli ground troops in central Gaza and parts of southern Gaza. Military operations in the south continued on Thursday, despite the area previously being declared by the Israeli army as “safe” after it forced thousands of Palestinian families to flee their homes in the north, east, and central Gaza. Many of the displaced are now crammed inside the Rafah governorate in southern Gaza. The health ministry has warned that disease there is spreading amid a lack of supplies, medicine, clean water and much-needed fuel. The United Nations says nearly 1.9 million people have now been displaced – more than 80 percent of the Gaza Strip’s pre-war population. Adblock test (Why?)

Kentucky governor backs longer list of conditions eligible for treatment under medical marijuana law

Kentucky governor backs longer list of conditions eligible for treatment under medical marijuana law

FRANKFORT, Ky. (AP) — Access to medical marijuana in Kentucky should expand to include a longer list of severe health conditions, Gov. Andy Beshear said Thursday in advocating a change that would make hundreds of thousands more people eligible for treatment when the program begins next year. The measure passed by the GOP-led legislature in 2023 specified that the eligible conditions include cancer, multiple sclerosis, chronic pain, epilepsy, chronic nausea and post-traumatic stress disorder. MEDICAL MARIJUANA TO BECOME LEGAL IN KENTUCKY AFTER YEARS OF SETBACK The Democratic governor said the law is based on “providing relief to Kentuckians with severe medical conditions” and should therefore be expanded. He said the list of qualifying conditions should grow to include ALS or Lou Gehrig’s disease, Parkinson’s disease, Chron’s disease, sickle cell anemia, cachexia or wasting syndrome, neuropathies, severe arthritis, hepatitis C, fibromyalgia, muscular dystrophy, Huntington’s disease, HIV, AIDS, glaucoma and terminal illness. “This is a crucial set,” Beshear said at his weekly news conference. “While the legislation referenced several qualifying conditions, it left others out.” The expansion would make an estimated 437,000 more Kentuckians eligible, he said. The governor noted that two advisory boards have recommended that lawmakers expand the list of conditions to include those additional illnesses. One of them, hepatitis C, was recommended by just one of the groups, Beshear said. The medical cannabis bill cleared the legislature after years of defeats. Beshear quickly signed it into law last March, making it one of the top bipartisan achievements of his first term. The governor won reelection to a second term last November. Bill supporters cautioned Thursday that any effort to expand the number of eligible conditions would run into resistance in both legislative chambers. “This is our initial step,” Republican Sen. Stephen West, the bill’s lead sponsor, said in an interview. “Some people want to be on step five, and you’ve got to walk before you can run.” One of the most protracted debates last year revolved around which conditions would qualify, and lawmakers “went back and forth” before reaching consensus, West said. “I think there will be much consternation if we start tinkering with the list of conditions it covers,” he said. Republican Rep. Jason Nemes, another prominent supporter, agreed, saying: “I don’t think now is the time to make those adjustments.” The measure already includes language allowing for the “opportunity to make those adjustments when appropriate,” he said in a separate interview. “I think what we need to focus on now is getting all the T’s crossed, all the I’s dotted,” Nemes said. To that end, Beshear announced that his administration has filed its first batch of regulations governing the medical cannabis program. They provide a framework for how medical cannabis businesses — cultivators, processors, producers and dispensaries — would operate and offer guidance on how products will be packaged, labeled, transported, advertised and tested, he said. “These regulations will ensure that Kentucky’s medical cannabis program is safe and accessible for all patients and to make sure that they are secure for our communities,” the governor said. Beshear said his administration is on track to get the program launched in 2025. Lawmakers will review those regulations and others. Additional rules on how Kentuckians can apply for a medical cannabis business license will be issued in coming weeks and months, Beshear said. In another step toward implementation, the state has launched a commercial zoning tool meant to help medical marijuana businesses determine if a proposed location is legal. The law prohibits such businesses from being within 1,000 feet of a primary or secondary school or day care and allows local governments to issue additional zoning restrictions. Kentucky joined the majority of other states when it legalized medical marijuana.

NJ Gov. Murphy says reported shootings hit record low in 2023

NJ Gov. Murphy says reported shootings hit record low in 2023

New Jersey recorded the lowest number of shootings in 2023 since record keeping began in 2009, Gov. Phil Murphy said Thursday. Murphy, a Democrat, and other officials announced the milestone, calling it a “great achievement for public safety.” “We must also hold in our thoughts the victims of gun violence and their loved ones and must recommit ourselves to the fight to fully eliminate gun violence from our state,” Murphy said. SHOOTER WHO KILLED NJ IMAM STILL ON THE LOOSE, $25K REWARD OFFERED FOR ARREST In 2023, 924 people were shot in the state, down 13% over the previous year and the first time fewer than 1,000 were shot in a year, officials said. Of the more than 900 shot, 191 were killed, officials added, down 8% over the previous year. Officials attributed the downturn in part to federal, state and local law enforcement officials’ efforts to create safer neighborhoods, including by using data and technology to reduce shootings. “This historic undertaking was predicated on a holistic approach to strategically deploy limited resources, a reliance on and exploitation of data and technology, community engagement, and law enforcement partnerships,” the governor’s office said in a statement. It’s unclear the extent to which officials’ actions led to the downturn in shootings, as some violent crime across the country has been falling to levels not seen since the COVID-19 outbreak, according to the FBI. Murphy has made passing gun control legislation a top priority of his administration. He and the Democratic-controlled Legislature passed legislation enabling the attorney general to pursue lawsuits against gun-makers, with the first cases brought late last year. The governor also pointed to a number of community-based violence intervention programs aimed at de-escalating conflicts before a shooting erupts. The announcement came just a day after the fatal shooting of Muslim leader Hassan Sharif in Newark, the state’s largest city.

Cruz secures bipartisan win as push to cut red tape for border bridges signed into law: ‘Enormous victory’

Cruz secures bipartisan win as push to cut red tape for border bridges signed into law: ‘Enormous victory’

Sen. Ted Cruz, R-Texas, on Thursday hailed a bipartisan victory after an effort to cut red tape to speed up the approval process for international bridge projects was signed into law as part of the National Defense Authorization Act. Cruz touted it as a win for not only for Texas but the country. “It is an enormous victory for South Texas and for all of Texas and for the country,” Cruz told Fox News Digital after a press conference in Laredo, Texas. “It is a victory for Texas farmers and ranchers. It is a victory for small businesses and manufacturers. It is a victory for consumers who will have cheaper prices at the grocery store and the department store. It is a victory for national security.” Cruz spearheaded the push to streamline the presidential permitting process for building international bridges at the southern border with Mexico.  CRUZ QUIZZES DHS ON TSA SCREENING OF MIGRANTS BOARDING FLIGHTS: ‘THIS IS ALARMING’ The bill gives the State Department a 60-day window to make a recommendation to the president whether to grant a bridge permit. That gives the president another 60 days to approve or deny it. A presidential permit is now permitted before an environmental assessment, rather than only after it is completed, which has been the practice under the Biden administration. Business leaders said this led to years-long delays. Cruz was joined in the effort by Sen. John Cornyn, R-Texas; Rep. Tony Gonzales, R-Texas; Rep. Monia De La Cruz, R-Texas; Rep. Henry Cuellar, D-Texas; and Rep. Vicente Gonzales, D-Texas. The legislation also has the support of a number of business groups, representatives of which appeared at a press conference in Laredo to emphasize the importance of the project.  The streamlining has an immediate impact on the status of multiple construction projects in the south Texas area, including the construction of new bridges and the expansion of two others, like the World Trade Bridge in Laredo.  Cruz says he has been fighting to speed up the permitting process since 2021, when it was brought to his attention by city leaders in Laredo that there were roadblocks in the approval process for multiple bridge projects due to the new environmental requirement.  “It delayed all four of them by several years, and it made no sense,” he said. He joined with lawmakers from both parties and pushed the administration to change course on the review policy. When that didn’t change, he introduced legislation that was included as an amendment in the State Authorization Act and ultimately attached to the NDAA. That was signed by President Biden in December. “It went to the House, and there were multiple battles over this provision. And there were at least a half dozen times when it appeared this provision might get stripped out of the legislation,” Cruz said. “But I worked very closely with Henry Cuellar, a Democrat from Laredo, to defeat those efforts and, ultimately, the House passed the NDAA with this provision included with an overwhelming bipartisan vote. And then President Biden signed it into law on Dec. 22.” SEN TED CRUZ CALLS OUT VP HARRIS FOR PALESTINIAN SYMPATHY PUSH  As a result, the bridges are on track to receive permits if approved by the latter half of April. Cruz noted that manufacturing is increasingly being pulled out of China and being brought to either the U.S. or Mexico.  “So, it is enormously consequential,” Cruz said. “And there are tens of thousands of jobs in the state of Texas that are directly implicated and will grow as a result of this.” He also argued that the streamlined process is better for the environment, arguing the expansion of the World Trade Bridge from eight lanes to 18 will reduce traffic congestion. “On any given day, you can go down to that bridge, and on the Mexican side you will see a line of 18-wheelers that can extend 4, 5, 6 miles, and they sit there for hours after hours spewing pollution into the air,” he said. “It is much better for the environment to not have those trucks stuck there in those unnecessary waiting lines, but rather to expedite their moving across the bridge.” For Cruz, it’s the latest bipartisan legislative effort he has guided through Congress, and he highlighted collaborations with lawmakers who included Sen. Ben Ray Lujan, D-N.M.; Sen. Mark Kelly, D-Ariz.; and Sen. Raphael Warnock, D-Ga., on issues including infrastructure and semiconductor manufacturing. “And so there are certainly areas we can work together, and there are other areas, unfortunately, where we continue to have real and significant partisan divides in terms of the policies the two parties are advancing,” he said.