Editor’s note: The Jakarta Post received on Aug 10 a complaint from a lawyer representing Cedrus investment Ltd., in a letter dated Aug 8. Cedrus strongly objected to this misrepresentation, unethical and suspicious reporting of the Aug 2 story, saying the case was not investment fraud but a dispute regarding margin loan. An 11-Aug article entitled “Cedrus case not fraud, but failed debt payment: Lawyer” is part of our obligation to fulfill Cedrus’ right of reply. We apologize for the imbalanced information provided on this case.
On November 30, China reached a new milestone in its ongoing internationalization efforts when it was announced by the IMF that the RMB was approved to join Special Drawing Rights basket. The inclusion of the Chinese currency will not only help China's financial reforms but the evolution of the international financial system, according to Zhang Tao, the new Deputy Managing Director of the IMF.
Rani Jarkas, Chairman of Cedrus Investments, an investment pioneer with years of financial experience in Asia, said, “As expected with our recent forecast, this is the start of major internationalization of the RMB. Yuan will compete strongly with all other currencies to eventually become a major currency and contribute greatly to the global monetary system.”
Data from the Society for Worldwide Interbank Financial Telecommunications show the yuan is the second-largest trade financing currency, and the fourth- or fifth-largest trade payment currency. And the yuan's proportion in global trade is 8%, and in global trade payment nearly 2%.
Statistics from the Bank for International Settlements show the yuan's share in global foreign exchange trade has doubled in three years, from 2% to 4%. And its share as a global reserve currency is slightly more than 1%.
Reduced Tax Burden on Business will Benefit Foreign Firms as well as Domestic Enterprises / 税负减轻将使国内外企业获益
China has expanded a pilot program to finally put all industries under a unified value-added tax (VAT) regime as part of a wider push to deepen the country's economic reform.
Experts have described it as the most significant tax and fiscal reform in decades as it further improves the country's tax structure and will sustain economic growth in the long run.
"The reform will reinforce the current performance of the economy, allow the market to play a decisive role, and eventually sustain momentum of its future development," said Rani Jarkas, chairman of Hong Kong-headquartered financial services firm Cedrus Investments.
Starting from May 1, the VAT replaced business tax (BT) in the sectors of construction, real estate, financial services and consumer services to avoid double taxation, a move expected to slash taxes by over 500 billion yuan (76.9 billion U.S. dollars) in 2016 alone.
The latest extension came four years after the first trial run of the services sector VAT reform in the financial hub of Shanghai. With that, the VAT has essentially taken the place of the BT in all sectors.
The VAT taxes only the value added at each link in the production chain. It is in line with international practices and more efficient as it avoids the double taxation of the BT regime, which is based on the gross revenue of a business, including the cost of input.
Premier Li Keqiang has urged solid efforts to deliver the VAT reform and pledged lower taxes across the board.
It is expected to directly help the tertiary industry, which makes up more than half of the Chinese economy and is critical to China's economic transition. Traditional manufacturing businesses stand to benefit too, as they enjoy more deductibles under the unified tax regime.
Jakarta, HanTer – President Joko Widodo received reports regarding foreign investor Cedrus Investments Ltd. who complained of being treated unfairly by the Police Headquarters.
It was said by the Chairman of Barisan Relawan Jokowi President (BaraJP), Sihol Manullang, through a written statement, in Jakarta, Saturday (25/06/2016).
According to Sihol, he and other volunteers met with President Joko Widodo at the State Palace, Jakarta, Friday (24/6) night, to deliver documents and explanation regarding the case of Cedrus Investments Ltd.
“On that occasion, President said he will learn it,” he said.
Sihol explains, other elements of volunteers who met with President Joko Widodo, such as, Muhammad Yamin (Secretariat Nasional Jokowi), Reinhart Parapart (Kebangkitan Indonesia Baru), Immanuel Ebezener (Jokowi Mania), Obby and Junaidi (Relawan Penggerak Jakarta Baru).
Lapor ke Jokowi, Investor Asing Diperlakukan Tak Adil Oleh Mabes Polri
Jakarta, HanTer - Presiden Joko Widodo menerima laporan perihal investor asing Cedrus Investment Ltd yang mengeluhkan diperlakuan tidak adil oleh Mabes Polri.
Hal itu dikatakan Ketua Umum Barisan Relawan Jokowi Presiden (BaraJP), Sihol Manullang, melalui keterangan tertulisnya, di Jakarta, Sabtu (25/6/2016).
Menurut Sihol, dirinya beserta sejumlah relawan bertemu dengan Presiden Joko Widodo di Istana Negara, Jakarta, Jumat (24/6) malam, untuk menyampaikan dokumen serta penjelasan persoalan Cedrus Investmen Ltd.
"Pada kesempatan tersebut, Presiden mengatakan akan mempelajarinya," katanya.
Sihol menjelaskan, elemen relawan lainnya yang bertemu dengan Presiden Joko Widodo antara lain, Muhammad Yamin (Sekretariat Nasional Jokowi), Reinhart Parapat (Kebangkitan Indonesia Baru), Immanuel Ebenezer (Jokowi Mania), serta Obby dan Junaidi (Relawan Penggerak Jakarta Baru).
RANI JARKAS, CHAIRMAN OF CEDRUS INVESTMENTS, WELCOMES MR. RANDY HICE JOINING THE LIFE SCIENCES ADVISORY BOARD
HONG KONG, 23rd August, 2016 – Abbott Informatics’ Manager of Global Strategy, Mr. Randy Hice, joins Cedrus Investments’ (“Cedrus”) Life Sciences Advisory Board.
Randy is recognized worldwide as a leading authority in laboratory informatics, specifically focused on complex, large-scale implementation of Laboratory Information Management Systems (LIMS), Laboratory Information Systems (LIS), Electronic Laboratory Notebook (ELN), and sophisticated Cloud architectures. He has been working in the field of laboratory automation since 1984, first as a programmer/analyst at Digital Equipment Corporation, then as a Principal with Laboratory Expertise Center. In 1989, he pioneered Laboratory Workflow Analysis as a methodology for system selection, project planning, harmonization, and system design. With STARLIMS Corporation purchasing Laboratory Expertise Center in 2008 and STARLIMS being acquired subsequently, he now serves as the Manager of Global Strategy for Abbott Informatics where his focus is on complex business analysis, harmonization, inter-operational platforms, Clinical LIS, and Cloud Computing. He is also responsible for analyzing global market potential, demand and profitability for complex informatics systems.
Randy has developed global laboratory automation and harmonization strategies for leading pharmaceutical, biotechnology, medical device, and Contract Research Organization (CRO) companies, identifying opportunities to share and utilize critical laboratory data across corporate locations in Europe, Asia, and the U.S.
As the manager of the Strategic Consulting group of Abbott Informatics, Randy assumed the visionary role of leading the Cloud Services initiative in which he developed service offerings in Infrastructure as a Service (IaaS) and Software as a Service (SaaS) areas to meet the growing demand for Cloud applications.
Randy is the most published author in the world of laboratory automation and workflow analysis, and has served as the monthly Laboratory Automation editor for the Scientific Computing magazine since 1996. He has also contributed to American Pharmaceutical Review and American Laboratory.
Cedrus Investments has been investing in and providing financial advisory services to the life sciences industry for over a decade. In recent years, the firm has been assisting Australian and European life sciences companies to increase their visibility with a broad pool of institutional investors in the Greater China region. At the same time, Cedrus also helps Chinese biopharmaceutical companies and investors to identify valuable overseas investment opportunities.
Mr. Hice said, “I am delighted to join the Cedrus’ Life Sciences Advisory Board. I look forward to sharing my expertise and experience with the Cedrus’ team to identify and evaluate exciting investment opportunities.”
Mr. Rani Jarkas, Chairman of Cedrus Investments extended his welcome and said, “We are excited to have Mr. Randy Hice joined our Life Sciences Advisory Board. As a reputable figure in laboratory informatics, Randy is an ideal addition to the board. His decades of experience and in-depth knowledge will be invaluable to both Cedrus’ direct investments and its investor clients from across the globe. In addition, Randy’s global connections and business development skills in the industry also solidify Cedrus’ unique position in identifying early opportunities to maximize investment returns.”
Last year, the IMF decided to add yuan into its Special Drawing Rights (SDR) currency basket, making it one of the five reserve currencies fully endorsed by the 188-member organization.
Chinese currency is increasingly being accepted in cross-border transactions, as the currency gains increased global recognition. IMF data showed that $94 billion of official assets were already held in renminbi at the end of 2014, accounting for 1.1 percent of global foreign exchange reserves.
According to report from the People's Bank of China, the volume of cross-border renminbi receipts and payment in 2015 reached 12.1 trillion yuan ($1.83 trillion), accounting for 28.7% of the total volume of cross-border receipts and payments.
China has aggressively promoted global use of the renminbi, as the world's largest trading nation looks to lower transaction costs in international trade, which currently is mostly settled in US dollars.
PBOC declared that by the end of 2015, yuan had become the third most-used currency in cross-border trade and financing. It took fifth place among all currencies for use in international payments and foreign exchange trading. And the currency looks set to take up a greater share of global reserve currency assets.
Rani Jarkas, Chairman of Cedrus Investments, an investment pioneer with years of financial experience in Asia, said, “I believe that yuan will become a major currency and one of the most important in cross-border current account trading, and overseas investors will enjoy wider access to yuan-denominated investment and financing products.”
The first free trade zone in Shanghai was founded in September 2013, followed by the establishment of three new pilot zones last year, namely Tianjin Municipality, Fujian Province and Guangdong Province.
The four pilot free trade zones are now spearheading structural reforms to make it easier to start businesses and grant foreign firms more access, temporarily allowing foreign investors to found wholly-owned enterprises in a number of fields, including iron and steel production and gas station operations, according to the State Council early this week.
More than 20 of the total 51 adjustments involve changes from administrative approval to managerial registration for foreign investment. Also, the wholly foreign owned enterprises are not just limited to service sector but expanding to other sectors, ranging from agriculture to transportation.
In particular, international investors in the Shanghai free trade zone can participate in spot trading of commodities ranging from iron ore and non-ferrous metals to cotton. Zone authorities are expected to allow Chinese households to invest in offshore capital markets in the near future.
Rani Jarkas, Chairman of Cedrus Investments, an investment pioneer with years of financial experience in Asia, said, “Loosened controls on capital and widened access have led to a surge in cross-border transactions in these zones. We expect to see a continuous boom as the reform further develops.”
Rani Jarkas is a highly experienced financial services executive, with over 20 years of international banking experience.