Edition Thursday, August 23, 2018 | International Bali Post

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I N T E R N A T I O N A L

16 Pages Number 175 10th year

I N T E R N A T I O N A L

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Thursday, August 23, 2018

‘Crazy Rich Asians’ author wanted in Singapore over national service SINGAPORE - The author of “Crazy Rich Asians”, which has been adapted into a hit Hollywood movie, is wanted in his native Singapore for allegedly dodging mandatory national service, authorities said Wednesday. Kevin Kwan, who has lived in the US since he was 11 but is still a Singapore citizen, faces up to three years in jail and a hefty fine if convicted, the city-state’s defence ministry said. The movie adaption of his bestseller, which focuses on the glamorous world of Singapore’s super-rich, was released in the United States last week and has been hailed as a watershed for Hollywood diversity due to its mostly Asian cast. The film had its Singapore premiere Tuesday, with some of its stars gracing the red carpet and hundreds of fans turning out -- but Kwan was conspicuous by his absence, Singapore’s Straits Times newspaper reported. And in a twist worthy of a Hollywood thriller, Singapore’s defence ministry revealed in a statement that Kwan “failed to register for National Service in 1990, despite notices and letters sent to his overseas address. “He also stayed overseas without a valid exit permit.” The Singapore-American author had committed offences under the enlistment act and faces a fine of up to Sg$10,000 ($7,300) and a prison term of up to three years if convicted, the ministry said. Male Singapore citizens are required to undergo two years of national service upon turning 18. They can either serve in the military, the police or the civil defence force. The defence ministry said Kwan sought to renounce his Singapore citizenship in 1994, but his application and a subsequent appeal were rejected due to his failure to

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Thursday, August 23, 2018

Italian actress Asia Argento speaks on stage on May 19, 2018 during the closing ceremony of the 71st edition of the Cannes Film Festival in Cannes, southern France.

complete national service. “Crazy Rich Asians”, the first Hollywood film for a generation to have a majority-Asian cast, tells the tale of an Asian-American woman who is plunged into the world of Singapore’s wealthy elite after travelling to the city with her boyfriend. (afp)

Actress Asia Argento denies sexual relationship with underage teen

Alberto PIZZOLI / AFP

ROME - talian actress and sexual abuse campaigner Asia Argento denied Tuesday having had a sexual relationship five years ago with an underage teen, calling the allegations part of “a long-standing persecution”.

Astrid Stawiarz/Getty Images for SiriusXM/AFP

Author Kevin Kwan

The New York Times reported on Sunday that Argento, 42, a Harvey Weinstein accuser and leading figure in the #MeToo movement, had paid actor and rock musician Jimmy Bennett $380,000 over the alleged 2013 incident at a Los Angeles hotel. Bennett was two months past his 17th birthday at the time of the alleged encounter, while Argento was 37. The legal age of consent in California is 18. In a statement Argento said her late boyfriend, celebrity chef Anthony Bourdain who committed suicide in June, gave money to Bennett upon the condition that “we would no longer suffer any

further intrusions in our life,” “I strongly deny and oppose the contents of the New York Times article... as circulated also in national and international news,” a statement issued by her agent said. “I am deeply shocked and hurt by having read news that is absolutely false. I have never had any sexual relationship with Bennett,” it goes on. Argento says that she was linked to Bennett “during several years by friendship only”. - ‘Long-standing persecution’ The pair had acted together in the 2004 film “The Heart Is Deceitful Above All Things”, in which

Argento plays Bennett’s troubled mother. Argento said the friendship “ended when, subsequent to my exposure in the Weinstein case, Bennett -- who was then undergoing severe economic problems and had previously undertaken legal actions against his own family requesting millions in damages -unexpectedly made an exorbitant request of money from me.” Addressing the issue of the payment of money to Bennett, Argento explained that Bourdain “was afraid of the possible negative publicity that such a person, whom he considered dangerous, could have brought upon us”. (afp)

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Mauro PIMENTEL / AFP

Venezuelan women walk back to their country after a day selling soft drinks and snacks in the Brazilian border in the city of Pacaraima, in Roraima State, on August 21, 2018. Desperate Venezuelans fleeing the country’s crisis continue to cross the Brazilian border, despite the violent anti-migrant riot that took place last week in the border town of Pacaraima.

Hyperinflation: spiralling prices and poverty

Venezuela today, Zimbabwe a decade ago, before that the rump Yugoslavia, Hungary and Germany. An explanation of hyperinflation where prices soar, banknotes get more zeros, and poverty and hunger spread. How does inflation start soaring? “By cranking up the banknote printing presses,” said Nicolas Veron, an economist at the European think tank Bruegel. If printing money is the trigger for hyperinflation, the real problem is a hole in public finances. “When a government doesn’t have money, it is very difficult to resist the temptation to start rolling

the presses,” said Veron. In extreme situations, such as conflicts and regime changes, the temptation is even greater. Hyperinflation is generally considered to exist when prices rise by more than 50 percent in one month. In Venezuela, inflation is expected to hit 1,000,000 percent by the end of the year. In Zimbabwe, the government was forced to introduce a 100-tril-

lion-dollar note -- though it could barely buy a loaf of bread. However the worst hyperinflation was in Hungary in 1946 when prices doubled every 15 hours, according to the Cato Institute. What are the consequences? If the rapid creation of money is the cause of hyperinflation, the effect is a collapse of economic

activity along with shortages of goods and hunger. Venezuela is a typical case, according to economist Philippe Waechter at asset manager Ostrum. The authorities have printed tonnes of money and economic output plunged 40 percent between 2015 and 2017. “You have plenty of cash, but nothing to buy, and as the money is plunging in value you can’t import anything,” he said. The rapid deterioration of the value of the currency means that

people don’t want to accept it. Hyperinflation quickly leads to goods disappearing from shops, with governments having to introduce rationing. Hunger spreads. Continued to page 6

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