Asean Morning News For August 7

Asean Morning News For August 7

Asean morning newsAsean Morning News

Compiled by Stella-maris Ewudolu    @stmarisewudolu

 

China proposes three-step vision for COC consultation: FM
China has proposed a three-step vision to step up consultations on the Code of Conduct (COC) in the South China Sea, Chinese Foreign Minister Wang Yi said Sunday after he and his counterparts from ASEAN nations approved the framework of the COC.
— Ecns.cn

Disputed claims in the South China Sea slow oil and gas exploration
The drillship Deepsea Metro I, drilling an exploration well there for a partnership of state firm Petrovietnam, Spain’s Repsol, and Abu Dhabi’s Mubadala, found oil and gas there last month, and intended to keep going deeper. But the drillship had sailed into another storm: China claims this area, too, and threatened military action if the drilling went on.
— The National

Asean to give infrastructure a big push
ASEAN governments are set to speed up implementation of large infrastructure projects by taking advantage of the fast growth in the region and the ample liquidity in the global financial market.
— The Nation

In SE Asia, ‘middleweights’ matter
COMPANIES, including Filipino exporters and suppliers, should go beyond mega-cities and tap “middleweight” cities and regions in the Association of Southeast Asian Nations (Asean), as they hold the biggest consumer market potentials, a new Nielsen study shows.
— Sun Star

PH supports nuclear-free Southeast Asia
The Philippines expressed its full support for the full implementation of the Southeast Asian Nuclear-Weapon-Free Zone (SEANWFZ) Treaty, consistent with the region’s goal of preserving the region as a Nuclear Weapon-Free Zone and ensuring the safety of the peoples of ASEAN.
— Manila Bulletin

Fifty Years On, Southeast Asia Emerges as Global Growth Leader
The Association of Southeast Asian Nations has much to crow about as it marks its 50th anniversary: economic and social progress, a manufacturing powerhouse and relative political stability.
— Bloomberg Quint

Canada backs ASEAN vs terrorism
Canada’s foreign minister on Sunday assured Southeast Asia of its support against violent extremism, saying none of them was immune to the threat.
— ABS-CBN

LinkedIn brings Lite app to SE Asia
GLOBAL professional online network LinkedIn expanded its mobile app service LinkedIn Lite to countries in Southeast Asia including the Philippines that have slow network access.
— The Manila Online

3,000 Thai, Malaysian, Singaporean bikers join in OK BETONG BIKE WEEK
Bikers from Thailand, Malaysia, and Singapore have joined together in the OK BETONG BIKE WEEK to promote tourism and boost the economy in the southern border provinces.
— Pattaya Mail

Turkey becomes sectoral dialogue partner of ASEAN
Turkey has become a sectoral dialogue partner for Association of Southeast Asian Nations (ASEAN), the country’s foreign minister said Sunday.
— Anadolu Agency

 

Cambodia morning newsCambodia Morning News

Compiled by Sreypov Men    @MenSreypov

 

Website Launched to Provide New Resource for Unregistered SMEs
Only 1 in 10 small businesses are properly registered in Cambodia due to unclear information about what’s required of them, Industry Minister Cham Prasidh said last week at the opening of the “Business Information Center,” a website outlining requirements for new businesses.
— The Cambodia Daily (paywall)

Cambodia Daily slapped with huge tax bill
Government-aligned media outlet Fresh News has published a leaked letter from the Taxation Department to the Cambodia Daily claiming that it owes $6.3 million in back taxes, a disclosure accompanied by scathing anonymous “letters” attacking the English-language newspaper and prominent NGOs.
— The Phnom Penh Post

Demand for air cargo soars to new heights
Global demand for air freight rose by 10.4 percent during the first half of 2017, compared to the same period a year earlier, marking the strongest demand for air cargo since air freight’s rebound from the global financial crisis seven years ago in 2010, the International Air Transport Association (IATA) said in a press release yesterday.
— The Phnom Penh Post

See here for more of today’s Cambodia Morning News 

 

Indonesia morning newsIndonesia Morning News

Compiled by Stella-maris Ewudolu    @stmarisewudolu

 

Japan Tobacco to Buy Indonesian ‘Kretek’ Cigarette Firms for $677m
Japan Tobacco on Friday (04/08) said it has agreed to buy an Indonesian maker of “kretek” tobacco and clove cigarettes, together with its distributor, for $677 million, giving it a bigger footprint in the world’s second-largest tobacco market.
— Jakarta Globe

Indonesia, Russia to trade palm, coffee for Sukhoi jets
Indonesian state trading company PT Perusahaan Perdagangan Indonesia and Russian state conglomerate Rostec have signed a preliminary deal to trade Sukhoi SU-35 jets for commodities like palm oil and coffee, the Indonesian trade ministry said.
— Bangkok Post

Bank Indonesia signals another rate cut could be on the table
Indonesia’s central bank has signalled a return to the easing bias that dominated its rates agenda last year.
— The Business Times

See here for more of today’s Indonesia Morning News 

 

Lao PDR morning newsLao PDR Morning News

Compiled by Leakhena Khat    @leakhenakhat

 

China’s PLA Peace Train medical team completes Lao task
The People’s Liberation Army (PLA) Peace Train medical team on Sunday completed their task in Laos after 12 days of voluntary service in the Southeast Asian country.
Xinhua 

Laos, Vietnam to Enhance Labour Cooperation
Laos and Vietnam have signed an MoU to strengthen cooperation on labour and social welfare.
Lao News Agency

Cambodia-Laos-Vietnam NA Committees Strengthen Cooperation
The Committees for Foreign Affairs of the National Assemblies of Cambodia, Laos and Vietnam (CLV) have pledged to strengthen coordination to increase the role of the legislatures in implementing agreements and development initiatives signed by the three countries’ governments.
Lao News Agency 

See here for more of today’s Lao Morning News 

 

Malaysia morning newsMalaysia Morning News

Compiled by Leakhena Khat    @leakhenakhat

 

Malaysia maintains strong growth on govt measures
Malaysia has been able to sustain its strong economic growth over the years, driven by measures introduced by the government including the National Transformation Programme (NTP) which was launched in 2010.
The Borneo Post 

Capital market momentum in Malaysia to continue in second half
The capital market’s momentum seen so far is expected to continue in the second half of the year, says CIMB Investment Bank Bhd chief executive officer Datuk Kong Sooi Lin.
The Star Online 

Better corporate earnings seen in second quarter
The road to recovery was the theme during the earnings reporting season for the first quarter of this year (1Q17). As the 2Q17 earnings season gets underway, investors are moving on to the next theme — that of sustainable revenue and earnings growth.
The Edge Markets

See here for more of today’s Malaysia Morning News 

 

Myanmar morning newsMyanmar Morning News

Compiled by Sreypov Men    @MenSreypov

 

JFE Engineering using internships to attract talent
Every year, JFE Engineering accepts 20 or so interns from abroad. During the five-week program, the students learn about the company’s infrastructure and other businesses, the engineering industry as well as Japanese lifestyles and culture.
— Nikkei Asian Review

Three mining companies suspended after failing to pay
Three companies mining gold at Moehti Moemi in Yamethin township, Mandalay, had their mining rights suspended after failing to pay almost 200 viss (326 kilograms) of gold to the government by the deadline, said U Ohn Win, Union Minister of Natural Resources and Environmental Conservation.
— Myanmar Times

Chinese garment-sector dominance grows
According to the Association of Myanmar Garment Businesses, China has overtaken South Korea as the main investor in the clothing sector.
— Eleven Myanmar

See here for more of today’s Myanmar Morning News 

 

Philippines morning newsPhilippines Morning News

Compiled by Stella-maris Ewudolu    @stmarisewudolu

 

Consumer spending to boost GDP in H2
The expected increase in household and government consumption would help GDP grow by more than 7 percent in the second half of the year, according to the National Economic and Development Authority (Neda).
— Business Mirror

Duterte’s ‘Build, Build, Build’ plans hit Philippine peso
Philippine construction firm Teravera Corp is planning to raise a fourth dollar loan in a year, after borrowing around $2.5 million to buy dozens of excavators, road rollers and dump trucks from China, South Korea and Japan.
— The News International

First-half gov’t borrowing P505 billion
GOVERNMENT borrowing grew nearly 60% year on year after increased bond issues, pushing borrowing in the first half to over half a trillion pesos, according to the Treasury bureau.
— BusinessWorld Online

See here for more of today’s Philippines Morning News 

 

 

Singapore morning newsSingapore Morning News

Compiled by Leakhena Khat    @leakhenakhat

 

Halimah Yacob announces bid to be Singapore’s next President
Speaker of Parliament Halimah Yacob confirmed on Sunday (Aug 6) that she intends to contest the upcoming Presidential Election, which has been reserved for Malay candidates.
Channel NewsAsia 

Businesses still optimistic, but profits a concern for large, foreign firms
BUSINESS conditions in Singapore continued to improve in the second quarter of 2017, but the improvements were not as good as the previous quarter. Even though sales were marginally better, profits have weakened among large and foreign firms, while orders or new business remained largely unchanged.
The Business Times 

Fintech investments tripled in Singapore
GLOBAL investment in financial technology (fintech) firms more than doubled in the second quarter of the year, compared with the first quarter, to US$8.4bil (S$11.4bil) across 293 deals, KPMG said in a recent report.
The Star Online

See here for more of today’s Singapore Morning News 

 

Thailand morning newsThailand Morning News

Compiled by John Le Fevre    @photo_journ

 

Heavy rain wreck havoc in several southern provinces
Officials of Tarnbokekoranee national park in Krabi have declared Tarnbokekoranee waterfall off-limits to all visitors for their safety after upstream water level has risen sharply due to heavy rain.
— Thai PBS

Don Mueang queues due to ‘staff shortage’
Immigration Bureau Chief Nathathorn Prousoontorn admitted Sunday that a staff shortage was behind the hours-long wait for foreigners entering Thailand through Don Mueang International Airport on Saturday.
— Bangkok Post

Robotisation: Why You Will Lose Your Job to a Machine (video)
Robotisation is increasingly becoming the norm in today’s society and along with it increasing warnings of why you will lose your job to a machine.
— AEC News Today

See here for more of today’s Thailand Morning News

 

Vietnam morning newsVietnam Morning News

Compiled by Sreypov Men    @MenSreypov

 

Hyundai Engineering wins $320 mln order to build industrial plant in Vietnam
South Korea’s Hyundai Engineering said Sunday that it has won a US$320 million order to build facilities at a Vietnamese petrochemical complex.
— Yonhap News

3.3% of Vinamilk on sale in October
After failing to sell the full 9 per cent of the Vietnam Dairy Products JSC (Vinamilk) put up for sale late last year, the government is now putting 48.333 million shares, or 3.3 per cent of charter capital, up for sale in October.
— Vietnam Economic Times

Vincom Retail plans $600 million IPO
Vincom Retail, the Vietnamese mall operator under the property and retail conglomerate Vingroup JSC, plans to launch its initial public offering (IPO) this year, according to Bloomberg.
— VietnamNet Bridge

See here for more of today’s Vietnam Morning News 

Asean Morning News is the most comprehensive selection of reports on what you need to know from around the Asean Economic Community (AEC) published. All articles are hand curated by the team at AEC News Today. It is published M-F by AEC News Today: Governance, not government; policies not politics.

 

 

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