Asean Morning News For July 10

Asean Morning News For July 10
Estimated Reading Time: 9 minutes |

Asean morning newsAsean Morning News

Compiled by Stella-maris Ewudolu    @stmarisewudolu

 

Beijing now calls the shots in the South China Sea, and the US and Asean must accept this for lasting peace
The contest for the perceptual domination of the South China Sea, for the Asean claimants and thereby Southeast Asia, is over. China has won. There is little its regional opponents can do now. How did this come about and what are the options for dealing with it?
— South China Morning Post

Vietnamese say Hague verdict should be noted in South China Sea conduct code
ASEAN should include the Permanent Court of Arbitration (PCA)’s verdict on the South China Sea and international law in the code of conduct being drawn up for the contentious maritime region, Vietnamese scholars and officials said.
— The Nation

Countering China’s push: Bridging the gaps in Asean trade grouping
There are bridges on a 500-km road link from Moreh in India to Mandalay in Myanmar which cannot hold the weight of even a pickup truck. These structures are among the bridges that need to be rebuilt for inter-country coordination around the ambitious India-Myanmar-Thailand (IMT) connectivity project, in the works since 2015. It is one of the clutch of 50-odd projects India and the Association of Southeast Asian Nations (Asean) have lined up to deepen connectivity, in the past two decades.
— Business Standard

Southeast Asia’s Growing Energy Needs
Southeast Asia is a rapidly developing region of ten countries, consisting of Brunei, Cambodia, Malaysia, Indonesia, Philippines, Vietnam, Singapore, Lao PDR, Thailand and Myanmar. These ten countries are in a regional grouping called the Association of Southeast Asian Nations (ASEAN). According to the ASEAN Centre for Energy (ACE), population will increase to 715 million by 2025 while economic growth is expected to grow on an average of 5% annually.
— Clean Technica

ASEAN Workshop boosts Lao PDR’s e-commerce sector
The ASEAN-Korea Centre held a workshop in Vientiane to boost Laos’ e-commerce sector on July 5.
— Korea Times

Add Ventures has ambitious local investment plans 
ADD VENTURES, an investment arm of the Siam Cement Group (SCG), aims to be the leading corporate venture capital (CVC) firm in Southeast Asia region.
— The Nation

Myanmar aims to become Asian maritime hub
As Asean countries prioritise on improving connectivity within and beyond the region, Myanmar has planned to take advantage of its strategic location between the two mostpopulated nations – China and India – to become a hub of maritime trade in Asia, transport authorities say.
— The Nation

With an eye firmly on China, India to invite all ASEAN heads to R-Day parade
Amid a standoff between the Indian and Chinese troops at the border, the NDA government is planning to invite all ASEAN heads to the 69th Republic Day parade next year.
— Zee News

 

Cambodia morning newsCambodia Morning News

Compiled by Leakhena Khat    @leakhenakhat

 

Tax Department Delays VAT on Microfinance Institutions
The Finance Ministry’s general department of taxation will delay implementing a new provision meant to clarify financial services for which the value-added tax (VAT) is required, after microfinance institutions voiced concerns about the burden it would entail.
— The Cambodia Daily (paywall)

Cambodian temple site gets UNESCO world heritage status
The U.N. cultural organisation added an ancient temple site in Cambodia to its world heritage list, the government said on Sunday (Jul 9), bringing the number of heritage sites in the Southeast Asian country to three.
— Channel NewsAsia

ISP licences pulled by telecom regulator over inactivity
The Kingdom’s telecom regulator has revoked the licences of three internet service providers (ISPs) after finding that the companies were no longer operating.
— 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

 

Marketplace for used automobiles Droom to invest upto $10m in acquisitions, plans Indonesia expansion
After closing its $20 million Series C round of funding last week, Droom, an online marketplace for used automobiles, plans to announce a few acquisitions by the end of this year, founder Sandeep Aggarwal said in an interaction with DEALSTREETASIA.
— Deal Street Asia

Stop crackdown on illegal migrant workers: Indonesia
Indonesia will ask Malaysia to stop its crackdown on illegal migrant workers and extend its rehiring programme.
— The Sun Daily

DBS Indonesia’s net profit surges 75% in Q1
PT Bank DBS Indonesia, a subsidiary of Singapore-based DBS Bank, has reported a 75 percent year-on-year (yoy) increase in its net profit during the first quarter of 2017 to Rp 263 billion.
— The Jakarta Post

See here for more of today’s Indonesia Morning News 

 

Lao PDR morning newsLao PDR Morning News

Compiled by Cara Navarro    @cara_nav

 

Bilateral Trade Volume of Laos and China Reaches Over US$2.3 Billion
The bilateral trade volume between Laos and China in 2016 reached more than US$2.34 billion, an official from the Ministry of Industry and Commerce has disclosed.
– Lao News Agency

New road to integrate southern provinces with region
Champassak officials officially launched the 16W Road contruction and enlargement project on Saturday that will help link Laos with the region.
– Vientiane Times

Nam Ngam Public Park Becomes Xiengkhuang’s New Face
The newly-built Nam Ngam public park has become the new face of Xiengkhuang province, and is expected to be a new centre point for domestic and foreign tourists.
– Lao News Agency

See here for more of today’s Lao Morning News 

 

Malaysia morning news

Malaysia Morning News

Compiled by Leakhena Khat    @leakhenakhat

 

Steel sector to see healthy push from upcoming projects
Malaysia’s steel sector has been viewed positively by analysts as the industry is expected to see a healthy boost in demand from upcoming infrastructural projects such as the MRT2, Pan Borneo Highway, SUKE Highway, and other major projects.
 The Borneo Post 

Malaysian business sentiments remain optimistic in Q3 2017
Business confidence in Malaysia has remained marginally optimistic for Q3 2017, according to Dun & Bradstreet (D&B) Malaysia’s Business Optimism Index (BOI).
 The Edge Markets 

Robust Growth In May Exports
MALAYSIA’S exports grew 32.5 per cent in May, significantly above expectations and the highest for a month in seven years.
 Malaysian Digest 

See here for more of today’s Malaysia Morning News 

 

Myanmar morning newsMyanmar Morning News

Compiled by Cara Navarro     @cara_nav

 

Government sets 7 percent as GDP growth target
The government has set the growth target at 7 percent for the country’s economy in this fiscal year, according to the National Plan legislation for the financial year 2017-18.
– The Myanmar Times

Jobs being planned for workers returning home
The government is planning to create jobs for migrant workers who have returned from Thailand due to the new strict labour laws introduced in the kingdom, said Union Minister for Labour, Immigration and Population U Thein Swe.
– The Myanmar Times

Myanmar aims to become Asian maritime hub
As Asean countries prioritise on improving connectivity within and beyond the region, Myanmar has planned to take advantage of its strategic location between the two mostpopulated nations – China and India – to become a hub of maritime trade in Asia, transport authorities say.
– The Nation

See here for more of today’s Myanmar Morning News 

 

Philippines morning newsPhilippines Morning News

Compiled by Stella-maris Ewudolu    @stmarisewudolu

 

Gov’t borrowings up 67% in Jan-May
Government borrowings jumped 67 percent to P453 billion in the first five months from a year ago, data from the Bureau of the Treasury (BTr) showed.
— The Philippine Star

Dollar reserves lower by $764M in June–BSP
The so-called foreign-currency operations of the Bangko Sentral ng Pilipinas (BSP), essentially when the Central Bank itself plays the foreign-exchange market to manage the exchange rate, helped diminished the country’s dollar reserves in June by some $700 million.
— Business Mirror

Factory output likely up 7.8% in May
PHILIPPINE manufacturing output likely rose 7.8 percent in May, accelerating from a 5.9 percent increase in April, Moody’s Analytics said in an estimate ahead of the release of official data next week.
— The Manila Times

See here for more of today’s Philippines Morning News 

 

 

Singapore morning newsSingapore Morning News

Compiled by Leakhena Khat    @leakhenakhat

 

GIC sees steady long-term returns amid cautious portfolio stance
Singapore sovereign wealth fund GIC has delivered steady long-term returns despite maintaining a cautious investment stance in an environment of high uncertainty and low expected returns, it said on Monday (Jul 10).
— Channel NewsAsia 

Exclusive: BuzzCommerce raising $1m to make private label products
Singapore-based BuzzCommerce, a cross-border beauty e-commerce startup, is raising at least $1 million in its latest funding round to create its own cosmetics and supplement products to serve demand in China and Japan.
— DealStreetAsia 

StarHub bets on more data sales as mobile space gets squeezed
StarHub Ltd, facing the biggest shake up in Singapore’s phone industry since it started almost two decades ago, is seeking growth beyond the consumer market. Its strategy: providing more data analytics to corporate clients.
— The Business Times 

See here for more of today’s Singapore Morning News 

 

Thailand morning newsThailand Morning News

Compiled by John Le Fevre    @photo_journ

 

AOT prepared for ICAO Security Audit
The Airports of Thailand (AOT) is getting prepared for Security Audit by the International Civil Aviation Organization (ICAO).
— NBT World (video)

Defence budget on steady rise in past three years
Ever since the military government was installed by the junta three years ago, the annual budget for the Ministry of Defence has steadily increased from 190 billion baht in 2015 fiscal year to 206,000 billion baht in 2016, 213 billion baht in 2017 and 222 billion baht in 2018.
— Thai PBS

Warning on illegal brokers
COMPANIES that use illegal brokers to bring migrants to work in Thailand face the risk of being accused of human trafficking, the Labour Ministry warned yesterday, as thousands of migrants continued to flee home amid to widespread fear about the tough new labour law.
— The Nation

See here for more of today’s Thailand Morning News

 

Vietnam morning newsVietnam Morning News

Compiled by Cara Navarro    @cara_nav
 

VN joins Inclusive Framework to fight tax avoidance
Viet Nam has become the 100th member to join the Inclusive Framework (IF) on Base Erosion and Profit Shifting (BEPS), the General Department of Taxation announced.
– Viet Nam News Bizhub

Foreign banks on trend to exit Vietnam
Several foreign banks have exited Vietnam or narrowed operations in the Southeast Asian country, against early expectations that they would soon eat into the market shares of local lenders.
– Tuoi Tre News

MoIT plans out transition to bio-fuel
The Ministry of Industry and Trade on Thursday worked with petrol wholesalers on the roadmap to replace RON 92 petrol with E5 bio-fuel from 2018.
– Viet Nam News Bizhub

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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