Asean Morning News For July 25

Asean Morning News For July 25

Asean morning newsAsean Morning News

Compiled by Stella-maris Ewudolu    @stmarisewudolu

 

Southeast Asia’s Grab to Get $2.5b Extra Firepower in Battle With Uber
Southeast Asian ride-hailing service Grab expects to raise $2.5 billion in a record round of fundraising to cement its lead over Uber Technolgies in the region and grow its payments platform.
— Jakarta Globe

RCEP trade panel head confident of closing talks in 2018
The 16-nation Regional Comprehensive Economic Partnership (RCEP) today expressed confidence about concluding discussions on a trade agreement next year provided a consensus is reached on some contentious issues.
— Business Standard

China says it wants to ‘maintain stability’ in disputed South China Sea
Chinese Foreign Minister Wang Yi said on Monday Beijing wanted to maintain stability in the South China Sea as it seeks alliances in the region amid tensions in the disputed waters.
— Reuters

IMF raises growth forecasts for world, ASEAN
The International Monetary Fund, has raised the ASEAN-5, which includes the Philippines, economic growth target this year to 5.1 percent from an earlier estimate of 5 percent, along with the upward revision of its growth forecast for the world economy to hit 3.5 percent from 3.4 percent.
— Manila Bulletin

ASEAN Deploys Terror Aid to Philippines Amid Marawi Crisis
Last week, the Association of Southeast Asian Nations (ASEAN) joined growing list of actors offering various forms of assistance to the Philippine government as it confronts Islamic State-linked militants in the southern city of Marawi. The move marked just the latest foray by the regional grouping to play a role in ongoing humanitarian crises in the region.
— The Diplomat

PH car industry grows fastest in ASEAN
The Philippines posted the highest growth among ASEAN countries in production and sales of both four and two-wheeled vehicles in the first five months of the year, as it outperformed the region’s biggest motor vehicle producing countries and markets.
— Manila Bulletin

An integrated banking framework of the future: Can ASEAN avoid Europe’s mistakes?
As ASEAN works towards its ASEAN Banking Integration Framework goal, it is at risk of walking straight into the same traps as the EU did.
— Asean Today

Nontariff measures hinder AEC realization, ADB economists say
Despite making headway in bringing down tariffs, the region continues to struggle in realizing the Asean Economic Community (AEC) due to nontariff barriers (NTBs), according to the Asian Development Bank (ADB).
— Business Mirror

ASEAN’s ICT masterplan takes the spotlight in Legazpi forum
Information and Communications Technology (ICT) Secretary Rodolfo A. Salalima was set to spell out the Philippines’ commitment to the Association of Southeast Asian Nations (ASEAN) in the aspect of telecommunications when he visited Legazpi City last July 12 where he was to deliver the keynote address in the Forum on ASEAN ICT Masterplan (AIM).
— Philippine Information Agency

Asean must walk the climate talk
Next month, the Association of Southeast Asian Nations (Asean) is going to have the big party it deserves. The golden jubilee celebration will pay tribute to the remarkable journey of a small regional…
— Bangkok Post

Norway, ASEAN deepen partnership
Norway commits to enhancing and deepening cooperation with the Association of Southeast Asian Nations (ASEAN) as well as its member countries.
— Vietnam Plus

Uber’s ride gets bumpier as SoftBank helps rivals raise $9b
Uber Technologies Inc. is at risk of losing out on another big chunk of the global market.
— Deal Street Asia

Demand for SE Asia PME to grow when EU biodiesel ADDs end
Southeast Asia’s major palm methyl ester (PME) producers expect a boost in demand, with the possible end to the EU’s anti-dumping duties (ADDs) on biodiesel imports from Indonesia in the near term.
— ICIS

 

Cambodia morning newsCambodia Morning News

Compiled by Leakhena Khat    @leakhenakhat

 

US dollar used to curb inflation
Cambodia’s central bank purchased a total of $479.4 million worth of cash during the first half of this year to convert to riel, utilising one of the few tools the National Bank of Cambodia (NBC) has to stabilise the value of the local currency and inject it into circulation, according to the regulator’s latest report.
The Phnom Penh Post

First ‘Islamic’ MFI Eyes Opening by End of Year
The country’s first microfinance institution (MFI) professing to follow Islamic law may begin offering services in Cambodia by the end of the year, officials said on Monday, using fees in place of interest rates and new terms of collateral.
The Cambodia Daily (paywall)

Wave of Sihanoukville visitors grows
Tourist arrivals to the premiere beach destination in Preah Sihanouk province have increased by nearly 15 percent during the first half of this year reaching 1.2 million visitors, showing that government efforts to make it the next big destination are starting to pay dividends, according to the latest figures from the Tourism Department.
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

 

Alibaba in talks to pick up stake in Indonesia’s e-commerce major PT Tokopedia
China’s e-commerce giant Alibaba Group Holding Ltd is in talks to make a significant investment in one of Indonesia’s largest online retailers, PT Tokopedia, according to three people aware of the development.
— Deal Street Asia

Mitsubishi Set to Manufacture 80,000 New Variant of Small MPV Cars per Year
Mitsubishi Motors Krama Yudha Indonesia (MMKI), the brand holder for Mitsubishi in Indonesia, targets manufacturing 80,000 units of the latest variant of Mitsubishi’s small MPV per year at its new factory in Cikarang, West Java.
— Netral News

1.2 million drug abusers live in Jakarta
Jakarta is home to the highest number of drug abusers of any city in the country, an official has said.
— 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

 

Vietnam, Laos work closely to promote trade
Since Vietnam and Laos set up diplomatic relations in 1962, the relationship between the two countries has flourished thanks to efforts from both sides to make ties deeper and more effective, especially in economy, trade and investment.
VietnamPlus

Luang Namtha eyes cultural tourism opportunities
Cultural tourism in Luang Namtha province is set to get a boost via an initiative between the Luangpaseuth Corporation Co., Ltd (LCC) and the Asian Development Bank (ADB).
Vientiane Times

Prospective scholars sit national university exams
Some 18,159 students including 8,782 women are sitting entrance exams for the opportunity to study in some 13 faculties of National University of Laos (NUoL) in 2017-18.
Vientiane Times

See here for more of today’s Lao Morning News 

 

Malaysia morning newsMalaysia Morning News

Compiled by Leakhena Khat    @leakhenakhat

 

Malaysian start-up Grab out to secure RM10.7bil investment
Grab, a local start-up that has amassed a dominant market share of the ride-hailing market in South-East Asia, is expanding into financial services with the latest round of fundings.
The Star Online 

IMF upgrades outlook for Malaysian economy
The International Monetary Fund (IMF) has revised its forecast on Malaysia’s economic growth to 4.8% for 2017 based on favourable economic data so far this year.
The Sun Daily 

Malaysia’s Lead in Shariah Funds
Stimulated by government initiatives, Malaysia remains a frontrunner in Southeast Asia’s Shariah fund market, with $24 billion in Islamic mutual fund assets under management (AUM) for the year ending May 2017.
finews asia 

See here for more of today’s Malaysia Morning News 

 

Myanmar morning newsMyanmar Morning News

Compiled by Cara Navarro     @cara_nav

 

Myanmar raises the bar
The country is opening up its economy to foreign investors.
The Myanmar Times

Trade volume rises to US$8.87 billion
The country’s total trade volume reached US$8.87 billion by July 14, up by US$1.32 billion from the same period of last year, according to the Commerce Ministry.
Eleven Myanmar

‘Mini grids’ coming to light up rural Myanmar
With the nationwide power supply network far from reaching small localities across Myanmar, projects to set up “mini grids” for villages are gaining traction.
Nikkei Asian Review (paywall)

See here for more of today’s Myanmar Morning News 

 

Philippines morning newsPhilippines Morning News

Compiled by Stella-maris Ewudolu    @stmarisewudolu

 

MPIC mulls P20-B Cavitex-Port Area expressway
The tollway arm of Metro Pacific Investments Corp. (MPIC) is planning to propose a P20-billion expressway project to connect the Manila-Cavite Toll Expressway (Cavitex) to the Port Area.
— The Philippine Star

DOT: Revenues hit P220 B in first year
Tourism revenue rose to P220.30 billion during the first year of the Duterte administration, the Department of Tourism (DOT) announced yesterday.
— The Philippine Star

Tax reform package 1 to be implemented before year end
PACKAGE 1 of the Tax Reform and Acceleration and Inclusion of Department of Finance (DOF) is to be implemented by the third or fourth quarter of 2017.
— Sun Star

See here for more of today’s Philippines Morning News 

 

 

Singapore morning newsSingapore Morning News

Compiled by Leakhena Khat    @leakhenakhat

 

Headline inflation up first time in 2 years for middle, highest income
HEADLINE inflation for the middle- and highest-income households has risen for the first time in two years, but has been in a sustained decline since the first half of 2015 for the lowest 20 per cent of households by income group.
The Business Times 

SoftBank and Didi hand US$2 billion to Grab, making it SEA’s most valuable startup
GRAB raised US$2 billion from Didi Chuxing and SoftBank Group Corp in the largest-ever venture fund-raising in South-east Asia, as it joins forces with the Chinese company that drove Uber Technologies out of China.
The Business Times 

Singapore must strengthen trust between different faiths amid terror threat: PM Lee
Racial and religious conflicts abroad can affect the perceptions and attitudes of people in Singapore, Prime Minister Lee Hsien Loong warned on Monday (Jul 24), calling on community and religious leaders to continue their efforts in strengthening trust between the different faiths.
Channel NewsAsia

See here for more of today’s Singapore Morning News 

 

Thailand morning newsThailand Morning News

Compiled by John Le Fevre    @photo_journ

 

Thailand freezes former PM Yingluck’s bank accounts in rice subsidy case
Thailand’s justice ministry froze some of former Prime Minister Yingluck Shinawatra’s bank accounts, the ministry and her legal team said on Monday, in relation to a $1 billion fine imposed by the ruling junta over her administration’s rice-subsidy program.
— Reuters

Thailand seizes $21 million in assets from dead founder of dark net marketplace AlphaBay
Thai police have seized nearly $21 million worth of assets, from cars to cryptocurrency, belonging to the late founder of dark web marketplace AlphaBay, who died in a Bangkok jail this month, they said on Monday.
— Reuters

PACC: Paddy storage graft ‘cost B90 billion’
Fraud in paddy storage for the rice-pledging scheme in the lower North has caused more than 90 billion baht in damages, says the Public Sector Anti-Corruption Commission (PACC).
— Bangkok Post

See here for more of today’s Thailand Morning News

 

Vietnam morning newsVietnam Morning News

Compiled by Cara Navarro    @cara_nav

 

Government targets 6.4-6.8% growth in 2018
The Ministry of Planning and Investment is targeting an economic growth rate of 6.4 per cent to 6.8 per cent for Viet Nam in 2018, according to a document sent to ministries and local authorities with guidelines to develop the socio-economic plan for 2018.
Viet Nam News Bizhub

IMF: Vietnam’s dynamic economy continues to do well
“Strong manufacturing and FDI, an improving construction sector, and robust domestic demand continue to underpin activity [in Vietnam],” Mr. Ranil Salgado, Assistant Director, Asia and Pacific Department at the International Monetary Fund (IMF), told the recent launch of its World Economic Outlook (WEO) Update in Kuala Lumpur, Malaysia.
Vietnam EconomicTimes

Green tax hike on petrol
The Ministry of Finance (MoF) is going ahead with its plan to increase environmental protection tax on petroleum from the current VND1,000-4,000 to VND3,000-8,000 per litre, despite objections from other ministries and the public.
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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