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Asean Morning News

Compiled by Stella-maris Ewudolu    @stmarisewudolu

UN Myanmar chief dismissed
The United Nations’ regional and humanitarian coordinator for Myanmar, Renata Lok-Dessallien, has been moved for allegedly failing to prioritise human rights.
— Asean Economist

ASEAN+3 economic growth estimated to slow to 5.2% in 2017
Analysts have forecast a decline in the economic growth of ASEAN, China, Japan and South Korea, known collectively as ASEAN+3, owing to global economic volatility.
– NBT World (video)

Barakah bags RM35m EPCC job at Asean Bintulu Fertiliser Plant
The consortium comprising Barakah Offshore Petroleum Bhd’s wholly-owned subsidiary, PBJV Group Sdn Bhd and Beumer Maschinenfabrik GmbH & Co KG, has been awarded a contract by Asean Bintulu Fertiliser Sdn Bhd (ABF) to provide engineering, procurement, construction and commissioning (EPCC) package for the Rejuvenation of Urea Ship Loading Facilities Project at Asean Bintulu Fertiliser Plant in Bintulu, Sarawak.
— The Edge Markets MY

zMessenger expands to 7 ASEAN countries with a Japanese Ad Veteran
zMessenger, multiple-award winning full service digital marketing agency in Sri Lanka, has entered into a partnership with Japanese Veteran Advertising Agency Network- Chuo Senko to expand its Digital Marketing Technology and Services into the ASEAN region. The agreement for this partnership was signed recently at the zMessenger’s Head Office in Colombo 02.
— Daily Mirror

GE opens Laos office, its 10th in Southeast Asia
Expanding its presence in Southeast Asia, General Electric recently opened an office in Laos, in the Vientiane Centre on the capital’s Khouvieng Road.
– The Nation

Worldwide: Growth In South East Asia Brings Ever-Changing Compliance Needs
It’s a region that’s changing, growing and speeding towards the next phase. And that environment forms the basis for discussions at this year’s Asian Legal Business (ALB) In-House Legal Summits.
— Mondaq News Alerts (registration)

Zacks Investment Research Upgrades Eisai Co., Ltd (ESALY) to “Buy”
Zacks Investment Research upgraded shares of Eisai Co., Ltd (NASDAQ:ESALY) from a hold rating to a buy rating in a report released on Tuesday, May 16th. The brokerage currently has $59.00 price target on the stock.
— Transcript Daily

M’sia to launch joint air patrols to curb Daesh threats: Hishammuddin
Malaysia will soon launch joint air patrols with Indonesia and the Philippines to curb the increasing threats by the Daesh militant group in the region, said Defence Minister Datuk Seri Hishammuddin Hussein.
— The Sun Daily

ASEAN essential for regional peace: FM
Southeast Asia has remained a relatively peaceful and stable region in uncertain times thanks to the ASEAN factor and its championing of dialogue, equality and rule of law, Indonesia’s top diplomat said on Tuesday.
— The Jakarta Post

Youth leaders address regional problems at AYS
The summit gave youth participants the opportunity to understand decision-making processes and diplomatic procedures involved in actual Asean meetings.
— Eleven Myanmar

Malaysia optimistic of signing PPAs with Laos and Thailand soon
Malaysia is optimistic of signing power purchase agreements (PPAs) with Laos and Thailand for the Asean Power Grid in September this year, in line with the move to strengthen energy supply.
— The Star Online

Astro fortifying intellectual property
Maintain outperform with an unchanged target price of RM3.22: Astro Malaysia Holdings Bhd and Kumpulan Media Karangkraf Sdn Bhd have agreed to set up a joint venture (JV) company to pursue co-creation of a comprehensive line-up of content intellectual property (IP) across Malay and Islamic verticals.
— The Edge Markets MY

Thaifex-World of Food Asia 2017 records all-time high attendance
The 14th edition of Thaifex-World of Food Asia was jointly organised by Koelnmesse Pte Ltd, the Department of International Trade Promotion (DITP), and the Thai Chamber of Commerce (TCC).
— Global Coffee Report (press release)

Cambodia Morning News

Compiled by Leakhena Khat    @leakhenakhat

Japanese aid organisation buys stake in Cambodian port
The Japan International Cooperation Agency (JICA) has acquired a 13.5% equity stake in the Port Authority of Sihanoukville (PAS), Cambodia.
— Container Management Magazine 

JC Cambodia starts KL-Phnom Penh flights at klia2
Malaysia Airports Holdings Bhd (MAHB) yesterday welcomed Cambodian airline JC International Airlines (JC Cambodia) at klia2 in Sepang.
— The Edge Markets 

Economists Assail Opposition Proposal to Ditch US Dollars
Economists on Tuesday lambasted the CNRP’s proposal to eliminate the use of U.S. dollars for transactions in the country within one year of a victory in next year’s national elections, saying the policy would be “a disaster” and “impossible.”
— The Cambodia Daily (paywall)

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Indonesia Morning News

Compiled by Stella-maris Ewudolu    @stmarisewudolu

Indonesia`s state revenues reach 33.4 percent of target as of May
Indonesias state revenues reached Rp584.9 trillion as of May 2017, accounting for 33.4 percent of the target of Rp1,748 trillion for this year, Finance Minister Sri Mulyani Indrawati said.
— Antara News

University of terror: The Jihadi school on Australia’s doorstep funded by Donald Trump’s friend Saudi Arabia
DONALD Trump’s best friend in the Middle East — Saudi Arabia — is promoting radical Islam via a university right on Australia’s doorstep.
— NEWS.com.au

Google reaches agreement with Indonesia in tax bill squabble
FOLLOWING a drawn-out dispute over Google Inc.’s insufficient tax payments, the Indonesian government and the technology giant have settled on a deal for the 2016 financial year, according to the Finance Minister Sri Mulyani Indrawati on Tuesday.
— Tech Wire Asia

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Lao PDR Morning News

Compiled by Cara Navarro   @cara_nav

Thoulakhom-Pakngum road heads out of the slow lane
Work is accelerating on the 47 km road upgrade from Nanokkhoum village in Thoulakhom district, Vientiane province, to Naxay village in Pakngum district in the capital following earlier delays, according to the contractor.
– Vientiane Times

Financial Officials Enrich Knowledge on SME Lending Risk Management
Fifty representatives from central and business banks, financial institutes, the Ministry of Industry and Commerce, and the Lao National Chamber of Commerce and Industry are upgrading their knowledge on risk management of small and medium enterprise lending.
– Lao News Agency

Borikhamxay eyes mega investment this year
Borikhamxay anticipates that the energy sector will be key to bolstering the value of investment in the province this year, which is estimated to be worth as much as 900 billion to 1.3 billion kip.
– Eleven Myanmar

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Malaysia Morning News

Compiled by Leakhena Khat    @leakhenakhat

Graft Scandal at Malaysia Palm Oil Giant Brings Risks for Najib

Prime Minister Najib Razak wrote a message on his website this month to the more than 100,000 ethnic Malay families working on government-sponsored farms: “As long as I am prime minister, your welfare is guaranteed.”
— Bloomberg 

Employers Reminded To Expedite E-Card Registration Or Risk Being Caned
Employers employing illegal foreign workers are reminded to expedite registering them under the E-Kad (Enforcement Card) programme by June 30 or risk facing caning punishment.
— Malaysian Digest 

Malaysian palm oil price hits 10-month low on stronger ringgit, rising output
Malaysian palm oil futures hit a 10-month low in the second half of trade on Tuesday on the back of a stronger ringgit, while expectations of rising output and weaker export growth also weighed on the market.
— The Star Online 

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Myanmar Morning News

Compiled by Cara Navarro   @cara_nav

EXIM Bank opens first office in Myanmar
The Export-Import Bank of Thailand (EXIM Bank) has opened its first overseas branch in Yangon, the capital of Myanmar.
– NNT

Myanmar needs foreign investment to increase export products
Myanmar will need foreign investment to increase exports of products made in special economic zones and industrial zones, said permanent secretary Toe Aung Myint from the Ministry of Commerce.
– Eleven Myanmar

China’s economic ascension: not a race to the bottom for Myanmar
China’s global economic footprint is projected to grow exponentially through its ‘Belt and Road’ initiative, to which China initially pledged US$124 billion, but may grow to US$900 billion according to the Financial Times.
– New Mandala

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Philippines Morning News

Compiled by Stella-maris Ewudolu    @stmarisewudolu

RoK to lend Philippines one billion USD to develop infrastructure
The Republic of Korea will provide a loan of one billion USD for the Philippines to develop infrastructure, according to Yonhap news agency.
— Vietnam plus

FDI up 17% in Q1
The net inflow of foreign direct investments (FDI) into the Philippines rose 17 percent to $1.56 billion in the first quarter from $1.34 billion in the same period last year as the country continues to enjoy strong macroeconomic fundamentals, according to the Bangko Sentral ng Pilipinas (BSP).
— The Philippines Star

San Miguel to build P1-T new petrochem plant
SAN Miguel Corp. (SMC) on Tuesday bared plans to build a new petrochemical refinery in the Philippines worth P1 trillion, with construction to possibly start in the next six months, SMC President and Chief Operating Officer (COO) Ramon Ang said.
— The Manila Times

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Singapore Morning News

Compiled by Leakhena Khat    @leakhenakhat

Singapore, Americas Shake on Blockchain in FinTech Pact
Singapore’s central bank and the Association of Supervisors of Banks of the Americas (ASBA) are coming together to strengthen FinTech ties between Singapore and the Americas.
— Cryptocoins News 

Singapore Is Beating Hong Kong As Asia’s Best Place To Do Business
You expect rivalry between Hong Kong and Singapore. Both are well-off former British colonies in Asia with clean governments and a free-port approach to foreign investment – on which they heavily depend for economic development. Both have a city-like in geographic reach and populations between five and eight million.
— Forbes 

E-commerce enabler Shopmatic raises $5.7M from Singapore-based investors 
Singapore-based technology company Shopmatic has raised $5.7 million in Series AA funding led by ACP Pte Ltd, a technology-focused venture capital firm, and SPRING SEEDS Capital, the investment subsidiary of SPRING Singapore, an agency under the Ministry of Trade and Industry. Sameer Narula, Managing Partner, ACP, will be joining Shopmatic’s board of directors.
— Your Story 

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Thailand Morning News

Compiled by John Le Fevre    @photo_journ

Thailand vows to force through China railway
Thailand’s Prime Minister Prayut Chan-O-Cha on Tuesday (Jun 13) said he would invoke his ‘absolute powers’ to clear hurdles holding up a multi-billion-dollar deal with China to build a high-speed railway.
– Channel NewsAsia

Chonburi urgently develops itself for EEC
Chonburi province is pushing for the development of the Eastern Economic Corridor (EEC) by expediting transportation infrastructure projects and future city development.
– Pattaya Mail

965 URLs shut down in one and a half months
The National Broadcasting and Telecommunications Commission has closed down 965 URLs with illegal contents during May 1-June 12.
– Thai PBS

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Vietnam Morning News

Compiled by Cara Navarro   @cara_nav

Ba Ria–Vung Tau to build $4.39bn thermal power plant
The General Electric Corporation 3 under Viet Nam Electric Group plans to invest in building Long Son thermal power plant with a total capital of US$4.39 billion in southern Ba Ria–Vung Tau Province.
– Viet Nam News Bizhub

Lower Taxes Proposed for Profitable SMEs in Vietnam
As per a new draft law on tax support for small and medium enterprises (SMEs), only profitable SMEs will be eligible for reduced taxes.
– Vietnam Briefing

Vietnam’s steel industry expected to grow 12-15 percent
According to the Vietnam Steel Association (VSA), in 2017, cast iron output is forecast to increase 80 percent to reach 4.5 million tonnes, while steel billets will jump 47.2 percent (11.5 million tonnes), finished steel products up 12 percent (20 million tonnes), cold rolled coils up 13 percent and steel pipes up 15 percent.
– Vietnam Times

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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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