Asean Morning News For June 22

Asean Morning News

Compiled by Stella-maris Ewudolu @stmarisewudolu

Philippines To Host Asean Youth Conference 2017
Pampanga, in Central Luzon the Philippines, is to host the inaugural Asean Youth Conference between November 10-13 as part of Asean’s 50th anniversary celebrations.
– AEC News Today

Balanced risks hold prospects stable
Available data suggests that the economy of the Association of Southeast Asian Nations (ASEAN) gained further steam in Q2, after growth picked up at the start of the year.
– Focus Economics

Cooperation urged to make Thailand a hub for seniors market in Asean
TO HELP set the government’s “Thailand 4.0” economic model in motion, the public and private sectors should work hand in hand to position the country as a hub of Asean’s growing seniors market, said Butsaya Prakorbthong, general manager of NCC Exhibition Organiser Co.
– The Nation

Asia’s financial safety net is a work in progress
In early May, the Asian Development Bank celebrated its 50th anniversary at its annual meeting in Yokohama, a port city south of Tokyo. Finance ministers and central bankers from the Association of Southeast Asian Nations, China, Japan and South Korea met on the sidelines of the event, but two men were conspicuously — and tellingly — absent: Chinese Finance Minister Xiao Jie and People’s Bank of China Deputy Gov. Yi Gang.
— Nikkei Asian Review

ASEAN needs to assert to check Chinese aggressiveness
The developments in South China Sea reflect the urgency to reign in the Chinese aggressiveness, which of late has increased in geometrical proportion mainly due to the lack of any effective opposition from ASEAN.
— Times of India (blog

ASEAN Confectionery Market Set for Rapid Growth And Trend, by 2025
Items in confectionery market consists of candies, chocolates, toffees, lollies, bakery items;basically food items that are rich in sugar and sweet content. Mostly confectionery market items consists of food products like butter, cocoa, honey, milk, flour, fruits, honey, nuts, sugar syrup and more. They are consumed globally, mostly by all regions and countries and are expected to grow in developing countries.
— MilTech

Labor mobility in Asean: Free or unfree?
Economic community-hood is the primary goal of the Association of Southeast Asian Nations (Asean). The idea is to transform the economies of the 10 Asean countries into one Asean Economic Community (AEC). The expected outcomes: the AEC as a single market of over 600 million people and the AEC as one production base that can compete with those of the European Union, China, Japan and the United States.
— Business Mirror

Analysts Set Reckitt Benckiser Group Plc (RB) PT at $7,995.91
Reckitt Benckiser Group Plc (LON:RB) has earned a consensus recommendation of “Buy” from the twenty-four ratings firms that are presently covering the stock, MarketBeat reports.
— The Cerbat Gem

Air Asia eyes Asean holding firm
Paris, France—Malaysian tycoon Tony Fernandes said the Air Asia Group would pursue the creation of a single, publicly traded holding company for its major business units in Southeast Asia, including the Philippines, saying this would spur investments and help bring down the price of air travel.
— Philippine Daily Inquirer

GEM creates regional links, launches global challenge for Asean
THE Global Entrepreneurship Movement (GEM) officially launched the ColossusINNO2017 competition on June 21. The aim of the competition, which has a grand prize of US$100,000, is to draw out entrepreneurs with world-class innovations that can help transform the socio-economic community of the Asean region.
— Digital News Asia

Uncertain times, uncertain ties: Washington courts Vietnam amid regional tensions
Last week, Vietnamese Prime Minister Nguyen Xuan Phuc travelled to Washington for a four-day summit. The visit is expected to further cement the economic and strategic partnership, considered a prelude to Washington’s more dynamic engagement in the region.
— Global Risk Insights

Capitalizing on opportunities offered by OBOR initiatives
A good connectivity is crucial for Indonesia, a huge country whose distance between the westernmost part of the archipelago and the easternmost is equal to the distance between London and Dubai or Los Angeles and New York.
— Antara News

Varying levels of tech adoption in APAC biggest challenge in unified security framework: Parvinder Walia, ESET
Parvinder Walia, Director of Sales and Marketing for Asia Pacific and Japan, ESET, in an exclusive interview with Techseen discusses the challenges and implications of cybersecurity legislation. He says that there is a need of information sharing between governments, private institutions, putting aside cross-border and commercial differences.
— Techseen

ASEAN CPA TITLE ELEVATES VALUE OF REGION’S ACCOUNTING PROFESSIONALS TO NEW HEIGHTS
The Institute of Singapore Chartered Accountants (ISCA) has announced that the first batch of 47 ISCA members have been conferred the ASEAN Chartered Professional Accountant (ASEAN CPA) title by the ASEAN Chartered Professional Accountant Coordinating Committee (ACPACC).
— CFO innovation Asia

PHL to host ASEAN urbanization conference
THE PHILIPPINES is set to host a five-day ASEAN Congress on which aims to set the stage for members to explore solutions to the threat of rapid urbanization in growing economies.
— BusinessWorld Online

Cambodia Morning News

Compiled by Leakhena Khat @leakhenakhat

Cambodia’s Central Bank Pushes Ahead with Blockchain Payments Trials
Cambodia’s central bank has revealed plans to continue to develop interbank payment solutions using blockchain.
— CoinDesk

Cambodian PM Hun Sen tells opponents to ‘prepare coffins’
Cambodia’s premier on Wednesday (June 21) told his critics and political opponents they faced elimination and should “prepare coffins”, an escalation in rhetoric even for a man known for bellicose speeches.
– The Straits Times (paywall)

Fast-growing Cambodia attracts insurance player AIA
With a history that dates back to nearly a century in the Asia-Pacific region, the AIA Group aims to become the world’s pre-eminent life insurance provider. In May this year, AIA began operations in Cambodia, embarking on its first new market venture in 17 years. AIA Cambodia Chief Executive Officer Richard Bates discusses the insurance landscape in Cambodia, as well as AIA’s plans in the Kingdom.
— The Phnom Penh Post

See here for more of today’s Cambodia Morning News >>>

Indonesia Morning News

Compiled by Stella-maris Ewudolu @stmarisewudolu

Soaring prices put off Indonesian home buyers
Analysts love them, investors loathe them. Three out of the seven Indonesian stocks which have unanimous buy recommendations from analysts are residential developers and all of them have fallen by at least 16 per cent this year.
— Gulf News

Economic momentum strengthens in Q2
The economic picture has brightened recently after growth ticked up in Q1 and the country received investment grade ratings from all three credit ratings agencies. Data for the second quarter suggests that the economy continues to gather steam, albeit slowly.
— Focus Economics

Jakarta plans to spend Rp 74 trillion next year
The Jakarta administration has agreed to include all the programs of governor-elect Anies Baswedan in the 2018 budget, the documents of which have been sent to the City Council.
— The Jakarta Post

See here for more of today’s Indonesia Morning News >>>

Lao PDR Morning News

Compiled by Cara Navarro @cara_nav

Laos Prepares for Visit Laos Year 2018
Laos is preparing to launch the “Visit Laos Year 2018” to promote the tourism industry and attract a greater inflow of foreign visitors.
– Lao News Agency

Government Plans to Settle Debts by Second Quarter
Government officials are planning to settle over 400 billion kip on balances owed to companies, for completing State investment projects by the end of the second quarter.
– The Laotian Times

Vietnamese, Lao ministries urged to boost telecom and IT links
Deputy Prime Minister Trinh Dinh Dung has suggested the Ministry of Information and Telecommunication and the Ministry of Post and Telecommunications of Laos continue enhancing cooperation in order to effectively implement agreements reached between the two sides.
– VietnamNet Bridge

See here for more of today’s Lao Morning News

Malaysia Morning News

Compiled by Leakhena Khat @leakhenakhat

Solid Q1 performance fuels forecast upgrade
The economy seems to have started Q2 on a downbeat note according to recent economic indicators. In April, industrial production growth slowed as a result of a contraction in the mining sector, which more than offset an acceleration in the manufacturing sector.
–Focus Economics

Gamuda top pick for KL-Singapore high speed rail, says CIMB Research
CIMB Equities Research is positive on the likely pick-up in the progress of the Kuala Lumpur-Singapore high speed railway (HSR) project in 2H17 but concludes that it would be too early to name potential winners.
— The Star Online

Govt backs inquiry into forex losses
The Government has agreed to form a Royal Commission of Inquiry (RCI) to investigate foreign exchange losses amounting to billions of ringgit suffered by Bank Negara in the 1980s and 1990s, the Prime Minister’s Office said.
— The Star Online

See here for more of today’s Malaysia Morning News >>>

Myanmar Morning News

Compiled by Cara Navarro @cara_nav

Statistics for Myanmar labor force released
The Ministry for Labor, Immigration and Population issued a statistic report yesterday which gives detailed information on the scale of labor in Myanmar.
– Global New Light of Myanmar

Over $2bn in foreign investment entered Myanmar since April
Foreign businesses have invested more than US$2 billion in Myanmar between the beginning of April and mid-June this fiscal year, according to the Directorate of Investment and Companies Administration (DICA).
– Eleven Myanmar

Minimum wage war in Myanmar
Factory owners are under pressure to raise worker wages but any dramatic rise could discourage foreign brands from investing in the low-cost nation
– Asia Times

See here for more of today’s Myanmar Morning News >>>

Philippines Morning News

Compiled by Stella-maris Ewudolu @stmarisewudolu

LBC to issue $50-M convertible notes to CP Briks
LBC EXPRESS Holdings, Inc. (LBC) will be issuing $50 million in secured convertible notes to finance its expansion, it said on Wednesday.
— BusinessWorld Online

DOH-Bicol releases PHP5.9-M fund for poor drug users
A ranking official of the Department of Health (DOH) in Bicol said DOH has released a PHP5.95-million fund that would be used to finance the expenses for the laboratory examinations of indigent drug dependents.
— Philippine News Agency

See here for more of today’s Philippines Morning News >>>

Singapore Morning News

Compiled by Leakhena Khat @leakhenakhat

New Study Shows Singapore Companies Outpace Hong Kong Rivals in Internet Marketing
A new study has found that Singapore businesses are three times more likely to be switched on to Internet Marketing than their rivals in Hong Kong.
— Asia One

Functional foods for the elderly could be the next big growth opportunity for Singapore firms
DSM has joined the nation’s Food Innovation Cluster- a body set up by government enterprise agency SPRING- to help boost the food and nutrition industry.
— FoodNavigator-Asia

New scheme opens doors in Asean for Singapore accountants
SINGAPORE accountants will soon find it easier to operate in markets across the region, thanks to a new accreditation available to the profession here.
— The Business Times

See here for more of today’s Singapore Morning News >>>

Thailand Morning News

Compiled by John Le Fevre @photo_journ

Uneven growth holds back recovery
The economy gained traction at the start of the year supported by healthy household spending, as better weather boosted farming income. However, while a robust performance in the tourism sector ushered in an improvement in exports, rising imports limited the external sector’s contribution.
– Focus Economics

PM No loan to be sought from China for high speed rail project
The Prime Minister has denied reports that the government would obtain a loan from China to implement the Thai-Chinese high-speed train project, affirming that the project is in the best interest of the nation.
– NBT World (video)

Loan shark debt down B20 billion
Debts owed to loan sharks by registrants in the government’s subsidy and welfare scheme for poverty have declined by 20 billion baht this year, thanks to the government’s efforts to tackle the problem, says the head of the Fiscal Policy Office (FPO).
– Bangkok Post

See here for more of today’s Thailand Morning News >>>

Vietnam Morning News

Compiled by Cara Navarro @cara_nav

VN’s growth target returns to 6.5% as FDI rises
Stronger export growth and a continued rise in investment suggest Việt Nam’s GDP growth will go back above 6.5 per cent in 2017, after a slowdown to 6.2 per cent in 2016.
– Viet Nam News

New decree to help rice exporters
The Ministry of Industry and Trade is drafting a decree to remove bottlenecks for domestic rice exporters, especially small-and medium-sized enterprises (SMEs).
– Viet Nam News Bizhub

Vietnam: Foreign Retailers Face Tax Inspection
Vietnam’s General Department of Taxation has asked local tax authorities to inspect foreign-owned retailers for tax avoidance through transfer pricing or profit shifting.
– Vietnam Briefing

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.