Asean Morning News For October 10

Asean Morning News For October 10

Asean morning newsAsean Morning News

Compiled by Stella-maris Ewudolu    @stmarisewudolu

 

$26 trillion Needed to Meet Asia’s Infrastructure Needs to 2030
Infrastructure is essential for development. Roads, railways, ports, and power supplies have helped drive Asia’s growth, allowing its people to get to work and its products to reach markets.
AEC News Today

Are the growing reserves in ASEAN nations a concern
Many ASEAN nations’ foreign reserve levels are climbing back to the extremely high levels seen in 2013 and 2014. At the end of 2016, ASEAN held over US$627 million in foreign reserves; representing around 6.27% of International Monetary Fund (IMF)’s total foreign reserve holdings of over US$10 billion. Indonesia is one contributor to the ASEAN foreign reserves’ growth. It rose nearly US$28 billion – from US$95 billion in October 2015 to just under US$123 billion in August 2017.
Asean Today

‘Better labour mobility can benefit Asean’
As Asean seeks further integration, its members can do more to lower barriers for their workers to move in and out of one another’s countries to work, said the World Bank.
The Straits Times (paywall)

World Bank: Easing of migration rules to cut poverty in Asean
Southeast Asian countries like the Philippines will have a better chance of reducing poverty if governments will lift the restrictions to migration, the World Bank said on Monday.
Business Mirror

Connected growth: Asean and South Asia in 2037
Two decades ago Asia was in the grip of a broad economic crisis. Through the 1998 Asian financial crisis, regional stock markets lost more than 60 percent of their value. Already fragile government reserves ran dry. By May 1998, Indonesia’s sovereign rating had fallen to CCC+.
The Daily Star

ASEAN migrant remittances equal to Myanmar GDP
Vast differences in living standards and wages across Southeast Asia have driven a massive rise in migration in the region since the mid-1990s, resulting in an estimated 6.77 million migrant workers sending home substantial chunks of their often meager wages to support families in poorer areas.
Nikkei Asian Review (paywall)

Customs worries Asean-China free trade will trigger influx of Chinese goods
The Customs Department will hold talk with its Chinese counterpart over the impact of a new free trade agreement between Asean and China that will come into effect in January next year, of the department director general, Kulit Sombatsiri, said on Monday.
The Nation

ASEAN’s largest packaging firm to start Thilawa operations next year
Kian Joo Group, the largest packaging business in ASEAN, is investing in a packaging plant in the Thilawa Special Economic Zone (SEZ). Construction of the plant is expected to be complete by the first quarter of next year.
Myanmar Times

Indonesia can be used as gateway to ASEAN for exports
Indonesia can be used as gateway to Association of Southeast Asian Nations (ASEAN) countries for export of Pakistani products, Ambassador (designate) to Indonesia Muhammad Aqil Nadeen here on Monday said.
Pakistan Observer

Activists protest Asean summit in Clark
Around 100 activists from the Bagong Alyansang Makabayan (Bayan) staged a 10 a.m. protest rally at the Clark Freeport main gate against the upcoming 31st summit of the Association of Southeast Asian Nations (Asean) in November.
Inquirer.net

Retailers shifting to ASEAN from China
Lotte, Shinsegae and other retailers in Korea have been shifting their focus to Southeast Asia as it has become difficult to conduct business in China amid deteriorating Korea-Sino ties.
Korea Times

Soft Space in business alliance with Sumitomo Mitsui Card Company
SOFT Space Sdn Bhd reached an agreement to form a business partnership with Sumitomo Mitsui Card Company (SMCC), a company belonging to Japanese conglomerate Sumitomo Financial Group (SMFG) with Sumitomo Mitsui Banking Corporation (SMBC) as its centerpiece.
Digital News Asia

 

Cambodia morning newsCambodia Morning News

Compiled by Kongleaphy Keam    @kongleaphy1

 

Adjusting to economic success in Cambodia
Cambodia recently made the transition from a low income to a lower middle-income country, according to the World Bank’s rankings.
East Asia Forum

Ministry produce plan comes up short
A $20 million Ministry of Agriculture programme has struggled to meet its goal of introducing 160 tonnes a day of high-quality locally produced vegetables to the market, with ministry officials saying that as a result of high production costs and pricing issues it was currently supplying less than a third of that amount.
The Phnom Penh Post

EU calls on Cambodia to reconsider banning main opposition party
The European Union called on Cambodia’s government on Monday to reconsider its decision to seek the dissolution of the main opposition party after its leader was arrested and charged with treason.
Reuters

See here for more of today’s Cambodia Morning News

 

Indonesia morning newsIndonesia Morning News

Compiled by Stella-maris Ewudolu    @stmarisewudolu

 

Indonesia probes Standard Charter over $1.4bn transfer
Indonesia is investigating reports that $1.4 billion held by Standard Chartered Plc in Guernsey, mainly on behalf of Indonesian clients, was transferred to Singapore just before the island moved to new tax transparency rules, tax and regulatory officials said.
— Reuters/Nikkei Asian Review

Military ambitions shake Indonesia’s politics
During former president Suharto’s New Order reign, political analysts were breathless followers of the Indonesian military’s regular changes in command, a measure of who was in favor, who was not, and, more importantly, who might be rising as a possible successor to the president himself.
— Asia Times

Garuda to retire Boeing 747-400s
National flag carrier Garuda Indonesia announced on Monday that it will stop operating its Boeing 747-400 planes, which have been flying since 1994 and have logged up 89,900 hours flying time.
— The Jakarta Post

See here for more of today’s Indonesia Morning News

 

Lao PDR morning newsLao PDR Morning News

Compiled by Leakhena Khat    @leakhenakhat

 

World Bank economists: Concrete measures needed to control public debt
The World Bank’s economists have advised the government to take concrete measures to ensure that spending is as effective as possible in order to control public debt, which has risen far above an appropriate level.
Vientiane Times 

Chinese businessman shot dead in Vientiane
Police suspect a 60-year-old Chinese national who was found shot dead in front of Sikhay Plaza shopping mall in Sikhottabong district on Saturday morning was killed because of a business dispute.
Vientiane Times 

Lao PDR gets grant to scale up food safety efforts
The Lao People’s Democratic Republic (Lao PDR) is to get $10m to scale up efforts to improve food safety.
Food Quality News 

See here for more of today’s Lao Morning News

 

Malaysia morning newsMalaysia Morning News

Compiled by Kongleaphy Keam    @kongleaphy1

 

Malaysia to implement Vehicle Entry Permit for all foreign-registered vehicles
All foreign-registered vehicles entering Malaysia will soon require a Vehicle Entry Permit (VEP) that costs RM25 (S$8), said Malaysia’s transport minister Liow Tiong Lai on Saturday (Oct 7).
Channel News Asia

Wealthy Malaysians drawn to Thailand, Japan
Malaysians are increasingly turning to Thailand and Japan for their overseas property investments, according to consultancy and marketing firm Prime International Properties.
New Straits Times

Thailand, Malaysia top destinations for South-east Asia migrants
Workers in South-east Asia are on the move, and they don’t always go far.
Malay Mail Online

See here for more of today’s Malaysia Morning News

 

Myanmar morning newsMyanmar Morning News

Compiled by Sreypov Men    @MenSreypov

 

Segregation fans fears of fresh ‘cleansing’ in Myanmar’s Rakhine
Buddhist villagers in relatively peaceful parts of Myanmar’s Rakhine state are enforcing a system of local apartheid that punishes people trading with minority Muslims, fuelling fears that violence in the far northwest could spread to new areas.
— Reuters

Businesses conned by lure of Mon megaprojects
About 10 business operators testified to the Department of Special Investigation in Bangkok on Monday that they were conned into investing about 300 million baht in several bogus projects in the Mon State…
— Bangkok Post

Yangon CM urges businesses to help rebuild Rakhine
Yangon Region Chief Minister U Phyo Min Thein has called on the business community to rehabilitate the trouble-prone Rakhine State’s economy, which is under international scrutiny due to unrest.
— Myanmar Times

See here for more of today’s Myanmar Morning News

 

Philippines morning newsPhilippines Morning News

Compiled by Stella-maris Ewudolu    @stmarisewudolu

 

World Bank: Easing of migration rules to cut poverty in Asean
Southeast Asian countries like the Philippines will have a better chance of reducing poverty if governments will lift the restrictions to migration, the World Bank said on Monday.
The Business Mirror

Gov’t makes full award of Treasury bills
THE GOVERNMENT made a full award of the P15 billion it planned to raise through the auction of Treasury bills (T-bills) yesterday, with strong demand driving yields lower as market players scramble to get hold of short-term papers.
Business World 

Megaworld pins hope on BPOs to drive demand
MEGAWORLD Corp. on Monday said it expects to have one million square meters (sq.m.) of office space inventory by the end of 2017, as the property developer remains confident the business process outsourcing (BPO) sector will continue to drive demand.
Business World 

See here for more of today’s Philippines Morning News

 

Singapore morning newsSingapore Morning News

Compiled by Leakhena Khat @leakhenakhat

 

MAS issues stern money laundering warning; Jakarta starts StanChart probe
THE Monetary Authority of Singapore (MAS) on Monday declared its firm commitment to keeping the country’s financial centre clean and safeguarded from illicit activities.
The Business Times 

Singtel to be first in SEA to launch Google’s Pixel 2 XL
Singtel has signed on as the exclusive telco partner in Singapore for Google’s planned Pixel 2 XL smartphone.
Telecom Asia

Amazon faces uphill struggle in S’pore from malls and Alibaba
AS Amazon.com Inc. pushes into South-east Asia with a new venture into Singapore, the online retailer is facing some tough hurdles. Shopping in air-conditioned malls is practically a national sport, and e-commerce rivals moved in long ago.
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

 

Thailand’s junta backflips on election promise after Donald Trump joint statement
Coup leader and Thai Prime Minister Prayut Chan-o-cha has “clarified” a joint statement he made with US President Donald Trump that a long-awaited election would be held next year. It won’t.
— ABC

Aviation red flag removed against Thailand, airline shares jump
The U.N. International Civil Aviation Organization has removed a red flag against Thailand over safety concerns, the Civil Aviation Authority of Thailand said on Monday, sending shares in Thai airlines sharply higher.
— Reuters

Customs Department explains new working plans under new Customs Act
The Customs Department has organized a forum to explain how it will operate and to hear public opinion about the new Customs Act.
— NNT

See here for more of today’s Thailand Morning News

 

Vietnam morning newsVietnam Morning News

Compiled by Sreypov Men    @MenSreypov

 

Former Vietnam News Agency Director passed away
Đỗ Kim Phượng, former member of the Central Committee, Vietnam News Agency general director and the first editor-in-chief of Việt Nam News, passed away on October 8.
— The Nation

ICT Investment Vietnam Industry Business Intelligence & Investment Opportunity 2017 Market Research Reports
“ICT Investment Trends in Vietnam”, presents the findings from a survey of 60 Vietnamese enterprises regarding their Information & Communications Technology (ICT) investment trends.
— Industry Today

HCM City needs stronger assistance from Gov’t to tackle traffic jam
The city has been attempting to handle nearly 30 hotspots of traffic jam and accidents with capital nearing tens of thousands of billions of dong.
— 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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