Asean Morning News For August 11

Asean Morning News

Compiled by Stella-maris Ewudolu @stmarisewudolu

Pomp and Ceremony at Asean’s 50th Anniversary (video)
Flags, musical horns, dancers and a grand parade were the order of the day on Tuesday, August 8, when Asean celebrated its golden jubilee.
— AEC News Today

Demand for child webcam sex in Mekong ‘outstripping supply’, UN says
Demand for sex with children is an emerging cause of human trafficking in the Mekong region, the United Nations said on Thursday, as it pointed to a shift in child sex webcam centres from the Philippines to Thailand.
— Channel NewsAsia

Mustapa: FDI into Asean to hit US$100bil
Foreign direct investment (FDI) inflows into Asean have been steadily increasing this year and are expected to reach over US$100bil from the current US$96.7bil, said International Trade and Industry Minister, Datuk Seri Mustapa Mohamed.
— The Star Online

We plan to deploy $300m commitment from KKR by next year-end: Rajesh Kamat, Emerald Media
Emerald, that was established as a Pan Asian media platform to focus on early to mid-level assets with an investment size between $20-$75m for private equity firm KKR & Co., plans to deploy the entire the entire $300 million (it got from KKR) by the end of next year, its managing director Rajesh Kamat, said in an interaction.
— Deal Street Asia

Regional real estate conference expects to draw over 600 international participants
The Asean Real Restate Network Alliance (Arena) Convention and Exhibition (ACE) 2017 is expected to draw over 600 participants from Southeast Asia, the US and UK.
— The Edge Markets

Asian powers map varied M&A plans
In recent years, enthusiastic Asian firms have been flocking to Vietnam as part of their global ambitions. These merger-and-acquisition investors often share similar characteristics – their home markets have matured and growth is slowing down, pushing them to seek high-growth or low-production-cost economies for expansion elsewhere.
— VietNamNet Bridge

M’sia to benefit greatly from Asean’s infrastructure-backed growth – HSBC
Malaysia is expected to reap immense benefits from ASEAN’s infrastructure -backed growth, says HSBC Bank Malaysia Bhd.
— The Star Online

Vietnam-ASEAN trade up 7-fold in 20 years
Total export turnover between Vietnam and ASEAN countries has increased seven-fold in the 20 years since Vietnam became a member of the bloc, according to a recent report from the General Department of Vietnam Customs summarizing Vietnam – ASEAN trade over the two decades.
— VietNamNet Bridge

Russia Opens Permanent Mission to Asean in Jakarta
Russian Foreign Minister Sergey Lavrov opened Russia’s Permanent Mission to the Association of Southeast Asian Nations in Jakarta on Wednesday (09/08), marking the country’s commitment to deepen relations with the regional bloc.
— Jakarta Globe

Challenges faced by 50-year-old Asean
The Initiatives for International Dialogue together with its allied networks—the Asia-Pacific Solidarity Coalition and the Global Partnership for the Prevention of Armed Conflict-Southeast Asia, and the broad civil society movement in the region—urgently calls on the Association of Southeast Asian Nations (Asean) to put front and center issues on peace and human security that continue to challenge regional stability and affect the lives of the most vulnerable peoples in the region.
— Philippine Daily Inquirer

Cambodia Morning News

Compiled by Kongleaphy Keam @kongleaphy1

Golden Sorya Mall to get fresh start
Golden Sorya Mall (GSM), the semi-open air plaza on Street 51 in Phnom Penh best known for its seedy nightlife, will be undergoing an extensive renovation to make it “more commercially viable”, one of its investors said yesterday, refuting rumours that the near-empty venue faced imminent closure.
— The Phnom Penh Post

French Ambassador: Phnom Penh Is Potential for Visitors
French Ambassador to Cambodia, Eva Nguyen Bing, said that Phnom Penh authority should exhibit heritage buildings as in Paris to attract more tourists.
— Fresh News

Hong Kong: Proposed Fee for Maids Program May Be High
Hong Kong’s visiting labor secretary on Thursday downplayed reports that the city’s maids were facing regular labor abuse but echoed concerns from rights groups that the fees being considered for a pilot program with Cambodia may be too high.
— The Cambodia Daily (paywall)

See here for more of today’s Cambodia Morning News

Indonesia Morning News

Compiled by Rama Ariadi @AriadiRama

Indonesia International Auto Show kicks off
The Indonesia International Auto Show 2017, the largest auto fair in East Asia, opened on Thursday at the Indonesian Convention Exhibition in Tangerang, Banten.
– The Jakarta Post

Freeport: Mining Giant accused of denying workers health care, trade unions involved in dispute
The fight between West Papuan workers and mining giant Freeport-McMoRan has intensified with the US-owned company accused of denying health care for striking workers and education for their children.
– ABC

Bank Indonesia Governor: Online Transactions Reach Rp75tn
Agus Martowardojo said that the high volume of online shopping is in line with Indonesians’ active use of social media.
– Tempo (EN)

See here for more of today’s Indonesia Morning News

Lao PDR Morning News

Compiled by Leakhena Khat @leakhenakhat

Want to Invest in Laos? This is Why You Shouldn’t
Laos is one of the fastest growing nations in Asia. Strong exports and a burgeoning service sector helped its economy surge by 6.8% in 2016. The Asian Development Bank predicts even faster GDP growth of more than 7% going forward.
— InvestAsian

Prime Minister Gives Guidance on SDG Implementation
On Aug 10, the first meeting of the National Steering Committee on the Implementation of Sustainable Development Goals (SDGs) was held in Vientiane to discuss direction on the implementation of the UN’s SDG, also known as Global Goals in the Lao PDR.
— Lao News Agency

PM tells Xieng Khuang to fight corruption, illegal car imports, logging
Prime Minister Thongloun Sisoulith has directed the leadership of Xieng Khuang province to intensify the fight against corruption, illegal logging and drug smuggling.
— Vientiane Times

See here for more of today’s Lao Morning News

Malaysia Morning News

Compiled by Kongleaphy Keam @kongleaphy1

Malaysia’s tax authority raids companies owned by Mahathir’s three sons
Malaysia’s Inland Revenue Board (IRB) has targeted companies owned by the three sons of former premier Mahathir Mohamad, with tax officials visiting their offices on Tuesday (Aug 8) and taking away some files.
—The Straits Time

CIMB sees ringgit bond issues hitting 5-yr high in 2017
Ringgit-denominated bond offerings in Malaysia are likely to hit the highest in five years in 2017, fuelled by financing needs of infrastructure projects, the chief executive of CIMB Investment Bank said.
—The Edge Market

Malaysia palm oil stocks hit highest in over a year
Palm oil inventories in Malaysia, the world’s No.2 producer of the commodity, jumped to their highest in over a year in July as stronger-than-forecast production outpaced export gains.
—The Sun Dail

See here for more of today’s Malaysia Morning News

Myanmar Morning News

Compiled by Sreypov Men @MenSreypov

Myanmar approves $3.7 bn foreign investment
MYANMAR continues to maintain its potential to increase foreign direct investment in fiscal 2017 starting April 1 by approving nearly US$3.7 billion (Bt123 billion) over four months, according to an investment boss.
— The Nation

FDI exceeds $3.6bn since April
Until August 8 of this fiscal year, the total foreign direct investment exceeded US$3.6 billion, Aung Naing Oo, the director-general of the Directorate of Investment and Company Administration, has told a press conference.
— Eleven Myanmar

Investment Promotion and Protection Agreement with Singapore under way
Negotiations over an agreement on investment promotion and protection between Myanmar and Singapore have started, according to Directorate of Investment and Company Administration (DICA) Director General U Aung Naing Oo.
— Myanmar Times

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Philippines Morning News

Compiled by Stella-maris Ewudolu @stmarisewudolu

Paolo Duterte a ‘smuggler’? Trillanes releases documents anew
After presidential son and Davao City Vice Mayor Paolo Duterte was implicated in drug smuggling, opposition Senator Antonio Trillanes IV released documents anew linking the former to illegal shipments.
— Rappler

Foreign investments surge 57% in May
Foreign direct investment (FDI) inflows into the Philippines jumped 57 percent to $572 million in May from $364 milion a year ago as the country’s strong macroeconomic fundamentals continued to buoy investor confidence, according to the Bangko Sentral ng Pilipinas (BSP).
— The Philippine Star

See here for more of today’s Philippines Morning News

Singapore Morning News

Compiled by Leakhena Khat @leakhenakhat

Singapore narrows 2017 GDP forecast as Q2 growth quickens to 2.9%
The full year growth forecast for the Singapore economy has been narrowed to 2 to 3 per cent, from the earlier range of 1 to 3 per cent, said the Ministry of Trade and Industry (MTI) on Friday (Aug 11) as data showed the economy growing quicker than initially thought in the second quarter.
— Channel NewsAsia

Economists expect Q2 growth to be revised upwards
ECONOMISTS expect a more modest second-half economic growth, so the latest government forecast of around 2.5 per cent growth for this year, announced by Prime Minister Lee Hsien Loong in his National Day message, points to an upward revision to the second-quarter gross domestic product (GDP).
— The Business Times

Singapore playing catch-up in mobile banking use: Study
Despite the Republic having one of the highest mobile penetration rates among millennials in the world, only 67 per cent of this group indicated regular mobile banking use. This contrasts with market leaders the United States (78 per cent) and China (75 per cent), according to a study by Australian telecom network Telstra.
— Today Online

See here for more of today’s Singapore Morning News

Thailand Morning News

Compiled by John Le Fevre @photo_journ

Thailand 4.0 may see 23m redundant
Some 23 million unskilled and semi-skilled labourers in the agricultural and industrial sectors are at risk of becoming unemployed once implementation of high technology and innovation in production hit their stride.
— Bangkok Post

Police hold meeting on speeding up immigration process at airports
The national police chief has said that the immigration process at airports must be faster and more efficient.
— NBT World (video)

Thailand ranked 10th in Asian digital rankings
A digital talent shortage, fewer digital products and uncertain policies have put Thailand near the bottom of the digital nation index, says a Singapore-based advisory firm.
— Bangkok Post

See here for more of today’s Thailand Morning News

Vietnam Morning News

Compiled by Sreypov Men @MenSreypov

Samsung sets up logistics company as market heats up
For the majority of Vietnamese, Samsung means smartphone, TV and washing machine. However, the South Korean investor has been taking steps towards the logistics markets.
— VietnamNet Bridge

Vietnam’s sole refinery plans 1.9t-dong IPO on November 7
Binh Son Refinery & Petrochemical Co expects to raise about 1.9 trillion dong (S$110 million) from selling a 4 per cent stake during an initial public offering November 7 while it weighs potential bids from strategic investors, Chairman Nguyen Hoai Giang said.
— The Business Times

Vietnam bank profits poised to pop
Vietnam’s crowded banking sector is popping the champagne after reporting double-digit profits in the first half of the year, but a bubbly credit boom seems poised to pop later in the year.
— Asia Times

Stocks fall slightly, confidence improves
Vietnamese shares extended losses for a third straight session on Thursday but investor confidence showed signs of improvement after being brought down by false news and global tension.
— Viet Nam News

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.