Asean Morning News
Compiled by Stella-maris Ewudolu @stmarisewudolu
The 5 Driving Factors Behind ASEAN’s Imminent FinTech Boom
The explosion of financial technology in places like Europe, China and India has been widely reported. Europe is keeping itself busy with Brexit, Open Banking Platforms and PSD2 (Revised Payment Service Directive). China’s commentary is dominated by the rise of payment ecosystems driven by Tencent and Ant Financial. And India has achieved tremendous progress by introducing the new electronic identity systems Aadhaar, a unified payment interface and payment bank licenses.
— Forbes
Ikea to set up regional distribution centre for Asean in Malaysia
Ikea, the Netherlands-based furniture retailer, will be establishing a regional distribution and supply chain centre for Asean in Malaysia, with an investment of RM908 million.
— Malay Mail Online
Most Asean markets up, tracking Wall Street recovery
Most Southeast Asian stock markets rose on Tuesday, tracking broader Asian shares, as Wall Street recovered from two straight sessions of decline in the previous session though tensions between the United States and North Korea kept investors wary.
— The Star Online
Symposium on ASEAN socio-cultural relations slated in Davao City
Strategies that will enhance understanding of the socio-cultural relations among the 10-country Association of Southeast Asian Nations (ASEAN) will be tackled in s symposium in Davao City on Thursday.
— Minda News
High on symbolism, low on trade
Simulations based on the liberalisation in tariffs among countries are unable to accommodate the large non-tariff barriers.
— Financial Express
Inclusive business models seen boosting ASEAN’s economic growth
Companies with inclusive business (IB) models currently account for less than one percent of all registered companies outside ASEAN’s informal sector, but they are increasing fast and attracting nearly 60 percent of impact investors in Southeast Asia.
— Manila Bulletin
PE to drive surge in Southeast Asia M&A deal market: Luke Pais, EY
Private equity (PE) is poised to lift mergers and acquisitions (M&A) in Southeast Asia as institutional investors report record cash piles in excess of $500 billion. PE funds acquired $124 billion worth of assets in H1 2017, a 14 per cent year-on-year increase, according to EY.
— Deal Street Asia
Asean must ‘benefit citizens to succeed’
The success of Asean in the next 50 years hinges on it bringing tangible benefits to the 630 million citizens of its member nations, said Ambassador-at-Large Tommy Koh yesterday.
— The Straits Times
Harnessing power of data key to Asean digital leadership
CREATING digitally enabled member-states in the soonest possible time is what the Asean ICT Masterplan (AIM) 2020 aims for. Moving the region to quickly implement its vision of a secure, sustainable, integrated and inclusive by transforming digitally.
— Malaya
Thailand beat Philippines as Indonesia and Vietnam draw in SEA Games
The identity of the Southeast Asian (SEA) Games semifinal opponents of host nation Malaysia remains uncertain, with three Group B teams vying for the top two places after 10-man Indonesia held Vietnam to a goalless draw while Thailand defeated Philippines on Tuesday.
— ESPN FC (blog)
Cambodia Morning News
Compiled by Kongleaphy Keam @kongleaphy1
Permanent Ban on Commercial Surrogacy Planned
Commercial surrogacy in Cambodia will be permanently and completely banned if a long-awaited draft law is approved, according to an official on Tuesday at the Women’s Affairs Ministry, which began drafting the legislation nearly a year ago.
— The Cambodia Daily (paywall)
Filling in Cambodia’s e-commerce gap
Amazon.com has finally arrived in Southeast Asia but the majority of the e-commerce giant’s myriad suppliers still do not deliver to Cambodia. However, two local services are filling the gap, allowing people living in the Kingdom to order from Amazon’s vast catalogue of products and having the items delivered to their address in Cambodia.
— The Phnom Penh Post
Ministry to pass minimum wage law ‘this year’
A controversial universal minimum wage law will be passed this year in order to prevent a repeat of the mass protests over garment sector wages that rocked the country in 2013, Labour Minister Ith Sam Heng said yesterday, despite calls for revisions from independent unions and labour organisations.
— The Phnom Penh Post
See here for more of today’s Cambodia Morning News
Indonesia Morning News
Compiled by Rama Ariadi @AriadiRama
Bank Indonesia unexpectedly cuts interest rates
Indonesia’s central bank cut its benchmark interest rate on Tuesday for the first time almost a year, as falling inflation gives the bank more scope to try to boost economic growth.
— Financial Times
Indonesia to buy $1.14 billion worth of Russian jets
Indonesia has pledged to ship up to $570 million worth of commodities in addition to cash to pay for the Suhkoi SU-35 fighter jets, which are expected to be delivered in stages starting in two years.
— Reuters
Indonesia’s biggest IPO this year
PT Garuda Maintenance Facility AeroAsia, a unit of national carrier PT Garuda Indonesia, plans to raise as much as US$300mil in an initial share sale to fund setting up of a new unit in an island near Singapore and expand overseas.
— The Star
See here for more of today’s Indonesia Morning News
Lao PDR Morning News
Compiled by Leakhena Khat @leakhenakhat
LTC taps Nokia Shanghai Bell for network expansion
The Lao Telecommunications Company (LTC) has contracted Nokia Shanghai Bell for a network expansion project, and has entered a 5G alliance with the vendor.
— Telecomasia
Govt to steam ahead with railway compensation
The government is looking to speed up compensation for people who will lose land or other property to make way for the Laos-China railway, asking the National Assembly (NA) to extend support in this regard.
— Vientiane Times
Laotian government to set up nationality verification center for workers in Thailand
Laotian authorities have informed Ministry of Labor officials that they will be setting up a center in Thailand to facilitate the verification of nationality for Laotian workers in the Kingdom.
— NBT World (video)
See here for more of today’s Lao Morning News
Malaysia Morning News
Compiled by Kongleaphy Keam @kongleaphy1
IKEA to invest $212 million to build regional supply center in Malaysia: government
Netherlands-headquartered furniture retailer IKEA will invest 908 million ringgit ($212.10 million) to set up one of its largest regional distribution and supply chain centers in Malaysia, the Southeast Asian country said.
— Reuters
Malaysian stocks seen opening higher, KLCI to stay above 1,770-level
Stocks on Bursa Malaysia are seen opening higher this morning in line with the overnight gains at most global markets, and stay above the 1,770-point level.
— The Edge Markets
Economists say Malaysia on track to achieve 3% fiscal deficit target
Economists are of the view that the government is on track to achieve its fiscal deficit target of 3% to gross domestic product (GDP) for the current year as government spending is offset by revenue from tax collections, royalties and dividends from several government agencies.
— The Sun Daily
See here for more of today’s Malaysia Morning News
Myanmar Morning News
Compiled by Sreypov Men @MenSreypov
Australian business chambers agree to merge
Two competing business chambers have agreed to merge into a single organisation representing Australian businesses in Myanmar.
— Frontier Myanmar
Poultry industry suffers losses due to virus outbreak
The H1N1 virus has resulted in poultry industry losses of about Ks165 million in the last three months, according to the Myawady Daily yesterday.
— The Global New Light Of Myanmar
Myanmar Economy Needs ‘Predictable Policy,’ New Reform Leader Urges
“Winston” Set Aung, Myanmar’s newly-appointed deputy minister for national planning and finance, has urged fellow government leaders to pursue further regulatory and policy reforms for the economic development of Myanmar during a panel session at the Myanmar Democratic Transition Forum.
— Consult Myanmar
See here for more of today’s Myanmar Morning News
Philippines Morning News
Compiled by Stella-maris Ewudolu @stmarisewudolu
Peso climbs on BSP intervention
THE PESO started the week stronger versus the greenback, erasing a near 11-year low logged the previous session, after it tracked regional peers and buoyed by the central bank’s intervention intraday to limit the local currency’s sharp swings.
— BusinessWorld Online
Housing could see 69% cut in Duterte’s 2018 budget despite huge gap
Already swamped with complaints on human-rights violations, President Duterte could be taken to task anew for apparently neglecting another basic right—housing.
— Business Mirror
Unicef airs concern on impact of drugs war on Filipino kids
The United Nations Children’s Fund (Unicef) Philippines has expressed deep concern on the impact of the war on drugs on Filipino children.
— Inquirer.net
See here for more of today’s Philippines Morning News
Singapore Morning News
Compiled by Leakhena Khat @leakhenakhat
Divers find human remains on damaged US destroyer
Divers yesterday found human remains as the search-and-rescue (SAR) efforts for the 10 missing United States Navy personnel of the USS John S. McCain entered a second day.
— The New Paper
Alipay targeting Singapore consumers
ALIPAY, China’s giant mobile payment provider, has its eyes trained on Singapore with plans to offer its payment platform soon to users here.
— The Business Times
Coca-Cola, PepsiCo and Nestlé to limit sugar in Singapore drinks
Coca-Cola, PepsiCo and Nestlé are among seven soft-drink makers that have agreed to limit the amount of sugar they use in beverages sold in Singapore, marking the latest campaign from a health regulator to fight diabetes by targeting sweet drinks.
— Financial Times
See here for more of today’s Singapore Morning News
Thailand Morning News
Compiled by John Le Fevre @photo_journ
Disaster expert warns of major flooding next month
Heavy rainfall and storms in October may cause major flooding in Central provinces, similarly to the one in 2006 but not as heavy as that in 2011, said an expert in natural disasters.
— Thai PBS
Moody’s warns of banking sector risks
Thai banks still face a variety of risks, including high household debt, economic growth with high exposure to external demand and rising restructured loans, says Moody’s Investors Service.
— Bangkok Post
A guilty verdict for Thailand’s Yingluck may stoke anger but military firmly in charge
A long-awaited verdict in the trial of former Thai prime minister Yingluck Shinawatra this week could inflame tension and would likely have far-reaching implications in the politically divided kingdom.
— Channel NewsAsia
See here for more of today’s Thailand Morning News
Vietnam Morning News
Compiled by Sreypov Men @MenSreypov
Government looks to cut special inspection red tape
Local enterprises are spending around 28.6 million working days valued at 14.3 trillion VND (636 million USD) a year to complete administrative procedures for special inspections on imported and exported goods.
— VietnamPlus
Stocks plunge as investors worry
Việt Nam’s benchmark VN Index extended its loss for a second straight session on Tuesday as investors remained pessimistic over trading conditions.
— Viet Nam News
TPP fate to be decided at APEC 2017 in Vietnam
The future of the Trans Pacific Partnership grouping will be decided during the APEC leaders’ summit in Vietnam in November.
— New Straits Times
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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