Asean Morning News For August 8

Asean Morning News For August 8
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Asean morning newsAsean Morning News

Compiled by Stella-maris Ewudolu    @stmarisewudolu


ASEAN overcomes communique impasse, urges non-militarisation in South China Sea
Southeast Asian foreign ministers ended an impasse on Sunday over how to address disputes with China in the South China Sea, issuing a communique that called for militarisation to be avoided and noting concern about island-building.
Channel NewsAsia

JICA seeks deepened partnership with ASEAN
The Japan International Cooperation Agency (JICA) is seeking to deepen cooperation and partnership with the Association of South East Asian Nations (ASEAN), including the Philippines, which it acknowledged as “showcase models of the solid development cooperation.”
— Philippine News Agency

Asean quiet on ‘legally binding’ code of conduct
Southeast Asian ministers omitted any reference to the need for a legally binding code of conduct in the West Philippine Sea (South China Sea), and were tepid on China’s reclamation activities in the contested waters.
— Manila Times

Asean treads lightly on South China Sea, as observers point to Cambodia’s support for Beijing
Beijing has been strongly opposed to a legally binding document, with Cambodia frequently criticised for appearing to toe China’s line.
– Phnom Penh Post

Exclusive: Bangkok-based aCommerce plans to raise over $30m Series B in Q4
Southeast Asia’s end-to-end logistics solutions startup aCommerce is looking at raising more than $30 million in a Series B funding round by the beginning of the fourth quarter of this year, according to people close to the development.
— Deal Street Asia

SE Asia Stocks-Philippines extends rise; Indonesia gives up early gains
Philippine shares rose for a third straight session on Monday and outperformed other Southeast Asian markets, while Indonesian stocks reversed early gains to close lower following disappointing gross domestic product data.
— Reuters

WeWork acquires Singapore’s Spacemob, to invest $500m in SE Asia, South Korea
The world’s largest provider of shared work spaces, will invest $500 million in Southeast Asia and South Korea, as the New York-based company steps up its expansion in global markets.
— Deal Street Asia


Cambodia morning newsCambodia Morning News

Compiled by Sreypov Men    @MenSreypov


Government Digs Into Tax Returns of NGOs, Cambodia Daily

Prime Minister Hun Sen’s Cabinet recommended a new investigation into alleged unpaid payroll taxes at civil society organizations on Friday, according to notes from the meeting.
— The Cambodia Daily (paywall)

Cambodia’s garment exports grow at slower pace in first half
Cambodia’s garment exports grew at a slower pace in the first half of the year, possibly due to stronger competition from Vietnam and Myanmar for U.S. sales, the central bank said.
— Reuters

Cambodia to Ask Japan to Invest $800 Million in Skytrain
Cambodia is asking Japan to invest $800 million (612.70 million pounds) in a skytrain system for the capital Phnom Penh, Prime Minister Hun Sen said on Monday’s visit to Tokyo.
— The New York Times

See here for more of today’s Cambodia Morning News 


Indonesia morning newsIndonesia Morning News

Compiled by Rama Ariadi    @ariadi


Foreign Exchange Reserves Increases to US$127.76bn as of July

The increase was primarily attributable to foreign exchange receipts, among other from government’s issuance of global bonds, tax revenues and government oil & gas export proceeds, as well as auction of Bank Indonesia foreign exchange bills.
 Tempo (En)

PT Indonesia AirAsia to hold IPO this year
The Indonesian arm is of the Malaysian low-cost carrier is expected to welcome eight new A320 aircraft, in addition to three A330s for its international legs operated by Indonesia AirAsia X.
— The Jakarta Post

BI remains optimistic about 5.2 percent growth for 2017
Bank Indonesia (BI) remains optimistic that the national economy will grow by 5.2 percent in 2017, despite the relatively stagnant growth of 5.01 percent in the second quarter.
— Antara

See here for more of today’s Indonesia Morning News 


Lao PDR morning newsLao PDR Morning News

Compiled by Leakhena Khat    @leakhenakhat


Vinamilk hoped to expand investment in Laos

Visiting Lao officials have expressed their hope that the Vietnam Dairy Products JSC Company (Vinamilk) will consider seeking opportunities to extend investment in and exports to Laos.
— Vietnam Plus 

Real estate continues onward expansion in nation capital
The entry of foreign investors to Laos has resulted in a boom in real estate business in the Asian nation, notably in the capital Vientiane.
— Vientiane Times

Vietnamese, Lao provinces boost comprehensive cooperation
Vietnam’s central province of Quang Nam and Laos’ southeastern province of Sekong agreed to enhance comprehensive cooperation during a high-level meeting in Tam Ky city, Quang Nam, on August 7.
— Vietnam Plus

See here for more of today’s Lao Morning News 


Malaysia morning newsMalaysia Morning News

Compiled by Stella-maris Ewudolu    @stmarisewudolu


Builder of $100 Billion Malaysia City Looks Beyond Spooked Chinese Buyers

Country Garden Holdings Co. said it’s looking to attract customers from countries such as Thailand and Vietnam as some Chinese buyers hit by capital controls have pulled back from the $100 billion Forest City project in southern Malaysia.
— Bloomberg

Hong Kong’s NewOcean to build US$1.2 billion oil refinery in Malaysia
Hong Kong’s NewOcean Energy Holdings Limited said on Monday (Aug 7) it planned to build a 5.1 billion ringgit (S$1.63 billion) petroleum refinery complex on Malaysia’s east coast along with two partners.
— The Straits Times

US media firm Hearst leads $133m round in Malaysia’s video streaming service iflix 
U.S. media company Hearst Communications Inc led a $133 million investment in iflix, the Malaysian provider of streaming video said on Monday.
— Deal Street Asia

See here for more of today’s Malaysia Morning News 


Myanmar morning newsMyanmar Morning News

Compiled by Sreypov Men    @MenSreypov


Bond trading needed to deepen capital markets and boost economy

Currently, there is no corporate bond market in Myanmar, and, up until recently, Government Treasury Bonds were auctioned by the government to local financial institutions only.
— Myanmar Times

MOU on Kyauk Phyu SEZ likely in August
An MOU between China and Myanmar relating to a national-level framework for the Kyauk Phyu Special Economic Zone (SEZ) is likely to be signed by August, a spokesperson of Kyauk Phyu SEZ Management Committee told The Myanmar Times during an exclusive interview on August 4.
— Myanmar Times

Woodside Petroleum finds more gas off Myanmar
Woodside Petroleum has notched up a third gas discovery off the coast of Myanmar, supporting its ambitions to fast-track the development of a commercial project to supply either the local market or to be piped to Thailand or China.
— Financial Review

See here for more of today’s Myanmar Morning News 


Philippines morning newsPhilippines Morning News

Compiled by Stella-maris Ewudolu    @stmarisewudolu

Forex reserves fall to $80.8 B in July
The foreign exchange buffer of the Philippines narrowed for the second straight month to hit a seven-month low of $80.78 billion in July, the Bangko Sentral ng Pilipinas (BSP) reported yesterday.
— The Philippine Star

PSEi rises 0.75%, mirroring US market
Investor interest buoyed share prices on Monday, with the Philippine Stock Exchange Index up 0.75 percent or 59.45 points to settle at 7,992.27. The wider All Shares grew 0.40 percent or 18.98 points to finish at 4,753.36.
— The Manila Times

Employers given 3 months to apply new minimum wage
THE Department of Labor and Employment in Northern Mindanao said it will give the business sector three months to implement the new wage order which raises the pay of minimum wage workers beginning last July 16, this year.
— Sun Star

See here for more of today’s Philippines Morning News 



Singapore morning newsSingapore Morning News

Compiled by Leakhena Khat    @leakhenakhat



First Re-Offer of Balance Flats exercise oversubscribed by almost 4 times
The Housing and Development Board’s (HDB) first Re-Offer of Balance Flats (ROF) exercise has been oversubscribed by about four times, with more than 5,500 applications received for the 1,394 flats on offer as of 5pm on Monday (Aug 7).
— Channel NewsAsia 

Singapore’s Real Estate Is a Hot Property in China
Over the span of a year, a team of senior executives at Chinese developer Logan Property Holdings Co. made frequent trips to Singapore as the company sought to make a big splash for its entrance into the city-state’s market.
 The Wall Street Journal 

Singapore top draw for startup professionals? Not so simple
A STUDY has ranked Singapore as the world’s top city for professionals looking to work in a startup – a finding which has drawn mixed reviews from those in the local startup sector.
— 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

Top tuna firm Thai Union Q2 profit drops on high raw material costs

The world’s largest canned tuna producer, Thai Union Pcl, on Monday said its second-quarter net profit dropped 7.6 percent from a year ago, hurt by higher raw material costs and a strong baht currency.
— Reuters

Stronger baht seen as fleeting
The strength of the baht, which last week leapfrogged the Korean won to become the best-performing currency in Asia against the US dollar in 2017, will be short-lived and is not a threat to exports iin the second half, says Finance Minister Apisak Tantivorawong.
— Bangkok Post

Few migrant workers register
FEWER MIGRANT workers signed up at government registration centres than expected, with an estimated 40 to 50 per cent of illegal migrant workers participating.
— The Nation

See here for more of today’s Thailand Morning News


Vietnam morning newsVietnam Morning News

Compiled by Sreypov Men    @MenSreypov


Aboitiz buys Vietnamese animal feeds company
Conglomerate Aboitiz Equity Ventures Inc. has expanded its animal feeds business in Vietnam with the acquisition of a controlling stake in Europe Nutrition Joint Stock Co. (Eurofeed).
— Inquirer.Net

Vietnam to increase minimum salary by 6.5 pct next year
Vietnam’s National Salary Council on Monday decided that regional minimum salary in 2018 will increase by 6.5 percent against 2017, or each employee will receive additional 180,000-230,000 Vietnamese dong (8-10.1 U.S. dollars) a month.
— Xinhua

VN to improve competitiveness of major export products by 2020
Viet Nam will improve the competitiveness of major export products to boost export value in line with the country’s economic restructuring and renovation of the growth model, according to a decision recently issued by the Prime Minister.
— 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.



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