Asean Morning News For June 2

Asean Morning News

Compiled by AEC News Today @aecnewstoday

Davao pushes for holding of scheduled ASEAN meetings despite martial law
Davao City Tourism Office (CTO) head Generose Tecson urged the national organizing committee (NOC) of the Association of Southeast Asian Nations (ASEAN) to push through with the scheduled two big ASEAN meetings in the city next month despite the 60-day martial law.
– Minda News

Asean’s May PMI signals weaker improvement as performance slips
The manufacturing output across Asean showed signs of a slowdown in May, reflecting weaker increases in new orders and production, which may have weighed on business confidence, IHS Markit said in its Nikkei Asean Manufacturing Purchasing Managers’ Index (PMI) today.
– The Edge Markets

B&R infrastructure growth on target
The transportation and electricity sectors will continue to serve as major powerhouses to fuel international infrastructure development in Belt and Road economies, according to a report released on Thursday.
– China Daily

Asian grouping offers master class on economic integration
As geopolitical turbulence swirls from Yemen to Syria and oil prices remain volatile and low, it is time for the Gulf Cooperation Council (GCC) to come together for a second founding moment. However, this time, it’s more pressing than ever as the GCC needs to think hard, in unison, of its post-oil future.
— Gulf News

Chinese tech giants looking to S-E Asia for growth
Chinese tech titans are shifting their gaze towards the rest of the planet, as growth in their home market slows and saturates. Their first stop: South-east Asia – a region with twice the population of the United States and the largest Chinese diaspora in the world.
— Straits Times

Red Hat sees stronger momentum in ASEAN for its container application platform
Ranging from the telecommunications and financial services industries, organizations in ASEAN are deploying Red Hat OpenShift Container Platform to enable their developers to more quickly develop, host, and scale applications in cloud environments, according to Red Hat, Inc.
— Network World Asia

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Cambodia Morning News

Compiled by Paul Treacy @PaulTreacyPhoto

Kandal drowning in debt: Confusion about MFIs may cost CPP in commune elections
By the end of last year, Cambodians collectively owed $3.1 billion to microfinance institutions (MFIs), according to a World Bank report, a figure that would not have escaped the notice of the ruling Cambodian People’s Party.
— The Phnom Penh Post

Ministry to begin $20M plan for domestic vegetables
Implementation of a previously announced three-year $20 million programme to increase local vegetable and fragrant rice production will begin next month to help boost domestic supply and reduce imports, an agriculture official said yesterday.
— The Phnom Penh Post

Cambodia’s garment sector exports more, employs less
Exports from Cambodia’s garment and footwear sector continued to grow in 2016, rising by 7.2 per cent to $7.3 billion, but the number of exporting factories officially registered in the sector fell by 10.4 per cent and the number of workers declined by 2.9 per cent, compared to 2015, according to the sixth edition of the ILO’s Cambodian bulletin.
– Fibre2Fashion

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Indonesia Morning News

Compiled by Leakhena Khat @leakhenakhat

BRI, AGO partner to fight banking crimes
State-owned lender PT Bank Rakyat Indonesia (BRI) signed a memorandum of understanding (MoU) and several agreements with the Attorney General’s Office (AGO) in Jakarta on Wednesday to fight against banking crimes.
– The Jakarta Post

Indonesia April palm, palm kernel oil exports rise 4 pct m/m -assoc
Indonesia’s palm and palm kernel oil exports rose 4 percent in April from the month before, the Palm Oil Association (GAPKI) said in a statement late on Wednesday. Indonesia exported 2.57 million tonnes of palm and palm kernel oils in April, up from 2.47 million tonnes in March.
— Hellenic Shipping News

Growing Regional Threat Following Twin Bomb Attacks in Kampung Melayu
Southeast Asian terrorism experts see a thread between recent attacks and progress in rooting out the Islamic State group from its Middle Eastern strongholds. Even unrelated organizations, they warn, may be increasingly motivated to lash out in solidarity.
– Netral

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Lao PDR Morning News

Compiled by Paul Treacy @PaulTreacyPhoto

ADB Grant to Further Build on Rural Infrastructure Gains in Lao PDR
The Asian Development Bank (ADB) has approved a $36.5 million grant as additional financing to the Northern Rural Infrastructure Development Project in Lao People’s Democratic Republic (Lao PDR).
– ADB

Hungary to initiate major credit aid for Laos
Laos is expected to receive the biggest ever fixed aid credit programme worth US$160 million from Hungary to develop a food safety system, water management and information technology.
— Vientiane Times

SDGs’ Incorporation in National, Local Plans Discussed
Over 100 representatives from the Ministry of Foreign Affairs, development partners, international organisations, embassies, the government and private organisations met in Vientiane on May 31 to discuss a national action plan on the implementation of the Sustainable Development Goals (SDGs) through 2030.
— Lao News Agency

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Malaysia Morning News

Compiled by Leakhena Khat @leakhenakhat

Global passenger traffic for April rose by 10.7%, says IATA
Global passenger traffic data for April 2017 showing that demand (measured in revenue passenger kilometers or RPKs) rose by 10.7% compared to April 2016, which was the fastest pace in six years, according to the International Air Transport Association (IATA).
— The Edge Markets

RHB, Ambank Officially Commence Merger Discussion
RHB Bank Bhd (RHB) and AMMB Holdings Bhd (AmBank) today announced that approval from Bank Negara Malaysia (BNM) has been obtained for the two parties to commence discussions for a proposed merger between the two.
— Malaysian Digest

Manufacturing output falls in May
Manufacturing output fell in May after the climb in four consecutive months this year amid slower demand, IHS Markit said in its Nikkei Malaysia Manufacturing Purchasing Managers’ Index (PMI) yesterday.
— The Edge Markets

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Myanmar Morning News

Compiled by Leakhena Khat @leakhenakhat

Budget for rural development reduced to 10pc this year
The budget for rural road and bridge construction approved for this 2017-18 fiscal year was barely 10 percent of last year’s, said Union Minister for Agriculture, Livestock and Irrigation, Dr Aung Thu.
— Myanmar Times

Rice exports on rise
Between late April and the third week of May, the country exported more than 360,000 tonnes of rice, up 260,000 tonnes from the same period last year, according to the Ministry of Commerce.
— Eleven Myanmar

Yangon MPs to review ‘outrageous’ city rental contracts, citing millions in lost revenue
Lawmakers in Yangon’s regional parliament are demanding a wide-ranging review of rental contracts that they suspect were awarded at knockdown prices under the previous military-backed administration of President Thein Sein.
— Mizzima

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Philippines Morning News

Compiled by Leakhena Khat @leakhenakhat

Moody’s retains 6.5% Philippine growth forecast
Debt watcher Moody’s Investors Services has retained the country’s economic growth forecast for this year despite the ongoing siege in Marawi City that paved the way for the declaration of martial law by President Duterte.
— The Philippine Star

PH manufacturing grows, bucks trend in emerging Asia
The Philippines’ manufacturing sector bucked the regional trend in May and saw its purchasing managers’ index (PMI) rise to 54.3, the highest so far this year, on the back of a robust domestic demand.
– Philippine Daily Inquirer

Davao tourism sector loses P20 million
The tourism industry in the city suffered a revenue loss of P20 million for the first three days of martial law, according to Davao City Tourism Office (CTO) head Generose Tecson.
– Minda News

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Singapore Morning News

Compiled by Leakhena Khat @leakhenakhat

Local start-up to launch Singapore’s first e-scooter sharing service
The New Paper has learnt that local start-up Telepod will be launching its e-scooter sharing service on Monday with 10 e-scooters available for rent -a first in Singapore.
— The New Paper

Services sector grows in slow, uneven pace
Maybank reported that actual GDP expanded by 2.7% in the first quarter of 2017 from a year ago, a small upward adjustment from the 2.5% flash estimate and moderating from 2.9% in 4Q16. On a quarter-on-quarter seasonally adjusted annualised basis, GDP fell by 1.3% from the fourth quarter, reversing the 12.3% surge in 4Q16.
— Singapore Business Review

Singaporeans urged to be alert as terror threat level ‘remains high’
The terror threat to the Republic remains at its highest in recent years, the Ministry of Home Affairs (MHA) said on Thursday (June 1) as it issued its first-ever national terrorism threat assessment report.
— Today Online

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Thailand Morning News

Compiled by John Le Fevre @photo_journ

PromptPay ‘a big success’
In four months, PromptPay transactions already exceeded the numbers seen in some European countries over two years.
— Bangkok Post

IMF: Thailand has policy room to cushion effects of slow growth

Thailand can deploy monetary and fiscal steps to cushion the effects of low inflation and slow economic growth as the country’s recovery remains modest and there are downside risks, the International Monetary Fund (IMF) said.
— The Star

14 million low-income earners request social welfare
As many as 14 million low-income earners have registered with the Ministry of Finance in a social welfare program designed to improve their lives.
– NNT

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Vietnam Morning News

Compiled by John Le Fevre @photo_journ

NA discusses $16b Long Thành airport project
Land clearance for the Long Thành airport project in the southern province of Đồng Nai should be sped up to prevent price slippage that will affect investment capital and to help people living in the project area stablise their living conditions, said National Assembly (NA) deputies on Thursday.
— Viet Nam News

Banks remain main backers of property market
The real estate market is recovering strongly and attracting huge sums of money from banks, foreign investors and overseas Vietnamese.
— Viet Nam News

MoF: Public debt to reach record high in 2017
Depending on GDP growth, public debt will be high this year and next year before tapering off.
— Vietnam EconomicTimes

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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.