Asean Morning News For May 24

Asean Morning News

Compiled by AEC News Today @aecnewstoday

ASEAN needs new rules for greater regional security
ASEAN must come up with new rules that are inclusive and acceptable to all major players in order to have more regional security, Institute of Security and International Studies (ISIS) director at Bangkok”s Chulalongkorn University, Dr Thitinan Pongsudhirak, said on the sidelines of the 31st Asia Pacific Forum (APR), here, Tuesday.
– Astro Awani

Asian millennials all adrift over bribery, ethics
Young professionals more open to paying bribes, but at the same time would seek to leave any employer tarnished by scandal, EY survey finds
– Asia Times

RCEP ministers celebrate progress
SUCH issues as goods, services, investment and rules in RCEP negotiations were discussed at the third meeting of RCRP.
– The Nation

India reneging on promise by conducting naval drills in South China Sea: China
India which is conducting major naval drills with Singapore in the disputed South China Sea has “reneged” on its promise not to provoke China on the sensitive issue, a Chinese military expert said today.
– The Economic Times

Asian VC investment on the uptick, with BATJ largest unicorn backers
The winter for venture capital (VC) funding when firms across the world, including Asia, cut back on the cash that was ploughed into startups, appears to have been short-lived. The number of $50M+ financings to VC-backed Asia tech companies rose 39 per cent on a quarterly basis in Q1’17 to hit a five-quarter high, according to the latest data from research firm CBInsights.
– Deal Street Asia

U.S. trade representative says United States won’t return to Trans-Pacific Partnership
Meeting on the sidelines of the Asia-Pacific Economic Cooperation (APEC) meeting in Hanoi, Vietnam on Sunday morning, 11 remaining nations agreed that they would explore ways to continue with TPP without the United States.
– Normangee Star

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Cambodia Morning News

Compiled by John Le Fevre @photo_journ

Cambodia’s construction sector attracts 4 bln USD investment in 4 months, up 43 pct
Cambodia’s construction sector attracted investment projects worth 4 billion U.S. dollars in the first four months of 2017, up 43 percent over the same period last year, according to government figures on Tuesday.
– Xinhua

New Cambodian plant to open in Q4, Taisun says
Taisun Int’l (Holding) Corp (泰昇), which makes diapers, sanitary pads and adult incontinence products, said its new plant in Cambodia is to start trial production in the fourth quarter of this year, as part of the firm’s efforts to maintain its competitiveness in the nation.
– Taipei Times

Government Launches $60 Million Project to Help Small Farmers
The government yesterday launched the first phase of a project to help 15,000 farming families commercialize their operations and bring their produce—rice, cassava, chickens and silk—to market.
– The Cambodia Daily (paywall)

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Indonesia Morning News

Compiled by Stella-maris Ewudolu @Estee

Charoen Pokphand Sets Aside Rp 1.1t for Capex, Acquires 7-Eleven
Charoen Pokphand Indonesia, a local unit of the Thai conglomerate, has set aside Rp 1.1 trillion — around $82.5 million — for capital expenditure this year to add production facilities and repair maintenance utilities, the company’s president director said on Tuesday (23/05).
– Jakarta Globe

Mitsubishi Lowers Stake in Indonesia‘s Medco Energi
Mitsubishi Corp. has reduced its stake in Indonesian oil and gas producer Medco Energi Internasional.
– Netral News

Minister Luhut: Reclamation Project will Not be Stopped
The Coordinating Minister of Maritime Affairs Luhut Binsar Pandjaitan said that the government will not stop the reclamation project in the Jakarta Bay. He reasoned that the National Development Planning Agency’s (Bappenas) study show that the city is sinking faster than expected.
TEMPO.CO

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Lao PDR Morning News

Compiled by Stella-maris Ewudolu @Estee

Gov’t Strengthens Anti-Corruption Drive
A seminar on financial investigation and anti-money laundering techniques to counter against corruption was held in Vientiane on May 22.
– Lao News Agency

IMF sounds concerns despite strong Lao growth
EFFORTS by policymakers in Laos to maintain economic growth of around 7 per cent this year, a rate surpassing that of much of the region, has been praised by the International Monetary Fund.
– The Nation

Scientists urge postponing Pak Beng hydropower project
Laos is set to move forward to build Pak Beng hydropower dam on Mekong mainstream, but technical reports about the project still do not provide adequate information.
– VIETNAMNET Bridge

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Malaysia Morning News

Compiled by Stella-maris Ewudolu @Estee

Chinese carmaker Geely to acquire Malaysia’s Proton
Chinese automaker Geely has agreed to buy struggling Malaysian manufacturer Proton from DRB-Hicom, according to a statement issued on Wednesday (May 24).
– Channel NewsAsia

Report: Nuclear power plant in Malaysia by 2030?
Malaysia could have its own nuclear power plant by 2030 to address the high power consumption in the peninsula, the Malaysia Nuclear Power Corporation (MNPC) said.
– MALAY MAIL ONLINE

MIDF Research positive on local construction sector
MIDF Research has maintained its “positive” outlook on the domestic construction sector, amid the strong flow of liquidity into the industry.
– The Star Online

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Myanmar Morning News

Compiled by Stella-maris Ewudolu @Estee

Ye Township Offshore Supply Base construction temporarily suspended
Construction on an offshore supply base meant to support the growing oil and natural gas industry in Myanmar (Burma) has been suspended, following protests from residents. The base was being built near Yawthit Village in Mon State’s Ye Township, according to U Thiha Soe, supervisor of the Ramanya United Company.
– Burma News International

Pyithu Hluttaw nod for increased land, water, embankment tax
A proposal urging the Union government to increase land, water and embankment taxes on farmers to be compatible with the times has been approved by the Pyithu Hluttaw on May 22.
– The Myanmar Times

Myanmar turns to coffee as crops threatened by climate change
WITH climate change affecting crop production, Myanmar is taking steps to boost the coffee industry by holding events such as the Coffee Forum in Nay Pyi Taw yesterday.
– Global New Light Of Myanmar

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Philippines Morning News

Compiled by Stella-maris Ewudolu @Estee

Mindanao martial law to be “as harsh” as that of Marcos — Duterte
Martial law in Mindanao would not be different from martial law during the time of the late dictator Ferdinand Marcos, President Duterte said before leaving Moscow for Manila.
– Philippine Daily Inquirer

Tax reform package reaches House plenary
The comprehensive tax reform package of the Duterte administration on Tuesday reached the plenary at the House of Representatives for deliberations.
– PHILIPPINE CANADIAN INQUIRER/ Philippine News Agency

‘Dutertenomics’ seen to boost demand for consumer goods
President Rodrigo Duterte’s P8 trillion infrastructure makeover is expected to create a multiplier effect on consumption, the head of Unilever’s Philippine operations said Tuesday.
– ABS-CBN

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Singapore Morning News

Compiled by Stella-maris Ewudolu @Estee

Singapore identifies four frontier technology focus areas for digital economy
Minister of Communications and Information, Dr. Yaacob Ibrahim (above) outlined four four frontier technology focus areas for the development of Singapore’s digital economy in his speech at the the Infocomm Media Business Exchange (imbX) opening ceremony.
– Open Gov Asia

Singapore to deploy robot guards to ease worker shortage
A CNBC report said a new niche has been found for intelligent machines which are being deployed from healthcare to restaurants in a government-backed push to ease a workforce crunch,
– Singapore Business Review

Heightened danger in Singapore as cyber attacks increase
Ransomware has rapidly moved from a “nuisance” to a public threat which could now endanger lives, a director of Singapore’s Cyber Security Agency told the CommunicAsia2017 conference on Tuesday.
– Telecomasia.net

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Thailand Morning News

Compiled by John Le Fevre @photo_journ

Telenor’s Thai subsidiary dtac selected preferred partner on TOT’s 2300 MHz spectrum
Thailand’s state enterprise TOT has today announced that Telenor’s Thai subsidiary dtac has been selected as the preferred partner for 4G services on TOT’s 2300 MHz spectrum.
– Nasdaq/ GlobalNewswire

50,000 DEFAMATION SUITS MAY BE DROPPED WEDNESDAY
The lead author of the revised Computer Crime Act and a public prosecutor said Tuesday that the law can no longer be used as a tool for defamation lawsuits, and all those filed under it must be dismissed.
– Khaosod English

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Vietnam Morning News

Compiled by John Le Fevre @photo_journ

National Assembly doubtful about 6.7% growth target
With economic results in the first four months of the year below the average performance in previous years as reported by the Government, the National Assembly (NA) is afraid that GDP growth in 2017 can hardly meet the 6.7% target. The NA Economic Committee tentatively put GDP growth this year at 6.3-6.5%.
– VietNamNet Bridge

Capital aims for 4.5% export growth in 2017
The capital aims to generate US$11.1 billion from exports this year, 4.5 per cent higher than 2016, the municipal Department of Industry and Trade has said.
– Viet Nam News bizhub

Assembled-in-Vietnam cars are twice as expensive as Thailand’s
Car prices in Vietnam are nearly two times higher than in other countries in the region such as Thailand and Indonesia, and much higher than in countries with developed automobile industries such as the US and Japan.
– VietNamNet Bridge

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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.