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Asean Morning News

Compiled by AEC News Today    @aecnewstoday

Asean infrastructure gap turns negatives into positives
IF A spending deficit of US$1.2 trillion in six key Asian economies and a rising tide of protectionist rhetoric in Europe don’t seem the most promising combination of business prospects, think again.
– The Nation

Malaysia: Deputy PM warns Manchester bombing could happen in the region
MALAYSIA’s Deputy Prime Minister Ahmad Zahid Hamidi said Thursday that a bombing on the scale of that in Manchester, UK could happen in Southeast Asia.
– Asian Correspondent

APEC turns to app developers to save trade from protectionism
Amid fears that trade barriers are going to increase, the largest bloc of Pacific Rim nations has come up with an idea to stem the protectionist tide: Create an app.
– Manila Bulletin

Economic Snapshot for ASEAN
The economy of the Association of Southeast Asian Nations (ASEAN) accelerated at the start of the year, according to a FocusEconomics estimate.
– Focus Economics

China and ASEAN take a step toward South China Sea rules
The Chinese government and members of the Association of Southeast Asian Nations agreed on a framework for a code of conduct in the South China Sea on May 18, an internal document obtained by The Nikkei shows. Details such as the start date and legal status, however, have yet to be decided.
– Nikkei Asian Review (paywall)

Functional beverages in Asia: Start-ups need to ‘redress the health balance’
Functional beverage start-ups in Asia should not get fixated on making and securing official health and efficacy claims before launching, and could look instead to “wrap up” products alongside more holistic therapies such as Tai Chi.
– FoodNavigator-Asia.com

In first under Trump, US warship challenges Beijing’s claims in South China Sea
A U.S. Navy warship sailed within 12 nautical miles of an artificial island built up by China in the South China Sea, U.S. officials said on Wednesday (May 24), the first such challenge to Beijing in the strategic waterway since U.S. President Donald Trump took office.
– Channel NewsAsia

Cross-border crimes in cross-hairs as Asean enhances cooperation
Asean member states and dialogue partners have committed to enhance their cooperation efforts in combating transnational crimes in a bid to maintain the security at and across borders in the Asean region.
– Vientiane Times

CHINESE LOOK FOR SILK ROAD ADVENTURES
China Daily Chinese tourists are opting for attractions off the beaten track – in addition to the big cities and hot destinations – when travelling to countries and regions related to the Beijing’s Belt and Road Initiative, a report by home-sharing service Airbnb shows.
– The Nation

Revisit the ‘consensus rule’
ASEAN (the Association of Southeast Asian Nations) was formed pursuant to the Bangkok Declaration on Aug 8, 1967 by Malaysia and four of her closest neighbours — Indonesia, the Philippines, Singapore, and Thailand.
– New Straits Times

Proton deal to help Geely rev up in SE Asia market
Chinese automaker Zhejiang Geely Holding Group is to buy 49.9 percent of Malaysia’s largest car manufacturer Proton, with a final agreement expected to be signed in July, a move that will speed up its inroads into the Southeast Asian market.
– Ecns.cn

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Cambodia Morning News

Compiled by John Le Fevre    @photo_journ

Cambodia’s Commune Elections: A Barometer for 2018
Three things to watch in Cambodia’s commune elections that will impact next year’s parliamentary race.
– The Diplomat (paywall)

CNRP funding vow a ‘problem’ for us: Banh
Defence Minister Tea Banh yesterday said the popular appeal of the Cambodia National Rescue Party’s pledge to substantially boost commune budgets posed a “huge problem” for the ruling party.
– The Phnom Penh Post

Cambodia sees high demand for job seekers with Chinese language skills
Chinese language skills are in growing demand from companies looking to hire in Cambodia’s job market, The Phnom Penh Post reported on Wednesday, citing online job portal Everjobs.
– Xinhua

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Indonesia Morning News

Compiled by Stella-maris Ewudolu    @Estee

Pressure Cooker Bombs Allegedly Used in Kampung Melayu Attacks
he National Police spokesman Insp. Gen. Setyo Wasisto alleges the suicide bombers in Kampung Melayu, east Jakarta used pressure cooker bombs. The allegations were based on bomb debris found at the scene.
– TEMPO.CO

Indonesia president approves two-year extension of forest moratorium
Indonesian President Joko Widodo has approved a two-year extension to a moratorium on issuing new licences to use land designated as primary forest and peatland, the environment and forestry minister said on Wednesday.
– The Edge Markets

Premium Sales Decline due to Changing Consumers Behavior
State-owned oil and gas company Pertamina marketing director Muchamad Iskandar said that the number of consumers of RON 88 or Premium fuel in the first quarter of 2017 significantly declined compared to 2016.
– TEMPO.CO

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Lao PDR Morning News

Compiled by Stella-maris Ewudolu    @Estee

Lao economy forecast to grow 7 percent annually
The Lao economy is projected to grow around 7 percent annually between 2017 and 2019, according to the latest edition of the World Bank’s Lao Economic Monitor released in Vientiane on May 24.
– VietnamPlus

Laos, Thailand agree on master plan
THAILAND AND Laos have agreed to draw up a a five-year master plan to double the value of bilateral trade and investment to US$10 billion (Bt344 billion) by 2021.
– The Nation

Lao PDR’s Reforms Can Strengthen and Sustain Inclusive Growth
The Lao PDR economy is projected to expand at around 7 percent annually for the period 2017 to 2019, higher than other countries in the region, according to the latest edition of the World Bank’s Lao Economic Monitor, released on May 24.
– The Financial

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Malaysia Morning News

Compiled by Stella-maris Ewudolu    @Estee

Maybank 1st-Quarter Net Profit Up 19.3% to MYR1.70 Billion; Beats Forecast
Malayan Banking Bhd. (1155.KU), known as Maybank, said first-quarter net profit rose 19.3% from a year ago on a decline in allowances for impairment losses and a rise in net interest and Islamic banking income.
– The Star Online

Cambodia lifts freeze on maids to Malaysia
Cambodia has lifted a six-year freeze on its citizens working in Malaysia as maids, with the first group of workers expected to arrive here after Hari Raya Aidilfitri.
– FMT

No oil in Penang waters, says exco
There is no oil in Penang waters, an exco man told the state assembly today, following a DAP rep’s suggestion to halt reclamation and rely on possible oil reserves in the state’s waters for revenue.
– FMT

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Myanmar Morning News

Compiled by Stella-maris Ewudolu    @Estee

1.2 million foreign travelers visit Myanmar
The number of foreign travelers to Myanmar have arisen by 25 per cent compared to the previous year, a source of Department of Hotel and Tourism said.
– Eleven

China buys up Myanmar’s entire mango export
China is buying up almost all of Myanmar’s mangoes produced this year, said U Nay Lin Maung Maung, chair of the Myanmar Fruit, Flower and Vegetable Producers and Exporters Association in the Mandalay Region.
– The Myanmar Times

The KMTTP: Will India’s Plans For Myanmar Become Reality?
The Sittwe deep-sea port in Myanmar’s Rakhine State, which was financed and constructed by India, will soon commence operation. The port is one part of the Kaladan Multi-modal Transit Transport Project (KMTTP) in western Myanmar which aims to connect Mizoram in landlocked northeast India to the Bay of Bengal.
– AEC News Today

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Philippines Morning News

Compiled by Stella-maris Ewudolu    @Estee

Market shrugs off Mindanao martial law
Investors shrugged off President Duterte’s declaration of martial law as the stock market advanced to its fourth day winning streak yesterday.
– The Philippine Star

Business group expresses concern over martial law declaration in Mindanao
The Philippine Chamber of Commerce and Industry (PCCI) on Wednesday expressed concern over President Rodrigo Duterte’s declaration of martial law in Mindanao.
– ABS-CBN

Nationwide martial law eyed
With the likelihood of violence in Marawi City spilling over into the Visayas and Luzon, President Duterte said yesterday he might expand the coverage of his martial law declaration for Mindanao to include the entire country.
– The Philippine Star

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Singapore Morning News

Compiled by Stella-maris Ewudolu    @Estee

Singapore Sees Growth Exceeding 2% in 2017 as Exports Climb
Singapore’s government gave an upbeat outlook on the economy, saying it will probably expand more than 2 percent this year as exports continue to strengthen.
– Bloomberg

General Motors expected to downsize Singapore HQ
Auto giant General Motors (GM) has reported that it will be slashing headcount in its Singapore headquarters to drive stronger financial performance and focus its capital and resources on business opportunities expected to deliver higher returns.
– Human Resources Online

Singapore’s IMDA to focus on four frontier tech areas
At the Infocomm Media Business Exchange 2017, Dr Yaccob Ibrahim, Minister for Communications and Information, said that Singapore’s Infocomm Media Development Authority (IMDA) has identified four frontier technology focus areas-AI and data science, cybersecurity, immersive media, and the IoT.
– Telecomasia.net

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Thailand Morning News

Compiled by John Le Fevre    @photo_journ

What’s behind Thailand’s Q1 pickup?
Thai policymakers are becoming increasingly worried about the strength of the bhat, as it threatens to undermine the recovery in the country’s all-important external sector.
– Focus Economics

Private sector wants say in new excise tax
The Thai private sector wants to play a part in drafting the organic laws of the new excise tax law, citing concerns about its practicality once in place.
– Bangkok Post

38 firms look at key project
SOME 38 companies have picked up the bidding package for the Hua Hin-Prachuap Khiri Khan double-track railway project, while the State Railway of Thailand has extended the preparation period from 30 days to 45 days to allow them to more time to make detailed proposals and find partners.
– The Nation

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Vietnam Morning News

Compiled by John Le Fevre    @photo_journ

ADB Adds 2 More Vietnamese Banks to Trade Finance Program
The Asian Development Bank’s (ADB) Trade Finance Program (TFP) and two Vietnamese banks — An Binh Joint-Stock Bank (ABBANK) and Tien Phong Commercial Joint-Stock Bank (TPBank) — today signed agreements enabling the program to provide guarantees of up to $50 million annually to support trade finance in Viet Nam.
– ADB (media release)

Vietnam set to approve coal-fired power plants worth $7.5 bln
Coal-fired power, despite its environmental impacts, is still the dominant power source for electricity-hungry Vietnam.
– VnExpress

Northern provinces enjoy bumper Winter-Spring rice harvest
The northern region from Thua Thien-Hue province northward reaped a bumper harvest in the 2016-2017 Winter-Spring rice crop for the 10th consecutive year, heard a conference held in Thanh Hoa province on May 24.
– VietnamPlus

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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.

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