Egypt beach resort attack kills two foreigners

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  • An unidentified injured tourist (L) is spoken to by the Govenor of the Red Sea Region, Ahmed Abdullah (2-L), in Hurghada, Egypt. /EPA
  • Egyptian military personnel infont of one of two beach resorts were a stabbing attack occured, in Hurghada, 450km southeast of Cairo, Egypt, 14 July 2017./EPA
  • Egyptian military personnel infont of one of two beach resorts were a stabbing attack occured, in Hurghada, 450km southeast of Cairo, Egypt, 14 July 2017. /EPA

Egypt beach resort attack kills two foreigners

ASEAN+ July 15, 2017 09:45

By Agence France-Presse

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CAIRO – Two foreign women were killed on Friday and four others were wounded when an assailant stabbed them at an Egyptian Red Sea beach resort, officials said.

The governor of Red Sea province, where the resort of Hurghada is located, said two “foreign residents” of the city were killed in the attack, a cabinet statement said.

Although the attacker’s motives were unclear, the stabbing will come as a blow to Egypt which has been trying to woo back tourists after years of unrest and deadly attacks.

There was confusion about the nationalities of the victims, with Egyptian officials and state media initially saying the two women killed were Ukrainian which Kiev’s ambassador to Egypt denied.

An Egyptian health ministry official told AFP “the two foreigners killed earlier are Germans”.

But Germany’s foreign ministry, which condemned the stabbing as “cowardly” in a statement, said it could not confirm or deny whether its nationals were among the victims.

An Armenian foreign ministry spokesman said two Armenian women had been wounded in the attack, and the Czech foreign ministry tweeted that one of its nationals had been lighty injured.

The interior ministry said in a statement that the attacker, who had swum ashore, was arrested and was being questioned.

“We don’t know his motives yet, he could be crazy or perturbed — it’s too early to tell,” a senior interior ministry official told AFP.

In January 2016, three tourists in Hurghada were wounded in a stabbing assault by two assailants with apparent Islamic State group (IS) sympathies.

There was no immediate claim of responsibility for Friday’s stabbing.

Hurghada is one of Egypt’s most popular beach resorts, especially with Ukrainians and European tourists.

Security has been boosted in resorts around the country, as the tourism industry provides Egypt with much-needed revenues.

An IS bombing of a Russian airliner carrying holidaymakers from a south Sinai resort in 2015 killed all 224 people on board and decimated the country’s tourism sector.

Russia suspended all flights to Egypt in response and has yet to resume them.

IS has been waging a deadly insurgency based in the north of the Sinai Peninsula that has killed hundreds of policemen and soldiers.

Policemen shot dead

Also on Friday, unknown assailants shot dead five policemen south of Cairo, in the latest of a series of attacks targeting the country’s security forces.

The ministry said three gunmen opened fire on a police car and then fled, killing a non-commissioned officer, three conscripts and a police employee.

CCTV footage posted online by the Ahram newspaper showed the three assailants pretending to fix a motorbike before they opened fire on a passing police truck then looted it.

The attack took place near Badrasheen, a town some 20 kilometres (12 miles) from Cairo, where militants have also targeted police in the past.

As with the beach stabbing, there has not yet been any claim of responsibility for the attack.

The killings came as police and the army said they were closing in on militants and jihadists following a spate of deadly attacks in the Nile Valley and the Sinai Peninsula.

Egypt has struggled to quell IS jihadists based in the Sinai and smaller militant groups in the mainland since the military overthrew Islamist president Mohamed Morsi in 2013 and cracked down on his supporters.

IS jihadists killed at least 21 soldiers in restive north Sinai on July 7, the same day as the militant Hasam group claimed responsibility for shooting dead an officer with Egypt’s secret police in an attack north of the capital.

While smaller groups such as Hasam have mostly targeted policemen and government officials, IS has also attacked foreign tourists and Egypt’s Coptic Christian minority.

Dozens of Christians have been killed in church bombings and shootings since last December in attacks claimed by IS.

The jihadists have threatened to carry out further attacks on Christians, who make up about 10 percent of Egypt’s 90 million people.

New Turkey purge on eve of failed coup anniversary

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People look at the statue of Omer Halisdemir displayed on July 14, 2017 in Istanbul, in front of a memorial with the names of people killed last year during the failed coup attempt . /AFP

People look at the statue of Omer Halisdemir displayed on July 14, 2017 in Istanbul, in front of a memorial with the names of people killed last year during the failed coup attempt . /AFP

New Turkey purge on eve of failed coup anniversary

ASEAN+ July 15, 2017 09:40

By Agence France-Presse

ISTANBUL – Turkey announced the dismissal of another 7,000 police, soldiers and officials on Friday, a new purge on the eve of the one-year anniversary of a military-led coup that failed to topple President Tayyip Erdogan.

July 15 has been declared an annual national holiday of “democracy and unity” and the authorities want people to see the foiling of the putsch as a historic victory of Turkish democracy.

Friday’s measures, however, mean that 50,000 people have been arrested and a further 100,000 sacked in response to the thwarted bid to overthrow Erdogan.

Some 7,563 people were fired in the latest cull, the state-run Anadolu news agency reported, with nearly 350 retired army members also stripped of their rank. Hurriyet daily reported that 2,300 police were dismissed.

Saturday will see Turkey hold a major programme of events to mark the coup attempt, blamed by the authorities on US-based Muslim preacher Fethullah Gulen.

The decree, published late Friday in the official gazette, said those sacked were “linked to terror organisations, or groups determined to have been acting against the state’s national security”.

A former Istanbul governor was among those dismissed. The decree also stripped medals from Hakan Sukur, the retired Galatasaray and Turkey national team footballer.

Once one of the country’s top sporting heroes, Sukur powered Turkey to third place in the 2002 World Cup where he scored the fastest goal in the competition’s history.

He later served as a ruling party MP but then fell out with the authorities over his links to Gulen. Now believed to be living in the United States he is the subject of a Turkish arrest warrant.

Slanders

Gulen on Friday again denied any involvement in what he called a “despicable putsch,” and called on Ankara to end its “witch hunt” of his followers.

“Accusations against me related to the coup attempt are baseless, politically motivated slanders,” Gulen, who lives at a compound in rural Pennsylvania, said in a statement.

“I reiterate my condemnation of the despicable putsch and its perpetrators,” he said, while decrying a government “witch hunt to weed out anyone it deems disloyal” to Erdogan “and his regime”.

The attempted putsch came when a disgruntled faction in the army sent tanks into the streets and planes into the sky in a bid to oust the president.

War planes bombed Ankara and tanks surged into the streets of Istanbul in a night of violence that left 249 people dead. The bid was swiftly thwarted as the authorities regrouped and people poured into the streets in support of Erdogan.

Late-night commemorations

Turkey insists the post-coup crackdown is necessary to tackle the threat they say is posed by the Gulen movement, but activists and Western governments have criticised it as excessive.

Gulen called for an independent international investigation of the coup attempt, saying “hundreds of thousands” of innocent Turks had been punished simply for suspected links to him.

“The government’s treatment of innocent citizens during the past year is dragging Turkey into the category of the countries with the worst record of democracy, the rule of law and fundamental freedoms in the world,” he said.

Saturday’s events begin with a special session of parliament, after which Erdogan will take part in a people’s march on the bridge over Bosphorus that saw bloody fighting on the night of the coup, since renamed Bridge of the Martyrs of July 15.

At midnight local time (2100 GMT) people across Turkey will take part in “democracy watches”, rallies commemorating how crowds poured out into the streets.

Erdogan will return to Ankara and give a speech to parliament at 2:00 am — the time it was bombed on the night of the attempted putsch.

A monument to those killed will then be unveiled outside his palace in the capital as the dawn call to prayer rings out.

US to appeal ruling weakening Trump travel ban

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  • Activists protest on the first day of the the partial reinstatement of the Trump travel ban, temporarily barring travelers from six Muslim-majority nations from entering the U.S., at Los Angeles International Airport (LAX) on June 29, 2017./AFP
  • Travelers wait at International Terminal Four at John F. Kennedy International Airport in Queens, New York, USA, 30 June 2017. / EPA

US to appeal ruling weakening Trump travel ban

ASEAN+ July 15, 2017 09:37

By Agence France-Presse

WASHINGTON- Donald Trump’s administration vowed Friday to appeal to the Supreme Court after a federal judge dealt a fresh setback to the president’s ban on travelers from six mainly Muslim countries and refugees as unfairly excluding the grandparents and grandchildren of people living in the United States.

Attorney General Jeff Sessions, in a strongly-worded statement announcing the appeal, accused the Hawaii court of having “undermined national security, delayed necessary action, created confusion and violated a proper respect for separation of powers.”

He charged the lower court had “improperly substituted its policy preferences for the national security judgments of the executive branch in a time of grave threats, defying both the lawful prerogatives of the executive branch and the directive of the Supreme Court.”

It was unclear how quickly the Supreme Court — now in summer recess but able to act on emergency motions — might be able to respond, and when or if the expanded terms set by the Hawaii judge might take effect. If they do, thousands of potential travelers could be affected.

The travel ban, which the administration insists is necessary to keep violent extremists out of the country, has faced a series of judicial roadblocks from lower courts.

But the administration gained partial satisfaction in June when the Supreme Court ruled that it could proceed with its plan to prohibit the entry of some people from countries deemed dangerous, while still allowing visits by people with “a credible claim of a bona fide relationship with a person or entity in the United States.”

The Supreme Court’s ruling allowed a 90-day ban on visitors from Iran, Libya, Somalia, Sudan, Syria and Yemen, and a 120-day ban on refugees to come into force, with exceptions for those people with “bona fide” relationships.

That June 29 ruling, which capped months of legal wrangling, left unclear the question of just who had such a “credible claim.” The Trump administration then provided a list defining that category as including parents, spouses, children, sons- and daughters-in-law, siblings and step- or half-siblings.

But the Hawaii judge, Federal Judge Derrick Watson ruled that the administration’s criteria unfairly exclude grandparents and grandchildren.

The decision late Thursday thus expanded the exceptions to the ban, ordering that the list include grandparents, grandchildren, brothers-in-law, sisters-in-law, aunts, uncles, nieces, nephews and cousins of people in the United States.

Common sense

Watson said the government’s “narrowly defined list finds no support in the careful language of the Supreme Court or even in the immigration statutes on which the government relies.”

“Common sense, for instance, dictates that close family members be defined to include grandparents,” he wrote.

“Indeed, grandparents are the epitome of close family members. The government’s definition excludes them. That simply cannot be.”

The judge also ruled that refugees who have assurances of a placement by an agency in the United States should be exempt.

White House Homeland Security Adviser Tom Bossert told journalists the ruling seemed “fairly broad,” adding that he would be troubled “if it was as broad as reported.”

The original ban, announced days after Trump became president on January 20, was successfully challenged in lower courts on the grounds that it overstepped Trump’s presidential authority and discriminated against Muslims in violation of the US constitution. A revised version also did not pass legal muster.

Judges in lower courts had cited Trump’s repeated statements during the presidential campaign that he intended to ban Muslims from entering the United States.

People have suffered enough

Douglas Chin, attorney general for the state of Hawaii, which filed the lawsuit against the Trump administration, welcomed the Thursday ruling.

“The federal court today makes clear that the US government may not ignore the scope of the partial travel ban as it sees fit,” said Chin.

“Family members have been separated and real people have suffered enough. Courts have found that this executive order has no basis in stopping terrorism and is just a pretext for illegal and unconstitutional discrimination.”

Philippines’ net outflows hit $460.8 million in June

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Philippines’ net outflows hit $460.8 million in June

ASEAN+ July 15, 2017 01:00

By PHILIPPINE DAILY INQUIRER
ASIA NEWS NETWORK
MANILA

DESPITE A net inflow of hot money last month on the back of positive market sentiment, more foreign portfolio investments left the Philippines at the end of the first half, resulting in net outflow of US$460.83 million (Bt15.6 billion).

Bangko Sentral ng Pilipinas data released yesterday showed that the $8.78-billion outflow of “hot money” as of end-June outpaced the $8.32-billion inflow.

The net outflow registered in the first half was a reversal of the $593.87-million net inflow in the same months last year.

The end-June inflows were also lower than the $8.51 billion a year ago, while the year-to-date outflows were higher than last year’s $7.91 billion.

In a statement, BSP said the six-month net outflow was a result of “certain domestic and international developments, such as the US airstrike against Syria, global terrorist attacks, interest rate increases by the US Federal Reserve, political turmoil in the US, and the closure order on several mining companies in the country”.

In June, net inflow of hot money of $79.56 million was recorded, reversing the $24.35-million net outflow in May.

However, the net inflow in June was dwarfed by the $450.87-million net inflow in the same month last year.

Last month, inflows reached $2.02 billion, exceeding outflows of $1.94 billion.

The June inflows rose 11.4 per cent from a year ago’s $1.81 billion. It was 35.8 per cent higher than the $1.48 billion a month ago.

BSP attributed the higher inflows of foreign portfolio investments last month to “positive investor sentiment relative to the anticipated resolution of the conflict in Marawi City, accelerated net foreign buying, and approval by Congress of the first tax reform package”.

The Duterte administration’s proposed first tax reform package aimed at slashing personal income tax rates while jacking up taxes on consumption was approved by the Lower House before Congress went on sine die adjournment last May.

Bt394 bn buyout proposed for GLP

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Bt394 bn buyout proposed for GLP

ASEAN+ July 15, 2017 01:00

By THE STRAITS TIMES
ASIA NEWS NETWORK
SINGAPORE

A CONSORTIUM of investors, Nesta Investment Holdings, has proposed to buy out and take private Singapore-listed warehouse operator Global Logistics Properties (GLP) for S$16 billion (Bt394.2 billion).

If the deal goes through, it will be the largest private equity buyout of an Asian company, surpassing last year’s takeover of China’s Qihoo 360 Technology, according to Bloomberg data.

The investor group comprises Hopu, Hillhouse Capital, Bank of China Group Investment, Vanke and SMG, which is owned by GLP chief executive Ming Mei.

Nesta Investment has proposed acquiring all the issued and paid-up ordinary shares of GLP (excluding treasury shares) by way of a scheme of arrangement at S$3.38 per share, GLP and Nesta Investment said in a joint statement yesterday.

This represents a 67 per cent premium over the one-month volume weighted average price per share up to November 30, 2016, the last trading day before announcement of the strategic review. It is also 25 per cent more than GLP’s last traded price on Wednesday before the shares were suspended.

Subject to shareholders’ approval and the meeting of other scheme conditions, the deal is expected to be completed on or before April 14, 2018. The deal is part of the logistics group’s independent strategic review to look at options available to boost shareholder value.

GLP had embarked on the strategic review last December following a request by its largest shareholder GIC, which owns over a third of the total stake in the company.

Shares of GLP have risen 23 per cent in trading this year, giving the firm a market value of S$12.7 billion. Trading was halted on Thursday, pending the announcement of the deal.

GLP owns and operate a US$41 billion global portfolio of 55 million sq m of warehouses and other logistics facilities in China, Japan, United States and Brazil.

Seek Ngee Huat, GLP chairman, said: “After an extensive evaluation of all final proposals received, the Special Committee decided on the proposed scheme, which we believe is compelling and value-enhancing for all shareholders. We are pleased to announce this scheme for our shareholders’ consideration.”

GIC, which manages Singapore’s foreign reserves, holds a 36.8 per cent stake in GLP, according to Bloomberg data. In a statement yesterday, GIC said it has provided an undertaking to Nesta Investment to “vote in favour of the scheme” in respect to its shareholding interest.

“The GIC undertaking was required by Nesta before it would agree to undertake the acquisition. GIC agreed to give the GIC undertaking after having considered the terms of the acquisition, in particular, both the price and certainty of execution,” it added.

However, despite its undertaking, GIC is free to accept an unsolicited, higher competing bid if one comes in before the scheme meeting is convened and is not matched by Nesta, the terms in the joint agreement noted.

Robust globe key to Laos’ growth

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Robust globe key to Laos’ growth

ASEAN+ July 15, 2017 01:00

By VIENTIANE TIMES
ASIA NEWS NETWORK
VIENTIANE

LAOS’ ECONOMY is set to remain one of the fastest growing in the region in coming years as long as the global economic recovery remains on track, according to international financial institutions.

The World Bank “projected the Lao economy to expand at around seven percent in 2017-19 supported by a healthy pipeline of power projects and growth opportunities for the non-resource sector resulting from closer Asean integration.”

It said recoveries in global commodity prices could support mining and agricultural output along with improved connectivity to facilitate growth in tourism.

Meanwhile, the IMF has projected the Lao economy will grow at 6.8 percent this year despite the country’s revenue shortfalls and complex changes occurring in the world economy.

Independent economist Dr Mana Southichak who has led several economic research efforts on behalf of government, international organisations and private companies told Vientiane Times on Wednesday that the World Bank and IMF remain optimistic about the Lao economy.

“The World Bank and IMF might be seeing that several hydropower projects will be completed and begin operation next year which should further drive economic growth in our country,” he said.

“Higher growth of Laos’ trading partners particularly China will create stronger momentum for the economy of our nation to grow at a high rate.”

According to an IMF report, China continues to transition to a more sustainable growth path enacting reforms that have advanced across a broad domain, meaning the country has improved potential to sustain high growth over the medium term safely.

“Policy support, especially expansionary credit and public investment are believed to have helped China maintain strong growth,” the report stated.

The World Banks researchers “project growth of 6.7 per cent in 2017 and average annual growth of 6.4 per cent between 2018-20”.

Dr Mana said strong growth in China would drive demand for commodities produced in Laos notably rubber, mining and other agriculture products.

AEC Feed

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AEC Feed

ASEAN+ July 15, 2017 01:00

By Asia News Network

Proton’s Tanjung Malim plant to pioneer Industry 4.0

Malaysia’s national carmaker Proton Holdings Sdn Bhd is set to be the principal and pioneer automotive factory in the country to implement the new manufacturing technology under the Fourth Industrial Revolution (Industry 4.0).

Second International Trade and Industry Minister Datuk Seri Ong Ka Chuan said the factory located in Proton City, Tanjung Malim, had been selected as the principal automotive factory to implement Industry 4.0, thus making Perak the pioneer state in the country to implement the concept.

He said this was in line with Proton’s partnership with China’s Geely Holding Group to turn it into a car manufacturing hub using new technology.

“The electronics industry is of paramount importance since 40 per cent of raw materials involved in the country’s manufacturing for exports are electronic-based.

“We need more electronic factories using high technology in every state as this method gives higher returns and provides high-paying jobs to the local community.

“We cannot simply create such factories; we need a pioneer automotive factory to lead the way. For this reason, the Tanjung Malim factory would be the first automotive factory to implement Industry 4.0 method,” he told reporters at an Aidilfitri open house and networking session hosted by the Perak branch of the International Trade and Industry Ministry in Ipoh on Thursday. – The Star

Spirits maker takes over local distribution

Pernod Ricard, the world’s second-largest wines and spirits company, has announced that it will open an office in Cambodia to undertake the exclusive importation and distribution of its products in the Kingdom.

The French spirits maker previously operated a representative office in Cambodia through which it organised product distribution with third-party firms, according to Philippe Guettat, chairman and CEO of Pernod Ricard Asia. With the new office, the company aims to better promote its range of products in the country, including Beefeater gin, Absolut Vodka and Jameson whiskey, and work directly with retailers and wholesalers to gain a greater share of the local high-end alcohol market.

“The DNA of Pernod Ricard has clearly always been we sell our own brands with our own teams and this enables us to activate our brands and to invest longer term,” he said yesterday.

“The idea would be first to capitalise on our brands which already exist in the market and to be able to grow them and develop them.”

The local subsidiary, Pernod Ricard Cambodge, will follow a strategy of promoting its better-known products such as Chivas Regal whiskey or Ballentine’s Scotch whisky, to gain a greater customer base in the country, Guettat explained. He noted that demand has grown in Asia for cognac and whiskey products in particular.

“Cleary today we know that there is an appetite for Scotch whisky in Cambodia and in this regard, Chivas Regal is a very iconic, so we intend to capitalise and cultivate that and grow and develop it,” he said. – Phnom Penh Post

Touch ’n Go to unveil digital platform

Touch ’n Go Sdn Bhd will introduce a new digital platform which will be used in the sales and purchase medium nationwide in the next six months, in line with the move to further enhance cashless transactions at the community level. Chief executive officer Syahrunizam Samsudin said the platform, currently named Touch’n Go e-Wallet, was undergoing several evaluation processes by Bank Negara before it could be introduced to the public.

“Our vision is to introduce this cashless payment system deeper at the community level, not just at the city centre or shopping malls, but also at retail outlets close to the community. In the next six months, we will be launching this platform and we will see the reaction from the users by then,” he told reporters at the Touch ‘n Go Aidilfitri open house here.

The pilot project for the platform was launched in Taman Tun Dr Ismail two months ago in collaboration with the resident association, along with retailers, restaurant operators and market traders. — Bernama

Mekong Institute shifts its aid focus

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File photo : Mekong River//EPA

File photo : Mekong River//EPA

Mekong Institute shifts its aid focus

ASEAN+ July 15, 2017 01:00

By SUMALEE SUWANNAKORN
THE NATION
KHON KAEN

2,224 Viewed

THE Mekong Institute is revisiting its performance targets following geo-economic changes in the Greater Mekong Subregion amid Asean’s economic integration.

“MI has to promote and develop training and assist in knowledge for its member countries, while solving social problems,” Narongchai Akrasanee, chairman of a committee supervising MI, said yesterday.

The new focus on social assistance with knowledge training in GMS countries was a shift from economic aid, he said at the Mekong Forum on “New Geo-economics: Reshaping the Future of the GMS?” in Khon Kaen.

Workers have been driven back to their own countries, which leads to unemployment problems in Thailand’s neighbouring countries while Thailand faces a labour shortage, he said. MI’s next move not only aims at GMS countries, but also Asean countries, he said, pointing to a key strategic point – the Korean Peninsula. If anything happens, Asean’s landscape will be changed.

Watcharas Leelawath, executive director of MI, said social problems now come as the forefront work in GMS countries and discussion will be needed with them to jointly attack social problems.

Societies find difficulties to continue development and more collaboration will be required to fight them in manufacturing, services and Mice (meetings, incentives, conferences and exhibitions), he said.

Puripan Bunnag, director of domestic mice at the Thailand Convention and Exhibition Bureau, said if the bureau joins MI to hold meetings, seminars and training, the Mice market will be effectively broadened, given the broad and potential customer bases in these countries.

“MI holds the Mekong Forum every year and this is the market that can make connection with GMS and Asean countries,” he said. “If we see that Thailand cannot grow alone, its growth will be driven together with Asean countries, while promoting the exchange of products, exhibitions and booths for business decision-making and joint economic development.”

Narongchai said global development is centred not only in Western countries, but also Asean’s neighbours, particularly when economic power has been shifted to China.

“We see China growing into the world’s economic power, overtaking the United States, whose policy changes after its new president.

“Our development plan in trade and investment must be set to accord with China, the economic power that is in closest proximity to GMS countries,” he said.

Given the Sino-Thailand, Sino-Laos and Sino-Myanmar railway projects, China plays a role in infrastructure development in GMS and CLMV (Cambodia, Laos, Myanmar and Vietnam) countries, he said.

Thailand should produce for trade and make a big improvement in infrastructure, he said.

MI will be the intermediary, coordinating with all countries to produce people to drive development for the six GMS countries with international legal issues in particular, Watcharas said.

ANZ close to selling stake in Malaysia’s AMMB

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ANZ close to selling stake in Malaysia’s AMMB

ASEAN+ July 15, 2017 01:00

By THE STAR
ASIAN NEWS NETWORK
PETALING JAYA

AUSTRALIA AND New Zealand Banking (ANZ) group is said to be near a deal to divest its block of shares in Malaysian bank, AMMB Holdings Bhd, to the Retirement Fund Inc (KWAP) in a transaction that could be worth around US$900 million (Bt3o.5 billion), Reuters reported.

The development confirms an earlier report by StarBiz that KWAP is keen on buying ANZ’s 24 per cent stake in AMMB following its proposed merger with RHB Bank Bhd.

ANZ’s impending exit would mean that the proposed merger between AMMB and RHB would likely go through and mark KWAP’s maiden entry as one of the major shareholders in a financial institution.

In June, both banking groups said they were starting merger talks in Malaysia’s biggest ever banking deal in recent years.

As part of an all-share deal, valued at about US$9 billion, RHB is looking to acquire smaller rival AMMB to create the country’s fourth largest bank by asset size.

The two banks have until the end of next month to exclusively discuss the deal.

ANZ’s stake is expected to be roughly 10 per cent in the enlarged entity.

The Melbourne-based banking group was reportedly trying to sell its AMMB stake since early last year as part of a strategy to divest minority stakes in Asia. Reuters reported quoting sources that ANZ is in talks to sell that stake to KWAP, which already owns small stakes in RHB and AMMB.

Both firms have “agreed in principle” to the deal at a price equivalent to one-time book value of the latter, it added.

In a July 6 StarBiz report, KWAP’s chief executive officer, Datuk Wan Kamaruzaman Wan Ahmad, said that the size of the ANZ stake in the combined RHB-AMMB banking group fits the fund’s investment appetite.

“We are interested, but of course at the right price, and we are going to subscribe up to a 10 per cent stake from ANZ,” he was reported as saying.

Reuters reported that KWAP had considered purchasing part of ANZ’s stake two years ago but was not agreeable to the price.

Quoting sources, the foreign news agency said that ANZ’s stake was also drawing interest from another Malaysian institutional investor.

RHB has indicated to analysts that it would pay AMMB shareholders a one-time multiple of the latter’s book value.

Based on AMMB’s 5.07 ringgit (Bt40) closing price that values it at 0.96 times book value, ANZ block of shares was worth RM3.62bil.

If the RHB-AmBank merger wins the approval of shareholders, the stakes of other key shareholders will also decline in the merged entity.

Shares of RHB, meanwhile, were last traded 5.05 ringgit each.

ADB eyes synergies in agro sector

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ADB eyes synergies in agro sector

ASEAN+ July 15, 2017 01:00

By PHNOM PENH POST
ASIA NEWS NETWORK
PHNOM PENH

THE ASIAN Development Bank is close to finalising its five-year action plan for 2018-22 that promotes agricultural-based value chains across the Greater Mekong Subregion.

“The GMS strategy and action plan would pave the way for the subregion to become a global player in safe agri-based food products that are produced through sustainable and climate-resilient means,” Pavit Ramachandran, a ADB senior environment specialist, said in a press release yesterday. “The focus will be on inclusiveness and impacting the small-scale farmers and micro and small agri-enterprises in the subregion.”

The GMS groups Cambodia, Laos, Vietnam, Thailand, Myanmar and the southern Chinese province of Yunnan

ADB brought together key ministers from the countries for a two-day workshop in Siem Reap that began yesterday, with the hope of negotiating the last details of the agreement before meeting again in September.

The officials will discuss promoting a public-private dialogue on mutual recognition of geographic indicator (GI) products within the GMS as well as the possibility of a new regional online portal for sharing agriculture information.

ADB will outline its technical support of the action plan as well as recap the success of the preparatory GMS Core Agriculture Support Program Phase II, which paved the way for a more inclusive strategy.

Edgar Valenzuela, communication and knowledge management specialist for ADB, said this strategy will strengthen the commitment to food security, increase market access for small producers and ensure inclusive food safety for the GMS. “It will focus on expanding markets for safe and environment-friendly agricultural products of small farmers and small and medium agro-enterprises.”

Cambodia could stand to gain the most from agricultural products that have GI status.

“Cambodian exports which are GI, such as Kampot pepper and Kampong Speu sugar, can be easily recognised and can command a higher value or premium price in the market,” he said.

Kampot pepper and Kampong Speu sugar were awarded WTO-backed GI status in 2010.