$8.39 bn credit set for small firms

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$8.39 bn credit set for small firms

ASEAN+ January 06, 2018 01:00

By THE JAKARTA POST
ASIA NEWS NETWORK
JAKARTA

INDONESIA’S Deputy Coordinating Economic Minister for Macroeconomic and Finance, Iskandar Simorangkir, has said the government has allocated 120 trillion rupiah (US$8.39 billion) for micro credit programme Kredit Usaha Rakyat (KUR) this year, higher than the 106.6 trillion rupiah allocated last year.

He said in Jakarta on Thursday that the government was optimistic that more micro and small businesses would accept KUR credits as the interest rate had been decreased to 7 per cent this year from 9 per cent last year.

“Learning from experience, the interest rate decline would boost demand for the credits,” he said at a press conference at his office.

He said the disbursement of KUR funds reached 95.6 trillion rupiah as of Novemebr 30, last year, reaching 89.6 per cent of the target.

“[The disbursement] by the end of 2017 was expected to reach nearly 100 trillion or above 90 per cent,” Iskandar said, adding that the government disbursed 94.3 trillion rupiah in KUR micro credits in 2016.

KUR is a government programme aimed at providing micro and small businesspeople with soft loans so that they can expand their businesses.

The government cooperates with banks and other financial institutions to distribute the funds.

Bank Negara buys land for education hub

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Bank Negara buys land for education hub

ASEAN+ January 06, 2018 01:00

By THE STAR
ASIA NEWS NETWORK
KUALA LUMPUR

BANK NEGARA Malaysia has acquired a piece of land near the central bank in Kuala Lumpur from the government for its financial education hub.

Bank Negara said the 55.79 acres of land is located contiguous to its Sasana Kijang complex which is equipped with conference and state of the art training facilities.

The complex houses international organisations such as the World Bank, South East Asian Central Banks Research and Training Centre and the Alliance for Financial Inclusion.

“The land will be utilised for the relocation of the Global Islamic Finance University (INCEIF) |and the International Shari’ah Research |Academy for Islamic Finance (ISRA).

“The land will also be used for future development of education and training facilities that |will focus on enhancing the technical |capabilities of the talents in the financial industry,” it said.

It is also near the new Asia School of Business (a collaboration with the Massachusetts Institute of Technology) complex and the financial industry’s Financial Industry Training Centre presently under construction.

Bank Negara said the entire combined area will be designated and integrated as a world-class education hub for financial services.

“The hub is envisioned to be a focal point for international learning and research that will nurture a sustainable pool of local talents to support the development of the domestic financial services industry,” it said.

AEC Feed

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AEC Feed

ASEAN+ January 06, 2018 01:00

By Asia News Network

Jakarta considering $25 bn LRT proposal

Jakarta Deputy Governor Sandiaga Uno has said that the city administration is considering an offer from PT Ratu Prabu Energi to develop a 200-kilometer light rail transit (LRT) project with a US$200 billion investment value.

“Today, Ratu Prabu Energi, one of the largest business groups in Indonesia, visited us to offer a mature concept for the construction of 200-kilometre LRT project in Jakarta and surrounding cities,” Sandiaga said on Thrsday at City Hall as reported by Antara.

He added that the project was a full business-to-business (B2B) scheme without government guarantee and would be implemented between 2020 and 2025.

“The project will involve investors from South Korea, China and Japan. We are happy because the proposal is a concrete measure for solving traffic congestion in the capital,” Sandiaga added.

Sandiaga said he was informed that Ratu Prabu Energi had already talked to the Greater Jakarta Transportation Body (BPTJ) and the Transportation Ministry about the project.

The city administration will carry out a comprehensive feasibility study on the project, Sandiaga said, adding that such a massive project would create many jobs and would help Jakarta have better public transportation. – The Jakarta Post

Malaysia Airports sees slower traffic growth

Malaysia Airports Holdings Bhd (MAHB) expects passenger passenger traffic growth to dip to 6.3 per cent in 2018 after an 8 per cent growth in 2017.

Its managing director Datuk Badlisham Ghazali said yesterday the airports owner and operator was also looking to reduce its stake in its 100% owned Istanbul Sabiha Gokchen International Airport (ISG) in Turkey.

Speaking at MAHB’s media briefing on Malaysia Airports’ Business Update & 2018 Outlook, he said MAHB was in talks with 10 parties to sell down the stake.

“We will maintain our majority stake in ISG in the short term but for the long term we can’t say, anything is possible,” he said.

ISG, is one of two international airports in Istanbul.

The other airport in the Turkish capital is the Istanbul Ataturk Airport. The third airport, Istanbul Grand Airport, is currently under construction, it was reported.

ISG currently serves over 50 international airlines. It serves about 40 domestic networks. – The Star

Lao govt speeds up access to electricity

The Lao government has spent billions of kip in 2017 to install and expand the power grid in villages across the country to ensure that more households can have access to electricity.

The Ministry of Energy and Mines reported that it received approval for investing 145.82 billion kip in 77 transmission line development projects last year.

In a report on the development of the energy sector in the first nine months of 2017, the ministry said it had spent 106.74 billion kip, or about 73.19 per cent of the total value of the projects.

“The approval of about 145.82 billion kip is mainly for the expansion and installation of low and medium voltage transmission line projects that is the responsibility of the ministry,” the ministry’s Office Head, Dr Daovong Phonekeo, said.

“Investments in the higher voltage power grid and substation development projects are mainly the responsibility of another sector, especially Electricite du Laos (EDL),” he said.

The ministry’s report said Laos had a total power grid system of 57,897.17 km in 2017. compared to 54,690.87 km in 2016.

“This 57,897.17 km includes not only the low and medium voltage transmission lines, it also includes the high voltage power grid,” Dr Daovong said. – The Vientiane Times

PCC approves buyout of FamilyMart stores

Davao-based businessman Dennis Uy has obtained imprimatur from the Philippine Competition Commission (PCC) to acquire the 67-store Philippine FamilyMart store chain through his petroleum trading and distribution arm Phoenix Petroleum Philippines Inc.

In a press statement, the PCC said it had approved Phoenix Petroleum’s per cent acquisition of Philippine FamilyMart CVS Inc (PFM) or Philippine Family Mart.

Based on a decision made on January 3, the PCC’s Mergers and Acquisitions Office (MAO) found that the transaction “does not result in substantial lessening of competition in the relevant market.” – Philippine Daily Inquirer

Plants put Cambodia closer to energy goals

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Plants put Cambodia closer to energy goals

ASEAN+ January 06, 2018 01:00

By THE PHNOM PENH POST
ASIA NEWS NETWORK
PHNOM PENH

THE INTRODUCTION of two new power plants in Cambodia last year saw the country inch towards self-sufficiency in its electricity supply even as energy consumption grew 14 per cent, the Mines and Energy Ministry said yesterday.

The Kingdom consumed 8.15 billion kilowatt hours of electricity over the course of 2017, with 20 per cent imported from Thailand, Vietnam and Laos, said ministry spokesman Victor Jona.

By comparison, 2016 saw 7.17 billion kilowatt hours consumed, with 22 per cent of it imported.

The figures amount to a 14 per cent rise in consumption and a 1 billion kilowatt hour increase in local generation.

Jona said the greater production was driven by the opening of a 135-megawatt coal power plant in Preah Sihanouk province as part of a complex of generators with a previous capacity of 270 megawatts, and which is slated to eventually be expanded to 700 megawatts.

The Preah Sihanouk plant, a joint venture project between Cambodia International Investment Development Group and Chinese-based Erdos Hongjun Electric Power Co, was first fired up in late 2014.

Meanwhile, the massive and controversial Lower Sesan II Hydropower Dam began a test run with two of its eight turbines by the end of 2017 and should be fully operational by October, providing a total 400 megawatts of capacity, Jona said.

Overall electricity production was projected to increase by another 15 per cent by the end of 2018, he said. “Everything has been growing in line with our plans.”

The Electricity Authority of Cambodia (EAC) last year supplied electricity to about 14,000 villages, or 81 percent of all villages in Cambodia, Jona added. About 3.3 million households – or 68.5 per cent of all homes – were provided with some form of electricity.

In 2018, the EAC plans to connect another 5 percent of villages and 4 percent of households, he said.

“Our target is to expand the national grid to all 25 provinces,” he said, noting that the grid presently only reached 19 provinces.

Ngeth Chou, a senior consultant for Emerging Markets Consulting, said that while the ministry’s plans to increase energy production should result in reduced prices, the long-term impact on the environment was also important for the government to consider.

“We see Cambodia is growing its electrical supply in order to reduce high prices, but this is not sustainable, because our power supply projects are dependent on coal and hydropower, which have serious negative impacts on the environment,” he said.

Tsukiji market’s final year-opening tuna auction in Tokyo

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Tsukiji market’s final year-opening tuna auction in Tokyo

ASEAN+ January 05, 2018 19:16

By EPA-EFE

Kiyoshi Kimura (C), who runs the Sushi Zanmai chain sushi restaurant, poses with a tuna cutting knife in front of his the bluefin tuna he bid on in the final year-opening auction at Tsukiji Market in Tokyo, Japan, 05 January 2018.

A bluefin tuna, with a weight of 405 kg, was sold for about 36,500,000 yen (about 320,000 US dollar) in the year-opener auction. This year’s top per kilogram price, for a smaller tuna, was 1,419 US dollar per kilogram, paid by Kiyoshi Kimura, who runs the Sushi Zanmai chain sushi restaurant.

Tuna fish brokers check the quality of a bluefin tuna in the final year-opening auction at Tsukiji Market in Tokyo, Japan, 05 January 2018. A bluefin tuna, with a weight of 405 kg, was sold for about 36,500,000 yen (about 320,000 US dollar) in the year-opener auction. //EPA-EFE PHOTO

 Tuna fish brokers check the quality of bluefin tuna in the final year-opening auction at Tsukiji Market in Tokyo, Japan, 05 January 2018.//EPA-EFE PHOTO

A market official calls for bidding on frozen bluefin tuna in the final year-opening auction at Tsukiji Market in Tokyo, Japan, 05 January 2018. A bluefin tuna, with a weight of 405 kg, was sold for about 36,500,000 yen (about 320,000 US dollar) in the year-opener auction. // EPA-EFE PHOTO

Tuna fish brokers check the quality of frozen bluefin tuna in the final year-opening auction at Tsukiji Market in Tokyo, Japan, 05 January 2018. // EPA-EFE PHOTO

Chinese Consulate General releases Bali tourism guidebook for Chinese tourists

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Chinese Consulate General releases Bali tourism guidebook for Chinese tourists

Breaking News January 05, 2018 17:48

The Chinese Consulate General in Denpasar has launched a Bali tourism guidebook in a bid to support and ease access for Chinese citizens traveling to the island.

“Hopefully, ASITA [the Association of Indonesian Tour and Travel Agencies], travel agents and tourism players can display this guidebook in hotels and airports as well as other places [deemed appropriate],” said the consulate general’s deputy consul, Chen Wei in Denpasar, Bali, on Friday as quoted bytempo.co.

The 29-page Mandarin-language guidebook features more information than previous editions, including information on Bali, immigration, currency, accident prevention and insurance. It also includes the operating hours of banks and restaurants, transportation, hospitals, tips during a natural disaster emergency, regulations, customs and excise, important office contact numbers, languages, tourist attractions, as well as Bali’s cultures and customs.

The consulate has printed around 30,000 copies of the guidebook to be distributed for free at its office located on Jl. Tukad Badung in Renon, Denpasar.

Chen said the number of Chinese tourists to Bali continued to increase, from only 400,000 in 2014 to 600,000, 980,000 and 1.37 million in 2015, 2016 and by October 2017, respectively.

He added that the guidebook was expected to be able to boost tourism in Bali and prevent problems for Chinese tourists.

Bali Tourism Agency head Anak Agung Yuniarta Putra said Chinese tourists made up the majority of tourist arrivals to the island last year, followed by Australia, India, Japan and the United Kingdom.

“Hopefully this guidebook is useful to tourists from China,” said Yuniarta.

Trump faces new crisis with book questioning his fitness for office

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File photo : Trump//EPA-EFE
File photo : Trump//EPA-EFE

Trump faces new crisis with book questioning his fitness for office

ASEAN+ January 05, 2018 17:13

Washington – US President Donald Trump faced a new public relations crisis Friday with the publication of a tell-all book that depicts him as mentally unstable and in over his head, after his lawyers failed to block its release.

Publishers responded to a cease-and-desist letter from Trump by moving forward by four days the release of “Fire and Fury: Inside the Trump White House” — an expose by author and political muckraker Michael Wolff that quotes key Trump aides expressing serious doubt about his fitness for office.

“I authorized Zero access to White House (actually turned him down many times) for author of phony book! I never spoke to him for book. Full of lies, misrepresentations and sources that don’t exist,” Trump tweeted Thursday.

“Look at this guy’s past and watch what happens to him and Sloppy Steve!” Trump wrote — a possible reference to Steve Bannon, his former chief strategist, or Steve Rubin, the publisher of Wolff’s book.

The book — which paints Trump as mentally unstable and far out of his depth — includes extensive quotes from Bannon, who also received a “cease and desist” order from Trump’s attorneys.

“Your publication of the false/baseless statements about Mr. Trump gives rise to, among other claims, defamation by libel, defamation by libel per se, false light invasion of privacy, tortious interference with contractual relations, and inducement of breach of contract,” Trump’s lawyers said in the letter to Wolff.

In the book, excerpts of which were published this week, Bannon is quoted accusing Trump’s eldest son Don Jr of “treasonous” contacts with a Kremlin-connected lawyer, and saying the president’s daughter Ivanka, who imagines running for president one day, is “dumb as a brick.”

– Criticism from aides –

But it is Trump himself who is cast in the most unfavorable light by a series of his top aides.

The book claims that for “Steve Mnuchin and Reince Priebus, the president was an ‘idiot.’ For Gary Cohn, he was ‘dumb as shit.’ For H.R. McMaster, he was a ‘dope.’ The list went on.”

White House issued a scorched-earth dismissal of the book, its author and his sources.

“I don’t think (Americans) really care about some trash that an author that no one had ever heard of until today, or a fired employee, wants to peddle,” said White House press secretary Sarah Sanders, calling the book “complete fantasy.”

Behind the scenes, though, Trump has been enraged by the betrayal by Bannon — a man who engineered the New York real estate mogul’s link to the nationalist far right and helped create a pro-Trump media ecosystem.

“He called me a great man last night. He obviously changed his tune pretty quick,” Trump said in the White House’s Roosevelt Room Thursday.

Sanders suggested that Bannon’s employer, Breitbart News, should consider firing him.

    – Russia allegations –

He wasn’t fired, but Bannon’s main financial backer is formally cutting ties with him, The Washington Post reported.

“I support President Trump and the platform upon which he was elected,” the newspaper quoted billionaire conservative donor Rebekah Mercer as saying.

Her family has had no contact with Bannon for months, nor has it given money to support his political agenda, “nor do we support his recent actions and statements,” she was quoted as saying.

Bannon, who left the White House in August, is also quoted in the book as saying that the investigation by special counsel Robert Mueller into Russian interference in the 2016 election will focus on money laundering.

The investigation by Mueller, a former FBI director, is looking into whether the Trump campaign colluded with Russia to help get him elected — a charge the president has repeatedly and vehemently denied.

Russia-related allegations in the book also ensnare Don Junior, who took a meeting with Russian lawyer Natalia Veselnitskaya in June 2016 after an intermediary promised material that would incriminate Trump’s Democratic rival Hillary Clinton.

Trump’s son-in-law Jared Kushner and then campaign chairman Paul Manafort also attended the meeting at Trump Tower in New York.

– Disbelief over victory –

“The three senior guys in the campaign thought it was a good idea to meet with a foreign government inside Trump Tower in the conference room on the 25th floor — with no lawyers,” Bannon was quoted as saying in the book.

“Even if you thought that this was not treasonous, or unpatriotic, or bad shit, and I happen to think it’s all of that, you should have called the FBI immediately,” he said.

Wolff’s book — which he says is based on interviews with Trump, his senior aides and others — makes a litany of shocking claims, including Trump’s belief that he installed Mohammed bin Salman as Saudi Arabia’s crown prince.

“We’ve put our man on top,” Trump is said to have claimed to friends.

The book also claims that Trump considered appointing a friend to the Supreme Court vacancy filled by Neil Gorsuch, eats food from McDonald’s because he believes it to be safe from poison, and that his team did not believe he was capable of winning the election.

“Shortly after 8 p.m. on Election Night, when the unexpected trend — Trump might actually win — seemed confirmed, Don Jr. told a friend that his father, or DJT, as he calls him, looked as if he had seen a ghost. Melania was in tears — and not of joy,” it said.//AFP

Utilise local tour guides or face penalties, foreign tour operators in Laos warned

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File photo : Pha That Luang, Vientiane
File photo : Pha That Luang, Vientiane

Utilise local tour guides or face penalties, foreign tour operators in Laos warned

ASEAN+ January 05, 2018 15:46

By Vientiane Times
Asia News Network

Vientiane ​​​​​​​- Lao authorities have warned foreign tour operators to utilise local tour guides otherwise they will be fined.

The authorities also warned foreign tour operators to partner with local counterparts in arranging package tour programmes in Laos; if not they will face measures.

The warning came after a report emerged that some foreign tour operators brought in tour groups including those from China and Thailand without cooperating with local tour operators, which violates the relevant regulations.

The report also suggested that some foreign tour operators did not use Lao tour guides, which also breaches the regulations, according to the report distributed at a recent meeting of the Ministry of Information, Culture and Tourism.

Some foreign operators were found purchasing just two or three-day packages from local tour operators, but their stays were actually longer than the specified package.

“They [the foreign tour operators] organised tours for the rest of their stay themselves,” Deputy Director General of the Tourism Management Department, Mr Xaysombath Bounnaphon said.

Mr Xaysombath added that such extension of their stay by the foreign tour group without acknowledgement from local tour operators violated the relevant regulations.

Local tour operators called for the government’s relevant sectors to take thorough action to regulate the issue as well as some tour groups not using Lao tour guides.

The operators said if these issues remained unaddressed, Laos would benefit little from the tourism industry.

Vice President of the Lao Association of Travel Agents, Mr Saleum Khamphengvong said Laos was suffering from a shortage of tour guides capable of speaking languages including Chinese and Korean, therefore tour operators had to employ foreign tour guides.

“To some extent, it is our problem that we cannot provide tour guides capable of speaking the languages of particular countries,” he said.

Mr Xaysombath admitted that Laos has insufficient tour guides capable of speaking Chinese, Korean, Spanish and Italian.

“Although a number of Lao students have graduated from China, many of them have not worked as tour guides,” he said.

To maximise the benefits from the tourism industry, the deputy director underlined the need for Laos to draw up a long-term plan to train sufficient tour guides to provide services for foreign visitors, especially those from targeted countries which are a major source of foreign tourist arrivals.

Laos has targeted high-end tourists from many countries including Europe, China, Japan and the Republic of Korea.

To attract more high-end tourists, especially from China and maximise the benefits, Minister of Information, Culture and Tourism, Prof. Dr Bosengkham Vongdara told the National Assembly recently that Laos needs to draw up a comprehensive tourism marketing plan.

The plan would also include measures to ensure that foreign tour operators partner with local counterparts in arranging package tours in the country, while fully utilising Lao tour guides.

New Asean chief vows disaster relief boost after deadly storms

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File photo : Lim Jock Hoi
File photo : Lim Jock Hoi

New Asean chief vows disaster relief boost after deadly storms

ASEAN+ January 05, 2018 15:19

Jakarta – Asean needs to beef up its disaster management efforts after the region was hammered by deadly storms that left a path of destruction in their wake, its new chief said Friday.

    Secretary-general Lim Jock Hoi, a veteran Bruneian diplomat, pointed to a tropical storm that battered the southern Philippines last month leaving at least 240 dead and tens of thousands displaced.

Also in December, a tropical cyclone pounded Indonesia’s main island of Java and killed at least 41 people, with tens of thousands forced from their homes by severe flooding and landslides.

“Our region is disaster-prone,” Lim said at his inauguration ceremony at Asean’s Secretariat in Jakarta.

“This underscores the need to strengthen Asean cooperation in disaster management and humanitarian assistance.”

The 10-member group has tended to focus much of its endeavours on regional diplomacy and economic growth.

Lim takes over from Vietnam’s Le Luong Minh who said Friday that the organisation’s main challenge is to bring it “closer to its people”.

Lim said that Asean must be “more proactive” and “improve (its) capabilities” in disaster-relief efforts.

“It is therefore incumbent upon us all to enhance the resilience of our communities through disaster risk reduction interventions, climate change adaptation strategies, as well as conservation and sustainable management of biodiversity and natural resources,” he added.

The Asean secretary-general serves a non-renewable term of five years with the post rotating among member states.//AFP

The Flash: I love my ‘spiritual wife’

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The Flash: I love my ‘spiritual wife’

ASEAN+ January 05, 2018 14:40

By The Star
Asia News Network

5,019 Viewed

PETALING JAYA: “The Flash” loved every bit of his holiday in Sabah, as was evident by the snapshots he shared on social media.

Actor Thomas Grant Gustin, 27, better known as Barry Allen a.k.a. Flash the superhero, was in Sabah recently to undergo a traditional Kadazan wedding ceremony with his fianc้e Andrea Thoma, 29, a physical therapist who is halfKadazan.

It was previously reported that the couple returned to the United States on Dec 28 after touring Sabah.

To the glee of Malaysian fans, Gustin finally shared photos of his holiday that included an island getaway and plenty of quality time with friends and family.

“I met so many people this passed (sic) week. New friends, new family and a bunch of random people that apparently watch Flash over in Malaysia,” he said.

In a series of photos, the happy couple was seen relaxing at Gaya Island Resort in Kota Kinabalu where they dined by the beach and participated in a cooking lesson.

In a separate post, they were seen visiting Thoma’s village, where they tasted roasted wild boar and shopped along Gaya Street.

Gustin and Thoma both looked blissful in a selfie shot dressed in traditional Kadazan costume.

“I will never forget this trip. I love my ‘spiritual wife’ and her family and I can’t wait to marry her for real this year,” he said. The couple plans to formally marry in the United States sometime this year.