These figures were released by the Urban Redevelopment Authority on Tuesday based on its suvey of licensed housing developers.

For new private homes, excluding ECs, developers sold 729 units in April 2018, up slightly from the 716 units in March but down 53.5 per cent from the 1,567 units in April 2017.

The top-selling project last month was Rivercove Residences, an EC project along Anchorvale Lane in the Sengkang area and the sole EC launch for this year. Its developer, a Hoi Hup Realty-Sunway Developments joint venture, moved 512 units in April at a median price of $970 per square foot.

In Paya Lebar Road, a joint venture between Lendlease and Abu Dhabi Investment Authority, sold 166 units at Park Place Residences at PLQ, a private residential development, at a median price of $2,060 psf in the second-phase launch of the 429-unit development.

The median price is about 14 per cent higher than the $1,805 psf median price achieved for the 217 units that were sold during the first phase of the project’s launch in March last year, based on URA |data.

Oxley Holdings found buyers for 141 units at The Verandah Residences in Pasir Panjang Road at a median price of $1,846 psf. Roxy-Pacific Holdings sold 52 units at Habour View Gardens, also in Pasir Panjang Road, at $1,763 psf median price.

City Developments sold 51 units last month at The Tapestry in Tampines at $1,391 psf median price.

“Current rupiah depreciation is much less than the 31.6 per cent decline between May and December 2013, but if the negative exchange rate pressure is to persist, there will be implications throughout Indonesia’s economy,” Moody’s said in a statement.

The country had a high ratio of foreign currency debt to total general government debt of 40.1 per cent at the end of 2017, it said, adding that further rupiah depreciation and rising yields would diminish debt affordability.

Indonesia’s ratio of interest payments to revenue of 11.7 per cent is already weaker than the 8.2 per cent median for Baa-rated sovereigns, according to Moody’s.

Last Tuesday, Indonesia’s government bond spiked by nearly 30 basis points to 7.3 per cent, but retreated to 7.2 per cent at the end of the week, while the rupiah extended its decline for the third consecutive month in May, depreciating 4.1 per cent since January.

It says that these market developments will have a credit-negative effect on the government’s fiscal metrics and weigh on debt affordability.

risks

“Currency depreciation raises the risk of higher imported inflation, and because the currency declines reflect outflows of portfolio capital, they may signal underlying balance-of-payment challenges through a drop in foreign-reserve buffers, it adds.

Indonesia’s net debt inflows year-to-date through April have slowed to less than $1 billion from $6 billion a year earlier, the result of rising US bond yields and a stronger dollar.

NAPAS sent a document to some commercial banks which are under its inter-bank connection system on the fee hike which would be from the current 2,200 dongs to 8,800 dongs (US$0.39), including tax.

Accordingly, the fee rise would be applied to credit institutions which issue cards but do not have ATM machines. Fees for banks that have their own ATM machines would be kept unchanged.

NAPAS said the fee increase was aimed at ensuring benefits of relevant parties and encouraging development of ATM network.

Currently, banks have focused on issuing cards but not investing in the ATM network due to high investment and operation costs, it said.

NAPAS is operating and managing an inter-bank connection system with 16,800 ATM, 220,000 POS, 90 million domestic cards of 43 domestic commercial banks and foreign banks operating in Vietnam. NAPAS also provides e-commerce services to more than 200 merchants of airlines, telecommunications, hotels, tourism and other electronic payment services.

NAPAS is the first and unique intermediary payment service provider being granted a licence by the State Bank of Vietnam (SBV) of providing switching and electronic clearing and settlement services in Vietnam.

The flag carrier’s pride is in being the first Philippine carrier slated to bring into the country the Airbus A321neo and the Airbus A350, both envisioned to be game-changers in medium and long-haul operations.

“On top of providing that trademark heartfelt service that is distinctly Filipino, our goal is make Philippine Airlines an industry game changer via network expansion, service innovation, and fleet upgrade. These initiatives form part of our roadmap towards making PAL a 5-Star world-class airline,” said PAL President and COO Jaime Bautista.

The first of Philippine Airlines’ 21 new Airbus A321neos will be delivered by end-May, and will soon be deployed to destinations in Asia and Australia. The aircraft interior showcases modern innovations in cabin layout and seat design that allow more efficient use of cabin space and provide passenger comfort in flight.

The aircraft’s new engines also generate reduced noise in and out of the cabin and contribute to the aircraft’s eco-friendliness and sustainability.

PAL’s A321neo represents several ‘firsts’:

lfirst PAL aircraft in its narrow-body fleet to have full-flat Business class seats

lfirst PAL aircraft in its narrow-body fleet to have personal TV screens on every seat across all cabin classes

lfirst PAL aircraft in its narrow-body fleet to have inflight Wi-Fi

The 168-seater Airbus A321neo has 12 seats on Business and 156 seats on Economy. The Business class cabin with a 2-2 configuration has a total of 12 seats with a generous seat pitch of 60 inches and seat width of up to 23 inches.

The Business class seat turns into a full-flat bed with a length measuring 78 inches in length.

The Economy class cabin has a 3-3 configuration made up of 156 on seats with a seat pitch of up to 32 inches, seat width of 18 inches, and a recline of up to 5 inches. All seats in both Business and Economy class also have power ports for personal electronic devices.

The Inflight Entertainment aboard the A321neo is provided by personal TV screens embedded on all seats across all cabin classes, as well as inflight Wi-Fi that is offered for free for all passengers (subject to time and volume caps) with affordable renewal plans.

Philippine Airlines flights to North America and Europe will get a major boost with the delivery of the tri-class Airbus A350-900 by mid-July.

“Green growth is obviously a pathway to sustainable development and I’m pleased to see the Lao PDR embark on a greener economy and development as it’s important to avoid the ‘grow now and clean up later’ way of doing things,” MRC CEO Pham Tuan Phan said last week.

The top management of the MRC Secretariat, which serves as a water diplomacy and knowledge hub, delivered this recommendation while attending a high level meeting at the Crowne Plaza in Vientiane on May 10 to discuss the development of the Lao National Green Growth Strategy, according to an MRC media release. Economists, representatives ofthe Lao government, World Bank, the Green Growth Institute and international organisations in Laos attended the meeting to comment onthe strategy draft. The Lao government expects to endorse this strategy later this year.

According to Pham, over the past years, the MRC has invested in strategies and conducted studies that the Lao government and regional policy makers can use as references when initiating investment policies designed to bring more sustainable development to the mighty river. One of the major studies undertaken by the MRC is the Council Study known as the Study onSustainable Management and Development of the Mekong River including the Impacts of Mainstream Hydropower Projects.

The study provided a scientific assessment of the environmental, social and economic costs and benefits of existing and planned water resource developments in the lower Mekong basin to inform decision makers.

The key finding of the study highlights the possible positive and negative impacts of hydropower projects that project developers and host countries need to take into consideration when initiating any project on the Mekong River. Pham said the study findings include both regional and local perspectives that can guide MRC member countries in developing the Mekong’s shared resources in a more sustainable manner in the face of climate change and rapid developments. From this perspective, he strongly encourages Laos to use the MRC’s resources.

“I highly encourage the Lao government as well as the World Bank and Global Green Growth Institute who finance the strategy development to consult and take stock of these strategies and studies, especially those findings from our Council Study when finalising this draft strategy,” he said.

The MRC Secretariat has been active in disseminating the key findings of the study at various platforms since December 2017 and recently at international conferences ahead of the 3rd MRC Summit in Siem Reap, Cambodia. These findings are now being integrated into the MRC knowledge base to enhance the basin development planning process, including the update of the MRC sustainable hydropower strategy, according to the MRC.

“It’s the right thing to do,” Finance Secretary Carlos Dominguez said. “Just because you’re going to get a bad reaction, that doesn’t mean you’re going to stop.”

The government earlier reported that inflation rose 4.5 per cent year on year in April, an over five-year high, mainly as prices of sin products such as cigarettes and alcoholic drinks jumped 20 per cent.

As such, the headline inflation rate based on 2012 prices averaged 4.1 per cent during the first four months, breaching the government’s target range of 2-4 per cent.

Under the Tax Reform of Acceleration and Inclusion (TRAIN) Act, the unitary excise tax slapped on cigarettes rose to 32.50 pesos per pack effective in January from 30 pesos a pack last year.

The TRAIN law also mandated a further hike in the cigarette excise tax rates to 35 pesos per pack from July 1 this year to December 31, 2019; 37.50 pesos a pack from January 2020 to December 2021; and 40 pesos from January 2022 to December 2023.

Also, the excise tax rates slapped on alcoholic drinks increase every year under the Sin Tax Reform Law of 2012.

The department was proposing a tax reform package “two plus,” which will also cover taxes on tobacco, alcohol as well as mining, coal and casinos. Package two plus will jack up taxes slapped on alcoholic drinks and rationalise the bills already filed in both houses of Congress covering the other products and services.

The first tax package or the TRAIN law was already enacted into law, while at least four more packages were aimed for Congress’ approval before yearend.

Signed by President Rodrigo Duterte in December, Republic Act No. 10963 or the TRAIN law since January 1 jacked up or slapped new excise taxes on cigarettes, sugary drinks, oil products and vehicles, among other goods, to compensate for the restructured personal income tax regime that raised the tax-exempt cap to an annual salary of 250,000 pesos.

The TRAIN law, coupled with a weaker peso and rising global oil prices, had been mostly blamed for the faster inflation in the first few months of the year.

Vietnamese businesses invested US$129 million in 34 new overseas projects in the first four months of this year, statistics from the Ministry of Planning and Investment revealed.

During the reviewed period, the firms also added $24.6 million into existing projects abroad, according to the data.

Finance and banking topped Vietnam’s overseas investments with the total new and additional capital reaching $105 million, accounting for 68.3 per cent of total investment capital abroad.

The processing and manufacturing industries came second with 13.2 per cent, followed by the retail and wholesale sectors and others.

From January to April, Vietnamese enterprises injected investments in 19 countries and territories. Of which, Laos ranked first with $80.12 million. Cambodia and Cuba were the runners-up with $25.9 million and $19.9 million, respectively.

The flow of Vietnamese overseas investment is likely to increase more significantly in the time to come, according to an official of the Vietnam University of Commerce.

In order to encourage Vietnamese firms to invest abroad, the state and relevant sectors should foster co-operation with the governments of countries where the firms have investments with a focus on creating a transparent and stable investment climate for businesses, she said.

Promoting investment and providing domestic firms with effective information about overseas investment should also be included, the official added.

She also emphasised the importance of hosting frequent dialogues among governments, Vietnamese enterprises, embassies, trade offices abroad, consulates and trade unions to solve difficulties the firms have encountered in a timely manner. As far as businesses are concerned, she said, they need to study the laws and policies of the country where they want to invest.

Besides drawing up effective investment strategies for specific countries, they should sharpen their competition and management capacities, speed up the technological appliance and develop new products to gain more profits when investing abroad, she added. –Viet Nam News

New train route to start service in Cambodia

Cambodia’s Ministry of Public Works and Transport (MPWT) expects to begin service on a 107-kilometre train route from Battambang to Pursat on May 29, saying on their Facebook page that officials are actively working on restoring the track.

“Our officials are working tirelessly, both day and night, to begin the train service through the plan that will [be launched] in May this year,” MPWT said in its Facebook page.

Once operational, the Battambang-Pursat line will follow on the heels of the opening of a 58-kilometre stretch between the border town of Poipet and Banteay Meanchey province’s Mongkul Borey, which was inaugurated on April 29.

With Pursat and Battambang connected by rail, the ministry then plans on restoring the 134-kilometre stretch of track from Pursat to Bat Doeng, in Kampong Speu’s Oudong district.

The remaining 32 kilometres from Bat Doeng to Phnom Penh was scheduled to be completed last, and a passenger service from Phnom Penh to the Thai border at Poipet was set to be available by the end of the year, Transportation Minister Sun Chanthol said in April. – The Phnom Penh Post

Five oil contractors seek extension

Five out of six existing oil contractors In Indonesia have submitted their proposals to extend their contracts to operate various oil blocks, according to an Energy and Mineral Resources Ministry official.

“All existing contractors have submitted their proposals, except Conocophillips. The company will submit its proposal with a gross-split scheme,” the ministry’s oil and gas director general, Djoko Siswanto, said in Jakarta on Monday as reported by kontan.co.id.

He added that Conocophillips currently operates South Jambi Block.

Under new government regulations, oil and gas contractors are required to change their contracts from cost recovery to a gross-split scheme.

The five contractors that have submitted their proposals are state-owned oil and gas company Pertamina for Salawati Block, PT Energi Mega Persada for Malaka Strait block, Chevron Indonesia for Makassar Strait Block, Petrogas for Kepala Burung Block and Lapindo Brantas Inc. for Brantas Block.– The JakartaPost