It is one of seven economies that the World Economic Forum (WEF) said is leading the race in the next industrial revolution, which is likely to be dominated by digital technologies and innovation.

Finland, Switzerland, Sweden, Israel, Singapore, the Netherlands and the United States are leading the world when it comes to generating economic impact from investments in information and communications technologies (ICT).

The WEF’s Global Information Technology Report 2016 found that the group of seven economies scored 33 per cent more than other advanced economies, led by efforts to be early adopters of new technologies. At the same time, the report noted that businesses in these countries had very high levels of ICT adoption.

“This technology-enabled innovation, in turn, unleashes new competitive pressures which call for yet more innovation by tech and non-tech firms alike,” said the report.

It added that governments need to start thinking about new policies to manage the impact from digital technology.

“Digital technologies are unleashing new economic and social dynamics, which will need to be managed if the digital transformation of industries and societies is to deliver long-term and broad-based gains. The new digital economy thus also calls for new types of leadership, governance and behaviours,” said the WEF.

The report ranked each economy based on 53 indicators, from political and regulatory environment, skills and affordability to individual and business usage of ICT.

In particular, Singapore was tops for providing the right environment for business and innovation.

The Republic also led the pack in the actual usage of such technologies, with government usage ranking the best among the 139 economies surveyed.

But when it came to affordability, Singapore was in 72nd place, largely because of the high-cost environment here.

“Overall, this ranking is to a large extent the result of strong government commitment to the digital agenda, including its Smart Nation programme,” noted the report.

The Smart Nation plan aims to harness the power of new technologies, data and networks to boost businesses and aid individuals .

Among other initiatives, it has been holding “hackathons” which aim to help develop technological solutions to challenges.

In a report, Capa said the Australia-Philippines market had doubled in five years, from 228,000 nonstop passengers in 2010 to 466,000 last year, and was now facing “overcapacity concerns”.

Last year alone, air passenger traffic between both countries jumped 39 per cent.

A big part of this growth came from budget carrier Cebu Pacific, which launched its Manila-Sydney route in 2014 and as of last year, had cornered 41 per cent of the market.

It was also planning to launch direct flights to Melbourne.

The Philippines-Australia route is also served by flag carrier Philippine Airlines, which had 31.5 per cent of the market, and Australia’s Qantas, which held 27.1 per cent last year.

PAL, which flies to Sydney, Melbourne, Brisbane, Cairns and Darwin, saw its Australia traffic grow 17 per cent last year.

“Additional capacity increases by Philippine competitors could start to impact Qantas.

“However, the bigger question marks are with Cebu Pacific and PAL – and specifically whether they will be able to maintain their Australia capacity,” Capa noted.

Still, there was potential growth here. Low fares could “stimulate new demand” in both inbound and outbound flights.

However, the market was highly seasonal, making it “hard to maintain high year-round load factors”.

The average load factor, a measure of capacity utilisation expressed as a percentage, for Australia-Philippines flights was a “dismal” 60 per cent for PAL and 64 per cent for Cebu Pacific.

Qantas, on the other hand, had a load factor of 91 per cent in 2015.

“The preference would be to grow the local market and stimulate more demand from Filipinos.

“But there is a limit to this growth and the low load factors at Cebu Pacific and PAL are an indication of the challenges that lie ahead,” it said.

Sustainable load factors could be achieved with “significant sixth-freedom traffic beyond Manila”.

Sixth freedom refers to the right of an airline to carry passengers or cargo between two foreign countries while making a stopover in its home country.

“However, given the intense competition in Australia’s international market and the fact PAL and Cebu Pacific are not well known brands outside the Filipino community, any sixth-freedom traffic would be low yielding and likely carried below cost,” it said.

“There is a plan to release a special economic package on e-commerce,” said Indonesian E-commerce Association chairman Daniel Tumiwa on the side-lines of an open house at Communications and Information Minister Rudiantara’s official residence in Jakarta on Wednesday.

“So, SMEs (small and medium-sized enterprises) that run their businesses online will be charged a small percentage of tax by the government.”

The association had recently met with the Taxation Directorate-General. The tax rate to be charged was “reasonable”, smaller than the rate currently charged on offline SMEs.

Back in 2013, the Finance Ministry issued a regulation that set 1 per cent in income tax on individual and institutional taxpayers with annual business turnovers of up to 4.8 billion rupiah (Bt12.8 million). However, the government has found it difficult to charge small online players, most of whom don’t have legal entities or taxpayer identification numbers.

With the upcoming regulation, people owning online shops, including on Instagram or Facebook, must report their incomes and pay taxes, he said.

It honours 40 philanthropists from 13 countries across Asia Pacific.

The list not only features philanthropists who have made the news with their donations in the past year, but also recognises people who have compiled a long record of supporting worthy causes.

Honourees include a mix of billionaires, businesspeople and captains of industries who are also making a mark with their generosity.

China’s Pony Ma, chairman and chief executive of Tencent Holdings, pledged 100 million shares of his Internet service provider – worth US$2.3 billion (Bt81 billion) – to the Tencent Foundation, which supports healthcare, environment protection and new technology.

In Malaysia, the husband and wife team Lee Oi Hian, chairman of Kuala Lumpur Kepong, and Sandra Lee, executive chairman of Daybreak, pursue separate causes. Named after his father, Lee’s Tan Sri Lee Loy Seng Foundation awards scholarships to 50-60 students a year, while his wife’s training centre rehabilitates physically and mentally challenged people.

In Singapore, several philanthropists are honouring their family’s legacy through the act of giving. Robert Ng, chairman of Sino Group, set up the Ng Teng Fong Foundation in 2010, named after his father. Its largest donation of $92 million went to rebuilding a hospital in Jurong.

Tan Kheng Lian, chairman of the Tan Chin Tuan Foundation, is the daughter of the late OCBC chairman and philanthropist, Tan Chin Tuan. She heads the family’s foundation, which has given tens of millions of dollars since its inception in 1976 to causes such as education, the arts and community development.

Geronimo B de los Reyers, Jr, chairman emeritus of Gateway Property Holdings of the Philippines, started his namesake foundation in 1995 to provide scholarships and support faculty development and research.

Also a big giver is Thailand’s Harald Link, chairman of B Grimm Group, which supports education, health care, wildlife conservation, the arts and equestrian sports in Thailand through his privately held conglomerate and family foundation.

From August 4, visitors will be required to wear trousers or skirts that extend below the knees and shirts that cover the shoulders, Apsara Authority spokesman Long Kosal told the Phnom Penh Post.

“We will not allow them to buy a temple pass if they wear revealing clothes,” the paper quoted him as saying.

“However, our officials will inform them what they should wear to be able to visit our ancient temples, so they can come back to buy a ticket later after they change their clothes.”

When visitors dress appropriately, it shows respect to Cambodia’s culture and the values of Cambodian women, he said.

Temple desecration

The Khmer temple complex of Angkor Wat is a World Heritage site. It is the most popular tourist attraction in Cambodia, with more than 2 million tourists visiting it a year.

The dress measure is part of a broader code of conduct implemented in response to foreigners snapping semi-nude photos at the ancient site and desecrating the temples, the Post said.

Local tour operators and travel agencies said they had no problem with the new regulation but urged the authority to give clear notice to visitors.

Covering 400 square kilometres, including a forested area, Angkor Archaeological Park contains the magnificent remains of the different capitals of the Khmer Empire from the 9th to the 15th century. They include the famous Temple of Angkor Wat and, at Angkor Thom, the Bayon Temple with its countless sculptural decorations.

There is only one reported case so far, in American journalist Hoda Kotb, but the prevalence of selfies would suggest that there are many more undiagnosed cases in our midst.

Kotb, a popular TV anchor known for her love of selfies, has recently complained of an achy elbow.

When the 51-year-old consulted her orthopaedist, he asked if she was playing tennis or table tennis. It turned out that the pain was due to her constant selfie taking, Elle.com said.

“When you take the picture, your arm is up, bent in a weird way and you just click, click, click-think about how many you take: 20, 30, or 40. Selfie elbow, everyone has it!” she told the fashion magazine.

Tendonitis occurs when the tendon becomes inflamed, while carpal tunnel is caused by the compression of the median nerve in the wrist, usually due to overuse of the hand.

Doctors told the magazine that more patients have come to them for tech-related injuries.

Earlier, doctors saw cases of ’Blackberry thumb’, from overuse of the smart phone. The ’iPad hand’ is another manifestation of such overuse. Gaming for long hours have also caused tendonitis.

“You get tennis elbow from playing too much tennis-or having poor form-and you get selfie elbow from taking too many selfies,” said Dr Jordan Metzl, a sports medicine physician at New York’s Hospital for Special Surgery. “You put too much stress on the muscle and it irritates the area where the muscle comes off the bone.”

Selfie lovers can avoid such a predicament by switching the arms they use to snap their photos, he advised.

They can also use a selfie stick, or take photos the old-fashioned way – asking someone else to take the shot.

But if you do get ’selfie elbow’, some painkillers, ice and some stretching should help alleviate the condition. Of course the cure would be to stop taking so many selfies.

Elsewhere in the region, manufacturing experienced a small lift in some economies but analysts say the uptick will be short-lived and that long-term prospects remain anaemic.

Singapore’s Purchasing Managers’ Index (PMI) – an early indicator of manufacturing activity – came in at 49.6 last month, down slightly from the 49.8 reading in May. A reading below 50 indicates contraction.

The fall came as domestic and export orders shrank alongside declines in employment and production. The data is compiled by the Singapore Institute of Purchasing and Materials Management, from a monthly poll of purchasing executives at about 150 industrial companies.

Manufacturing, which makes up a fifth of the economy, has been hit hard by tepid global growth and ongoing restructuring. The industry has been in recession for over a year, according to some economists.

There will be “no light at the end of the Singapore manufacturing tunnel” in this half of the year, said OCBC economist Selena Ling.

“Domestic business confidence is likely to remain subdued in the near term, especially in the wake of the Brexit-induced uncertainties,” she added.

DBS economist Irvin Seah said PMI readings are expected to “inch gingerly higher in the coming months” due to seasonal effects, as manufacturers ramp up production to meet orders for the year-end festive season.

However, there could be fewer orders this year than last year.

“Without a sustained improvement in global demand, it is still a bleak outlook for the manufacturing sector after all,” added Mr Seah.

Manufacturing showed tentative signs of life elsewhere in the world. Key data in the United States showed positive signs, while South Korea and Taiwan – Asia’s industrial bellwethers – logged expansionary PMI readings for June.

“Look closely, however, and it’s doubtful there’ll be much follow- through,” said Mr Frederic Neumann, co-head of Asian economics research at HSBC, in a research note. “China is softening again, global new export orders continue to contract, and new orders in Asia aren’t improving. It all feels wobbly. And Brexit isn’t helping.”

China’s official manufacturing PMI edged down in June to reach 50, from the 50.1 logged in May and April.

A separate private survey of China’s manufacturing activity – the Caixin Manufacturing PMI – fell to 48.6 last month, from the 49.2 reading in May.

According to Euromonitor, a foreign research firm, Vietnam’s instant noodle market had a value at VND24.3 trillion in 2015, 10 per cent higher than 2014.

The value was expected to grow to VND25.7 trillion in 2016 and VND26.6 trillion in 2017.

There are 50 enterprises engaged in producing instant noodles in Vietnam. Seventy per cent of the revenue has come from Acecook, Masan Consumer and Asia Foods, the three largest instant noodles producers.

Acecook Vietnam is the largest domestic producer of instant noodles, accounting for 40 per cent of the market. The company registered a revenue of VND9 trillion in 2014 and VND9.3 trillion in sales in 2015.

The second largest enterprise, Masan Consumer, held 25 per cent of the local market share in 2015. It gained VND5 trillion from packed instant noodle sales.

Meanwhile, the World International Noodle Association (WINA) has reported that consumption of instant noodles in Vietnam reduced over the past two years following a downtrend on the world market. Consumption dropped from 5.2 billion packets in 2013, to 5 billion in 2014, and 4.8 billion in 2015.

Inaccurate information about the product has made customers wary and resulted in reduced sales, the association reported.

However, Kajiwara Junichi, general director of Acecook Vietnam, said consumption of instant noodles had recovered in the first half of this year.

In the first six months of this year, Acecook Vietnam sold 1.3 billion packets and exported 100 million packets, 9 per cent higher than the same period last year, he said. The company expected sales of 2.9 billion packets this year.

Vietnam has the best production costs so the company produces its instant noodles here and exports it to 46 countries and territories, he said. In the future, the company would promote cup noodles due to its high demand.

Vietnam is the fourth largest consumer of instant noodles in the world, after China, Indonesia and Japan, according to the association.

The OBG said in its latest report the transport industry is expected to help Brunei diversify its economy.

While the single market and production base envisioned by the AEC has not been fully realised, physical infrastructure and its integrity within each individual country were vital in doing so.

“Developments to cross-border roads, power lines, railway and maritime transport will all be crucial in turning the aspiration into a reality and improvements in these areas will boost new and existing value chains and production networks”, OBG said.

OBG highlighted recent progress in aspects of the country’s transport sector, noting areas such as the road network, strategic waterways, air freight and ports as well as the Temburong Bridge megaproject will be important economic contributors in the upcoming future.

“The extent to which the various transport and logistics related initiatives being pursued by the private sector, the government and Asean as a whole will be a boon to the economy remains to be seen,” OBG said. “However, the government appears to be taking the challenge of transforming the sector into a regional powerhouse seriously, as evidenced by the potential drivers for growth it has created in the last few years.”

OBG said foreign investors and the private sector are also beginning to recognise that the transport and logistics sectors are now ripe for investment.

OBG said the coastal highway backbone that runs eastwards from Kuala Belait in the northwest to Muara Port in the northeast is part of the pan-Borneo transport network connecting Brunei to Malaysia and Indonesia.

OBG said Brunei’s position adjacent to the sea lanes of the South China Sea made 209km of its waterways and 161km of its coastline logistically important.

“Under the Kuala Lumpur Transport Strategic Plan 2016-25, Brunei has agreed to contribute to the establishment of an Asean Single Shipping Market and to promote maritime safety, security and strategic economic corridors within Asean,” OBG said. It also noted that under that strategic plan, Brunei will engage in regional maritime transport cooperation to develop strategic maritime logistics corridors within ASEAN.

OBG said Brunei’s recent efforts for airport modernisation, noting that the move to transform the terminal into a passenger and cargo gateway should be an asset with the roll-out of the Asean Open Skies policy and competition between the region airlines increases.

The open skies policy which came into effect in January 2015 has been ratified by Brunei despite concerns of increased competition to the national carrier Royal Brunei, said the report and will see all airline companies from the 10 member-states of Asean to be able to fly freely from their home country to any city within the bloc.

The group believes the transaction and alliance with DHG, as the leading drug maker in Vietnam, will enable it to share knowledge, technology and experience in the pharmaceutical business with DHG, resulting in an increase in sales and further growth for both company’s businesses in Asia.

In addition, synergy is expected between DHG, with its strong presence in Vietnam, and Taisho Group. The group is committed to enhancing its pharmaceutical business in Asia and is striving to grow various business segments in the continuously expanding Asian market.

According to data from the Vietnam Securities Depository, the Japanese drug maker bought the shares from 34 foreign shareholders, including Dragon Capital, VinaCapital and other stakeholders such as Fullerton, Nikko New Age Asia Equity, KITMC, Mekong Portfolio Investments Limited and Vietnam Holding. The foreign ownership percentage in DHG has almost reached its maximum level, with only 0.01 per cent remaining.

The value of the deal was not disclosed, but based on June 30 data, with each DHG share ending at 103,000 dong, the deal should be worth nearly 2.2 trillion dong (US$98 million).

Based in Can Tho province since 1974, DHG Pharmaceutical Joint Stock Company is one of the leading drug makers in Vietnam. As of March 2016, State Capital Investment Corporation, with 43.31 per cent of the stake, was DHG’s largest shareholder, followed by Franklin Templeton Investment funds – Templeton Frontier Markets Fund, with 9.44 per cent, and Portal Global Limited Holding, with 7.7 per cent. When Portal Global Limited announced the sale of DHG shares to Taisho, the other two shareholders announced no change to their own stake.

DHG reported marked net revenue of 3.6 trillion dong in the fiscal year that ended on Dec 31, 2015, posting a year-on-year decrease of 8 per cent. Of this amount, the company’s net revenue in Q4 of 2015 reached 1.149 trillion dong. After Q1 this year, DHG rose 22 per cent in sales, reaching 815 billion dong. Its net profit also soared 26.3 per cent, reaching 368 billion dong. For the entire year in 2016, the company aims to earn 3.7 trillion dong in revenue and 750 billion dong in pre-tax profit.

After the announcement of the 35 per cent dividend for 2015 in May, DHG shares surged by more than 23 per cent from a value of 82,000 dong to some 100,000 dong each on the HCM City Stock Exchange.

Taisho Pharmaceuticals, headquartered in Tokyo, is a leading Japanese pharmaceutical company specialising in the manufacture of pharmaceutical products and non-prescription dietary supplements under well-known brands. In Southeast Asia, Lipovitan-D (energy drink with vitamins) is the company’s most famous brand. In 2015, the parent company recorded revenue of $2.7 billion and profit after tax of $210 million. In the local market, Taisho founded an $11.8 million investment company that manufactures and distributes Lipovitan drinks.

(US$1 = 22,605 dong as of 7/6/2016 via oanda.com)