Xi calls for international effort to address climate challenges #SootinClaimon.Com

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https://www.nationthailand.com/international/40000138

Xi calls for international effort to address climate challenges


Upholding multilateral approach crucial, president tells leaders at virtual summit

Xi calls for international effort to address climate challenges

President Xi Jinping called on Thursday for “unprecedented ambition and action” from the international community to build a community of life for mankind and nature in order to jointly cope with the challenges from climate change.

Xi made the remark while delivering a speech via video link in Beijing during the virtual Leaders Summit on Climate hosted by the United States.

During the speech, he welcomed the return of the US to the multilateral climate governance process and reiterated China’s firm commitment to upholding multilateralism, as well as its effort to advance the building of a fair and equitable global environmental governance system for win-win cooperation.

“Faced with unprecedented challenges in global environmental governance, the international community needs to come up with unprecedented ambition and action. We need to act with a sense of responsibility and unity, and work together to foster a community of life for man and nature,” Xi said.

He underlined the importance of upholding multilateralism in climate governance, saying countries should adhere to international law, promote fairness and justice, take effective actions and safeguard the international system with the United Nations at the core.

Countries should follow the objectives and principles laid out in the UN Framework Convention on Climate Change and the Paris Treaty, and work to deliver the UN’s 2030 Agenda for Sustainable Development, Xi said.

While calling for strengthening partnerships, Xi said countries should take consistent actions, honor their commitments and avoid pointing fingers at each other.

He reiterated the need to be committed to the principle of common but differentiated responsibilities, which he called “the cornerstone for global climate governance”.

Developing countries face various challenges, such as fighting COVID-19, developing their economies and addressing climate change, and their particular difficulties and concerns should be taken into consideration, Xi said.

“Developed countries need to increase climate ambition and action. At the same time, they need to make concrete efforts to help developing countries strengthen the capacity and resilience against climate change, support them in financing, technology, and capacity building, and refrain from creating green trade barriers,” he added.

Xi said China has done its best to help developing countries build capacity against climate change through various forms of results-oriented South-South cooperation. “From remote sensing satellites for climate monitoring in Africa to low-carbon demonstration zones in Southeast Asia and to energy-efficient lights in small island countries, such cooperation has yielded real, tangible and solid results.”

China has also made ecological cooperation a key part of Belt and Road cooperation, he said. “A number of green action initiatives have been launched, covering wide-ranging efforts in green infrastructure, green energy, green transport and green finance, to bring enduring benefits to the people of all Belt and Road partner countries.”

Speaking of China’s actions to deal with the climate crisis, Xi said the country adheres to a path that puts ecological conservation first while pursuing green and low-carbon growth.

Xi announced last year that China will peak its carbon dioxide emissions before 2030 and will achieve carbon neutrality before 2060.

“This major strategic decision is made based on our sense of responsibility to build a community with a shared future for mankind and our own need to secure sustainable development,” Xi said at the summit.

He added that China has committed to move from carbon peak to carbon neutrality in a much shorter time span than what it might take many developed countries, and “that requires extraordinarily hard efforts from China”.

The targets of carbon peak and carbon neutrality have been added to China’s overall plan for ecological conservation, Xi said, adding that China will strictly control coal-fired power generation projects, and strictly limit the increase in coal consumption over the 14th Five-Year Plan (2021-25) period and phase it down in the 15th Five-Year Plan (2026-30) period.

“Moreover, China has decided to accept the Kigali Amendment to the Montreal Protocol and tighten regulations over non-carbon dioxide emissions,” he said. “China’s national carbon market will also start trading.”

Xi’s quotes

· We should protect nature and preserve the environment like we protect our eyes, and endeavor to foster a new relationship where man and nature can both prosper and live in harmony.

· To protect the environment is to protect productivity, and to improve the environment is to boost productivity-the truth is as simple as that.

· Protecting the ecosystem requires more than a simplistic, palliative approach.

· In this process, we must join hands, not point fingers at each other; we must maintain continuity, not reverse course easily; and we must honor commitments, not go back on promises.

Published : April 23, 2021

By : China Daily/ANN

Moon raises carbon-cutting target as Biden resumes climate diplomacy #SootinClaimon.Com

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https://www.nationthailand.com/international/40000137

Moon raises carbon-cutting target as Biden resumes climate diplomacy


President Moon Jae-in on Thursday set more drastic cuts in greenhouse gas emissions by 2030 than previously revealed to achieve a carbon-neutral Korea by 2050, at a two-day virtual climate summit ending Friday.

Moon raises carbon-cutting target as Biden resumes climate diplomacy

The Leaders Summit on Climate, joined by 40 world leaders and hosted by US President Joe Biden seeking to restore US leadership on the carbon-cutting commitment, marks Washington’s return to the climate dialogue that the Donald Trump administration abandoned after withdrawing from the Paris agreement.

“We’ve decided to raise the emission reduction target for 2030 to go beyond what we promised,” Moon said, referring to an earlier pledge to reduce carbon emissions 24 percent by 2030 compared to 2017 levels. Moon set out goals the previous year to emit zero emissions by 2050.

Moon, who did not elaborate on the hike, said he will bolster support for renewable energy sources such as solar and wind power, noting his government will no longer build coal-fired power plants and will shut down old ones. Tax credits and subsidies for new coal plants will be suspended, he added.

Moon said the government will help local industries ride out the fallout from the change as it attracts investments in renewables. In March, he promised $7 billion in government aid to make the country run on renewables rather than fossil fuels.

On the first day, the summit discussed leaders’ commitments to cut carbon emissions and the role of capital markets to realize their targets, known as a Nationally Determined Contribution.

On Friday, Biden’s “Build Back Better” program will be the agenda as he has made clear that fighting climate change is an opportunity to create jobs. His administration rolled out a massive infrastructure proposal to transition fossil fuel workers to new jobs and build clean energy infrastructure.

Microsoft co-founder and philanthropist Bill Gates, who has invested some $2 billion in clean technologies, will join the discussion on the last day of the summit.

The gathering paves the way for the upcoming P4G summit, another global initiative aimed at supporting green projects in public and private sectors, which is slated for May. The Seoul-hosted meeting will discuss helping developing nations use technologies for green economic growth.

“The P4G summit will be a steppingstone to a promising UN climate conference in November,” Moon said.

Published : April 23, 2021

By : Choi Si-young/The Korea Herald

Nearly 2m vaccinated in S. Korea as inoculation rollout speeds up #SootinClaimon.Com

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https://www.nationthailand.com/international/40000092

Nearly 2m vaccinated in S. Korea as inoculation rollout speeds up


South Korea has inoculated nearly 2 million people so far as the country ramps up its COVID-19 immunization drive by providing more shots and securing more doses.

Nearly 2m vaccinated in S. Korea as inoculation rollout speeds up

An accumulated 1,903,767 people were administered with their first shots as of Wednesday as part of the nationwide campaign that kicked off on Feb. 26, accounting for 3.66 percent of the country’s 52 million population, the Korea Disease Control and Prevention Agency (KDCA) said.

An accumulated 60,622 people have been fully vaccinated after receiving two doses.

Of the total, 1,141,154 people, mostly health care workers and patients at long-term care facilities, received the first jabs of the two-dose vaccine regimen developed by British-Swedish pharmaceutical giant AstraZeneca and Oxford University, the KDCA said.

Meanwhile, 762,613 people received the first shot of US pharmaceutical giant Pfizer Inc.’s two-dose vaccine regimen, the KDCA said. The group mostly includes doctors, nurses and other health professionals treating COVID-19 patients, and elders aged 75 and older.

The KDCA noted that an average of 130,000 people have been inoculated every day recently, up highly from an average of 18,000 people during the first week of the vaccination campaign.

The authorities aim to complete inoculating 3 million people by the end of this month and 12 million people by end-June, with a goal of achieving herd immunity by November.

The accelerating inoculations come amid woes over a potential delay in vaccine supplies, which could take the nationwide inoculation scheme off schedule.

The KDCA earlier announced that it has secured enough coronavirus vaccines to inoculate 79 million people, yet the arrival schedule has only been finalized for AstraZeneca and Pfizer vaccines.

Adding to woes, safety controversies over the AstraZeneca vaccine have complicated the inoculation campaign as the products make up about 60 percent of the country’s rollout for the first half of the year.

The country was again taken aback by the United States’ decision to pause the use of Johnson & Johnson’s Janssen products over blood clotting.

The authorities have planned to receive 6 million doses of the Johnson & Johnson vaccine. The bottles are scheduled to be provided in the third quarter, yet the shipment schedule is not finalized.

To stave off a potential supply shortage, the Seoul government said earlier it is seeking a “vaccine swap” agreement with the United States, but such a deal may not happen at least for the time being after a US State Department spokesman said his country is currently focused on vaccinating Americans.

On Wednesday, President Moon Jae-in also ordered his aides to review the possibility of introducing Russia’s Sputnik V COVID-19 vaccine.

On Thursday, the country reported 735 more COVID-19 cases, the highest since Jan. 7 when the country reported 869 cases, the KDCA said. The total caseload was increased to 116,661. (Yonhap)

Published : April 22, 2021

By : The Korea Herald

Hanoi set to attract up to $40 billion in FDI over next five years #SootinClaimon.Com

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https://www.nationthailand.com/international/40000091

Hanoi set to attract up to $40 billion in FDI over next five years


HÀ NỘI — Hà Nội has compiled a plan to attract between US$30 and 40 billion of foreign direct investment (FDI) during the 2021-25 period, Deputy Director of the municipal Department of Planning and Investment Vũ Duy Tuấn said.

Hanoi set to attract up to $40 billion in FDI over next five years

According to Tuấn, during the 2016-20 period, the city attracted 3,113 foreign-funded projects worth $26.5 billion, 4.2 times higher than the capital recorded in the previous five-year period.

Of 33 key projects, 11 have been completed in line with plans, 15 are under construction, and 12 are about to begin.

As of March 31, there were 2,907 projects worth VNĐ1.65 quadrillion ($71.52 billion) not funded by the local budget. Of these, 967 have been completed and 182 had stopped or had their licences revoked.

At a working session with local authorities on Monday, Chairman of the municipal People’s Committee Chu Ngọc Anh asked the department to follow the city’s goals and working programmes to actively issue related plans or make proposals to local authorities.

He ordered the department to quickly review the local list of key projects and suggest new ones for the 2021-25 period, adding that the proposed projects should boost the city’s socio-economic growth and also prove feasible.

Anh also requested smooth and close coordination between the department and relevant sectors and localities. — VNS

Published : April 22, 2021

By : Viet Nam News

Indonesia searching for missing submarine with 53 on board #SootinClaimon.Com

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https://www.nationthailand.com/international/40000090

Indonesia searching for missing submarine with 53 on board


The Indonesian Navy is searching for a submarine with 53 people on board that went missing on Wednesday and is seeking help from neighboring Australia and Singapore in the hunt, the Indonesia’s military commander told Reuters.

Indonesia searching for missing submarine with 53 on board

The German-made submarine, KRI Nanggala-402, was conducting a torpedo drill in waters north of the island of Bali but failed to relay the results as expected, a navy spokesman said.

“We are still searching in the waters of Bali, 96 kilometers from Bali, [for] 53 people,” military chief Hadi Tjahjanto told Reuters in a text message.

The military chief confirmed that assistance in the search for the submarine and missing crew members had been sought from Australia and Singapore. He said that contact with the vessel was lost at 4:30 a.m. on Wednesday.

Representatives of the defense departments of Australia and Singapore did not immediately respond to requests for comment.

The 1,395-ton KRI Nanggala-402 was built in Germany in 1978, according to the Indonesian cabinet secretariat’s website, and underwent a two-year refit in South Korea that was completed in 2012.

Indonesia in the past operated a fleet of 12 submarines purchased from the Soviet Union to patrol the waters of its sprawling archipelago.

But now it has a fleet of only five including two German-built Type 209 submarines and three newer South Korean vessels.

Indonesia has been seeking to upgrade its defense capabilities but some of its equipment still in service is old and there have been deadly accidents involving in particular ageing military transport planes in recent years.

Published : April 22, 2021

By : The Jakarta Post

Xi to address summit on climate issues #SootinClaimon.Com

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https://www.nationthailand.com/international/40000089

Xi to address summit on climate issues


Event expected to work as cooperation platform for nations to tackle challenges

Xi to address summit on climate issues

President Xi Jinping’s participation in the upcoming climate summit could make the widely watched meeting more constructive and fruitful as the world is gearing up for more ambitious climate goals.

At the invitation of United States President Joe Biden, Xi will take part in the Leaders Summit on Climate and deliver an important speech to the summit via video link from Beijing on Thursday, Foreign Ministry spokeswoman Hua Chunying announced on Wednesday.

The two-day meeting, which could see the participation of about 40 world leaders, has drawn global attention, as it’s the first summit hosted by the US on climate issues since the departure from office of former US president Donald Trump, who was noted for his disregard of the global climate crisis.

It also comes as the world is in dire need of a concerted effort to implement the Paris Agreement and take the issue a step forward.

At a news briefing on Wednesday, Foreign Ministry spokesman Wang Wenbin said that China hopes that the summit can be an “exchange and cooperation platform for global cooperation to tackle climate challenges, facilitate the effective and comprehensive implementation of the Paris Agreement, and promote concerted efforts in global climate and environmental governance”.

In the past week, China has engaged in a series of high-level climate talks. On Friday, the top leaders of China, France and Germany agreed during a virtual summit to jointly work toward an equitable and reasonable climate governance mechanism.

At the meeting, Xi reiterated China’s commitments to peak its carbon emissions before 2030 and attain carbon neutrality before 2060. He also said China had decided to adopt the Kigali Amendment to the Montreal Protocol and is stepping up curbs on emissions of non-CO2 greenhouse gases.

China and the US issued a joint statement on Sunday on coping with climate change after Xie Zhenhua, China’s special envoy for climate change affairs, and US Special Presidential Envoy for Climate John Kerry met in Shanghai.

In his written address to a forum on carbon neutrality on Tuesday in Beijing, Xie said, “The joint statement issued after the China-US climate dialogue fully demonstrates that we can work together toward a sustainable future only via pragmatic cooperation and with joint efforts to seek for answers and paths.”

Sino-US cooperation vital

The joint statement said the two countries will beef up their respective climate action while joining hands in efforts to bring the goals included in the landmark Paris Agreement into reality.

The Paris Agreement, adopted in 2015, aims to keep the global temperature increase this century below 2 C from preindustrial levels and to pursue efforts to limit the temperature increase even further to 1.5 C.

Richie Merzian, a former Australian government negotiator to the United Nations Framework Convention on Climate Change, said he expected to see a positive outcome from possible talks between China and the US during the summit.

“It’s only because China and the US came together in 2015 that we had a Paris Agreement,” Merzian, who is also director of the Climate and Energy Program at the Australia Institute, said in an interview with Xinhua News Agency. “That is how important both those countries are to global efforts.”

China and the United States have been widely praised for laying the foundations of international support for the Paris Agreement. Following Xi’s visit to the US in June 2013, then US president Barack Obama visited China in November 2014.

On Nov 12, 2014, the two presidents made public the China-US Joint Announcement on Climate Change, which said they “resolved to work closely together over the next year to address major impediments to reaching a successful global climate agreement in Paris”.

Merzian said it was in the interests of China and the US to address climate change, as both of them suffered consequences such as increased frequency and severity of extreme weather events.

The scholar also noted that countries could benefit from the new economy to be created in climate change mitigation efforts. “Those are the green technologies that China has been doing so well, manufacturing and shipping out to the world and also implementing domestically,” he said.

“So really, everyone benefits when China and the US can work together,” he said.

Lin Jiaqiao, co-founder and co-director of the Beijing-based Rock Environment and Energy Institute, said he saw electric vehicles and renewable energy as two sectors offering potential for cooperation between China and the US.

The two countries have listed these two sectors as strategies to decarbonize their economies, as well as to increase employment opportunities and stimulate economic growth. However, they still need to hammer out a substantive cooperation framework for the sectors based on the consensus outlined in their joint climate statement, Lin said.

More targets envisioned

Experts have also expressed high expectations about major economies unveiling more ambitious climate targets before or at the virtual summit.

According to a statement by the US government, by the time of the summit, the US will announce an ambitious 2030 emissions target as its new Nationally Determined Contribution for post-2020 climate action under the Paris Agreement.

Quoting unnamed sources, The Associated Press said in a report on Tuesday that Biden will pledge to cut US greenhouse gas emissions by at least half by 2030, which is nearly double the nation’s previous commitment.

“While China announced an updated nationally determined contribution last December, the ball is now in the US court,” said Zhang Jianyu, founder and chief representative of the Environmental Defense Fund’s China program.

China announced late last year that it will lower its carbon dioxide emissions per unit of GDP by over 65 percent from the 2005 level and increase the share of non-fossil fuels in primary energy consumption to around 25 percent by 2030. The country will also increase the share of non-fossil fuels in primary energy consumption to around 25 percent.

The European Union also reached a tentative climate deal on Wednesday that is intended to make the bloc climate neutral by 2050.

“Our political commitment to becoming the first climate neutral continent by 2050 is now also a legal commitment. The climate law sets the EU on a green path for a generation,” European Commission President Ursula von der Leyen said early on Wednesday.

Under the provisional deal reached after officials negotiated through the night, the EU will also commit itself to an intermediate target of cutting greenhouse gas emissions by at least 55 percent by 2030 compared with 1990 levels, AP reported.

On Tuesday, the UK government pledged to cut carbon emissions by more than three-quarters of their 1990 levels by 2035 while closing a loophole that had left much of the pollution from airplanes and ships out of the tally, according to AP.

On Wednesday, Russian President Vladimir Putin said that Russia’s emissions of greenhouse gases should be less than the EU’s over the next 30 years, but that it would be difficult to reach that goal given Russia’s size, Reuters reported.

Published : April 22, 2021

By : HOU LIQIANG/China Daily

Pakistan urges orderly pullout of troops from Afghanistan #SootinClaimon.Com

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https://www.nationthailand.com/ann/30405053

Pakistan urges orderly pullout of troops from Afghanistan

Apr 19. 2021

By Dawn/ANN

DUBAI: Foreign Minister Shah Mahmood Qureshi on the second day of his three-day visit to the United Arab Emirates has announced that facilitation by Pakistan led to the US-Taliban peace agreement and subsequent intra-Afghan negotiations and expressed the hope that Afghan parties would work constructively to achieve shared objective of a peaceful, stable and prosperous Afghanistan.

Highlighting the country’s abiding interest in a peaceful, secure and stable Afghanistan, Mr Qureshi underscored Islamabad’s consistent policy to enhance bilateral relations and facilitate Afghan peace process. “We support reconciliation in Afghanistan and progress in peace process, in Istanbul. I look forward to meeting FM Atmar at Istanbul Conf & to hosting him in Pakistan soon after to discuss a way forward post conf,” the foreign minister tweeted after receiving a call from his Afghan counterpart Hanif Atmar on Sunday.

While discussing the evolving peace process and the US announcement to withdraw forces, Mr Qureshi reiterated Pakis­tan’s consistent policy to support an orderly and responsible withdrawal of foreign troops. With a view to continuing close consultations, he also invited Mr Atmar to visit Pakistan after the meeting in Istanbul.

Separately, FM Qureshi also clarified that he had no meeting scheduled with his Indian counterpart Subrahmanyam Jaishankar but expressed willingness to talk with Delhi if it took back its steps of August 5, saying that Pakistan could not ignore the Kashmir issue.

Islamabad had suspended trade and diplomatic ties with India in 2019 after New Delhi had revoked the special status of the part of disputed Jammu and Kashmir. However, in February, Islamabad and New Delhi pledged to end all firing along the disputed frontier, after months of violence between the nuclear-armed neighbours. Further signs of rapprochement include an exchange of letters between Indian Prime Minister Narendra Modi and his Pakistani counterpart Imran Khan, who have both called for peaceful relations.

The foreign ministers of India and Pakistan made crossover visits to the UAE this weekend, days after UAE’s envoy to Washington Yousef Al Otaiba confirmed that the Gulf nation had played a role “in bringing the Kashmir escalation down and created a ceasefire, hopefully”.

During his Dubai visit, Foreign Minister Qureshi said both India and Pakistan would have to think about their bilateral ties. Pakistan never evaded talks and wanted to live in peace with all its neighbours including India, he stressed. However, he made it clear that he had no meeting scheduled with his Indian counterpart during his visit.

While addressing a press conference after visiting Pakistan pavilion at World Expo-2020 to be held later this year, Mr Qureshi termed the mega event a landmark achievement for the UAE and the entire region. “Pakistan is delighted to be a part of Expo2020 with the Pakistan Pavilion, in collaboration with the UAE government,” he said. The presence of Pakistan pavilion in the international expo was a manifestation of decades-old friendship between Pakistan and the UAE, he said, adding that it also showed the enhanced economic ties and bilateral cooperation between the two brotherly countries in different sectors.He expressed the hope that his visit to the UAE would strengthen their bilateral ties and announced that he would have a meeting with his counterpart in the UAE on Monday.

Talking about the World Expo, Mr Qureshi said professionals among the Pakistani community in the UAE would be invited to the event to highlight the role they had played in the progress and prosperity of the Gulf country. He said he would also invite Prime Minister Imran Khan to the mega event as both countries were making an effort to organise different programmes to celebrate the 50 years of brotherly diplomatic relations.

On the occasion, he also announced that the government wanted to give the right to vote to the overseas Pakistanis and it was consulting with other political parties on the issue. “We want that overseas Pakistanis should have a role in Pakistani politics and policy making.”

Pakistan ambassador to the UAE Afzal Mahmood, consul general in Dubai Ahmad Amjad Ali and other senior officials of the embassy also accompanied the foreign minister during the tour, according to a press release.

Earlier, the foreign minister on his arrival in Dubai late Saturday night had tweeted: “Good to be in the #UAE.”

Myanmar shadow government wants seat at ASEAN crisis talks #SootinClaimon.Com

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https://www.nationthailand.com/ann/30405052

Myanmar shadow government wants seat at ASEAN crisis talks

Apr 19. 2021

By The Jakarta Post

Myanmar’s shadow government on Sunday urged Southeast Asian leaders to give it a seat at the table during crisis talks this week, and not to recognise the military regime that seized power in a February coup.

The army has moved to quell mass protests against its rule, killing at least 730 people according to a local monitoring group.

Min Aung Hlaing’s invitation to the meeting of the 10-country Association of Southeast Asian Nations has drawn scorn from activists who have urged foreign leaders not to formally recognise the junta.

Moe Zaw Oo, deputy minister of foreign affairs for the parallel “national unity government” — formed Friday by ousted lawmakers mostly from Suu Kyi’s party, as well as ethnic-minority politicians — said ASEAN had not reached out to them.

“If ASEAN wants to help solve the Myanmar situation, they are not going to achieve anything without consulting and negotiating with the NUG, which is supported by the people and has full legitimacy,” he told Voice of America’s Burmese service. “It’s important that this military council is not recognised. This needs to be handled carefully.”

Meanwhile, the junta continued targeting the media on Sunday, arresting Japanese freelance reporter Yuki Kitazumi. He was arrested at his home in Yangon on Sunday evening, his assistant said in a message.

In February, he was beaten up and briefly detained during a crackdown on protesters but was later released.

The number of reporters arrested so far has totalled more than 65 and at least 34 remain in custody, according to monitoring group Reporting ASEAN.

Authorities announced Sunday night on state-run television 20 more celebrities and 20 more doctors would be added to their arrest warrant list of 420 prominent people.

Earlier unrest continued across the country on Sunday, with protesters rallying in Mandalay, Meiktila, Magway and Myingyan, showing support for the national unity government.

At Palaw in the country’s south, demonstrators brandished banners that read: “Military dictators should not be allowed to rule. The dictatorship will be uprooted.

Support the national unity government.” Young demonstrators also staged motorbike rallies while carrying flags in Hpakant and Sagaing.

The previous night, there were violent clashes in the central gem-producing city of Mogok when security forces cracked down on protesters.

According to an AFP-verified video filmed by a resident, soldiers crouched on a street as their commanding officer shouted that he wanted “deaths”. The Assistance Association for Political Prisoners (AAPP) verified two deaths at Mogok.

Much of Myanmar remains under a curfew imposed shortly after the coup, running from 8 pm to 4 am every night.

Late Saturday, a young man was shot and killed in Kyaukme town in northern Shan state while riding his motorbike during the curfew.

Thai billionaire plans $7.2 billion buyout of Singtel associate Intouch #SootinClaimon.Com

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https://www.nationthailand.com/ann/30405051

Thai billionaire plans $7.2 billion buyout of Singtel associate Intouch

Apr 19. 2021

By The Strait Times/ANN

BANGKOK (BLOOMBERG) – Gulf Energy Development, Thailand’s biggest power producer by market value, has offered to acquire Intouch Holdings, a Singtel associate company that control’s the nation’s largest mobile phone operator, for as much as 169 billion baht (S$7.2 billion).

Gulf Energy, controlled by billionaire Sarath Ratanavadi, offered to buy 2.6 billion shares, or about 81 per cent of Intouch, that it does not already own at 65 baht each, it said in an exchange filing on Monday (April 19). The offer price is 11 per cent higher than Intouch’s close on Friday.

Gulf Energy will also tender for 100 per cent of Advanced Info Service, Thailand’s biggest mobile phone company controlled by Intouch, at 122.86 baht each. The Advanced Info offering will be subject to Gulf Energy securing at least 50 per cent of Intouch, it said.

Singtel is the biggest shareholder of Intouch after acquiring a 21 per cent stakefrom Singapore investment company Temasek in 2016.Former Thai prime minister Thaksin Shinawatra sold Intouch – then named Shin Corp – to Temasek in 2006, sparking public criticism. Singtel also owns about 23 per cent of Advanced Info, according to stock exchange data.

In a statement to the Singapore Exchange at 1.02pm on Monday, Singtel said it views its stakes in Intouch and Advanced Info as strategic investments, and believes “in the long-term outlook of the businesses”.

Singtel said it is reviewing its strategic options to ensure that Intouch and Advanced Info shareholders “get full benefit of the intrinsic value of the businesses”. It added that it will make the relevant disclosures, if any,  at the appropriate time. It also advised its shareholders to refrain from taking any action in respect of their shares in Singtel that may be prejudicial to their interests, and to exercise caution when dealing in the shares.

Singtel shares were trading up six cents or 2.35 per cent at $2.61 as at 1.13pm on Monday, after the announcement of the Intouch buyout offer.

While Intouch shares jumped as much as 9 per cent in Bangkok on Monday, the most since March 2020, Gulf Energy tumbled as much as 5.3 per cent to its lowest level since November.

Mr Sarath, 56, Thailand’s second-richest person, has expanded his 10-year-old energy company into deep-sea port, tollway and telecommunication businesses, as well as power projects in Vietnam, Oman and Germany. Acquisitions of Intouch and Advanced Info will generate long-term benefits from their potential and cash flows as Thailand’s leading telecommunication companies, Gulf Energy said.

Gulf Energy’s proposed acquisition of Intouch would be Thailand’s third-biggest buyout deal, according to data compiled by Bloomberg.

Mr Sarath, Gulf Energy’s chief executive officer, has a net worth of about US$9 billion (S$12 billion), most of which comes from his and his family’s stake in the power producer, according to Bloomberg Billionaires Index.

Gulf Energy will finance the acquisitions of Intouch and Advanced Info from cash flow and bank loans, according to the company’s statement. Shareholders will hold a meeting on June 25 to consider the proposed acquisitions.

Most of Intouch’s earnings come from Advanced Info and Thaicom, the nation’s biggest satellite operator. It also invests in technology start-ups. Gulf Energy will request that the regulator waive a mandatory requirement to make a tender offer for Thaicom, it said.

Thaicom shares surged as much as 9.2 per cent, while Advanced Info fell 0.6 per cent as at 10.41am in Bangkok.

Japan teams up with U.S., Australia to build submarine cables #SootinClaimon.Com

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https://www.nationthailand.com/ann/30405050

Japan teams up with U.S., Australia to build submarine cables

Apr 19. 2021

By The Japan News/ANN

Japan, the United States and Australia will work together to set up submarine communications cables in the Pacific region, The Yomiuri Shimbun has learned, in a bid to counter China’s rapid expansion in field of undersea cables.

Government-affiliated financial institutions in each country will provide financial support for new contracts for marine cable projects. The three countries will deepen their cooperative relationship to secure this infrastructure, which is vital for security, and counter the risk of data exfiltration and disconnection.

Submarine cables are thin optical fibers covered with resin and laid in the deep sea around the world. They are said to account for 99% of the world’s international communications, and the demand for cable installation is growing in parallel with the increase in global transmissions.

According to NEC Corp., the latest cable system can transmit data equivalent to about 10,000 DVDs per second.

In March, officials from government, industry and academics in the three countries discussed the issue at an informal meeting and agreed to strengthen cooperation over submarine cables. They also agreed to strengthen information sharing on China’s activities and cooperate in financing submarine cable projects in strategically important areas, according to sources.

This trilateral cooperation is being spurred by China, which is rapidly rising in the field of submarine cables. Companies in Japan, the United States and Europe hold a combined share of about 90% of the world’s submarine cables, and China’s Huahai Communication Technology Co. — which used to be a subsidiary of Huawei Technologies Co. — now has the fourth-largest global share.

China has been actively laying undersea cables in various places under its Belt and Road Initiative to create a huge economic bloc. In particular, China is seeking to expand its influence over the Pacific island nations, some of which have friendly relations with Taiwan, by providing economic cooperation and assistance. Some Chinese companies are pursuing orders for undersea cables from those islands.

The Chinese companies are believed to use low costs as leverage to win contracts, apparently with the government’s financial backing, according to some observers. Japan, the United States and Australia will support the establishment of reliable telecom networks with the support of government-affiliated financial institutions in each country.

In January, NEC won a contract to build a submarine cable connecting Palau, one of the Pacific island nations, with the United States and other countries. The project will be financed by the Japan Bank for International Cooperation as well as government agencies in the United States and Australia.

The three countries plan to increase the number of such projects by strengthening their cooperation.