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AEC Feed

ASEAN+ November 25, 2017 01:00

By Asia News Network

Top Glove enters talks for Aspion acquisition

Malaysia’s Top Glove Corp Bhd has entered into a memorandum of understanding to negotiate the terms for the acquisition of Adventa ‘s unit Aspion Sdn Bhd.

According to the term sheet, the purchase consideration will be based on a profit after tax (PAT) of 80 million ringgit for Aspion in fiscal year 2018, a guarantee by Adventa to reimburse Top Glove for any shortall in the PAT, and a contemplated price-to-earnings multiple of 16 to 18 times the 2018 target PAT.

The transaction will be satisfied via cash and shares, with the issuance of new shares not exceeding 10 per cent of the value of the acquisition.

Following the acquisition, the current management team of Aspion is expected to stay on with the company.

The exclusivity period for the negotiations will expire on Jan 15, 2018.

Top Glove said the proposed acquisition of surgical glove maker Aspion is grow the group’s business via a products extension merger.

It will help to establish the group as the largest surgical glove exporter in Malaysia, develop its presence in the surgical glove market as well as boost gross profit margins. – The Star

Donaco seeks to oust Thai partner from Star floor

Asian casino operator Donaco International will seek an injunction through the Cambodian courts against a former Thai business partner that has continued to operate a gaming floor at the Star Paradise border casino in Poipet, a property that sits adjacent to the company’s flagship Star Vegas Resort, gaming site GGR Asia reported on Thursday.

The report said the firm will also initiate commercial arbitration hearings in Singapore. In mid- September, the casino firm issued a “cease and desist” letter to the Thai business partner who has still yet to be named. Donaco completed the purchase of Star Vegas from the Thai partner in July 2015 for $360 million. |– The Phnom Penh Post

Singapore’s factory output powers ahead in October

Factory production in Singapore delivered another impressive performance for the month of October, shrugging off a steep decline in biomedical output.

The Economic Development Board yesterday reported that the overall manufacturing output grew 14.6 per cent in October, slightly missing economist estimates of 16 per cent. September’s industrial output was revised lower to 14.4 per cent, from an earlier estimate of 14.6 per cent.

But if the traditionally volatile biomedical sector was excluded, growth would have been 25.8 per cent.

On a seasonally adjusted month-on-month basis, factory output went up by 0.7 per cent in October. With biomedical manufacturing stripped out, output grew 6.8 per cent.

Manufacturing growth continued to be powered by electronics, which grew 45.1 per cent last month. This was again driven by the semiconductors segment which posted robust growth of 64.6 per cent.

Precision engineering – a beneficiary of the rise in global electronics demand – grew 23.6 per cent year on year.

The chemicals and general manufacturing clusters also turned in decent report cards, with growth of 15 per cent and 15.5 per cent respectively. – The Straits Times

JV in Laos for power transmission line

Laos’ TBEA Hengyang Transformer Co Ltd and Electricite du Laos (EDL) have cooperated to develop more electricity transmission lines in the capital in response to higher consumer demand.

TBEA and EDL held a groundbreaking ceremony earlier this week to commence construction of the Nahai-Dongphosy 115/22 kV transmission line and an electricity substation in Vientiane, with the project funded by a US$76 million loan from Exim Bank of China.

Deputy Director of EDL Duangsy Pharayok said the project was part of the government’s electricity transmission development plans up to 2030.

Duangsy explained the project was located in southern Vientiane and would play an important role in distributing electricity to the two districts of Haixaifong and Xaysettha which host industrial zones.

Construction of the 10 km Nahai-Dongphosy 115/22 kV transmission line will connect the new Nahai substation with the existing facility at Dongphosy. – Vientiane Times

Vietnam hatches plan for ‘smart’ tourism through cooperation

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Vietnam hatches plan for ‘smart’ tourism through cooperation

ASEAN+ November 25, 2017 01:00

By VIET NAM NEWS
ASIA NEWS NETWORK
HANOI

THE Vietnam Post and Telecommunications Group (VNPT) and the Vietnam National Administration of Tourism (VNAT) have agreed to promote so-called smart tourism in the country.

They signed a comprehensive co-operation agreement in this regard in Hanoi on Wednesday.

Under the three-year agreement, the two sides would support each other in their development.

They would annually build suitable co-operation programmes to advertise the country’s tourism sector to local and foreign tourists by applying modern IT solutions and services.

VNPT would consult and co-operate with VNAT to build a master plan on IT application for the Fourth Industrial Revolution in the tourism sector and to build a development plan for smart tourism.

In addition, the two sides would build an IT management system to connect information among localities in developing tourism. They would build digital products to serve tourists and promote tourism through e-marketing.

Speaking at the signing ceremony, Pham Duc Long, VNPT’s general director, said the group has a co-operation pact with 52 cities and provinces, as well as 10 ministries in several sectors to develop e-governance, IT applications in management and to provide smart IT applications. “The tourism sector has been one of our most important customers. Currently, VNPT has been leading in launching smart city solutions for 15 cities and provinces nationwide, including big localities such as Hanoi and HCM City,” Long said.

He added that the sector was seeing a strong growth and expected a boom in the time to come.

VNPT hoped to contribute to the boom.

Many localities, which signed co-operation agreements with VNPT in smart city development, have paid attention to tourism development.

Last month, the group signed an agreement with Saigontourist to develop smart tourism.

VNPT is expected to accompany the sector for a long-term period to take advantage of the Fourth Industrial Revolution to further develop the country’s tourism, while meeting the tourists’ increasing demand.

Nguyen Van Tuan, general director, said tourism and IT had been two different sectors.

However, they had a common target of serving tourists, thus supporting each other.

Tuan said the country’s tourism sector had a lot of potential and opportunities for development.

Last year, Vietnam for the first time welcomed more than 10 million international tourist arrivals, representing a 26 per cent year-on-year rise. It also served 62 million local tourists.

‘Explosion’ dashes last hopes for missing Argentine sub with 44 aboard

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  • A relative and a comrade of one of the 44 crew members of Argentine missing submarine, embrace each other in grief at Argentina’s Navy base in Mar del Plata, on the Atlantic coast south of Buenos Aires, on November 23.//AFP
  • A woman looks at supportive messages for the 44 crew members of Argentine missing submarine hanging outside Argentina’s Navy base in Mar del Plata, on the Atlantic coast south of Buenos Aires, on November 23.//AFP

‘Explosion’ dashes last hopes for missing Argentine sub with 44 aboard

Breaking News November 24, 2017 15:08

Mar del Plata, Argentina – Argentina’s navy confirmed Thursday that an unusual noise heard in the Atlantic  near the last known position of a missing submarine appeared to be an explosion, dashing the last hopes of finding the vessel’s 44 crew members alive.

Relatives of the missing sailors reacted with grief and anger to the news after holding out hope since the sub was reported overdue at its Mar del Plata base on November 17, two days after the explosion.

“An anomalous, singular, short, violent and non-nuclear event consistent with an explosion,” occurred shortly after the submarine’s last communication, navy spokesman Captain Enrique Balbi told a news conference in Buenos Aires.

After days of false hopes, some of the relatives said the navy had withheld information about the sub and lied to them over the past week.

“I feel cheated,” said Itati Leguizamon, whose husband German Suarez was a sonar operator on the ARA San Juan.

“They did not tell us they died. But they tell us they are three thousand meters (9,800 feet) deep,” added Leguizamon as other family members shouted angrily around her.

“They lied to us,” said Leguizamon, a lawyer.

A sobbing Jessica Gopar, whose husband was an electrician aboard the San Juan, said “they just told us that the submarine exploded.” She spoke as she came out from the sub’s base.

“He was the love of my life, engaged seven years before we got married,” Gopar said of her husband, Fernando Santilli. “And how can I tell my son that he no longer has a father?”

Underwater sounds detected in the first days of the search by two Argentine search ships were determined to originate from a sea creature, not the vessel. Satellite signals were also determined to be false alarms.

The San Juan, a 34-year-old German-built diesel-electric submarine, had reported a battery problem on November 15 and said it was diverting to Mar del Plata, but did not send a distress signal, according to the navy.

Balbi admitted on Wednesday that the situation for the sub and its crew appeared to be worsening.

However, he refused to speculate at that point on the origin of what he initially described as a “hydro-acoustic anomaly” detected in the ocean almost three hours after the sub’s communication and 30 miles (50 kilometers) north of its last known position.

Balbi explained that information about the unusual noise only became available Wednesday after being relayed by the United States and “after all the information from all agencies reporting such hydro-acoustic events was reviewed.”

Explaining the lack of debris on the surface, Balbi said “nothing will end up floating to the surface” because a submarine “implodes”.

Gustavo Mauvecin, director of the Center for Hyperbaric Medicine at Mar del Plata, said hydrogen “is always an issue with submarines with electric engines”.

The San Juan “has 500 tons of lead-acid batteries, which release hydrogen if there is an overcharge in the battery. Hydrogen in contact with oxygen is explosive”.

An explosion ‘so violent’

“In my opinion, after an explosion like that, it’s difficult for there to be survivors,” a former submarine commander told AFP.

The newspaper La Nacion said one hypothesis is that there was a short circuit in the batteries. It said this would explain the sub’s failure to communicate and the fact that it did not have time to send off a distress signal.

The commander said a problem with batteries, as the sub had reported, could in fact cause a blast.

“A severe problem with batteries might generate hydrogen. Hydrogen above a certain percentage is explosive,” said the commander who requested anonymity.

Horacio Tobias, former chief of diving for the San Juan, said it “was so violent that they would not have had time to realize what happened”.

The San Juan would have had enough oxygen for its crew to survive underwater in the South Atlantic for seven days since its last contact, according to officials. That time had elapsed by 0730 GMT Wednesday.

Argentina is leading an air-and-sea search to try to still find the sub. It is getting help from several countries now including Brazil, Britain, Chile, Colombia, France, Germany, Peru, Russia, the United States and Uruguay.

Russia was the latest navy to volunteer help, sending an oceanographic research ship as the operation shifted from rescue to recovery.

The Russian defense ministry said the Yantar was steaming to the area from the western coast of Africa on the orders of President Vladimir Putin.

The weeklong search has focused on the sub’s last known position, around 200 miles off the Argentine coast, but has been hampered by bad weather.

Putin offered “words of support over the situation with the San Juan submarine” in a phone call to Argentine President Mauricio Macri late Wednesday, the Kremlin said.

Russia said the Yantar “is equipped with two deep water submersibles which allow exploratory searches at a depth of up to 6,000 meters.”

US President Donald Trump offered his support, tweeting: “May God be with them and the people of Argentina!”//AFP

Berlin police seeking more missing John Lennon items

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  • German legal officers give a press conference on November 21 in Berlin on stolen items from John Lennon’s estate.//AFP
  • A cigarette case from the estate of John Lennon//AFP
  • A music book from the estate of John Lennon//AFP
  • Glasses from the estate of John Lennon//AFP
  • Diaries from the estate of John Lennon.//AFP

Berlin police seeking more missing John Lennon items

ASEAN+ November 24, 2017 14:57

Berlin – German police are trying to recover numerous items stolen from the estate of the late Beatle John Lennon, prosecutors said Thursday, after the arrest of a suspect accused of handling the objects.

A 58-year-old man identified as Erhan G. was arrested in Berlin on Monday on suspicion of dealing in the stolen goods. Prosecutors said he has “given a broad confession” in the case and provided information about stolen personal items from Lennon that remain undiscovered.

Police had on Tuesday announced the recovery of around 100 items, including diaries, a cigarette case and two pairs of Lennon’s trademark round spectacles.

One of the three diaries from the haul contains an entry penned by Lennon on December 8, 1980 — hours before he was shot dead by a disturbed fan outside his Manhattan apartment building. But numerous items are still missing.

“Among those we are looking for are a sculpture, walking sticks as well as several personal recordings and other writings,” said prosecutors in a statement.

The objects were allegedly stolen by the driver of Lennon’s widow Yoko Ono from her New York home in 2006. They were discovered this year at a bankrupt Berlin auction house.

The driver, Koral Karsan, lives in Turkey and is out of reach of German law enforcement.

The former chauffeur worked for Ono from 1995 to 2006. He already spent 60 days in jail in 2007 in the United States for trying to blackmail Ono.

Along with co-Beatle Paul McCartney, Lennon wrote some of the Fab Four’s biggest hits including “Help” and “With a Little Help from My Friends”, before the band split in 1970. His possessions have since become collectors’ items.

A leather jacket supposedly worn by Lennon sold for 11,700 euros; $13,800 at an auction in England in February.//AFP

Buddhist nationalism burns as Pope visits Myanmar

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  • Tourists visit Saint Mary’s Cathedral, where Pope Francis is scheduled to meet with Bishops of Myanmar, in Yangon, Myanmar on November 23.//EPA-EFE
  • File photo : Pope Francis

Buddhist nationalism burns as Pope visits Myanmar

ASEAN+ November 24, 2017 13:39

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Yangon – A fiery brand of Buddhist nationalism is burning brighter than ever as Myanmar braces for its first ever papal visit, posing a  challenge to the message of religious tolerance Pope Francis is expected to preach next week.

A wing of extremist monks has been stirring Islamaphobia in Myanmar for years, earning a reputation as incubators of “Buddhist terror”.

But their cause has received new support since August, when the army launched a brutal crackdown on the Muslim Rohingya, expelling more than half a million from the country.

Global outrage over the violence — which the UN and the US have called ethnic cleansing — has triggered an ultra-nationalistic reflex inside Myanmar, pushing the public towards firebrand monks who have long cast the Rohingya as ill-intentioned outsiders.

“Our ideas have now won the vast majority of the population,” said Ottama, a prominent monk in Buddhist nationalist circles.

Speaking to AFP in a temple in Yangon, the saffron-robed monk repeated a well-worn falsehood that Muslims are poised to “swallow the nation” in a demographic assault on Myanmar’s Buddhist majority.

“Fifty years ago, only 12 percent people in Myanmar were Muslim. Now their population is about 38 percent,” he said.

Census figures show Muslims make up less than five percent of the overwhelmingly Buddhist nation.

That fraction has been chiselled down further by the latest violence in Rakhine state, which has pushed over half of the 1.1-million Rohingya into Bangladesh.

The pope, who will head to Bangladesh after Myanmar, has thrown himself into the centre of the crisis rippling across the two nations’ border.

In Yangon he will press for peace in masses expected to draw hundreds of thousands from the country’s Catholic community.

But he will also meet with Myanmar’s civilian leader Aung San Suu Kyi and army chief Min Aung Hlaing — a highly symbolic sit-down between a peace icon and a general whose troops are accused murder, rape and arson.

– All in the name –

Francis is already in the crosshairs of Buddhist hardliners for expressing sympathy for the Rohingya, whom he has referred to as “brothers”.

His public comments in Myanmar will be closely scoured for any mention of the group by name — the term is rejected by the army, government and many in the Buddhist public, who insist the Muslims are “Bengalis”.

“I do not understand why the Pope is coming in the middle of a conflict, many people say he’s coming for the Bengalis,” Nyo Nyo Aung, a follower of an ultra-nationalist monk, told AFP.

Myanmar’s Catholic leaders have advised the Pope not to use the ‘R-word’, a path Suu Kyi has also taken to avoid triggering backlash from Buddhist nationalists, a powerful political bloc.

Myanmar’s Buddhist clergy has taken some steps to rein in radical members, including banning notoriously Islamaphobic monk Wirathu from giving sermons for one year, though with little enforcement.

A few days before the pope’s visit, another prominent ultra-nationalist abbot, Parmaukkha, was detained over an anti-Rohingya protest he organised in 2016.

But those moves have done little to draw the toxicity from anti-Rohingya hatred pinballing across social media in the form of rants, memes and grotesque cartoons.

This hyper-nationalism stretches back to Myanmar’s British colonial past, when the mass migration of people from South Asia caused economic and social tensions, according to Burmese historian Thant Myint-U.

“It created a sour, defensive nationalism, and remains at the heart of Myanmar’s political DNA,” he said.

Analysts warn the animus threatens to unpick fragile democratic gains in the former junta-run country and have chastised Suu Kyi for failing to use her moral authority to defend the Rohingya.

The Nobel laureate has avoided dangerous political territory by not condemning the army crackdown that sparked the refugee crisis. The Pope’s visit will test that intransigence.//AFP

Rohingya repatriation to begin in 2 months, Bangladesh-Myanmar inks deal

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Bangladesh Foreign Minister AH Mahmood Ali meets with Myanmar's State Counsellor Aung San Suu Kyi at Suu Kyi's office on November 23, 2017.
Bangladesh Foreign Minister AH Mahmood Ali meets with Myanmar’s State Counsellor Aung San Suu Kyi at Suu Kyi’s office on November 23, 2017.

Rohingya repatriation to begin in 2 months, Bangladesh-Myanmar inks deal

ASEAN+ November 24, 2017 08:34

By The Daily Star
Asia News Network
Nay Pyi Taw

Bangladesh and Myanmar finally signed an ‘instrument’ on Rohingya repatriation on Thursday with no ending deadline amid high hopes that the forcibly displaced Rohingyas will start returning to their homeland within the next two months.

 

The two neighbouring nations struck the instrument in the afternoon following a meeting between Foreign Minister AH Mahmood Ali and Myanmar’s State Counsellor Aung San Suu Kyi in the morning at Suu Kyi’s office.

Foreign Minister AH Mahmood Ali and Myanmar’s Minister for State Counsellor’s office Kyauw Tint Swe signed the instrument.

They also exchanged ratification of the boundary agreement 1998.

Bangladesh’s Minister Mahmood Ali made the disclosure of signing the ‘Arrangement on Return of Displaced Persons from Rakhine State’ after they reached a much-sought consensus on the Rohingya repatriation.

Talking to UNB, Foreign Minister AH Mahmood Ali said the repatriation process will start soon. “This is the first step. We’ll start our second step work now.”

Asked about deadline, he said there is timeframe but he will tell details in Dhaka and it does not make it clear whether Myanmar agreed on specific timeframe for taking back all the Rohingyas.

When approached, a diplomat told UNB that there no such timeframe over completion of Rohingyas repatriation. “Our best efforts were there.”

The bilateral instrument was being negotiated by officials of the two countries for the last couple of months.

On Wednesday morning, the senior officials of both countries negotiated the draft at their level. Later in the afternoon, Foreign Minister Mahmood Ali and the Union Minister U Kyaw Tint Swe resolved the remaining issues and finalised the draft after discussion.

The ‘arrangement’ stipulates that the return shall commence within two months, said the Bangladesh Foreign Ministry in a statement.

A Joint Working Group will be established within three weeks of signing the ‘Arrangement’. A specific bilateral instrument (physical arrangement) for repatriation will be concluded in a speedy manner.

During the visit, Mahmood Ali and U Kyaw Tint Swe also exchanged the long-awaited “Instrument of Ratification” of the agreement on demarcation of the land section of the boundary north of the Naaf River concluded in 1998.

The two countries also signed “Supplementary Protocol on the demarcation of a fixed boundary in the Naaf River” earlier agreed in 2007.

Minister Ali also handed over three ambulances for Rakhine State as gift from the government of Bangladesh to the Union Minister of Social Welfare, Relief Resettlement U Win Myat Aye at latter’s office in Nay Pyi Taw on Thursday morning.

The Foreign Minister will brief the media on Saturday.

He said since their houses are destroyed and burned in Rakhine State it might take time to create conditions for their living.

The government did not share what are the terms and conditions mentioned in the signed arrangement creating confusion on how the repatriation will be executed.

Earlier, Minister Ali’s meeting with Suu Kyi began at 10:00 am (Myanmar time) and it lasted for 45 minutes.

Over 622,000 Rohingyas have crossed the border and taken shelter in Cox’s Bazar district since August 25 amid persecution by Myanmar military in their Rakhine State.

Referring to the influx of Rohingyas to Bangladesh, Prime Minister Sheikh Hasina told a programme on the outskirts of Dhaka on Thursday that these Myanmar nationals are a burden on Bangladesh and urged Myanmar to start their repatriation soon.

Bangladesh in its senior officials meeting here on Wednesday raised the issue of keeping a provision for a timeframe over completion of the Rohingya repatriation, a senior official told UNB.

Dhaka also sought involvement of the international community, including the UN agencies in verification process.

Myanmar did not meet Bangladesh’s full expectation on the repatriation timeframe as it only agrees on starting time but not the ending point, a senior diplomat told UNB.

Another diplomat said Myanmar wants to start the repatriation within the next two months from now.

He said Bangladesh wants to end the Rohingya repatriation by one year though Myanmar keeps it as an open-end one without giving any specific timeframe for completion.

On involvement of UN agencies in repatriation process, Myanmar shows a bit of soft position but nothing will be legally-binding one, an official told UNB.

Bangladesh and Myanmar, however, agreed on formation of joint working group at foreign-secretary level to start the repatriation process of all Rohingyas.

Foreign Secretary M Shahidul Haque, Bangladesh Ambassador to Yangon M Sufiur Rahman and representatives from Home Ministry and Prime Minister’s Office also attended the negotiations on Wednesday.

Earlier on Wednesday, the Foreign Minister and the Myanmar’s Minister for State Counsellor’s office had a marathon meeting when they discussed various issues of bilateral interest, including the Rohingya issue.

Soon after the one-to-one lengthy meeting, the Foreign Minister attended the ministerial meeting on ‘Arrangement on Return of Displaced Persons from Rakhine State’.

The senior officials’ meeting was co-chaired by Permanent Secretary of the Ministry of Foreign Affairs of Myanmar U Myint Thu and Bangladesh Foreign Secretary Md Shahidul Haque.

US Secretary of State Rex W Tillerson has said the United States will pursue accountability through US law, including possible targeted sanctions on Myanmar if the situation does not improve in Rakhine State.

“After a careful and thorough analysis of available facts, it is clear that the situation in northern Rakhine state constitutes ethnic cleansing against the Rohingya,” said the US Secretary of State on Wednesday.

The international community is also watching the talks and its subsequent outcome as they want to see the safe and dignified return of the Rohingyas as quickly as possible.

Amid mounting international pressure, Myanmar’s de facto leader Aung San Suu Kyi on Tuesday said they have planned to sign a MoU with Bangladesh which will enable them to start the repatriation process of all the Rohingyas from Bangladesh to Myanmar.

European Union High Representative Federica Mogherini, earlier, expressed her hope that Bangladesh and Myanmar will reach a decision to sign a MoU and an agreement on safe repatriation of Rohingyas from Bangladesh.

She said the EU is supporting this process and will stand ready to accompany this process in the coming week.

Earlier, the foreign ministers of Asian and European countries, in general, agreed in many areas on Rohingya issue and asked for immediate cessation of hostilities, halting of outflow, early return of externally displaced Rohingyas from Bangladesh.

They also asked for implementation of recommendations of the Kofi Annan Commission for durable solutions.

Malaysia seeks to rein in digital currencies

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Malaysia seeks to rein in digital currencies

ASEAN+ November 24, 2017 01:00

By THE STAR
ASIA NEWS NETWORK
PETALING JAYA

IN THE FIRST notable move to regulate the world of cryptocurrencies in Malaysia, the country’s central bank says it will deem all parties acting as exchanges as “reporting institutions”, requiring them to provide detailed information on buyers and sellers of such currencies.

Bank Negara governor Muhammad Ibrahim also noted the possibility of digital currencies becoming the “new norm” and that the central bank “cannot be oblivious to these developments”.

The measure is to come into effect next year.

Going by some websites, there are up to 11 cryptocurrency exchanges in Malaysia, the most notable of which are Luno and CoinHako.

Cryptocurrency exchanges are websites where you can buy, sell or exchange cryptocurrencies for other digital currency or traditional currencies like the US dollar or the ringgit.

While there is no conclusive proof that money laundering and terrorism financing goes through the trading of cryptocurrencies, some reports indicate that these rogue parties are showing an increasing interest in cryptocurrencies.

“Beginning in 2018, Bank Negara will designate persons converting cryptocurrencies into fiat-money currencies as reporting institutions under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (Amla) 2001,” Muhammad said.

“This is to prevent the abuse of the system for criminal and unlawful activities and ensuring the stability and integrity of the financial system,” he noted at the Third Counter-Terrorism Financing Summit 2017 in Kuala Lumpur on Wednesday.

Malaysia’s move is in step with what Australia, China and Japan had recently done, although countries like Japan are issuing licences for exchanges as well.

Conduit for money

Under Amla, all reporting institutions will be required to undertake preventive measures to prevent their institutions from being used as a conduit for money laundering and terrorism financing activities.

These preventive measures would include conducting risk assessment; application of customer due diligence; submission of suspicious transaction report (STR) and cash threshold report; and maintenance and retention of records of transactions.

According to Muhammad, the role of the financial sector as a bulwark against terrorists financing has become even more critical, given the rise of financial technology (fintech), which posted global investments totalling US$25 billion last year, compared with US$9 billion in 2010.

“If this trend is anything to go by, then the financial industry will be hard-pressed to mitigate, identify and prevent cases of abuse in the system,” he said.

“We need to prepare ourselves, as according to many pundits, digital currencies will become the new norm.

“The advent of digital currencies as some have forecast, will mark the beginning of a new era in the financial sector. As authorities, we cannot be oblivious to these developments.”Industry players in fintech welcome the move as a means to ensure that the technological developments in cryptocurrencies and its underlying blockchain technology are not hampered.

Petronas sees stronger results after Q3 surge

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Petronas sees stronger results after Q3 surge

ASEAN+ November 24, 2017 01:00

By THE STAR
ASIA NEWS NETWORK
KUALA LUMPUR

MALAYSIA’S Petroliam Nasional Bhd (Petronas) posted a strong set of results for the third quarter ended September 30, 2017 and forecasts the group’s overall year-end performance to be better than last year as oil price recovers and due to efficiency improvement.

The national oil company said in a statement issued on yesterday profit after tax rose 64 per cent to 10 billion ringgit from 6.10 billion, underpinned by improved performances of its upstream and downstream businesses.

“In light of modest recovery in oil price and the continued drive for efficiency improvement, Petronas expects the group’s overall year-end performance to be better than last year. This would be supported by recovering commodity prices, stronger margins as well as its on-going group-wide transformation initiatives,” it said.

Petronas’ revenue increased by 14 per cent to 53.7 billion ringgit due to higher average realised prices for major products and impact of foreign exchange rate.

Commenting on the higher profits, Petronas said it benefited from higher revenue in addition to lower net impairment on assets and well costs. This was partially offset by higher tax expenses, product costs and amortisation of oil and gas properties.

Singapore growth view revised up

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Singapore growth view revised up

ASEAN+ November 24, 2017 01:00

By THE STRAITS TIMES
ASIA NEWS NETWORK
SINGAPORE

SINGAPORE’S economy performed much better than expected this year due mostly to a strong showing in electronics, prompting the Ministry of Trade and Industry (MTI) to upgrade its 2017 gross domestic product (GDP) forecast yesterday.

SINGAPORE’S economy performed much better than expected this year due mostly to a strong showing in electronics, prompting the Ministry of Trade and Industry (MTI) to upgrade its 2017 gross domestic product (GDP) forecast yesterday.

Full-year GDP growth is now expected to be 3 per cent to 3.5 per cent. This is up from an earlier estimate of 2 per cent to 3 per cent, with the final figure expected to come in at the upper end of the range previously.

The Monetary Authority of Singapore (MAS) said that its forecasts for core and headline inflation remain unchanged.

Therefore, its current neutral monetary policy stance announced in October remains the same, said MAS deputy managing director Jacqueline Loh.

The upgraded forecast dovetails with Prime Minister Lee Hsien Loong’s earlier remarks on Sunday that the Singapore economy could expand by more than 3 per cent in 2017.

Some private-sector economists have also revised their estimates upwards, with three consecutive quarters of growth now in the bag.

In the data released yesterday, the Singapore economy grew by 5.2 per cent year on year in the third quarter, led once again by the manufacturing sector.

This is faster than the preceding growth of 2.9 per cent in the previous quarter and the best showing since the economy grew 5.4 per cent in the fourth quarter of 2013.

On a quarter-on-quarter seasonally adjusted basis, the economy expanded by a whopping 8.8 per cent, accelerating from 2.2 per cent in Q2.

The headline figure of 5.2 per cent was revised upwards from October’s advance GDP estimates of 4.6 per cent.

This beat economist expectations of a 5 per cent expansion, according to a poll by Bloomberg.

As for 2018, the Singapore economy is forecast to grow by 1.5 per cent to 3.5 per cent. The MTI said that the pace of growth is expected to moderate, compared with 2017, but “remain firm”.

The manufacturing sector is expected to continue to expand and provide support to overall GDP growth.

However, growth in several of Singapore’s key external demand markets such as China and the eurozone is projected to ease.

On the external front, global growth is expected to pick up marginally on the back of stronger economic growth in the US and some emerging markets and developing economies.

Externally oriented sectors are expected to benefit from this global economic recovery.

Bananas top farm export list

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Bananas top farm export list

ASEAN+ November 24, 2017 01:00

By VIENTIANE TIMES
ASIA NEWS NETWORK

BANANAS are expected to be Laos’ highest revenue earner among agricultural exports this year, retaining the top spot achieved last year despite a decrease in exports by value.

This year, Laos expects to earn about US$184 million from banana exports, down US$13.8 million compared to last year, the Ministry of Industry and Commerce reported.

In the first nine months of this year, Laos earned US$158.5 million from banana exports, while last year overseas banana sales stood at US$197.8 million for the same period. The bulk of the crop was sold to China and some to Thailand

Other major agricultural export earners are expected to include cassava, with sales reaching US$158 million. Raw coffee exports are forecast at US$113 million, rubber at US$77.5 million, and maize at US$60.2 million.

In 2015, rubber was the top earner but this year it is forecast to drop to fourth place due to falling prices, while some farmers have switched to other commercial crops.

The export value of bananas is expected to slide further next year after the government banned additional plantations.

Commercial production of bananas is a good strategy and has the potential to generate much-needed income in rural areas, but it can have negative impacts on farmers’ health and soil quality, according to 2016 studies by the National Agriculture and Forestry Research Institute (NAFRI).

Overall, the commercialisation policy on banana production has benefited rural people.

The most notable outcome of this policy has been the influx of Chinese investors to assist Lao banana growers in the northern provinces of Bokeo, Luang Namtha, and Oudomxay.

Over the past four years, the value of banana exports increased tenfold from US$3.8 million in 2011-12 to over US$46 million in 2014-15.