Singapore’s Minister for Trade and Industry (Trade) Lim Hng Kiang said on Thursday all ASEAN members must keep pursuing deeper economic integration and liberalization so that citizens can enjoy the benefits of their collective community efforts.

Singapore’s economic objectives this year include deepening regional connectivity to position ASEAN as the region for increasingly seamless economic activity and growing opportunities

Lim made the statement at the 24th ASEAN Economic Ministers’ (AEM) Retreat on Thursday morning, in which the ministers will discuss matters related to the ASEAN Economic Community (AEC), including the implementation of the AEC Blueprint 2025 in deepening economic integration.

The Singaporean minister said ASEAN is poised to benefit from the rise in investment, manufacturing activities and trade, and will benefit from pushing forward the implementation of the AEC.

He quoted experts as saying that ASEAN is expected to become the world’s fourth largest economy by 2030, as the young population, growing middle class and rapidly increasing urbanization build up ASEAN’s potential that has yet to be fully realized.

ASEAN economic ministers will also discuss the priority economic deliverables that Singapore has put forward as chair of ASEAN this year.

According to Lim, Singapore’s economic objectives this year include deepening regional connectivity to position ASEAN as the region for increasingly seamless economic activity and growing opportunities.

The minister said innovation and the digital economy are key areas that Singapore intends to pursue under its chairmanship. The city-state aims to promote innovation, build up digital connectivity, and facilitate e-commerce flows.

He also called on the ASEAN members to enhance and upgrade their trade architecture by improving trade facilitation, deepening services and investment integration, cultivating a conducive regulatory environment and progressing ASEAN’s external relations.

ASEAN refers to the Association of Southeast Asian Nations, which groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

The retreat and two related meetings, namely the 16th AEM-European Union Trade Commissioner Consultations and the fourth intercessional Regional Comprehensive Economic Partnership (RCEP) Ministerial Meeting, will be held from March 1 to 3. At the latter one, ministers from the 16 RCEP participating countries will discuss ways to progress the RCEP negotiation.

The project, at Long Sơn Commune, Bà Rịa – Vũng Tàu Province, 100km away from HCM City,  is the first integrated petrochemical complex in Vietnam with total olefins capacity of 1.6 million tonnes each year. It is designed to produce various petrochemical products, including essential plastic materials such as polyethylene, polypropylene and other products in excess of 2 million tonnes each year.

Non-petrochemical supporting infrastructure, such as a deep sea port and other facilities, will also be built.

The project is expected to begin commercial operation in early 2023.

Speaking at the groundbreaking ceremony, Vietnam’s Prime Minister Nguyễn Xuân Phúc praised the efforts of related authorities to overcome difficulties for the operation of the project.

“The project is a symbol of international collaboration between Vietnam and Thailand. It must protect natural and social environments, preserve local culture and recover forests,”

“Related authorities must ensure living standards for those who had to move for the project by providing career training and job recruitment,” he said.

“SCG believes that the project will encourage the long-term investment in related industries throughout the value chain as well as improving competitive standard of products that will lessen the need of importing petrochemical products,” President and CEO of SCG Roongrote Rangsiyopash said.

The Long Sơn Petrochemical project has an area of about 464 hectares and an additional 194 hectares of waterfront area for a deep sea port.

The project will create 20,000 jobs during construction. It is expected to contribute to the national state budget around $60 million annually as well as attract more than 1,000 high-tech workers.

“After beginning operation, the project will have a great impact on the development of the petrochemical industry and downstream businesses, such as automobiles, electronics, electrical equipment, packaging and other services of the province,” Nguyễn Văn Trình, chairman of the Bà Rịa – Vũng Tàu People’s Committee, said.

SCG, one of Thailand’s best-known conglomerates, was founded in 1913 and has over 200 companies and 57,000 employees. SCG began its business operation in Vietnam in 1992 with a trading business and gradually expanded investment in diversified businesses in the cement-building materials, chemicals and packaging industries.

Nirvana Daii will also offer customers membership in Banyan Tree’s Private Collection, described as “Asia’s first global destination club”, entailing complimentary stays at resorts and properties around the world.

Spacious one-bedroom and penthouse duplex units are available starting at Bt27.9 million.

Nirvana Daii chief executive Sornsak Somwattana said purchasers of certain one- or two-bedroom units would be offered discounts of up to Bt2 million off the asking price and Italian Poliform furniture valued at up to Bt3.5 million.

Banyan Tree Residences Riverside Bangkok is a 45-storey super-luxury condominium on a bend in the Chao Phraya River, in the Charoen Nakhon area.

Ensuring privacy for the owners, the condo sits on 5-1-10 rai. There are 133 units, with a maximum four units per floor.

The one-bedroom units are 69.4-85.45 square metres, the two-bedroom units 158.44-179.22sqm, the three-bedroom units 245.1sqm, the four-bedroom duplexes 419.85-421.35sqm and the Penthouse duplex 838.7sqm.

The carpark has 260 parking spots, twice the number of residential units.

About 450 of the chain’s 900 outlets remained closed late Tuesday after “operational issues” with new German delivery supplier DHL left them without poultry supplies.

“Each day more deliveries are being made,” said a spokesman for KFC.

“However, we expect the disruption to some restaurants to continue over the remainder of the week, meaning some will be closed and others operating with a reduced menu or shortened hours.”

The crisis erupted over the weekend when KFC switched its delivery contract to DHL, leading to the closure of 700 of its British stores.

“We’ve brought a new delivery partner onboard, but they’ve had a couple of teething problems — getting fresh chicken out to 900 restaurants across the country is pretty complex,” KFC said.

“We know that this might have inconvenienced some of you over the last few days, and disappointed you when you wanted your fried chicken fix,” the company added.

With some customers apparently suffering withdrawal symptoms, one London police department tweeted: “Please do not contact us about the KFCcrisis — it is not a police matter if your favourite eatery is not serving the menu that you desire.”

DHL’s managing director of retail, John Boulter, said the delivery firm was working to “return to normal service levels as soon as possible.

“The reasons for this unforeseen interruption of this complex service are being worked on,” he added, although did not give the exact reason for the problem.

“We are committed to step-by-step improvements to allow KFC to reopen its stores over the coming days.”

It’s not easy to make a company future-proof. But here are six key trends that we think companies should be considering:

1. Gen Z is the one to watch

Now estimated to be around 70 million strong in the US alone, Generation Z is the first generation of true digital natives. Born between the mid-1990s and the mid-2000s, they are known for their strong sense of community and desire to positively influence the world through their work. Successful brands will respond by developing strategies to address this group as employees and consumers. Companies which live up to their values and understand how to do business in the digital age will be at an advantage.

2. We are social shoppers

More people are buying via social media platforms. When these consumers see a product that they like, they want to be able to buy it there and then. While social shopping is still in its infancy, research suggests it could generate revenues of USD165 billion globally by 2021. Brands seeking to attract customers this way will need to place more emphasis on their social media strategies and move from “like” to “buy” buttons, putting their products just a click away.

3. Green is the new black

Interest in ethical and environmentally friendly products is high in both emerging and advanced markets, according to research from HSBC. If brands want to be commercially successful, they will have to meet new consumer expectations. Large and small firms alike are starting to look at their network of buyers and suppliers to make sure everyone meets the right environmental and social standards.

4. Trade can skip borders

Services such as tourism, finance and education are expected to account for 25 per cent of global trade by 2030. Thanks to digital technology, more and more small firms are expanding overseas virtually, without ever setting foot abroad. This is a game-changer for trade, with expansion now being as much about a click of a button as bricks and mortar.

5. Be aware of blockchain

Recent years have seen a rise in interest in blockchain, or distributed ledger technology, across a number of industries. While usage is currently low (only 0.5 per cent of the world’s population use blockchain), every business leader should know if and how blockchain is being applied to their sector.

6. The AI march continues

More and more companies are incorporating artificial intelligence (AI) into their daily operations. It’s predicted that AI bots (applications performing automated tasks) will underpin 85 per cent of customer service interactions by 2020, and that this technology could increase productivity by at least 40 per cent by 2035. The most promising uses for business include customer segmentation, in which advanced analytics can be used to identify new customer trends, as well as segments – or clusters – of people who are |more likely to be interested in a particular product.

Business leaders who not only understand these trends but act on them are more likely to find competitive advantage. That’s because by future-proofing your firm over the long-term you win new customers, attract the brightest talent and anticipate where the best opportunities lie.

And that is something common to every successful business, from the smallest start up to the largest multinational.

Contributed by NOEL QUINN, Chief Executive, Global Commercial Banking, HSBC

THE BANK of Thailand (BOT) will next month announce its rules and regulations in the Royal Gazette to allow commercial banks to appoint banking agents for small transactions not exceeding Bt20,000 per customer per day in a bid to widen financial services nationwide.

However, no new commercial banking licences will be issued at this stage, according to Somboon Chitphentom, an assistant governor of the central bank. Somboon held a press conference yesterday following speculation on social media that a convenience store chain would soon provide banking services.

Social media users shared an apparently inaccurate report claiming that the central bank would grant a new banking licence to the 7-11 convenience store chain. The reports were accompanied by images of a Japanese “Seven Bank”.

The central bank corrected the false report, noting its own “Counter Service” brand, which acts as a payment agent for all Thai commercial banks. In addition, Counter Service is an agent for Kasikorn Bank customers who want to transfer money to people in remote areas where there are no bank branches.

Based on the new regulations, which will be issued next month, commercial banks would also be able to appoint other banks, special-purpose financial institutions, the postal service Thai Post and other legal entities whose qualifications meet the central bank’s requirements as their banking agents.

These authorised agents would be allowed to provide limited financial services for small transactions.

Somboon said the central bank’s plans were limited to allowing banks to appoint additional mobile banking agents in remote areas where people find it hard to access other licit financial services.

A banking agent can perform only very limited financial transactions covering only deposit and withdrawal services and financial payments for small retail customers, according to the central bank.

Each transaction is capped at Bt5,000 and transactions for a single client could not exceed Bt20,000 per day.

Earlier, Ruchukorn Siriyodhin, the Bank of Thailand’s deputy governor, also said that the central bank has no policy to issue additional banking licences.

According to a Bank of Thailand study, there are about 300,000 financial services points across the country, but most banking services are generally available only in urban areas and big cities.

With far fewer service points in remote areas, the central bank believes that there are already incentives for commercial banks to appoint banking agents to serve customers living there.

There are now four licensees under the existing banking agency rules – Boonterm, Term Sabai, Counter Service and AirPay Thailand services.

Assistant Governor Somboon Chitphentom told a news conference that the misunderstanding had arisen after Japan’s Seven Bank was mentioned in posts on social media.

Seven Bank is a subsidiary of Seven & I Holdings, which is also the parent of 7-Eleven Japan.

However, the BOT only plans to allow banks to appoint banking agents in remote areas where people find it hard to access financial services, and has no policy to issue further banking licences as such, he stressed.

A banking agent can conduct very limited financial transactions covering only a deposit and withdrawal service and financial payments for retail – individual – customers, according to the central bank.

Each transaction is capped at Bt5,000 and one client cannot undertake transactions of more than Bt20,000 per day, he added.

BOT Deputy Governor Ruchukorn Siriyodhin, who supervises the Financial Institutions Stability Department, earlier said the central bank currently had no policy to grant banking licences to anyone.

The central bank merely plans to offer banking-agent licences, which private companies, other institutions or individuals could apply for, she said.

Her comments came after a news report had falsely suggested that 7-11 convenient stores would get banking licences.

Ruchukorn explained that banking agents would only be allowed to conduct much more limited types of financial transactions than the banks could do.

Potential banking agents must also have a risk-management system in place, she added.

The central bank has been preparing to issue such licences as it wants people in remote areas to be able to access financial services.

A BOT study found that there were currently about 300,000 financial-service points across the country, but that banking services were largely concentrated in areas such as large cities, with far fewer service points in remote areas.

The central bank has also conducted a study into the potential for organisations and individuals to be appointed as banking agents.

Details will be released on Wednesday.

Several companies have plans to issue ICO but the SEC did not have any rules to cover such offerings, secretary-general Rapee Sucharitakul said on Sunday.

Investors in ICO needed to realise the risks they were taking because the country did not yet have any laws in place to protect them and White Papers detailing the ICO were likely be oral contracts only, he said.

“The SEC is studying [potential] rules for ICO but it is an ongoing process,” Rapee added.

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