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Dismay at ‘lenient’ Australian penguin killer sentence

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Dismay at ‘lenient’ Australian penguin killer sentence

ASEAN+ June 25, 2018 13:27

By Agence France-Presse
Sydney

A man who bludgeoned six fairy penguins to death was sentenced to just 49 hours community service by an Australian court Monday, sparking outrage from conservationists.

Joshua Jeffrey was convicted of aggravated cruelty to animals after he battered the birds with a stick while drunk on a beach with two others at Sulphur Creek in Tasmania state in 2016.

Magistrate Tamara Jago called it a “callous act” against “vulnerable penguins” and said Jeffery, 20, had shown no remorse, the Hobart Mercury reported from the Burnie Magistrates Court.

The newspaper reported that Jago took Jeffrey’s “intellectual limitation into account” when she sentenced him to community service and ordered him to pay costs of Aus$82.15 (US$61) in a ruling Birdlife Tasmania slammed as “no deterrent whatsoever”.

Jeffrey’s lawyer had earlier told the court that his client had suffered from ongoing mental health issues since childhood, national broadcaster ABC reported.

“This will not stop the next person going out and doing exactly the same thing at some time in the future,” said Birdlife Tasmania chief Eric Woehler, an internationally-acclaimed seabirds expert.

“The sentence places minimal value on Tasmania’s precious wildlife. This sets an unwelcome precedent for future attacks on our wildlife.”

Fairy penguins — the smallest species of penguin which can live to 24 years — are only found in southern Australia and New Zealand, with Tasmania supporting around half of the global population.

Also known as little penguins, the six died of head fractures, and the court was told that the colony at Sulphur Creek, which supports an estimated 267 pairs, would take years to recover.

“With so many other threats, such as gillnets and dog attacks, the last thing any penguin colony needs is a senseless and cruel attack such as this one was,” added Woehler.

Bodybuilding: The pursuit of beauty in war-torn Kabul

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  • This photo taken on April 18, shows Afghan bodybuilders competing in a bodybuilding and fitness contest in Kabul.//AFP
  • This photo taken on April 18 shows Afghan bodybuilder Hares Mohammadi, 25, being covered in fake tan during a bodybuilding and fitness contest in Kabul.//AFP
  • This photo taken on April 18 shows Afghan bodybuilder Hares Mohammadi (L), 25, posing during a bodybuilding and fitness contest in Kabul.//AFP

Bodybuilding: The pursuit of beauty in war-torn Kabul

Breaking News June 25, 2018 12:47

Kabul – Hindi music pumps from the speakers as dozens of Afghan men grunt and sweat their way through a workout beneath the watchful eye of a young Arnold Schwarzenegger, whose muscle-bound image hangs from the wall.

    The scene inside this Kabul gym is repeated at venues all round the capital, where bodybuilding has become ubiquitous since the fall of the Taliban regime.

The sport has a long tradition in Afghanistan, and was even tolerated by the Taliban when they ruled the country from 1996-2001 — so long as the men wore long trousers as they lifted.

But as security deteriorated and the initial euphoria after the US invasion dissipated into stress, trauma and loss, more and more young men took to the gym.

“Everyone, everywhere in Afghanistan, wants to have a beautiful body shape, and this sport is a favourite sport for every young man,” says Hares Mohammadi, a law and political science student turned champion bodybuilder who is also a trainer at one gym in Kabul.

The 25-year-old, dressed in grey, strikes different poses showing off his carefully honed muscles, and warms up his chest and shoulders ahead of a regional bodybuilding competition.

Despite a surge in bombings and suicide attacks, life goes on, he says, and young Afghans want to “make their mark”. One way is through sporting success.

So, along with Schwarzenegger, other stars from Hollywood and Bollywood such as Sylvester Stallone and Salman Khan are held up as heroes, and the gyms stay busy for hours, filled with music and camaraderie as men tone their bodies to perfection.

 

– The old days –

 

It was not always so.

Afghan bodybuilding legend Aziz Arezo reminisces about his time as a teenage lifter, when there were “very, very few people” in the capital who knew anything about the sport.

He himself was only inspired to take it up after seeing movies and posters featuring foreigners such as Schwarzenegger.

“Arnold was my… role model,” he says, smiling as he remembers how expensive postcards featuring the star were.

Speaking to AFP between lifting weights at his small gym in Kabul, Arezo — his physique not quite what it was in his glorious bodybuilding past — reels off his long list of accolades, including being named Afghanistan’s first master sport bodybuilder by the country’s Olympic Committee in the 1970s.

It is a long career, and at times a lonely one.

Though now a trainer himself, guiding hundreds of Afghan youths through lifts and crunches, he never had the guidance of one.

Years ago he made the equipment and dumbbells in his gym from spare car parts as there was no place to buy them.

“I have been a teacher of myself,” he says, adding that his dumbbells are “more efficient than foreign dumbbells”.

Under Taliban rule, he worked for four months in Kabul before eventually fleeing again, fearing their restrictions despite their views on bodybuilding.

“Nowadays, bodybuilding clubs are everywhere in the city, and everyone has made a gym of his own,” he says.

He has trained hundreds of bodybuilders in his career, but is suspicious of new methods employed by many young Afghans, including taking protein supplements to boost their abilities.

“I believe if you do sport or exercise naturally, it is better than protein,” he says, warning of detrimental side effects.

“Before my workout… I was drinking carrot and banana juice, and post-training, I was taking two eggs, three glasses of milk, one bowl of beans and lentils, and it was everyday food for me,” he says.

“Today’s bodybuilding is not natural.”

 

– Stress and frustration –

 

Regardless of the method, sport can help ease the psychological trauma of nearly four decades of war, says Ali Fitrat, a psychology professor at Kabul University.

Afghans are stressed socially, culturally, financially and politically, he said, citing fighting, insecurity and poor economic conditions as some of the most devastating factors.

As such, he says sports such as bodybuilding can play a “vital role”.

But, like Mohammadi, he also suggests that young men in particular have a strong desire to make their mark.

“They want to show their bodies, they want to attract the attention of the people, and they want to have different looks and to look different than the others,” he said.

However, security continues to deteriorate in Kabul, where both the Taliban and the Islamic State group have stepped up their attacks.

Many fearful residents now limit their movements. Arezo says his gym’s membership has shrunk.

“Nowadays people are concerned about fleeing the country rather than taking up sport,” he says.//AFP

Urgent : Najib’s former aide remanded in 1MDB probe

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Urgent : Najib’s former aide remanded in 1MDB probe

Breaking News June 25, 2018 10:34

PUTRAJAYA: A former special officer to ex-prime minister Najib Tun Razak has been remanded over investigations into 1Malaysia Development Berhad (1MDB).

The officer was arrested at the MACC headquarters around 9.45pm on Sunday (June 24) where he was earlier called to have his statement recorded.

Sources said he is being investigated as he is a director of a company believed to have money banked into its accounts.

‘1,000 migrants in boats off Libya’ as Italy tells rescue ships to stop

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‘1,000 migrants in boats off Libya’ as Italy tells rescue ships to stop

ASEAN+ June 25, 2018 06:48

By Agence France-Presse
Rome

Italy’s far-right Interior Minister Matteo Salvini on Sunday told foreign charities to stop rescuing migrants off Libya even as one group said 1,000 people were on boats in distress in the Mediterranean.

With Italy — long the frontline in Europe’s migration crisis — vowing a new hardline stance, Salvini told the aid groups to back off and let the Libyan coastguard take care of rescue operations.

“Let the Libyan authorities do their work of rescue, recovery and return (of migrants) to their country, as they have been doing for some time, without the ships of the voracious NGOs disturbing them or causing trouble,” he said.

“Italian ports are and will be closed to those who aid human traffickers,” he said.

Spanish group Proactiva Open Arms said it had received “seven or eight” messages alerting them to boats in distress in the Mediterranean on Sunday.

“Combining all the notifications, it would add up to 1,000 people” near the coast of Libya, spokeswoman Laura Lanuza told AFP.

But she said the Italian coastguard had told the group they “weren’t needed” and “the operation was being handled by the Libyan coastguard”.

“If the Libyan coastguard coordinates this effort, all these people will be sent back to Libya,” she said.

Late Sunday, Salvini tweeted that the Libyan coastguard had rescued “820 migrants” and once again took aim at NGO ships.

“I would like to express my heartfelt thanks, as a minister and as a father, to the authorities and the Libyan coastguard,” he said.

“Today they saved and brought 820 immigrants back to Libya, making the “work” of the traffickers in vain and avoiding wrongful interventions by NGO ships.”

It was not clear if the migrants referred to by Salivini were the same ones highlighted by Proactiva Open Arms

Safe harbour

Earlier Sunday Barcelona mayor Ada Colau had called on the Spanish government to save the migrants in distress.

“Right now more than 1,000 people adrift in seven boats and Italy intends to leave them in the hands of Libya, where people are tortured, raped and enslaved,” she said on Twitter.

She urged her own country to “help save lives” and said the migrants could would be welcomed in her city.

“Barcelona is offered as a safe harbour.”

In recent weeks, Italy’s new populist government has cracked down on foreign rescue ships operating in the Mediterranean.

Salvini has repeatedly accused the charities of being complicit with human smugglers.

The Italian coastguard also sent a message to rescue boats operating in the Mediterranean Friday informing them it would no longer be coordinating rescue operations in the Libya search and rescue area.

The groups, which have been chartering boats to rescue migrants, point to the very difficult conditions for migrants in Libya as they attempt to reach Europe on the perilous Mediterranean crossing.

Rome once played an important role coordinating rescue missions but Salvini wants to drastically reduce Italy’s involvement.

Earlier this month Salvini triggered an EU-wide row when he barred the Aquarius rescue ship, chartered by French charity SOS Mediterranee, carrying around 630 migrants, from docking in Italy. Nearby Malta also turned the boat away and the ship was later accepted by Spain.

Two other ships carrying hundreds of migrants — the German NGO ship Lifeline and Danish container ship Alexander Maersk — are currently in the Mediterranean awaiting instructions on where they will be allowed to dock.

Both Italy and Malta have refused to take them in.

Salvini’s refusal to welcome the rescue ships has thrust immigration to the forefront of the EU agenda. On Sunday EU leaders held a mini-summit on the issue.

PM under pressure in Paris

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PM under pressure in Paris

politics June 25, 2018 01:00

By SUPALAK GANJANAKHUNDEE
THE NATION

2,696 Viewed

As Prayut pushes economic ties, dissidents tell macron ‘he is not legitimate leader’

IN A MEETING with French President Emmanuel Macron today, Prime Minister Prayut Chan-o-cha would highlight economic relations, offering opportunities for entrepreneurs from France to use Thailand as their regional hub for trade and investment, but the junta chief was also ready to discuss democratisation, diplomatic sources said.

President Macron was expected to raise the issue of democratisation and human rights but Prayut would reaffirm his stance on following the road map towards election early next year, said diplomats close to the preparations for the meeting.

A group of exiled dissidents in France, meanwhile, plan to gather and show their disapproval of Prayut’s visit while urging Macron to pressure the junta chief on suppression of democracy and human rights abuses. Prayut, however, might not be seeing the dissidents, as the French authorities are likely to keep them away from the meeting venue.

“The relations with France these days are driven by economic factors notably the role of the private sector in trade and investment in aviation and the high technology sector,” said a diplomat on condition of anonymity.

Prayut arrived in France from London on Friday and witnessed the signing of an agreement between Airbus Commercial Aircraft and Thai Airways International in Toulouse to set up a multi-billion-baht maintenance, repair and overhaul (MRO) project for jetliners at the U-tapao airport.The MRO would be a giant leap towards making Thailand a genuine aviation hub in the region, said the diplomat and added the country would be a major supply chain for the industry.

Dubbed as the largest MRO hub of its kind planned for Asia Pacific, the U-tapao facility will have an annual capacity to service up to 4,800 wide-bodied aircraft such as A350 and A380 over the next two decades.

Many leading French companies such as VINCI Construction have also expressed their interest in doing business in Thailand, notably in the Eastern Economic Corridor (EEC). Their investments would support Thailand’s 4.0 vision and human resource development, he said.

Prayut’s visit to Europe became possible only after the European Union softened its stance on resuming political engagement at all levels with the Thai military government late last year.

Paris might have realised that enhancing economic ties had to go along with strong political relations with the Thai government, the diplomat said, adding, “engaging is better than no engagement”.

Macron, who champions the causes of reform, multilateralism and climate change, is expected to broach these subjects with Prayut, especially as Thailand would be taking the leadership reins of Asean next year. The EU is a dialogue partner of Asean and France also regards the regional grouping as the centre of security architecture in the Indo-Pacific, the diplomat said. In this context, regional issues such as the Rohingya crisis in Myanmar would be raised and Prayut was prepared to discuss Thailand’s role, he said.

Saran Chuichai is fixing posters in protest of Prayut’s visit to Paris–[pictured by Junya Yimprasert]

Meanwhile, activists Junya Yimprasert, Saran Chuichai – better known as Aum Neko – Jaran Ditapichai and other well-known dissidents said they had organised a series of protests since late last week when Prayut landed in France. The group has distributed hundreds of posters and stickers slamming Prayut as a dictator in Paris yesterday. Posters entitled “Dictateur de Thailande” were seen in public in Paris, according to Junya’s Facebook.

Jaran Ditapichai, left, is in protest on business deal between Airbus and Thai Airways sealed when Prayut arrived in France on Friday [pictured by Junya Yimprasert]

The demonstrations would reach a climax today when the group takes its protests to the French Presidential Palace, although local police would keep the group 150 metres away from the palace.

“There would be a surprise for the Thai dictator,” Junya told The Nation, “we have a clear message for the French leader – not to have any agreement with Prayut since he is not the legitimate leader of Thailand.”

Prayut staged a military coup in 2014 to topple the elected civilian government led by Yingluck Shinawatra, who is now in self-exile abroad and showed up in London when Prayut was there last week.

“We want President Macron to press him to return democracy to the Thai people soon,” Junya said.

The group also submitted a protest letter to Airbus when the giant aircraft manufacturer signed a pact with Thai Airways last week.

Yesterday, the group gathered at a park, distributed posters and leaflets as well as discussed the future of Thai democracy on the occasion of 86th anniversary of the 1932 Revolution that turned Thailand from an absolute monarchy to a constitutional monarchy.

Philippines may hike key rate again

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Philippines may hike key rate again

ASEAN+ June 25, 2018 01:00

By PHILIPPINE DAILY INQUIRER
ASIA NEWS NETWORK
MANILA

AFTER THE PHILIPPINE central bank raised its key interest rates on June 18 for the second time this year, economists are pondering whether the the Bangko Sentral ng Pilipinas (BSP) would sanction more interest rate increases amid continuing |inflationary pressures and peso depreciation.

Japanese investment house Nomura expects the BSP to follow up last Wednesday’s tightening move with another 25-basis point hike at its next meeting in August, which will bring the overnight borrowing rate to 3.75 per cent.

British banking giant HSBC, however, said inflationary pressures had started to ease.

“We still expect headline inflation to peak on a yearly basis in the second half of 2018, but mainly due to base effects and higher oil prices, which we believe aren’t reason enough for additional monetary tightening,” according to an HSBC research note issued after the BSP’s June 18 policy setting.

For its part, Nomura’s separate research note argued that while the BSP had lowered its inflation forecasts to 4.5 per cent from 4.6 per cent for 2018 and to 3.3 per cent from 3.4 per cent for 2019, inflation risks remained tilted to the upside from petitions to raise wages |and transport fares, while |inflation expectations were still elevated.

“The BSP noted it was ready to take further policy actions as needed.

“This suggests the BSP has left the door open to more rate hikes, in line with our view and our conclusions from a recent discussion with governor Nestor Espenilla Jr,” Nomura said.

Rising inflation

Nomura expects inflation to keep rising in the coming months, averaging 5.1 per cent in the third quarter from 4.7 per cent in the second quarter.

HSBC said the BSP’s rate hike last Wednesday was different from that in May, which was primarily domestically driven to curb inflation and inflation expectations.

The last hike, HSBC noted, was driven more by the external environment, particularly the US Federal Reserve’s hawkish tone.

“But surely, inflation was still a factor in the decision. The BSP expects that the rate hike could do its part to curb inflation expectations following the rate hike in May. This is significant given mounting pressure for wage hikes. But it’s also worth noting that inflationary pressures have started to ease.

The May inflation print came in notably lower than market expectations as food and housing prices declined sequentially after consecutive months of high growth,” HSBC noted.

One of the key things to watch for domestically is second-round impacts from the tax reform in the form of rising wages, HSBC continued.

“Any significant increases in minimum wages and/or broad-based wage hikes across the board would likely trigger even higher prices that would prompt the BSP to hike rates further.

“We would note, however, that the recently passed minimum wage hikes in the Visayas region have all been within the BSP’s forecast range of 20 pesos (Bt12) or less, which exudes policy coordination between the different government agencies,” HSBC noted.

“Continued coordination of minimum wage hikes with other regions, particularly in the National Capital Region (NCR), would help contain demand-pull inflation and ease pressure for further monetary tightening.”

Singapore moves to end use of cheques

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Singapore moves to end use of cheques

ASEAN+ June 25, 2018 01:00

By THE STRAITS TIMES
ASIA NEWS NETWORK
SINGAPORE

SINGAPOREANS are adopting online payments with such gusto that the government hopes that the country will be cheque-free by 2025.

The latest step will allow business owners and the government to receive payments instantaneously, without having to disclose details such as bank account numbers. This is made possible with the expansion of the PayNow transfer service to include businesses.

PayNow Corporate will start at 8am on August 13, the Association of Banks in Singapore (ABS) announced last Friday.

Education Minister and Monetary Authority of Singapore board member Ong Ye Kung noted on Friday that more than eight in 10 Singapore consumers have adopted e-payments, while nearly three in five merchants accept e-payments. The value of e-payments has been growing by more than Singapore$10 billion (Bt242 billion) a year.

Meanwhile, ATM cash withdrawals have been going down by more than $300 million (Bt7.3 billion) a year.

In 2015, ATM cash withdrawals were almost 60 per cent of e-payment transaction values. This was down to about 40 per cent by the end of last year.

“Let us aim to bring this down to 20 per cent in 2020,” said Ong, who was speaking at the ABS’ 45th annual dinner.

Bank of China and Industrial and Commercial Bank of China (ICBC) have been added to the list of banks offering PayNow.

“We don’t need to be literally a cashless society – some people will always find cash useful – but we certainly can transact with a lot less cash, and we won’t need to visit the ATM so often.”

The share of cheques as a proportion of all payments using the Fast (Fast and Secure Transfers) interbank transfer service, Giro and cheques was about 28 per cent last year, down from 37 per cent in 2015.

“Let us aim to bring that down to 15 per cent in 2020 and become a cheque-free society by 2025. Sweden has done it. We can too,” said Ong.

PayNow, which was launched last year, lets users send payments via their mobile phones without requiring bank account details. It has around 1.4 million registrations, and nearly $900 million has been transferred via the service.

Shortage of nuts forces VN cashew plants to shut up shop

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Shortage of nuts forces VN cashew plants to shut up shop

ASEAN+ June 25, 2018 01:00

By VIET NAM NEWS
ASIA NEWS NETWORK
HCM CITY

CASHEW nut processing plants have halted operations due to a lack of raw materials, the Vietnam Cashew Nut Association (Vinacas) has announced, while urging shell-shocked processors to stay calm in the face of price fluctuations on the world cashew market.

In the Mekong Delta province of Long An, only 12 out of the 33 cashew processing factories are still operating, while in Binh Phuoc Province, 80 per cent of small- and medium-sized enterprises have halted operations.

Ta Quang Huyen, vice chairman of the Vietnam Cashew Association, said in the first five months of the year, companies imported 653,000 tonnes of cashew nuts, a drop from the same period last year.

In May, the price of processed cashew nuts fell, prompting processing plants to increase their output and sell out.

If the situation continues, exporters from Africa could take advantage of the shortage to hike prices, Huyen said.

In response, cashew processing factories have agreed to temporarily cease operations to stabilise prices.

Vinacas vice president and secretary general Dang Hoang Giang said the reduction of the supply of cashew products to the world market is one solution to help cashew prices rise again.

Consumers will buy cashews even at high prices, Giang explained, because the nuts are a nutritious, healthy food.

Vinacas chairman Nguyen Duc Thanh said in the second half of the year, Vietnam’s cashew industry will need about 900,000 tonnes of raw materials for processing, but if costs rise, the association would import less.

Instead of paying attention to cashew kernels exports, the cashew industry will increase its proportion of value-added products such as salted or honey roasted nuts and wasabi- and chocolate-coated nuts to 30 per cent from their current 10 per cent of the industry’s total exports, said Thanh.

He said that the sector will strive to raise total exports to more than US$3.7 billion (Bt122 billion) in 2018, 5 per cent higher than last year’s figure.

Five-month cashew nut exports increased in both volume and value, reaching 141,000 tonnes worth $1.39 billion, up 21.4 per cent and 25.3 per cent, respectively.

Major importers include the US, accounting for 29 per cent of total cashew export value, the Netherlands with 17 per cent and China with 15 per cent.

This year, Vietnam plans to maintain a market share of about 65 per cent of global cashew nut exports worth $5.7 billion.

Laos faces structural issues despite robust expansion

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Laos faces structural issues despite robust expansion

ASEAN+ June 25, 2018 01:00

By VIENTIANE TIMES
ASIA NEWS NETWORK
VIENTIANE

LAOS IS STILL grappling with several challenges and pending issues impeding macroeconomic development despite robust expansion of the country’s economy when compared to regional peers.

Macroeconomic instability remains a worry even though Laos’s economic growth rate has been relatively high compared to that of other Asean countries.

The growth rate is still vulnerable and unsustainable because the resource sector remains predominant in the growth structure and electricity and construction are capital intensive rather than labour intensive, according to a report from the Ministry of Investment and Planning.

The state budget still lacks liquidity as budget revenue and expenditure are below the target, and the budget deficit to GDP ratio is still high.

The report said control on goods remained weak and not strict enough. Although foreign reserves increased, they were relatively low when compared to other countries. Many issues still have to be resolved to improve the business climate and to promote quality investment.

There was no progress noted in the production base, which was illustrated by the minimal value addition from non-resource sector production, and this is impeding the growth of investments. Public debts remained a constraint for private investment, especially domestic private investment.

This year, the government seeks injection of more than 42,000 billion kip into the economy to ensure that Gross Domestic Product (GDP) grows by 7 percent.

Around 4.6 trillion kip (Bt18 billion) of this total will come from public investment, 8 trillion kip (Bt30 billion) from official development assistance, 20.73 trillion kip from foreign direct investment and around 8.76 trillion kip from bank credit.

The macro-economy was stable in the first six months and enjoying robust growth, the premier said.

The estimated growth rate of 6.7 per cent is high compared to the growth rates in other Asean member countries, Prime Minister Thongloun Sisoulith said during the National Assembly’s (NA) fifth ordinary session.

Agriculture is estimated to exceed the growth target by 0.1 per cent to 2.9 per cent, representing 15.9 per cent of GDP. The GDP amounts to 152.43 trillion kip, equivalent to an average per capita income of US$2,609 (Bt86,000).

Growth in industry is estimated to fall short of the target by 2.1 per cent to 7 per cent, accounting for 31.2 per cent of the GDP. Growth in services is forecast to exceed the target by 1.5 per cent to 7.9 per cent, representing 41.7 per cent of the GDP.

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AEC Feed

ASEAN+ June 25, 2018 01:00

By Asia News Network

Wing, bus authority team up for cashless bus payment

Electronic payment service provider Wing and the Phnom Penh City Bus Authority (PPCBA) on July 17 joined hands to offer a cashless payment option for the city’s buses, making travelling on public transport smarter and easier.

A PPCBA press release said the venture is the first of its kind and that Wing will provide two kinds of cards – Blue and Green – so customers could use local bus services with just a swipe.

Users could hop on and off with no need for cash, enjoying greater flexibility and stress-free travel when riding one of the city’s fleets of over 150 buses.

Wing CEO Jojo Malolos said the Wing-PPCBA tie-up will change the face of public transport in Phnom Penh, offer a quick and easy travel solution for everyone and a smooth journey towards a cashless society.

“We are very excited to be part of something new for Cambodia. The PPCBA cards will revolutionise the way people use public transport in the city,” said Malolos. Launched in 2014, PPCBA is a municipal public transport system that serves capital residents. On average, about 20,000 people use the city’s buses daily. – The Phnom Penh Post

Myanmar, S Korea cooperate on making farm machinery

Myanmar is cooperating with South Korea in an effort to develop farming machinery, according to the Ministry of Industry.

An industrial technology consultancy programme is being carried out to develop the agricultural machinery sector under a cooperation agreement between Myanmar’s industry ministry and the Korea Institute for Advancement of Technology.

Korean experts visited Mandalay, Bago, Sagaing and Ayeyawady regions in June last year to conduct an onsite diagnosis study, and then made visits to worksites there in March and May this year to give technological advice on manufacturing farm equipment and machinery.

Under a memorandum of understanding signed between the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry and Korea-Asia Economic Cooperation Association on June 19, both parties agreed to strengthen economic relations, arrange bilateral business tours, exchange economists and hold business meetings. The MoU will be valid for three years. – Eleven Media Group

Commercial market in Kandal raises hopes for China trade

Cambodia’s Commerce Minister Pan Sorasak has high hopes for the new China Commercial Market, saying last Thursday that it would help the country’s businesses export more to the regional powerhouse.

Speaking at the inauguration ceremony in Kandal, Sorasak said the market will help promote Cambodian goods in China.

“The market will absorb domestic goods produced by SMEs to boost exports,” he said, adding that jobs will also be created in the venture.

The China Commercial Market is located along National Road 4 in Kandal province’s Ang Snoul district.

Zhang Ying, the deputy director of the Trade Department of Sichuan province, who also attended the inauguration, said the market was a move in his country’s “One Belt, One Road” development initiative.

China is the largest investment partner in Cambodia. The value of bilateral trade between the two countries hit US$5.8 billion (Bt190 billion) last year, with exports from Cambodia accounting for $1 billion of that figure, according to statistics from the Ministry of Commerce. – Phnom Penh Post

Laos removes foreign currency borrowing restrictions

The removal of barriers to bank lending and borrower withdrawals of foreign currencies are set to benefit enterprise in Laos, after the Bank of the Lao PDR removed restrictions, according to an announcement from the central bank.

The central bank recently announced that it had cancelled an administrative note that barred commercial banks in Laos from offering loans in foreign currencies.

The central bank had ordered commercial banks in Laos to stop providing loans in foreign currencies to businesses at the end of 2016, as it believed at the time that this restriction would prevent dollarisation in Laos and promote the use of the national currency.

The central bank said the main reason behind the cancellation of that administrative order was that despite the positive effect of the order, commercial banks had faced restrictions in releasing loans in foreign currencies for which they had already mobilised.

According to data from the Bank of the Lao PDR, deposits of the Lao kip in commercial banks have witnessed 7 per cent growth compared to the previous year, and account for about 46 per cent of total deposits.

Foreign currency deposits witnessed 15 per cent growth, and accounted for more than 53 per cent of total deposits.

The data shows Lao people have maintained higher confidence in foreign currencies than in the Lao kip despite a massive campaign to promote the use of the Lao currency domestically.

The Lao government has a policy of mobilising funds from abroad to boost economic growth.

Thus, it was not logical to prevent commercial banks from offering loans in foreign currencies, said the source.

Although the central bank has allowed commercial banks to offer loans in foreign currencies, it demanded that they restrict withdrawal of cash in foreign currencies, which means that borrowers have to withdraw funds in Lao currency. – Vientiane Times

Forum to focus on Asean fourth industrial revolution

Entrepreneurship and the impact of the “fourth industrial revolution” in the Asean bloc will be the focus of the 27th World Economic Forum on Asean, organised by the World Economic Forum (WEF) for Hanoi, Vietnam during September 11-13.

According to a WEF press release, under the theme “Asean 4.0: Entrepreneurship and the Fourth Industrial Revolution”, the meeting aims to shape the path forward for the bloc’s major transitions. Those transitions include crafting new approaches to regional governance and geopolitics, unleashing entrepreneurial activity to drive economic and business dynamism, and shaping new policies to promote more sustainable and inclusive growth.

Over 800 leaders from business, government, civil society and media are expected to attend. Leaders of 100 hand-picked, early-stage start-ups, whose companies represent the dynamic nature and entrepreneurship in Asean will also participate. – Borneo Bulletin