EPF assures members

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EPF assures members

ASEAN+ September 16, 2017 01:00

By THE STAR
ASIA NEWS NETWORK

THE EMPLOYEES Provident Fund Board has assured its 14 million members that all investment proposals are thoroughly scrutinised and invested only in assets that fit its risk-return profile before they are put forward to the investment panel.

According to statement issued by the retirement fund yesterday, as a statutory body, it is governed by its board, whose members include representatives from employees, employers, industry and the government.

On Tuesday, Bernama reported that the EPF and Khazanah Nasional plan to expand their investments in the United States during Prime Minister Najib Tun Razak’s visit to the country.

The EPF alone is expected to invest between US$3 billion (Bt99 billion) and $4 billion.

Below is the statement issued by the EPF:

When deliberating any investment decisions, the EPF follows a process that requires it to first go through the management committee.

This where proposals are scrutinised in accordance with our long-term diversification strategy.

This is also in line with the EPF’s mandate to grow its members’ retirement savings by investing only in assets that fit its risk-return profile.

Final approval is then obtained from the investment panel, comprising senior members of EPF management, industry professionals and the government.

As a statutory body, the EPF is governed by its board, whose members include representatives from employees, employers, industry professionals and the government.

The board ensures that the EPF carries out its responsibility to safeguard the interest of its 14 million members.

Raimon Land drawn to tourism and food

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Singapore executive Adrian Lee enters hospitality, food and restaurant segments.
Singapore executive Adrian Lee enters hospitality, food and restaurant segments.

Raimon Land drawn to tourism and food

Corporate September 16, 2017 01:00

By CIMI SUCHON TAN
THE NATION

2,253 Viewed

THE tourism and food industries are new key targets of growth in Thailand for Adrian Lee, whose family recently shifted much of its billion-dollar Singaporean operations to the Kingdom.

“In the next five years, we will be building up many new businesses in Thailand that show good potential and where we have expertise,” said Lee, whose family owns a majority stake in publicly listed Raimon Land.

His elder brother Lionel, who heads Singapore-based Ezra Holdings, is also backing Adrian in forging this new path that aims to double Raimon’s yearly revenue to Bt10 billion in a decade.

“We began our push into the Kingdom three years ago by acquiring about 25 per cent of Raimon Land, one of the best-known housing brands,” he said.

“Today, we are debt-free, very profitable, cash-rich and looking for new avenues to grow.”

The Lee family has steadily branched out into areas where they have an advantage. Adrian Lee himself has served as CEO for 10 years or more in many Singapore units that run hotels and restaurants.

He also sits in energy companies headed by Lionel Lee and is therefore strict about “balancing the books” and “showing healthy profitability to shareholders”.

“In Singapore, we had a successful run with Klapsons, our hospitality brand, which became quite a sensation in just a short time because of its personal hospitality service,” Adrian Lee said.

His family has close contacts with many of the island state’s movers and shakers.

“We were also successful in our Singapore food business. We are hoping to repeat this here with local partners,” Adrian Lee said.

The new food chain alone could be a billion-baht investment.

Adrian is convinced the best places to reinvest his family fortune are in the Kingdom and its neighbouring countries.

After studying conditions in Vietnam, Cambodia and Myanmar, he concluded that Thailand showed better prospects.

Overall, the Thai market offers a more competitive environment and lower risks.

“The difference between Thailand and its neighbours is its huge middle class, Raimon’s key customer base.”

Over-speculation in land in many emerging markets has also raised the risks of collapse in these markets, he said.

Even Indonesia, once a favourite of big Thai groups, has proven more challenging than anticipated, incurring, at times, massive losses.

The next Thai project to be disclosed is a seaside hotel in the south of the country.

“It will be a three- to four-star hotel. We are avoiding luxury accommodations as they appear to be less popular with today’s travellers,” Adrian Lee said.

“Tourists are more price-conscious today and they want value. One of the most important facilities to provide today is good Wi-Fi.”

In producing food products for export, Adrian Lee’s plan is to offer a mix of Thai and other Asian cuisines.

Tourism and food units will contribute one-third of income in the next decade.

Another key new area is shopping and commercial spaces, Adrian Lee said.

Raimon recently revealed a Bt10-billion downtown shopping and office project on Phloenchit Road across from the Central Embassy mall.

Adrian Lee expects robust demand for well-located shopping centres and offices in Bangkok with proximity to mass transit stations. “As such we have acquired a 30-year lease at a six-rai plot on Phloenchit with a generous grace period that allows the lease to take effect after construction is completed,” he said.

“We expect to have about 115,000 square metres of commercial and retail space for rent.”

Condominiums will still make up a key part of the company.

“Our Asoke and Silom sites have been successful while older ones at Ekkamai and Ratchadamri are injecting cash,” Adrian Lee said.

“We will continue with residential ventures in new areas including housing estates if we can locate good plots.

This is a tough period for many developers and “having a huge inventory could be very risky”.

“When things change, you have to adapt and take new positions,” he said.

The downturn in oil businesses some years ago forced the family |to take private its Singapore firm Elect Energy and move capital elsewhere.

But tourism in Thailand is a bright spot for the Lee family.

“The airports are always packed with long delays, queues,” Adrian Lee said. “This is happening for years. That gives you an indication where demand is coming from.

“Tourism will continue to thrive and that attracts us as prudent business operators.”

BOT, BT projects need better management

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BOT, BT projects need better management

ASEAN+ September 16, 2017 01:00

By VIET NAM NEWS
ASIA NEWS NETWORK
HO CHI MINH CITY

VIETNAM’S GOVERNMENT Inspectorate has found irregularities in the management of BOT (Build-Operate-Transfer) and BT (Build-Transfer) projects in Ho Chi Minh City, including the use of inappropriate contractors.

The Inspectorate’s report, which examined the implementation of BT and BOT projects in HCM City, found that the city was mobilising resources properly to invest in infrastructure, but had several shortcomings in investment preparation, including the publication of lists of projects, selection of investors, and preparation and approval of reports on project feasibility.

In addition, shortcomings were found during the investment execution process, which included contract signing, project progress, bidding and selection of contractors, acceptance of payments, and maintenance.

Based on the findings, the Inspectorate recommended that Prime Minister Nguyen Xuan Phuc instruct the ministries of transport, construction, finance, and planning and investment as well as the city People’s Committee to take action to remedy the situation.

The Inspectorate asked the ministries of planning and investment, finance and transport to work with the government on issuing appropriate documents or regulations on paying back the capital of BOT and BT projects.

The ministries were also requested to develop a policy for maintenance and repair expenses to ensure economic efficiency and to improve management, inspection and supervision of projects.

The HCM City People’s Council was told to approve investment policies for BOT projects before issuing investment registration certificates so that returns on investment could be ensured.

The city’s People’s Committee was urged to direct the Department of Construction to compile statistics on projects funded with state capital in the city. Speaking at a recent meeting in HCM City, Vo Van Hoan, head of the People’s Committee Office, said the city had faced numerous challenges in developing infrastructure projects since the early 2000s, especially a shortage of funds.

He said that many road infrastructure projects in the city required huge amounts of capital but the city’s budget was overstretched, while budget allocations by the central government were insignificant.

To deal with the capital shortage, the city has sought stronger private sector engagement by developing infrastructure projects under the BOT or BT investment models.

From 2010 to 2015, HCM City signed contracts with eight investors to develop 13 road and environmental protection projects under the BOT or BT model with total investment of nearly 33 trillion dong (US$1.45 billion).

Five of them have been completed, while the remaining eight projects are still under construction.

Moody’s sees sustained robust growth for RP

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Moody’s sees sustained robust growth for RP

ASEAN+ September 16, 2017 01:00

By PHILIPPINE DAILY INQUIRER
ASIA NEWS NETWORK
MANILA

SOUND MACRO fundamentals will keep the Philippine economy strong in the medium term even as global debt watcher Moody’s Investors Services was seeing “rising” political risks in the country.

“We expect robust economic growth to be sustained over the next few years, aided by the government’s focus on infrastructure development, buoyant private sector investment, and the recovery in external demand,” Moody’s said in a statement yesterday.

For this year, Moody’s projected gross domestic product growth to remain “broadly stable” in the coming months to settle at 6.5 per cent or at the lower end of the government’s 6.5-7.5-per-cent target range.

“We have also retained our projection for 2018 at 6.8 per cent, below the government’s target of 7-8 per cent, given continued uncertainties regarding the proposed comprehensive tax reform programme (CTRP), which is currently being considered by the upper house of Congress,” Moody’s said.

The first CTRP package pending at the Senate will cut personal income tax rates while jacking up taxes on consumption. Moody’s deemed that “in the absence of a significant boost to government revenues from the passage of the CTRP, the government will likely pare back its plan to aggressively increase its spending on infrastructure”, referring to the ambitious “Build, Build, Build” programme aimed at ushering in a “golden age of infrastructure”.

Under “Build, Build, Build”, the government will roll out 75 flagship, “game-changing” infrastructure projects to be started and finished in six years, in line with the plan to spend up to 9 trillion pesos (Bt5.8 trillion) on hard and modern infrastructure until 2022.

The Duterte administration had programmed a yearly budget deficit equivalent to 3 per cent of GDP up to 2022, but Moody’s said this was not a cause for concern as “ongoing debt consolidation and improving debt affordability give the government fiscal space to accommodate higher infrastructure spending and wider budget deficits”.

“Further improvement in fiscal metrics will largely depend on whether the proposed tax reforms can effectively bolster revenue generation.

“Administrative reforms have led to higher government revenue in recent years, but revenue remains low as a share of GDP compared to peers, which in turn constrains room for greater spending,” Moody’s said.

The Philippines’ fiscal strength “remains weak compared to similarly rated peers”.

Besides the delay in the passage of the first CTRP package, Moody’s warned that another downside risk was “a worsening of the Islamist insurgency in Mindanao that could lead to an expansion of martial law, undermine both foreign and domestic business confidence, and disrupt economic activity in other parts of the country”.

DBS, IMDA to create first fintech programme under TechSkills Accelerator

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DBS, IMDA to create first fintech programme under TechSkills Accelerator

ASEAN+ September 16, 2017 01:00

By THE STRAITS TIMES
ASIA NEWS NETWORK
SINGAPORE

DBS Bank has partnered with the Infocomm Media Development Authority (IMDA) to create the first fintech training programme under the TechSkills Accelerator initiative.

The programme will groom young professionals skilled in agile development, DevOps, information security and data analytics for the financial services sector, the partners said in a media release yesterday. DBS is the first bank to partner with IMDA to train over 85 young professionals in these technology skills, under TechSkills Accelerator initiative’s (TeSA’s) Company Led Training programme.

Its collaboration will involve the bank’s new DBS Skills Enhancement and Education (Seed) Programme and its ongoing DBS Business Analytics Graduate Immersion Programme (BAGIP).

“Banks of tomorrow will look very different from the ones today,” said DBS Bank’s executive director of human resources James Loo.

“In order for Singapore to maintain its competitive edge as a leading Asian financial hub, it is crucial that we focus on building a strong talent pool with the right technology and innovation skillsets.”

The 12-month DBS Seed Programme is open to diploma or degree holders who have graduated in information technology or science, technology, engineering or mathematics-related disciplines for less than three years.

Its trainees will join the bank’s technology and operations department and will gain exposure and experience through on-the-job training and assigned projects while being mentored by senior technology managers at DBS.

Top performers in the Seed programme will be groomed to become future technology leaders in DBS, the bank said.

DBS BAGIP, launched in 2013, is a 12-month accelerated programme focusing on developing core analytical skills essential to business growth.

In the last two to three years, more than 30 young professionals have been trained.

The TechSkills Accelerator, launched last year, is an initiative of the government, industry and National Trades Union Congress to build and develop a skilled information and communications technology workforce for the Singapore economy.

22 injured in London Underground bomb attack

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Police forensics officers works alongside an underground tube train at a platform at Parsons Green underground tube station in west London on September 15, 2017, following an incident on an underground tube carriage at the station. // AFP PHOTO
Police forensics officers works alongside an underground tube train at a platform at Parsons Green underground tube station in west London on September 15, 2017, following an incident on an underground tube carriage at the station. // AFP PHOTO

22 injured in London Underground bomb attack

ASEAN+ September 15, 2017 19:55

By Agence France-Presse

2,641 Viewed

LONDON, Sept 15, 2017 (AFP) – At least 22 people were injured after a bomb detonated on a packed London Underground train during the morning rush hour on Friday in what police are treating as a “terrorist incident”.

Witnesses reported seeing a “wall of fire” and passengers with facial burns and hair coming off at Parsons Green station in west London after the explosion on the train.

“At 8:20 this morning at Parsons Green station there was an explosion on a Tube train. We now assess that this was a detonation of an improvised explosive device,” police counter-terror chief Mark Rowley said.

Rowley said most of the injuries were due to “flash burns”, while others were wounded by the stampede as passengers ran out of the station in panic.

Twitter user @Rrigs, who posted pictures of a white bucket smouldering on the train, said: “Explosion on Parsons Green District Line train. Fireball flew down carriage and we just jumped out open door”.

The bucket looked like the type used by builders and there appeared to be cables coming out of it.

 

– ‘Wall of fire’ –

One local resident, Charlie Craven, who was on his way to the station, said he heard a “massive bang”.

“I saw an orange sort of fireball encompassing the whole Tube coming towards you,” he told AFP.

Witness Lauren Hubbard described it as “a wall of fire”.

The National Health Service said 18 people were taken by ambulance to hospital, while four others made their own way to hospitals.

Police forensics officers works alongside an underground tube train at a platform at Parsons Green underground tube station in west London on September 15, 2017, following an incident on an underground tube carriage at the station. // AFP PHOTO

The London Ambulance Service said none of the victims “are thought to be in a serious or life-threatening condition”.

The MI5 intelligence service is assisting investigators and police said Londoners should expect extra security measures over the weekend.

“There is a manhunt under way as we speak,” Mayor of London Sadiq Khan told LBC radio.

He urged Londoners to remain “calm and vigilant”.

“As London has proven again and again, we will never be intimidated or defeated by terrorism,” he said.

Prime Minister Theresa May said her thoughts were with the injured and emergency services had responded “swiftly and bravely”.

She later chaired an emergency cabinet meeting.

 

 – ‘Sick and demented’ –

Armed police and sniffer dogs could be seen on the train and around the station, which is set in a leafy suburb of southwest London popular with well-off commuters and filled with chic cafes.

The station was closed, as well as an entire section of the District Line where it is located and police urged people to stay away from the area.

Local residents and businesses rallied together with businesses offering tea and the use of their toilets to people unable to get home.

The incident is the fifth terror attack in six months in Britain since March, when a lone attacker mowed down pedestrians and stabbed a police officer outside the British parliament.

US President Donald Trump said the attack was carried out by a “loser terrorist”.

“These are sick and demented people who were in the sights of Scotland Yard. Must be proactive!” he said on Twitter, without explaining further.

“Loser terrorists must be dealt with in a much tougher manner. The internet is their main recruitment tool which we must cut off and use better,” he said.

 

– ‘Lots of screaming’ –

Passengers described chaotic scenes at the station in the normally quiet part of west London.

Louis Hather, 21, was travelling to work and was three carriages down from where the explosion took place.

“I could smell the burning. Like when you burn plastic,” he told AFP.

Hather saw a woman with burns being stretchered off.

He was trampled on as passengers stampeded out of the station and his leg was badly cut and bruised.

Sally Faulding, a 51-year-old teacher, said: “People were falling over each other.”

Richard Aylmer-Hall, 52, told the Press Association: “There was panic, lots of people shouting, screaming, lots of screaming”.

A total of 35 people have been killed in four previous attacks in London and Manchester this year.

Three of those involved a vehicle ploughing into pedestrians.

An injured woman is escorted by the emergency services away from ‘Parsons Green’ Underground Station in London, Britain, 15 September 2017.  // EPA-EFE

The other attack was a bombing in May at a pop concert by US star Ariana Grande in Manchester which killed 22 people including children.

Otso Iho, a senior analyst at Jane’s Terrorism and Insurgency Centre, said the latest attack showed a “continued high intent but low capability” of the terrorism threat in Britain.

Hans Michels, a professor of chemical engineering at Imperial College, said the flash flame “suggests that the explosion was only partly successful”.

“Much of the bucket still seems to be intact and there appear to be no victims with lethal impact wounds,” he said.

‘Severe’ Typhoon Doksuri pounds central Vietnam

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  • Pedestrians make their way in a flooded street in Cua Lo, Nghe An, Vietnam, 15 September 2017. // EPA-EFE
  • Trees blow in the wind in Quang Binh province, Vietnam, 15 September 2017. // EPA-EFE

‘Severe’ Typhoon Doksuri pounds central Vietnam

ASEAN+ September 15, 2017 16:51

By Agence France-Presse

NGHE AN , Vietnam – Heavy rain and wind lashed Vietnam’s central coast Friday as Typhoon Doksuri made landfall, prompting mass evacuations as officials predicted it could be the most powerful storm in a decade.

Trees were torn down and local authorities cut power in some areas to avoid accidents as residents who remained in their homes hunkered down.

“The kids stayed at home and there’s not much in the markets. I bought enough instant noodles for the family, so I think we’re good,” Nghe An resident Nguyen Thi Hue, 58, told AFP.

The storm clocked 165 kilometre per hour (102 miles per hour) winds before it reached the coast Friday morning, according to the Hong Kong Observatory, which classified Doksuri as a “severe typhoon”.

One person died in Hue province when he was swept away in a river following heavy rains in the area, according to the local government’s website.

A three-year-old child was also injured after the roof blew off her house, the website added.

A woman rides a motorcycle across a bridge on a highway in the central province of Ha Tinh as Typhoon Doksuri makes landfall to the country’s central coast on September 15, 2017. // AFP PHOTO

More than 79,000 people were evacuated across four provinces expected to be hardest hit, the Vietnam Disaster Management Authority said. It earlier predicted the storm could be the worst to hit Vietnam in a decade.

Officials also ordered all boats and residents to stay onshore.

“The provinces are focusing on evacuating remaining households to ensure people’s safety,” Agriculture Minister Nguyen Xuan Cuong said on state-run Vietnam Television (VTV).

A man walks in heavy rain on a flooded street of Cua Lo, Nghe An, Vietnam, 15 September 2017.  // EPA-EFE

“We also need to encourage fishermen to leave their boats, it could be harmful to their lives,” he added.

The storm reached Ha Tinh and Quang Binh provinces Friday morning, according to VTV, with neighbouring Nghe An and Quang Tri provinces also expected to be battered.

Dozens of flights to the area were cancelled, and most schools were closed.

The Vietnam Red Cross Society said it was donating $45,000 and sending essential supplies to the area along with volunteers who were helping people leave their homes.

The government said Thursday it had 250,000 soldiers on standby along with a fleet of vehicles and boats at the ready.

Vietnam is routinely hit by tropical storms from around May to October, with its central coast most frequently affected.

The Southeast Asian nation has already been hit by severe weather this year, with 140 people dead or missing in natural disasters since January, according to official figures.

 Pedestrians and motorists make their way in a flooded street in Cua Lo, Nghe An, Vietnam, 15 September 2017. // EPA-EFE

London train incident being treated as ‘terrorism’: police

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London train incident being treated as ‘terrorism’: police

ASEAN+ September 15, 2017 16:24

Passengers badly burned in London Underground train ‘incident’

London – Passengers were seen “badly burned” following a possible explosion on a London Underground train, eyewitnesses said on Friday, as emergency services said they were responding to an “incident”.

Witnesses reported seeing passengers who had suffered facial burns and had hair coming off, with at least two women seen being treated by medics amid scenes of panic during rush hour.

“Explosion on Parsons Green District Line train. Fireball flew down carriage and we just jumped out open door,” said Twitter user @Rrigs, who posted pictures of a white bucket smouldering on the train.

The bucket looked like the type used by builders and there appeared to be cables coming out of it.

An image taken from a user generated content uploaded on social networks on September 15, 2017, shows a white container burning inside a London Underground tube carriage. // AFP PHOTO

“We are aware of an incident at Parsons Green tube station. Officers are in attendance,” London’s Metropolitan Police said on Twitter.

The station was closed, as well as an entire section of the District Line where it is located and police urged people to stay away from the area.

A Metro.co.uk reporter at the scene was quoted by the paper as saying that some passengers were “really badly burned” and their “hair was coming off”.

The incident comes after a series of terror attacks that have rocked Britain this year, killing dozens of people and injuring hundreds, putting the capital on high alert.

British Foreign Secretary and former London mayor Boris Johnson appealed for calm.

“I’m afraid my information is limited and it really is important not to speculate at the moment,” he told Sky News.

“Obviously, everybody should keep calm and go about their lives in a normal way, as normal as they possibly can,” he said.

 

 – ‘Covered in blood’ –

Passengers described chaotic scenes at the station in a leafy and normally quiet part of west London.

“There was panic, lots of people shouting, screaming, lots of screaming,” Richard Aylmer-Hall, 52, a media technology consultant, told the Press Association.

“There was a woman on the platform who said she had seen a bag, a flash and a bang, so obviously something had gone off,” he said, adding that “some people got pushed over and trampled on.

“I saw two women being treated by ambulance crews,” he said.

BBC correspondent Riz Lateef, who was on her way to work, said there was “panic as people rushed from the train, hearing what appeared to be an explosion.

“People were left with cuts and grazes from trying to flee the scene. There was lots of panic.”

One passenger, named only as Lucas, told BBC 5 Live radio: “I heard a really loud explosion”.

“I saw people with minor injuries, burnings to the face, arms, legs, multiple casualties,” he said.

Another witness, Sham, told the radio station he had seen a man with blood all over his face.

“There were a lot of people limping and covered in blood,” he said.

Emergency services said they were called at around 8:20 am (0720 GMT).

Natasha Wills, assistant director of operations at London Ambulance Service said: “Our initial priority is to assess the level and nature of injuries”.

She said the ambulance service had sent “multiple resources” to the station, including a hazardous area response team.//AFP

Sex robot appears as guest in British talk show

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Samantha
Samantha

Sex robot appears as guest in British talk show

ASEAN+ September 15, 2017 14:57

By Philippine Daily Inquirer
Asia News Network

London – The future may be here now—a sex robot surprisingly appeared in a British morning TV show. (Watch talk show video inside the story)

Affectionately called “Samantha” by co-creators Arran Squire and wife Hannah Nguyen, the sex robot was turned off for the duration of the interview on the TV show “This Morning” to prevent it from saying anything inappropriate.

During the interview, Squire explained how the sex robot and sex dolls help to spice things up in relationships. This was the case between him and his wife who thinks of Samantha as just another part of the family.

Squire continued that his children would often ask about Samantha as well, while knowing fully well the sex robot’s true purpose.

Apparently, Samantha has a “family mode” which allows her to be in the presence of children.

The hosts were visibly unnerved by the revelations, which prompted guest psychologist Emma Kenny to chime in.

She pointed out that by supporting sex dolls, and to a further extent, sex robots, people are commercializing the female body.

Kenny also stated that the presence of Samantha is damaging to the relationship between Squire and his family.

Meanwhile, Squire and his wife affirmed that sex dolls are not meant to replace humans.

Malaysian prime minister raised Rohingya crisis with Trump

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File photo : US President Donald Trump greets Malaysian Prime Minister Najib Razak outside of the West Wing of the White House on September 12, in Washington, DC.//AFP
File photo : US President Donald Trump greets Malaysian Prime Minister Najib Razak outside of the West Wing of the White House on September 12, in Washington, DC.//AFP

Malaysian prime minister raised Rohingya crisis with Trump

ASEAN+ September 15, 2017 14:37

By The Star
Asia News Network

Washington DC​​​​​​​ – The Prime Minister said he raised the issue to heighten the president’s awareness on the Rohingya issue and the ongoing crisis.

In a joint statement issued after their meeting, the two leaders called for an end to the violence targeting civilian populations, and discussed the need for a strong international community response to the hundreds of thousands who have been victimised and displaced by violence, including those who have fled to Bangladesh.

Both leaders urged the Myanmar government to end the violence against innocents and ensure humanitarian relief reaches victims immediately.

“We wanted a strong statement on the Rohingya and we got it. We worked together with the White House and they were supportive of the statement,” he told the Malaysian media at the end of his three-day working visit to Washington on Wednesday.

The Prime Minister said the ongoing crisis was a humanitarian issue which should be the concern of all. “Even within Asean, as a community, what is happening to the Rohingya is an affront to the ideals and values that we should uphold. Within Asean, we have different opinions on how this should be dealt with. But we take the position that what is happening is totally unacceptable,” said Najib.

He explained that Malaysia was not interfering in the affairs of another country but when it impinges on the image, interest and security of other Asean countries, Kuala Lumpur was obliged to give its opinion and take whatever steps deemed appropriate.