Agencies call for access to Rohingya

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Rohingya refugees cross a small bridge at Kutupalong refugee camp in Bangladesh's Ukhiya district on September 9, 2017. /AFP
Rohingya refugees cross a small bridge at Kutupalong refugee camp in Bangladesh’s Ukhiya district on September 9, 2017. /AFP

Agencies call for access to Rohingya

ASEAN+ September 10, 2017 01:00

By Supalak Ganjanakhundee
The sunday Nation

Worldwide uproar over  humanitarian crisis that has led to an exodus of refugees to Bangladesh

The international community has called for access to Myanmar’s Rakhine state in order to provide humanitarian assistance to the more than 200,000 Rohingya refugees now pouring into Bangladesh.

United States Deputy Assistant Secretary of State for Southeast Asia Patrick Murphy said this involved “first and foremost, restoring humanitarian assistance so that those in need can be assisted by the international community and by Burmese (Myanmar) authorities”.

“That restoration of access would also allow accurate assessments of those needs. This is a complicated part of the country, and more specifically, a complicated part of Rakhine state itself,” he said.

The latest wave of violence erupted in Rakhine late last month as Arakan Rohingya Salvation Army (ARSA) launched a coordinated attack on government security outposts, prompting a heavy handed response from the Myanmar military. According to a United Nations report, more than 1,000 people have died, including a dozen security officials.

The violence displaced hundreds of thousands of people, mostly Rohingya, within Myanmar and notably to neighbouring Bangladesh, which had already been sheltering more than 300,000 documented and undocumented members of ethnic minorities who fled between 2005 and 2015.

Dhaka does not have the space to cope with half a million refugees, not to mention food and other resources needed for them, said Bangladeshi officials. They added that the International Organisation for Migration (IOM) and World Food Programme (WFP) were now providing assistance to people along the Bangladesh border with Myanmar.

A Bangladeshi official said the IOM, WFP and others had no access to the people in Rakhine state, adding that “doors are closed from everywhere”. The Rohinyga are facing more dangerous challenges to connect with the outside world as the Myanmar military has planted landmines at the border areas. Last week, Dhaka summoned Myanmar’s ambassador to protest this after a series of explosions maimed Rohingya refugees fleeing the violence in Rakhine state.

The official said Bangladesh does not have problems with Myanmar and is willing to be a good neighbour to help contain extremists or terrorists operating along the border, if any. But, he added, “our point is that, please exercise restraint in your military operation, and please give the international community access to Rakhine state”.

Innocent civilians’ houses are being burnt down and these people were now creating “a huge crisis”, the official said on condition of anonymity.

The US also called for Myanmar authorities – both the elected civilian government under the de facto leadership of Aung San Suu Kyi and the Tatmadaw (Myanmar military) – to take responsibility by providing security and safety to the people.

“Security forces, in fact, need to be there to protect civilian populations and to address the threats posed to the governing structure,” Murphy said. “At the same time, they have a responsibility to carry out those activities in accordance with the rule of law and international human rights.”

In order to end the crisis, the US called for Myanmar’s government to fully implement recommendations addressed by a commission led by former UN chief Kofi Annan, which were released around the same time as the August 25 attack in Rakhine state.

“It won’t be easy. There are over 80 recommendations, but many of them address the underlying conditions in Rakhine state that cause so much friction and challenges,” Murphy said.

Meanwhile, Bangladeshi officials urged Asean, of which Myanmar is a member, to actively address the Rohingya crisis as a regional issue.

Foreign ministers of the group who will gather in New York late this month on the sidelines of the UN General Assembly are expected to discuss the Rohingya crisis, according to an official at the Thai Foreign Ministry.

“It should not be only the problem of Bangladesh. Asean should look at this as a regional issue, because eventually regional security [relies on] stability,” the Bangladeshi official said.

“As Bangladesh will not allow them to go any further into the country, where will they go? There are also some human trafficking networks. So we should sit together; and we should address it right away.”

Changi Airport to open Terminal 4 on Oct 31; 9 airlines to operate from new terminal

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Changi Airport's Terminal 4 will open on Oct 31.
Changi Airport’s Terminal 4 will open on Oct 31.

Changi Airport to open Terminal 4 on Oct 31; 9 airlines to operate from new terminal

ASEAN+ September 09, 2017 16:06

2,744 Viewed

SINGAPORE – Changi Airport’s Terminal 4 will open on Oct 31 – a critical milestone for the airport as it goes live with new technology, systems and procedures that could shape the future of air travel in Singapore.

For the first time at Changi, T4 will feature a facial recognition system that will capture a passenger’s photo at different stations, centralised security screening, as well as start-to-end self-service options for check-in and other processes.

Announcing the opening date in a Facebook post on Wednesday (Sept 6) morning, Transport Minister Khaw Boon Wan said that since the completion of construction last December, T4 has undergone extensive trials.

To date, Changi Airport Group (CAG) has conducted more than 100 trials, involving 2,500 airport staff and 1,500 volunteers, he said. Volunteers included members of The People’s Association and students from tertiary institutions who role-played as passengers.

Khaw said: “After endless rounds of testing and fine-tuning, we are ready to open T4… Another big step forward in our journey as a global air hub.”

Nine airlines – the AirAsia Group (which comprises four airlines), Cathay Pacific Airways, Cebu Pacific Air, Korean Air, Spring Airlines and Vietnam Airlines  – will operate from the new terminal.

Cathay and Korean Air will be the first two to move on Oct 31, followed by Cebu Pacific and Spring Airlines on Nov 2, and the AirAsia Group and Vietnam Airlines on Nov 7.

The first arriving and departing flights at T4 will be operated by Cathay Pacific – CX659 from Hong Kong which is scheduled to arrive at 5.40am and CX650, which will depart from here to Hong Kong at 6.50am.

Tan Lye Teck, the airport’s executive vice-president (airport management), said: “The past months have been a very crucial period for us as we conducted intensive tests and trials, not only to ensure that the systems work well, but also to understand how passengers navigate the new terminal, including interacting with initiatives such as self-service options which may be less familiar to them.”

CAG has identified areas of improvement following those trials, he said.

Feedback gathered from trial participants has also been very useful to help fine-tune systems and processes. Tan said: “We will take the next few weeks to complete the last set of trials as we prepare for the commencement of operations at T4.”

There will be no Skytrain linking T4 to the other terminals so those with connecting flights will be moved to a transfer lounge where they will be bussed to T2. They can take a Skytrain to T1 and T3 from there.

A public shuttle bus service will also be provided.

To further improve access to and from the new terminal, bus services 24, 34 and 36, which currently serve the other three terminals, will also call at T4 from Oct 22, the Land Transport Authority (LTA) said in a separate release.

A new route – Service 110 – will also be launched to operate between Sengkang and Changi’s four passenger terminals, LTA said.

Apart from extensive use of technology to achieve efficiency and manpower savings of up to 20 per cent, T4 promises to be a visual treat for travellers and visitors.

Designed with high ceilings and open spaces, it projects a modern, clean look. Highlights include a Perakanan-themed heritage zone featuring a six-minute cultural show and a 70m by 5m wall showcasing Singapore’s skyline and Asean landmarks, as well as a whimsical animated clip on suitcases being screened before a flight.

At the heart of T4 is a grand-scale kinetic sculpture, Petalclouds, spanning 200m. Combining art and technology to create a harmonic collective choreography of six identical petal clouds, the sculpture depicts clouds moving slowly through the horizon.

While there will be no Skytrain linking T4 to the other terminals, those with connecting flights will be moved to a transfer lounge where they will be bussed to T2. They can take a Skytrain to T1 and T3 from there. A public shuttle bus service will also be provided.

T4 will be able to handle up to 16 million passengers a year, bringing Changi Airport’s total annual handling capacity to 82 million passengers.

The next big capacity injection will be the completion of T5 by the end of the next decade. When fully completed, the mega passenger terminal will be bigger than T1, T2 and T3 combined.

Japanese firm to invest US$70m in Xieng Khuang cattle farm of Laos

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Japanese firm to invest US$70m in Xieng Khuang cattle farm of Laos

ASEAN+ September 09, 2017 15:52

By Vientiane Times/ANN

2,189 Viewed

XIENG KHUANG, Laos – A Japanese company is in the process of amassing a dairy herd and building a huge milk processing plant in Xieng Khuang province as part of its Australian cattle husbandry project.

Provincial Governor Prof. Dr Somkot Mangnomek gave a progress report on the project yesterday when speaking to media on the sidelines of a meeting held between government cabinet members, the Vientiane mayor and provincial governors.

The governor said that all the equipment required for construction of the plant had been assembled in Xieng Khuang and it would take several months to build the factory.

“So far the company has invested US$17 million in the project and is breeding some 1,000 cattle which have given birth to over 100 calves,” Prof. Dr Somkot said.

Officials said some 300-400 calves were expected to arrive in Laos in the coming months.

The Lao-Japan Agro Development Company Limited will import 1,000 more pregnant cows from Australia in the near future.

Prof. Dr Somkot was optimistic that the project would generate revenue for Laos as well as provide job opportunities for local people.

“From now until 2030, the company will invest US$70 million in the project. The company has hired 200 workers and is paying the requisite taxes to the province,” the Governor said, adding that the plant would supply milk to Laos and to Vietnam.

Director of the Xieng Khuang provincial Department of Agriculture and Forestry, Mr Somsamone Phalichan, told Vientiane Times on Thursday that the cost of construction of the factory could be as high as US$14 million. Sufficient milking machines have been purchased so that 100 cows can be milked at one time.

Many tonnes of milk would be produced each day and 70 percent of the beef produced would be destined for export.

Xieng Khuang province is an ideal cattle production base but is still facing challenges. Much of the land still harbours UXO and there are limited roads to enable the transport of milk and beef.

The Lao-Japan Agro Development Company Limited is confident that Xieng Khuang province will be an ideal supply base for beef products for local consumption and for Asean markets as demand is on the rise year by year.

Anticipating future growth of the project, the company has asked the government for more land.

“Currently the cattle husbandry project is operating on an area of 500 hectares. However, they have asked for another 4,500 hectares,” Mr Somsamone said.

“The main challenge for us is finding large plots of land in one place as requested by the company. We have forwarded the matter to the government for resolution.”

Xieng Khuang’s economy has grown by 8.5 percent annually and GDP was up from 2,500 billion kip in 2015 to 2,979 billion kip in 2016.

The agriculture sector grew by 3.01 percent, industry was up 11.31 percent, and the service sector grew by 12.11 percent, with annual GDP per capita standing at US$1,500.

Myanmar ‘to provide aid’ to displaced Rohingya inside country

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Members of an Islamist group shout slogans during protest after Friday prayers for the recent violence against Rohingya Muslim in Myanmar, in Dhaka on September 8, 2017. /AFP
Members of an Islamist group shout slogans during protest after Friday prayers for the recent violence against Rohingya Muslim in Myanmar, in Dhaka on September 8, 2017. /AFP

Myanmar ‘to provide aid’ to displaced Rohingya inside country

ASEAN+ September 09, 2017 13:05

By Agence France-Presse

YANGON – Camps will be set up to provide aid for displaced Muslims inside Rakhine state, state-backed media said Saturday, the first time in a 16-day crisis Myanmar’s government has offered any relief for Rohingya scattered by violence, many to Bangladesh.

Around 270,000 Rohingya have fled since August 25 when militant attacks sent unrest churning through Rakhine, arriving in Bangladesh hungry and exhausted and squashing into already overcrowded refugee camps.

Tens of thousands more are believed to be on the move inside Rakhine, fleeing burning villages, the army and ethnic Rakhine mobs — who Rohingya refugees accuse of attacking civilians — only to become stranded in hills without food, water, shelter or medical care.

Bangladesh has urged Myanmar to stem the exodus by providing for the displaced inside the country and provide ‘safe zones’ for the Rohingya.

Around 27,000 Buddhists and Hindus have also been displaced following attacks by Rohingya militants and are receiving government help in monasteries and schools.

But the Rohingya, a stateless group refused citizenship by Myanmar, have been left to fend for themselves in what rights groups allege is a part of systematic campaign to force them out of the country.

Two weeks after violence scorched through the country, the government has said it will establish three camps in north, south and central Maungdaw — the epicentre of the violence and a Rohingya majority area.

“Displaced people who are currently spread out will be able to receive humanitarian aid and medical care” distributed by local Red Cross workers, the Global New Light of Myanmar reported on Saturday.

The report did not refer directly to the Rohingya but mentioned village clusters where the minority lived until the unrest.

Branded ‘Bengalis’ — shorthand for illegal immigrants from Bangladesh — the Rohingya have long been subjected to discrimination in mostly Buddhist Myanmar.

More than 350,000 have fled since October when a new Rohingya militant group launched attacks on police posts.

That represents around a third of the estimated total of Rohingya in Myanmar.

Around 120,000 have languished in basic displaced camps following religious violence in 2012, while the rest are subject to suffocating restrictions on their movement and rights to work.

Yanghee Lee, the UN special rapporteur on human rights in Myanmar, on Friday said over a thousand people may have been killed in the subsequent army crackdown, the majority likely to be Rohingya.

In an interview with AFP she said Myanmar’s star politician Aung San Suu Kyi, a fearless democracy campaigner under the former junta, had failed to use her moral authority to defend the Rohingya.

“I think we need to delete our memories of the imprisoned democratic icon,” Lee said, explaining that Suu Kyi was now a politician not a rights defender.

The Nobel Peace Prize winner has been condemned for her refusal to bend to pressure and speak out for the Rohingya including by Suu fellow Nobel laureates Malala Yousafzai and Archbishop Desmond Tutu.

Pregnant woman’s suicide roils China

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Pregnant woman’s suicide roils China

ASEAN+ September 09, 2017 09:49

By Agence France-Presse

BEIJING – Ma Rongrong’s labour pains were unbearable. For hours she had begged for a C-section to ease her agony. After multiple requests were refused, she jumped five floors from a hospital window in northern China to her death.

Ma’s family and her doctors have blamed each other for denying her the surgery that could have eased her suffering.

The tragedy has attracted intense attention in China, with many wondering how Ma could be denied such a common procedure.

There is no clear answer, but the incident has sparked a national discussion on everything from the high cost of health care and patients’ rights to the dangers of traditional Chinese family values.

The conversation reached fever pitch this week after leaked security footage showing Ma on her knees in front of her family in a hospital corridor went viral.

In response to the uproar, the official People’s Daily said in an editorial that no matter who is ultimately to blame, the incident should serve as a national wake-up call.

“It is necessary to pay more attention to pregnant women’s feelings, and pay greater respect to their autonomy,” it said.

“We need to have more empathetic understanding and care for them. We cannot only think about policies and interests.”

Trading blame

The hospital and Ma’s family have traded blame for refusing her request for a Caesarean, presumably provoking her to kill herself rather than continue suffering through an excruciating labour.

The hospital has said it recommended Ma undergo the procedure, but that she and her husband insisted on natural birth in the belief it was better for the child.

As evidence, the hospital posted Ma’s surgery log on its official social media account, showing the family had denied her requests.

Ma had signed an authorisation granting her husband the right to make medical decisions on her behalf, it said, adding the hospital therefore “had no right to change the delivery method without (his) consent”.

But Ma’s husband, Yan Zhuangzhuang, told the Beijing Youth Daily that he had agreed to his wife’s surgery: it was the doctor who said it was unnecessary.

Under Chinese law, the decision should have been made by the person herself, according to Feng Lihua, an expert on medical disputes at Beijing’s Zhongdun Law Firm.

“It cannot be authorised by other people,” he told AFP.

Online uproar

The controversy has been hotly discussed for days, and by the end of the week the hashtag “Yulin pregnant woman jumps to death” was the third highest trending topic on the Twitter-like Weibo.

The incident is under police investigation, but the question for many is why Ma was not allowed to choose her own course of care.

Some commenters argued the family was not able or willing to pay for the surgery — a common problem in a country where anything other than the most basic medical care can be out of reach for the average person.

Others have wondered whether government policy was at least partly to blame for Ma’s death.

China has long kept a tight rein on women’s reproductive rights, sometimes using force.

After decades of promoting a strict “one-child” policy to limit its booming population, China has reversed course, pushing women to have two children in hopes of rejuvenating the country’s greying labour force.

While C-sections are favoured in China as a less painful option, the government has pressured hospitals to reduce the Caesarean rate which is among the world’s highest.

“The hospital wants to limit C-sections and the families don’t want to spend money,” said one commenter, airing a view that was widely expressed on social media.

“This type of system and this type of family produced this type of tragedy.”

The government has also pushed a return to more traditional, Confucian values that privilege the family over the individual.

What that means for childbirth is that husbands and their mothers — not women themselves — are more likely to call the shots.

“Why can’t the hospital carry out a C-section upon her request?” wrote one commenter on Weibo.

“Simply because her family does not agree? What kind of rule is this?”

Laos’ growth may fall short of year’s target

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Laos’ growth may fall short of year’s target

ASEAN+ September 09, 2017 01:00

By VIENTIANE TIMES
ASIA NEWS NETWORK
VIENTIANE

A PRELIMINARY calculation has suggested that the Laos economy will grow by 6.8 per cent in 2017, slightly lower than the target of 7 per cent, the nation’s government has said.

Both the service and agriculture sectors failed to meet their growth targets for the year, Kikeo Chanthabouly, deputy minister of planning and investment, told members of the National Assembly (NA) last week.

The calculation was based on initial reports provided by sectors and local authorities, he told the meeting of the NA’s Planning, Finance and Auditing Committee and government bodies in charge of economic affairs in Vientiane.

But it was believed that gross domestic product (GDP) growth could climb higher if final reports that incorporate comprehensive information were taken into account.

“Just calculating based on initial reports, the growth rate has already reached 6.8 per cent,” Kikeo said.

GDP amounted to 140,102 billion kip (Bt560 billion) with GDP per capita equivalent to US$2,472 (Bt81,831) (based on a population size of 6,916,402).

The deputy minister said the economy continued to grow over the first six months of this year compared to the same period last year.

According to the calculation, the service sector continues to make the biggest contribution to GDP, accounting for 42.1 per cent, even though it failed to meet the target set for this year.

The service sector grew by 6.1 per cent, less than the target of 7.8 per cent. The agriculture sector, which accounted for 16.3 per cent of GDP, grew by just 2.8 per cent, less than the target of 3.1 per cent.

AEC Feed

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ASEAN+ September 09, 2017 01:00

By Asia News Network

Cambodia, Thailand sign double taxation agreement

Cambodia and Thailand have signed an agreement that protects each country’s nationals from dual taxation and aims to encourage bilateral investment and strengthen economic ties.

Finance Minister Aun Porn Moniroth and Thai Foreign Minister Don Pramudwinai signed the agreement in the capital in the presence of Prime Minister Hun Sen and Thai Prime Minister Prayut Chan-o-cha, who is on a state visit.

While full details have yet to be released, the agreement follows Cambodia’s aggressive push to shield investors from being onerously taxed twice on multinational operations, and to improve compliance with Asean standards.

In July, members of Cambodia’s General Department of Taxation met in Bangkok with their Thai counterparts to hammer out the draft during a two-day consultation workshop.

Excessive tax paid in a taxpayer’s home country will be deducted as exemptions or a tax credit.

Income tax levied on air transport will also be waived, while the taxing of dividends, interest, royalties and fees for technical services arising from capital assets will have to conform to agreed rates.

Clint O’Connell, head of tax practice for DFDL Cambodia, said that while this is the fourth dual taxation agreement that Cambodia has signed since May of last year, none has been ratified.

However, the Cambodian and Thai governments have been trying to push an agreement through for years and it has been seen as a priority issue given their geographic proximity and the volume of cross-border investment, he said. – Phnom Penh Post .

HNA makes conditional general offer for CWT

Chinese conglomerate HNA Group on Thursday made a conditional general offer for Singapore-listed logistics provider CWT, after tabling a preconditional offer in April.

The formal offer follows the satisfaction of certain preconditions earlier agreed upon, including the approval of HNA Holding Group’s shareholders and the receipt of certain antitrust approvals from China.

HNA is offering S$2.33 (Bt57.7) in cash for each CWT share, in a deal that values one of Singapore’s largest logistics groups at about S$1.4 billion.

CWT’s independent directors have appointed Ernst & Young Corporate Finance as the independent financial adviser to advise them on the offer. – The Straits Times.

Apex Equity sees 23% stake traded off-market

Malaysia’s Apex Equity Holdings saw 23 per cent of its paid-up traded off-market at midday yesterday at 2 ringgit (Bt15.8) each.

Stock market data showed that 49.77 million shares were crossed at 2 ringgit each, which was 21 sen or 11.7 per cent above Thursday’s closing price of 1.79 ringgit. At midday, the share price of the stockbroking company was up six sen to 1.85 ringgit.

In the second quarter ended June 30, its earnings rose 54 per cent to 3.84 million ringgit from 2.49 million ringgit a year ago.

In the first half, its earnings jumped 107 per cent to 8.35 million ringgit from 4.02 million ringgit in the previous corresponding period. – The Star

Mercedes, Auto Commerz invest in new dealership

Mercedes-Benz Malaysia Sdn Bhd (MBM) and its newest dealer partner, Auto Commerz Sdn Bhd, have announced a joint investment allocation of over 10 million ringgit in Malaysia in the next two years for the new dealership.

MBM president and chief executive officer Claus Weidner said the addition of a new dealer would enable the group to continue to strengthen its brand presence in the country.

“With the launch of this new Auto Commerz Autohaus (dealership), we maintain our claim as the largest premium dealer network in Malaysia with 32 Autohauses nationwide,” he said at the announcement of Auto Commerz as MBM dealer partner on Thursday.

Auto Commerz is part of the Swire Group, which boasts experience in handling the distribution of Mercedes-Benz brand in Taiwan.

“Leveraging on Swire Group’s international presence, industry knowledge and experience, we are confident that the Mercedes-Benz Auto Commerz dealership will further enhance customer experience in Malaysia,” Weidner said.

An interim facility of Mercedes-Benz Auto Commerz Authohaus was also launched on Thursday by Weidner and Auto Commerz dealer principal Eric Khoo at the same event. – Bernama

Responsible-business agency launches report to encourage equality in Myanmar companies

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People from different religions discuss about discrimination for input of the briefing paper in Yangon (Photo-MCRB).
People from different religions discuss about discrimination for input of the briefing paper in Yangon (Photo-MCRB).

Responsible-business agency launches report to encourage equality in Myanmar companies

ASEAN+ September 09, 2017 01:00

By KHINE KYAW
MYANMAR ELEVEN
ASIA NEWS NETWORK
YANGON

2,261 Viewed

AS DRAFTING an anti-discrimination law is underway, the Myanmar Centre for Responsible Business, a Yangon-based initiative funded by six European countries, on Thursday released a paper to help companies combat discrimination in hiring and in the workplace.

MCRB director Vicky Bowman said the paper describes discrimination in policy, law and practice against several groups in Myanmar including women; lesbian, gay, bisexual and transgender (LGBT) people; people living with HIV; people with disabilities; ethnic minorities; and religious minorities.

“We would like to see all companies combat discrimination and make a commitment to having inclusivity, diversity and equal opportunity as core business values,” she said.

Women, members of ethnic minorities and people with disabilities face discrimination at some workplaces, she said. Companies must be aware of the forms that it takes in Myanmar to combat discrimination effectively.

“While there are some obviously discriminatory laws still on the statute books, much of the discrimination in Myanmar today is a matter of societal attitudes, just like it is around the world.

“That means it may be ingrained in the way the company, and its workers, go about their jobs,” she said.

“A manager may not even be aware of something being discriminatory, particularly when it concerns indirect discrimination.

“This briefing paper aims at raising awareness of where the company might be failing to spot discrimination, or failing to act on it.”

The paper provides practical recommendations to companies to address the challenges they are facing, including specific recommendations for each high-risk group.

Companies must be alert to discrimination in their hiring practices, and should create favourable conditions for people living with disabilities to apply for jobs.

“Businesses need to be aware of potential discrimination in their workplaces,” she said.

In June, the organisation held a consultation with representatives from women’s groups, organisations working on behalf of LGBT people, people living with HIV and disabilities, and ethnic and religious minorities, to collect their suggestions.

The paper urges training on religious discrimination for all company workers to improve interfaith relations.

It also recommends providing services and facilities to consumers of all religions in a non-discriminatory and fair manner, and ensuring company advertisements do not perpetuate religious stereotypes and instead support a message of diversity.

“Discrimination can start with the recruitment process. Businesses routinely require applicants to show their Citizenship Scrutiny Cards (ID cards) to verify age, and whether individuals have the right to work in Myanmar.

“However, these cards currently also list the individual’s religion and ethnicity, which could reinforce biases in decision-making about who is selected,” it says.

It is equally important that employment applications focus on qualifications including education and experience rather than some discriminatory measures such as marital status, physical appearance, religion, ethnicity or any other information that is not relevant to the ability to do a job, it added.

Malaysia warns on initial coin offerings

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Malaysia warns on initial coin offerings

ASEAN+ September 09, 2017 01:00

By THE STAR
ASIA NEWS NETWORK
PETALING JAYA

FOLLOWING pronouncements of initial coin offerings or ICOs by regulators in many parts of the world, Malaysia’s Securities Commission (SC) has issued a statement cautioning investors about potential risks involved in these schemes.

The regulator reminded ICO scheme investors to seek legal or other professional advice to address any doubts on the legitimacy of such schemes, seeing that the terms and features of ICO schemes may differ across cases.

“Investors should take note that scheme operators may not have a presence in Malaysia.

“Hence, it would be difficult to verify the authenticity of the scheme and the recovery of foreign-invested monies may be subject to foreign laws or regulations,” said the SC.

An ICO is a fundraising exercise that raises capital via digital tokens in exchange for rights to a future product or service, share of returns from the project or new cryptocurrency ventures.

ICOs seem to be not under any regulations of financial authorities, and are also referred to as initial token offerings, token pre-sale and token crowd-sale. Investors pay for digital tokens issued and sold by ICO scheme operators, typically via other virtual currencies like Bitcoin and Ethereum.

The SC also added that since some of the ICO schemes operate online and may not be regulated, investors may be exposed to heightened risks of fraud, money laundering and terrorism financing.

“Investors should fully understand the features of an ICO scheme, and carefully weigh the risks before parting with their monies.

“For example, investors should be aware that ICO scheme operators issue a whitepaper, which typically contains descriptions of the ICO scheme, but may also carry disclaimers that absolve the operators from certain responsibilities and obligations,” the SC said.

This week, the People’s Bank of China banned fundraising by way of token-based digital currencies, deeming the practice illegal.

The Chinese central bank’s move to ban ICOs outright is one of the strongest regulatory challenges to date.

Following the move by China, the Hong Kong Securities and Futures Commission (SFC) said digital tokens invested in an ICO that distributes a share of returns in the scheme to its investors shall be regarded as securities.

Hence, such ICO schemes and the secondary trading of ICO digital tokens shall be subject to Hong Kong securities laws.

Hong Kong SFC’s stance on ICOs follows its US counterpart, the Securities and Exchange Commission (SEC), which said ICOs could be considered as securities. They warned that federal securities law applies to those who issue securities in the US, regardless of the securities being transacted in virtual currencies or US dollars, and regardless of the securities being allotted via distributed ledger technology or certificates.

As for Singapore, the Monetary Authority of Singapore (MAS) has issued an investor warning, advising the public to “exercise due diligence to understand the risks associated with ICOs and investment schemes involving digital tokens”.

MAS also suggested that consumers should check if the entity issuing ICOs is regulated by it. This follows a previous MAS statement highlighting that certain forms of token sales can qualify as securities offerings, similar to the SEC’s standpoint.

In addition, the SC noted that the other risks involved in ICO schemes include risks of insufficient liquidity or volatile and opaque pricing of digital tokens traded on a secondary market, as well as limited legal protection and recourse for investors against scheme operators due to the structure of the schemes.

Bell Pottinger Asia leaves parent, adopts new identity

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http://www.nationmultimedia.com/detail/aec/30326163

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Bell Pottinger Asia leaves parent, adopts new identity

ASEAN+ September 09, 2017 01:00

By THE STRAITS TIMES
ASIA NEWS NETWORK
SINGAPORE

JUST A day after saying it was looking at options including a name change, Bell Pottinger Asia has told its clients it has formally separated from its troubled parent and taken on a new identity.

The company will now be known as Klareco Communications, chief executive Ang Shih-Huei and Singapore managing director Mark Worthington told clients in a email yesterday.

The firm has been reassuring clients in the region over the past week that business is continuing as usual and that its management team remains intact, despite the crisis that has engulfed Bell Pottinger, its London-based parent.

The British public relations agency has been put up for sale after its CEO and chairman quit in the wake of a scandal over a racially divisive campaign it ran for a wealthy family linked to South African President Jacob Zuma.

Bell Pottinger Asia was always a legal entity that was run independently and autonomously, although Bell Pottinger was a major shareholder, Ang told The Straits Times in an exclusive interview on Thursday.

Now, it is in the midst of formally separating, and the new entity Klareco will be owned by the existing senior management team in Asia.

“Our team in Asia will be relaunching under a new ownership structure with a new name, and a renewed vigour and clarity of purpose,” Ang and Worthington said in the email to clients.

While the British business is expected to go into administration as early as next week, the Asia business is entirely ringfenced and solvent, they noted.

“Our teams are intact, we continue to serve our clients and it is entirely business as usual.”

The new name, Klareco, “underlines the diversity and inclusive values of this team, and our aspirations for the future”.

Klareco means clarity in Esperanto.