The workshop, titled “Building Responsible Business for Companies – Can companies do well by doing good?” saw government officials, company representatives, and domestic and international business representatives in attendance.

“We are here today to listen and share ideas about CSR in Laos. The government has signed agreements with several international parties and organisations on the importance of CSR frameworks,” co-chair and Lao National Chamber of Commerce and Industry (LNCCI) vice president Valy Vetsaphong said at the event.

Government incentives are deemed indispensable to wholeheartedly encourage and attract companies and investors to pay more attention to the benefits that can augment profits in creating real and sustainable value for all stakeholders, she said.

Business should derive not only a wide range of benefits from operations but also recognise the need for social responsibility contributions.

“Some SMEs have not yet been able to implement their planned CSR efforts effectively, while other larger companies have accomplished a textbook operation,” she said.

Valy said government policy on CSR already existed, but added that incentives provided by the government could include special tools to encourage more companies to practise CSR actively.

“Let’s say the government should provide companies with additional policy measures, “ Valy said.

The country is forecast to post a trade surplus of US$3 billion this year, contributing to stabilising the macro-economy, curbing inflation and achieving all 13 socio-economic targets set by the Government.

The growth is mostly attributable to agri-forestry-fisheries, trade, services, manufacturing and restructuring of State-owned enterprises.

Meanwhile, the ministry said the industrial production index (IIP) has exceeded the year’s target and contributed positively to reaching the targeted GDP growth of 6.7 per cent in 2017. Total retail sales and service revenue also saw growth in the double digits.

Hung said that this result was particularly significant because many targets of the ministry were short of expectations in the first half of this year.

However, in the second half of 2017, macro-economic indicators regained their momentum because the MoIT actively restructured State-owned enterprises, especially groups and corporations in key economic sectors.

The ministry has also paid attention to foreign markets, especially promising ones that signed trade deals with Vietnam, promoted growth of the domestic commodity market, and closely monitored the consumer price index (CPI).

It has also continuously implemented administrative reforms, one of the key solutions in removing difficulties for businesses.

Minister of Industry and Trade Tran Tuan Anh affirmed the industry and trade sectors have achieved impressive results in 2017, and corporations under the ministry’s management also achieved their targets in production and business, especially those are undergoing increeasing hardships such as Vietnam Oil and Gas Group (PVN) and Vietnam National Coal and Mineral Industries Group (Vinacomin).

In the future, the ministry will continue to complete legal documents for improving efficiency in State management activities, and to deal with projects suffering losses.

The ministry will follow the market and protect the interests of domestic production sectors, especially in the sectors of steel, automobiles, fertilisers and chemicals, to increase production.

Statistics from the MoIT showed that as of December 19, Vietnam’s export-import revenue hit a record $400 billion, compared to $100 billion a decade ago.

Tran Thanh Hai, deputy head of the MoIT’s Import-Export Agency, said with the enforcement of free trade agreements with the Republic of Korea, the Eurasian Customs Union and Asean, and the Regional Comprehensive Economic Partnership two years ago, Vietnam’s exports-imports have grown rapidly to $400 billion this year from $300 billion in 2015.

Vietnam now has more than 200 trade partners, including 29 export and 23 import markets.

The downtown pitstop in Robinson Road, which launched on Thursday, sells “hand brew” coffee, sandwiches and eco-friendly beauty products and accepts bitcoin, its own virtual currency called Ducatus and other cashless payments.

Its push to promote the use of its own currency through commercial enterprise, rather than speculative investment, comes the same week the Monetary Authority of Singapore urged investors to exercise “extreme caution” towards the crypto-currency market, which many feel is in a bubble.

“We just want to make sure people understand that cryptocurrencies are here to stay,” Ducatus CEO Ronny Tome told Reuters, adding he had plans to open more cafes in other countries and team up with hotels and travel agencies.

“The way technology develops and grows right now, there is no doubt about that. Developments are rapid and the governments maybe have a little bit of an issue to follow through.”

Tome said he welcomed Singapore’s efforts to educate people about crypto-currencies, including warnings against speculative behaviour, but did not think it would impact his business.

The booming global interest in crypto-currencies means Singapore – which has positioned itself as a hub for financial technology in Asia – has to walk a fine line between encouraging technological innovation and reducing financial system risk within its borders.

While the central bank worries about potential losses for its citizens and money laundering through crypto-currencies, it is carrying out extensive research into the blockchain distributed ledger technology that underlies bitcoin.

Anson Zeall, who heads a local association of crypto-currency companies in Singapore, said that while the country promotes itself as an easy place to do business for fintechs, banks have been shutting |down accounts of some crypto-currency firms and exchanges in recent years.

Singapore’s concerns echo those expressed by regulators in other jurisdictions such as Australia and South Korea.

Deloitte’s head of financial crime for Asia Pacific, Tim Phillipps, expects policymakers’ warnings will only increase as the virtual currency investment community broadens its view .

“The regulators generally around the world are worried about less sophisticated investors getting drawn in to what is a pretty murky and dark market,” said Phillipps.

“The discussion is crucial, especially since SESB continues to make losses and on the verge of insolvency,” KeTTHA Minister Maximus Ongkili said on Friday.

TNB owns 82.75 per cent of SESB and the Sabah State government holds the remaining stake.

Ongkili pointed out that SESB’s energy generation cost is much higher than its current average tariff and this has caused the Federal Government to subsidise its fuel cost.

“SESB’s current average tariff is 34.52 cents/kwh while cost of energy generation is 56.50 cents/kwh. Hence, the federal government has been subsidising SESB’s fuel costs, that is primarily diesel, medium fuel oil (MFO) and gas,” he said.

The federal government has also been providing the bulk of SESB’s capital expenditure.

Since 2012, the Federal Government has spent RM4.2mil to boost SESB’s operation while both TNB and SESB have also spent their portion on capex expenditure.

Ongkili added that through these efforts, the system average interruption duration index (SAIDI) has been reduced from 777 minutes per customer a year in 2014 to 311 last year. The SAIDI is expected to be further reduced to 280 by year end.

SESB also has been asking for tariff revision since its last review in 2014.

But it is also the federal government’s duty to ensure tariff is fair and affordable to consumers.

He also said the ministry wants to ensure that the tariff revision is reflective of the quality of power delivered.

He was responding to the comments by TNB chief executive officer Azman Mohd who was quoted saying they were discussing on the future of SESB and an agreement was expected by 2018 to determine the best option.

The Indonesian government has allocated 4.5 trillion rupiah (Bt10 billion) to implement a mortgage interest subsidy for low-income households next year.

The Housing Finance Fund Management Centre (PPDPP), which falls under the Public Works and Housing Ministry, signed an agreement on Thursday with 40 banks that have been tasked with distributing the subsidy to low-income households seeking a mortgage loan.

Lana Winayanti, the ministry’s housing finance director general, said the fund would be disbursed under the housing financing liquidity facility (FLPP) to subsidise 42,000 low-cost houses.

“The fund will be disbursed in January,” said Lina in Jakarta, adding that this year, the PPDPP had allocated 4 trillion rupiah to the FLPP scheme.

In the last five years, the PPDPP has disbursed 30.68 trillion rupiah to subsidise the purchase of 517,558 houses.

The mortgage subsidy’s recipients comprise private employees (73.94 per cent), civil servants (12.78 per cent) and informal sector employees (7.68 per cent). – The Jakarta Post

CDL sells Brisbane properties for A$77m

Singapore-based CDL Hospitality Trusts is selling the Mercure Brisbane and Ibis Brisbane for A$77 million (Bt1.4 billion), the stapled group announced yesterday.

The sale price represents an exit yield of 5.3 per cent on the fixed rental; a 43.4 per cent premium over the A$53.7 million original purchase price; and a 10 per cent premium over an independent valuation of A$70 million.

The buyer is CR Hotel Target, an independent third party. Completion is expected in January.

The 194-room Mercure and 218-room Ibis are connected properties within a single site across from the Performing Arts Complex Centre and Brisbane Convention and Exhibition Centre in Brisbane.

The property was acquired on February 18, 2010, with a master lease that expires on April 30, 2021. – The Straits Times

Honda Malaysia recalls Accord, Odyssey models

Honda Malaysia has issued a product recall for 49,116 units of the Odyssey (2014-2017 model) and Accord (2013-2016 model) for faults in the makes involving battery sensor failure and a defective door mirror component.

Honda said 20,233 units of the Accord are being recalled due to inaccurate forming on the printed circuit board in the battery sensor during its production process.

“This may cause electrical short circuit of the sensor, and possibilities of smoke coming from the hood or, in the worst case, a fire,” it said in a statement.

Meanwhile, 27,912 units of Accord and 971 units of Odyssey are being recalled for a defective door mirror component. – The Star

Indonesia to develop Papua’s Nabire Port

The Indonesian government has announced its plans to develop the Nabire Port in Papua as feeder port for the province, for both cargo and passenger ships.

President Joko Widodo said on Thursday in Nabire Regency, Papua that the construction to expand the port would start in 2018.

After its expansion, Nabire Port will be able to serve six regencies around Nabire – Waropen, Paniai, Dogiai, Mimika, Kaimana and Wandama.

“We will start with [building] the container terminal in 2018. [The existing port] will be repaired, expanded and improved upon,” Widodo said in a press release.

Renovations on the passenger terminal would commence later, |the President said, adding that |the private sector was welcome |to take part in the port’s development.

“I heard from Regent Isaias Douw that a lot off Nabire’s products such as fish, oranges, wood and bananas, are shipped to Surabaya and Makassar,” Widodo said. – The Jakarta Post

According to information from Cambodia’s Ministry of Industry and Handicrafts, only two cement companies are currently operational, annually producing a combined 3.4 million tonnes. An additional three factories are expected to begin production at the start of the new year, and a fourth is currently in construction.

Hort Pheng, director of the Industrial Affairs Department at the Ministry of Industry, projected that the total annual production of all six factories would be around 20 million tonnes, but noted that no efforts were being made to lower costs of production, which continue to negatively impact local cement quality and price.

“Our construction sector is growing, but even if our cement factories produce 20 million tonnes a year, our imports of cement will remain high because our cement prices are still too high to compete with imported products,” he said. “We should focus on lowering the cost of our own cement, so we do not have to depend so heavily on imports.”

Heng Sinsiphat, deputy general manager of Battambang Conch Cement, claimed that his new factory, which will be operational in a few months, should produce 1.8 million tonnes of cement annually. He added that the cement market demand in Cambodia was about 7 million tonnes in 2017, but said he expects demand to grow exponentially in the next few years.

“The growth of investment from China and Korea will push the growth of construction, and I do not think that even the entire supply of Cambodian cement will be sufficient to meet the needs of the growing construction sector,” he said.

However, Sinsiphat added: “Even if we produce enough cement to cover all new [construction] projects, importing will still be a challenge to the local industry, because we cannot compete on quality or cost.”

Tieng Sopheak Vichea, public and government relations manager at Chip Mong Insee Cement, said that the company’s US$262 million factory will be operational in February and has the capacity to produce 2 million tonnes of cement a year, though he declined to comment further.

Production figures for the other two factories could not be obtained this week. According to Seang Thai, spokesman for the Ministry of Commerce, the kingdom imported 1.19 million tonnes of cement last year, equivalent to US$85 million.

“Cement imports are still highly important for construction, because our cement supply is not sufficient to meet construction growth,” he said. “We are part of a free market now, and we have to build up our capacity to compete in this market – we cannot ban imports.”

Megawide and DoubleDragon, through the latter’s subsidiary, DD-Meridian Park Development Corp., recently signed a contract for the construction of DoubleDragon Tower and Ascott DD-Meridian Park.

“We’ve been working with DoubleDragon for the DoubleDragon Plaza at DD-Meridian Park since the very beginning. To be trusted once again to work on these new projects is proof of our successful working relationship these past years,” Megawide chair and chief executive officer Edgar Saavedra said in a press statement yesterday.

DoubleDragon Tower and Ascott make up the third and final phase of the eight-tower DoubleDragon Plaza at DD-Meridian Park, a 4.75-hectare mixed-use development located at the Bay Area in Pasay City.

The 11-floor DoubleDragon Tower, which will be another office building within the development, will cover 61,859 square meters of land, while the 11-floor luxury serviced apartment Ascott will span 49,542 square meters. The total contract cost is around P3.3 billion for these projects.

Megawide had also worked on the first two phases of the development. These include the four-tower DoubleDragon Plaza completed this year, and the DoubleDragon Center-East and DoubleDragon Center-West buildings expected to be completed by the last quarter of 2018. DoubleDragon has recently relocated its headquarters to this new office development.

DD-Meridian Park Development Corp signed the deal with Ascott in June to develop a 300-room five-star serviced residence at the Meridian Park. Ascott, a Singapore-based company known to be one of the leading international serviced residence owner-operators, owns the brands Ascott The Residence, Citadines Apart’Hotel and Somerset Serviced Residence.

Saavedra said these new projects would open new opportunities to maximize Megawide’s engineering and construction expertise.

“Our team of professionals continues to study new methods and technologies to be able to deliver excellent results. We will make sure that Ascott and DoubleDragon Tower will come out as how our loyal client envisions them,” he said.