China expects new US administration to advance ties
Nov 06. 2020Le Yucheng. [Photo/fmprc.gov.cn]
By ZHANG YUNBI China Daily/ANN
Beijing expects the incoming US administration to meet China in halfway, manage differences and push for the advancing of China-US ties along the right track, a senior diplomat said on Thursday.
Vice-Foreign Minister Le Yucheng made the comments when asked about the US presidential election and its implications on China-US relations at a news briefing in Beijing.
Le said that at present, the counting of the US presidential election votes is still underway, the result has not yet been finalized, and hopefully the election will proceed smoothly and successfully.
China’s attitude toward its relations with the US is clear and consistent, Le said, adding that despite differences between the two countries, they also “have extensive common interests and room for cooperation”.
“Maintaining and promoting the healthy and stable growth of China-US relations is in line with the fundamental interests of the people of both countries and serves the common expectation of the international community,” he said.
It is hoped that the incoming US administration will meet China in halfway, adhere to the principle of no conflicts, no confrontations, mutual respect and win-win cooperation, focus on cooperation, manage differences, and push for the advancing of China-US ties along the right track, Le said.
[Myanmar] Military issued statement over election because caution was needed: Military Chief
InternationalNov 05. 2020Photo- Tatmadaw True News Information Team
By Eleven Media/ANN
Commander-in-Chief of Defence Services Senior General Min Aung Hlaing has said although he used to talk in the 2015 election about acceptance of the election results as soon as the Election Commission announces a free and fair election, he had to issue a warning as the time of caution has come now.
The military chief made the comment during an interview with the Popular News Journal on October 3. He was asked about the statement on the military’s stance on the election issued by the Office of the Commander-in-Chief of Defence Services issued on November 2.
“When I was casting my vote in the 2015 general election, I was asked in an interview. I said the commission will have election results if the election is free and fair. Then I must accept that. I used to talk about this. But now the time has come for us to stay alert. We have to take care. I don’t want that to happen. It’s just a warning,” said Senior General Min Aung Hlaing.
The constitution states that the military is responsible for protecting the State as well as the constitution. Thus, the warning of the military is in conformity with the law, he added.
He said the country is on the path to democracy in line with its constitution while the country itself is built with this constitution. Therefore, the military is responsible for saying this, he said.
He also questioned if anyone else talks about this unless the military does so.
“The international community is also criticizing us. Our country must have its dignity. It cannot be harmed. This is why I said so. I rarely say so. I warn this as I don’t want that to happen. It is the government that will take responsibility,” the military chief commented.
As election is crucial in democracy, election must be systematic and disciplined and otherwise, stable democracy cannot be achieved, he said.
In the military’s statement issued on November 2, it claimed that the UEC, along with the Union government, had been unable to hold a free and fair general election.
SINGAPORE – DBS and OCBC saw a fall in third-quarter net profit as they set aside more allowances against potential bad loans amid the coronavirus pandemic, joining United Overseas Bank which reported a day earlier.
But the local banks also struck a cautiously optimistic tone as regional economies pick up pace, and said they have ample provisions to tide through uncertainties ahead.
DBS Group Holdings posted a 20 per cent drop in third-quarter net profit to $1.3 billion from $1.63 billion a year earlier, as it set aside higher allowances for potential bad loans and lower net interest income.
Earnings topped the $1.12 billion average estimate of eight analysts surveyed by Bloomberg.
The board has declared an interim dividend of 18 cents per share, down from 30 cents for the year-ago period, to which the bank’s scrip dividend scheme will be applied.
South-east Asia’s largest bank set aside allowances of $554 million in the third quarter. Together with allowances of $1.94 billion in the first half of the year, total allowances in the first nine months of this year quadrupled to $2.49 billion from a year ago, DBS said on Thursday (Nov 5).
Three-fifths, or $1.5 billion, of this amount were general allowances conservatively set aside to fortify the balance sheet against macroeconomic risks.
The bank’s non-performing loan (NPL) ratio weakened to 1.6 per cent from 1.5 per cent a year ago.
DBS also saw lower net interest income, which fell 12 per cent year on year to $2.17 billion as loan growth was offset by a lower net interest margin. The drop was 6 per cent from the previous quarter.
Net interest margin fell nine basis points to 1.53 per cent as the impact of global interest rate cuts in March and April was more fully felt. Net interest margin is a key gauge of profitability for banks, measuring the difference between income earned from loans and the interest paid to depositors.
DBS’ annualised earnings per share stood at $1.98 for the quarter, a decrease from $2.50 a year ago.
Compared to the second quarter, net profit rose 4 per cent as fee income rebounded 17 per cent to pre-pandemic levels. This softened the impact of lower interest rates and a decline in trading income from a high base.
DBS chief Piyush Gupta said the third-quarter results reflect a recovery in business momentum as regional economies emerge from lockdowns.
“The rebound in fee income to pre-Covid levels has enabled us to cushion the full impact of lower interest rates. At the same time, the accelerated build-up of allowances has strengthened our ability to meet the challenges of an uneven economic recovery in the coming year,” he said.
Loans were stable in constant currency terms at $371 billion as underlying loan momentum remained healthy, said DBS.
Further drawdowns of non-trade corporate loans were offset by the repayment of short-term facilities made in the first half. While Singapore housing loans dipped due to the delayed impact of the circuit breaker in the second quarter, new bookings rebounded strongly in the third quarter, DBS noted.
Net profit for the first nine months fell 24 per cent year-on-year to $3.71 billion due to the higher allowances.
Meanwhile, OCBC Bank’s net profit dipped 12 per cent to $1.03 billion from $1.17 billion a year ago, on the back of lower net interest income and more allowances set aside for loans.
Its earnings topped the $850 million average estimate of analysts surveyed by Bloomberg.
Net interest income fell 11 per cent year-on-year to $1.42 billion, amid a sustained low interest rate environment.
Non-interest income rose 6 per cent to $1.12 billion, led by higher trading income and insurance profit.
Total allowances increased by 8 per cent year-on-year to $350 million, but fell from $750 million in the previous quarter.
Net profit rose 41 per cent from the previous quarter on the back of the lower allowances.
OCBC chief executive Samuel Tsien said that the economic outlook is still uncertain and it is important for the bank to continue strengthening its capital and balance sheet.
“This will position us well for the crisis and enable us to emerge well-prepared for new opportunities when the market recovers.”
He added that OCBC has set aside prudent levels of allowances, and will stay vigilant in managing its credit portfolio as it works closely with customers to ensure a smooth and disciplined transition out of the moratorium programmes.
On Wednesday, United Overseas Bank posted a 40 per cent drop in third-quarter net profit to $668 million, from $1.12 billion a year earlier. It set aside an additional $339 million in credit allowance for non-impaired assets to strengthen provision coverage.
The bank’s earnings were better than expected, topping the $641 million average forecast by analysts in a Bloomberg poll.
Seoul stocks open sharply higher despite US election limbo
InternationalNov 05. 2020The Kospi rates are shown on the dealing room screen at a Hana Bank in Seoul on Thursday morning. (Yonhap)
By The Korea Herald/ANN
The South Korean benchmark stock index opened sharply higher Thursday despite the US presidential election being in limbo, taking a cue from the overnight Wall Street rally.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 31.13 points, or 1.32 percent, to 2,388.45 in the first 15 minutes of trading.
Stocks traded bullish after a 0.6 percent hike the previous session, as investors rush for giant tech and bio stocks as US election uncertainties continue.
Investor sentiment ran high as the tech-heavy Nasdaq composite spiked 3.85 percent Wednesday (New York time). The Dow Jones Industrial Average rose 1.34 percent, and the S&P 500 advanced 2.2 percent.
Most large caps traded higher in Seoul.
Market bellwether Samsung Electronics added 1.54 percent, with No. 2 chipmaker SK hynix gaining 1.68 percent.
Pharmaceutical giant Samsung Biologics moved up 6.41 percent, while Celltrion traded flat.
Leading chemical firm LG Chem rose 2.62 percent, and Hyundai Motor, the country’s largest carmaker, moved up 1.75 percent.
Internet portal giant Naver climbed 0.5 percent, and its rival Kakao gained 1.53 percent.
The local currency was trading at 1,128.35 won against the US dollar, up 9.35 won from the previous session’s close. (Yonhap)
HÀ NỘI — Vietnamese Deputy Minister of Foreign Affairs Nguyễn Quốc Dũng stressed the need to promote “dialogue and cooperation between ASEAN and China in ensuring just and humane treatment of fishermen,” especially those who are in danger, as a priority area of cooperation between the two sides.
He made the statement at the “Workshop on Promoting Cooperation in Ensuring Just and Humane Treatment of Fishermen in the South China Sea” held on Tuesday in Hà Nội, an initiative of Việt Nam under the ASEAN-China Joint Working Group on the Implementation of the Declaration on the Conduct of Parties in the South China Sea (JWG-DOC), with the proposals and recommendations from the experts to be reported to ASEAN-China officials’ channels on DOC implementation.
Among the sea-going groups of people in the South China Sea (known in Việt Nam as the East Sea), fishermen are particularly vulnerable to dangers or distress situations at sea, including increasingly complex weather patterns and frequency of natural disaster, accidents and collisions, Dũng said.
“Over the past years, ASEAN Member States and China have undertaken various efforts in providing assistance and ensuring humane treatment to fishermen, including through their implementation of existing instruments related to safety at sea,” Dũng said.
In 2010, the ASEAN Foreign Ministers issued the ASEAN Declaration on Cooperation in Search and Rescue of Persons and Vessels in Distress at Sea, which demonstrates ASEAN’s political will to reinforce cooperation in providing mutual assistance to persons and vessels in distress at sea, he added.
It should be acknowledged that protection and provision of just, humane treatment to fishermen are cross-sectoral in nature, which requires a holistic approach to address, the Vietnamese diplomat said, acknowledging that there remains a certain difference in each others’ understanding of the issue, which results in a different application of law enforcement practice.
In this context, the cooperation between China and ASEAN to promote the issue as one of the “confidence-building measures” to implement the DOC, as well as to serve the benefits of fishing communities and the people as a whole in the region.
Nearly 200 million people depend on fishery resources of the South China Sea for their livelihood, heard the workshop.
ASEAN representatives said that fisheries activities in their countries are mostly small scale, and the risks the fishermen – usually having disadvantaged backgrounds – face necessitate long-term support.
Some positive examples – including the experience and actual progress in implementation of common guidelines for treatment of fishermen between Indonesia and Malaysia in the still-disputed waters between the two countries – are seen as valuable references for ASEAN-China framework in the future.
The event drew the participation of 120 officials, researchers, legal experts, representatives from ASEAN countries and Chinese embassies, along with representatives from international organisations in Việt Nam.
The Vietnamese deputy foreign minister hoped that the one-off event will be the “first step in the process toward a joint commitment and cooperative arrangement that will bring about direct benefits to the people of our region.” — VNS
Plans to further open up fast-paced Shenzhen are expected to bring more opportunities to Southeast Asia – a region that has long attracted some of the top Chinese technology companies.
Shenzhen, which marked its 40th anniversary as China’s first special economic zone in October, is being further developed into a pilot zone for socialism with Chinese characteristics.
Alfonso de los Reyes, head of insights at Momentum Works, a technology venture group in Singapore, said that Southeast Asia “can learn and benefit from close interactions with the ecosystem in China”, alluding to the presence of Chinese technology and telecommunications firms in Southeast Asian countries.
Chinese authorities have laid out policy reforms that aim to further open up Shenzhen’s economy. These include easing restrictions on the energy, telecommunication, public service, transport and education sectors; loosening limits on foreign investment in cutting-edge technologies; and strengthening the protection of intellectual property rights.
As an SEZ, Shenzhen was developed into a hub for manufacturing and international trade and has offered tax incentives to foreign investors. It has also encouraged entrepreneurship and innovation, and in the process created some of the world’s most renowned companies including Tencent, Huawei, ZTE and drone manufacturer DJI.
President Xi Jinping praised Shenzhen’s success, noting its “historic leap from a backward border town to an international metropolis with global influence”. In a speech delivered at Shenzhen’s anniversary celebrations, Xi said the city needs to become a demonstration area of socialism with Chinese characteristics.
He also said that it is important for Shenzhen, now home to over 13 million people, to have an innovation-driven strategy, foster new growth engines and become a leading hub in scientific, technological and industrial innovation with global influence.
Analysts said this bodes well for Shenzhen’s homegrown companies. These technology giants can further expand and bring innovation to Southeast Asia. Companies in the region can tap Shenzhen as a base to explore the larger Chinese market.
De los Reyes said that Shenzhen is a hub for hardware, deep technology and e-commerce. He said plans to further open up Shenzhen will improve the flow of information, resources, human capital and potential business opportunities between Shenzhen and Southeast Asia.
“With the ease of restrictions, Shenzhen-based companies should be able to become more efficient and more competitive due to the improved flow of resources that will ultimately impact the levels of infrastructure, human capital and connectivity of the city. This should enable more companies to emerge in Shenzhen that will look at Southeast Asia among other regions as a business target,” he said.
Economic links
Zeng Xiaofeng, vice-president of consultancy firm Niko Partners, said Shenzhen and Southeast Asia have an “economic connection”. He said Shenzhen-based companies have been making inroads in Southeast Asia for years, attracted by the region’s immense population, growing affluence and young, tech-savvy customer base.
He said the Chinese companies’ expansion in Southeast Asia will have a huge impact as they will contribute to technology and telecommunications development in the region.
Tencent, for instance, is one of the main shareholders of Sea Ltd-the Singapore-based internet platform provider behind games publisher Garena and e-commerce site Shopee. It also has a stake in Voyager Innovations, the fintech subsidiary of Philippine telecommunications firm PLDT, and Indonesian ride-hailing firm GoJek. Tencent is setting up its regional hub in Singapore to further expand in Southeast Asia.
Huawei has partnered with local telecommunications companies to develop 5G networks in Cambodia, Malaysia, the Philippines and Thailand. ZTE has partnered with the Qatar-based telecommunications company Ooredoo to develop Myanmar’s 5G network.
In Malaysia, the Selangor state government has allocated 2 million ringgit (US$480,000) for DJI high-technology drones to monitor rivers in the western Malaysian state.
Innovation commitment
Maggie Lee, head of capital markets development at KPMG China, said that world-class technology firms have emerged in Shenzhen. She said policy reform plans for Shenzhen reaffirmed China’s commitment to innovation and technology-benefiting the city as well as other international companies that will invest in it.
Lee said Southeast Asian companies that invest in Shenzhen can “take advantage of the perks (that come with its status as) a hub for innovation”.
“While expanding to Shenzhen, Southeast Asian companies can also improve technology capabilities and tap into the high-quality talent pool,” she said.
Apart from tapping a bigger market and talent pool in the Guangdong-Hong Kong-Macao Greater Bay Area, of which Shenzhen is part of, Lee said Southeast Asian companies can use the city as a venue to raise capital by listing in the Hong Kong bourse.
PETALING JAYA: A state of emergency is expected to be announced in a move to step up the fight against the Covid-19 pandemic that has spiked sharply over the past one week, as well as to put a stop to political squabbles.
It is understood that Prime Minister Tan Sri Muyhiddin Yassin had an audience with the Yang di-Pertuan Agong at Istana Abdulaziz in Kuantan, Pahang on Friday (Oct 23) afternoon.
This audience is said to communicate the Cabinet decision to propose the declaration of an emergency following its special meeting that ended at around 1pm Friday.
Muhyiddin is expected to present the proposal to the King for consideration at 5pm.
Highly-placed sources said Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah would have the final say as to when the state of emergency will take effect.
“His Majesty is expected to meet his brother Rulers soon to get their views too but suffice to say, they will support any decision made by the King,” a source said.
A check with certain Rulers confirmed that they had been informed of a special meeting of the Rulers, not to be confused with the Conference of Rulers.
Officials at Putrajaya emphasised that only political activities would be affected by the Emergency.
“It will be business as usual. Economic activities will carry on and there will be no curfews.
“In a nutshell, life goes on as we know it. This is for the good of the country in fighting Covid-19,” the source said.
Meanwhile, lawyer Datuk Seri Jahaberdeen Mohamed Yunoos said that if an emergency is going to be declared, it ought to be “an economic, political and health emergency” not a national security type with curfews and so on.
“Furthermore, the King must take cognisance of the political instability and that ought to be addressed if this government proposes the emergency, lest it becomes and is used as a political tool. This would not help.
“We need to focus on restoring health, economy and political stability and I believe the rakyat looks up to the Yang di-Pertuan Agong to save Malaysia within His Majesty’s constitutional powers, ” said Jahaberdeen, founder of the Rapera Movement, which encourages thinking and compassionate citizens.
One official said that without such a legal move, the Election Commission would need to conduct the Batu Sapi by-election.
“We can’t risk having a by-election now. It will be irresponsible to put the lives of EC officials and voters at risk now with the pandemic raging in Sabah.”
The Batu Sapi parliamentary seat was declared vacant following the death of its MP Datuk Liew Vui Keong of Parti Warisan Sabah due to a lung infection on Oct 2.
The Election Commission announced Nov 23 as nomination day, Dec 1 for early polls and Dec 5 for the by-election.
Other than PBS, Barisan Nasional, SAPP, Parti Cinta Sabah, Sabah STAR, and Sabah Pakatan comprising PKR, DAP and Amanah, have said that they would not be contesting in the polls.
Events to mark Hangeul Day to be held at Korean Cultural Centers worldwide
Oct 05. 2020
Poster for online Korean speaking contest organized by Korean Cultural Center in Thailand (Korean Culture and Information Service)
By Song Seung-hyun The Korea Herald
A wide range of events will be held at 32 Korean Cultural Centers located in 27 countries to mark the 574th Hangeul Day on Oct. 9. the Ministry of Culture, Sports and Tourism and Korean Culture and Information Service announced Monday.
Hangeul is the writing system for the Korean language, consisting of 24 letters. King Sejong the Great (1397-1450) led the invention with a team of scholars and Hangeul was promulgated in 1446.
“Through holding these events to commemorate Hangeul Day, we hope to inform foreigners around the world of the excellence of Hangeul and spread the Korean words and writings to the world,” a Korean Culture and Information Service official said in a statement.
Due to the ongoing spread of COVID-19, the Korean Culture and Information Service said most of its events, including Korean speaking and K-pop lyrics writing contests, special lectures and discussions, will be held online. More details can be found on the 32 Korean Cultural Centers’ websites.
The Korean Culture and Information Service highlighted special events that will be held at the Korean Cultural Center in India, a country that has recently shown surging interest in the Korean language and selected it as one of the foreign languages taught at the secondary school level.
The center in India will also hold an event titled “Dica Poetry,” which is a Korean poem writing contest based on pictures that contestants have taken with their digital cameras. The events at the Korean Cultural Center in India are prepared jointly with Jawaharlal Nehru University, the center added.
Muhyiddin to undergo self-quarantine again after minister tests positive for Covid-19
Oct 05. 2020
By The Star Online
PETALING JAYA: Tan Sri Muhyiddin Yassin says he will undergo self-quarantine at his residence for 14 days after a Cabinet minister tested positive for Covid-19.
However, the Prime Minister said the situation will not disrupt any government business.
“I will continue to work from home and use video conferencing for important meetings that require me to chair,” he said in a statement on Monday (Oct 5).
This comes after he chaired a meeting attended by Minister in the Prime Minister’s Department (Religious Affairs) Datuk Seri Dr Zulkifli Mohamad Al-Bakri who tested positive for Covid-19.
The minister confirmed this on his Facebook page on Monday.
This will be the second time that the Prime Minister needs to undergo self-quarantine for 14 days. The first was after an officer present during a post-Cabinet meeting tested positive for Covid-19 in May.
The Prime Minister said after the risk evaluation by the Health Ministry, those who have been identified as a close contact during the meeting have been issued a home surveillance order (HSO) for 14 days from Oct 3, and will need to wear the surveillance bracelet.
As a precautionary measure, Muhyiddin said that he has undergone Covid-19 tests once every two weeks since April and all tests to date have been negative.
“Aside from that, I have been tested for Covid-19 for three times in the last three weeks which is on Sept 22, 26, and 29, and the results all came out negative.
China, PH should focus on ‘bigger part’ of relations
Sep 27. 2020Chinese Ambassador Huang Xilian
MANILA, Philippines — Chinese Ambassador Huang Xilian on Friday said Manila and Beijing should focus more on joint development and cooperation instead of their conflicting South China Sea claims that he described as only “a small part” of the relations between the two countries.
“The South China Sea issue is only a small part of China-Philippines relations, or — as Foreign Secretary [Teodoro] Locsin put it — just a little pebble on the avenue leading to our mutually beneficial economic progress. We mustn’t stumble over the little pebble,” Huang said in an online forum of the Association for Philippines-China Understanding.
Huang said both countries have taken the same approach since then President Corazon Aquino visited China in April 1988 and then Paramount Leader Deng Xiaoping said that both countries could put aside disputes about the South China Sea and instead look at joint development.
Thus, Huang said, Beijing would continue to engage with Manila in joint COVID-19 prevention and control and exchange experiences on resumption of work and production.
This, the envoy said, include efforts to hasten the exchanges of urgently needed personnel and a “green corridor” for logistics, so as to secure industrial supply chains.
“We should also seize the new opportunities highlighted amid the pandemic, to strengthen such digital economic cooperation areas as 5G, big data, and artificial intelligence to foster new growth drivers for bilateral cooperation,” he said.
Freedom of navigation
Despite increasing criticism from the United States and its allies over Chinese maritime claims, Huang said all countries enjoy freedom of navigation in the South China Sea “in accordance with international law.”
“We should not allow external powers to roil the waters in the South China Sea, nor derail the sound development of China-Philippines friendly relations. History has time and again taught us bitter lessons that intervention of external powers could only bring tears and fire, turmoil and unrest, to regional countries at the end of the day, which would be the last thing we would like to see,” he said.
Huang said peace and stability remained China’s “utmost strategic interest” in the South China Sea, which also serves the common fundamental interests of the Philippines and the rest of Asean (Association of Southeast Asian Nations).
‘This is not about me’
But former Foreign Secretary Albert del Rosario on Friday argued for the resumption of the anti-China policy he espoused when he was secretary from 2011 to 2016.
“We wish to say that this is not about me. This is about our countrymen and the West Philippine Sea. This is about China illegally seizing our lands and waters, which our forefathers fought for us and our children and grandchildren. This is about China taking our food, oil and gas that form part of our national patrimony reserved for Filipinos to help our country live and prosper,” Del Rosario said.
The former secretary said his stand on the West Philippine Sea had always been constant.
He said his campaign had been about fishermen driven away from their fishing grounds by the Chinese, the coral reef systems that were destroyed in the reclamation.
![Le Yucheng. [Photo/fmprc.gov.cn]](https://media.nationthailand.com//images/news/2020/11/06/30397438/800_244f529b7e142f7.jpeg?v=1604630464)
Le Yucheng. [Photo/fmprc.gov.cn] 
Photo- Tatmadaw True News Information Team 
The Kospi rates are shown on the dealing room screen at a Hana Bank in Seoul on Thursday morning. (Yonhap) 
Vietnamese tuna fishermen from Khánh Hoà Province. — VNA/VNS Photo 
Chinese Ambassador Huang Xilian 
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