Bangkok-based Dusit chain ‘extremely saddened’ by attack on Nairobi hotel

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Security officers stand next to a marred window during an ongoing gunfire and explosions in Nairobi, Kenya, 15 January.//EPA-EFE
Security officers stand next to a marred window during an ongoing gunfire and explosions in Nairobi, Kenya, 15 January.//EPA-EFE

Bangkok-based Dusit chain ‘extremely saddened’ by attack on Nairobi hotel

national January 16, 2019 15:54

By Marisa Chimprabha
The Nation

3,209 Viewed

Bangkok-based Dusit International yesterday said it was extremely saddened by the violence that took place at the Dusit hotel complex in Nairobi on January 15 in which at least 15 were killed.

The DusitD2 Nairobi hotel, which is managed by Dusit International, has closed its operation until further notice, according to a statement posted on the group’s website.

At least one suicide bomber blew himself up at the hotel in Nairobi on January 15, while gunmen sprayed fire before engaging security forces and holding themselves up on the premises as civilians fled or barricaded themselves in their offices awaiting rescue, AFP reported. The attack ended this morning.

“We have 15 people dead as of now and that includes foreigners,” said a police source. After 12 hours trapped inside the complex, a group of dozens of people was freed.

According to the group’s statement, the management and staff were devastated by the incident.

“We are extremely saddened by this act of violence and would like to extend our deepest sympathies to all those affected,” read the statement. “Our highest concern is the safety and well-being of our guests and employees, and we are providing every support we can. The Royal Thai Embassy, Nairobi, Kenya has confirmed that all Thai staff are safe.”

The local authorities have taken control of the complex and are dealing with the situation, the statement said. “We are in constant contact with the authorities and would like to thank them for their swift response.”

The guests and upcoming reservations were being relocated to other hotels in the city, and the hotel was closed until further notice, it read.

Aussie businesses complain Google sending outback tourists off the map

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File photo : AFP
File photo : AFP

Aussie businesses complain Google sending outback tourists off the map

ASEAN+ January 16, 2019 13:23

By AFP

Sydney – Tourism operators in Australia’s vast outback say wild inaccuracies in Google Maps are making remote hot spots appear out of reach, deterring people from visiting the region.

    A number of businesses promoting their small towns as remote tourist destinations in the northeastern state of Queensland complain of cases where a typical six-hour drive has been estimated by Google Maps to take up to 11 hours.

The complaints prompted the Queensland government to write to Google, which on Wednesday promised to look into the issue.

“People aren’t coming to places because they think it takes too long, or they’re missing opportunities to refuel and they’re getting sent off on another road that has no fuel,” Robyn Mackenzie, of the Eromanga Natural History Museum, told national broadcaster ABC.

    “People will get frightened of travelling in the outback because they don’t have any confidence in the mapping,” the general manager of the small town museum added.

Peter Homan of the Queensland Outback Tourism Association told AFP that people were put off by inaccuracies of “anywhere up to six or seven hours” in the driving times provided by Google Maps.

He said mapping errors in the sparse outback had also directed people off main roads and on to vast private properties that can spread over eight million acres (32,400 square kilometres) — roughly the size of Belgium.

“Sometimes you can drive for half a day before you actually see anything that is going to alert you that you are not on the road to where you want to go, but that you’re on someone’s property because it is so big.”

The complaints from a region reeling from years of severe drought prompted the state government to write to Google this week.

“We are so dependent on these apps now to get us around cities, to get us around towns and to get us around big states like Queensland,” acting Queensland premier Cameron Dick told the ABC.

“We need to ensure that those apps and the information they are providing are as accurate as possible.”

Google, which says it takes its mapping data from a variety of sources, including public information and data from users, said it was investigating the concerns.

“Google Maps strives to accurately model and reflect the real world,” the company said in a statement.

“We are investigating to see what may have happened here and will take the appropriate action. We apologise if any businesses or communities have been affected negatively due to errors on the map.”

People unprepared for the extreme conditions have been lost in the Aussie outback, which has prompted calls for greater network coverage in remote areas and for authorities to warn the public to carefully plan for the tough environment.

Six dead in attack on upmarket Nairobi hotel complex

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  • Burned down cars are seen at a parking lot during an ongoing gunfire and explosions in Nairobi on January 19.//EPA-EFE
  • Two men stand next to burning cars at the scene of an explosion at a hotel complex in Nairobi on January 15.//AFP
  • Women are evacuated out of the scene as security officers search for attackers during an ongoing gunfire and explosions in Nairobi, Kenya on January 15.//EPA-EFE

Six dead in attack on upmarket Nairobi hotel complex

Breaking News January 16, 2019 08:41

By AFP

Nairobi – At least six people were killed when an Islamist suicide bomber and gunmen stormed an upmarket hotel and office complex in Nairobi, with police still trying to rescue people trapped inside the compound Wednesday after a siege of over 12 hours.

Gunshots rang out sporadically in the capital as police tried to rescue survivors and flush out the attackers, however it was unclear how many were still hiding inside the complex.

After 12 hours trapped inside the complex, a group of dozens of people was freed at 3:30am (1230GMT), according to an AFP journalist on the scene, followed by fresh gunfire and a detonation.

The attack at the DusitD2 compound, which includes a 101-room hotel, spa, restaurant, and offices for local and international companies, began at 3:00 pm on Tuesday with a massive explosion, heard five kilometres (three miles) away at the AFP bureau.

The Al-Qaeda-linked Somali group Al-Shabaab, which carried out a notorious assault on a Nairobi shopping mall in 2013, claimed responsibility for the latest strike, according to the SITE Intelligence Group which monitors jihadist activities.

Kenyan police chief Joseph Boinnet said the attack began with an explosion targeting three cars in the parking lot and a suicide bombing in the foyer of the Dusit hotel.

He said “a number of guests suffered serious injuries” but did not give a figure for fatalities.

An AFP photographer saw the bodies of five dead, slumped over tables on a restaurant terrace in the complex. An official at the MP Shah hospital in Nairobi told Citizen TV seven wounded had been admitted, one of whom had died.

Meanwhile a police source, who asked not to be named, said he had seen as many as 14 dead.

Among the dead was an American citizen, a State Department official said.

– ‘Very confident’ attackers –

As the explosion and gunfire rang out in the leafy Westlands suburb, hundreds of terrified office workers barricaded themselves in the complex while some fled.

“We have no idea what is happening. Gunshots are coming from multiple directions,” said Simon Crump, an employee at an international firm who was hiding with his colleagues.

Crump was among a first wave of people evacuated from the office buildings surrounding the Dusit hotel after an hour of sustained gunfire as elite security forces engaged the gunmen.

A number of heavily-armed foreign forces, who appeared to be from embassies based in Nairobi, were at the scene alongside Kenyan security officers.

One survivor rescued from the building, speaking to a local television station, said the attackers were “very confident; they were people who knew what they were doing”.

CCTV footage broadcast on local television stations showed four attackers, clad all in black and heavily armed, entering a courtyard in the compound at the start of the attack.

– ‘A flash and a bang’ –

John Maingi said there had been “a flash of lights and a loud bang” at the Secret Garden restaurant where he works.

“When I peeped outside I saw a human leg which has been cut off. We hid in the room and then some police officers rescued us,” he said.

Reuben Kimani, a barista who was rescued after several hours trapped inside the hotel, said he had recognised one of the attackers as a client he had served coffee to in recent days.

“I knew one of them because he had a big scar on one of his hands,” he said. “I saw them. They shot six of my friends, four didn’t die but two succumbed.”

Several Nairobi establishments popular with westerners, such as the J’s and Alchemist bars and the Village Market shopping centre, announced on social media that they had closed for security reasons.

– Shabaab –

The attack at DusitD2 is the first in Nairobi since gunmen stormed the city’s Westgate shopping mall in 2013, killing at least 67 people. The attack and ensuing siege lasted about four days.

That assault was also claimed by Somalia’s Shabaab, fighting since 2007 to overthrow the internationally-backed government in Mogadishu.

The Westgate attack resulted in many upscale establishments and shopping centres in the capital — including the Dusit — putting up strict security barriers to check cars and pedestrians.

The Shabaab targeted Kenya after it sent its army into Somalia in October 2011 to fight the jihadist group.

On April 2, 2015, another Shabaab attack killed 148 people at the university in Garissa, eastern Kenya.

In its statement, the group noted the attack came exactly three years after its fighters overran a Kenyan military base in Somalia.

“This attack on Nairobi hotel came as Kenyans and their media are commemorating (the) El Adde attack,” it said.

The Shabaab claimed it killed more than 200 soldiers in that assault. The government has refused to give a toll or disclose details.

Hot : UK parliament rejects Brexit deal in historic vote

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  • Britain’s Prime Minister Theresa May (C) reacts to the result of the meaningful vote on the government’s Brexit deal in the House of Commons in London on January 15.//AFP
  • Britain’s Prime Minister Theresa May makes a statement in the House of Commons in London on January 15, 2019 directly after MPs rejected the government’s Brexit deal.//AFP

Hot : UK parliament rejects Brexit deal in historic vote

ASEAN+ January 16, 2019 08:19

By AFP

London – Britain’s parliament on Tuesday resoundingly rejected Prime Minister Theresa May’s Brexit deal, triggering a no-confidence vote in her government and plunging its plans to leave the EU into further chaos.

MPs voted 432 to 202 against May’s plan for taking Britain out of the European Union, the biggest parliamentary defeat for a government in modern British political history.

With a deal that took nearly two years to craft in tatters and her government’s future hanging in the balance, EU leaders sounded a note of exasperation, urging Britain to come out and say what it actually wants.

“If a deal is impossible, and no one wants no deal, then who will finally have the courage to say what the only positive solution is?” EU president Donald Tusk tweeted.

Jean-Claude Juncker, the European Commission president, warned of a heightened risk of a “no deal” Brexit — an outcome that could disrupt trade, slow down the UK economy, and wreak havoc on the financial markets.

The government of Ireland — the only EU member state with a land border with Britain — said it would now intensify preparations to cope with a “disorderly Brexit”.

And German Finance Minister Olaf Scholz, representing the EU’s most dominant economy and leading political voice, called the vote “a bitter day for Europe”.

– ‘Catastrophic’ defeat –

Most lawmakers have always opposed Brexit, as have some leading members of the government, creating a contradiction that has been tearing apart Britain ever since a June 2016 referendum began its divorce from the other 27 EU states.

Moments after Tuesday’s outcome, which was met with huge cheers by hundreds of anti-Brexit campaigners who watched the vote on big screens, opposition Labour leader Jeremy Corbyn submitted a motion of no-confidence in May’s government, calling her defeat “catastrophic”.

The vote is expected on Wednesday at 1900 GMT.

May sought to strike a conciliatory tone, telling MPs they had the right to challenge her leadership and promising to hold more talks to salvage a workable solution by the rapidly approaching March 29 Brexit deadline.

She promised to hold discussions with MPs from across parliament to identify ideas “that are genuinely negotiable and have sufficient support in this House”.

“If these meetings yield such ideas, the government will then explore them with the European Union.”

Downing Street said May will then return to parliament with a new Brexit proposal on Monday.

– ‘Political poker’ –

With their nation again in turmoil, noisy supporters and opponents of Brexit, rallied outside the ancient parliament building in London.

“It could end up being the day that will lead to us leaving with no deal!” said 25-year-old Simon Fisher, who backs a swift and sharp break with the EU.

A much larger rally nearby in support of a second referendum turned Parliament Square, dotted with statues of past UK leaders, into a sea of EU flags.

Economists said the scale of May’s defeat — on the upper end of most predictions — now also put pressure on Brussels to make more meaningful compromises.

The pound surged higher against the dollar and euro after the vote, seemingly buoyed by May’s promise to seek a compromise with her opponents.

“Markets project beliefs and the underlying belief is that nobody’s going to be committing economic suicide,” BK Asset Management’s Boris Schlossberg said.

But businesses voiced alarm about the outcome, which does nothing to resolve uncertainty that has been dampening the UK investment climate for months.

“Financial stability must not be jeopardised in a game of high-stakes political poker,” warned Catherine McGuinness, policy chair at the City of London Corporation, the body governing the British capital’s massive financial district.

 

– ‘Warm words not enough’ –

 

May made it her mission to carry out the wishes of voters after she became prime minister a month after the referendum, putting aside her own initial misgivings and stating repeatedly that “Brexit means Brexit”.

But her deal raised concern that Britain could end up locked in an unfavourable trading relationship with the EU.

Criticism of the deal was focused on an arrangement to keep open the border with Ireland by aligning Britain with some EU trade rules, if and until London and Brussels sign a new economic partnership — a tortuous process that could take several years.

Arlene Foster, head of Northern Ireland’s Democratic Unionist Party upon which May relies for her parliamentary majority, said May needed to win binding concessions from Brussels to secure her vote.

“Reassurances whether in the form of letters or warm words, will not be enough,” said Foster.

“The prime minister must now go back to the European Union and seek fundamental change to the Withdrawal Agreement.”

Speculation is growing on both sides of the Channel that May could ask to delay Britain’s divorce from the EU after almost half a century of membership.

But a diplomatic source told AFP any extension would not be possible beyond June 30, when the new European Parliament will be formed.

Vietnam exports to be sold via Amazon

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Vietnam exports to be sold via Amazon

ASEAN+ January 16, 2019 01:00

By VIET NAM NEWS
ASIA NEWS NETWORK

THE VIETNAM Trade Promotion Agency under the Ministry of Industry and Trade will work with Amazon to help Vietnamese small and medium-sized enterprises (SMEs) join the firm’s e-commerce system.

Vietnam Trade Promotion Agency and Amazon Global Selling organised an event to announce the co-operation with the company in Hanoi.

Besides supporting Vietnamese enterprises with export promotion via international exhibitions or inviting delegations to join trade connection, trade promotion through Amazon’s e-commerce channel is considered an effective sales channel, said Vu Ba Phu, director of the Vietnam Trade Promotion Agency.

Phu said the agency and Amazon Global Selling would co-operate to support Vietnamese enterprises, especially SMEs, to access world markets through Amazon.

 There will be training programmes for Vietnamese SMEs on e-commerce to promote trade, export goods and learn global sales skills on Amazon.

“We will provide the most effective information that customers care about in Amazon’s environment, as well as supporting businesses in redesigning product package and labels to suit different market areas,” said Phu.

Phu said that to participate in this online sales channel, businesses must have knowledge and aspirations to participate in the world market and understand foreign languages and international business practices.

The product must also meet quality requirements for the international market, he said.

Bernard Tay, Amazon’s regional director for Southeast Asia, said exporting through e-commerce was a global and cross-border opportunity. Through Amazon, Vietnamese businesses would have the opportunity to develop online business.

Car sales in worst slump since ’98

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Car sales in worst slump since ’98

ASEAN+ January 16, 2019 01:00

By PHILIPPINE DAILY INQUIRER
ASIA NEWS NETWORK
MANILA

VEHICLE sales in the Philippines fell by 16 per cent last year, the worst full-year decline since the financial crisis in 1998. Members of two large automotive groups in the country sold 357,410 units last year, much less than the 425,673 units sold in 2017.

The Christmas spirit was also not enough to boost auto sales as December marked the groups’ steepest year-on-year drop in terms of volume sales.

This was shown in a joint report by the Chamber of Automotive Manufacturers of the Philippines Inc (Campi) and the Truck Manufacturers Association |(TMA).

Campi president Rommel Gutierrez previously attributed the industry’s months-long decline to a number of factors, including the Tax Reform for Acceleration and Inclusion (TRAIN) Act, which made most cars more expensive due to higher excise rates.

Inflation has also affected the industry as consumers put buying new vehicles in the backseat in order to prioritize basic goods and services, according to Gutierrez, also a top official of Toyota Motors Philippines Corp.

For the month of December alone, sales reached only 31,945 units, down from the 45,494 units sold in the same month a year ago.

Industry officials earlier said that many consumers bought new vehicles in 2017 ahead of the scheduled 2018 increase in excise under the TRAIN law, the Duterte administration’s first tax reform package.

Campi and TMA are hoping the industry will grow 10 percent this year, which seems likely given the low base figure for 2018.

The full year 2018 figure was slightly worse than expected. Gutierrez said in a previous interview that they expected full-year sales to drop by as much as 15 percent.

Such sales performance marked the lowest in two decades. Back in 1998, vehicle sales slumped 43.76 percent to 81,231 units from 144,435 units in 1997, according to data collated by the Japan External Trade Organization.

It took the industry around 14 years for it to recover its lost momentum.

Delay urged to new e-commerce tax rule

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Delay urged to new e-commerce tax rule

ASEAN+ January 16, 2019 01:00

By THE JAKARTA POST
ASIA NEWS NETWORK
JAKARTA

THE Indonesian e-Commerce Association (idEA) has called on the government to postpone the implementation of a new tax regulation for e-commerce companies, fearing that unprepared taxpayers and unequal treatment could deter growth.

idEA chairman Ignatius Untung said that while Finance Ministry Regulation No: 210/2018 did not impose any new taxes, it required online sellers to register their tax numbers (NPWP) and personal Identity cards (IDs).

The regulation was announced earlier this month and is to take effect on April 1.

AEC Feed

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AEC Feed

ASEAN+ January 16, 2019 01:00

By Asia News Network

Law on digital currency comes into forces in Malaysia

The law on digital currencies and digital tokens in Malaysia came into effect on Tuesday and any person operating unauthorised initial coin offerings (ICOs) or digital asset exchange faces a 10-year jail and 10 million ringgit (Bt78 million) fine.

With this ruling, digital currencies and digital tokens or digital assets are prescribed as securities and will be regulated by the Securities Commission (SC).

Lim said such instruments and their associated activities must be first approved by the SC and need to comply with the relevant securities laws and regulations.

“The Ministry of Finance (MOF) views digital assets, as well as its underlying blockchain technologies, as having the potential to bring about innovation in both old and new industries.

“In particular, we believe digital assets have a role to play as an alternative fundraising avenue for entrepreneurs and new businesses, and an alternate asset class for investors,” he said.

Lim said the SC would put in place regulatory requirements for the issuance of ICOs and the trading of digital assets at digital asset exchanges in Malaysia.

“Any person offering an ICO or operating a digital asset exchange without SC’s approval may be punished, on conviction, with imprisonment not exceeding 10 years and fine not exceeding RM10mil,” he said. – The Star

Indonesia to offer ten oil, gas blocks this year

Indonesian Energy and Mineral Resources Ministry Oil and Gas Director General Djoko Siswanto has said the ministry plans to offer 10 oil and gas blocks in two auction phases.

Djoko said that the first auction phase will involve the Anambas, West Ganal and West Kaimana blocks as well as two exploitation blocks – West Kampar and Selat Panjang and the auction process would be opened before the end of this month.

“It [the first auction] will kick off this month. We have just finished the terms and conditions,” he said.

West Ganal Block is actually a cut-off field from US-based energy giant Chevron’s Makassar Strait Block, which has been excluded from the Indonesia Deepwater Development (IDD) mega gas project.

In 2018, the ministry signed off nine exploration blocks through auction schemes, three of which were agreed in December. The three are the South Andaman offshore block in Aceh, South Saka Kemang onshore block in South Sumatra and Maratua onshore block in Central Java. – The Jakarta Post

S$75m to boost Singapore’s enterprise financing hub status

In a bid to raise Singapore’s status as an enterprise financing hub, a S$75 million (Bt1.8 billion) grant has been launched to defray costs of enterprises hoping to list on the Singapore bourse, support research initiatives and subsidise the salaries of Singaporean equity research analysts.

The Grant for Equity Market Singapore (Gems) was launched by Finance Minister Heng Swee Keat at a UBS wealth insights conference at the Marina Bay Sands Expo and Convention Centre on Monday.

Funded by the Monetary Authority of Singapore (MAS) and administered by the Singapore Exchange (SGX), the grant has several components to it, and follows other programmes for the bond and private equity market launched in previous years.

Gems will kick in from Feburary 14.

To support the fund-raising needs of companies when they choose to list on the SGX, a listing grant will be given out to eligible companies – including foreign enterprises but excluding real estate investment trusts and business trusts – helping to defray the costs involved, such as legal and underwriting fees.

All eligible firms will be able to receive up to 20 per cent of the funds for their listing expenses up to a cap of S$200,000, while those in high growth sectors with a minimum market capitalisation of S$300 million will enjoy a higher cap of S$500,000.

These high growth sectors include those in the digital cluster, advanced manufacturing, hub services, logistics, urban solutions and infrastructure and healthcare.

Technology companies – including fintech, consumer tech, on-demand services and gaming services and peripheral manufacturers – with a S$300 million market capitalisation will benefit most, as the grant allows them to co-fund their expenses by 70 per cent, up to S$1 million. – The Straits Times

Watsons to open first store in Vietnam tomorrow

Hong Kong-based healthcare and beauty retailer Watsons will launch its first store in Vietnam tomorrow (January 17), according to the news website InsideRetail Asia.

The Watsons store will be located in the lower floors of the Bitexco financial tower in District 1, Ho Chi Minh City.

Teasing the launch, a huge backdrop with the slogan “Look good, Feel great” has been built outside the space, attracting many Vietnamese youngsters to take selfies and check in on social media, the source noted.

On its LinkedIn page, Watsons Vietnam has been recruiting staff for the store and featuring the same artwork as on the Bitexco backdrop.

Watsons is operated by AS Watson, a subsidiary of retail and telecommunications giant CK Hutchison which is quarter-owned by Singapore sovereign investment fund Temasek Holdings.

Currently, AS Watson has some 6,800 Watsons health and beauty stores in 12 markets in Asia and Europe, including Hong Kong, China, Taiwan, Macau, Thailand, Singapore, Malaysia, the Philippines and Indonesia.

The broader AS Watson group also owns other retail brands such as Drogas, Superdrug and Watsons’ Wine, with more than 14,500 stores in 24 markets. – Viet Nam News

Clark workers offered ‘just’ severance pay

In a bid to stop a planned workers’ strike, management of the Clark International Airport Corp (Ciac) has offered a “just, fair and lawful severance package” and the option to retire and be rehired by a consortium that would operate and maintain the airport here.

“We are all in this together, no one will be left behind,” Ciac said in statement issued on the heels of a strike referendum.

At least 158 of 245 members of the Samahan ng mga Manggagawa sa Diosdado Macapagal International Airport (SMD) voted to stop work over uncertainties about their employment after the airport’s operations and maintenance were privatized.

SMD accused the management of refusing to negotiate a new collective bargaining agreement, withholding health benefits and outsourcing job positions which it said were “evidence of union busting.”

SMD had agreed to meet with management on Monday in a conference facilitated by the National Conciliation and Mediation Board.

Ciac had petitioned Labor Secretary Silvestre Bello III to assume jurisdiction over the case.

“No one will lose their jobs,” Ciac said.

Workers would be absorbed and “prioritised for hiring.” – Philippine Daily Inquirer

Paypal to hire more than 1,000 workers in Philippines

Global payments leader PayPal said it will hire over a thousand employees in the next two years for its first global customer operations centre in the Philippines.

The centre, which will open sometime this year, will be the first consolidated operations site for PayPal in the Philippines. It will be located in Alabang.

It will primarily serve PayPal’s English-speaking customers, the company said in a statement, such as those in North America, Australia, and the United Kingdom.

John Nicholls, senior director of PayPal Global Customer Services and country site lead, said the company is looking to provide a higher quality support to its customers across the world. – Philippine Daily Inquirer

CapitaLand to create biggest realty group via ASB takeover

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CapitaLand to create biggest realty group via ASB takeover

ASEAN+ January 16, 2019 01:00

By THE STRAITS TIMES
ASIA NEWS NETWORK
SINGAPORE

SINGAPORE’S CapitaLand is acquiring Temasek subsidiary Ascendas-Singbridge (ASB) in a deal valued at S$11 billion (Bt260 billion), including debt, to create Asia’s largest diversified real estate group.

After the transaction, CapitaLand’s combined total assets under management (AUM) will exceed $116 billion across more than 30 countries, and cover asset classes such as logistics/business parks, industrial, lodging, commercial, retail and residential. In addition, CapitaLand will surpass its 2020 AUM target of $100 billion, putting it among the top 10 real estate investment managers in the world.

Under the terms of the agreement, Temasek will receive $6 billion, which will be satisfied half in cash and half in new CapitaLand shares, boosting Temasek’s ownership of CapitaLand from around 40.8 per cent to about 51 per cent upon the close of the transaction. Ascendas and Singbridge have a combined enterprise value of some $10.9 billion, comprising $6 billion of equity value and $4.9 billion of net debt and minority interest.

The new CapitaLand shares will be priced at $3.50 apiece, representing a premium of 11.3 per cent, or about $0.36, over CapitaLand’s one-month volume-weighted average price of $3.1447. The consideration takes into account the adjusted net asset value of ASB, which includes the value of its fund management platform and the trading value of its three sponsored listed trusts. ASB has interests in, and manages, Ascendas Real Estate Investment Trust (Ascendas Reit), Ascendas India Trust (a-iTrust) and Ascendas Hospitality Trust (A-HTRUST).

 Headquartered in Singapore, ASB’s business presence spans 11 countries including Singapore, China, India, Australia, the United Kingdom and the United States. Over 80 per cent of ASB’s $23.6 billion AUM is in business spaces. Its flagship projects include Singapore Science Park and Changi Business Park in Singapore, International Tech Park Bangalore and International Tech Park Chennai in India, as well as Dalian Ascendas IT Park and Singapore Hangzhou Science and Tech Park in China.

Among other things, the deal will enable a bigger footprint and increased competitiveness, CapitaLand and ASB highlighted in a joint press release on Monday (Jan 14). Thanks to the deal, CapitaLand’s AUM will grow by 40 per cent and 9 per cent in Singapore and China respectively, with the value of the enlarged group’s properties in Singapore to be worth $38.6 billion or 33 per cent of the group’s AUM. The value of the group’s properties in China will be worth $48.2 billion or 41 per cent of the group’s AUM. This includes more than 60 million square feet of development pipeline.

In addition, CapitaLand said the deal will give it immediate scale and capabilities in the logistics/business park sector with over 100 properties in logistics/business parks and data centres. In India, ASB has built up a $2.6 billion AUM exposure in India’s business space sector and launched a-iTrust as an established vehicle to own income-producing business space assets in India. ASB also expanded its footprint in the US last year, snapping up a portfolio of 33 suburban office assets in Portland, Raleigh and San Diego. In Europe, Ascendas Reit acquired 38 logistics properties in the UK last year.

Meanwhile, the combined group’s number of CBD and suburban offices will grow from 39 to 83 properties across 10 countries, with a total gross floor area of nearly 27 million square feet. The deal will also boost income growth. CapitaLand said its historical pro forma fee income will jump by over 40 per cent from $238 million to $337 million.

Cambodia to end border check

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Cambodia to end border check

ASEAN+ January 16, 2019 01:00

By THE PHNOM PENH POST
ASIA NEWS NETWORK
PHNOM PENH

CAMBODIA’S Prime Minister Hun Sen has unveiled a new campaign to boost economic independence and reduce the reliance on preferential trade statuses offered by advanced countries, saying the government will provide better trade facilitation and eliminate unnecessary procedures.

At a gathering of 5,000 Cambodian journalists on Friday, Hun Sen revealed a series of trade facilitations and announced a plan to relieve Camcontrol from its inspection duties at border checkpoints to reduce the burden for businesses.

Camcontrol is the Ministry of Commerce’s Cambodia Import-Export Inspection and Fraud Repression Directorate-General.

He said the custom clearance procedures will be reduced and informal charges will be barred. He said the fee for container goods scanning will be reduced in order to reduce the cost for traders.

“[We will] open a campaign to strengthen Cambodia’s independence in which some [decisions] will help our businesses and allow Cambodia to survive despite the absence of preferential trade treatment.”

“I decided that along border check points, government institutions are no longer needed aside from immigration police and customs for export and import goods. Only these two are allowed and everything else will need to be removed – even Camcontrol,” he said. Hun Sen did not disclose when the new decision will come into force. The EU and US are the Kingdom’s main markets.

The EU warned the Kingdom in October that it would lose its Everything But Arms initiative to the world’s largest trading bloc, in a punitive response to the Kingdom’s alleged move away from democracy.

Two US senators have introduced the Cambodian Trade Act of 2019 bill, requiring the administration to re-examine the Kingdom’s eligibility to access the preferential trade treatment granted by the US under the General System of Preferences.

Centre for Policy Studies director Chan Sophal said on Sunday that reducing barriers and costs at the border will help exporters reduce trading costs and time. In addition to formal fees, he said the reduction needs to be extended to informal fees.

“The move will help improve Cambodia’s competitiveness, but I don’t think it is sufficient to compensate for the loss of trade preferential status if it’s removed. In order to be a full-fledged competitor, Cambodia needs to further reduce the cost of doing business at each step – from starting a business to getting quality and low tariff electricity and to [obtaining] quality legal and judicial services,” Sophal said.

He said Cambodia is not endowed with many natural conditions for efficient logistics connecting to its seaports and thus, the business environment has to compensate for it.

The Garment Manufacturers Association in Cambodia (GMAC) told The Post on Sunday that the new government decision is a good initiative as it will facilitate trade and lower the costs of doing business.

He said that reducing customs clearance procedures to boost business competitiveness is something private sectors have been working constructively with the government through various mechanisms such as the Government-Private Sector Forum.

According to GMAC, there are two main inspections entities from the government when it comes to the Kingdom’s apparel sector – customs and Camcontrol officials.

“We always pay fees for goods inspection by customs and Camcontrol, so the decision to remove Camcontrol from [goods inspection] procedures will help to reduce our costs,” it said.

The GMAC said that Camcontrol inspection fees were higher than custom inspection charges, and are set at 250,000 riel (Bt1,996,$62.50) for the first container – with decreasing fees for second and third containers, while customs charges are 60,000 riel per container.

“The fee charged for Camcontrol inspection has been part of our cost burden and it makes the cost of documentation in our country higher compared to other countries.”

“More reforms will reduce our production cost and if our labour productivity keeps increasing, our industry will survive in any tough situation [such as the withdrawal of the preferential agreement],” the GMAC said.