As the Regional Comprehensive Economic Partnership (RCEP) agreement entered into force for Malaysia on March 18, Malaysia and China began to impose RCEP tariffs on each other, which will bring new economic cooperation opportunities, said a report by state-owned broadcaster China Central Television (CCTV). Within ASEAN, Malaysia is expected to be the largest beneficiary of the agreement in terms of gains in exports, with a projected $200 million increase, according to the country’s Ministry of International Trade and Industry. Under the RCEP agreement, the two countries commit to expanding market opening on the basis of the ASEAN-China Free Trade Area…
Author: Asia News Network
Laos’ year-on-year inflation rate jumped to 7.3 per cent last month, the highest figure recorded in the Southeast Asian country since January 2016. The surge in consumer prices has been driven by the spiralling cost of fuel and other imported products due to the continuing depreciation of the kip, according to the latest report from the Lao Statistics Bureau. The demand for foreign currencies, notably the US dollar and Thai baht, remains high as businesses must use these currencies to import goods. Consumer prices surged more than expected over the past seven months, driven by both internal and external factors.…
The Indonesian government has doubled the upper limit of palm oil export levies to dissuade companies from exporting the product amid a domestic shortage of palm oil-based cooking oil. The finance ministry on March 18 issued a regulation that raises the progressive levy up to $375 per tonne of crude palm oil (CPO) when international prices are above $1,500 per tonne. Previously, the levy maxed at $175 per tonne. The Crude Palm Oil Support Fund (BPDKS) will collect the funds. Trade minister Muhammad Lutfi on March 17 said the government would raise the overall upper limit of palm oil export…
With Singapore’s youth spending much time on social media like Twitter and Instagram, and messaging platforms like WhatsApp, an inter-agency task force on mental health is working with technology platforms on ways to promote positive practices online. Speaking at the launch of a citizens’ panel on youth mental health yesterday morning, Singapore’s Minister of State for Social and Family Development Sun Xueling said the Interagency Taskforce on Mental Health and Well-being will also look at developing practical solutions to mitigate online risks, such as cyber bullying. The task force, formed in July last year, is refining its recommendations and will…
A team of investigators from Bukit Aman is expected to go to Singapore on March 29 and 30, in connection with the ongoing investigation into Tawfiq Ayman and the 1Malaysia Development Bhd (1MDB) case. Bukit Aman Commercial Crime Investigation Department (CCID) director Mohd Kamarudin Md Din said Singapore Police’s Commercial Affairs Department (CAD) had agreed on the dates for the team to go to Singapore. “The investigation into the case is still ongoing and it involves obtaining the statements of those in Malaysia and Singapore. “The CAD has given its cooperation ‘on an intelligence basis’ to CCID officers,” he said…
China’s daily caseload of novel coronavirus infections has hovered above 1,000 for four consecutive days. This highlights the rapid resurgence of the virus and has prompted increasing calls for re-evaluating the present pandemic control regime as worries mount over whether the country’s economy can afford to sustain the current approach that aims to curb community spread as quickly as possible once any infections appear. Recognising that the nature of the pandemic has changed, the authorities have responded. Given the rapidly growing number of daily infections because of the highly contagious nature of the Omicron variants but also their tendency for…
South Korea’s Naver will become an incubator that creates innovative technology penetrating the global market and seek to go beyond providing services that are popular today, according to the company’s new CEO. “Not only did all businesses owned by Naver begin with the thought of going global from the start, but all of the objectives also point to going global,” Naver CEO Choi Soo-yeon said at a meeting with shareholders and board of directors where she was appointed as the new chief. The information technology (IT) giant will focus all of its management efforts on becoming a global top-tier internet…
China has increased its purchase of 115kV electricity from Laos this year under a bilateral energy cooperation agreement, to meet the growing demand for energy. The additional purchase expands the cooperation framework under the Laos-China 500kV transmission network to Yunnan province in China. Electricite du Laos (EdL) and the China Southern Power Grid (CSG) signed an “Agreement of Intent” which spells out the scope of cooperation and principles and is indicative of the fact that cooperation between Laos and China takes precedence over cooperation between Laos and neighbouring countries. The agreement contains the same terms as a power purchase agreement…
Vietnam will remain one of the best investment destinations for industrial real estate in Southeast Asia for the next 10 years and beyond, experts said at a conference in Ho Chi Minh City last week. Speaking on the sidelines of the “Industrial Real Estate: Filling in and Filling up” conference, Kenny Gaw, president and co-founder of Gaw Capital Partners, an equity fund management company, told Viet Nam News: “Vietnam is expected to continue moving up the value chain thanks to its stable growth, export-oriented economy, a highly skilled workforce and strategic location.” “With favourable incentives, competitive labour costs, a stable…
The South Korean real estate market could see a boost in the second half of this year, as the coming Yoon Suk-yeol administration is seeking to ease mortgage rules for homebuyers. President-elect Yoon had pledged to raise the loan-to-value (LTV) ratio up to 70 per cent in Seoul and other regions, which is the same level during the Park Geun-hye administration from 2013-2017. But skyrocketing apartment prices have also put into question the proposal’s feasibility. Under a 70 per cent LTV ceiling, a homebuyer will be allowed to take out mortgage loans of up to 1.05 billion won ($850,000) for…