South East Asia

Date

Gaming industry players in the Mekong Region will be descending on Cambodia in a few months for one of the biggest regional events of the industry in the last few years. Ros Phirun, director-general of the Ministry of Commerce, confirmed in an email yesterday that Cambodia will be the venue of the Mekong Gaming Summit. The event will be held at Sofitel Phnom Penh Phokeethra on September 10-12.....


Telco giant PLDT Inc. is deferring to next year the commercial rollout of its 5G services next year  to have  clearer view of the use cases for the new technology. “I don’t think it will happen this year. But certainly sometime next year, early next year,” PLDT chairman and chief executive officer Manuel V. Pangilinan said yesterday. PLDT was initially eyeing to launch 5G services for home broadband and enterprise cust…


PT Patra Jasa, a diversified subsidiary of state-owned oil and gas holding company Pertamina, has allocated Rp 10 trillion (US$718.9 million) to finance seven property projects in various cities. “The seven projects are our main priority for this year,” Patra Jasa president director Hari T. Wibowo said on Thursday as quoted by kontan.co.id. Hari said two of the projects were in Kuningan in South Jakarta -- ePolis energy-based sit…


Philippine financial technology players will continue fighting for a bite of the remittances market as they seek to take advantage of the large population of Filipino expats, a Fitch unit said Friday, adding that positive demographics should support the sector’s growth. In a report, Fitch Solutions said fintech companies have been targeting overseas Filipino workers by offering competitive exchange rates and lower transfer fees compare…


According to a recent report in news website Hospitality Net, Yoo Hotels & Resorts is planning to build 20 hotels under its Yoo2 lifestyle brand in Cambodia, Vietnam, Thailand, Indonesia, Malaysia, and the Philippines. Yoo Hotels is a noted leader in hotel design, brand, and marketing worldwide. It has 82 projects in 34 countries, including Brazil, India, Vietnam, Russia, the United States, Italy, Turkey, St. Vincent & Grenadines, Israel,…


The Indonesian Petroleum Association (IPA) welcomes the government's plan to revise Energy and Mineral Resources Ministerial Decree No.27/2006 to allow investors to access Indonesia’s oil and gas data for free. “We have waited for the open data policy for a long time. If it is executed, it can help investors to assess prospective areas for exploration,” IPA executive director Marjolijn “Meity” Wajong told The Ja…


The autonomous vehicles will provide an opportunity for the public to sample the next generation of urban mobility The Bases Conversion and Development Authority (BCDA) of the Philippines will be providing autonomous vehicle (AV) service in the New Clark City during the 2019 Southeast Asian Games. According to a recent press release, a fleet of electric P-1 Self Driving Shuttles will showcase the future of urban transportation running a serv…


In a bid to reach the full-year production target of 922,000 barrels of oil equivalent per day (boepd), state-owned energy giant Pertamina recently increased its upstream budget by 10 percent from US$2.6 billion to $2.9 billion. “Honestly, it isn’t an easy target to reach. The management supports us by increasing our budget to $2.9 billion,” Pertamina upstream director Dharmawan Samsu said on Thursday, adding that investment was…


The nation’s largest automotive company, Astra International, saw its market share decline to its lowest level in eight years at 45 percent in June, as new brands are offering better value amid overall stagnant domestic car sales. The two main factors that caused the decline in Astra’s market share are competition from new and smaller brands and broad-based and sluggish domestic car sales growth, according to industry players and obse…


The technology behemoths of the world are rolling out digital training programs in Indonesia, a country of significant relevance to their businesses, to address literacy and skillset gaps in Southeast Asia’s largest economy. From United States tech giants Google, Facebook, Apple and Amazon Web Services (AWS) to China’s Alibaba, Huawei and ByteDance’s TikTok, they have been working alongside the government and local communities t…


The government has strongly urged private distributors to buy diesel fuel from state energy giant Pertamina as long as it meets their required specifications, a high-ranking official has said.  The Energy and Mineral Resources Ministry's acting oil and gas director general, Djoko Siswanto, said the measure had been taken as Pertamina had an excess of diesel fuel.  “Yes, it's because of that [Pertamina's excess diesel supply]. It w…


Bank Indonesia recorded that capital inflows stood at Rp 192.5 trillion (US$13.82 billion) as of July 18, indicating the strengthening of investor confidence in the country’s economy. BI Governor Perry Warjiyo said in Jakarta on Friday that Rp 118.5 trillion had entered the Indonesian financial system through government debt papers, while Rp 74 trillion entered through the stock market. He said the flow of foreign capital into Indonesia was…


CCTV cameras equipped with artificial intelligence software have been installed in strategic locations for real time monitoring of traffic situations A group of researchers from the De La Salle University (DLSU) developed software that would help authorities to quickly and more efficiently identify traffic violators. What can the system do? According to a recent press release, CATCH-ALL or the Contactless Apprehension of Traffic Violators on…


Indonesia’s current and existing rules are only applicable to conventional transactions New rules that will be imposing value added tax (VAT) on online products and services, which are provided by offshore companies, are being drafted by Indonesia. According to a recent report, this is in line with the authorities’ target of getting a bigger slice of the revenue from the country’s fast growing digital market. Indonesia is t…


The Global Innovation Alliance (GIA) network now has connections to 11 cities globally – Bangkok in Thailand; Beijing, Suzhou and Shanghai in China; Berlin and Munich in Germany; Jakarta in Indonesia; Paris in France; Tokyo in Japan; San Francisco in the US; and now HCMC in Vietnam Enterprise Singapore announced the expansion of the Global Innovation Alliance (GIA) network to Ho Chi Minh City (HCMC) yesterday, helping Singapore technology s…


Hundreds of “friendly” robots that speak multiple languages and sing are being rolled out across hi-tech Singapore, to help clean the city-state’s hotels, shopping malls and government buildings. Four of the robots, which have oval-shaped heads with lights for eyes, have already got down to work and it is hoped that 300 will be put into service by March next year. They scrub, mop, vacuum and sweep autonomously, and can entertain…


Hanoi aims to build 30 more new industrial clusters by the end of 2019.According to the municipal Department of Industry and Trade, in January-June, the industrial value grew by 7.71 percent against the same period last year, contributing 1.51 percentage points to the city’s gross regional domestic product (GRDP) growth of 7.21 percent.Though the growth was lower than that of the six-month period in 2018 (7.97 percent), the industrial produ…


IT did not take long for the founders of music technology startup Musiio to realise that the Asian music market is a land of diverse needs.  "We have been speaking to customers and they ask if it (Musiio) can handle Chinese music, Thai music, and even Japanese or Korean," chief executive Hazel Savage said. "Whereas if we were based in London or New York, we would not even have thought of it. Being here gives us the exposure to different mark…


The Asian Development Bank (ADB) has cut to 6.2 percent its 2019 growth forecast for the Philippines mainly due to government underspending at the start of the year which dragged first-quarter economic expansion to a four-year low. This was contained in the Manila-based multilateral lender’s Asian Development Outlook Supplement report released Thursday.   Read more: https://business.inquirer.net/274977/adb-cuts-19-growth-forecast-…


The Civil Aviation Administration of Vietnam (CAAV) has granted approval to the low-cost carrier Vietjet Air to conduct flights between the capital city of Hanoi and India’s New Delhi.The approval was made based on the Agreement on Air Transport between the Vietnamese and Indian Governments. Currently, Vietjet operates around 400 flights daily, carrying more than 80 million passengers to date, with 119 routes covering destinations acro…


When a new year comes, there are at least 365 new opportunities to dine out and unsurprisingly, plenty of fresh spots to fill the calendar. From beloved establishments to hives of creativity and experimentation, here are the best new restaurants to try this year in Jakarta and Bali. Continue reading http://bit.ly/30AfGxA


The Kuala Lumpur High Court has ordered low-cost carrier AirAsia to pay the country's airport operator RM40.73 million (US$9.90 million) for unpaid passenger service charges (PSC), which the airline refused to collect for six months last year. In a filing to Bursa Malaysia on Thursday (Jul 18), Malaysia Airports Holdings (MAHB) said AirAsia must also pay RM972,381 in late payment charges to Malaysia Airports (Sepang) (MA Sepang), a wholly-ow…


THAILAND’S consumer sector will be led by food and beverage in the second half of 2019, on relatively strong food inflation and a pick-up in drinks consumption, a report has said. As the increase in food and non-alcoholic drink costs continues to outpace headline inflation, Nomura research analysts Thanatcha Jurukul and Rajesh Kumar are banking on climate-related challenges to meat and vegetable supply to push prices up. The trend could con…


Credit cards are on the decline, a trend analysts attribute to tighter regulations to curb excessive debt and the growing use of e-payments. But the income banks earn from credit cards continues to rise, a positive picture seen at all the three major local banks...........


2019-07-19

Singapore’s first corporate laboratory in a university, the Rolls-Royce@NTU Corporate Laboratory was jointly set up by Nanyang Technological University, Singapore (NTU Singapore), Rolls-Royce and the National Research Foundation (NRF) in 2013. It has successfully completed its first five years of research partnership and is now moving into its next phase with a joint investment of S$88 million.   The Corp Lab was the first to…


Wavecell, a cloud-communications platform for companies in Southeast Asia, announced today that it has been acquired by 8×8 in a deal worth about $125 million. The acquisition will help San Jose, Calif.-based 8×8 expand in Asia, where Wavecell  already has offices in Singapore, Indonesia, the Philippines, Thailand and Hong Kong. Wavecell’s cloud API platform, which includes SMS, chat, video and voic…


The cast of the sci-fi show was in town to film recently. And co-creator Lisa Joy told CNA Lifestyle no other city has the same “poetic skyline” as Singapore does. Plus, our people were "great to work with" HBO’s science-fiction series Westworld is currently one of the biggest TV shows there is at the moment. And according to its co-creator Lisa Joy, all it took was one look at photos of Singapore for the team to decide they had…


kindness? Kindness makes business sense; it impacts outcomes, whether it be productivity, engagement or customer service. People do not forget acts of kindness. Kind leaders change lives, transform organisations and collaborate. Kind leaders inspire creativity and productivity, share meaningful connections, and give their time so that others can give their best. By empowering others to succeed, kind leaders create an environment for the organisat…


Japanese global apparel retailer Uniqlo has expanded one of its two branches in Davao, making this its largest shop in Mindanao. “It’s a good opportunity for us to showcase a wider range of Uniqlo Life wear clothing… So we are doubling the shopping space,” Uniqlo Philippine Marketing Head Camille Rose Pacis said in an interview during the media launch Wednesday. Located at the ground level of SM Lanang Premier, the new st…


THE Implementing Rules and Regulations (IRR) of Republic Act 11032, or the Ease of Doing Business and Efficient Government Service Delivery Act of 2018, were signed in Pasay City yesterday, defining the role of a key anti-red tape body that was only recently staffed and authorizing it to take complaints by text and social media. Lawyer Jeremiah B. Belgica, the recently-appointed Director-General of the Anti-Red Tape Authority (ARTA), was one of t…


Didipio, Nueva Vizcaya–OceanaGold Philippines, Inc. (OGPI) recently released data on its local economy contributions from its years of commercial production.  The company has given a total of P39.5-billion in the form of taxes, employment, agricultural and social development support to the region. For Nueva Vizcaya and Quirino, it has remitted close to 780-million pesos from a combination of 580-million in local business and 210-millio…


VinaCapital took over the business of Smartly Pte., Ltd., one of the first robo-advisory investment platforms to launch in Singapore VinaCapital did not disclose the amount of money it had spent to purchase Smartly. The Singapore-based firm has been a close partner of VinaCapital since 2016, when the latter's subsidiary VCG Partners began discussions to jointly launch an investment advisory platform. With the partnership formed, Smartly successfu…


The International Monetary Fund (IMF) on July 16 said Vietnam’s economic growth is projected to slow to 6.5 percent in 2019 from a 10-year high of 7.1 percent in 2018, reflecting weakening external conditions


ELECTRIC VEHICLES are here to stay because China is investing heavily in the manufacture of these cars and the production of their batteries, but the Philippines needs to do more to encourage greater adoption of EVs. This is the belief of some members of the industry as well as government officials, who shared their view on the status of “green” car usage locally during the 7th Philippine Electric Vehicle Summit held on Wednesday…


Vietnam and Latvia have maintained close diplomatic relations, however, trade relations are not commensurate with the potential of the two countries. The statement was made by the vice chairman of the Việt Nam Chamber of Commerce and Industry (VCCI), Đoàn Duy Khương, at the Việt Nam-Latvia Business Forum held in Hà Nội on Wednesday. In 2017, Việt Nam and Latvia celebrated 25 years of diplomatic relations with important ac…


A row of six three-storey shophouses in Joo Chiat Road has been put for sale via public tender, real estate services firm CBRE said on Wednesday (July 17). To be sold as a bundle, the conservation shophouses are located at 454, 456, 458, 460, 462, and 464 Joo Chiat Road. They sit on a freehold site of about 7,400 sq ft and the total existing built-up area is around 13,000 sq ft......


A decline in the import of raw materials and capital goods from January until June does not reflect a slowdown in the output of the manufacturing industry, business players have said. Yet, they said, there were other threats that may bring the slowdown into reality.  Imports slid 7.63 percent year-on-year (yoy) to US$82.2 billion from January to June, with all types of imports, from raw materials to capital and consumer goods, in the red, ac…


The government expects to spend less on this year's subsidy for 3-kilogram canisters of liquefied petroleum gas (LPG) amid the declining trend in the global gas price. Energy and Mineral Resources Minister Ignasius Jonan said on Monday during a House of Representatives hearing that the price of CP Aramco – the global benchmark for LPG – had fallen 40 percent since October 2018. "Last Octobe…


PAYMENTS provider Visa on Wednesday said it has invested in ride-hailing player Gojek as part of its Series F fundraising round to support Gojek's payments services across South-east Asia. The investment amount and funds raised to date in the Series F round was not disclosed....


 Asia's "Fort Knox", a private maximum-security vault in Singapore, is for sale. Le Freeport, a multi-storey repository for fine art, precious gems and even JPMorgan Chase & Co's stash of gold, has been seeking a buyer since as far back as 2017, so far without success, according to people familiar with the matter. Owner Yves Bouvier, a Swiss art dealer, has been embroiled in a five-year legal brawl with a Russian billionaire and has…


The Insurance Commission (IC) has lifted its conservatorship order against Metropolitan Insurance Co. Inc. after a Hong Kong-based firm agreed to infuse additional capital in the local insurer. In an advisory posted on the IC website, Insurance Commissioner Dennis Funa ordered the lifting of the conservatorship order issued to Metropolitan Insurance and the renewal of its Certificate of Authority, which was previously revoked by the IC. Funa issu…


The 2019 international exhibitions on electrical technology and equipment (Vietnam ETE) and on products, technologies of energy saving and green power (Enertec Expo) are showcasing advanced technologies of the industry in Ho Chi Minh City between July 17 and 20.With their scale doubling that of 2018, the exhibitions span over 10,000 square metres at the Sai Gon Exhibition and Convention Centre in District 7.They feature 400 domestic and internati…


Facing the “loud and unmistakable” warning of climate change, Singapore needs to act, said Minister for the Environment and Water Resources Masagos Zulkifli on Wednesday (Jul 17).  Speaking at the 2019 Partners for the Environment forum, Mr Masagos stressed that tackling climate change is a “pressing priority” and an “existential challenge” for Singapore.   “Time is running out,” he s…


2019-07-18

Singapore-based startup Travelstop is reimagining business travel and expense management in Asia. In its efforts to modernise the industry, the firm has raised US$3 million in Pre-Series A funding led by Silicon Valley-based venture capital firm Accel, with participation from Strive (formerly GREE Ventures), and existing investor SeedPlus. As part of this new round, Accel’s Prashanth Prakash will be joining the company’s Boa…


Shares of Sembcorp Marine (SembMarine) surged amid active trading on Wednesday afternoon (July 17), drawing a query from the bourse operator, according to filings by the mainboard-listed offshore and marine (O&M) firm. The counter had hovered within the $1.41-1.42 range for most of Wednesday, before climbing to $1.495 shortly after 4pm with almost 6 million shares traded. It reached an intra-day high of $1.53 minutes before the market cl…


2019-07-18

To meet the rising demand for skilled talent amid the growing number of Singapore facilities with advanced manufacturing capabilities, JTC and Nanyang Technological University, Singapore (NTU Singapore) have partnered manufacturing companies to train undergraduates in advanced manufacturing. Senior Minister of State, Ministry of Trade and Industry and Ministry of Education, Mr Chee Hong Tat launched the NTU-JTC Industry T…


It also got its Capital Markets Services Licence. Digital wealth manager Syfe has launched in Singapore following the approval of the Capital Markets Services Licence from the Monetary Authority of Singapore (MAS) and a $5.2m seed funding round. Led by UK-based VC fund Unbound, Syfe raised $5.2m and is one of the largest seed rounds seen in Southeast Asia. The raise also included personal investments from industry leaders such as David Rogers, MD…