Tag: business news
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Myanmar won’t be allowed to lead ASEAN in 2026, in blow to generals
Philippine’s President Ferdinand Marcos, Singapore’s Prime Minister Lee Hsien Loong, Thailand’s Permanent Secretary of the Ministry of Foreign Affairs Sarun Charoensuwan, Vietnam’s Prime Minister Pham Minh Chinh, Indonesia’s President Joko Widodo, Laos’ Prime Minister Sonexay Siphandone, Brunei’s Sultan Hassanal Bolkiah, Cambodia’s Prime Minister Hun Manet, Malaysia’s Prime Minister Anwar Ibrahim and East Timor’s Prime Minister…
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Indonesia’s China-backed high-speed train sparks concerns of debt trap
Indonesia is starting trial runs for its first high-speed train, which will connect the capital Jakarta to a neighboring city of Bandung, after years of delays and cost overruns plagued the project. Bloomberg | Bloomberg | Getty Images A $7.3 billion high-speed electric rail line between Indonesia’s two biggest cities is set to be launched…
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Asia food inflation fears rise as rice prices surge
An undated stock photo of a market stall with piles of many varieties of Vietnamese rice in Ho Chi Minh city grocery. Vietnam is one of the largest exporters of quality rice, Asia’s most important staple food. Bicho_raro | Istock | Getty Images A perfect storm may be brewing in Asia. Rice prices surged to…
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ASEAN moves closer to economic unity with new regional payments system
Indonesian President Joko Widodo makes a speech during the Association of Southeast Asian Nations (ASEAN) Foreign Minister’s Meeting in Jakarta, Indonesia on July 14, 2023. Murat Gok | Anadolu Agency | Getty Images A new regional cross-border payment system recently implemented by Southeast Asian nations could deepen financial integration among participants, bringing the ASEAN bloc…
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A ban ends dog and cat meat trade in Sulawesi
The Tomohon Extreme Market was once a top tourist attraction in the Indonesian province of North Sulawesi — a live animal market filled with everything from fileted pythons to skewered bats and rats. But the market drew international condemnation in 2018 after animal activists shot videos of dogs and cats being brutally beaten and blowtorched…
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A new private island opened near Singapore and Batam
Travelers from Singapore will soon have a new vacation option — one that doesn’t require a flight. A new Indonesian private island, named ONE°15 Marina Nirup Island, opened in July nine miles south of Singapore. The launch — the first of two phases — included the opening of a restaurant and bar, ferry terminal and…
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Asia could lose $500 billion GDP from pandemic school closures: Oxford
Elementary students sit inside dividers as preventive measure against Covid-19, as they attend physical classes at Longos Elementary School on Nov. 15, 2021 in Alaminos, Philippines. Ezra Acayan | Getty Images News | Getty Images School closures during the pandemic could erase over $500 billion of potential economic growth from a handful of Asian countries,…
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Central banks in Asia could soon diverge from the Federal Reserve: Nomura
A food stall in Gwangjang Market in Seoul as South Korea’s central bank is seen to be among the first in the region to cut its benchmark interest rate. Francois Lochon | Gamma-rapho | Getty Images Central banks in Asia could start cutting rates earlier than the Federal Reserve, economists at Nomura predicted. A dovish…
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Multi-millionaire entrepreneur to Indonesia minister
Jakarta governor-elect Anis Baswedan (R) and his deputy governor-elect Sandiaga Uno (L) hold hands during a press conference in Jakarta on April 19, 2017. Adek Berry | AFP | Getty Images When Sandiaga Uno was appointed Indonesia’s minister of tourism and creative economy, it could not have come at a worse time. It was December…
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Australia and Indonesia signed a ‘win-win’ EV battery deal: Analyst
Mining giants Australia and Indonesia have signed a “win-win” EV battery deal, said Sabrin Chowdhury, head of commodities analysis at BMI, a research unit of Fitch Solutions. Indonesian President Joko Widodo met his Australian counterpart Anthony Albanese on Tuesday during a three-day state visit to Australia. In addition to their commitment to regional peace and…