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☆ China is a threat but talks must continue: Germany, Canada, Australia
▼ + stars: | 2023-06-05 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +5 min

Germany's Defense Minister Boris Pistorius was part of the the Shangri-la Dialogue, Asia's largest security forum, over the weekend. Decoupling from China is not an option, but finding a path to de-risk and reduce dependencies is important, Germany's Defense Minister Boris Pistorius told CNBC's Sri Jegarajah at the event. Australia's Trade Minister Don Farrell told CNBC in April that he's hopeful other tariffs put in place could be removed as well. China seen as a 'disruptive power'China is an "increasingly disruptive power" to peace in the region, Anita Anand, Canada's defense minister said, told CNBC. Speaking at the event Sunday, China's defense minister addressed the issue.

Persons: Boris Pistorius, CNBC's, Pistorius, That's, Richard Marles, Marles, Don Farrell, Anita Anand, Anand, we'll, Li Organizations: Germany's, Getty, SINGAPORE, CNBC, CNBC's Sri, World Trade Organization, China, Australia's Trade Locations: Australia, Canada, Germany, Singapore, China, CNBC's Sri Jegarajah, Canberra, Beijing, Taiwan

These comments represent just one of the contradictions in the current oil market. The desire for a stable oil market is extremely difficult to reconcile with being unpredictable. But the risk is that the increase isn't sustained, largely as a result of another oil market contradiction. It's another contradiction for the oil market to resolve as those three exporters are all under some form of Western sanctions. It may well be the case that the second half of this year sees a huge pick-up in crude oil demand.

Persons: Prince Abdulaziz bin, Brent, Sonali Paul Organizations: Organization of, Petroleum, Saudi Energy, Brent, International Energy Agency, SECOND, Saudi Aramco, Aramco, Reuters, Thomson Locations: LAUNCESTON, Australia, Saudi, OPEC, Vienna, Russia, China, India, Saudi Arabia

Regional and global markets on Friday chalked up solid gains and volatility measures slumped after the release of forecast-smashing U.S. jobs figures. It looks like the 'sell in May and go away' maxim won't apply this year - investors are bullish and they are buying. Looking ahead, investors in Asia have plenty of economic events and monetary policy decisions to get their teeth into this week. Inflation data from Indonesia, the Philippines, Thailand, Taiwan and China will be released, starting with Indonesia on Monday. Economists polled by Reuters expect annual CPI inflation eased in May to a one-year low of 4.22% from 4.33% in April.

Persons: Jamie McGeever, Diane Craft Organizations: Nikkei, Manufacturing, U.S . State Department, Indonesia, Reuters, Reserve Bank of Australia, Reserve Bank of, Indonesia CPI, Thomson Locations: U.S, Asia, Japan, China, India, Australia, Korea's, Beijing, Indonesia, Philippines, Thailand, Taiwan, Reserve Bank of India, Singapore

☆ Germany to send two warships to Indo-Pacific in 2024 amid South China Sea tensions
▼ + stars: | 2023-06-04 | by ( ) www.reuters.com time to read: +2 min

BERLIN, June 4 (Reuters) - Germany will send two warships to the Indo-Pacific in 2024, Defence Minister Boris Pistorius said on Sunday, amid rising tensions between China and Taiwan and over the disputed South China Sea. Speaking at the Shangri-La Dialogue in Singapore, Asia's most important security conference, Pistorius said countries needed to stand up for the rules-based international order and the protection of major maritime passages. By showing a greater military presence in the region, Germany is walking a tightrope between its security and economic interests as China is Berlin's most important trading partner. In 2021, a German warship sailed into the South China Sea for the first time in almost 20 years, a move that saw Berlin joining other Western nations in expanding its military presence in the region amid growing alarm over China's territorial ambitions. Some 40% of Europe's foreign trade flows through the South China Sea.

Persons: Boris Pistorius, Pistorius, Sabine Siebold, Nick Macfie Organizations: German Federal Government, Berlin, Thomson Locations: BERLIN, Germany, China, Taiwan, Singapore, Berlin, Bay, Bengal, South China, German, Beijing

SINGAPORE, June 4 (Reuters) - Senior officials from about two dozen of the world's major intelligence agencies held a secret meeting on the fringes of the Shangri-La Dialogue security meeting in Singapore this weekend, five people told Reuters. "Participants have found such meetings held on the sidelines of the (dialogue) beneficial." The United States, Britain, Canada, Australia and New Zealand operate what is called the Five Eyes network to gather and share a broad range of intelligence, and their intelligence officials meet frequently. Ukraine's deputy defence minister, Volodymr V. Havrylov, was at the Shangri-La Dialogue but said he did not attend the intelligence meeting. Haines was among the official U.S. delegates to the Shangri-La Dialogue.

Persons: National Intelligence Avril Haines, Samant Goel, Volodymr, Anthony Albanese, Defense Lloyd Austin, Li Shangfu, Haines, William Burns, Biden, Xinghui Kok, Raju Gopalakrishnan, Greg Torode, Gerry Doyle Organizations: Reuters, National Intelligence, Research, Singapore Ministry of Defence, U.S, Embassy, New Zealand, Australian, Defense, Chinese Defence, CIA, Thomson Locations: SINGAPORE, Singapore, U.S, China, United States, Britain, Canada, Australia, New, Ukraine, Japan, Indonesia, South Korea, Beijing

☆ Japan, South Korea to speed up talks over pending military issues
▼ + stars: | 2023-06-04 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, June 4 (Reuters) - Japan and South Korea agreed on Sunday to quickly resolve disputes over past military encounters that stand in the way of closer security cooperation, Japan's defence minister said at the Shangri-La Dialogue security conference in Singapore. Yasukazu Hamada held talks with his South Korean counterpart, Lee Jong-sup, as part of Asia's top security conference. "We discussed pending issues" and agreed "to accelerate talks, including steps to prevent a recurrence" of a 2018 radar incident, Hamada told reporters after the meeting. "We will continue to keep close communication with South Korea," he said. Hamada said he and Lee agreed on the importance of promoting defence cooperation among Japan, South Korea and the United States.

Persons: Yasukazu Hamada, Lee Jong, Hamada, Lee, Kaori Kaneko, Tim Kelly, Hyonhee Shin, Hyun Young Yi, Gerry Doyle, William Mallard Organizations: South Korean, Thomson Locations: SINGAPORE, Japan, South Korea, Singapore, Seoul, Korean, North Korea, U.S, United States

☆ Chinese warship passed in 'unsafe manner' near US destroyer in Taiwan Strait, military officials say
▼ + stars: | 2023-06-04 | by ( ) www.reuters.com time to read: +3 min

WASHINGTON, June 4 (Reuters) - A Chinese warship came within 150 yards (137 meters) of a U.S. destroyer in the Taiwan Strait in "an unsafe manner," U.S. military officials said, as China blamed the United States for "deliberately provoking risk" in the region. China's military rebuked the United States and Canada for "deliberately provoking risk" after the countries' navies staged a rare joint sailing through the sensitive Taiwan Strait. The U.S. Indo-Pacific Command said the Chung-Hoon and Canada's Montreal were conducting a "routine" transit of the strait when the Chinese ship cut in front of the American vessel. The maritime encounter was the latest close call between the Chinese and U.S. military. Chinese Defense Minister Li Shangfu told Asia's top security summit on Sunday that conflict with the United States would be an "unbearable disaster" but that his country sought dialogue over confrontation.

Persons: Chung, Mao Zedong's, Taiwan's, Joe Biden, Hoon, Liu Pengyu, Jake Sullivan, Fareed Zakaria, Li Shangfu, Ted Hesson, Grant McCool Organizations: Pacific Command, Taiwan, U.S, U.S . Navy, Royal Canadian Navy, Global, U.S ., House, CNN, Chinese Defense, Thomson Locations: U.S, Taiwan, China, United States, People's Republic of China, Republic of China, Canada, The U.S, Republic, Taiwan Strait, Montreal, Washington, Chinese, South

☆ China seeks dialogue, says clash with U.S. would be 'unbearable disaster'
▼ + stars: | 2023-06-04 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, June 4 (Reuters) - Chinese Defence Minister Li Shangfu said on Sunday that conflict with the United States would be an "unbearable disaster" but that his country seeks dialogue over confrontation. "It is undeniable that a severe conflict or confrontation between China and the U.S. will be an unbearable disaster for the world." In their latest row, China's military criticised the United States and Canada for "deliberately provoking risk" after the countries' navies staged a rare joint sailing through the sensitive Taiwan Strait on Saturday. U.S. Secretary of Defense Lloyd Austin rebuked China in a speech at the security meeting in Singapore on Saturday for refusing to hold military talks, leaving the superpowers deadlocked over their differences. Reporting by Chen Lin, Greg Torode; Editing by Gerry Doyle and Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

Persons: Li Shangfu, Li, Joe Biden's, Defense Lloyd Austin, Austin, Chen Lin, Greg Torode, Gerry Doyle, Raju Gopalakrishnan Organizations: Chinese Defence, People's Liberation Army, U.S, National Defence, . U.S, Defense, Saturday, Thomson Locations: SINGAPORE, United States, China, U.S, Washington, Beijing, Taiwan, South, Canada, ., Singapore, Russia, Asia

☆ Brazenly defending a Chinese warship buzzing an American destroyer in the Taiwan Strait, China's new defense minister tells the US: 'Mind your own business'
▼ + stars: | 2023-06-04 | by ( David Rising | Associated Press | ) www.businessinsider.com time to read: +8 min

A Chinese warship overtook an American destroyer and sailed across its bow on Saturday. China's defense minister Gen. Li Shangfu said, "In China we always say, 'Mind your own business.'" Chinese Defense Minister Gen. Li Shangfu delivers his speech on the last day of the 20th International Institute for Strategic Studies (IISS) Shangri-La Dialogue, Asia's annual defense and security forum, in Singapore, Sunday, June 4, 2023. He accused the US and others of "meddling in China's internal affairs" by providing Taiwan with defense support and training, and conducting high-level diplomatic visits. The sanctions, which broadly prevent Li from doing business in the United States, do not prevent him from holding official talks, American defense officials have said.

Persons: Lloyd Austin, Li Shangfu, —, Vincent Thian Li, Li, Austin, Roslan Rahman, Li scoffed, Vincent Thian Organizations: US, Service, Privacy Policy SINGAPORE, Washington, Pacific Command, US Air Force, Chinese Defense, 20th International, for Strategic Studies, AP, Getty, Russia, US Defense Department Locations: American, China, Taiwan, Singapore, Taiwan Strait, South, Canadian, Beijing, Chinese, South China, Austin, East, Ukraine, Moscow, United States, — China

SINGAPORE, June 4 (Reuters) - Chinese Defence Minister Li Shangfu told Asia's top security summit on Sunday that conflict with the United States would be an "unbearable disaster" but that his country sought dialogue over confrontation. "It is undeniable that a severe conflict or confrontation between China and the U.S. will be an unbearable disaster for the world." China's military criticised the United States and Canada for "deliberately provoking risk" after their warships staged a rare joint sailing through the sensitive strait. Canadian defence minister Anita Anand said that Canada would continue to sail where international law allows, including the Strait, and that "actors in this region must engage responsibly”. In his speech, Li said China would not allow such freedom-of-navigation patrols by the United States and its allies to be "a pretext to exercise hegemony of navigation."

Persons: Li Shangfu, Li, Joe Biden's, Anita Anand, Richard Marles, Defense Lloyd Austin, Austin, Cui Tiankai, Chong Ja Ian, ”, Chen Lin, Greg Torode, Xinghui, Ben Blanchard, Kanupriya Kapoor, Gerry Doyle, Raju Gopalakrishnan Organizations: Chinese Defence, U.S, National Defence, People's Liberation Army, U.S . Navy, Pacific Command, Defense, Reuters, National University of Singapore, Thomson Locations: SINGAPORE, United States, Singapore, China, U.S, Washington, Beijing, Taiwan, South, Chinese, Taiwan Straits, Canada, Britain ., Russia, Xinghui Kok, Taipei

☆ Senior U.S. State Department official to visit China next week amid tense ties
▼ + stars: | 2023-06-03 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, June 3 (Reuters) - A senior U.S. State Department official will travel to China next week, the department said on Saturday, as Washington seeks to boost communication with Beijing at a time of tense relations between the two countries. U.S. Assistant Secretary of State for East Asian and Pacific Affairs Daniel Kritenbrink will discuss "key issues in the bilateral relationship" during his visit to China, the State Department said in a statement. He will be joined by White House National Security Council Senior Director for China and Taiwan Affairs Sarah Beran. During his travels from Sunday to June 10, Kritenbrink will also visit New Zealand to participate in the U.S.-New Zealand Strategic Dialogue, the department said. Kritenbrink’s trip follows a visit last month to China by CIA Director William Burns.

Persons: Pacific Affairs Daniel Kritenbrink, Sarah Beran, Kritenbrink, William Burns, Burns, Lloyd Austin, Austin, Antony Blinken, Janet Yellen, Gina Raimondo, Eric Beech, Cynthia Osterman Organizations: U.S . State Department, U.S, State, East Asian, Pacific Affairs, State Department, White House National Security, CIA, . Defense, Blinken, Thomson Locations: China, Washington, Beijing, Taiwan, South China, New Zealand, U.S, Zealand

☆ U.S., China trade blame as hopes for military dialogue fade
▼ + stars: | 2023-06-03 | by ( ) www.cnbc.com time to read: +1 min

Tensions between the U.S. and China have escalated over the last few years. U.S. Secretary of Defense Lloyd Austin rebuked China on Saturday for refusing to hold military talks, leaving the superpowers deadlocked over Taiwan and territorial disputes in the South China Sea. A senior Chinese military official struck back, saying the United States was responsible for a breakdown in dialogue by ramping up sanctions on Chinese officials and destabilizing the Asia-Pacific with its military presence. "China-U.S. military relations are faced with difficulties and the responsibility lies entirely on the U.S. side," Lieutenant General Jing Jianfeng told reporters at the summit. "China attaches importance to developing China-U.S. military relations, and our interactions and communication have never been suspended."

Persons: Defense Lloyd Austin, Austin, ramping, Jing Jianfeng Organizations: U.S, Defense, People's Locations: China, Taiwan, South China, People's Republic of China, Singapore, United States, Asia, U.S

Speaking at the Shangri-La Dialogue, Asia's top security summit, Austin said that open lines of communication between U.S. and Chinese defence and military leaders were essential to avoid conflict and bolster stability in the Asia-Pacific. "The more that we talk, the more that we can avoid the misunderstandings and miscalculations that could lead to crisis or conflict." China's Minister of National Defence Li Shangfu had this week declined an invitation to meet Austin at the security summit. On Friday, the two shook hands on the sidelines of the conference but did not hold detailed talks, the Pentagon said. "(AUKUS) promotes greater stability and security," Austin said.

Persons: Defense Lloyd Austin, Caroline Chia, Austin, Austin Austin, National Defence Li Shangfu, Antony Blinken, Liu Pengyu, General, Lei, Zhao Xiaozhuo, Zhao, Xi Jinping, Joe Biden, Xinghui Kok, Joe Brock, Chen Lin, Gerry Doyle, Kanupriya Kapoor, Greg Torode, Ryan Woo, Idrees Ali, Phil Stewart, Yew, Raju Gopalakrishnan Organizations: Defense, REUTERS, United, People's, National Defence, Austin, Pentagon, Academy of Military Sciences, Global Times, U.S, China's Academy of Military Sciences, Australia, Thomson Locations: Singapore, China, Taiwan, Asia, Pacific SINGAPORE, United States, South China, People's Republic of China, U.S, Washington, TAIWAN, Beijing, Ukraine, Pacific, Australia, Japan, India, Philippines

☆ Berlin calls on China to stop enlisting former German military pilots
▼ + stars: | 2023-06-03 | by ( ) www.reuters.com time to read: +1 min

BERLIN, June 3 (Reuters) - German Defence Minister Boris Pistorius on Saturday called on China to stop enlisting former German military pilots for the training of its own forces. He added the Chinese defence minister had not denied the practice of hiring former German military pilots, but played down its significance. Pistorius did not give any further details in a recording of his comments that was distributed by the defence ministry in Berlin. German news magazine Spiegel reported on Friday that former German fighter pilots have been training Chinese military pilots for years. German security officials consider it highly likely that the pilots have been passing on expert military knowledge, such as the secret operational tactics of German forces and NATO, Spiegel said.

Persons: Boris Pistorius, Pistorius, Spiegel, Sabine Siebold, David Holmes Organizations: German, NATO, Thomson Locations: BERLIN, China, Singapore, Berlin, Taiwan, Indonesia, India, Asia

☆ Canada facing rising threat from cyberattacks - defence minister
▼ + stars: | 2023-06-03 | by ( Joe Brock | ) www.reuters.com time to read: +2 min

SINGAPORE, June 3 (Reuters) - Canadian Defence Minister Anita Anand said on Saturday that the country's critical infrastructure was increasingly being targeted by cyberattacks, posing a significant threat to the economy of the world's fourth-largest crude oil producer. In an interview on the sidelines of an Asian security summit in Singapore, Anand said there had been an increase in cyberattacks across North America, although she did not attribute the strikes to any state-sponsored actors. Canada is home to a number of large oil pipelines that are important for global crude supplies. Multinational energy companies like Exxon Mobil (XOM.N) and Royal Dutch Shell (SHEL.L) have major operations in the country. Anand was speaking at the Shangri-La Dialogue, Asia's top security meeting, where rising tensions between the United States and China have dominated proceedings.

Persons: Anita Anand, cyberattacks, Anand, Joe Brock, Raju Gopalakrishnan Organizations: Canadian Defence, U.S . State Department, Exxon Mobil, Royal, Shell, Thomson Locations: SINGAPORE, China, Singapore, North America, Canada, United States, Beijing, Asia, Pacific

☆ A conflict with China over Taiwan would impact the global economy 'in ways that we cannot imagine,' US Defense Secretary warns
▼ + stars: | 2023-06-03 | by ( Joe Ciolli | ) www.businessinsider.com time to read: +3 min

US Secretary of Defense Lloyd Austin had some harsh words for his Chinese counterparts on Saturday. At Asia's top security summit, Austin said a possible US-China conflict over Taiwan could "affect the global economy in ways that we cannot imagine." It was part of a broader address that rebuked China for not being willing to meet at the summit. "The whole world has a stake in maintaining peace and stability in the Taiwan Strait, the whole world," said Austin. The comments were part of a broader address that saw Austin rebuke China for not engaging in military talks.

Persons: Defense Lloyd Austin, Austin, —, National Defense Li Shangfu —, Shangfu, Matthew Pottinger, Trump, Tesla, Elon Musk Organizations: Defense, Service, Bloomberg, —, National Defense, Reuters, CNBC Locations: China, Taiwan, Singapore, Taiwan Strait, Austin, Canadian

SINGAPORE, June 3 (Reuters) - South Korea's defence minister said on Saturday that some countries were "ignoring North Korea's unlawful behaviour", which he said threatens to weaken U.N. sanctions against its missile and nuclear programmes. On Wednesday, North Korea launched its first spy satellite into space, although it ended in failure with the booster and payload plunging into the sea. The South Korean minister reiterated that coordination with the United States and Japan to deter North Korea was important. The three countries have agreed to begin sharing North Korean missile warning data in real time "within this year", South Korea's defence ministry said in a statement after a meeting between the South Korean, U.S. and Japanese defence chiefs. North Korea argues it has a sovereign right to space development.

Persons: Lee Jong, Lee, Kanupriya Kapoor, Raju Gopalakrishnan, Robert Birsel, Edwina Gibbs Organizations: . Security, North, " Defence, South, South Korean, Thomson Locations: SINGAPORE, U.N, China, Russia, U.S, North Korea, United States, Singapore, Pacific, Japan, North

SINGAPORE, June 3 (Reuters) - Ukraine's plans for a counteroffensive against Russian occupation remain on track, its deputy defence minister told Reuters on Saturday, despite an "unprecedented" wave of missile and drone attacks across the country in recent weeks. Havrylov called Russia's heavy use of ballistic missiles in May a "last strategic resort" and noted that his country's air defence systems had been "more than 90 percent effective" against the attacks. For Russia "it was a huge surprise to find that the effectiveness of (their ballistic missiles) was almost zero against modern air defence systems, which we received from our partners," he said. Ukrainian President Volodymyr Zelenskiy said on Saturday his country was ready to launch a much-awaited counter-offensive. The addition of modern fighter aircraft such as F-16s would improve the country's air defence capabilities, Havrylov said.

Persons: Volodymyr V, Havrylov, Volodymyr Zelenskiy, Ben Wallace, Kanupriya Kapoor, Gerry Doyle, Raju Gopalakrishnan Organizations: Reuters, Patriot, IRIS, NATO, British Storm, Thomson Locations: SINGAPORE, Ukraine, Kyiv, Singapore, Russia, United States, Germany, Moscow, Vilnius, Lithuania, Crimea

☆ Asia's drug trade is thriving post-pandemic, UN report warns
▼ + stars: | 2023-06-02 | by ( Jessie Yeung | ) edition.cnn.com time to read: +6 min

There are other signs of the drug trade bouncing back. West African trafficking networks in East and Southeast Asia, which “all but disappeared” during the pandemic, have now resumed their activities, the report said. From Myanmar, meth and other synthetic drugs then travel out to the world, with shipments previously found as far away as Japan, New Zealand and Australia. It also pointed to the high number of drug-related arrests and admissions at drug treatment facilities as further evidence of robust trade. That figure is 167% higher than the previous year, according to the UNODC report.

Persons: ”, Jeremy Douglas, “, ” Douglas, Douglas, Inshik Sim Organizations: Hong Kong CNN, United Nations Office, Drugs, “, UNODC Regional Representative, Southeast, Central America Locations: Hong Kong, Asia, East, Southeast Asia, Yunnan, Myanmar, China, Thailand, Central, Laos, From Myanmar, Japan , New Zealand, Australia, South Asia, Bangladesh, India, Japan, Cambodia, France, Poland, Indonesia, South Korea

NEW DELHI/BENGALURU, June 2 (Reuters) - The India and South Asia head of Amazon.com Inc's (AMZN.O) cloud division, Puneet Chandok, has resigned with effect from August 31, the company said on Friday. Chandok had taken the helm of Amazon Web Services in June 2019. Vaishali Kasture, currently head of enterprise for mid-market and global businesses at AWS India and South Asia, would take on the role of interim leader of commercial business for the unit, Amazon India said. The news came over two weeks after Amazon's cloud computing unit revealed plans to invest 1.06 trillion rupees ($12.87 billion) in India by 2030, doubling down on its past investments to cater to the growing demand for such services in Asia's No. The interim provides an opportunity for other cloud companies such as Azure and Google Cloud Platform, along with homegrown players, to make aggressive bids for accounts, said Akshara Bassi, an analyst at Counterpoint Research.

Persons: Inc's, Puneet Chandok, Chandok, Vaishali Kasture, Akshara Bassi, Munsif Vengattil, Aditya Kalra, Varun, Savio D'Souza, Dhanya Ann Thoppil, Sohini Organizations: NEW, Amazon Web Services, India, Amazon, Counterpoint Research, Varun Vyas, Thomson Locations: NEW DELHI, BENGALURU, India, South Asia, Amazon India, Asia's, New Delhi, Bengaluru

☆ Asia security summit kicks off amid US-China tensions
▼ + stars: | 2023-06-02 | by ( Joe Brock | ) www.reuters.com time to read: +3 min

The Shangri-La Dialogue, which attracts senior military officers, diplomats, weapons makers and security analysts from around the globe, is taking place June 2-4 in Singapore. Australian Prime Minister Anthony Albanese will deliver the keynote address on Friday evening, before U.S. Defence Secretary Lloyd Austin and China's new Defence Minister Li Shangfu are expected to trade barbs in speeches over the weekend. Li, who was named China's new defence minister in March, was sanctioned by the U.S. in 2018 over weapons purchases from Russia. The United States is Australia's biggest security ally, and Beijing has criticised a deal announced in March to buy U.S. nuclear-powered submarines. Australia’s defence chief has said that as great power competition in the region persists, his country is focused on deterring conflict and deepening engagement with partners, including Pacific island and South East Asian nations.

Persons: Dr Ng Eng Hen, Lloyd Austin, Anthony Albanese, Li Shangfu, Li, Austin . Li, National Intelligence Avril Haines, Zhu Qichao, Joe Brock, Greg Torode, Kanupriya Kapoor, Xinghui Kok, Chen Lin, Raju Gopalakrishnan, Kirsty Needham, Gerry Doyle Organizations: U.S . Defense, Singapore Ministry of Defence, REUTERS, Singapore . Australian, U.S, Defence, Austin, National Intelligence, China, New Zealand, Albanese Labor, ASEAN, South East, Thomson Locations: Singapore, REUTERS SINGAPORE, United States, China, Taiwan, South China, Washington, Beijing, U.S, Russia, American, ., AUSTRALIA, Australia, Britain, Canada, New, Pacific, South

HONG KONG/SINGAPORE, June 1 (Reuters) - Southeast Asian e-commerce and gaming giant Sea Ltd (SE.N) is winding down its investment arm, two people with knowledge of the matter said, amid a cooling investment environment globally as macroeconomic and market uncertainty weigh on valuations. The arm, Sea Capital, stopped new equity investing in 2022 with leadership moving on in May, while Sea itself is placing less priority on investing given market conditions, one of the people said. Singapore-based Sea launched Sea Capital in March 2021 with initial capital of $1 billion after buying Hong Kong's Composite Capital Management, founded by former Hillhouse Capital partner David Ma who became Sea's chief investment officer. One of the people said the decision to wind down Sea Capital was prompted by "less deal activity" resulting in fewer investment opportunities. Sea Capital had made at least three investments, including in 2021 into collapsed cryptocurrency exchange FTX.

Persons: David Ma, Ma, FTX, Kane Wu, Fanny Potkin, Sumeet Chatterjee, Christopher Cushing Organizations: Capital, Hong Kong's, Capital Management, Hillhouse, Sea, U.S, Asia's, Thomson Locations: HONG KONG, SINGAPORE, Asia, Japan, Singapore, New York, Sea, India, Europe, Hong Kong

In April and May, domestic outflows totalled around 2 trillion yen ($14.81 billion) for individual investors and over 2.2 trillion yen for Japanese institutions. While foreign investors are excited about the prospect of a new era of growth in corporate Japan, domestic investors are eager to catch any profits they can, sticking to a strategy born out of decades of fleeting rallies. Reuters Graphics"It has been a trend that retail investors sell stocks at a peak. This time short-term investors sold stocks as they were cautious about the sharp gains of the Nikkei," said Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities. "Long-term investors also sold stocks because they were saddled with losses after the Nikkei made a range-bound move for a long time."

Persons: Shoichi Arisawa, Masayuki Kubota, Kubota, Warren Buffet, Ohara, Ankur Banerjee, Junko Fujita, Rocky Swift, Gaurav Dogra, Tom Westbrook, Sam Holmes Organizations: Nikkei, Reuters, IwaiCosmo Securities, Rakuten Securities, Tokyo Stock, Reuters Graphics, Bank of Japan, Gaurav, Thomson Locations: TOKYO, SINGAPORE, Japan, Tokyo, Singapore, Bengaluru

☆ Asia's factories struggle for momentum amid patchy recovery
▼ + stars: | 2023-06-01 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

"The PMI surveys suggest that China's economic recovery was still ongoing in May, albeit at a slower pace. China's Caixin/S&P Global manufacturing PMI rose to 50.9 in May from 49.5 in April, above the 50-point index mark that separates growth from contraction. Vietnam, Malaysia and Taiwan also saw factory activity shrink in May, while that of the Philippines expanded, the surveys showed. Asia's economy is heavily reliant on the strength of China's recovery, which has been uneven with services spending outperforming activity in export-oriented sectors. In forecasts released in May, the International Monetary Fund said it expects Asia's economy to expand 4.6% this year after a 3.8% gain in 2022, contributing around 70% of global growth.

Persons: Julian Evans, Pritchard, Wang Zhe, Leika Kihara, Sam Holmes Organizations: PMI, Capital Economics, P Global, Caixin Insight, Jibun, International Monetary Fund, Thomson Locations: South Korea, Vietnam, Taiwan, TOKYO, China, Japan, Asia, South, Malaysia, Philippines

☆ Southeast Asia's digital economy may be set to hit $1 trillion, but roadblocks remain
▼ + stars: | 2023-06-01 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

A woman (R) adjusts the Philippines flag before the 51st Association of Southeast Asian Nations (ASEAN)- Republic of Korea Ministerial Meeting in Singapore on August 3, 2018. Southeast Asia's digital economy has plenty of growth potential, backed by strong fundamentals including over 460 million digital consumers, young and tech-savvy populations, as well as rising internet penetration. The digital economy across six countries within the Association of Southeast Asian Nations bloc — known as ASEAN-6 and comprising Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam — is projected to grow 6% annually. From the urban-rural divide to low digital literacy, the region continues to grapple with challenges that could hold back that growth. "ASEAN's digital economy is expanding, but there is the digital divide," said Anthony Toh, research analyst at S. Rajaratnam School of International Studies, a think-tank within Nanyang Technological University.

Persons: Anthony Toh, Toh Organizations: 51st Association of Southeast Asian Nations, ASEAN, Association of Southeast Asian Nations, Google, Temasek, Bain & Company, Rajaratnam, of International Studies, Nanyang Technological University, & $ Locations: Philippines, Republic, Korea, Singapore, ASEAN, Indonesia, Malaysia, Thailand, Vietnam, Nanyang, Brunei, Myanmar, Laos, Cambodia

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