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☆ Southeast Asia is a top choice for firms diversifying supply chains amid U.S.-China tensions
▼ + stars: | 2024-06-24 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +5 min

Skyline, Ho Chi Minh City, Vietnam John Harper | Photodisc | Getty ImagesSoutheast Asia has emerged as a top choice for firms looking to diversify production away from China, including Chinese companies, amid escalating tensions between Washington and Beijing. "Southeast Asia is well-placed to benefit significantly from the China+1 phenomenon as both foreign and Chinese companies diversify their supply chains and operations," said Kuo-Yi Lim, co-founder and managing partner of Southeast Asian venture capital firm Monk's Hill Ventures. "The ASEAN-6 region has benefited from a diversification of global and regional supply chain as well as the adoption of 'China+1' strategies. MalaysiaMalaysia has seen semiconductor firms including Intel, GlobalFoundries and Infineon setting up or expanding operations in the country over the last few years amid U.S.-China tensions. Chinese electric vehicle maker BYD plans to start commercial production of EVs in Indonesia in 2026, according to local reports.

Persons: Vietnam John Harper, Kuo, Yi Lim, Lim, Yinglan Tan, Kai Wei Ang, CNBC's, It's, Ang, Anders C, Johansson, –, Sokon – Organizations: Photodisc, Getty, Monk's Hill Ventures, ASEAN, Hong Kong SAR, Apple, Ventures Partners, Samsung, BofA Securities, Intel, GlobalFoundries, Infineon, U.S, Monk's Hill Ventures . Industry, Malaysia that's, Stockholm China Economic Research, Stockholm School of Economics, Chery, Singapore Locations: Chi Minh City, Vietnam, Asia, China, Washington, Beijing, Monk's, Indonesia, Malaysia, Philippines, Thailand, Singapore, U.S, Japan, European Union, China & Hong Kong, Hong Kong, Vietnam Vietnam, ASEAN, Malaysia Malaysia, Stockholm China, EVs

☆ Indonesia election: Over 200 million will head to the polls across vast nation in world’s biggest election day
▼ + stars: | 2024-02-13 | by ( Kathleen Magramo | Heather Chen | ) edition.cnn.com time to read: +9 min

CNN —More than 200 million eligible voters will head to the polls in Indonesia on Wednesday, in what is billed as the world’s biggest single-day election. Mascots depicting presidential candidate and Indonesia's Defence Minister Prabowo Subianto (L) and vice presidential candidate Gibran Rakabuming Raka (R) in an election event on February 5, 2024. He has strong links with Islamic political groups, and his vice-presidential pick, Muhaimin Iskandar, is the leader of Indonesia’s largest Muslim political party, the National Awakening Party. A presidential candidate needs a simple majority of at least 50% of total votes and 20% of votes in more than half of the country’s 38 provinces to win. The use and abuse of AIWith more than 210 million Internet users, Indonesia boasts one of the world’s largest digital populations.

Persons: Suharto’s, Prabowo Subianto, he’s, Suharto, ” Kenneth Roth, Ganjar, Mahfud, Gibran Rakabuming Raka, Adek Berry, Anies Baswedan, Muhaimin Iskandar, Anies, –, Basuki Tjahaja, Joko Widodo, Jokowi, Prabowo, Gibran, Jokowi’s, ”, Adrian Vickers, Vickers, “, Yusof, Maria Monica Wihardja, ” Wihardja, Sayyidatiihayaa, Satya Bumi, ” Sayyidatiihayaa, Ulet Ifansasti Organizations: CNN, Human Rights Watch, Princeton University, Indonesian Democratic Party of, Indonesia's Defence, Getty, Former Jakarta, Islamic, National Awakening Party, University of Sydney, Prabowo, Lembaga, Transparency International, Indonesia Locations: Indonesia, United States, Central Java, Jakarta, Indonesia’s, AFP, Chinese, Indonesian, Ogan Ilir, South Sumatra, Nusantara, Borneo

CNN —The party of Myanmar’s deposed former leader Aung San Suu Kyi said Thursday they were concerned she is “not receiving adequate medical care” while in prison, amid reports her health is failing. “If [Aung San Suu Kyi’s] health is not only impaired but her life also is endangered, the military junta is solely responsible,” the party said. Suu Kyi's son, Kim Aris, said he was "extremely worried" about his mother's health. Alishia Abodunde/ReutersA source told CNN earlier this month that Suu Kyi was suffering from gingivitis, an inflammation of the gums, and toothache, but had since recovered. The ruling military junta on August 1 pardoned Suu Kyi on five charges for which she was previously convicted, reducing her lengthy sentences.

Persons: Myanmar’s, Aung San Suu Kyi, “, Suu, Kim Aris, ”, Aris, Suu Kyi's, Alishia Abodunde, Suu Kyi, Farhan Haq, Kamala Harris, Min Aung Hlaing Organizations: CNN, National League for Democracy, Facebook, Reuters, United Nations, ASEAN, Army Locations: Myanmar, Britain, Jakarta, Indonesia

Seoul, South Korea CNN —As South Korea struggles to get young people interested in marriage and kids, authorities are trying a new tack: importing foreign workers to carry some of the household burden. The plan will expand the number of industries and companies eligible to employ foreign workers, as South Korea faces an aging population, shrinking workforce and labor shortages in various sectors. South Korea has long struggled with chronic labor shortages in the manufacturing and agricultural sectors, Reuters reported. Some politicians have previously urged the government to import foreign workers to help alleviate the burdens on young couples and parents. Singapore’s migrant worker system is just as controversial for employing cheap foreign labor to sustain one of the world’s richest countries.

Persons: ”, They’ll, Seoul’s, –, Housekeepers, Indonesia – Organizations: South Korea CNN, Authorities, Reuters, Ministry, Employment, Labor, Hong Locations: Seoul, South Korea, South, Korea, Hong Kong, Singapore, birthrate, Korean, “, Philippines, Indonesia

☆ Earthquake of magnitude 7.0 strikes Bali Sea, Indonesia –EMSC
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, Aug 29 (Reuters) - A strong earthquake of 7.0 magnitude struck deep in the sea north of Bali and Lombok islands in Indonesia early on Tuesday, the European-Mediterranean Seismological Centre (EMSC) said, sending residents running out of buildings. The quake's epicentre was 203 km (126 miles) north of Mataram, Indonesia, and very deep at 516 km below the Earth's surface, EMSC said. Indonesian and U.S. geological agencies pegged the magnitude at 7.1, with no threat of a tsunami. Guests at Bali's Mercure Kuta Bali ran out of their rooms after feeling the tremor for a few seconds, hotel manager Suadi told Reuters by phone. "The quake is deep so it should not be destructive," BNPB spokesperson Abdul Muhari said.

Persons: EMSC, Bali, Suadi, BNPB, Abdul Muhari, Ananda Teresia, Kanjyik Ghosh, Gayatri Suroyo, Sandra Maler, Stephen Coates Organizations: Seismological, Mercure, Reuters, Thomson Locations: JAKARTA, Bali, Lombok, Indonesia, European, Mataram, Indonesian, Jakarta, Bengaluru

☆ Japan in tears after first ever win against European team in FIBA World Cup
▼ + stars: | 2023-08-27 | by ( Andrew Mcnicol | ) edition.cnn.com time to read: +3 min

CNN —Japanese players and fans were left in tears after the country claimed its first ever victory against European opponents in the FIBA Basketball World Cup on Sunday. It was Japan’s first World Cup win in 17 years – its last came as host nation against Panama at the then-named FIBA World Championship in 2006. Japan lost all five of its group games at the postponed 2019 World Cup held in China. The 2023 FIBA World Cup is co-hosted by the Philippines, Japan and Indonesia – the first time multiple nations have hosted the event. The FIBA World Cup runs until September 10.

Persons: Yuta Watanabe, League’s Yudai Baba, Josh Hawkinson, 5’7, Yuki Kawamura, Tom Hovasse, Japan's, Hiro Komae, ” Hovasse, Stephen Curry ”, Japan's Yuta Watanabe, Kyle Anderson Organizations: CNN, FIBA Basketball, Finland, Phoenix Suns, NBA, Panama, FIBA, Keisei Tominaga, Germany, Okinawa Arena, Kyodo, Getty, Japan, Indonesia – Locations: Japan, Okinawa, US, China, Asia, Finland, Australia, Oceania, Serbia, Philippines, Indonesia

☆ Rio Waida: He grew up with the world's best waves but pioneering Indonesian found surfing success the hard way
▼ + stars: | 2023-06-07 | by ( George Ramsay | ) edition.cnn.com time to read: +7 min

Aaron Hughes/World Surf LeagueDespite Indonesia’s reputation as an iconic surf destination, Waida is the first person from the southeast Asian country to compete on the Championship Tour. “In Indo, we have the best waves and every day is good waves. I lost a lot before I qualified [for the Championship Tour]. However, disappointing results in Australia at the Rip Curl Pro and the Margaret River Pro saw Waida drop down the rankings. It’s tough, surfing against the best surfers … I have to give everything, there’s no easy road.

Persons: Rio, Waida, ”, “, Kelly Slater, Mick Fanning –, Aaron Hughes, I’ve, ” Waida, Slater, Gabriel Medina, John John Florence, Lisi Niesner, Curl, Margaret River, He’s, …, Brent Bielmann, Waida prioritizes Organizations: CNN, Olympics, Surf, Waida, Indonesia –, Tokyo, Paris, Reuters, Billabong Pro Pipeline, Curl Pro, City El Salvador Pro Locations: Indonesian, Bali, Indonesia, California, Europe, Japan, Australia, Brazil, United States, Hawaii, Curl Pro Portugal, Oahu

☆ Asia likely to grow 5% faster than developed economies by year-end - Morgan Stanley
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +1 min

April 12 (Reuters) - Asia's economic growth could outpace developed countries' by 5% by end-2023 driven by China's easing of COVID-19 curbs, strong domestic demand and interest rates staying in less-restrictive territory, said Morgan Stanley economists. The recent banking stress in the U.S. and Europe strengthens the case for Asia's outperformance, MS Asia economists, led by Chetan Ahya, said in a note dated Tuesday. "Lending standards will tighten in the U.S. and Europe, and, in turn, weigh on domestic demand," wrote Ahya. A 5% higher growth than developed markets would be the strongest since 2017, MS notes. Additionally, China's reopening distributes benefits to the rest of the region, while Asia's other three large economies – Japan, India and Indonesia – all have economy-specific factors driving domestic demand, MS said.

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