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☆ China's travel recovery gets more attention, but India's outbound market is 'booming' even faster
▼ + stars: | 2023-05-26 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +3 min

Company data showed that while outbound travel searches from most Asia-Pacific countries increased between 30% and 60% from 2019, searches from travelers in India jumped by 225%. Thailand, Singapore and Indonesia are top picks for Indian travelers. "Vietnam is within the top five destinations and it was never there in 2019," Morgenshtern said. "There's this perception that the Indian traveler's economic power is very low. It may be true domestically, but when it comes to outbound, I actually think it's on par with the Chinese when they visit other Asian countries," Agoda's Morgenshtern said.

☆ Workers want to embrace A.I. — but only 1 in 10 say their jobs involve related skills, Salesforce says
▼ + stars: | 2023-05-19 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +5 min

Even as companies make hefty investments into AI, most workers have yet to use AI — with "only 1 in 10" globally saying their day-to-day role currently involves AI skills, said Salesforce. Skills leaders wantPeople leaders said "data security skills, ethical AI and automation skills, and programming skills" will become increasingly important in the workplace, according to Salesforce. Only 14% say their role involves other related digital skills such as encryption and cybersecurity, and 13% claim to use coding and app development skills. "But even for this industry, less than a third of employees use AI skills within their role today," Salesforce added. As for Singapore, the industry that ranked highest for the application of AI skills was manufacturing — even though only 21% say they use AI skills within their role.

☆ Not right for ASEAN to choose between major powers, says Business Advisory Council chair
▼ + stars: | 2023-05-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNot right for ASEAN to choose between major powers, says Business Advisory Council chairArsjad Rasjid, chairman of the ASEAN Business Advisory Council, tells CNBC's "Squawk Box Europe" the region will not be drawn into geopolitical conflict.

LABUAN BAJO, Indonesia May 11 (Reuters) - Myanmar's ruling military has made no significant progress on implementing a peace plan agreed with ASEAN two years ago and the bloc must show unity in deciding how to address the escalating crisis, Indonesia's president said on Thursday. On (the) implementation of the 5PC, there has not been significant progress," he said. "Therefore, ASEAN unity is required to decide on the next steps." The army has been fighting on multiple fronts against ethnic minority rebels and militias in a growing, pro-democracy resistance movement. Reporting by Kate Lamb; Writing by Ananda Teresia; Editing by Martin PettyOur Standards: The Thomson Reuters Trust Principles.

JAKARTA, May 10 (Reuters) - Sales of electric cars in Indonesia jumped last month after the government launched tax incentives, auto executives said, in an early sign that electric vehicle (EV) adoption is gaining traction in Southeast Asia's largest economy. Effective from April, Indonesia cut the value-added tax (VAT) on electric cars from 11% to just 1%, provided they are manufactured with at least 40% local content. Hyundai aims to sell 10,000 units of IONIQ 5 in Indonesia this year, helped by the tax cut and as a shortage in semiconductor chips eases, he said. The two models are the most popular electric cars in Indonesia. Hyundai's Yoon said the South Korean company plans to introduce more battery-EV models in Indonesia to capture the growing market.

☆ Southeast Asian leaders pledge crackdown on human traffickers online scams
▼ + stars: | 2023-05-10 | by ( Kate Lamb | ) www.reuters.com time to read: +2 min

LABUAN BAJO, Indonesia, May 10 (Reuters) - Southeast Asian leaders pledged on Wednesday to crack down ononline scams operated by human traffickers to prey on vulnerable job seekers, particularly in the poorest countries of the region. Meeting in Indonesia for a summit of the Association of Southeast Asian Nations, the leaders called for a regional approach to combat human trafficking. Issuing the first declaration by ASEAN on the danger of traffickers' cyber scams, the leaders noted "the increasing abuse of technology in facilitating trafficking in persons in Southeast Asia and globally, proliferated through the use and abuse of social media and other online platforms". There has been a spike in cases of people enslaved in cyber scams, and more than 1,000 victims have been rescued just in recent days. ASEAN's efforts to combat human trafficking will include enhancing the capacity of law enforcement agencies to investigate, collect data, exchange information and conduct joint exercises, the declaration said.

Economists in a Reuters poll had predicted no growth in imports and an 8.0% increase in exports. Other recent data also showed South Korean exports to China, a leading indicator of China's imports, were down 26.5% in April, continuing 10 consecutive months of decline. China's coal imports fell in April from a 15-month high in the prior month, snapping back as demand weakens in Asian giant. Imports of copper - a proxy for global growth - and natural gas were also down in the same period. "The global economy is deteriorating and will weaken China's manufacturing sector," said Iris Pang, chief China economist at ING.

☆ China’s shrinking imports, slower exports growth darken economic outlook
▼ + stars: | 2023-05-09 | by ( ) edition.cnn.com time to read: +4 min

Economists in a Reuters poll had predicted no growth in imports and an 8.0% increase in exports. Other recent data also showed South Korean exports to China, a leading indicator of China’s imports, were down 26.5% in April, continuing 10 consecutive months of decline. China’s coal imports fell in April from a 15-month high in the prior month, snapping back as demand weakens in Asian giant. Imports of copper, a proxy for global growth, and natural gas were also down in the same period. “The global economy is deteriorating and will weaken China’s manufacturing sector,” said Iris Pang, chief China economist at ING.

☆ Myanmar conflict centre stage as Southeast Asian leaders hold summit
▼ + stars: | 2023-05-09 | by ( Kate Lamb | ) www.reuters.com time to read: +3 min

"Will ASEAN only be silent or will ASEAN be able to become the driver or peace or growth? The prime minister of East Timor, a former Portuguese colony bordering Indonesia that is seeking ASEAN membership, stressed the need to restore order in Myanmar. "We also have the obligation to push ASEAN and the international community to create peace in Myanmar," Taur Matan Ruak said. Indonesia has also been quietly engaging Myanmar's military, its shadow government and armed ethnic groups to try to kick-start peace talks. But some have called on ASEAN to take a harder line with Myanmar's junta.

They were in the Vietnamese Exclusive Economic Zone when the Chinese boats moved towards them, the Indian sources said. Ray Powell, who leads Project Myoushu on the South China Sea at Stanford University, said the boats belong to the Qiong Sansha Yu militia fleet in the area. Such militias consist of commercial fishing boats, which work in coordination with the Chinese authorities for political objectives in the South China Sea. Several of China’s littoral neighbours have accused it of using its official and militia vessels to harass and intimidate their fishing and military boats in the South China Sea. China has for years claimed sovereignty over the entire South China Sea, and has been sensitive to the presence of other militaries in the region.

☆ Indonesia president condemns attack on ASEAN officials delivering aid in Myanmar
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, May 8 (Reuters) - Indonesia's President Joko Widodo on Monday condemned an attack in Myanmar on ASEAN officials delivering humanitarian aid, and called for an end to violence in the strife-torn country. Jokowi, as the president is popularly known, did not provide details of the incident but said it would not deter efforts by Indonesia and the Association of Southeast Asian Nations (ASEAN) to push for peace in Myanmar. This condition will not make anybody win," he said, adding that Indonesia encourages all stakeholders to have a dialogue and find solutions. Myanmar's shadow National Unity Government, which is allied with the anti-junta militias, the People's Defence Forces (PDF), said it was not aware of any attack. A spokesperson for the Myanmar junta did not respond to a request for comment.

☆ JPMorgan explains why it's cautious about ASEAN markets
▼ + stars: | 2023-05-05 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJPMorgan explains why it's cautious about ASEAN marketsRajiv Batra of JPMorgan cites a possible U.S. recession and fading tailwinds from China's reopening as factors.

Speaking later at a press conference, Retno said it was vital to secure the trust of all those involved. "Indonesia is using non-megaphone diplomacy, this aims to build trust with all stakeholders, so they want to talk to us," she said. "Indonesia continues trying to play a bridging role to reduce a deep and sharp gap among the stakeholders." Representatives of the Myanmar junta and two armed ethnic groups did not respond to requests for comment. An Indonesian foreign ministry official confirmed the move to engage all stakeholders had the support of ASEAN members.

☆ Indonesia held multiple engagements on Myanmar, urges end to violence, minister says
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: 1 min

JAKARTA, May 5 (Reuters) - Indonesia's foreign minister on Friday confirmed her country had engaged with Thailand, China, India and the United Nations on the crisis in Myanmar, as well as Myanmar's key stakeholders, during which it called for an immediate halt to violence. Foreign Minister Retno Marsudi told a press conference it was crucial to build trust and not use megaphone diplomacy. Retno earlier on Friday told Reuters exclusively that Indonesia, the chair of the Association of Southeast Asian Nations (ASEAN), had been communicating with key stakeholders in Myanmar's crisis, with its diplomats involved in more than 60 engagements in the past four months. Reporting by Ananda Teresia; Writing by Martin Petty; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

The resumption of bilateral financial discussions comes ahead of Japanese Prime Minister Fumio Kishida's planned visit to South Korea on Sunday and Monday for talks with President Yoon Suk Yeol. It also came as Asian policymakers, gathering for the annual Asian Development Bank (ADB) meeting this week in the South Korean city of Incheon, discussed regional economic challenges and ways to beef up buffers against various shocks. In a joint statement issued after their meeting on Tuesday, Asian finance leaders warned of risks to the region's economy and called for countries to stay vigilant to potential spillovers from the recent U.S. and European banking sector turmoil. Japan and South Korea will resume regular finance dialogue, likely to be held annually, at "an appropriate timing," Suzuki told reporters after the bilateral meeting. Choo is expected to visit Japan this year for another meeting with Suzuki, South Korea's finance ministry said.

The resumption of bilateral financial discussions comes ahead of Japanese Prime Minister Fumio Kishida's planned visit to South Korea on Sunday and Monday for talks with President Yoon Suk Yeol. Japan and South Korea will resume regular finance dialogue, likely to be held annually, at "an appropriate timing," Suzuki told reporters after the bilateral meeting. Washington has pressed both countries to resolve these disputes to better counter rising threats from China and North Korea and other regional challenges. Under Yoon, South Korea has resumed trilateral military drills and agreed to more intelligence sharing on issues like tracking ballistic missile launches from North Korea. China's finance minister and central bank head were not present at a trilateral meeting, with their deputies attending instead.

SummarySummary Companies Japan, South Korea hold 1st bilateral finance meeting in 7 yearsTwo nations to resume regular finance dialogue, likely annualAsia policymakers to discuss safeguardsINCHEON, South Korea May 2 (Reuters) - Japan and South Korea held their first finance leaders' meeting in seven years on Tuesday and agreed to resume regular dialogue, as tensions in the region and slowing growth prod them to increase co-operation and mend strained relations. The resumption of bilateral financial discussions comes ahead of Japanese Prime Minister Fumio Kishida's planned visit to South Korea next week for talks with President Yoon Suk Yeol. "Japan and South Korea are important neighbours that must cooperate to address various challenges surrounding the global economy, as well as the regional and international community," Japanese Finance Minister Shunichi Suzuki said at the meeting with his South Korean counterpart Choo Kyung-ho. Japan and South Korea will resume regular finance dialogue, likely to be held annually, at "an appropriate timing," Suzuki told reporters after the bilateral meeting. Choo is expected to visit Japan this year for another meeting with Suzuki, South Korea's finance ministry said.

SummarySummary Companies ASEAN+3 finance leaders meet in Incheon, South Korea, TuesdayJapan hopes to propose strengthening currency swap linesExpansion will offer better safeguards vs pandemic, disastersINCHEON, May 2 (Reuters) - Asian finance leaders will on Tuesday look for ways to tighten safeguards to address emergency funding needs during pandemics and natural disasters, as global recession fears and volatile financial markets cloud the economic outlook. Japan, which co-chairs this year's meeting with Indonesia, hopes to discuss strengthening currency swap lines, Finance Minister Shunichi Suzuki told reporters on Friday. Japan is keen to propose a facility that enhances the use of existing currency swap lines, and allows members to tap funds in emergencies, said three sources with direct knowledge of the matter. But the swap lines have never been used, not even during the COVID-19 pandemic, leading to calls within the group for the system to be more accessible. The ASEAN+3 finance leaders, including Suzuki and Bank of Japan (BOJ) Governor Kazuo Ueda, are meeting on the sidelines of the ADB's annual meeting in Incheon in South Korea this week.

SummarySummary Companies ASEAN+3 finance leaders meet in Incheon, South Korea, TuesdayJapan hopes to propose strengthening currency swap linesExpansion will offer better safeguards vs pandemic, disastersINCHEON, May 2 (Reuters) - Asian finance leaders on Tuesday will debate ways to beef up regional safeguards to better address emergency funding needs during pandemics and natural disasters, as global recession fears and volatile financial markets cloud the economic outlook. Japan, which co-chairs this year's meeting of ASEAN+3 nations with Indonesia, hopes to discuss strengthening currency swap lines, Finance Minister Shunichi Suzuki told reporters on Friday. Japan is keen to propose a facility that enhances usage of existing currency swap lines, and allows members to tap funds in times of emergencies such as pandemics and natural disasters, said three sources with direct knowledge of the matter. But the swap lines have never been used, including during the COVID-19 pandemic, giving rise to calls from within the group to make the system more easily accessible in the event of shock events. The ASEAN+3 finance leaders, including Suzuki and Bank of Japan (BOJ) Governor Kazuo Ueda, are meeting on the sidelines of the ADB's annual meeting in Incheon in South Korea this week.

"It's not as if we're heading into a major crisis now," Suzuki said. Suzuki said he plans to attend the ASEAN+3 meeting on Tuesday, to be held on the sidelines of the Asian Development Bank's (ADB) annual meeting in Incheon in South Korea next week. The Bank of Japan also said its Governor Kazuo Ueda will travel to Incheon on May 1-4 to attend the meetings. The International Monetary Fund has urged Asian central banks to keep monetary policy "tighter for longer" to combat still substantial inflation risks. Reporting by Leika Kihara; Editing by Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ Myanmar's neighbours, some ASEAN members hold secretive talks on crisis - sources
▼ + stars: | 2023-04-26 | by ( Devjyot Ghoshal | ) www.reuters.com time to read: +3 min

BANGKOK, April 26 (Reuters) - Government and think-tank representatives from Myanmar and its neighbours, including India and China, held talks in New Delhi on Tuesday as part of a secretive effort to de-escalate a bloody crisis in the army-run Southeast Asian nation, two sources said. One of the sources said participants were interested in bringing into the process Myanmar's shadow National Unity Government (NUG), an organisation affiliated with the resistance and declared "terrorists" by the junta. "The neighbouring countries' perspective needs to be taken into account," said the source, "For them, the foremost priority is the de-escalation of the violence." ASEAN has barred the junta from attending until they implement the plan, which has infuriated the generals. "This effort will not supplant ASEAN," the second source said of the ongoing talks, "This will only complement."

☆ Australia PM says Sydney to host Quad leaders' summit on May 24
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, April 26 (Reuters) - Australian Prime Minister Anthony Albanese said on Wednesday that Sydney will host the 2023 Quad Leaders' summit on May 24, the third in-person meeting of the leaders of Australia, the United States, India and Japan. "I am honoured to host the first ever Quad Leaders' Summit in Australia in Sydney," Albanese said. China sees the Quad as an attempt to push back against its growing influence in the Indo-Pacific. Albanese said he also plans to visit the US when Biden hosts the Asia-Pacific Economic Cooperation summit in the second half of the year. Reporting by Renju Jose in Sydney; Editing by Alasdair PalOur Standards: The Thomson Reuters Trust Principles.

☆ ASEAN 'strongly condemns' deadly airstrike in Myanmar which reportedly killed up to 100
▼ + stars: | 2023-04-13 | by ( ) www.cnbc.com time to read: +1 min

Young demonstrators at an anti-coup protest in Yangon, Myanmar, on July 17, 2022. Myanmar has been in chaos since a military coup in early 2021 that upended a decade of tentative democratic reform, with a bloody crackdown on protests giving rise to an armed struggle against the junta. The chair of the Association of Southeast Asian Nations said on Thursday the bloc "strongly condemns" a military airstrike this week on a village in Myanmar, which is reported to have killed up to 100 people including civilians. Tuesday's attack in the Sagaing area was the deadliest in a recent string of military air attacks, with children reported to be among the dead, and has drawn global condemnation. Myanmar has been in chaos since a military coup in early 2021 that upended a decade of tentative democratic reform, with a bloody crackdown on protests giving rise to an armed struggle against the junta.

☆ ASEAN "strongly condemns" deadly air strike in Myanmar
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, April 13 (Reuters) - The chair of the Association of Southeast Asian Nations (ASEAN) said on Thursday the bloc "strongly condemns" a military air strike this week on a village in Myanmar, which is reported to have killed up to 100 people including civilians. Tuesday's attack in the Sagaing area was the deadliest in a recent string of military air attacks, with children reported to be among the dead, and has drawn global condemnation. "All forms of violence must end immediately, particularly the use of force against civilians," chair Indonesia said in a statement. "This would be the only way to create a conducive environment for an inclusive national dialogue to find a sustainable peaceful solution in Myanmar," it said. A junta spokesperson said Tuesday's attack targeted a ceremony held by the NUG for their armed People's Defence Force, adding the attack aimed to restore peace and stability in the region.

LONDON, April 5 (Reuters) - As "fragmentation" of politics and economics becomes the new buzzword for a world that appears to be splintering into blocs, the related costs of the new order are only now being totted up. Corporate rethinking of foreign direct investment (FDI) - bricks-and-mortar developments overseas as well as mergers and acquisitions - would make the hit even scarier. And if FDI fragmentation is defined by a permanent rise in cross-bloc barriers to imported investment inputs, the IMF said developments could cut world output by 2% in the long term. "Fragmentation of the global economy will likely put inflation at a higher structural level, and the cost of capital will likely go up, squeezing low-quality and leveraged companies." Reuters GraphicsBIS chart on global trade as share of GDPBCG projections on world trade to 2031The opinions expressed here are those of the author, a columnist for Reuters.

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