DIRS.INFO The most relevant business & tech news

☆ Malaysia slams 'unjust' EU deforestation law for blocking palm oil
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +2 min

KUALA LUMPUR, April 20 (Reuters) - Malaysia on Thursday said it was disappointed over a European Union law banning imports of commodities linked to deforestation, fearing a hit to its exports of palm oil to the bloc. The law will apply to soy, beef, palm oil, wood, cocoa, coffee, rubber, charcoal, and derived products including leather, chocolate and furniture. Malaysia said the law was a "deliberate effort" to increase costs and barriers for its palm oil sector -- a key source of export revenue for the Southeast Asian country. Smallholders account for 26%, or around 1.5 million hectares of oil palm planted area in Malaysia. Globally, more than seven million smallholders cultivate palm oil for a living and rely on the commodity to escape poverty.

☆ Malaysia to review $3.9 bln settlement deal with Goldman Sachs - PM Anwar
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

KUALA LUMPUR, April 17 (Reuters) - The Malaysian government is re-evaluating a $3.9 billion settlement deal reached between the previous administration and U.S. investment bank Goldman Sachs (GS.N) over the 1MDB financial scandal, state news agency Bernama reported on Monday. Prime Minister Anwar Ibrahim said on Monday a government taskforce looking into 1MDB issues was scrutinising the 2020 deal with Goldman, adding that it was a matter of recovering public funds, Bernama reported. "I agree (with a review) because from the start, I felt the settlement agreement was done hastily which led to many questions being raised," Anwar was quoted as saying by Bernama. Goldman had helped 1MDB raise $6.5 billion in two bond offerings, earning itself $600 million in fees, according to the U.S. Justice Department. Since taking office last November, Anwar has sought to review previous governments' decisions on 1MDB in a bid to recoup money embezzled from the fund.

☆ Singapore unexpectedly leaves monetary policy unchanged as risks grow
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +3 min

SINGAPORE, April 14 (Reuters) - Singapore's central bank on Friday left its monetary policy settings unchanged, reflecting the city-state's concerns about its growth outlook and surprising economists who had expected another round of tightening. It was the first time the Monetary Authority of Singapore (MAS) has left policy unchanged since April 2021. MAS had from October 2021 tightened monetary policy five times in a row, including in two off-cycle tightening moves last year in January and July. The MAS said in a statement that its previous tightening moves were "still working through the economy and should dampen inflation further". Alex Holmes, senior economist at Oxford Economics, said he does not expect any unwinding of recent tightening moves until late 2024.

☆ New year revelry returns to Thai streets as tourism rebounds
▼ + stars: | 2023-04-13 | by ( Devjyot Ghoshal | ) www.reuters.com time to read: +2 min

[1/5] People play with water as they celebrate during the Songkran holiday which marks the Thai New Year in Bangkok, Thailand, April 13. Festivities for Songkran, a much-loved Thai festival sometimes described as the world's largest water fight, had been muted or barred for the past few years due mainly to COVID-19 restrictions. ABut as travellers now return to Thailand, the key tourism sector is helping revive Southeast Asia's second-largest economy. Thailand beat its target of 6 million tourist arrivals in the first quarter, recording 6.15 million visitors between January and late March, according to government data. At least 30 million tourists are expected to visit Thailand this year and spend 1.5 trillion baht ($43.74 billion), according to projections by the Tourism Council, an industry body.

☆ Philippines will pursue drugs war appeal with ICC, says top gov't lawyer
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +2 min

MANILA, April 12 (Reuters) - The Philippines will pursue its appeal questioning the International Criminal Court's (ICC) jurisdiction and authority to investigate killings during former President Rodrigo Duterte's 'war on drugs', its top lawyer said on Wednesday. Guevarra said the president's remarks meant the Philippines will "disengage with the ICC after exhausting our legal remedies within the framework of the Rome Statute". The ICC probe was reopened in January 2023. But the tribunal's top prosecutor Karim Khan said the ICC has jurisdiction because the country was a party at the time the alleged crimes were committed. Khan asked the court on April 4 to reject Manila's appeal and uphold its earlier decision to allow the resumption of the probe.

☆ High Philippine inflation dents Marcos' approval ratings
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +2 min

[1/2] Philippines President Ferdinand "Bongbong" Marcos Jr. delivers a speech on the 126th founding anniversary of the Philippines army at Fort Bonifacio, in Taguig, Philippines, March 22, 2023. REUTERS/Eloisa Lopez/File PhotoMANILA, April 12 (Reuters) - Philippine President Ferdinand Marcos Jr's approval ratings edged lower due to public dissatisfaction over his government's handling of inflation, but he remains popular, an opinion poll showed on Wednesday. Marcos' approval ratings were slightly lower than the 83% that his vice president, Sara Duterte, got in March. Duterte, daughter of former president Rodrigo Duterte, currently serves as education minister, while Marcos helms the agriculture department. In the same survey, 61% percent of respondents approved of Marcos' government in terms of "defending the integrity of Philippine territory against foreigners", up from 58% in November.

☆ Without spectators, Indonesia holds rematch between clubs involved in deadly stampede
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, April 11 (Reuters) - The rematch of an Indonesian soccer game that ended in one of the world's worst stadium stampedes last year began on Tuesday night with no spectators present, officials said. Fierce rivals Persebaya and Arema FC last met in October 2022, when their match ended in a crush in which 135 people were killed. Many died as they fled for the exits after police fired tear gas into the crowd - a crowd control measure banned by world soccer's governing body FIFA. "The match is without spectators, according to the permit issued by police," Persebaya said on its Instagram account. Tuesday's Persebaya-Arema FC match was supposed to take place in early March but was postponed by police due to persistent concerns over fan rivalries and crowd control issues.

☆ Philippines, U.S. begin joint troop exercises amid regional tensions
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +3 min

[1/5] General view during the opening ceremony of the annual Philippines-U.S. joint military exercises or Balikatan, at the Armed Forces of the Philippines headquarters, in Quezon City, Metro Manila, Philippines, April 11, 2023. The expanded annual exercises underscore improved defence ties under President Ferdinand Marcos Jr after his predecessor scaled back drills to pursue closer ties with Beijing. For the first time, the Philippines and the United States will hold live-fire drills at sea during the three-week event known as the 'Balikatan' or 'shoulder-to-shoulder' exercises. China's foreign ministry on Monday criticised the joint exercises, saying they "must not interfere in South China Sea disputes, still less harm China's territorial sovereignty, maritime rights and interests and security interests." President Marcos is expected to witness the live-fire sea drills which will involve the sinking of an old Philippines navy ship, according to a Philippine military official.

☆ At least 30 killed as Myanmar military attacks rebel group event -media
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

April 11 (Reuters) - At least 30 people were killed in a central area of Myanmar on Tuesday, after the army launched an attack on an event being held by opponents of military rule, media outlets reported. Reuters could not immediately verify the reports and a spokesperson for the ruling military did not answer a phone call seeking comment. We cannot retrieve the bodies yet," said the PDF member, who declined to be identified. Myanmar's military, which ousted an elected government in 2021, has drawn global condemnation for its lethal attacks on pro-democracy opponents and civilians. Last month, at least eight civilians including children were killed in an air strike on a village in northwest Myanmar, according to a human rights group, ethnic minority rebels and media.

☆ Vietnam to conduct 'comprehensive inspection' of TikTok over harmful content
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +1 min

"TikTok, Facebook and YouTube are all cross-border social media with international standards. But when operating in Vietnam, the platform needs to abide by local regulations on both content and tax obligations," Do said. "This is an interdisciplinary inspection activity planned by the government and in line with Vietnam law for companies operating in Vietnam, not only TikTok," TikTok Vietnam said in an email. In a statement to Reuters, TikTok Vietnam also said it had upgraded its guidelines expected to take effect from April 24 to be more transparent about its rules and how it would enforce them. The app has nearly 50 million users in Vietnam aged 18 and above, the government said in a separate statement, citing data from a research company DataReportal.

☆ China's reopening brightens developing Asia's 2023 growth outlook - ADB
▼ + stars: | 2023-04-04 | by ( Karen Lema | ) www.reuters.com time to read: +3 min

Developing Asia, which groups together 46 economies in the Asia-Pacific, is forecast to grow 4.8% in 2023, the ADB said in its Asian Development Outlook report, more than its previous estimate of 4.6% in December, and following 4.2% growth in 2022. China's reopening "is really going to create the strongest kind of support for growth in the region this year," ADB Chief Economist Albert Park told Reuters. And while China's embattled property sector "remains a point of concern", Park said the upside risks to China's growth outlook outweigh downside risks. "If life really returns to normal quickly and confidence comes back, growth could even be higher than 5% which would be obviously even better for the region," Park said. Currently, the ADB forecasts oil prices to average $88 a barrel this year and $90 next year.

☆ Southeast Asian finance leaders discuss containing global risks
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

NUSA DUA, Indonesia, March 31 (Reuters) - Talks between Southeast Asian central bank governors and finance ministers entered their final day on Friday, with the leaders focused on strengthening the region's resilience against global risks. The gathering of finance leaders from the Association of Southeast Asian Nations (ASEAN) comes amid a backdrop of recent global banking turmoil after the collapse of Silicon Valley Bank and the bailout and takeover of Credit Suisse. Indonesia's central bank governor Perry Warjiyo called on the forum to boost the use of local currencies for settlements to reduce volatility and exposure to major currencies. They also discussed cryptocurrencies and central bank digital currencies, he added. Reporting by Stefanno Sulaiman; additional reporting by Ananda Teresia in Jakarta Editing by Ed Davies, Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

☆ Vietnam needs $11.5 bln to expand national fuel storage capacity by 2030
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +1 min

HANOI, March 31 (Reuters) - Vietnam would need investment of up to 270 trillion dong ($11.51 billion) to expand its national fuel storage system by 2030, state media reported on Friday, citing a draft plan prepared by the Ministry of Industry and Trade. The investment would raise the country's crude oil and refined fuel storage capacity to 75-80 days of net imports, Dau Tu newspaper reported. The country's current fuel storage capacity stands at 65 days of net imports, state radio broadcaster VOV cited the Minister of Industry and Trade, Nguyen Hong Dien, as saying on Thursday. Most of the investment needed for the plan would come from businesses, Dau Tu reported. ($1 = 23,455 dong)Reporting by Khanh Vu; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

☆ Philippines, U.S. hold live-fire exercises focused on territorial defence
▼ + stars: | 2023-03-31 | by ( Adrian Portugal | ) www.reuters.com time to read: +2 min

[1/5] A High Mobility Artillery Rocket System (HIMARS) is fired during a live fire exercise with Philippine and U.S. troops at the three-week joint military drills "Salaknib" in Fort Magsaysay, Nueva Ecija, Philippines, March 31, 2023. REUTERS/Eloisa LopezFORT MAGSAYSAY, Philippines, March 31 (Reuters) - Philippine troops staged live-fire exercises with their U.S. counterparts in the Southeast Asian country's largest military camp as part of army-to-army drills aimed at enhancing Manila's defence capabilities against external threats. More than 3,000 Filipino and U.S. soldiers participated in the three-week long annual exercises called Salaknib, which on Friday featured anti-tank and small-arms live-fire exercises, and the firing of High Mobility Artillery Rocket System (Himars). "We are now transitioning from internal security operations to territorial defence operations," Philippine army training officer Lt. Col. Tara Cayton, said in a news conference. Fort Magsaysay will also host the biggest ever joint military drills between the Philippines and the United States next month, which highlight improved ties with the Western power under Marcos.

☆ Singapore sees rare travel delays as tech problem hits immigration checkpoints
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, March 31 (Reuters) - A technical glitch at entry points into Singapore led to rare delays at one of the world's busiest airports on Friday, with snaking queues and disgruntled passengers for several hours as automated immigration lanes suffered problems. Changi, one of the busiest gateways in the world, had warned passengers to expect delays and authorities urged postponement of non-essential travel. It handles nearly 150,000 passengers a day while about 300,000 people cross daily at the Woodlands and Tuas causeways linking Singapore with Malaysia. Posts on social media since late morning showed long queues at the airport with lines at immigration counters out of the departure hall and past check-in counters. Reporting by Edgar Su and Xinghui Kok; Editing by Kanupriya Kapoor, Martin PettyOur Standards: The Thomson Reuters Trust Principles.

☆ From war to peace: Cambodian goldsmith turns bullet casings into jewellery
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +1 min

PHNOM PENH, March 30 (Reuters) - Every week, Cambodian goldsmith Thoeun Chantha turns about five kg of brass casings of AK-47 and M-16 bullets into jewellery. "I'm a victim of the war as a Cambodian who lost family members in it and now the world is at war too," he said. "I make this to show that the world doesn't want war ... we all want peace." The bullets are collected from shooting ranges and military training grounds around the capital, Phnom Penh. Reporting by Chantha Lach and Juarawee Kittisipla; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

☆ 'Buried dreams': Players, fans dismayed after Indonesia loses U-20 hosting rights
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +2 min

International soccer's governing body FIFA stripped Indonesia of hosting rights on Wednesday over what an Indonesian official said was a failure to honour its commitments to the tournament. FIFA made the decision after Indonesia's football federation (PSSI) said it had cancelled the draw because Bali's governor refused to host Israel's team. The head of an Indonesian fans' association, Ignatius Indro, said PSSI and the government should ensure politics did not interfere in football. The loss of hosting rights was a "failure" for the Southeast Asian country, he said. PSSI said losing hosting rights would harm the national side's chance of taking part in other FIFA tournaments, and the economic losses would amount to millions of dollars.

☆ Japan, Australia concerned over Myanmar disbanding Suu Kyi party
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +2 min

Myanmar's ousted leader Aung San Suu Kyi, 77, is serving 33 years in prison for various offences and dozens of her NLD allies are also in jail or have fled. The NLD had repeatedly ruled out running in the election, for which no date has been set, calling it illegitimate. "We are seriously concerned that the exclusion of the NLD from the political process will make it even more difficult to improve the situation," Japan's foreign ministry said in a statement. "Japan strongly urges Myanmar to immediately release NLD officials, including Suu Kyi, and to show a path toward a peaceful resolution of the issue in a manner that includes all parties concerned." It said all stakeholders should be allowed to participate in the political process and warned their exclusion could lead to further violence and instability.

☆ Philippines president backs merger of two state lenders to create country's biggest bank
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +1 min

MANILA, March 28 (Reuters) - Philippines President Ferdinand Marcos Jr is pushing for the merger of two state-run banks, which will create the country's largest lender by assets, his finance secretary said on Tuesday. The merger of Development Bank of the Philippines (DBP) and Land Bank of the Philippines (LBP) would also be in line with past government efforts for consolidation in the banking sector. "The merger will create a bigger and stronger bank to better serve the country's development needs," Diokno said. The union of DBP and LBP would allow the government to save more than 5 billion pesos ($91.93 million) in operating costs in the first year of their merger, Diokno said. As of end-September, the two banks had combined assets of 3.8 trillion pesos, compared with 3.7 trillion pesos of BDO Unibank (BDO.PS), which is controlled by the Philippines' richest family, central bank data showed.

☆ Philippines' Marcos to shut out ICC after losing drugs war appeal
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

MANILA, March 28 (Reuters) - Philippines President Ferdinand Marcos Jr on Tuesday said he would cut off contact with the International Criminal Court (ICC) after it rejected an appeal asking it to stop investigating his predecessor's lethal war on drugs. The ICC is a court of last resort that can exercise jurisdiction if states are unable or unwilling to investigate crimes. The treaty stipulates the ICC can investigate crimes that took place while a country was a member. He has said he is willing to go on trial over his drugs war, but only in a Philippine court. His daughter, Sara Duterte, is currently vice president and was the running mate of Marcos.

MAYA BAY, Thailand, March 27 (Reuters) - On any given day in Thailand's Maya Bay, up to 40 blacktip reef sharks cruise in the cyan shallows while about 4,000 tourists visit its white-sand beach flanked by towering cliffs. Marine researcher Metavee Chuangcharoendee said that thanks to the pause in tourism the island was once again functioning as a nursery for young sharks. A number of factors affect the sharks around Phi Phi Leh Island, including seasonal movement patterns and human activity like fishing, Metavee said. For Phi Phi Island National Park, annual revenue was almost halved from 638.3 million baht ($18.7 million) in 2018 to 373.6 million baht in 2019 after authorities closed the beach. "If you can create a new image of Maya Bay as a nature reserve ...

☆ Vietnam's VPBank completes $1.5 bln stake sale to Japan's Sumitomo Mitsui
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +1 min

HANOI, March 27 (Reuters) - Vietnam Prosperity Joint Stock Commercial Bank (VPB.HM) said on Monday it has sold a 15% stake for $1.5 billion to Sumitomo Mitsui Financial Group Inc (8316.T), expanding the Japanese bank's presence in one of Asia's fastest-growing economies. Following the investment, VPBank, whose business ranges across retail, corporate, consumer finance and wealth management operations, will become Vietnam's second-largest private lender by charter capital, with $5.96 billion. The deal comes as Vietnam's central bank seeks to tighten limits on holding stakes in banks, a move that may make the banking sector less attractive to foreigners. Sumitomo Mitsui, Japan's second-largest banking group is seeking to capture growth in Asian emerging markets through acquisitions, spurred by limited business opportunities at home with ultra-low interest rates and an ageing population. In late 2021, it acquired a 49% stake in Vietnamese consumer lender FE Credit from VPBank.

REUTERS/Edgar SuSINGAPORE, March 23 (Reuters) - The United States does not see an imminent threat of China invading Taiwan but is ready to defend the self-ruled island, a senior U.S. official said on Thursday in Singapore. "Anyone who contemplates an act of aggression that would involve the United States is making a very serious mistake," he said. Kendall said China has done "a number of things that are fairly aggressive", including "militarising" the South China Sea, the strategic trade corridor in which several countries have overlapping claims. China claims most of the waterway as its territory and has said the United States is the biggest driver of militarisation in the region. The Chinese military said on Thursday it monitored and drove away a U.S. destroyer that had illegally entered waters around the Paracel Islands in the South China Sea.

☆ US to announce more sanctions against Myanmar junta -State Dept official
▼ + stars: | 2023-03-22 | by ( Stanley Widianto | ) www.reuters.com time to read: +2 min

JAKARTA, March 22 (Reuters) - The United States will announce further sanctions against entities inside Myanmar in the coming days, a senior State Department official said on Wednesday. Speaking to reporters in Jakarta, U.S. State Department Counselor Derek Chollet said the sanctions will make it more difficult for Myanmar's junta to generate revenue to buy weapons. To date, the United States has imposed sanctions on 80 individuals and more than 30 entities inside Myanmar, Chollet said. He said that to see a solution to the Myanmar conflict, Russia must stop supplying military equipment to the junta. ASEAN currently bars junta leaders from high-level meetings, but has demurred on imposing sanctions and ruled out ousting Myanmar from the 10-member regional bloc.

☆ Thai PM slips in opinion poll, rival pulls ahead as election looms
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +2 min

[1/3] Thailand’s Prime Minister Prayuth Chan-ocha speaks to members of media at the Government House in Bangkok, Thailand, March 20, 2023. Thailand is expected to hold an election in May, which will continue a long-running political battle between the Shinawatra family and conservative pro-military establishment. "Poll is a poll. Paetongtarn, 36, better known locally by her nickname "Ung Ing" is one of the nominees for prime minister for the Pheu Thai party, which together with its previous incarnations has won every Thai election since 2001. The NIDA Poll, which surveyed 2,000 voters across Thailand in March, also showed that nearly 50% of respondents said they would back parliamentary candidates from Pheu Thai.

Search resuls for: "Kanupriya Kapoor"

25 mentions found