South-East Asia

The Russian Ministry of Economic Development announced on Sunday that Myanmar and its close friend Russia had signed a memorandum of understanding on cooperation for investment in a Dawei special economic zone, which includes construction of an oil refinery and a port. The document was signed during the visit of a Russian delegation to Myanmar by Maxim Reshetnikov, the head of Russia's ministry. Reshetnikov, quoted by the Russian Ministry in a press release, said that the text of the memo contains the basic parameters for several large infrastructure and power projects being implemented in Myanmar jointly with Russian companies. We...

Sources from the industry and government said that Peru will enter 10 new markets this year for its agricultural exports, including Indonesia, Israel and the Philippines, as the South American nation posted strong shipments. According to data from the government, Peru's agricultural exports increased by 22% last year to $12.8 billion. In a press briefing, Julio Perez of the Peruvian exporters' association ADEX said that the goal was to expand into at least 10 new countries this year, including the Philippines, and Israel. This would consolidate Peru's presence in Asia and Middle East. Perez stated that while the United States...

Energy costs continue to rise despite the closure of factories Solar energy could help the industry go green As mills struggle to transition to energy, jobs are lost Tahmid Zami Tahmid Zami Textile manufacturers are looking for new ways to produce cloth that is more affordable and has a stronger environmental credential. They risk bankruptcy. Bangladesh, the second-largest fashion exporter in the world, exported clothing worth $38.5 billion dollars last year. It supplied high-street giants like H&M and Zara. The company aims to increase its exports to $40 billion by the end of this year. Other apparel hubs have caught...

LME data on Monday showed that the number of Russian-made aluminium in London Metal Exchange storage warehouses was up in January compared to December. The amount of Indian metal, however, fell. According to traders, the majority of the aluminium in LME registered warehouses at Port Klang in Malaysia is of Indian origin. This is what Western consumers are looking for, as many have refused to purchase metal made in Russia after it invaded Ukraine almost three years ago. Stocks of aluminium with Russian origin, or those on warrant At the end January, the total reached 164 475 metric tonnes, or...

By Yantoultra Ngui Two sources familiar with the matter confirmed that MMC Port Holdings had hired CIMB to assist in a Malaysian initial public offering. The IPO could raise up to 6 billion ringgit (1,34 billion dollars). Two other sources confirmed that RHB and UBS were also asked to assist in the preparation of the IPO. The IPO would be the largest in Malaysia in over a decade. It was anticipated to happen either in the second quarter of this year or in 2026. The sources estimated that MMC Port would be valued at over 25 billion ringgit. The first...

By Yantoultra Ngui SINGAPORE, February 3 - MMC Port Holdings hired CIMB to work on a Malaysian initial public offering of more than 6 billion ringgit (1,34 billion dollars), according to two sources familiar with the matter. A third and fourth source confirmed that RHB and UBS were also tapped to help with the IPO. Sources said that the IPO would be the largest in Malaysia in over a decade and could hit the market in the second half of the year or 2026. It was estimated to value MMC Port in excess of 25 billion ringgit. The first source...

Freshly inaugurated U.S. President Donald Trump is pressing to take back the Panama Canal, the world's second busiest interoceanic waterway, spurring concerns that the United States could attack the Main American country. Trump argues that Panama has actually broken a promise of neutrality made when the United States moved the canal to Panama in 1999, falsely declaring that China is operating it. The canal is operated by the Panama Canal Authority, an autonomous firm overseen by the Panamanian federal government. WHY IS THE CANAL SECRET FOR THE U.S? The Panama Canal is an 82-km (51-mile) synthetic waterway that connects the...

Newly inaugurated U.S. President Donald Trump is pressing to reclaim the Panama Canal, the world's second busiest interoceanic waterway, spurring issues that the United States might get into the Main American nation. Trump argues that Panama has actually broken a promise of neutrality made when the United States moved the canal to Panama in 1999, incorrectly claiming that China is running it. The canal is run by the Panama Canal Authority, an self-governing agency managed by the Panamanian federal government. WHY IS THE CANAL KEY FOR THE U.S? The Panama Canal, an 82-km (51-mile) artificial waterway that links the Pacific...

China's suspension earlier this month of Brazilian soybean exports from five business after cargoes did not fulfill plant health requirements will last two months, a leading Brazilian farming official informed Reuters on Friday. Brazil is the top soybean exporter to China, which is the world's top importer. Brazilian farmers and exporters compete with counterparts in the United States for the Chinese market. China suspended imports from the five business on Jan. 8 and Jan. 14 after freights failed to satisfy Chinese import requirements. The 5 suspended units are part of operations that represented more than 30% of the more than...

Malaysia Airports said on Friday a takeover bid by the Gateway Development Alliance (GDA). consortium, led by sovereign wealth fund Khazanah Nasional, had. now become unconditional. The bidding consortium, which likewise includes BlackRock's. Worldwide Infrastructure Partners and Abu Dhabi Financial Investment. Authority (ADIA), have actually now secured control of 92.82% in the. airports operator. Khazanah, Malaysia Airport's most significant investor, had in May. last year teamed up with the other bidders and provided to. acquire all remaining shares at 11 ringgit each, offering the. airports operator an equity worth of 18.4 billion ringgit ($ 4.21. billion). The offer had actually...

Abu Dhabi National Oil Company's logistics arm has actually transferred its tankers to Navig8 after it purchased 80% of the company for more than $1 billion and will cut part of its labor force, the state oil giant said in a. statement. ADNOC Logistics & & Services, which raised nearly. $ 770 million in an initial public offering in 2023, stated in June. it was purchasing Singapore-headquartered Navig8 as part of its. growth method. ADNOC has actually noted numerous of its systems over the last few years and. pursued a string of offers to broaden in nearly every part of...

The following are the leading stories in the Financial Times. Reuters has actually not validated these stories and does not guarantee their accuracy. Headings - KPMG penetrated by UK accounting guard dog over Entain audit - Bank of England proposes 'concierge' service to welcome foreign firms - UK government rejects attempt to block EU law in Northern Ireland - UK ministers poised to authorize expansion of Gatwick airport Overview. - The UK's accounting guard dog Financial Reporting Council has. introduced an investigation into KPMG's 2022 audit of the. financials of bookmaker Entain, marking a new problem. for the Big Four...

According to a survey published on Tuesday, the stricter traffic regulations in place since the beginning of the year have caused disruptions and increased costs in the transport and logistics industry in Vietnam. New road safety regulations have increased the fines for serious traffic offences such as disregarding traffic lights. The new regulations are also more significant for the logistics industry in Southeast Asia's industrial and export hub because they require truck drivers to take a 15-minute break after every four hours driving. In a survey of more than 460 employees and executives, mainly from the logistics sector and distribution,...

Thailand's government announced on Tuesday that it would suspend electricity to certain border areas with Myanmar to combat scam centres. This comes amid increasing pressure against illegal compounds which have captured a large number of people from different nationalities. The United Nations claims that hundreds of thousands have been forced into scam centres, illegal online operations, and other criminal activities across Southeast Asia by criminal gangs. This includes along the Thai-Myanmar Border. According to a U.N. 2023 report, the operations are generating billions of dollars each year. Phumtham Wechayachai, Deputy prime minister of Thailand, told reporters that the authorities would...

The Philippines' sovereign wealth fund would be interested in purchasing a Chinese state firm's. stake in the Southeast Asian nation's power transmission. operator, its president said on Tuesday, as the federal government seeks. to improve its oversight of the nationwide power grid. The wealth fund, Maharlika Investment Corp, revealed on Monday. it would buy a 20% stake in the National Grid Corp of the. Philippines, or NGCP, which in 2007 won a 25year concession to. be the Philippines' sole power transmission operator. Maharlika president and president Rafael. Consing Jr said the fund would likewise be interested in shares held. by...

The Philippines' sovereign wealth fund Maharlika Financial investment Corp is purchasing a 20% stake in the operator of the nation's power grid, the federal government said on Monday, a first significant financial investment that tightens its grip on crucial infrastructure. National Grid Corp of the Philippines holds a 25year concession to run the country's sole power transmission operator because winning the contract in 2007. Amid intensifying tensions between Manila and Beijing over conflicts in the South China Sea, NGCP is currently the subject of a congressional probe into its compliance with franchise obligations and its ownership, with China's State Grid...

Travellers thronged train stations and airports on Friday, clutching large suitcases and gifts such as boxes of fruit as they joined millions of Chinese going back to their home towns to commemorate the Lunar New Year celebration with family. The vacation, China's greatest, this year falls between Jan. 28-Feb. 4 and marks the arrival of the Year of the Snake. The festivities generally supercharge companies such as stores, movie theaters and dining establishments as households delight in time together feasting and shopping. Authorities are specifically keen for individuals to open their wallets this year to improve the slow economy, and...

Tourists thronged railway stations and airports on Friday, clutching big suitcases and presents such as boxes of fruit as they signed up with millions of Chinese going back to their home towns to commemorate the Lunar New Year celebration with household. The holiday, China's greatest, this year falls between Jan. 28-Feb. 4 and marks the arrival of the Year of the Snake. The festivities typically supercharge companies such as shops, movie theaters and restaurants as households take pleasure in time together feasting and shopping. Authorities are particularly eager for individuals to open their wallets this year to enhance the slow...

Indonesia will rely more on personal financiers for its organized 71 gigawatt expansion in power capacity over the next years, with the government to focus on transmission for eco-friendly generation, the nation's energy minister stated on Monday. Bahlil Lahadalia said state energy Perusahaan Listrik Negara's (PLN) 2025-2034 power supply strategy will include 71 GW of brand-new power capacity and 48,000 circuit-km of transmission lines, which is comparable to 8,000 km (4,971 miles) straight line. Some 60% of the prepared brand-new power plants will be offered to the economic sector, he said at an occasion marking the launch of 26 power...

South Sudan aims to resume oil production at its Blocks 3 and 7 on January 8 with preliminary output of 90,000 barrels each day, Petroleum Minister Puot Kang Chol stated on Tuesday. South Sudan's economy has actually been under pressure in recent years in the middle of common violence while essential petroleum export income has been injured by export disturbances due to war in Sudan. Over the weekend, Sudan raised a nearly year-long force majeure on the transport of crude oil from its neighbour South Sudan to a port on the Red Sea after security conditions improved. The government has...

According to a letter sighted by us on Monday, the Sudan lifted its near-one-year force majeure for the transportation of crude from South Sudan to an port on the Red Sea. Khartoum declared force majeure last March after the main oil pipeline transporting South Sudanese oil through Sudan to be exported suffered stops linked to the problems caused by the war between Sudan’s army and insurgents Rapid Support Forces. In a letter dated January 4 from Sudan's Ministry of Energy and Petroleum to South Sudan’s Energy Minister, Khartoum announced that it would lift the force majeure due to new security...

Uncertainty surrounds the deadliest airplane crash on South Korean soil, air travel specialists said on Sunday, questioning how much impact a possible bird strike pointed out by authorities might have had in lowering the Jeju Air flight. The apparent absence of landing equipment, the timing of the twin-engine Boeing 737-800's tummy landing at Muan International Airport and the reports of a possible bird strike all raised questions that could not yet be responded to. The single-aisle airplane was seen in video broadcast on local media skidding down the runway without any landing equipment released in the past hitting a wall...

The crash of Jeju Air flight 7C2216 on Sunday marks the deadliest ever on South Korean soil and the worst including a South Korean airline given that a 1997 Korean Air Lines crash in Guam that killed more than 200. The crash of the Boeing 737-800 at Muan International Airport is the very first deadly accident involving the nation's. greatest budget plan airline, which was founded in 2005. Jeju Air. ranks just behind Korean Air Lines and Asiana. Airlines in regards to the number of travelers in South Korea. The previous most lethal air accident in South Korea remained in....

A minimum of 28 individuals were dead on Sunday after an airliner went off the runway and crashed at South Korea's Muan International Airport, Yonhap news agency reported. The mishap took place as the Jeju Air aircraft, carrying 175 passengers and 6 team on a flight from Thailand, was landing at the airport in the south of the nation, the report stated. Two people were found alive as the rescue mission was continuing, according to Yonhap. Authorities were working to rescue individuals in the tail area, an airport authorities told Reuters. Images shared by local media showed smoke and flame...