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Asean Affairs 29 May 2011
By David Swartzemtruber
AseanAffairs 29 May 2011
These were the most significant stories published by Asean Affairs during the week of May 21-May 27.
New Singapore cabinet leaders for eco-city
Cabinet reshuffle will see a completely new slate of leaders taking charge of the Tianjin Eco-City, with many of the key people stepping down and others being transferred to different portfolios.
READ MORE: http://www.aseanaffairs.com/singapore_news/politics/new_singapore_cabinet_leaders_for_eco_city
Hot money continues Philippine surge
Transactions in foreign portfolio investments in the first week of May has already surged by more than a third, reflecting investors’ improved risk appetite for emerging assets.
READ MORE: http://www.aseanaffairs.com/philippines_news/capital_markets/hot_money_continues_philippine_surge
Malaysia aims to be regional auto hub
Having a larger automotive total industry volume (TIV) can help boost Malaysia's competitiveness and steer the country to become a regional manufacturing hub, said Malaysia Automotive Institute (MAI) chief executive officer Madani Sahari.
READ MORE: http://www.aseanaffairs.com/malaysia_news/automotive/malaysia_aims_to_be_regional_auto_hub
Mangroves restored on Krabi Island
Island in Thailand has long been a popular tourist destination, but now the southern province is becoming known for something more creative-using its low-profile islands in a carbon capture and storage project.
READ MORE: http://www.aseanaffairs.com/thailand_news/environment/mangroves_restored_on_krabi_island
Yuan to become third reserve currency
The Chinese yuan looks set to become the third most popular currency for settling trades in the next six months, according to an HSBC trade confidence survey.
READ MORE: http://www.aseanaffairs.com/asean_news/capital_markets/yuan_to_become_third_reserve_currency
Philippines posts record fiscal surplus
The Philippines posted a record budget surplus last month, the highest in more than two decades, after it failed to meet its expenditure program for the period. Data from the Bureau of the Treasury showed Monday the national government posted a P26.26 billion (US$605 million) surplus in April, a record high for the last 25 years or more.
READ MORE: http://www.aseanaffairs.com/philippines_news/economy/philippines_posts_record_fiscal_surplus
P&G plans to Invest US$100 million in Indonesia
Procter & Gamble Co (P&G) (PG.N) will invest US$100 million in the oleochemical sector in Indonesia, the country's industry minister MS Hidayat said on Monday.
READ MORE: http://www.aseanaffairs.com/indonesia_news/investment/p&g_plans_to_invest_us_100_million_in_indonesia
Kasikorn expands in China
Kasikorn Bank plans to further expand in China despite stronger regulations by the mainland's central bank to prevent the economy from overheating.
READ MORE: http://www.aseanaffairs.com/thailand_news/finance/kasikorn_expands_in_china
Work halted on Vietnamese port
Construction of the Van Phong International Port in Vietnam’s southern central province of Khanh Hoa has been suspended for one year with no indication of a resumption date.
READ MORE: http://www.aseanaffairs.com/vietnam_news/infrastructure/work_halted_on_vietnamese_port
Vietnamese trade deficit continues to rise
The Vietnamese trade deficit increased to US$6.6 billion in the first five months this year compared to $5.4 billion in the same period of last year due to higher import value, according to the General Statistics Office (GSO).
READ MORE: http://www.aseanaffairs.com/vietnam_news/trade/vietnamese_trade_deficit_continues_to_rise
More 3G users in Asia
Qualcomm Inc. expects 3G subscriptions in Southeast Asia to increase substantially in the next two years, but added emerging markets still have significant room to expand their wireless networks.
Indian coal miner seeks Indo stake
Coal India, the world's largest coal miner, is in advanced talks to buy up to a 40 percent stake in Indonesia's Golden Energy Mines in a deal valued at between $750 million and $1 billion, three sources with direct knowledge said on Thursday.
READ MORE: http://www.aseanaffairs.com/indonesia_news/energy/indian_coal_miner_seeks_indo_stake
Bangchak invests in solar
Thailand’s Bangchak Petroleum Plc plans to spend about 50 billion baht (US$1.64 billion) to increase its solar power capacity by four times to 500 megawatts.
Rice crisis could reappear
Repeating the 2008 rice crisis that led to riots in the developing world cannot be ruled out as the cost of other agricultural goods surge, the International Rice Research Institute has warned. READ MORE: http://www.aseanaffairs.com/asean_news/agriculture/rice_crisis_could_reappear