Sunday, January 24, 2016

Kerry in Laos to discuss bomb legacy and Asean partnership

Kerry in Laos to discuss bomb legacy and Asean partnership

[VIENTIANE] US Secretary of State John Kerry sat down Monday to discuss the deadly legacy of unexploded American bombs in Laos and China's influence in Southeast Asia during a high-profile visit to the reclusive Communist state.
The trip to Vientiane also paves the way for a summit hosted next month by President Barack Obama in California with the ten leaders of the Association of Southeast Asian Nations (Asean).
Laos has assumed this year's chairmanship of the regional bloc and will see a flurry of diplomatic activity culminating in an autumn visit by President Obama - the first by a US leader to the resource-rich but impoverished nation.
Kerry's trip is only the third since 1955 by a US Secretary of State to a country carpet bombed by America during the Vietnam War.
It represents a "real transformation" of ties between the once wartime foes, a US State Department official said ahead of his arrival.
Ahead of a meeting with Foreign Affairs Minister Thongloun Sisoulith, Kerry, fresh from a trip to Saudi Arabia, told reporters they would be discussing the removal of ordnance "It's good to be here... we have been working on this project of clearing mines and undoing effects of war for a long time and it continues," he said.
The top US diplomat, who is due in Cambodia later Monday, arrives days after the five-yearly congress of the Laos' Communist Party, which chose 78-year-old vice-president Bounnhang Vorachith as its next leader.
The Communist Party has ruled since the end of the Vietnam War in 1975, tightly controlling the country of around six million.
Unexploded bombs across the region are the result of the massive US bombing campaign aimed at disrupting North Vietnamese supply routes through landlocked Laos.
It is "a problem, of course, that resulted from our actions in the Vietnam War in the '70s", the US State Department official conceded.
Those actions made Laos the most bombed nation in the world per capita, with more than 250 million bombs dumped on the country.
Around 30 per cent failed to explode, including cluster munitions.
Around 50,000 people have been killed by leftover ordnance since the end of the war, with tens of thousands of others maimed, including children.
That grim legacy carries a particular resonance for Kerry, a decorated Vietnam war veteran wounded during combat.
In the intervening years, relations between the two countries have often been hostile, with American support for ethnic Hmong anti-communist insurgents still raw in the memory of the Laos' leadership.
Laos' poor human rights record is also a sticking point, embodied by the 2012 disappearance of prominent activist Sombath Somphone, who was last seen on CCTV footage at a police checkpoint in Vientiane.
Kerry's visit comes as the US deepens its courting of Southeast Asia, a region where Chinese heft is strong - particularly over small nations.
"Laos is a country like Cambodia, where China has been the dominant player both in economic and in political terms," the State Department official said.
"So it's significant that the Lao have - particularly in the last few years and certainly in 2015 - shown so much interest in strengthening and building relations with the United States." The Obama administration has made relations with Asia a diplomatic priority, in particular bolstering Asean as a counterpoint to Chinese regional power.
Several Asean states are embroiled in an increasingly bitter spat with China over disputed territory in the South China Sea.
The US says it take no position on ownership of the various reefs and islets under dispute, but insists freedom of navigation in the vital shipping lane must be maintained.
AFP

New CEO appointed for IE Singapore

New CEO appointed for IE Singapore

By
nishar@sph.com.sg@Nisha_BT
THE current Deputy Secretary (Trade) of the Ministry of Trade and Industry (MTI), Lee Ark Boon, will be appointed chief executive of International Enterprise (IE) Singapore from Feb 1.
IE Singapore's former CEO Teo Eng Cheong stepped down on Dec 31 last year to join Surbana Jurong.
As MTI Deputy Secretary (Trade), Mr Lee helped to advance Singapore's foreign bilateral and multilateral economic relations, the MTI said in a release on Monday. He also oversaw the successful conclusion of the EU-Singapore Free Trade Agreement (FTA), TransPacific Partnership Agreement (TPP) and Turkey-Singapore FTA.
In addition, Mr Lee was involved in the review and upgrade of existing FTAs such as the China-Singapore FTA and in raising local companies' awareness of new and emerging markets.
Mr Lee was also Singapore's Senior Official for the Asia-Pacific Economic Cooperation (Apec) and World Trade Organisation (WTO).
Mr Lee previously served in the Ministry of Manpower, National Security Coordination Secretariat, Ministry of Transport, Public Service Division and Ministry of Foreign Affairs.
Ow Foong Pheng, Permanent Secretary for MTI, said: "Ark Boon's experience in expanding Singapore's trade and investment relations and international negotiations will equip him well to lead IE Singapore to promote the overseas growth of Singapore-based enterprises."

Indonesia will ease policy again, but timing unclear: central bank deputy governor

Indonesia will ease policy again, but timing unclear: central bank deputy governor

[JAKARTA] Bank Indonesia Deputy Governor Perry Warjiyo said the central bank will ease its monetary policy more, although when that will happen depends on domestic and external conditions.
"There will be further monetary easing, but the timing and magnitude will follow (domestic and external) assessments," Mr Perry told a Standard Chartered Bank client forum on Monday.
He also said that because the government has done auctions for infrastructure and other projects earlier in the year, "the signal for monetary policy easing is strong".
On Jan 14, the central bank cut the benchmark rate by 25 basis points, to 7.25 per cent. It was the first cut in 11 months.
Bank Indonesia expects the economy to grow 5.2 per cent this year, stronger than last year's growth outlook of 4.9 per cent.
Indonesia's statistics bureau is due to announce 2015 gross domestic product data on Feb 5.
REUTERS

86,000 people stranded on blizzard-hit S. Korea resort island

86,000 people stranded on blizzard-hit S. Korea resort island

[SEOUL] Close to 90,000 people were stranded on the South Korean resort island of Jeju on Monday after the biggest snowfall in three decades shut the airport for the third straight day.
Known as the Hawaii of South Korea for its beaches and usually warm climate, Jeju took the brunt of a week-long cold snap that sent the mercury plunging to record lows across the country.
The popular holiday destination has recorded its heaviest snowfall in three decades since Saturday, as the temperature dropped to -6.1 degrees Celsius.
The transport ministry said Jeju International Airport would remain closed until at least 8:00 pm (1100 GMT) Monday, due to heavy snow and strong winds.
Close to 1,100 flights were cancelled over the weekend and Monday, stranding some 86,000 frustrated travellers on the island, a ministry official said.
Thousands were forced to spend the night at the airport, bundled up in blankets and sleeping on cardboard boxes to avoid the freezing floors.
Although it was spared any snowfall, the capital Seoul recorded its coldest day in 15 years on Sunday, when the temperature fell to minus 18 degrees Celsius.
On Saturday, the state weather agency issued a cold wave warning for Seoul for the first time in five years.
AFP

China business confidence, recruitment hit record lows in Jan: SMI survey

China business confidence, recruitment hit record lows in Jan: SMI survey

[BEIJING] China's business confidence and recruitment activity slipped to record lows in January, a survey showed, adding to signs of weakness in the world's second-largest economy that could prod policymakers to roll out more support measures.
The Sales Managers' Index, compiled by London-based World Economics, fell to 51.0 in January from 51.7 in December. "The Headline SMI index fell slightly in January, but continues to suggest ongoing, albeit modest growth in economic activity," World Economics chief executive Ed Jones said.
The index has averaged 51.4 since the second half of last year, indicating China's economic activity is still growing steadily, albeit at a much slower rate than a year ago.
The Sales Managers' Index covers all private sectors of the economy. It is designed to reflect overall economic growth, bringing together the average movement of Confidence, Market Expansion, Product Sales, Prices Charged and Staffing Indices.
The staffing index fell to 50.3 in January, near the 50 no-change mark, from 50.8 in December, hitting its lowest since the survey began, as businesses have become more hesitant to recruit as economic activity weakens, the survey showed.
REUTERS

UBS's Magnus sees end of China selloff giving way to muted gain

UBS's Magnus sees end of China selloff giving way to muted gain

[HONG KONG] The slump in Chinese stocks has about 14 per cent to go, and an eventual rebound won't be vigorous, according to UBS Group AG's George Magnus.
The Shanghai Composite Index may stop its slide around 2,500, the London-based senior independent economic adviser to UBS said by phone. The gauge fell to a one-year low last week, before closing on Friday at 2,916.56. While the measure will end the year above its trough, Mr Magnus said, it won't be substantially higher.
"We may not have touched the bottom yet but it's a lot closer," said Mr Magnus. As for a sustained rally, he says, "you have to be optimistic about a Chinese soft landing and economic transformation, which I'm not personally optimistic about."
Earlier this year, Mr Magnus told Bloomberg Television that volatility in China is masking a credit crisis and a bleak outlook for its economy. He said that while top policy makers promised a wave of reforms in December, they aren't likely to be enough. The Chinese equity gauge fell into a bear market on Jan. 15 for the second time in seven months, wiping out gains from an unprecedented state rescue amid waning confidence in the government's ability to manage the country's markets and economy.
Mr Magnus has a track record for calling the outcome of global upheavals. In July 2007, he warned that the US subprime mortgage-market collapse may not be "containable." In September 2008, he called for the US Federal Reserve, the European Central Bank and the Bank of England to cut interest rates to prevent the financial crisis from worsening, a step they took two weeks later.
The Shanghai Composite is down 17 per cent this year, even after a two-day rally. Chinese shares have had a rocky start amid concern the economic slowdown is deepening and yuan volatility may trigger more capital outflows. The government has continually intervened to stabilize financial markets. The measure climbed 1 per cent to 2,946.42 as of 10:11 am Monday in Shanghai, after a 1.3 per cent increase on Friday.
Chinese shares may be range-bound for some time, Mr Magnus said. The Shanghai Composite traded between 3,500 and 1,950 from August 2009 to March last year, when it embarked on a debt- fueled rally. That eventually turned into a rout after peaking in June.
"What happened in China before was a bit artificial in terms of pumping the market up so it's just returning to base," said Mr Magnus, who correctly predicted in July the rout would deepen. "I don't think China is going into the deep freeze anytime soon." A catalyst for a rebound would be a realization that fears of another 2008, with the world economy going into a recession, are misplaced, he said. "My personal view is those fears are exaggerated, but that's not a view that's shared in the market at the moment."
BLOOMBERG

Oil climbs further on short-covering, Brent at over US$32

Oil climbs further on short-covering, Brent at over US$32

[SEOUL] Crude oil futures extended gains in early Asian trade on Monday on short-covering demand, with both Brent and US crude near US$32.50 a barrel.
Oil prices surged 10 per cent on Friday, one of the biggest daily rallies ever, as bearish traders who had taken out record short positions scrambled to close them, betting the market's long rout may finally be over.
Brent had climbed 33 cents a barrel to US$32.51 as of 0037 GMT after touching US$32.69 a barrel earlier the session. It settled at US$32.18 a barrel in the previous session.
US crude rose 15 cents at US$32.34 a barrel, compared with its session-high of US$32.64 and previous settlement at US$32.19. "A change in investor sentiment was the key factor, with speculative short positions in WTI falling from historically high levels the previous week," ANZ said in a note on Monday. "Low crude oil prices continue to negatively impact high cost US oil producers. Indeed, recent Baker Hughes data suggested US oil explorers idled more oil rigs last week." A massive snowstorm on the US East Coast helped stoke demand for oil for heating, helping push up crude prices. While New York and Philadelphia were getting back to business, Washington was not ready after an historic storm dumped more than 51cm of snow on the city and nearly 1 metre in surrounding areas.
Asian stocks gained early on Monday, relieved after seeing Wall Street rally on the back of a sharp rise in crude oil prices. The dollar was steady at 118.75 yen after surging 0.9 per cent on Friday, when it touched a two-week high of 118.88.
REUTERS

728 X 90

336 x 280

300 X 250

320 X 100

300 X600