JAKARTA — While global foreign direct investment (FDI) dipped in 2018 for a third consecutive year, Asia bucked the global trend with rises nearly across the board, including record inflows to Southeast Asia’s booming economies. New United Nations Conference on Trade and Development (UNCTAD) data released today (June 12) shows total worldwide FDI fell 13% to US$1.3 trillion in 2018, as global economic uncertainties grew over the US and China’s increasingly antagonistic trade and investment policies, particularly in strategic sectors such as digital and mobile technology. But “developing Asia”, a region encompassing most of the continent aside from wealthy countries such as Japan, saw a 4% rise in foreign direct investment to $512 billion, representing 39% of the global total, according to UNCTAD’s 2018 World Investment Report.
SINGAPORE — Efforts by Southeast Asian lawmakers to highlight religious discrimination could help prevent future atrocities along the lines of the recent expulsion of hundreds of thousands of Rohingya from Myanmar, according to the head of the the United Nations’ human rights fact-finding mission to the country.“Religious persecution matters because, left unchecked, it leads up to atrocity crimes. This is a condition that is not unique to Myanmar but to the region as a whole,” said mission head Marzuki Darusman, an Indonesian lawyer. But the MPs may have their work cut in the wake of growing politicization of religion and persecution of minorities.“it is very important to spread the message of freedom of religion, but this is a region where religion has been exploited for political purposes,” said Kyaw Win, a Muslim from Myanmar and founder of the Burma Human Rights Network.Indonesia has seen the hounding and jailing of Basuki Tjahaja Purnama, the Protestant ex-governor of Jakarta, and the August 2018 imprisonment of a Buddhist in North Sumatra after she allegedly complained that the speakers at a neighborhood mosque were too loud.
SINGAPORE — China’s top security official articulated today (June 2) an uncompromising defense of his country’s stance on the contested South China Sea and threats to invade Taiwan in an anticipated address at a top security conference in Singapore.“Building facilities on one’s own territories is not militarization,” Lieutenant General Wei Fenghe said, responding to accusations that China has militarized islands in the sea as a means of taking effective control of what the US and others regard as international watersWei also warned of a “fight to the end” with the US in their escalating trade spat, and a “fight at all costs” for “reunification” with Taiwan, the island country China considers a renegade province. The US has recently upped its strategic support for the democratically-run Taiwan, much to Beijing’s chagrin.“No attempts to split China will succeed. Any interference in the Taiwan question is doomed to failure,” said Wei, dressed in his People’s Liberation Army (PLA) uniform.
SINGAPORE — In a highly-anticipated policy address in Singapore, acting US Defense Secretary Patrick Shanahan warned today (June 1) China that “behavior that erodes other nations’ sovereignty and sows distrust of China’s intentions must end.”At the same time, America’s top defense official stopped short of demanding countries take sides in the US-China economic and military face-off and said that there is still a chance for the two superpowers to come to terms.“The United States does not want any country in this region to have to choose or forgo positive economic relations with any partner,” Shanahan said, adding in a veiled reference to China that “some in our region are choosing to act contrary to the principles and norms that have benefitted us all.”
KUALA LUMPUR — The Philippines appears to have won its long-running and often heated dispute with Canada over 69 shipping containers brimming with Canadian waste left to rot at two Philippine ports since 2013.Ottawa announced on Wednesday (May 22) that it had hired a private company to take back the refuse, which the Philippines has said was wrongly classified as recyclable. Officials said the waste would be back on Canadian soil by June.Ottawa’s announcement came after the Philippines said it would ship the containers back to Canada after a May 15 deadline announced by Philippine President Rodrigo Duterte had lapsed.
SINGAPORE — Just over a year ago the United States moved its embassy in Israel from Tel Aviv to Jerusalem, sparking protests in Muslim-majority countries and drawing official condemnation at the United Nations. An estimated 30,000 people demonstrated in Jakarta as Indonesian President Joko Widodo said his country “rejects” the American move as it “may disrupt the peace process in Israel and Palestine.” In late 2017, when US President Donald Trump announced he would live up to his campaign promise to move the embassy, the Malaysian government endorsed a huge protest at the US embassy in Kuala Lumpur, while Asia’s Muslim UN representatives lined up in New York to excoriate the US.
JAKARTA — Rising incomes mean that Asians are increasingly likely to get drunk at least once a month, according to new data underpinning a report on global drinking habits published this week in The Lancet, a British medical journal. Since 1990, so-called “heavy episodic drinking” has increased significantly in China, Thailand, Timor Leste and Vietnam. Tiny Bhutan, source of the concept of “gross national happiness,” coined by the country’s king in 1972 as an alternative to the standard economic yardsticks of gross national product or income per capita, is more often drowning its sorrows.
JAKARTA — As alcohol consumption rises across Asia, Indonesians, including local Catholics, appear to be oblivious to the region’s growing taste for a tipple, but Catholics elsewhere in Asia appear to be drinking more as incomes rise. New research published by The Lancet medical journal suggests Asia is the world’s booze growth market, as consumption is either leveling off or dropping in most other places. The report found that from 1990-2017, consumption increased by 104 percent across Southeast Asia and 54 percent in Western Pacific, going by to geographical regions designated by the World Health Organization (WHO). Some 79 percent of Indonesians are teetotalers, down from 84 percent in 1990, the data showed. This compares to over 90 percent of people who abstain from drinking for life in Afghanistan, Bangladesh and Pakistan, where Catholic charity Caritas has been working to help those young people who do fall prey to drug and alcohol addiction. “Muslim countries consume way less alcohol (than non-Muslim nations), and consequently (they have) substantially less of a problem drinking,” said Dr Jürgen Rehm from the University of Toronto, one of the authors of the report.
JAKARTA — As oil prices fluctuate and markets brace for the impact of the end of a US sanctions waiver on fuel purchases from Iran, Asia’s energy companies are making deals closer to home as bigger global players pull away from the region. Southeast Asia has already seen up to US$2.8 billion in mergers and acquisition (M&A) deals so far this year, according to Wood Mackenzie, a United Kingdom-based consultancy. Those deals have been led by US-based Murphy Oil selling its Malaysia operations to PTTEP, a subsidiary of Thailand’s national energy company, for $2.1 billion. Wood Mackenzie predicts that up to $14 billion of energy assets could change hands in the region this year if, as expected, more M&A deals like the Murphy-PTTEP deal are completed. Big deals such as the Murphy-PTTEP sale represent a significant jump, given that a typical Southeast Asian oil and gas M&A deal over the past five years has been worth a mere $111.6 million, according to S&P Global Market Intelligence data. Total annual energy deal values in Asia have ranged between $5.4 billion and $8.7 billion in the past four years, according to Wood Mackenzie data. Wood Mackenzie’s Andrew Harwood said that he expects buyers to be “Southeast Asian NOCs [national oil companies] and smaller regional players” with back-up from “some of the mid-tier IOCs [international oil companies] that retain Southeast Asian ambitions.”
KUALA LUMPUR — New economic data shows that foreign remittances sent to Asian countries hit US$300 billion for the first time last year, underscoring the ever-rising importance overseas work for the region’s laborers despite world-beating economic growth rates. Freshly released World Bank statistics put the total amount of remittances for 2018 to countries in South Asia, Central Asia, Southeast Asia, East Asia and the Pacific at $299.6 billion, a sum that does not include what are believed to be substantial informal flows of money sent home by regional migrants. Globally and in Asia, remittance figures are growing year by year, despite heady 6-7% gross domestic product (GDP) growth in countries such as the Philippines, a nation which has around 10 million of its citizens working abroad across various vocations. The 2018 amount of regional remittances was around $25 billion greater than in 2017 and $125 billion more than in 2008. Worldwide, remittance flows now account for more than foreign direct investment to middle and low income countries excluding China, the World Bank data shows.