NUSA DUA — U.S. Treasury Secretary Steven T. Mnuchin said Saturday that he was sticking with plans to attend a government-sponsored investment conference in Saudi Arabia this month despite the uproar over the disappearance of a prominent Saudi journalist, although he said he would reconsider that decision “if more information comes out.” Mnuchin said he was concerned about the fate of Saudi-born journalist Jamal Khashoggi, who entered the Saudi consulate in Istanbul, Turkey, last week and has not been seen since. Turkish investigators say Khashoggi, a well-connected Washington Post columnist who had become a critic of the powerful Saudi crown prince, was killed and his body dismembered by an elite Saudi security team. Saudi officials say Khashoggi left the consulate freely, but have not substantiated their claim.
NUSA DUA — Chinese billionaire businessman Jack Ma slammed Western economies as over-regulated during a frank exchange with World Bank chief Jim Yong Kim at a conference in Bali. “In Europe they don’t like me, in America they don’t like me,” Ma said, drawing laughter from an audience at the International Monetary Fund/World Bank annual meeting that included government representatives from around the world. “In Europe a lot of people talk about regulations, they love to discuss about the worries, asking what ya gonna do. In America they have their system,” said Ma, who will step down as chairman of Alibaba Group Holding, the Chinese internet giant he founded, in September next year
NUSA DUA — Asia is not yet feeling the effects of growing trade friction between China and the U.S., due to the internal strengths of the region’s “solid” economies, according to Takehiko Nakao, president of the Asian Development Bank. The trade dispute “is not as damaging right away,” Nakao told the Nikkei Asian Review on the sidelines of the International Monetary Fund-World Bank meetings being held in Nusa Dua on the Indonesian island of Bali. “The Asian economies are solid,” Nakao said, but he also warned that any escalation of the tariff war between the world’s two biggest economies could hit Asian exporters hard. “If it escalates, if it damages supply chains, as East Asia is connected to [global] supply chains, it could have a dire impact,” Nakao said. The fear is that complex supply chains, in which multinational companies make or source parts for finished goods in countries across Asia before final assembly, often in China, could be disrupted. But for now, domestic demand within Asia’s bigger economies could offset the impact of the trade restrictions, Nakao said earlier at the forum.
SINGAPORE — “Yes, hello, fruits?” Shouting above the din, vendor Sini Mohamad leans forward into a conga line of office workers edging between dozens of lavishly provisioned stalls in Singapore’s Tekka Market. It is lunchtime, and crowds throng the market as dozens of hawker stalls dish out noodles, rice and curries. Most ignore Mohamad’s appeals. But he keeps at it, alongside stallholders selling meat, fish, vegetables and spices. The lunchtime crowd offers a fleeting chance for butchers and grocers to persuade passers-by to do a bit of grocery shopping before they head back to work, their palettes whetted by the aromas of spices and herbs clinging to the steamy market air.
JAKARTA — While European Union leaders were in the middle of another round of Brexit talks in Salzburg this week, the European Commission was pitching a plan to boost Europe’s infrastructure links with Asia. The commission, a key EU decision-making body, estimates that Asia needs 1.3 trillion euros ($1.5 trillion) a year in infrastructure spending over the next few decades. European infrastructure upgrades will cost a projected 1.5 trillion euros between 2021 and 2030, it said. EU foreign ministers will vote on the plan ahead of a meeting of leaders of 51 countries across Asia and Europe in Brussels next month. Financing details are hazy, with the commission suggesting that it draws on existing EU funds, loans from development banks and public-private partnerships. Some analysts say the plan — titled “The European Way to Connectivity” — suggests that the EU is proposing an alternative to China’s flagship Belt and Road Initiative, an ambitious collection of road, rail and port projects in 60 countries spanning Asia, Europe and Africa.
SINGAPORE — In an era of business buzzwords like “unicorn” and “fintech,” a commercial model built on spitting into a tube might not seem the most propitious idea. But Asia’s nascent DNA testing sector is likely to expand as related technology becomes more affordable and as scientific research advances. Behind the trend is the region’s growing affluence. As tens of millions of people move from the countryside to cities across Asia, so-called “lifestyle” conditions such as diabetes and heart disease become more commonplace as people eat more processed food and replace physically-taxing employment such as farming with sedentary office work. Peering into a person’s DNA can yield insights about susceptibility to particular health conditions or diseases — and a growing consumer awareness of such advances is driving much of the DNA sector’s Asian growth, note companies involved in testing.
DILI — When Joshua Kohn and Lea Mietzle set out backpacking around Southeast Asia, East Timor was not on their itinerary. But after visiting Thailand, Cambodia, Vietnam, the Philippines and then parts of Indonesia, the two young Germans revised their plans to include the region’s newest country, the Democratic Republic of Timor-Leste. “We became interested [in East Timor], it was really cool” said Kohn. During their 12 days in the country they took in some of the main landmarks: trekking up the highest peak, the near 3,000-meter-high Mount Ramelau, followed by a bone-rattling motorcycle ride eastwards to Jaco, a tiny uninhabited island. With secluded white sand beaches fronting turquoise seas and kaleidoscopic reefs — all offering lush diving — East Timor aims to triple annual visitor numbers to 200,000 by 2030, part of a plan to diversify an economy that depends oil and gas for almost all government revenue.
JAKARTA — The sight of commuters, their faces hidden behind masks, zipping around on the back of motorcycle taxis is common across Asia. The bikes weave through gridlock in cities like Jakarta and Bangkok, getting the passengers to work on time. The masks, sometimes worn by both driver and passenger, hint that the air they breathe might not be the cleanest. Judging from World Health Organization figures released on Wednesday, covering 4,300 cities across 108 countries, the commuters have the right idea. Of an estimated 7 million deaths worldwide per year from air pollution, just over two-thirds take place in Asia, which is home to slightly less than 60% of the global population. Breaking the numbers down further, the 10 countries in the WHO’s “South-east Asia” region account for about a quarter of the world’s population but suffer around 2.4 million, or 34%, of all air pollution deaths.
SINGAPORE — With the US and China squaring up over trade, getting the 16-country Regional Comprehensive Economic Partnership (RCEP) signed by the end of the year seems increasingly important for the 10 member states of the Association of Southeast Asian Nations (ASEAN). That urgency has been sharpened by US withdrawal from the Trans-Pacific Partnership (TPP), now an 11-country deal rebranded as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) after being signed in Chile in March. Singapore’s prime minister clearly wanted to get a message across when hosting the ASEAN summit at the weekend. “The fact is that we do not have a TPP,” Lee Hsien Loong told journalists after the meeting. “We have a Comprehensive and Progressive Agreement for Trans-Pacific Partnership, which has made it more urgent that we proceed with this [RCEP].”
SINGAPORE — With the U.S. government pledging to resume manned missions to the Moon, and eventually send a mission to Mars, Cold War-style competition over space exploration is re-emerging — between China and the U.S. this time. China hopes to make its first manned lunar landing within 15 years, around six decades after the last American walked on the moon in 1972. But China is not as far behind as those dates suggest. It hopes to make the first-ever landing on the dark side of the Moon by the end of 2018. This feat eluded the U.S. and Soviet Union during the heyday of their Space Race from the late 1950s to the mid-1970s. Other Asian counties, notably Japan and India, have their own space programs. But China appears to be leading the way.