BANGKOK — On October 13, shortly after 6pm, came the news that millions of Thais had long expected but prayed would not come. After 70 years on the throne, the king was dead. Aged 88, Bhumibol Adulyadej was the world’s longest reigning monarch. Éamon de Valera was Taoiseach when the young king was crowned in 1946, Harry Truman was in the White House, and it would be another 7 years before Queen Elizabeth II, the second longest serving monarch, was crowned. Scenes of mass grief followed the announcement of the death — both outside the Bangkok hospital where the ailing king had spent the past 7 years — and then the following day when hundreds of thousands black clad mourners lined the streets as the king’s body was taken to the palace where he will lie in state for up to a year before cremation. And then on into the following week, as tens of thousands of people visited the king’s resting place each day, and hundreds took days off work to hand out snacks and drinks and to help clean up around the palace. One volunteer, giving her name as Nittaya, was part of a group scraping a footpath clean — trowel in hand. “Our king served for 70 years, he was like a father, so we can do this small thing for him,” she said.
BANGKOK – Since the king’s death Thursday at age 88, Thais have lined up by the hundreds of thousands to pay their respects at Bangkok’s Grand Palace. “I want to come here to give something for the father,” said Nattapsorn Juijuyen, a volunteer who helped distribute food and water to the swelling crowd Monday. Thousands of Thais lined up outside banks overnight to pick up commemorative currency notes in honor of Bhumibol. Across Bangkok, shops are running out of black clothing as well as photographs and paintings of the late monarch. Books about him also are in short supply. “We have nothing left,” said a staff member at the Kinokuniya bookstore in one of the city’s many glossy malls. “We only have books about the other kings from the past.”
BANGKOK – An afternoon downpour did not deter tens of thousands of black-clad Thais from converging on the Grand Palace and Temple of the Emerald Buddha on Sunday as they continued to mourn the loss of their late king, Bhumibol Adulyadej. They could have a long time to grieve before Bhumibol’s eldest son and heir, 64-year-old Crown Prince Maha Vajiralongkorn, becomes king. In a surprise announcement, Vajiralongkorn said he will remain as crown prince until he has had time to mourn. Just how long that will take is not clear. But it could be as long as a year before Bhumibol is cremated, and there has been speculation that his son will wait until then to take the throne.
JAKARTA — Asia is home to more than half the world’s most dynamic retail hubs, according to new research that reinforces images of the region’s mall-strewn megacities. The research, by professional services and investment management company JLL, says 12 of the fastest-growing retail cities are in Asia, with eight in China alone — another indication that global economic growth is increasingly driven by the Asia-Pacific region. JLL lists Dubai as the world’s fastest-growing retail destination, with Shanghai second and Beijing third. Places 9 to 13 are occupied by Bangkok, Chengdu, Kuala Lumpur, Jakarta and Manila, respectively. Only two European cities make the top 20 — Moscow and Istanbul — with none from Africa. Mexico City is the sole city from the western hemisphere, sitting at number 19.
JAKARTA — China and Cambodia reaffirmed their solid relationship during a two-day visit by Chinese President Xi Jinping to Phnom Penh, which ended on Oct. 14. Xi’s meetings with Cambodian government leaders yielded 31 agreements, including one that doubles Cambodia’s quota for rice exports to China to 200,000 tons a year. Cambodia’s rice sector has been hit by falling prices, affecting farmers and millers, and the government has been scrambling to offset the damage, which could undermine ruling party support among the country’s rural majority ahead of local elections in 2017. Cambodia’s long-serving Prime Minister Hun Sen recently visited China, where he pushed for an increase in the rice quota. “About 80% of our people are farmers,” Phay Siphan, spokesman for the Council of Ministers told the Nikkei Asian Review. “This agreement is very important to the rural economy.”
PHNOM PENH — The plush office building on Phnom Penh’s riverside was meant to showcase one of the dozens of new high-rise apartments being built all over the Cambodian capital. But the place was empty, save for an elaborate model of The Bay, a proposed $500 million multipurpose real estate project being developed by Singapore’s TEHO International Inc. Ltd. “Sorry mister, we are closed, the project is under review,” said the sole staff member inside the building, adding that the office will be rented to new tenants soon. TEHO declined to answer questions about the project’s future, but on Aug. 26 said that while the hotel planned for the complex would go ahead, the residential part was being put on hold due to “a heightened risk of oversupply.” In one of Asia’s most remarkable building booms, dozens of new multistory residences are under construction — towering over what was historically a low-rise city and standing as symbols of the country’s long economic expansion.
PHNOM PENH — The skyline of Phnom Penh is changing as fast as that of any Asian city. Yellow cranes gleam in the sun after late-afternoon squalls, towering alongside green-netted scaffolding wrapped around dozens of new high-rise apartment blocks going up across the city. These are, literally, the green shoots of a building boom that made up a sixth of Cambodia’s economic growth last year. They are a sign of a transformation underway in the capital as Cambodia tries to catch up with its more prosperous neighbors. But the rapid changes also highlight a challenge that has faced many cities across Asia in recent decades: with 200 million people having moved from countryside to city in East and Southeast Asia since 2010, how can cities manage large-scale urban growth in a way that facilitates economic growth without increasing pollution and traffic jams. In BKK1, an upmarket part of the city, “the roads are too narrow, the area is not ready for so much construction, many small builders don’t talk to the municipality, there is no coordination,” said Sebastian Uy, co-owner of real estate agency Le Grand Mekong Property.
SINGAPORE — More than 300 people have been diagnosed with the Zika virus in Singapore this year, while the figure for Thailand has reached 200. Though the numbers of Zika cases in other Asian countries remain in the single digits, outbreaks in these two trade and tourism hubs could take a heavy economic toll. Such impacts are already being felt in Latin America. The spread of Zika there has resulted in around 1,800 cases of microcephaly, and the World Bank estimates that Zika could result in losses of around $3.5 billion to Latin American economies, or 1% of gross domestic product in tourism-dependent ones. In Asia, the main impact is likely to be felt in Singapore, which will host a Formula One Grand Prix race from Sept. 16-18. The event attracts not only regional motor sports fans but also corporate guests attending business meetings during the race week. The current Zika outbreak is the first ever in the city-state. Though it has not sparked any panic yet, the rapid spread of infection has reminded many residents of the SARS crisis of 2003, which saw economic activity contract 4.2% in the second quarter of that year. China, Singapore’s biggest source of tourists, issued an alert on Sept. 7 urging visitors to Zika-affected countries to take precautions against mosquito bites.
JAKARTA — Maritime piracy attacks in Asia fell by more than two-thirds in the first half of 2016 compared to a year ago, suggesting that regional efforts to reduce the number of incidents are making headway amid a global decline in the number of ships seized or ambushed. Even so, Indonesia remains a hotspot that in the first half of the year saw about one quarter of all piracy attacks reported worldwide take place in its waters. In addition, the waters between Malaysia and Indonesia remain dangerous because of kidnappings by the Abu Sayyaf terrorist group, which recently executed two Canadian hostages and is holding at least 10 more for ransom. “A search on our database shows 141 incidents [worldwide] this year until Sept. 5,” said Natasha Brown, an official at the International Maritime Organization, a United Nations agency. There were 223 incidents in the comparable period of 2015, indicating “a downward year on year trend,” Brown told the Nikkei Asian Review. The International Maritime Bureau, part of the International Chamber of Commerce, also reported that pirate attacks were down significantly in 2016 compared with a year ago, with only 98 attacks worldwide in the first six months of 2016 — the lowest in 21 years.
JAKARTA — The Indonesian government is requiring individuals or entities that want to take part in its new tax amnesty program to dissolve any shell companies they own overseas. The move comes as the central bank warned that assets declared and repatriated under the amnesty will fall short of targets. The new finance ministry decree, containing the latest technical details of the tax amnesty law, says that if the person only partially owns an overseas shell company then they must relinquish their stake in the relevant country. They are also given an option to relocate the company to Indonesia and register it as a local entity. “This regulation is for special purpose vehicles […] that don’t actively run businesses,” said Astera Primanto Bhakti, a Finance Ministry official. The tax office estimates that there are at least 2,500 offshore companies whose assets actually belong to Indonesians, but which were not declared as such. The majority of these companies were allegedly established to evade Indonesia’s tax laws.