These are the top stories making the front pages of major newspapers from across Southeast Asia today.
Get up to speed with what’s happening in the fastest growing region in the world.
Future of semiconductor industry in Singapore remains bright
The current slowdown in the global semiconductor industry does not dim its prospects, and the latest investment in Singapore by European chipmaker STMicroelectronics reflects its strategic perspective, said Deputy Prime Minister Heng Swee Keat on Tuesday.
“The current slowdown is largely due to global economic uncertainties and weaker demand from some end-markets, especially consumer electronics,” said Mr Heng, who is also Finance Minister, at the official opening of STMicroelectronics' new wafer fabrication facility in Ang Mo Kio.
There are more than 60 semiconductor companies in Singapore, making up 11 per cent of global market share. The semiconductor industry forms about 7 per cent of Singapore’s economy. - The Straits Times
U2’s Bono among big names touted for board of trustees of Malaysian foundation
Irish band U2 lead vocalist Bono, Louis Vuitton chief executive Bernard Jean Étienne Arnault and Queen Rania of Jordan were among proposed personalities to be members of the Terengganu Investment Authority (TIA) foundation board.
This was revealed to the High Court by Amhari Efendi Nazaruddin, former special officer to Najib Razak, at the former Malaysian prime minister’s trial involving misappropriation of RM2.3 billion (US$550 million) funds from 1Malaysia Development Bhd (1MDB), formerly known as TIA.
Amhari, who was the eighth witness, said the names were provided by fugitive businessman Low Taek Jho, or Jho Low, in a note which was brought to him and his superior – Najib’s former principal private secretary, the late Azlin Alias. - New Straits Times
Indonesia gives assurances Saudi attack will not affect oil supplies
An Energy and Mineral Resources (ESDM) Ministry official said on Tuesday that the recent attack on oil facilities in Saudi Arabia would unlikely affect Indonesian oil supplies because the former’s production remained sufficient to fulfill export commitments to the latter.
ESDM acting oil and gas director general Djoko Siswanto said Indonesia imported around 110,000 barrels of oil per day (BOPD) from Saudi, which was only 0.8 percent of the 13.6 million BOPD produced by the Middle Eastern country.
“The supplies disrupted were 5.7 million BOPD while Saudi Arabia produces 13.6 million BOPD, so there’s still 7.9 million BOPD of supply,” he told reporters in Jakarta, “The commitments to export oil to other countries shouldn’t face a problem.”
The attack by Houthi rebels from neighboring Yemen, where a Saudi-led coalition is bogged down in a five-year war, hit two sites owned by state-run energy giant Aramco and effectively shut down 6 percent of the global oil supply. - The Jakarta Post
Thai taxi drivers demand US$278 million compensation over Grab
Representatives of taxi drivers rallied at the Transport Ministry on Tuesday, demanding 8.5 billion baht (US$278 million) in compensation from the government if the GrabTaxi service is legalised – and threatening to sue the prime minister and the transport minister if they do not get it.
Leading the rally of his Association of Public Taxi Motorists, Worapol Kaemkhunthod said taxi drivers opposed all forms of ride hailing services, including GrabTaxi, because they took advantage of conventional taxi drivers.
“A Grab driver’s costs are about 8,000 baht (US$262) but a taxi driver’s are over 25,000 baht (US$819) per year. Aside from that, taxi drivers have to pay 20,000 baht (US$655) for the Taxi OK application,” Mr Worapol said of the app launched by the Land Transport Department for taxi drivers.
"If ride hailing services are liberalised, we deserve compensation estimated at 8.5 billion baht (US$278 million)," he said. - Bangkok Post
Myanmar garment industry continues to grow although headwinds remain
An industry body says Myanmar’s garment sector is on track to meet a target of US$10 billion in exports set under a 10-year plan.
The export target and a goal to create one million job opportunities in the sector had been laid out under the Myanmar Garment Industry Strategic Plan 2014-2024 by the Myanmar Garment Entrepreneurs Association.
Garment exports have been rising yearly in Myanmar, especially since 2013, when the European Union granted goods from Myanmar preferential access to the EU market under the Everything But Arms tariff scheme.
Due to the ongoing conflict and humanitarian crisis in Rakhine State, the EU has said it is reviewing the preferential treatment given to Myanmar. Should the status be withdrawn, the garment industry would be greatly affected, experts project. - The Myanmar Times
World Bank approves US$1 billion in development assistance for Cambodia
The World Bank has officially approved the disbursement of US$1 billion to develop priority sectors in Cambodia, the Ministry of Economy and Finance announced Monday.
The loans will be provided under the ‘Country Partnership Framework for 2019-2023’, approved by the World Bank in May, according to a statement issued after a meeting between Economy and Finance Minister Aun Pornmoniroth and Victoria Kwakwa, vice president of the World Bank for East Asia and the Pacific.
“The programme reflects the government priorities and will address the country’s challenges of limited economic diversification, rapidly increasing urbanisation, human capital deficiencies, and infrastructure gaps,” the World Bank said in May. - Khmer Times