Day: May 9, 2022

PUTRAJAYA (Malaysia)— The ASEAN-United States Special Summit (AUSS), to be held in Washington D.C. from May 12-13, is expected to issue a Joint Vision Statement underscoring the commitment and aspiration in enhancing ASEAN-US partnership.

The Malaysian Foreign Ministry (Wisma Putra) in a statement Monday said an enhanced ASEAN-US partnership is in the interest of enduring peace, stability, security and shared prosperity for all.

The special summit will also serve as a strategic platform for ASEAN and the US to review and explore pragmatic cooperation to strengthen the existing partnership.

“The special summit is expected to address regional and international issues of common concern, economic cooperation, COVID-19 and health security, climate change and clean energy, among others,” the statement read.

The special summit, which will be attended by Malaysian Prime Minister Ismail Sabri Yaakob, is to be held in conjunction with the 45th anniversary of the ASEAN-US Dialogue Relations.

Ismail Sabri will lead the Malaysian delegation to the summit, accompanied by Foreign Minister Saifuddin Abdullah dan Senior Minister of International Trade and Industry (MITI) Mohamed Azmin Ali.

During the summit, Ismail Sabri and other ASEAN Leaders are scheduled to participate in a series of meetings and discussions with US President Joe Biden and Vice President Kamala Harris.

“Other programmes prepared by the US include sessions with the Leadership of the US Congress and some members of the US Cabinet and American business leaders,” said Wisma Putra.

While in Washington D.C., Ismail Sabri is also scheduled to attend the Keluarga Malaysia Hari Raya (Eid Mubarak) celebration and meet with the Malaysian diaspora there.

Saifuddin, in an interview with media on Saturday, said the prime minister is expected to raise several regional issues such as Myanmar and other international issues in the meeting.

Apart from The Philippines’ President Rodrigo Duterte and Myanmar junta chief Senior General Min Aung Hlaing, he said all other eight heads of government of ASEAN countries will participate in the special summit.

Duterte is unable to attend because of the elections in the country, while the Myanmar junta chief was not invited following the country’s internal political turmoil.

Source: NAM NEWS NETWORK

QUESTION

Assoc Prof Jamus Jerome Lim: To ask the Minister for Foreign Affairs what plans are in place to assist Singapore companies with interests in Myanmar in managing the junta’s new regulations requiring exchange of foreign currency according to a mandated rate.

REPLY

The Central Bank of Myanmar (CBM) announced on 3 April 2022 that all foreign currency deposited in banks in Myanmar must be converted to the Myanmar Kyat at a mandated rate within one business day. Subsequently on 20 April 2022, the CBM exempted certain entities from the directive including approved foreign investments, foreign missions and international organisations.

2 This latest development is yet another setback to Myanmar’s economy, which has already been severely disrupted since the military coup on 1 February 2021. The Singapore Embassy in Yangon, like many other foreign embassies and international business chambers, has expressed our concerns about the impact of the CBM’s directive on Singapore companies operating in Myanmar. We have sought clarification over the scope of the regulations and requested for exemptions to be applied to Singapore companies and we are still waiting for CBM’s response.

3 Given the heightened uncertainty associated with doing business in Myanmar, Singapore companies must make their own commercial assessments about the Myanmar market.

Source: Ministry of Foreign Affairs, Government of Singapore

Western multinationals and local tycoons published newspaper advertisements on Monday congratulating John Lee on becoming Hong Kong’s next leader, following a rubber-stamp selection process condemned by critics as anti-democratic.

Lee, 64, a former security chief who oversaw the crackdown on Hong Kong’s democracy movement, was anointed the business hub’s new leader on Sunday in a near unanimous vote by a small committee of Beijing loyalists

He was the sole candidate in the Beijing-backed race to succeed outgoing leader Carrie Lam at a time when Hong Kong is being remolded in China’s authoritarian image.

Ta Kung Pao and Wen Wei Po, two newspapers that answer to the office which sets Beijing’s Hong Kong policy, were filled with advertisements on Monday from leading companies and business figures praising Lee’s selection.

The majority were from Chinese and Hong Kong businesses as well as community organizations.

The “Big Four” accounting firms — KPMG, Deloitte, EY and PwC — were among western multinationals placing advertisements, as were city carrier Cathay Pacific and conglomerates Swire and Jardine Matheson.

Messages were also carried by Hong Kong’s family tycoon-dominated property giants including Sun Hung Kai and Henderson Land Development.

Western businesses have found themselves in an increasingly precarious position in Hong Kong, especially as geopolitical tensions have risen with China.

Many have embrace d progressive political causes in western markets, such as the anti-racism Black Lives Matter movement, same sex equality and ridding supply chains of labour abuses.

But they usually steer clear of any criticism of China’s policies towards hotspots like Hong Kong, Xinjiang, Tibet and Taiwan.

Some companies such as HSBC, Standard Chartered, Swire and Jardine Matheson publicly backed Beijing’s national security law, which was imposed on Hong Kong after 2019’s democracy protests to curb dissent.

Despite the city’s mini-constitution promising universal suffrage, Hong Kong has never been a democracy, the source of years of protests since the 1997 handover to China.

After the 2019 rallies, Beijing responded with a crackdown and a new “patriots only” political vetting system that eradicated the city’s once outspoken political opposition.

Lee faced no rivals and won 99% of the votes cast by the 1,461-strong committee that picks the city’s leader — roughly 0.02% of the city’s population.

Beijing hailed the process as””a real demonstration of democratic spirit.”

European Union’s foreign policy chief Josep Borrell countered that the selection process was a “violation of democratic principles and political pluralism.”

Source: Voice of America

The Police have arrested a 44-year-old man for his suspected involvement in unlicensed moneylending activities.

Since March 2022, the Police had received several harassment reports involving debtor notes sent via post to various government buildings and residential units. The notes contained photographs and personal information of alleged debtors of unlicensed moneylending.

Through extensive probes and enquiries, officers from the Criminal Investigation Department and the seven Police land divisions identified the man and arrested him on 5 May 2022 in the vicinity of Sengkang. Police investigations are ongoing.

Under the Moneylenders Act 2008, the offence of acting on behalf of an unlicensed moneylender, committing or attempting to commit any acts of harassment carries an imprisonment term of up to five years, a fine between $5,000 and $50,000, and caning between three and six strokes.

Police will continue to take tough enforcement action against those involved in the unlicensed moneylending business, regardless of their roles, and ensure that they face the full brunt of the law.

Source: Singapore Police Force