Latest news with #SoutheastAsian
New Indian Express
39 minutes ago
- Politics
- New Indian Express
Myanmar's junta battles guerillas for control of key jade mining hub
YANGON: Myanmar's junta and anti-coup guerillas battled over the country's jade mining hub Friday, a combatant and a local said, displacing desperate civilians as they vied for supplies of the precious stone. Myanmar has been consumed by a many-sided civil war since a 2021 coup toppled the democratic government, with the myriad of fighting factions plundering the nation's vast natural resources to fill their coffers. Jade is considered auspicious in Chinese culture and high-quality stones can fetch astronomical sums in the neighbouring country. Fighting has raged during a Myanmar military offensive around villages and mining sites in Hpakant township of northern Kachin state, according to Naw Bu, spokesman of the Kachin Independence Army battling the junta in the area. "They came to the jade mining areas of some companies and they burned down trucks and destroyed other things," he added. "They intended to stop our income from jade mining." AFP was not able to verify the claim and a spokesman for Myanmar's junta could not be reached for comment. Battles in the area began around three weeks ago but continued in the early hours of Friday, Naw Bu said. A local resident who asked to remain anonymous said around 15 civilians had been killed since May 28 and "some residents didn't dare to stay in the combat zone and have been displaced." As Myanmar's civil war enters its fifth year, more than 3.5 million people in the Southeast Asian country of around 50 million are currently displaced, according to United Nations figures. Kachin state hosts the largest jade deposits in the world according to geologists. Myanmar also has a huge and loosely-regulated mining sector for gold, rubies and rare earth minerals which has flourished in the war. China is also a key market for rare earth minerals, where they are used in electric vehicles the country is producing at prodigious rates.
India Gazette
an hour ago
- Business
- India Gazette
Piyush Goyal's statement on India ASEAN Trade is unwarranted, says former Union Minister Anand Sharma
ANI 20 Jun 2025, 15:09 GMT+10 New Delhi [India], June 20 (ANI): Former Union Commerce & Industry Minister of India, Anand Sharma, on Friday said in a statement that the statement by Commerce Minister Piyush Goyal on 'belittling India ASEAN Trade Agreements is unwarranted, ill-advised and unfortunate.' Anand Sharma believes that both India and ASEAN has been together for three decades engaged in a multifaceted relationship which is mutually rewarding and the Association of Southeast Asian Nations, is a regional bloc of ten Southeast Asian countries. Formed in 1967, its primary goals are to foster economic growth, social progress, and cultural development, while also promoting regional peace and further believes that this relationship is important for 'Look East policy to deepen and diversify India's relations with a region that is economically vibrant and of enormous geo-strategic importance for engagement with the Asia-Pacific region.''Piyush Goyal's statement terming the Trade agreement with ASEAN as silly and labelling these counties as B team of China is irresponsible and insulting. He has forgotten, that President of Indonesia Prabowo Subianto was the chief guest for 2025 Republic Day Parade,' Anand Sharma said. The former Union Minster in his statement also emphasized that, 'trade in goods with ASEAN counties also includes essential imports: Iron ore and Coal from Indonesia, Palm oil from Malaysia and Indonesia, Oil - Petroleum products from Brunei Dares Salam and Malaysia and pulses from Mayanmar.''It needs mention that ASEAN is India's 4th largest trading partner accounting for over 11% of India's total global trade with bilateral trade at 120billion USD and accounts for over 11% of India's Exports. FDI inflows from ASEAN to India account for over 18% of total FDI inflows since 2000,' he further about the Commerce Minister, he also said that, 'Commerce Minister should be prioritising strengthening trade relations with partner countries and not insulting them while bending backwards to negotiate a suboptimal trade agreement with USA on its terms.' (ANI)
Hindustan Times
2 hours ago
- Business
- Hindustan Times
Fortress America: India's gateway to global innovation
Donald Trump's return to the White House has reignited familiar fires: nationalist trade wars, stricter immigration, and a cold shoulder to international students and tech collaboration. But beneath the surface of this hardline resurgence lies a quiet irony—by closing its doors, America may be opening new ones elsewhere. For India, this is not just an economic opportunity. It's a strategic moment to step into the vacuum and shape the next wave of global innovation. President Trump's administration has wasted no time reviving key pillars of his earlier term. America First has been rebranded with more teeth; targeted tariffs, especially against Chinese goods, are rising again. Restrictions on H-1B and student visas have returned with greater stringency. And a more aggressive tech decoupling policy is cutting Chinese companies out of critical supply chains, export channels, and research collaborations. The implications are profound. The US, long considered the epicentre of global talent and innovation, now seems poised to push some of that talent away. Already, we are seeing signals of a shift. Canada, Europe, Australia, and even Southeast Asian nations are wooing researchers, startups, and students displaced by the US's policies. The idea of a multipolar innovation ecosystem—where talent circulates more freely between regional hubs—is gaining momentum. Could this shift be a setback for America? Certainly. But for countries willing to build infrastructure, offer opportunity, and remain open, it is a moment of rare global realignment. India finds itself at the right place, with the right potential and if it plays wisely, with the right timing. First, consider talent. Tighter US visa policies could slow the brain drain. Thousands of engineers, researchers, and students who would have flocked to American universities or Silicon Valley may now look for alternatives. If India can offer a stable, aspirational home for research and entrepreneurship, many may choose to stay or return. Second, consider higher education. American universities are becoming less accessible for international students. India, already one of the largest sources of global student migration, has an opportunity to strengthen its domestic institutions and build international collaborations. NEP 2020's push to allow foreign universities in India and encourage global partnerships is suddenly more relevant than ever. Third, technology. The decoupling from China has created demand for trustworthy, democratic partners in semiconductors, Artificial Intelligence (AI), and electronics. India's production-linked incentive (PLI) schemes, partnerships with Taiwan and Japan, and its growing digital public infrastructure can position it as a serious alternative manufacturing and innovation hub. Fourth, investment. Global capital is seeking new homes away from the geopolitical crossfire. India, especially with its demographic dividend, maturing startup ecosystem, and digital scale, could attract investors once bound for the US-China corridor. If India is to seize this moment, it must focus strategically. Areas with the highest potential include: None of this will happen by default. India must act decisively and deliberately. That means: This is a moment to reform not just policy but mindset. It is about treating innovation as a national security and development imperative, not just a private enterprise playground. Trump's America may be looking inward, but the world is still looking for partners, collaborators, and leaders. India—young, ambitious, and increasingly digitally integrated—has the chance to answer that call. If we miss it, we may not get another chance like this in decades. If we rise to it, we won't just benefit from America's retreat. We will lead where others step back. This article is authored by Ananya Raj Kakoti, scholar, international relations, Jawaharlal Nehru University, New Delhi.
Straits Times
2 hours ago
- Business
- Straits Times
Indonesia expects to sign free trade deal with Russia-led union this year, minister says
FILE PHOTO: Airlangga Hartarto, Indonesia's Coordinating Minister for Economic Affairs, gestures as he talks during an interview with Reuters at his office in Jakarta, Indonesia, June 8, 2023. REUTERS/Ajeng Dinar Ulfiana/File Photo Indonesia expects to sign free trade deal with Russia-led union this year, minister says JAKARTA - Indonesia expects to sign a free trade agreement with the Russian-led Eurasian Economic Union (EAEU) this year in a move likely to boost demand for its commodity exports, its senior economic minister said in a statement released on Friday. Coordinating Minister for Economic Affairs Airlangga Hartarto said the agreement would open up new opportunities for commodities including crude palm oil, coffee and natural rubber. Both parties announced on Thursday they had completed substantive talks for the agreement. "I hope both parties can immediately follow this up by completing all the necessary stages of the process so that this agreement can be signed this year," Airlangga said. As of March, the value of trade between Indonesia and the EAEU stood at $1.6 billion, 85% more than the same period last year, Indonesia's coordinating ministry for economic affairs said. The EAEU is already one of Indonesia's biggest palm oil buyers, with imports valued at $544.64 million in 2023. The EAEU's main exports to the Southeast Asian nation include fertilisers and ferro-alloys. The completion of Indonesia-EAEU FTA talks was announced on Thursday during President Prabowo Subianto's visit to Russia this week for a meeting with Russian President Vladimir Putin. The EAEU has five members: Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
The Star
3 hours ago
- Business
- The Star
Rakuten Trade lowers FBM KLCI 2025 target to 1,630 amid earnings downgrade
Bursa Malaysia building in Bukit Kewangan, KL on October 29.—AZMAN GHANI/The Star KUALA LUMPUR: Rakuten Trade Sdn Bhd has revised its year-end target for the FTSE Bursa Malaysia KLCI (FBM KLCI) to 1,630 from its earlier projection of 1,730, in line with the recent downgrades in corporate earnings, said its head of research Kenny Yee Shen Pin. He noted that foreign investors have yet to return to Malaysian equities, despite attractive valuations across Southeast Asian markets, further weighing on the overall market sentiment. "In view of the short-term stance among foreign funds, coupled with recent earnings downgrades, we have lowered our 2025 target for the FBM KLCI to the 1,630 level, based on a 16.0 times price-to-earnings ratio (PER) for the calendar year 2025 ' he said during a webinar today. He noted that at present, the FBM KLCI is trading at a PER of between 12 and 13 times, which remains below both its historical average and valuations of regional peers. He described foreign fund flows as "disappointing' after recording net outflows of RM4 billion in 2024, with the situation deteriorating further this year with net foreign outflows reaching RM11.2 billion so far. "This level (of foreign outflows) is quite perplexing, especially since Malaysia is quite steady both fundamentally and politically, yet we are seeing a diminishing foreign interest in the local market,' he said. He added that non-US-based funds are expected to gradually reduce their exposure to the US markets and shift their focus back to Asia, which could support a rebound in foreign fund inflows in the near term. Notwithstanding the massive foreign outflows, Yee highlighted that foreign shareholding in the local bourse surprising remains decent at 19.44 per cent as of June 2025. "We can only deduce that long-term foreign investors may be returning, while the majority of those who exited were short-term participants. For now, the Hong Kong market will still be their primary destination,' he said. Meanwhile, Yee projected that the US dollar will continue to weaken against the basket of major currencies, with the ringgit likely to strengthen to the 4.10-4.20 range by year-end, supported by the US recessionary concerns that could trigger interest rate cuts. "As many of you know, the US Dollar Index (DXY) has already dropped by 10 per cent year-to-date against major currencies. Hence, moving forward, many expect the dollar index to continue to weaken further --along the way, we may see the ringgit performing better against the US dollar,' he added. On domestic policy, Yee proposed that the government take a measured approach to the rationalisation of RON95 fuel subsidies, especially in light of ongoing geopolitical tensions in the Middle East. "We may see only a partial rationalisation of RON95, depending on how high or how much crude oil prices go,' he suggested. As of this morning, the ringgit traded higher at 4.2490/2700 against the US dollar, while the FBM KLCI climbed 0.22 per cent to 1,504.79 at lunch break. - Bernama
