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Asia shares, crude down on Greek tragedy

The surprising results from Greece’s referendum on July 5 sent markets into a tailspin after Asian stock exchanges opened today, with US crude suffering the biggest decline. The euro too lost value...

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Indonesia rushes to create Islamic megabanks

In a push to boost its Islamic finance industry, Indonesia keeps forging out plans to create larger Islamic banking entities in order to take over the role – as President Joko Widodo put it – of the...

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Thailand’s troubled Islamic Bank seeks investors to turn around business

Thailand’s sole fully-fledged Shariah-compliant financial institution, state-owned Islamic Bank of Thailand, branded as IBank, has become the target of domestic and foreign investors, including from...

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Thailand tourist arrivals up nearly 40%, new six-months visa to come

Tourist arrivals to Thailand in July 2015 rose nearly 40 per cent year-on-year, the tourism minister said on August 5, as the industry continued to bounce back from a sharp fall in 2014 during months...

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Singapore at 50: Well done, but challenges ahead

Singapore just became 50 – a time span that saw the small city state transform from third world to first in record speed. The question is: Can the nation keep its momentum another 50 years onwards? In...

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Southeast Asian shares bounce back – China, Japan extend drop

Volatile stock markets in Asia on August 25 showed signs of a respite from the recent blood-letting, as bargain hunters helped most stocks off three-year lows hit on fears that China’s economy was...

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Malaysia central bank urges 1MDB investigation, asks for $1.8bn payback

Malaysia’s central bank Bank Negara said on October 9 it had urged the country’s attorney general to begin criminal prosecution of troubled fund 1Malaysia Development Berhard, or 1MDB, after completing...

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Vietnam plans $1 billion bond sale

Vietnam plans to raise $1 billion by selling dollar-denominated bonds in international markets later this year, a government official familiar with the matter said on September 3. “We are planning to...

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Indonesia’s $1.5-billion sukuk receives huge order book

Indonesia launched an Islamic bond on September 2 after ramping up interest for the dollar sukuk for more than a month, making it one of the first debt issuers since the summer. The $1.5 billion...

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Philippines awards $1.5b Manila railway deal to Metro Pacific consortium

The Philippines said on September 13 it had awarded a 65 billion pesos ($1.5 billion) contract to upgrade and extend Manila’s oldest elevated railway line to a consortium comprised of Metro Pacific...

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Japanese financial firm to buy Indonesia’s Bank Mutiara

Japanese finance company J Trust Co Ltd is set to buy Indonesia’s PT Bank Mutiara Tbk to tap rising demand for retail finance in Southeast Asia’s largest economy. Bank Mutiara, previously known as Bank...

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Vietnam’s $58-million Vinatex IPO ‘exceeds expectations’

Vietnam’s largest apparel manufacturer and exporter Vinatex raised VND1.22 trillion ($58 million) in an initial public offering on September 22, but the company’s shares may not start trading for...

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Myanmar to issue foreign bank licenses by end-September: Central bank

Myanmar will announce an offer by the end this month for between five and 10 foreign banks to open branches in its rapidly expanding economy, the deputy central bank governor said on September 24. U...

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Ho Chi Minh City receives $3.12 billion remittances in 9 months

Overseas remittances to Vietnam’s southern economic hub Ho Chi Minh City hit $3.12 billion in the first nine months of this year, up 11. 6 per cent year on year, according to the State Bank of Vietnam....

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Myanmar’s central bank urges investors to be patient

Myanmar’s central bank confirmed it will continue to take a measured approach to economic liberalisation, despite facing criticism that the country is taking too long to unshackle its financial sector....

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Myanmar awards licenses for foreign banks

Australia & New Zealand Banking (ANZ) and three Japanese banks on October 1 won coveted licenses to operate in Myanmar, after decades in which foreign lenders were frozen out of the country. ANZ,...

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Philippine central bank orders capital boost for lenders

The Philippines will order lenders to boost capital and cap the value of real estate that can be used as loan collateral to ensure banks gird themselves for increased risk taking. Bangko Sentral ng...

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Myanmar prepares to sell first sovereign bonds

Myanmar’s licensing of foreign banks brings it a step closer to an initial sovereign bond sale to help fund $80 billion of power, transport and technology projects through 2030, according to the Asian...

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China pushes Asian infrastructure bank

China pushed ahead with the creation of its proposed $50-billion Asia regional bank by signing a memorandum on October 24 with 21 countries, which did not include South Korea, Australia and Indonesia....

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Myanmar stock market to kick off in October

The Myanmar government has now confirmed that it will open its first-ever professional stock exchange, the Yangon Stock Exchange (YSE), in October this year and that there will be no more delays,...

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Sukuk Summit Awards of Excellence to be held in June

ICG-Events are pleased to announce the 2015 London Sukuk Summit; the 9th Summit in the series will be taking place on the 3rd -4th of June at the Jumeirah Carlton Tower, Knightsbridge, London. The 2015...

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Businessman from the Philippines tops the 10 richest in ASEAN list 2015

While tycoons from China and India dominate the richest in Asia list, these 10 billionaires will find solace in topping the regional list in the Association of Southeast Asian Nations (ASEAN). Chinese...

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Slowing remittance growth from Filipino workers cause for concern

Slowing growth of remittances sent by Overseas Filipino Workers (OFWs) to their home country have alerted economists that there might be a sustained weakness in these important cash transfers as long...

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World economy growing “modestly”: UN report (infographic)

According to a recently released report by the United Nations on the world economic situation and its prospects in 2015, the world economy continues to grow at a modest pace. Growth of world gross...

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ASEAN Economic Community: Which professions can move freely?

Expectations are high among workers living in one of the ten countries of the Association of Southeast Asian Nations, or ASEAN. With the advent of the ASEAN Economic Community (AEC), planned to come...

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Bank secrecy is dead – also for the Philippines?

The Organisation for Economic Cooperation and Development (OECD), an international economic grouping of 34 countries, has urged the Philippines to lift its bank secrecy law “to strengthen the country’s...

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US startup brings innovative Islamic microfinance to Indonesia

Founded in San Francisco and recently moved to Jakarta, a financial startup called Blossom aims at nothing less than shaking up the microfinance sector in Indonesia. The company, launched in October...

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Malaysia’s tax haven Labuan to position itself as Islamic finance hub

Malaysia’s offshore financial center of Labuan, an island designated as Special Economic Zone off the northern Borneo coast which has seen a surge in interest in Islamic finance transactions in the...

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Brunei to boost finance sector by launching its own stock exchange

Brunei Darussalam could soon drop off the global list of countries without a stock exchange, where it currently appears together with Cuba, Afghanistan, North Korea, Ethiopia, Chad and several other...

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Foreign investors keep dumping Philippine stocks

Philippine stocks, once favoured by emerging-market investors, were under heavy selling pressure siege from April to June, Reuters data shows. Net foreign selling in the period rose to the highest...

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