Page 5 - Southeast Asia

Between manufacturing and services, can AI show India a third way to grow?

Even if generative artificial intelligence has been overhyped, it's safe to assume that ChatGPT-type bots will only get better at routine tasks like writing computer software

Climate change pushes Southeast Asia to finally start sharing power

The urgency for Southeast Asian nations to switch to clean energy to combat climate change is reinvigorating a 20-year-old plan for the region to share power. Malaysia and Indonesia inked a deal in Bali, Indonesia last month to study 18 potential locations where cross-border transmission lines can be set up. Those links could eventually generate power roughly equivalent to what 33 nuclear power plants would produce in a year. They are economically and technically feasible, and now are supported by regional governments, said Beni Suryadi a power expert at the ASEAN Centre for Energy in Jakarta, Indonesia. The Association of Southeast Asian Nations or ASEAN is a political and economic gathering of 10 countries across a vast region, from tiny Brunei and Singapore to military-controlled Myanmar and fast-rising economic power Vietnam. Experts describe imports by Singapore of hydroelectric-generated power from Laos via transmissions through Thailand and Malaysia as a pathfinder project,

Southeast Asia hold first joint navy drills near disputed S China Sea

The Association of Southeast Asian Nations began its first joint naval exercise on Tuesday at a time when several member countries are responding more strongly to increasing Chinese assertiveness in the area. The non-combat drills, named ASEAN Solidarity Exercise, include joint maritime patrol operations, search and rescue operations, and humanitarian and disaster relief, Indonesian military chief Adm. Yudo Margono said. He said the five-day exercise in Indonesia's Natuna waters aims to boost military ties among the ASEAN nations and enhance interoperability. The drills also involve civilian groups involved in humanitarian relief and disaster prevention. ASEAN nations have taken part in naval exercises before with other countries including both the United States and China but this week's drills are the first involving just the bloc and are being read by many as a signal to China. China's nine-dash line, which it uses to demarcate its claim to most of the South China Sea, has brou

Vertex Ventures' SEA and India arm raises $541 mn, expands investor base

Vertex Ventures Southeast Asia and India (VVSEAI) on Tuesday said it has raised USD 541 million (about Rs 4,489 crore) in a funding round. The VVSEAI Fund V exceeds its target fund of USD 450 million (about Rs 3,734 crore) and is 80 per cent larger than VVSEAI Fund IV raised in 2019, the company said in a statement. The new Fund V raise comes on the heels of cash-on-cash returns from VVSEAI's portfolio and successful exits from its investments in companies such as Grab, FirstCry, XPressBees, Recko, and others. The fund is backed by existing and new limited partners like Japan Investment Corporation (JIC), International Finance Corporation (IFC) and DEG (a German development finance institution), sovereign wealth funds, financial institutions, corporates and family offices across Asia and Europe. "Our earlier funds have had superior cash-on-cash returns and are outperforming benchmarks. This track record led most of our investors from VVSEAI Fund IV to return as investors in VVSEAI

China is no longer saving Southeast Asia's tourism industry. India might

China was once the world's most plentiful source of international tourists, and Southeast Asia was among their top destinations

Millions of Chinese curb Southeast Asian growth as they decide to stay home

The visitor statistics suggest that Southeast Asia's economic recovery this year will be muted, amid a dimming global growth outlook from tighter monetary policies

TikTok plans to fuel e-commerce business with billions in investment

TikTok is planning to pour billions of dollars in Southeast Asia over the next few years, aiming to drive growth in one of its biggest markets amid heightened scrutiny in the US. The company's CEO, Shou Zi Chew, made the announcement on Thursday during a speech at a TikTok forum in the Indonesian capital Jakarta. The investment comes as the app's e-commerce marketplace, TikTok Shop, is experiencing some growth following its expansion to more countries in the region last year. But its still trailing more established power players, like online shopping sites Shopee and Lazada. The popular video-sharing app, though, is attempting to harness the power of its user base. Chew said on Thursday that the app generates more than 325 million visitors in Southeast Asia each month. And the research group Insider Intelligence expects its user base in Indonesia, Malaysia, Thailand, Vietnam and the Philippines to increase by more than 10 per cent this year. TikTok did not provide a detailed break

BIMSTEC member nations brainstorm over food security, transport, tourism

Bridging the gap between South and Southeast Asia through strengthened transport linkages, cultivating climate-resilient crops like millet and fortifying people-to-people connections with dedicated tourist circuits were among proposals floated by member states at a two-day BIMSTEC meet here. The deliberations were taken note of in the Kolkata Declaration', which was adopted on Sunday evening on the concluding day of the meet, a top official of the regional organisation said. The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation or BIMSTEC, has Bangladesh, Bhutan, India, Nepal, Sri Lanka, Myanmar, and Thailand as member countries. The organisation can act as an enabler for the landlocked member states of Nepal and Bhutan to access the region's vast maritime networks. Bridging South and Southeast Asia through enhanced connectivity will open many avenues to facilitate a robust ecosystem for commerce, BIMSTEC Secretary General Tenzin Lekphell told PTI. The

Indian startups must tap $430 bn digital market in Southeast Asia: Report

The population of over 650 million and 70 million SMEs in Southeast Asia are rapidly becoming more affluent and digitally savvy, creating a high demand for innovative products and services

Sequoia's Surge unveils 8th cohort of 12 start-ups across India, SEA

Includes start-ups in climate tech, AI, metaverse, digital health, new e-commerce models

Dabur weighs acquisitions to expand across India, SE Asia amid competition

The expansion comes as Dabur faces intensifying competition from deep-pocketed rivals - including global consumer titan Unilever Plc - which are swooping in on upstart Indian brands

Asset quality of Indian banks will be stable in 2023, says Moody's

The asset quality of Indian banks and those in Southeast Asian countries will be stable in 2023, said Moody's Investors Service in its latest report on the banking sector in emerging markets

Southeast Asia withheld China's attempts to economically breach sovereignty

Southeast Asian countries have resiliently withheld China's attempts to economically breach their sovereignty and have harnessed the power of China's financial might to their own advantage

China plus one: Low labour costs and growing workforce give India the edge

A large and abundant workforce also gives it an edge against South East Asian rivals

Bajaj Auto eyes south east Asia to take e-scooter space by storm

Bajaj's presence in this market in ICE vehicles has been limited till now because the region is essentially a step-through two-wheeler and scooter market

ASEAN summit: Joe Biden pledges US will work with Southeast Asian nations

President Joe Biden promised on Saturday that the United States would work with a strategically vital coalition of southeast Asian nations, telling leaders that we're going to build a better future that we all want to see in the region where US rival China is also working to expand its influence. Citing the three Association of Southeast Asian Nations summits he's participated in as president, Biden said the 10-country bloc is at the heart of my administration's Indo-Pacific strategy and promised to collaborate to build a region that is free and open, stable and prosperous, resilient and secure. I look forward to continuing our work together with ASEAN and with each one of you to deepen peace and prosperity throughout the region to resolve challenges from the South China Sea to Myanmar and to find innovative solutions to shared challenges," Biden said, citing climate and health security among areas of collaboration. Biden's efforts at this year's ASEAN summit are meant to lay the ..

Kyiv seeks int'l support, boosts Southeast Asia ties with peace accord

Ukraine signed a peace accord on Thursday with Southeast Asian nations, a largely symbolic act that comes as Kyiv seeks to shore up international support in isolating Russia. Ukrainian Foreign Minister Dmytro Kulbela signed the Treaty on Amity and Cooperation in Southeast Asia as the annual summit of the Association of Southeast Asian Nations got underway in Phnom Penh. The ASEAN summit kicks off a series of three top-level meetings in Asia, with the Group of 20 summit in Bali to follow and then the APEC economic forum in Bangkok. They come as Russia seeks new markets for its energy products to avoid Western sanctions following its invasion of Ukraine. As a group, the ASEAN nations, with a combined population of nearly 700 million, have been reserved in their stance toward the invasion, condemning the war but generally trying to avoid assigning blame. Eight of 10 ASEAN countries did vote in favour of the UN General Assembly resolution condemning Russian aggression, with Vietnam and

EvolutionX Debt Capital makes maiden investment in PharmEasy parent firm

Debt financing platform's investment amount was not revealed; it will make equity infusion later

Jefferies's Southeast Asia, India dealmaker Rao to leave, say sources

In Asia, Jefferies Financial Group Inc. has been expanding with the hiring of senior bankers

Traders find haven from global stock gloom in Southeast Asian markets

The growing bullish chorus points to a reopening of Southeast Asia that's bringing back a swarm of tourists, as well as booming domestic demand that's helping shield it from a global slump