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Indonesia Edges Out Another Oil Major In Push To Nationalize Natural Resources

6th August 2018

The Indonesian government has moved to reclaim its prolific Rokan oil block from Chevron in 2021 when its contract is set to expire, it will then turn it over to state-run Pertamina, according to a government official. Chevron Pacific Indonesia is just the latest oil major casualty in Indonesia’s determination to nationalize its natural resources, including oil. Chevron is now joining the likes of Total, which was edged out of its Mahakam block earlier this year. Total jointly operated the block with Japan’s INPEX—a fifty-year collaboration that ended when its license expired in December 2017. Pertamina, who then took control...

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OPEC Oil Output Climbs as Saudi Arabia Pumps Near Record

6th August 2018

(Bloomberg) — OPEC’s crude output increased last month as Saudi Arabia pumped near-record volumes to make good on a pledge to consumers that demand would be met. The kingdom’s oil production grew by 230,000 barrels a day in July, to 10.65 million barrels per day. This is just shy of an all-time peak reached in 2016, according to a Bloomberg survey of analysts, oil companies and ship-tracking data. Higher crude output from the Saudis, along with Nigeria and Iraq, pushed up total production from the Organization of Petroleum Exporting Countries by 300,000 barrels a day, offsetting losses from a spiraling...

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More than half of consumers in APAC prioritise security over convenience in app experience

6th August 2018

SINGAPORE (Aug 1): More than half (53%) of consumers will prioritise security features over the functionality and convenience of an app, according to a study commissioned by F5 Networks in partnership with YouGov. The study, titled The Curve of Convenience – the trade-off between security and convenience surveyed more than 3,700 respondents across Australia, China, Hong Kong, India, Indonesia, Philippines and Singapore. It also showed that consumers in the region are unforgiving when it comes to security, with about three in five respondents choosing to stop using an app altogether if their data security is compromised. The battle between security and convenience...

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Singapore to undergo IMF’s financial sector assessment programme

6th August 2018

SINGAPORE (Aug 1): The Monetary Authority of Singapore (MAS) announced today that Singapore will undergo the International Monetary Fund (IMF)’s Financial Sector Assessment Programme (FSAP) this year. The programme will assess the resilience of Singapore’s financial sector, the quality of MAS’s regulatory framework and supervision, and capacity of authorities to manage and resolve financial crises. This will be Singapore’s third FSAP assessment. The scope of the FSAP will include a stress test of the financial system under hypothetical macroeconomic scenarios; MAS’s regulatory and supervisory approaches covering fintech and cybersecurity as well as MAS Electronic Payments System (MEPS+) which is a...

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Future of work: Tech-enabled freedom

6th August 2018

SINGAPORE (Aug 6): Imagine hosting an international business conference from a deck chair on a beach, through a laptop and virtual reality device. Midway through your presentation, a robot brings you a cocktail. It does not matter that you are in surf shorts — the audience, also plugged into VR devices, only sees an augmented reality (AR) image of you on a stage. Not too far-fetched? That is because all that technology is already available. Working remotely, and freelance on so-called “gigs”, has been enhanced by the proliferation of tech such as VR, AR, artificial intelligence, robotics, automation and big...

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Indonesia lobbies US to maintain special tariff treatment

6th August 2018

JAKARTA (REUTERS) – Indonesia lobbied visiting US Secretary of State Mike Pompeo to keep the Southeast Asian nation on a list of countries that receive preferential trade terms, its foreign and trade ministers said on Sunday (Aug 5). “President Joko Widodo has delivered Indonesia’s hope that the US will maintain the country’s GSP (Generalized System of Preferences) facility,” Foreign Minister Retno Marsudi told reporters after meeting Pompeo. In April, the US Trade Representative’s Office said it was reviewing the eligibility of Indonesia, along with India and Kazakhstan, for the GSP based on concerns over compliance with services and investment criteria. “Around 53...

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Training and productivity boost to lift wages of staff

6th August 2018

Ms Thankappan Usha was paid about $2,600 a month when she re-joined Jamiyah Nursing Home in 2014 as a registered nurse after a stint in a hospital. Since then, the 39-year-old has been promoted twice and given more responsibilities, after receiving training in such skills as handling dementia patients and controlling infection among elderly residents at the home. She earns almost $4,000 now as a nurse clinician who supervises nurses in the dementia ward and trains other colleagues. The nursing home’s director, Mr Satyaprakash Tiwari, believes that providing his staff with training opportunities and rewarding them for their skills and...

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Darwin Seeks To Shed Frontier Image To Become World-Class LNG Export Hub

30th July 2018

MELBOURNE/TOKYO, July 27 (Reuters) – Australia’s tropical city of Darwin wants to establish itself as a world-scale energy export hub, building on its closeness to demand centres in Asia and abundant nearby natural gas resources. With the imminent start-up of Inpex Corp’s $40 billion Ichthys liquefied natural gas (LNG) project, the capital of the Northern Territory will be home to two LNG exporting facilities, with a total capacity of 12.6 million tonnes a year, including ConocoPhillips’ Darwin LNG plant that opened in 2006. Darwin is poised to become the nucleus of the Northern Territory’s push to expand LNG exports by...

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The Latest Battlefield In Asia’s Energy War

30th July 2018

Last week, Chinese President Xi Jinping reportedly offered Sri Lanka a new grant of 2 billion yuan ($295 million). According to media reports, Sri Lankan President Maithripala Sirisena made the announcement on Saturday at a ceremony marking the construction of a Chinese-funded hospital. China offering cash loans and other incentives to Sri Lanka isn’t anything new, but this grant comes with the provision that it can be used for whatever project Sri Lanka wants. “When the Chinese ambassador visited my house to fix the date for this ceremony, he said that Chinese President Xi Jinping sent me another gift,” Sirisena...

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Higher Oil Prices Fail To Stimulate Economic Growth In Gulf States

30th July 2018

The higher oil prices and the subsequent higher oil revenues play a part in a significantly improved outlook for the state finances and trade balances of the Arab Gulf countries, but they are not boosting economic growth, a quarterly Reuters poll of 24 economists showed on Tuesday. The Arab Gulf states have good reason to be happy about their budgets and government accounts this year, as the oil prices have been significantly higher and because they are now boosting their oil production to offset declines in Venezuela and Angola and an anticipated slump in Iran’s oil exports. The Gulf states—Saudi Arabia and...

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