On June 22, more than 100 migrant workers converged in front of Singapore’s Ministry of Manpower (MOM) Service Centre, demanding the authorities’ intervention over claims that they have been denied their earnings for at least two months.
Category: Economy
Vietnam-Denmark deepen sustainable urban partnership in Da Nang
On June 19, Vice Secretary of the Da Nang Party Committee and Chairman of the municipal People’s Committee Nguyen Manh Hung hosted Danish Ambassador to Vietnam Nicolai Prytz for a bilateral meeting. Both sides are striving to forge a deeper partnership, particularly in sustainable development and green investment.
US-Iran peace pact does little to resolve Southeast Asia’s economic uncertainty
The third official peace talks between the US and Iran on June 14 produced a 14-point memorandum of understanding (MoU), the details of which were released by White House officials on June 17 following its electronic signing by both respective presidents
ASEAN-Russia endorse Kazan Declaration to advance strategic partnership and maximise economic potential
On June 17, ASEAN member states and Russia commenced their commemorative summit to mark the 35th anniversary of ASEAN-Russian Federation relations, focusing on deepening security, economic and technological ties. The meeting was co-chaired by Philippine President and ASEAN Chair Ferdinand Marcos Jr. and Russian President Vladimir Putin.
Timor-Leste prioritises economic diversification in 2027 budget to limit oil reliance
During a budget planning session on June 12, the Government of Timor-Leste announced that economic diversification and job creation will form the cornerstone of its 2027 State General Budget, as Dili moves to strengthen economic resilience, stimulate sustainable growth and reduce its long-standing dependence on petroleum revenues. Prime Minister Xanana Gusmão confirmed that the 2027 budget will be the first prepared under the new 2027-2030 Medium-Term Planning Framework, which is set to guide government spending and development policy over the next four years.
Indonesian rupiah recovers as interest rate hike and US-Iran truce boost investor confidence
Following the announcement of the US-Iran peace agreement on June 15, a wave of confidence swept through the global market, including Southeast Asia’s largest economy, Indonesia. On the same day, the Indonesian rupiah saw an over-150-point appreciation, recovering from a historic low of 18,000 just a few days prior to trade at 17,700 rupiah per US dollar.
Malaysia’s Petronas secures 20-year deal to supply LNG to Japan
On June 10, Malaysia’s state-owned energy giant Petroliam Nasional (Petronas) signed a 20-year pact to supply 2 million metric tons of liquefied natural gas (LNG) annually starting 2028 to Japan’s largest power generator, JERA. The agreement was enacted during Malaysian Prime Minister Anwar Ibrahim’s working visit to Japan.
Philippines-Canada enhance defence ties to shield supply chains and bolster minerals trade
The Philippines and Canada have agreed to enhance their defence partnership as the groundwork for deeper cross-border commerce, paved by the ratification of a Mutual Logistics Support Arrangement (MLSA) on June 11 in Ottawa.
Thousands of students flood streets, warn Indonesia is heading toward bankruptcy
On June 12, more than 1,000 Indonesian students held a protest against economic policies implemented under President Prabowo Subianto’s government. In Jakarta, demonstrations were mostly organised by the Student Executive Board of Universitas Indonesia (BEM UI) through a national consolidation on June 10, titled Indonesia is Heading toward Bankruptcy (Menuju Indonesia Bangkrut)” took place in Jalan Jenderal Sudirman, one of Jakarta’s principal arterial road.
Indonesia’s free nutritious meal programme undergoes restructuring amid cost concerns
On June 11, the Indonesian government announced it expects the Free Nutritious Meals (MBG) programme to require less funding than previously planned after reviewing its management and operations.