Indonesia’s Foreign Ministry said it is maintaining close communication with Iranian authorities to ensure the safety of two oil tankers operated by state-owned oil company Pertamina that are stranded in the Strait of Hormuz amid ongoing tensions involving Iran, the US and Israel.
Category: Economy
Southeast Asia divided in reaction to the Middle East crisis
The US-Israel strikes on Iran, which killed the latter’s Supreme Leader Ayatollah Ali Khamenei and his influential aides on February 28, prompted different reactions across Southeast Asia. While geographically distant, Southeast Asian governments stated concerns, expressed with cautious language, economic anxiety, and, in some countries, blunt condemnation.
Philippines confronts alleged Chinese intelligence activity
The Philippines’ National Security Council (NSC) revealed a clandestine Chinese intelligence operations on its territory on March 4.
Southeast Asian states respond to Middle East crisis-driven fuel pressures
Following rising tension between US-Israel and Iran that started on February 28, fuel prices and demand in Southeast Asia have surged. One major factor was the blockade of Hormuz Strait which disrupted the global energy supply-chain through which 13 million barrels of oil per day are transported. There are rising concerns over liquefied petroleum gas (LPG) and gasoline rarity.
To anticipate further consequences, some Southeast Asian governments have introduced different measures. Myanmar restricts the use of personal cars as gasoline and diesel are two sources of energy in the country.
Middle East tensions threaten Cambodia’s investment and tourism outlook
On March 3, Cambodian business leaders voiced concern over the escalating conflict involving the US, Israel, and Iran, warning of potential economic spillovers.
Singapore to raise retirement and re-employment ages
On March 3, Singapore announced that it will raise its retirement age to 64 and re-employment age to 69 from 1 July, said Manpower Minister Tan See Leng, keeping the country on track to reach 65 and 70 respectively by 2030. The move aims to support older workers while helping employers retain experienced staff.
Ex-PM: Conflict and tariff swings threaten Singapore’s economic stability
On February 28, Senior Minister Lee Hsien Loong warned that conflict involving Israel, the United States and Iran will raise global energy prices and increase uncertainty, affecting countries like Singapore.
US imposes new tariffs on solar imports from Indonesia and Laos
Solar power contributed significantly to electricity generation at a Texas, recent energy data shows. (Recurrent Energy) The US Department of Commerce released new tariff policies […]
Brunei Darussalam introduces grant scheme for newborns
In February, Brunei Darussalam’s Ministry of Finance and Economy has introduced a new inititative which will provide a one-time financial grant of BND240 (US$189) for each eligible newborn starting on March 1.
Lao PM: self-reliance central to national economy development
Laos self-reliant economy strategy discussed at government meeting led by Prime Minister Sonexay Siphandone in Vientiane. (Pathedlao) On February 24, two days after the country’s […]