Association of Southeast Asian Nations
East Asia may double size of currency volatility fund
Southeast Asian nations and Japan, South Korea and China may double the size of a facility created to help each nation fight currency volatility, The Wall Street Journal said on Monday, quoting an Association of Southeast Asian Nations (ASEAN) official.
The group is considering increasing to USD240 billion the funds that could be drawn through the Chiang Mai Initiative facility, which was created after the 1997-98 Asian financial crisis, the newspaper quoted Aladdin Rillo, director and chief economist of the ASEAN integration monitoring office, as saying.
ASEAN must move at its own pace to integrate
With the European Union undergoing a crisis of confidence and talk of a possible breakup, the Association of Southeast Asian Nations (ASEAN) is emerging as a top standard for regional cooperation.
Compared to many other countries, the 10-member regional group is sailing smoothly in the headwinds of global economic turmoil.
But is enough being done to improve ASEAN connectivity, better integrate the economies and improve business links? This issue was the main topic of discussion by a distinguished panel at the World Economic Forum in Davos, Switzerland.
Chinese home appliance makers expand into ASEAN as a new pattern emerges in the sector
While Europe and the US are experiencing a downturn and capital markets are getting pummeled, the Association of Southeast Asian Nations (ASEAN) seems to be working out a lot and keeping its prosperity. Leading Chinese and Japanesehome appliance makers are optimistic about the prospects for the region, as evidenced by ongoing investments and acquisitions.
Indonesia refrains from raising interest rate as growth eases
Indonesia's central bank kept interest rates unchanged for a third straight month to bolster slowing economic growth, relying on an appreciating currency to contain inflation.
Bank Indonesia kept its benchmark reference rate at 6.75 percent, it said in a statement in Jakarta on Thursday.
The decision was predicted by all 10 economists surveyed by Bloomberg News.
ASEAN warns of SE Asia's rich-poor gap
Southeast Asian leaders urged caution on Wednesday over a widening gap between the booming region's richest and poorest that could threaten its ambitious drive for a European Union-style single market.
Cambodia, Laos, Burma and Vietnam have recorded high growth rates but their per capita GDP remains the lowest among the 10 members of the Association of Southeast Asian Nations (ASEAN).
