Singapore VC joins entrepreneurs in hunt for next Grab or Gojek

SINGAPORE -- The COVID-19 pandemic has energized Southeast Asia's startup ecosystem, with increasing numbers of companies attaining unicorn valuations while closing in on IPOs. This has attracted venture capitalists looking to seed promising next-generation startups that might become the next Grab or Gojek.

One regional investor has started a unique program, teaming up with about 20 veteran entrepreneurs across the region to identify promising young companies.

Singapore-based Monk's Hill Ventures, which targets Southeast Asian startups, has launched a program called


Indonesia accused over oil tanker carrying 'stolen' Cambodian oil

PHNOM PENH -- Indonesia has been accused of violating the human rights of an oil tanker crew in an escalating international dispute over a $21 million cargo of crude that Cambodia says has been stolen.

The Bahamas-flagged tanker Strovolos, estimated to be carrying nearly 300,000 barrels of crude from Cambodia's ill-fated first oil venture, was seized by Indonesia's navy off the country's coast in July.

Cambodian Prime Minister Hun Sen and other officials claimed it had absconded


Toyota's stock split aims to reel in small investors

NAGOYA, Japan -- Toyota Motor is embarking on its first stock split in three decades in an apparent bid to drive up the number of loyal retail investors among its rank of shareholders.

During Monday's trading in Tokyo, Toyota hit a new record high of 10,350 yen, rising 2% from the previous close. The stock had been weighted down by production cuts from the coronavirus epidemic in Southeast Asia.

However, "the sense of expectation concerning a recovery in output has taken precedence,


Taiwan's new Kuomintang leader keeps party on China-friendly track

TAIPEI -- Taiwan's opposition Kuomintang played safe in electing veteran politician Eric Chu as its new leader this weekend, keeping the party on a China-friendly trajectory that is at odds with a majority on the democratic island.

Chu was quickly congratulated by Chinese President Xi Jinping. He replied by reaffirming the so-called 1992 consensus, an agreement between the KMT and the Chinese Communist Party that posits China and Taiwan are part of the same country.

Xi has congratulated previous KMT leaders on their election,


Japan's 100th prime minister must bring big ideas for nation's future

TOKYO -- Shortly after Yoshihide Suga took office as prime minister one year ago, I wrote in this column that it was important for the new government to integrate its response to the coronavirus pandemic with the structural reforms that Japan needs.

Suga, whose predecessor Shinzo Abe stepped down because of a chronic illness, said he would carry on the policies of Abenomics. Of Abenomics' "three arrows" -- monetary easing, fiscal stimulus and structural reforms -- the third arrow of structural reforms that boost productivity was always a

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China's top brewer extends reach beyond shrinking beer market

DALIAN, China -- As changing consumer tastes threaten to erode China's beer sales, the nation's top brewer is rushing to diversify its product lineup, by branching out into traditional liquor and developing non-alcoholic offerings.

China Resources Beer (Holdings) will take a 40% stake in Shandong Jingzhi Baijiu through a subsidiary, according to plans released this month by China's market regulator. Jingzhi is a producer of baijiu , a traditional sorghum-based liquor, with brands including Yipin Jingzhi.

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Japan's JERA to invest $1.58bn in Philippine utility Aboitiz

TOKYO -- Japanese power generator JERA is investing $1.58 billion in the leading utility company in the Philippines, Aboitiz Power, as it hopes to benefit from growing electricity demand in the country while making a transition from coal to cleaner energy.

JERA, a joint venture between Tokyo Electric Power and Chubu Electric Power, has signed an agreement to purchase shares from Aboitiz Power's parent company Aboitiz Equity Ventures and its affiliate companies. JERA will own about a 27% stake in Aboitiz Power, it announced


Afghanistan withdraws U.N. General Assembly address at 11th hour

UNITED NATIONS -- No representative from Afghanistan addressed the United Nations General Assembly Monday as the current ambassador Ghulam Isaczai -- appointed by deposed President Ashraf Ghani in July -- made an 11th-hour decision not to take the floor.

The Afghan U.N. mission, which Isaczai leads, announced in a tweet Monday that it had withdrawn its statement to the assembly after consulting with other U.N. members "for the sake of national interests, lofty and long-term interests, and also for


Apple suppliers warn China's energy rules threaten supply chain

TAIPEI -- Manufacturers are warning that further disruptions to energy supplies in China would create havoc in the tech supply chain at a time when the industry is gearing up for peak production season, including of the latest iPhones.

Several companies including key Apple suppliers have already said they had to halt or reduce operations at facilities in Jiangsu Province, China's industrial tech heartland, after local governments there restricted the supply of electricity for industrial use through the end of the month.

Cities in Jiangsu have either told enterprises to stop using


Japan's JERA to invest $1.58bn in Philippine utility Aboitiz Power

TOKYO -- Japanese power generator JERA is investing $1.58 billion in the leading utility company in the Philippines, Aboitiz Power, as it hopes to benefit from growing electricity demand in the country while making a transition from coal to cleaner energy.

JERA, a joint venture between Tokyo Electric Power and Chubu Electric Power, has signed an agreement to purchase shares from Aboitiz Power's parent company Aboitiz Equity Ventures and its affiliate companies. JERA will own about a 27% stake in Aboitiz Power, it announced