LIC woos global investors for IPO via roadshows

A day after submitting of the draft pink herring prospectus, Life Insurance Corporation of India (LIC) has commenced formal roadshows with big-ticket global investors, looking for their participation within the nation’s largest public difficulty so far.

Capital Group, Aberdeen Asset Management, California University Endowment, Abu Dhabi Investment Authority (ADIA) and Singapore’s GIC are among the many funds that participated in Monday’s investor roadshows, bankers and finance ministry officers advised ET. Three Canadian pension funds, Standard Life, HSBC MF and Franklin Templeton had been different contributors within the roadshows being held just about resulting from Covid-19 curbs.

Some prime home institutional investors are additionally collaborating, sources mentioned. “We have launched roadshows formally now, although informal conversations have been happening for some time. Being the biggest high-profile share sale, we need to be 100% sure about the participation,” mentioned a supply cited above.

Source: TREND News Agency

Official Visit by Minister for Foreign Affairs Dr Vivian Balakrishnan to Phnom Penh, Cambodia, 15 February 2022

Minister for Foreign Affairs Dr Vivian Balakrishnan is in Phnom Penh, Cambodia on an official visit at the invitation of Cambodian Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation Prak Sokhonn from 15 to 16 February 2022.

Minister Balakrishnan met with his counterpart Deputy Prime Minister Prak Sokhonn, which was followed by a delegation meeting. The Ministers reaffirmed the excellent state of bilateral relations, underpinned by growing trade and investment and people-to-people linkages. Singapore and Cambodia celebrated the 55th anniversary of diplomatic relations in 2020. The Ministers agreed to expand bilateral cooperation especially in new areas of mutual interest such as connectivity, infrastructure development, agri-trade, fintech and digital economy. They discussed the common challenges posed by the COVID-19 pandemic, and commended the mutual support rendered throughout this crisis including Singapore’s contribution of medical supplies and equipment to Cambodia. Minister Balakrishnan hoped that 2022 would be a year of post-pandemic recovery for both countries. Both Ministers welcomed the resumption of travel under the Cambodia-Singapore Vaccinated Travel Lane. Minister Balakrishnan reaffirmed Singapore’s commitment to support Cambodia’s capacity building and human resource development, including through the upgraded Cambodia-Singapore Cooperation Centre in Phnom Penh.

The Ministers discussed regional and international issues. They stressed the importance of upholding ASEAN centrality and unity, and deepening regional economic integration.Minister Balakrishnan expressed Singapore’s support for Cambodia’s Chairmanship of ASEAN in 2022 and Deputy Prime Minister Prak Sokhonn’s role as the Special Envoy of the ASEAN Chair on Myanmar. Minister Balakrishnan said that Cambodia’s ASEAN Chairmanship theme of “ASEAN A.C.T: Addressing Challenges Together” is especially apt, and ASEAN will overcome challenges by working together. Minister Balakrishnan noted with regret that there has been no significant progress in implementing the Five-Point Consensus. Both Ministers urged the Myanmar military authorities to swiftly and fully implement the Five-Point Consensus, including by facilitating the Special Envoy’s visit to Myanmar to meet with all parties concerned. Minister Balakrishnan reiterated Singapore’s commitment to working with Cambodia, other ASEAN Member States, the United Nations, and other external stakeholders on the full implementation of the Five-Point Consensus and relevant ASEAN decisions.

Minister Balakrishnan took the opportunity to invite Deputy Prime Minister Prak Sokhonn to make an official visit to Singapore at a mutually convenient time. Deputy Prime Minister Prak Sokhonn’s last official visit to Singapore was in August 2018.

Minister Balakrishnan will meet Minister of Environment Say Samal later today. Minister Balakrishnan will call on Prime Minister Hun Sen and meet Chairman of the National Assembly Commission on Education, Youth, Sports, Religion, Culture and Tourism Hun Many on 16 February 2022. Minister Balakrishnan will also attend the ASEAN Foreign Ministers’ Retreat on 16 to 17 February 2022.

Source: Embassy of the Republic of Singapore, Tokyo

Myanmar Issue Hardens Divisions in ASEAN

Efforts by Cambodian Prime Minister Hun Sen to bring Myanmar back into the Association of Southeast Asian Nations have cemented a split within the trade group between mainland authoritarian governments and democratic maritime powers, analysts said.

They said those differences could overshadow the Foreign Ministers Retreat in Siem Reap this week, when the 10 ASEAN members are expected to thrash out their differences and set an agenda for the year ahead. Cambodia holds the rotating chair position in ASEAN.

Issues ranging from the disputed South China Sea to the Quad – a Western alliance intended to restrain Chinese expansionism – top the agenda, alongside post-pandemic economic recovery, admitting East Timor into the group and ending the post-coup violence in Myanmar.

But analysts said existing divisions that erupted with the ethnic cleansing and alleged genocide by Myanmar’s military against the Muslim Rohingya in 2017 had widened since the February 1, 2021, coup and had become obvious since Hun Sen’s trip to Naypyidaw.

“The differences around Myanmar is very real and you can see the countries with military leaderships like Thailand, Cambodia, Laos working with Myanmar directly or indirectly,” said Charles Santiago from the group ASEAN Parliamentarians for Human Rights.

“Other countries like Malaysia, Singapore, Indonesia, as well as Philippines, are in a different group all together. The second group seems to be exerting pressure on the first,” he said.

Troika

Mainland Southeast Asia is predominantly Buddhist and controlled or heavily influenced by the military, while the Malay peninsula and the thousands of islands stretching across Indonesia and the Philippines are largely democratic and Islamic or Christian.

Analysts said a troika had emerged made up of Indonesia, Malaysia and Brunei, which share religious sympathies with the Muslim Rohingya and have opposed bringing the Myanmar junta into ASEAN after it was banned from attending its summits in response to the coup.

“There is a divide, I think it’s a troika, if you will, but it’s clear from all the meetings since the coup,” said Carl Thayer, emeritus professor at Australia’s University of New South Wales.

He said Cambodia and Thailand would prefer to ignore the Rohingya and the coup which ousted Aung San Suu Kyi and bring Myanmar back. It was banned when Brunei was chair.

“The Rohingyas? That’s somebody else’s problem,” Thayer said of those nations.

“But for the other countries there is that dimension about the Rohingyas but also about ASEAN’s response to it, and the damage that Myanmar is causing to its reputation.”

ASEAN was formed in 1967 initially as a bulwark against communism amid the Vietnam War but has since evolved into a trading bloc. Over the decades, its policy of non-interference in the internal affairs of neighbors had enabled it to put forth a public show of solidarity.

The first chinks in that armor occurred in 2012 under the chairmanship of Cambodia, an emerging ally of China. That year it failed to issue its traditional end-of-year leaders’ statement critical of Beijing’s maritime claims in the South China Sea.

Differences remain, with ASEAN unable to conclude a long-sought Code of Conduct for settling disputes on the high seas. Analysts say the effort has been stifled by Beijing, fostering divisions that have now widened on religious and cultural grounds over Myanmar.

Hun Sen’s critics argued his visit to Myanmar last month served to legitimize a regime responsible for the deaths of about 1,500 people over the past year. But his supporters justified his visit as a means of pushing forward the Five-Point Consensus on finding a solution to the crisis as agreed to by ASEAN.

He left Myanmar with an extension to a cease-fire and promises to allow humanitarian aid and open negotiations with all political parties. He then extended an invitation to junta leader Gen. Aung Min Hlaing to attend the ASEAN leaders’ summit in October.

But since then, the cease-fire is in tatters amid the reported massacre of 10 ethnic Chin villagers, prompting more than 1,000 people to flee into India, with further reports that about 40,000 people in Karenni state were displaced by airstrikes.

“ASEAN is in the middle. They are going to be condemned for what they do and don’t do. These divisions in ASEAN will make it more difficult for Cambodia but then Cambodia is making it difficult for the rest of ASEAN,” Thayer said.

He said Hun Sen’s meeting with Gen. Hlaing was “not good branding for ASEAN,” when leaders were focused on securing an economic recovery once the COVID-19 pandemic is over.

“It undermined the ASEAN position I think because he got nothing in return and Myanmar has undertaken further acts of repression and piling it on (Myanmar’s former leader) Aung San Suu Kyi, with more prison terms,” he said. “That’s intractable. Who can read the Tatmadaw (military leadership)?”

Those sentiments were echoed by Santiago who added, “Two significant developments took place in the last one month.”

“One is the cowboy diplomacy by Prime Minister Hun Sen, which backfired and then subsequently there was an acknowledgment – even from Hun Sen himself – that his diplomacy has not resulted in any positive outcome.”

Hun Sen had also announced that he had partially secured the release of an economic advisor to Suu Kyi – the Australian professor Sean Turnell – but apologized when that did not happen. He has also since said a resolution to the crisis in Myanmar was unlikely this year.

As a result, Cambodia followed Brunei’s lead, announcing Myanmar would not be allowed to send a political representative to the Foreign Ministers Retreat but a non-political figure would be allowed.

“You’ve essentially got three military regimes in a row across northern Southeast Asia, stretching from the Indian border to China,” said Gavin Greenwood, director of Hong Kong-based A2 Global Risk.

“The division doesn’t surprise me between, if you like, Malay, Islamic, Muslim support and against Buddhists in the north – in Burma, Thailand and Cambodia. All Buddhist countries,” he added.

But he said other factors had contributed to the split in a region already divided by faith, ethnicity, and wealth, issues which are not unlike those experienced by members of the North American Free Trade Agreement or the European Union.

“The Muslim aspect, which again has been growing since about 2017, is natural,” Greenwood said. With elections coming up in Indonesia and Malaysia, he added, politicians in those countries are mindful that “generally speaking, Muslim solidarity, it plays well to obviously the home crowd.”

Source: Voice of America

US Looking to Japan, South Korea Allies to Assist in Resisting China’s Expansion

Discussion of Taiwan at weekend talks involving Japan, South Korea and the United States, analysts say, could be seen as a signal U.S. President Joe Biden aims to broaden the network of Asia-Pacific countries that could resist China’s expansion.

U.S. Secretary of State Antony Blinken, Japanese Foreign Minister Hayashi Yoshimasa Hayashi and Korean Foreign Minister Chung Eui-yong emphasized in a joint statement “the importance” of peace and stability in the strait that divides Taiwan from China.

The joint statement from the weekend meeting in Hawaii also condemned North Korea’s recent ballistic missile launches and expressed “shared concern about activities that undermine the rules-based international order.”

The U.S. side brought up Taiwan to rally more forces behind its defense for the self-ruled island that China claims as its own and insists eventually on ruling, said Leif-Eric Easley, associate professor of international studies at Ewha Womans University in Seoul.

“Such multilateral efforts aim to reassure Taipei and deter further coercion by Beijing,” Easley said. “In order to prevent conflict escalation in Asia, U.S. allies actually need to prepare for contingencies of Chinese aggression.”

China has claimed self-ruled Taiwan as part of its territory since the Chinese civil war of the 1940s, when Chiang Kai-shek’s Nationalists lost to Mao Zedong’s Communists and rebased their government in Taipei. China has never renounced the use of military force, if needed, to unite with Taiwan. Since mid-2020 it has routinely flown military planes into Taiwan’s air defense identification zone.

Washington sells arms to Taiwan, maintains aircraft carriers nearby and has in place the 1979 Taiwan Relations Act, which says the United States maintains the capacity “to resist any resort to force or other forms of coercion that would jeopardize the security, or the social or economic system, of the people on Taiwan.” Analysts have told VOA that Washington would see any cession of Taiwan to China as a rupture in its chain of Cold War-era Asia Pacific allies.

Wider Asia Pacific alliance

The three-way statement follows Biden’s recently updated Indo-Pacific strategy that pledges to work with partners for Taiwan’s self-defense and ensure that Taiwanese people determine their own future through a peaceful process. Some partners have already been notified.

U.S. officials had approached Tokyo last year about the potential defense of Taiwan, which lies just southwest of the outermost Japanese islands.

The defense head in U.S. ally Australia said in a November interview with The Australian it was “inconceivable” that his country would not aid Taiwan in conjunction with the United States.

Biden’s Indo Pacific policy update calls for strengthening relations with “leading regional partners” including India, Indonesia, Malaysia, Singapore and Vietnam. Some partners have scuffled with China over its maritime or territorial expansion and see the U.S. government as a deterrent against Beijing.

“Perhaps America’s greatest strategic asset, aside from its own military hardware and personnel, is our vast alliance network of democracies that can act as force multipliers in any crisis,” said Sean King, vice president of the Park Strategies political consultancy in New York. “In this case, we’d want South Korea and Japan on board with the idea that we might activate some of our troops in each country during any Taiwan contingency.”

Rep. Elaine Luria, vice chair of the U.S. House Armed Services Committee, urged in an interview with VOA’s Press Conference USA radio program that Washington rethink “the policy of strategic ambiguity that we’ve held for decades” toward Taiwan and make it “very clear that the United States will react in order to maintain the status quo.”

Japan, a U.S. treaty ally, has indicated it would help in any Taiwanese defense against China if called on by the United Sates or if the conflict affected outlying islands under Japanese control. Japan would react “quickly” since it has been “primed” to help the United States, said Carl Thayer, emeritus professor of politics at the University of New South Wales in Australia.

South Korea, however, is more focused on North Korea as an immediate neighbor and doesn’t always share the U.S.-Japan position toward Taiwan, said Alexander Vuving, professor at the Daniel K. Inouye Asia-Pacific Center for Security Studies, in Hawaii.

“In the hypothetical conflict over Taiwan, you’ll have China on one side and U.S.A. and Japan on the other side to come to [the] rescue of Taiwan,” Vuving said.

South Korea’s trade with China would be disrupted if it backed Taiwan in a conflict, Thayer said. In 2016, China sanctioned South Korea after its deployment of the Terminal High-Altitude Area Defense anti-missile system, sparking a $15.7 billion loss to tourism alone.

Without a push from Washington, Seoul might “largely stay out” of any Taiwan scuffle while Japan could be a logistics hub for U.S. forces in Taiwan, King said.

Blinken’s meetings with counterparts in Japan and South Korea, among other Asian countries last week “implies that the focal point of U.S strategy targeting China remain unchanged,” the state-controlled Global Times news website in China said on February 6. The report cites the view of a deputy director of the Center for American Studies at Fudan University.

Source: Voice of America

NUS Business School launches Master’s programme in Sustainable and Green Finance

NUS has launched a new Master of Science in Sustainable and Green Finance (MSc SGF) programme to nurture new talents to combat environmental and sustainability challenges through financial solutions and services. Launched by NUS Business School in collaboration with the Sustainable and Green Finance Institute at NUS, the MSc SGF programme is the first MSc programme offered among leading Asian universities that focuses on sustainable and green finance.

Source: National University of Singapore(Press Releases)

Pollution Causing More Deaths Than COVID, Action Needed, Says UN Expert

Pollution by states and companies is contributing to more deaths globally than COVID-19, a U.N. environmental report published on Tuesday said, calling for “immediate and ambitious action” to ban some toxic chemicals.

The report said pollution from pesticides, plastics and electronic waste is causing widespread human rights violations and at least 9 million premature deaths a year, and that the issue is largely being overlooked.

The coronavirus pandemic has caused close to 5.9 million deaths, according to data aggregator Worldometer.

“Current approaches to managing the risks posed by pollution and toxic substances are clearly failing, resulting in widespread violations of the right to a clean, healthy and sustainable environment,” the report’s author, U.N. Special Rapporteur David Boyd, concluded.

“I think we have an ethical and now a legal obligation to do better by these people,” he told Reuters later in an interview.

Due to be presented next month to the U.N. Human Rights Council, which has declared a clean environment a human right, the document was posted on the Council’s website on Tuesday.

It urges a ban on polyfluoroalkyl and perfluoroalkyl, man-made substances used in household products such as non-stick cookware that have been linked to cancer and dubbed “forever chemicals” because they don’t break down easily.

It also seeks the clean-up of polluted sites and, in extreme cases, the possible relocations of affected communities – many of them poor, marginalized and indigenous – from so-called “sacrifice zones”.

That term, originally used to describe nuclear test zones, was expanded in the report to include any heavily contaminated site or place rendered uninhabitable by climate change.

“What I hope to do by telling these stories of sacrifice zones is to really put a human face on these otherwise inexplicable, incomprehensible statistics (of pollution death tolls),” Boyd said.

Boyd considers the report, his latest in a series, to be his most hard-hitting yet and told Reuters he expects “push back” when he presents it to the Council in Geneva.

U.N. rights chief Michelle Bachelet has called environmental threats the biggest global rights challenge, and a growing number of climate and environmental justice cases are invoking human rights with success.

Chemical waste is set to be part of negotiations at a U.N. environment conference in Nairobi, Kenya, starting on Feb. 28, including a proposal to establish a devoted panel, similar to the Intergovernmental Panel on Climate Change.

Source: Voice of America

Dramatic Sea Level Rise Forecast for US Over Next 30 Years

The United States is expected to experience as much sea level rise by the year 2050 as the country has witnessed in the past century, according to a report led by the National Oceanic and Atmospheric Administration (NOAA) and released Tuesday.

“Sea levels continue to rise at a very alarming rate, and it’s endangering communities around the world,” Bill Nelson, administrator of the National Aeronautics and Space Administration (NASA), told reporters during an online briefing. “And that means it’s past time to take action on this climate crisis.”

Man-made carbon emissions, however, cannot be totally blamed for the inevitable rise, according to Richard Spinrad, NOAA administrator.

“Current and future emissions matter, but this will happen no matter what we do about emissions,” Spinrad said. “If emissions continue at their current pace, it is likely we will see at least two feet (61 centimeters) of sea-level rise by the end of this century along the U.S. coastlines.”

With the forecast of an average sea level rise of 10-12 inches (25.4 cm to 30.5 cm) by 2050, about 140,000 homes would be at risk of being flooded about every other week, according to the report.

Forty percent of the U.S. population lives within about 100 kilometers of a coastline.

The sea level rise will intensify high tides, storm surges, coastal erosion and loss of wetlands.

“Communities now dealing with nuisance flooding will be facing more damaging floods in just 30 years’ time,” said Nicole LeBoeuf, director of the NOAA National Ocean Service. “Another way to think about this is that a single flooding event, one that now happens every four to five years on average, in coastal communities in the southeast United States will occur four to five times per year.”

The projections in the document are based on observations from coastal tide gauges and satellite imagery.

Nelson, a former U.S. senator, said the current administration is taking a whole-of-government approach to confront climate change.

“Different agencies, finally, are coming together to leverage their expertise to advance our understanding and planning for the future,” Nelson said.

“This new data on sea rise is the latest reconfirmation that our climate crisis — as the president has said — is blinking ‘code red,'” Gina McCarthy, the White House national climate adviser, said in a statement. “We must redouble our efforts to cut the greenhouse gases that cause climate change, while at the same time, help our coastal communities become more resilient in the face of rising seas.”

In response to a question from VOA about what the best mitigation projects for the federal government and communities would be to undertake, William Sweet, an oceanographer at NOAA’s National Ocean Service, said it is all about being on higher ground.

Storm water systems will need to be examined, he explained, and “when there’s an opportunity to relocate major infrastructure — schools, fire departments, energy plants — elevation needs to be considered,” said Sweet, the lead author of the 111-page report.

Among the worst-hit U.S. cities by midcentury: Galveston in Texas and St. Petersburg in Florida, which are forecast to see about a 60 centimeter rise in the sea level over the next four decades.

A study published in January in monthly journal Nature Climate Change predicted the cost of damage annually by flooding in the United States could increase 26% by the year 2050, totaling more than $40 billion, and it noted poor communities would be disproportionately affected.

Early in the next century, there will be even worse trouble ahead, according to Sweet. That is when the melting ice sheets in Antarctica and Greenland are likely to send even more sea water onto distant shores.

Source: Voice of America