AEC Feed

The shortfall in power supplies in Myanmar will not be solved without radical changes, according to a report by the country’s Ministry of Electric Power and Energy.
Myanmar can produce 1,900 megawatts from hydropower plants and 800MW from gas-fired turbines, but around 5,660MW will be needed by 2020, and the ministry predicted that only about 3,700MW would be produced by then.
Electricity consumption is increasing by about 15 per cent annually, using 1,370MW in 2010, 1,590MW in 2011, 1,850MW in 2012, 2,130MW in 2013, 2,450MW in 2014, 2,800MW in 2015 and 3,240MW in 2016, it said.
Analysts are warning that development will be held back without an improved supply.
More than 66 per cent of electricity comes from hydropower plants, about 29 per cent from gas-fired turbines and about 3 per cent from coal.
Around 2.22 million of 10 million households in 2010 and 3.7 million households in 2015 had electricity. Almost 6.8 million homes or 35 million people are not projected to have electricity five years from now. – Eleven Myanmar

Najib pins economic hopes on ICT
Malaysia’s gross domestic product grew by 4.2 per cent in the first quarter of the year despite low oil prices and a weak economy.
A domestic economy driven by information and communications technology can help keep things on track in 2017, which will be a challenging year, said Prime Minister Najib Razak.
Speaking at a consultation council meeting on the 2017 budget on Thursday, Najib said Malaysia’s fiscal position remained strong despite the difficulties.
“We have made significant strides but these achievements do not mean that we can rest on our laurels,” he said.
“In its latest ‘World Economic Outlook’, the IMF forecasts that 2017 will be an equally challenging year. Global growth is expected to improve only marginally from 3.2 per cent in 2016 to 3.5 per cent.
“So in order for the Malaysian economy to remain on track, we have to depend on the domestic economy. This is why I believe we must fully embrace the opportunities brought about by information and communications technology.” – The Star

More monetary easing for Indonesia
As the Indonesian government issues economic stimulus packages, the central bank continues to ease monetary policy. Both hope that their measures will stoke growth in Southeast Asia’s largest economy.
Bank Indonesia (BI) on Thursday announced additional easing moves, including cutting the benchmark interest rate, called the BI rate, by 25 basis points to 6.5 per cent – the fourth cut this year from 7.75 per cent at the start of 2016.
The seven-day reverse repo rate, which will replace the BI rate as the policy benchmark starting in August, has also been cut by 25bps to 5.25 per cent.
For businesses and consumers, the rate cuts are expected to transmit into lower bank interest rates and encourage businesses to borrow more and spur economic activity. – The Jakarta Post

Singapore to roll out stringent tax reporting rule
Singapore will implement a new reporting rule for multinationals whose parent entities are based there, as part of its commitment to deepen its involvement in the international campaign against corporate tax avoidance.
The Ministry of Finance said Country-by-Country Reporting (CbCR) would apply to Singapore-based multinationals whose group turnover exceeded a certain level.
The rule will take effect for the financial year beginning on or after January 1, 2017. Companies will have to file the report by filling out a template developed by the Organisation for Economic Cooperation and Development with the Inland Revenue Authority of Singapore within 12 months from the last day of their financial year.
The template will require the company to disclose such data as its profits, revenues and taxes paid in each country it has operations in. – The Straits Times