By Asia News Network
Japanese and South Korean electronics companies Sharp Corp and LG plan to relocate their factories from Thailand and Vietnam, respectively, to Indonesia as part of their investment consolidation plans in Southeast Asia.
Industry Minister Airlangga Hartanto said the relocations would further strengthen their operations in Indonesia, where they have built their respective production bases for a number of electronics products.
“We are monitoring the process. Discussions have been going on for quite some time,” Airlangga said at a post-Idul Fitri gathering at his office in Jakarta last week.
LG’s public relations officer was reluctant to elaborate on the company’s relocation plan when contacted by The Jakarta Post, while Sharp’s government relations officer said the company’s relocation was part of plans to strengthen its Indonesian operations. He refused to elaborate further.
Meanwhile, the director for electronics and telematics at the ministry, Janu Suryanto, said Sharp would relocate its twin tub washing machine facilities from Thailand to its Indonesian production base in Karawang International Industrial City (KIIC). – The Jakarta Post
Cebu Pacific makes $6.8 bn order for Airbus planes
Philippine budget airline Cebu Pacific went on a shopping spree on Tuesday as it sealed a deal to order 31 Airbus planes during the Paris Air Show, the world’s biggest aviation trade event.
In the coming years, Cebu Pacific is set to acquire 16 A330neos, 10 A321XLRs, and five A320neos in a deal estimated at $6.8 billion (Bt212.31 billion). The airline also acquired an option for 10 more planes from Airbus’ A320 family.
The larger-capacity and more fuel-efficient planes will be used to replace Cebu Pacific’s existing fleet as they arrive from 2021 through 2026.
Cebu Pacific president and CEO Lance Gokongwei said more efficient planes will allow the budget airline to offer low fares to customers.
“The A330neo will give us the lowest cost per seat and allow us to continue offering the lowest fares. Moreover, the lower fuel burn matched with higher seat density will allow CEB to address growing demand for leisure and business travel, by upgrading aircraft and maximizing available airport slots in Manila and other megacities we serve,” Gokongwei said in a statement. – Philippine Daily Inquirer
Evonik to meet Asia's meat demand with second plant
German chemical giant Evonik Industries has invested over 500 million euro (S$768 million, Bt17.543.46 billion) in opening a second plant in Singapore to produce a key additive in animal feed and is an example of the role that industry can play in growing the economy and creating jobs, said Deputy Prime Minister Heng Swee Keat.
With an eye on the rising demand for meat in this region, Evonik's second methionine plant will double its capacity in Singapore. The company's total annual production here will increase from 150,000 to 300,000 tonnes .This makes up over 40 per cent of the 730,000 tonnes made globally each year by Evonik, which has four such plants in Belgium, Germany and the United States.
The new plant started operations on Tuesday on Jurong Island. At the launch of the plant in Capitol Theatre, DPM Heng said: "Growing the economy and ensuring economic growth benefits the large majority of workers is a complex and difficult endeavour” . – The Straits Times
Commission offers faster review for certain M&As
The Philippine Competition Commission (PCC) will start offering next month a fast-tracked process that will cut by half the initial review time for certain mergers and acquisitions.
In a statement on Tuesday, the PCC said that it had set down the rules for an expedited review process for transactions that would be less likely to substantially prevent, lessen, or restrict competition.
This will cut the review time for the first phase of the review from 30 calendar days to 15 calendar days, even though the current time is already considered among the shortest review periods in the world.
“Every merger review employs different levels of technical expertise and resources. The expedited review of mergers that are less likely to pose competition issues will lead to more efficient use of Commission resources towards the implementation of a holistic merger control regime,” PCC Chair Arsenio Balisacan said. – Philippine Daily Inquirer