Asia (except ME & Indian SC)

SINGAPORE (Reuters) - China is reviving a $20 billion petrochemical project in eastern Shandong province as part of efforts to dial up infrastructure spending to support an economy struggling with the impact of the coronavirus pandemic, two China-based industry sources said.

The 400,000 barrel-per-day (bpd) refinery and 3 million tonne-per-year ethylene plant in Yantai, Shandong, the country’s hub for independent oil refineries, was proposed years ago but approval has been slowing in coming because of China’s struggle with excess refining capacity.

HONG KONG (Reuters) - Hong Kong leader Carrie Lam accused foreign governments on Tuesday of “double standards” in their reaction to Beijing’s plans to impose national security laws on the city, pointing to anti-police brutality protests in the United States.

In her first public appearance after Washington said it will remove Hong Kong’s preferential treatment in U.S. law in response to Beijing’s plans, Lam warned countries threatening actions against the city that they may hurt their own interests.

PETALING JAYA, June 2 (NNN-BERNAMA) — Prasarana Malaysia Berhad (Prasarana) is aiming at 1.4 million passengers daily to use its rail transportation service in the Klang Valley over the next five years, said its chairman Datuk Seri Tajuddin Abdul Rahman.

He said the target was based on a projected increase of 10 per cent annually from 700,000 daily commuters for all Light Rail Transit (LRT), Mass Rail Transit (MRT) and monorail prior to the implementation of the Movement Control Order (MCO) on March 18.

KUALA LUMPUR, June 2 (NNN-BERNAMA) — The Short-Term Economic Recovery Plan for June to December 2020 period will be launched by Prime Minister Tan Sri Muhyiddin Yassin this month, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz. 

Tengku Zafrul said the plan would still focus on three key objectives, namely to empower people, propel businesses, and stimulate the economy.

TOKYO, June 2 (NNN-NHK) – Japan’s corporate profits in the Jan-Mar quarter booked the largest decline since 2009, as numerous companies were hurt financially, by the global virus pandemic, which saw demand and consumption slump, amid the shuttering of plants and businesses.

According to the Finance Ministry’s quarterly survey, pretax profits of domestic companies tumbled 32.0 percent to 15.14 trillion yen (140.76 billion U.S. dollars) from a year earlier, marking the fourth successive month, quarterly profits have retreated.

BEIJING, June 1 (Xinhua) -- U.S. President Donald Trump's recent remarks on China's COVID-19 prevention and control were totally unfounded and were extremely disrespectful of the great efforts and sacrifices made by the Chinese people, a Foreign Ministry spokesperson said Monday.

Spokesperson Zhao Lijian made the remarks at a news briefing while answering a relevant question.

BEIJING (Reuters) - China has asked its state-owned firms to halt purchases of soybeans and pork from the United States, two people familiar with the matter said, after Washington said it would eliminate special U.S. treatment for Hong Kong to punish Beijing.

China could expand the order to include additional U.S. farm goods if Washington took further action, the people said.

PUTRAJAYA, June 1 (NNN-BERNAMA) — The Court of Appeal has fixed Nov 18 to hear Datuk Seri Anwar Ibrahim’s appeal against a High Court’s decision which struck out his originating summons relating to his conviction for sodomising his former aide Mohd Saiful Bukhari Azlan.

His counsel J. Leela, when contacted, said the matter came up for case management before deputy registrar Nik Serene Nik Hashim today.

SINGAPORE, June 1 (NNN-CNA) — Despite the COVID-19 outbreak, the Economic Development Board (EDB) has in the first four months of this year secured about S$13 billion in investment commitments for the “next few years”, Trade and Industry Minister Chan Chun Sing said. 

This “very good performance” means Singapore has exceeded the S$8 billion to S$10 billion which had been projected for the whole of 2020. 

KUALA LUMPUR, June 1 (NNN-BERNAMA) — Malaysian small and medium-sized enterprises (SMEs) should consider investing in the agricultural, tourism and services sectors in India’s northeastern states as the country is gradually opening up its economy in the wake of COVID-19 pandemic, says the co-chairman of the Asean-India Business Council (AIBC) Datuk Ramesh Kodammal.