Thailand

bank

Security Bank said Ayudhya Bank of Thailand will purchase half of its consumer finance division on Friday, forming a strategic alliance to expand its credit portfolio and product suite. The Security Bank and the Thai lender, widely known as Krungsri, both have the common shareholder of Japan’s MUFG Bank. Bank of Ayudhya will take a 50% interest in SB Finance Co, said a declaration from the Filipino bank. Last July

currency

Asian stocks braced for more volatility as key banks ‘ eye-catching easings stoked fears of worldwide recession, pushing US returns to near-record lows and for the first time since 2013 lifting gold past $1,500. The last spot gold was $1,503.56 per ounce, up to $1,510. Since May, the precious metal has risen by 16 percent as the worsening trade conflict between Sino-US caused a rush to secure havens. Asian share

teodora

An agreement creating the border between the Philippines and Indonesia’s overlapping exclusive economic zones (EEZs) came into force on Thursday after two centuries of negotiation, the Department of Foreign Affairs (DFA) said. Foreign Secretary Teodoro Locsin and Indonesian Foreign Minister Retno Marsudi signed protocols for the exchange of instruments of ratification on EEZ delimitation between the two countries on the sidelines of the 52nd ASEAN Foreign Ministers Meeting in Bangkok,

AMRO

The Asean+3 Macroeconomic and Research Office (Amro) has reduced its growth predictions for the Philippines in 2019 and 2020 to 6.3% and 6.5% respectively. This was included in the update published in Amro’s Asean+3 Regional Economic Outlook July. Amro expected a 6.4% development for the Philippines for 2019 and 6.6% for 2020 in its prior study. Amro ascribed the slower growth forecasts to the unanticipated slowdown in development in the

Duterte in airport

MANILA (UPDATE)—President Rodrigo Duterte arrived in Bangkok Friday night to participate in the 34th Association of Southeast Asian Nations (ASEAN) Summit. Duterte left Davao City at 7:07 p.m., came to the Thailand capital at 10 p.m. (Bangkok time) for a meeting with his regional counterparts over the weekend. The President was greeted by Thailand Deputy Prime Minister Wissanu Krea-ngam and Ministry of Foreign Affair Protocol Director General Nadhavathna Krishnamra, along