ASLI INSIGHTS: Asia Unpacked | 24 November 2024

Stay Ahead with Asia Unpacked! From China declining to meet the U.S. Defense Secretary at the ASEAN Summit, to Gautam Adani’s $250 million bribery indictment in the U.S., and Southeast Asian defense chiefs balancing talks with the U.S. and China.

Stay informed. Stay ahead. Here’s what’s making headlines this week:

1. Anwar Hails 11-Day Tour as ASEAN boost global partners

Prime Minister Anwar Ibrahim highlighted the success of his recent 11-day international tour, emphasising its role in strengthening Malaysia’s global ties and reputation. The visits to multiple countries showcased Malaysia’s economic, cultural, and political potential, while fostering new partnerships in trade and diplomacy. Anwar underscored the government’s commitment to elevating Malaysia’s international profile and attracting investments to benefit the nation. He described the tour as a testament to Malaysia’s ability to “shine” on the global stage, leveraging its diversity and strengths for greater influence and cooperation.

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2. China Declines Meeting USA Defense Secretary at ASEAN Summit

China’s defense minister declined a meeting with U.S. Defense Secretary Lloyd Austin during the ASEAN-Plus defense ministers meeting in Laos. Austin called the move "unfortunate," stressing the importance of dialogue between the two powers for regional stability. He expressed disappointment but said it likely has no long-term implications, leaving China to explain its decision. Earlier this year, Austin met China’s defense minister, Dong Jun, in Singapore to discuss disagreements over Taiwan and other issues, emphasising open communication. The refusal highlights ongoing tensions in U.S.-China defense relations.

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3. Gautam Adani Indicted in U.S. for $250 Million Bribery Scheme

Indian billionaire Gautam Adani and seven other executives have been indicted by U.S. federal authorities on charges of securities fraud and bribery. The allegations include paying over $250 million in bribes to Indian government officials to secure solar energy contracts and misleading U.S. investors about the company's anti-corruption practices. The contracts, projected to generate $2 billion in profits over 20 years, were allegedly obtained through fraudulent means. The U.S. Securities and Exchange Commission (SEC) has also filed a civil lawsuit seeking penalties. Adani denies the charges, calling them baseless​.

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4. Trump’s Crypto Push Sparks Asia’s Digital Asset Boom

A crypto rally sparked by Trump's pro-crypto policies has led to significant gains across Asia. Bhutan’s state investment arm holds over $1 billion in Bitcoin from mining operations, fueled by the country's hydroelectric power. South Korea’s crypto trading surged, especially in altcoins, while Singapore and Hong Kong work to strengthen their positions as digital asset hubs. Trump’s stance promises favorable U.S. regulations, and his promise to create a U.S. Bitcoin reserve boosts global optimism. This rally, mirroring 2021’s bull market, is driving regional growth in crypto-focused businesses.

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5. Southeast Asian Defense Chiefs Discuss Security with US and China

Southeast Asian defense leaders recently met to address ongoing tensions in the South China Sea, focusing on security collaboration among ASEAN countries and partner nations like the United States and China. The discussions centered on navigating regional challenges and ensuring peaceful resolutions amid territorial disputes. They underscored the importance of unity and cooperation to manage security risks and maintain stability in contested waters. This defense dialogue highlights ASEAN's efforts to balance relationships with both major powers while advancing regional peace and security initiatives.

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