ASLI INSIGHTS: Asia Unpacked | 29 November 2024

🌏 Stay Ahead with Asia Unpacked! From Philippine police filing criminal charges against Vice President Duterte ⚖, to Anwar Ibrahim securing RM32.8 billion in South Korean investments 💼, and Vietnam’s richest man challenging Grab with a bold EV ride-hailing initiative 🚗⚡

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

1) Philippine Police File Criminal Case Against VP Duterte

Philippine police have filed criminal complaints against Vice President Sara Duterte and her security staff, alleging direct assault, disobedience, and grave coercion during incidents in Congress and a government hospital. These actions stem from a confrontation involving Duterte's chief of staff, Zuleika Lopez, who was detained by legislators for allegedly obstructing an inquiry into the misuse of confidential funds. Duterte's office has stated it will respond to the complaint. Additionally, Duterte faces separate legal action for publicly threatening to have President Ferdinand Marcos Jr., his wife, and House Speaker Martin Romualdez assassinated if she were killed. Duterte has denied these allegations, asserting that her remarks were misinterpreted and taken out of context.

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2) Imran Khan's Supporters Dispersed, Islamabad Lockdown Ends

Pakistani authorities have ended a four-day lockdown in Islamabad after dispersing supporters of imprisoned former Prime Minister Imran Khan. The protests, led by Khan's wife, Bushra Bibi, escalated into violent clashes with security forces, resulting in at least seven deaths. The demonstrators had breached security barriers to demand Khan's release from prison, where he has been held for over a year on multiple charges his party deems politically motivated. In a separate legal development, Khan was granted bail in a case involving the illegal sale of state gifts. However, he remains incarcerated due to other pending charges, including inciting violence against the state.

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3) Anwar Strikes Big with RM32.8 Billion South Korea Investment!

Prime Minister Datuk Seri Anwar Ibrahim's recent three-day visit to South Korea has resulted in potential investments totaling RM32.8 billion for Malaysia. The visit, which concluded on 26 November, aimed to strengthen bilateral ties and attract high-impact investments. Anwar held discussions with major South Korean conglomerates, including Hyundai Motor, Lotte, OCI Holdings, Samsung, SK Nexilis, and Posco. Notably, Hyundai Motor announced a US$479 million (RM2.14 billion) investment in Malaysia over the next six years, in partnership with Inokom for the assembly of new automotive models. As of the first ten months of this year, bilateral trade between Malaysia and South Korea reached RM91.1 billion.

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4) Vietnam’s Richest Man Takes On Grab with EV Ride-Hailing Move!

Pham Nhat Vuong, Vietnam’s richest man, is challenging Grab’s dominance in Southeast Asia’s ride-hailing market with his electric taxi service, Xanh SM. Vuong, the founder of Vingroup, has invested heavily in the service, which rents electric vehicles to drivers instead of offering a platform for independent drivers like Grab. Launched in April 2023, Xanh SM aims to lead the electric mobility sector, planning to expand into three or four countries by 2025. Although the company has grown quickly, with a fleet of 1,000 vehicles, analysts are cautious, questioning its ability to compete against Grab’s extensive services, which include food delivery, digital payments, and financial services. Vuong’s move reflects Vietnam’s growing focus on sustainable transport and highlights his ambition to dethrone Grab, the ride-hailing leader in Southeast Asia.

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5) Global South Rejects COP29 Climate Fund as a 'Joke'

The COP29 climate summit in Baku, Azerbaijan, concluded with a contentious outcome. Developed nations pledged $300 billion annually by 2035 to assist developing countries in addressing climate change, but this fell far short of the $1.3 trillion per year requested. Delegates from the Global South criticised the pledge, calling it "a joke" and "an insult." Despite this, some viewed the agreement as a starting point for future negotiations. A significant achievement was the operationalization of the Loss and Damage Fund, designed to help vulnerable nations tackle climate impacts. However, the summit was marred by delays and controversies, including concerns over Baku as the host country. Looking ahead, the next climate talks will take place in Belem, Brazil, with an emphasis on addressing financial needs and developing strategies to effectively utilise climate finance.

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