Indonesian President Prabowo Subianto apologised on Sunday for the transboundary haze from forest and land fires in his country that has affected Singapore and Malaysia, according to a statement from the Indonesian Presidential Secretariat.
The statement, issued late on Sunday following the first day of the 49th Asean Leaders’ Summit in Manila, said Prabowo had conveyed the apology on behalf of the Indonesian government and people while assuring regional leaders that his country had done its…
Malaysian plan to let refugees work spurs advocates’ call for safeguards
Malaysia’s plans to allow registered refugees to work legally have raised hopes among their communities that have long relied on precarious informal employment to survive, even as Thailand’s experience suggests that such a move is only part of the solution.
Thailand has reportedly thousands of refugees taking up formal jobs under a scheme introduced last year. As for Malaysia’s initiative, refugee advocates say it will need clear registration procedures and workplace safeguards to make it…
Philippines’ Carmelle storms to victory in Eurovision Asia debut in Bangkok
Filipino singer Carmelle won the first Asian edition of the Eurovision Song Contest on Saturday with a fiery performance of her dance-pop song “Sobra-Sobra”.
The 19-year-old beat 10 other acts in the grand final in Bangkok, with the winner chosen through votes from national juries in participating countries and viewers worldwide.
After her victory, Carmelle said her song celebrated female empowerment and was intended as “a tribute to all Filipino women”.
“I made history, since this was the first…
Indonesia’s commodity export U-turn: no monopoly, just all the data
Indonesia has abandoned plans to make a powerful new state-owned enterprise the “sole exporter” of its palm oil, coal and ferroalloys, in a move that has reassured some businesses, even as questions over oversight and pricing remain.
President Prabowo Subianto’s original proposal to tighten the government’s control over the three major commodities, put forward in May, had prompted speculation that state-linked companies could gain an unfair advantage through access to commercially sensitive data…
India road crash between bus, container truck kills 23
A head-on collision between a container truck and a passenger bus killed at least 23 people, including three children, in eastern India on Friday, a police official said
The crash took place on a highway bordering Kaziranga National Park in the northeastern state of Assam.
The road is a designated animal corridor, where strict speed limits are in place.
“The total number of casualties is 23,” said Swapneel Deka, the local district police chief.
Assam Chief Minister Himanta Biswa Sarma said he…
HMRC’s new withholding tax claims process receives mixed reception from tax experts
HM Revenue & Customs (HMRC) has announced the introduction of a new claims process for businesses that have failed to withhold tax from cross-border interest payments, providing some long-awaited clarification after pausing its previous concessionary approach while it considered a permanent solution.
Malaysia turns to Turkey for warship missiles after Norway’s export freeze
Malaysia’s decision to pivot to Turkey for anti-ship missiles after Norway cancelled a procurement deal has offered it a way out of a costly setback, though analysts warn the episode has exposed its vulnerability to foreign export controls and highlighted the need for greater defence autonomy.
The planned switch to Turkey’s Roketsan Atmaca missile system for the Malaysian navy’s littoral combat ships (LCS) reflects Kuala Lumpur’s growing defence ties with Ankara, even as questions remain over…
Ireland approves first long-duration energy storage procurement
The Commission for Regulation of Utilities (CRU) has approved the framework for Ireland’s first procurement of up to 500 megawatts (MW) of long-duration energy storage (LDES), marking a significant step towards delivering the country’s target of 80% renewable electricity by 2030.
South Korea’s Kospi Outpaces Nasdaq’s Dotcom-Era Gains as Japan and South Korea Deepen Energy Ties
South Korea’s stock market has delivered extraordinary returns in just the past 18 months as the Kospi index triples in value, fueled by relentless demand for semiconductors from Samsung Electronics and SK Hynix amid the ongoing global AI boom. In a separate but equally significant development, Japan and South Korea have agreed to expand bilateral energy cooperation, including plans for joint hydrogen projects and deeper LNG trade integration.
## The Kospi’s Triple Surge
According to the latest data from the Financial Times, South Korea’s benchmark Kospi index has outpaced even the dotcom-era gains of the Nasdaq, surging more than 200% over the past 18 months. The rally is primarily driven by the global semiconductor supply chain, with Samsung Electronics and SK Hynix serving as the primary beneficiaries of AI infrastructure buildout.
SK Hynix, in particular, has benefited from being one of the few qualified suppliers of high-bandwidth memory (HBM) chips used in NVIDIA’s AI accelerators. Samsung is similarly expanding production capacity to meet the insatiable demand from hyperscale data centers across Asia, the United States, and Europe.
The FT report notes that the surge has fundamentally rewritten the valuation calculus for Korean equities. For years, South Korea’s market was viewed as a cyclical commodity play driven primarily by electronics exports. Today, the Kospi sits at all-time highs, with P/E ratios for leading semiconductor names trading at premiums not seen since the late 1990s tech boom — and yet the earnings backing those valuations are substantially more robust.
“Korean semiconductors are now irreplaceable in the AI stack,” said a Seoul-based equity strategist quoted by the FT, noting that “without HBM memory, there is no path to competitive AI training systems.”
## Japan-South Korea Energy Pact
On the diplomacy front, Tokyo and Seoul have agreed to deepen energy cooperation — a notable shift given the historical frictions between the two economies. The agreement, discussed against the backdrop of the FT’s coverage of talks on Russia’s Power of Siberia 2 gas pipeline, signals a broader realignment in Northeast Asian energy strategy.
Key elements under discussion include:
– Joint development of green hydrogen production facilities
– Expanded liquefied natural gas (LNG) supply partnerships to reduce dependence on Middle Eastern imports
– Shared investment in next-generation nuclear technology
– Coordinated energy procurement strategies in the context of rising global energy prices
The timing is significant. With oil prices reaching their highest levels since the beginning of the Iran conflict — unleaded petrol in the UK has hit 158.52p per litre — energy security has become a pressing concern across the Asia-Pacific. The Japan-South Korea energy pact represents an effort to pool resources and reduce vulnerability to supply shocks.
## What It Means for Southeast Asia
For Southeast Asian investors, the Korean semiconductor surge has dual implications. On one hand, it underscores the growing centrality of Asia in the global tech economy — a trend that could benefit regional supply chain participants in Malaysia, Vietnam, and the Philippines. On the other hand, the elevated valuations raise questions about sustainability if AI capex trends soften or semiconductor demand normalizes.
The Japan-South Korea energy cooperation could also have ripple effects. A more diversified Northeast Asian energy network could stabilize regional power markets and create new trade opportunities for LNG exporters like Australia and Qatar, who are closely positioned to supply both markets.
## Bottom Line
The triple surge of the Kospi and the deepening Japan-South Korea energy alliance point to a broader reconfiguration of Asian economic power. The region is no longer just a manufacturing base; it is becoming the engine of the global AI economy and a critical node in the world’s energy future.
Sources: Financial Times, Nikkei Asia