CHINA

DAVIS POLK ADVISES TENCENT ON $USD 736 MLN ACQUISITION OF 58.COM
Davis Polk is advising Tencent Holdings Ltd on its strategic partnership with 58.com Inc, which has turned to Skadden, Arps, Slate, Meagher & Flom LLP for legal service. Full story here.

 

TRADE MINISTERS OF CHINA AND ICELAND ANNOUNCES OFFICIAL EFFECT OF BILATERAL FREE TRADE AGREEMENT
Minister of Commerce Gao Hucheng and Iceland Minister of Foreign Affairs and Foreign Trade Gunnar Sveinsson have announced on June 26, 2014 that the China-Iceland Free Trade Agreement will officially be effective on July 1, 2014. Full story here.


HONG KONG

MONETARY STATISTICS FOR MAY 2014
The Hong Kong Monetary Authority has published on June 30, 2014 the Monetary Statistics for May 2014. Total deposits with authorized institutions increased by 1.4 per cent, the HKD deposits increased by 1.7 per cent, over-all foreign currency deposits increased by 1.1 per cent while RMB deposits decreased by 0.4 per cent. Full story here.


INDONESIA 

CURRENCY LAW VIOLATION IS COMMON IN SEAPORTS
Foreign currency has continued to be widely used especially in Indonesian seaports despite a requirement under the 2011 Currency Law (Law No. 7 of 2011on Currency, the "Currency Law") that rupiah must be used in Indonesian territory. This practice is readily apparent at Jakarta's Tanjung priok port, where the US Dollar is used not only for export-import transactions, but also for purchases of domestic gas, property, and several port service charges, just to mention a few. Full story here.

 

KPU GUARANTEES VOTING RIGHTS FOR OVERSEAS CITIZENS
General Elections Commission (KPU) Commissioner Ferry Kurnia Rizkiyansyah has asserted that the commission would accommodate Indonesian citizens working abroad who wished to vote in the upcoming presidential election.Full story here.


JAPAN

CABINET DECISION ON THE CABINET ORDERS FOR ENFORCEMENT OF THE ACT ON THE PARTIAL AMENDMENT OF THE ACT ON VITALIZATION IN CITY CENTERS
On June 27, 2014, the Cabinet has decided to approve the related Cabinet Orders for enforcing the Act on the Partial Amendment of the Act on Vitalization in City Centers, which was enacted during the 186th ordinary session of the Diet. Full story here.

 

CABINET DECISION ON THE CABINET ORDER AND OTHER REGULATIONS TO SPECIFY THE ENFORCEMENT DATE OF THE AMENDED ELECTRICITY BUSINESS ACT
Regarding the Act for Partial Revision of the Electricity Business Act (hereinafter referred to as the "Amended Act"), which was enacted in the 185th extraordinary Diet Session in 2013, on June 27, 2014, the Cabinet has decided to approve the Cabinet Order to stipulate the enforcement date of the provisions related to the Organization for Cross-regional Coordination of Transmission Operators (OCCTO)* and other entities as April 1, 2015, and also to organize the necessary provisions concerning the organization. Full story here. 


KOREA

ADVISORY COUNCIL ON INTER-KOREAN RECONCILIATION STARTS
Speaker Chung has inaugurated an advisory council on inter-Korean reconciliation and cooperation, granting letters of appointment to the chairman and members of the council at the main reception room on June 30, 2014. Full story here.

 

FM WARNS NORTH KOREA OF U.N. SACTIONS ON NUCLEAR TESTS
South Korean Foreign Minister (FM) Yun Byung-se has warned on July 1, 2014 that North Korea will face 'the full force' of U.N. sanctions if the North pursues a fourth nuclear test. Full story here.

 

NORTH KOREA URGES U.S. TO END HOSTILE POLICY, NUCLEAR THREATS
North Korea has called on the U.S. on July 1, 2014 to quit its hostile policy and nuclear threats against it in order to denuclearize the Korean Peninsula, reaffirming its long-held stance of clinging to nuclear ambitions. Full story here.


MALAYSIA

FOREIGN LAW FIRMS PERMITTED TO PRACTICE IN MALAYSIA
Amendments to the Legal Profession Act and the Legal Profession Rules that took effect on June 3, 2014 are allowing foreign law firms and lawyers to practice in Peninsular Malaysia. Under these new amendments, foreign lawyers are permitted to enter Malaysia for arbitral proceedings. Full story here.


PHILIPPINES

MONETARY BOARD PLACES ASIAN CONSUMERS BANK (A RURAL BANK), INC. UNDER PDIC RECEIVERSHIP
The Monetary Board (MB) has placed the Asian Consumers Bank (A Rural Bank) under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 981 dated June 26, 2014. As Receiver, PDIC took over the bank on June 27, 2014. Full story here.

 

MINDA URGES MINDANAO EXECS TO SUBMIT VIABLE TOURISM DEVELOPMENT PROPOSALS
Mindanao Development Authority (MinDA) Chair Luwalhati Antonino has urged local chief executives in Mindanao to come up with viable ecotourism development proposals, which can be pushed by MinDA for possible funding from the Tourism Infrastructure and Enterprise Zone Authority (TIEZA) board. Full story here.


SINGAPORE

MINISTER SHANMUGAM TO VISIT INDIA FROM JUNE 30 TO JULY 4, 2014
Minister for Foreign Affairs and Minister for Law K. Shanmugam has been scheduled to visit New Delhi, Hyderabad, and Chennai from June 30 to July 4, 2014 to reaffirm the exceptional relations between Singapore and India. Full story here.

 

PERSONAL DATA PROTECTION ACT TO BE IMPLEMENTED ON JULY 2, 2014
The Personal Data Protection Act has been scheduled to take full effect on July 2, 2014, requiring organizations in Singapore to notify people of the purposes for which their personal data is being collected, used, and disclosed. This Act has also required organizations to obtain individual's consent to acquire such information. Full story here.


THAILAND

PROMINENT THAI BUSINESSES REAFFIRMED THAILAND AS THE UK'S SIGNIFICANT ECONOMIC PARTNER IN ASEAN DURING RECENT VISIT TO THE UK
On 21-26 June 2014, Mr Phongsak Assakul, Senior Chairman of the Thai Chamber of Commerce and the Board of Trade of Thailand led a delegation of top executives from leading Thai businesses. The visit aims to enhance confidence in Thailand's political developments and economic potentials among British public and private sectors as well as to explore investment opportunities for Thai businesses in the United Kingdom. Full story here.