The Daily Brunei Resources

The Oxford Business Group on 16 May 2016 had this report on Brunei: Brunei Darussalam expands financial base through sukuk Brunei Darussalam | Financial Services Economic News Update 16 May 2016 Brunei Darussalam made headlines in April with the announcement of several sukuk (Islamic bond) offerings ahead of the launch of a standalone stock exchange in the Sultanate. Efforts to expand the scope of the financial sector are aimed at ensuring a greater diversity of public and private sector financing, specifically in support of businesses and large infrastructure projects. A roadmap of financial sector expansion is laid out in the Sultanate’s long-term national vision, Wawasan Brunei 2035. Launched in 2008, the programme targets an increase in financial services’ share of GDP from 5% last year to at least 8% by 2035. Short-term finance In April the Monetary Authority of Brunei Darussalam (AMBD) issued two sukuk worth a combined $150m. The first, a $50m bond with a rental rate of...

Rozan Yunos BANDAR SERI BEGAWAN Sunday, May 22, 2016 THE citizens of the Straits Settlement Colony in Malaya and Singapore saw this headline on The Singapore Free Press and Mercantile Advertiser on 22 May 1916 ‘Brunei Acting Resident murdered’. If there was a newspaper in Brunei at that time, many would be surprised too. But even though there was no newspaper in Brunei then, the small population would have known much earlier that the British Resident residing in Brunei who was the de facto Chief Minister at that time had been murdered on May 18, 1916. The Singapore newspaper reported and gave a quick summary of his biography as follows: “News is to hand that Mr Ernest Barton Maundrell, BA (Cantab), acting British Resident, Brunei, was killed on Thursday last by a Bengali or Sikh policeman. Maundrell, who was born on November 9th, 1880, arrived in the Colony in 1903 as a cadet. He passed his final examination in Malay in May, 1905, and was then gazetted as a passed cadet of cla...

Deputy Minister of Defence, First Admiral (Rtd) Dato Seri Pahlawan Abdul Aziz bin Haji Mohd Tamit; United States Ambassador to Brunei Darussalam, Craig Allen; and Rear Admiral Marcus A Hitchcock, the Commander of Carrier Strike Group 3, onboard USS John C Stennis. – DEAN KASSIM Top defence officials visit US Navy supercarrier on: May 18, 2016 | Hakim Hayat | SENIOR defence and military officials from Brunei Darussalam yesterday had firsthand view of the US Navy aircraft carrier, USS John C Stennis (CVN-74) which is currently passing through international waters close to the Sultanate on a routine operation. The delegation, led by Deputy Minister of Defence, First Admiral (Rtd) Dato Seri Pahlawan Abdul Aziz bin Haji Mohd Tamit, arrived from the Rimba Air Force Base via a US Navy C-2 transport aircraft, along with United States (US) Ambassador to Brunei Darussalam, Craig Allen. The visit on board the supercarrier was hosted by Rear Admiral Marcus A Hitchcock, the Comm...

CSPS Executive Director Hj Mohd Rozan Dato Paduka Hj Mohd Yunos (C, seated) and CSPS Chief Researcher Dr Diana Cheong (3rd R, seated) at a workshop on ‘Train the Trainers in Strategic Foresight and Horizon Scanning’ organised by CSPS. Courtesy of CSPS Rachel Thien BANDAR SERI BEGAWAN Thursday, May 5, 2016 THE Centre for Strategic and Policy Studies (CSPS) recently conducted a workshop on ‘Train the Trainers in Strategic Foresight and Horizon Scanning’ where participants brainstormed on a number of global and local emerging issues impacting Brunei using foresight methods to develop future-informed strategy and policy options. A press statement by CSPS said the workshop’s participants were from the Economics and Finance Division, the Wawasan Secretariat and the Department of Economic Planning and Development (JPKE) at the Prime Minister’s Office. The workshop facilitators included Dr Jose Ramos, director of Action Foresight, Melbourne, and Cheryl Chung, deputy director of Str...

Minister of Energy and Industry at the PMO YB Pehin Dato Hj Mohd Yasmin (c) signing the Paris Agreement on behalf of His Majesty’s government on Friday, at the UN Headquarters in New York. Picture: Courtesy of Energy and Industry Department at the Prime Minister’s Office (EIDPMO) Rachel Thien BANDAR SERI BEGAWAN Sunday, April 24, 2016 BRUNEI on Friday joined 174 countries as they convened to sign the Paris Agreement on combating climate change at the United Nations headquarters in New York. Signing on behalf of His Majesty’s government was Minister of Energy and Industry at the Prime Minister’s Office Yang Berhormat Pehin Datu Singamanteri Colonel (Rtd) Dato Seri Setia (Dr) Hj Mohammad Yasmin Hj Umar. The Paris Agreement calls for countries to work towards limiting the rise of global temperature to well below two degrees Celsius, and to strive for 1.5 degrees Celsius. It will enter into force 30 days after at least 55 countries, accounting for at least 55 per ce...

Sally Piri BANDAR SERI BEGAWAN Sunday, April 3, 2016 A SENIOR officer of the Ministry of Foreign Affairs and Trade (MoFAT) yesterday stressed the importance of economic initiatives under the ASEAN Economic Community (AEC) and Trans-Pacific Partnership (TPP), which can create significant opportunities for Brunei’s local companies, including small-medium enterprises (SMEs). Dato Paduka Lim Jock Hoi, Permanent Secretary (Trade), in his opening remarks during the outreach programme on AEC and TPP, said these two initiatives can bring greater market access, prospects for increased competitiveness and promote the drive for the adoption of international best practices that can lead towards ease of doing business in the country. “The initiatives, however important and strategic we may consider them, are futile unless our private sectors take advantage of what has been provided,” Dato Lim said, adding that governments are only the facilitators, while private sectors are the real drivers of th...

BANDAR SERI BEGAWAN Friday, April 1, 2016 THE fourth of February 2016 marks a momentous occasion as twelve countries across the Asia Pacific region - Brunei Darussalam, Australia, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States of America, and Vietnam - gathered in Auckland, New Zealand to sign the Trans-Pacific Partnership (TPP), a comprehensive free trade agreement that bridges the two sides of the Pacific. The TPP is a massive regional undertaking. But many are still wondering: What exactly is the TPP? More importantly, what does the TPP mean for a small country at the heart of Southeast Asia with a population of just around 450,000? From P4 to TPP The TPP started from humble beginnings, tracing its origins back to a smaller trade agreement called the Trans-Pacific Strategic Economic Partnership (TPSEP) or more commonly known as the P4 which stands for the ‘Pacific 4’, signed in 2005 between Brunei Darussalam, Chile, New Zeala...

Quratul-Ain Bandial BANDAR SERI BEGAWAN Tuesday, March 8, 2016 WOMEN all over the world continue to contribute to economic, social, cultural and political growth. But based on the World Economic Forum’s (WEF) Global Gender Gap Report 2015, today’s observance of International Women’s Day is dimmed by the fact that progress towards gender parity has slowed in so many places. While Brunei has made remarkable strides in achieving gender equity, it has only managed to close the gender gap by 4.5 per cent in the past eight years, according to the WEF’s latest report. In the WEF’s Global Gender Gap Report 2015 – which measures the level of disparity between men and women – the sultanate ranks 88 out of 145 countries, moving up 10 places due to more female legislators, senior officials and managers, as well as professional and technical workers. Brunei has a near perfect score for gender parity in education and health, and also ranks highly in women’s participation in the economy,...

Empower private sector: His Majesty on: March 06, 2016 | Hakim Hayat | EMPHASIS should be given to private sector empowerment in order to reduce reliance on oil and gas sector and pave way for a stronger economic outlook. Delivering a titah while officiating the opening of the 12th Legislative Council (LegCo) session yesterday, His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam, Prime Minister, Minister of Defence, Minister of Finance and Minister of Foreign Affairs and Trade, also called for a transformation in business strategy, widening opportunities by not only focusing on self-sufficiency but also an export-based approach. Outlining some of the focal areas that should be given special attention, the monarch called on the private sector to explore and leverage on existing regional and international trade mediums such as the BIMP-E...

His Majesty lambasts delay in Syariah law enforcement on: February 28, 2016 | Azaraimy HH | HIS Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam lambasted the Ministry of Religious Affairs and Attorney General’s Chambers over the delay in implementing the Syariah Criminal Procedure Code (CPC) in its entirety. Delivering a titah during a surprise visit to the Brunei Islamic Religious Council (MUIB) yesterday at the Legislative Council Building in Jalan Kebangsaan, the monarch also ordered the Minister of Religious Affairs and the Attorney General to address the matter immediately, adding that “the country is not playing with this amendment, because this amendment is made in the name of Allah the Almighty and not to look for glamour. Carrying a work in the name of Allah the Almighty must be done with full commitment”. His Maje...

His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam delivering a titah in conjunction with the country’s 32nd National Day celebration. – INFOFOTO Peace and stability must for development: Sultan on: February 23, 2016 | Azaraimy HH | HIS Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam stressed on the importance of maintaining peace and stability for the continued development of the country. In a 32nd National Day titah, His Majesty said, “Peace and stability are crucial for creating a prosperous nation amid the current period of global economic slowdown. “We need solidarity and harmony because only with these peace and stability could exist. Peace and stability are extremely important for development to take plac...

Oxford Business Group produced the following report: +++++ Brunei Darussalam Economy Economic News Update 16 Feb 2016 Amid concerns that Brunei Darussalam’s budget deficit could exceed earlier forecasts, Pehin Dato Abd Rahman Ibrahim, the second minister of finance, delivered a precautionary speech in January, emphasising the importance of public spending cuts. Like many energy producers, Brunei Darussalam is feeling the pressure of falling oil and gas prices, having traditionally depended on hydrocarbons earnings to finance its budgetary spending. “With heavy reliance on oil and gas, which accounts for 90% of the government’s revenue, the sinking global oil and gas prices have significantly affected the government’s income,” Pehin Dato Abd Rahman Ibrahim told local media in late January. Government revenues are down by around 70% compared to FY 2012/13, he noted. In addition to spending cuts, substantial overseas investments are expected to cushion the impact of lower re...

His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam with US President Barack Obama. – INFOFOTO His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam with US President Barack Obama at the Retreat 1 of the Special US-Asean Leaders Summit. REUTERS Innovation, digital economy to spur economic growth on: February 17, 2016 HIS Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam has emphasised the importance of stronger cooperation to promote innovation and the digital economy, key strategies to spur economic growth, which is also one of the key priorities in Asean’s Vision 2025 towards elevat...

Permanent Secretary at the Ministry of Home Affairs Hj Mohd Abdoh Dato Seri Setia Hj Abdul Salam (R) and Deputy Permanent Secretary Hj Mohd Sunadi Hj Buntar (L) at a press conference. Picture: BT/Koo Jin Shen Koo Jin Shen BANDAR SERI BEGAWAN Friday, February 12, 2016 SEVEN business activities scheduled under the Business Licence Act are now exempt from the rule requiring a business licence, the Ministry of Home Affairs announced. The activities are: (1) Eateries,  (2) Boarding and lodging houses or other places of public resort;  (3) Street vendors and stalls;  (4) Motor vehicle dealers;  (5) Petrol stations including places for storing petrol and inflammable material;  (6) Timber store and furniture factories; and  (7) Retail shops and workshops. In a press conference held at the ministry headquarters yesterday, senior ministry officials announced the changes, noting these were initiatives to promote a pro-business and business-friendly env...

Brunei stands to gain from Trans Pacific Partnership Leo Kasim BANDAR SERI BEGAWAN Tuesday, February 9, 2016 BRUNEI will be one of the largest gainers among the Trans Pacific Partnership (TPP) member countries when it comes to exports, gross domestic product (GDP) and income over the long term, according to studies from two leading organisations. The World Bank, in its January 2016 report entitled ‘Global Economic Prospects: Spillovers amid Weak Growth’, said that Brunei would come in third with a five per cent gain in GDP by 2030, behind Vietnam and Malaysia both of whom lead at 10 and eight per cent respectively. The study by the Washington-based global lender said that the largest GDP gains are expected in smaller and open member economies. Vietnam and Malaysia would benefit from lower tariffs and non-tariff measures in large export markets and at home from stronger positions in regional supply chains through deeper integration, said the study. In a working paper fr...