Asia-Europe Meeting: Contemporary Challenges and the Way Forward. Avia Policy Brief Issue 2019 No. 12 August 2019

The Asia-Europe Meeting (ASEM) was launched in 1996. Since its establishment, ASEM has experienced expansion of membership and a broadening of the scope of meetings and events. ❖ ASEM is an informal forum for dialogue that is meant to be candid and comprehensive but often ended being quite scripted. ❖ ASEM has been criticized as merely talk shops with no specific or concrete deliverables, and it has low public visibility and profile. ❖ In the current uncertain and volatile world, ASEM could fade into oblivion if it maintains the current practices of informal and low-key engagement. ❖ To make ASEM relevant in a more complex and contested world, there is a need to rethink ASEM’s objectives and modus operandi. ❖ ASEM can be transformed into a more dynamic and vibrant “marketplace” where ideas and actions flow

Rough sets theory for travel demand analysis in Malaysia

This study integrates the rough sets theory into tourism demand analysis. Originated from the area of Artificial Intelligence, the rough sets theory was introduced to disclose important structures and to classify objects. The Rough Sets methodology provides definitions and methods for finding which attributes separates one class or classification from another. Based on this theory can propose a formal framework for the automated transformation of data into knowledge. This makes the rough sets approach a useful classification and pattern recognition technique. This study introduces a new rough sets approach for deriving rules from information table of tourist in Malaysia. The induced rules were able to forecast change in demand with certain accuracy

Adaptive Resonance Associative Map: A Hierarchical ART System for Fast Stable Associative Learning

This paper introduces a new class of predictive ART architectures, called Adaptive Resonance Associative Map (ARAM) which performs rapid, yet stable heteroassociative learning in real time environment. ARAM can be visualized as two ART modules sharing a single recognition code layer. The unit for recruiting a recognition code is a pattern pair. Code stabilization is ensured by restricting coding to states where resonances are reached in both modules. Simulation results have shown that ARAM is capable of self-stabilizing association of arbitrary pattern pairs of arbitrary complexity appearing in arbitrary sequence by fast learning in real time environment. Due to the symmetrical network structure, associative recall can be performed in both directions.Air Force Office of Scientific Research (90-0128

Covid-19 Pandemic –Our Response, Our Future. Singapore EU Centre Working Paper 14th April 2020

We are facing an unprecedented challenge of containing the coronavirus, and the fear and uncertainty that it is spreading. How we respond to this challenge will shape the future not only of our individual societies and nations but also the wider regional and globalorder

Development of novel nanoemulsions as delivery systems : A thesis presented in partial fulfilment of the requirements for the degree of Doctor of Philosophy in Food Technology at Massey University, New Zealand

Listed in 2016 Dean's List of Exceptional ThesesIn the past decades, emulsions have been widely used as delivery systems for incorporating bioactive compounds into foods. With the advancing of nanotechnology, smaller particles in the nanometric range (i.e. nanoemulsions) can be created with better properties that are more advantageous than conventional emulsions in terms of their stability to gravitational separation, optical clarity and better absorption of nutrients in drug delivery (with increased bioavailability). In particular, emulsification and solvent evaporation method has been used to produce nanoemulsions with optimum results. However, like conventional emulsions, protein-stabilised nanoemulsions become unstable when exposed to certain environmental stresses such as high temperatures, salt addition and extreme pH changes. Additionally, liquid emulsions are difficult to transport and use in some food systems while being susceptible to microbial spoilage. To remedy, a dry, stable emulsion system has to be obtained for their prospective future in food applications. The objective of this research was to develop nanoemulsions with useful attributes. The thesis consists of three main parts in which the first part studied the formation and properties of nanoemulsions using emulsification and solvent evaporation method; the second part delved into the making of dried nanoemulsion powders and the third part focused on the structural modifications of nanoemulsions and encapsulation of a bioactive compound lutein. To begin, an experimental study to optimise the conditions for producing nanoemulsions using emulsification and solvent evaporation methodology was performed under different processing conditions (microfluidisation pressures and number of passes), organic phase ratios and materials (oil types and emulsifiers). It was found that smaller oil droplets (around 80 nm in diameter) were achieved when increasing the microfluidisation pressure up to 12000 psi (80 MPa) for 4 passes at an organic phase ratio of 10:90. There was a progressive decrease in particle size with increasing emulsifier concentration up to a 1% (w/w) level for whey protein isolate (WPI) and lactoferrin but it did not decrease further at higher concentration. On the other hand, much larger oil droplets were formed in Tween 20 emulsions (120 – 450 nm). The environmental study showed that lactoferrin and Tween 20 emulsions have a better stability to pH changes (pH 2 – 12) and salt addition (0 – 500 mM NaCl or 0 – 90 mM CaCl2) than WPI stabilised nanoemulsions. After successful preparation of nanoemulsions, liquid nanoemulsions were converted to dried powders by spray drying or freeze drying. The nanoemulsions were mixed with different wall materials consisting of maltodextrin alone, trehalose alone or a 1:1 ratio of maltodextrin and trehalose at 10, 20 or 30% (w/w) solid concentration. Results showed that the powders containing 20% trehalose have better powder properties with lower moisture content and water activity, higher bulk density and good reconstitution in water. The freeze-dried powders showed excellent wettability and dispersibility in water but lower encapsulation efficiency than spray dried powders. In another part of study, nanoemulsions with modified interfacial structure were used to improve their stability to environmental stresses. The interactions between WPI and lactoferrin in aqueous solutions were first studied to explore the feasibility of using these two proteins to form complex interfacial structures at the droplet surface in the emulsions. Based on ζ-potential and turbidity measurements, both proteins were shown to interact with each other via electrostatic interactions at pH values between 6 and 8. The adsorption of protein layers on a gold surface that mimics the hydrophobic oil surface was also confirmed by a quartz crystal microbalance with dissipation (QCM-D) study. Next, a series of bi-layer nanoemulsions at different pH values and lactoferrin concentrations were prepared so as to determine the best conditions on the overall emulsion stability. It was shown that the stability of emulsions was dependent on both pH and lactoferrin concentration. At pH values close to pI of WPI (around pH 5), the nanoemulsions remained unstable regardless of the lactoferrin concentration used (0.25 – 5% w/w). The nanoemulsions at pH 6 were also unstable at low concentrations (0.5 – 1% w/w) presumably due to “bridging flocculation” and exhibited phase separation. Consequently, a lactoferrin concentration of 3% (w/w) was used to produce bi-layer nanoemulsions at pH 6. At pH 7 – 10, the bi-layer nanoemulsions were stable at all lactoferrin concentrations and formed a bi-layer structure at the interface of droplet. The formulated nanoemulsions (single layer and bi-layer emulsions) were subjected to a variety of environmental stresses and in vitro digestion under simulated gastrointestinal conditions. The emulsion stability to pH changes and salt addition was improved in the bi-layer emulsions containing WPI and lactoferrin when compared to the single layer nanoemulsions stabilised by WPI alone. However, the bi-layer emulsions were more susceptible to destabilisation on heating at temperatures above 60oC. The in vitro digestion of bi-layer nanoemulsions was similar to single layer nanoemulsions in which the protein hydrolysis of the interfacial layers results in extensive droplet flocculation. In subsequent formulations, lutein was incorporated in the emulsions as a model of bioactive compound for the application of nanoemulsions as a novel delivery system. The nanoemulsions well encapsulated lutein in their matrices with an encapsulation efficiency of 80% and contained small oil droplets (70 – 80 nm). All the emulsions were physically stable under the tested conditions up to 28 days at different storage temperatures (5, 20 and 40oC). However, there was a significant decrease in lutein content during storage especially at higher temperatures due to oxidative degradation. Nevertheless, the bi-layer nanoemulsions showed a better stability to lutein degradation. Based on in vitro cell toxicity studies on Caco-2 cells using MTT assay, both nanoemulsions did not show toxicity as the cell viability was more than 80% at 10 times or more dilution after 24 hours of incubation. The cellular uptake of lutein was higher in bi-layer nanoemulsions when compared to single layer emulsions. The present work demonstrated that nanoemulsions can be formed using emulsification and a solvent evaporation method. Dried microcapsules of nanoemulsions were formed with similar properties as their original nanoemulsions after reconstitution in water. The nanoemulsions with bi-layer interfacial structure have better stability to environmental changes than single layer emulsions. Nanoemulsions did not show more toxicity than their corresponding conventional emulsions with large oil droplets produced without the use of organic solvent. These have important implications in the use of nanoemulsions for encapsulation lutein or other bioactive compounds for applications in foods and beverages

Towards an Expanded Role for Asian Currencies: Issues and Prospects

Notwithstanding incumbency advantages and network effects enjoyed by the United States (US) dollar, considerations about the stability of its value have led Asian countries to fear they are holding their foreign exchange reserves in a depreciating currency. At the same time, it pays for the regional countries to adjust their reserve currency composition to match the point of reference of their exchange rate policy. This paper examines empirically which regional currency or currencies seem to matter for exchange rate determination in Asia beyond the very short term. To this end, we employ country-specific Vector Autoregressive (VAR) models to compare the relative impact which fluctuations in the Asian Currency Unit (ACU), yuan and yen separately have on movements of Asian currencies. Contrary to recent evidence based on daily data, we found monthly exchange rates variations in the region are more heavily influenced by the cumulative effect of key Asian currencies than by the yuan or the yen individually within the sample period we used. To the extent that exchange rates in the region shift over time from benchmarking the US dollar towards a broad range of Asian currencies, Asian central banks will find it more attractive to cross-hold Asian bonds. This calls for the development of deep private markets in such assets, as well as institutional prerequisites for internationalizing key regional currencies.asian currency unit; asian currencies; foreign exchange reserves; exchange rate policy; asian central banks

Asian Currency Baskets: An Answer in Search of a Question?

This paper considers how a regional currency basket and the associated divergence indicators could be used in official surveillance. Recently, proponents of Asian currency baskets have referred to the role the ECU played in constructing exchange rate divergence indicators in Europe as evidence of the intrinsic usefulness of currency baskets for exchange rate monitoring. We show in this paper a number of problems with the use of regional currency-basket based divergence indicators. First, at a technical level, such indicators involve tracking regional exchange rates against a moving currency basket and can obscure underlying movements in bilateral exchange rates. Second, currency baskets generally treat currencies asymmetrically leading to difficulties interpreting the derived measures of divergence. Third, intra-regional exchange rate monitoring can lead to potentially serious N-1 or anchor problems. Some of these difficulties can be addressed by bilateral divergence indicators but means will need to be found to anchor regional exchange rate surveillance vis-à-vis currencies outside the region.

Asian Tigers’ Choices : An Overview

This paper considers the choices facing the Asian tiger economies regarding growth strategies that foster trans-Pacific rebalancing. A review of historical data spanning 2000 to 2008 reveals only a slight widening of the overall current account surplus but that there is considerable variation across the countries, with Hong Kong, China exhibiting the biggest increase in the saving and investment (S-I) balance. Meanwhile, cross-correlation coefficient estimates tentatively suggest that changes in the real effective exchange rate do not seem to exhibit a consistent negative lead over changes in the S-I gap in the short run over the past decade. High import leakage, particularly for the ultra small, open economies of Hong Kong and Singapore, calls into question the scope for recalibrating growth drivers towards domestic demand. Nonetheless, the implementation of structural policies such as those aimed at raising the productivity and wages of workers in the services industry as well as the introduction of financial products that alleviates the need for precautionary saving can induce domestic consumer demand, especially for the larger economies of Korea and Taipei,China. Moreover, the rising affluence and living standards in fast growing regional economies such as the Peoples Republic of China (PRC) offers the Asian tigers the potential of gearing their trade structure in final goods towards markets in the region, thereby aiding the reduction in trans-Pacific imbalances.saving and investment balance, import leakage, trade structure

Asian Tigers' Choices: An Overview

This paper considers the choices facing the Asian tiger economies regarding growth strategies that foster trans-Pacific rebalancing. A review of historical data spanning 2000 to 2008 reveals only a slight widening of the overall current account surplus but that there is considerable variation across the countries, with Hong Kong, China exhibiting the biggest increase in the saving and investment (S-I) balance. Meanwhile, cross-correlation coefficient estimates tentatively suggest that changes in the real effective exchange rate do not seem to exhibit a consistent negative lead over changes in the S-I gap in the short run over the past decade. High import leakage, particularly for the ultra small, open economies of Hong Kong and Singapore, calls into question the scope for recalibrating growth drivers towards domestic demand. Nonetheless, the implementation of structural policies such as those aimed at raising the productivity and wages of workers in the services industry as well as the introduction of financial products that alleviates the need for precautionary saving can induce domestic consumer demand, especially for the larger economies of Korea and Taipei,China. Moreover, the rising affluence and living standards in fast growing regional economies such as the People’s Republic of China (PRC) offers the Asian tigers the potential of gearing their trade structure in final goods towards markets in the region, thereby aiding the reduction in trans-Pacific imbalances.asian tiger economies; trans-pacific rebalancing