Thursday, 16 June 2016

Alibaba’s Jack Ma: Fake goods often better than originals

2016-06-16 CHINA’S unbranded goods are often better than the branded originals they imitate, founder of e-commerce giant Alibaba Jack Ma (pic) has said, posing an additional challenge to the battle against sales of counterfeits.“The problem is that the fake...

Wednesday, 15 June 2016

Saudi opens retail sector to more foreign investment

2016-06-15 SAUDI Arabia has approved rules opening its retail sector to greater foreign investment, official media said yesterday, as part of wide-ranging economic reforms.The cabinet approved rules “for foreign companies to invest in (the) wholesale and...

Disney to open theme park in China

2016-06-15 THE Magic Kingdom comes to the Middle Kingdom this week when Disney opens its first theme park in mainland China, hoping the growing middle class will spend big on leisure despite a slowing economy. The US$5.5 billion resort, which opens tomorrow...

No more ‘blank cheques’ for Malaysia’s Proton, says Najib

2016-06-15 MALAYSIA’S troubled national automaker Proton can no longer rely on a “blank cheque” from the government, Prime Minister Najib Razak warned yesterday, saying it must address serious flaws in its business model. Najib also took a swipe at his...

Tuesday, 14 June 2016

Thai duty free magnate and family buy Asia Aviation stake

2016-06-14 THAI billionaire Vichai Srivaddhanaprabha and his family have bought a 39.82 per cent stake in Asia Aviation Pcl, a major shareholder of Thai AirAsia, from Thai management for 7.95 billion baht (US$226 million), the company said yesterday.Vichai, a...

China’s Uber rival raises US$600m from China Life Insurance

2016-06-14 CHINESE car-hailing app Didi Chuxing said yesterday it had received an investment of about US$600 million from China Life Insurance Co Ltd, boosting resources to fund its battle with Uber just a month after it raised US$1 billion from Apple Inc.The...

China’s investment growth slows

2016-06-14 CHINA’S fixed asset investment, an important gauge of infrastructure spending, slowed to its weakest pace in 16 years, government statistics showed yesterday, a worrying trend despite other signs of economic stabilisation in the Asian giant.The...

Trade disputes loom over Merkel’s China visit

2016-06-14 TENSIONS over trade and Chinese investment in a German robotics firm dominated Chancellor Angela Merkel’s visit to Beijing yesterday, with differences about steel and China’s future market status on display.China has been pressing the European...

S Korea urges reform on shipbuilders

2016-06-14 SOUTH Korean President Park Geun-Hye yesterday urged “bone-crushing” efforts to overhaul the nation’s ailing shipbuilders faced with mounting losses caused by slowing global demand and increased competition. The South’s mighty shipbuilders...

Iraq says IMF deal ‘on track’ as cabinet approves reform package

2016-06-14 IRAQ has approved measures requested by the International Monetary Fund (IMF) in order to unlock loans that should help overcome a cash crunch caused by declining oil revenue, a senior government official has said.The agreement, reached last month...

Monday, 13 June 2016

S’pore new home to Aussie start-ups

2016-06-13 START-UPS from Australia keen on spreading their wings in the region will soon have a home in Singapore. A “landing pad” will be set up in the coming months to help high-tech start-ups from Down Under expand here as part of efforts to deepen...

P-Noy’s last PPP attracts only one bidder

2016-06-13 THE government bid out Friday its last public-private partnership project before President Aquino steps down this month, luring just one bidder for a 1.6 billion pesos (US$30 million)-IT project aimed at modernising the civil registry operations of...

Only 26.8% of tax revenues collected in first five months

2016-06-13 THE government has only managed to collect 26.8 per cent of its total tax revenue target set in the 2016 budget in the first five months of 2016. As of May 31, Indonesia recorded Rp 364.1 trillion (US$27.41 billion) in tax revenues, while in the...

Saturday, 11 June 2016

Oil falls on stronger dollar

2016-06-11 OIL prices fell yesterday as a stronger dollar pulled crude off the 2016 highs hit this week, although strong refinery demand and global supply disruptions lent some support.International Brent crude oil futures were trading at US$51.45 per barrel...

Messaging app Line set for listing in Tokyo, New York: Reports

2016-06-11 MESSAGING app Line will list its shares in Tokyo and New York, reports said yesterday, in what could be one of the year’s biggest initial public offerings.Japanese media, including the Nikkei business daily and Kyodo news agency, said the Tokyo-...

Samsung Pay soon in Singapore

2016-06-11 FOLLOWING the launch of Apple Pay in April, South Korean electronics giant Samsung announced yesterday that it will launch its mobile payment service Samsung Pay in Singapore on June 16.Singapore is the fifth country to have Samsung Pay in the...

Scammers steal US$240k from Bhutan’s oldest bank

2016-06-11 BHUTAN’S oldest bank, the Bank of Bhutan, has fallen prey to scammers who managed to steal 16 million ngultrum (more than US$240,000) from the account of the Royal Audit Authority (RAA).The bank transferred the amount to three different accounts in...

ADB, AIIB to jointly fund road project in Pakistan

2016-06-11 THE Asian Development Bank (ADB) approved yesterday a US$100 million loan for a highway project in Pakistan, marking its first co-financing with China-led Asian Infrastructure Investment Bank (AIIB). In a statement, the Manila-based lending agency...

Friday, 10 June 2016

S Korea cuts rates to record low

2016-06-10 SOUTH Korea’s central bank surprised markets by cutting interest rates to a record low 1.25 per cent yesterday, to cushion the economy against weak exports and the fallout from a massive restructuring of an ailing shipping industry.The 25 basis...

Vodafone New Zealand and Sky Network TV in US$2.44b merger

2016-06-10 VODAFONE New Zealand will take a controlling interest in Sky Network Television under a NZ$3.44 billion (US$2.44 billion) merger deal, the pay-TV operator said yesterday.The combination of New Zealand’s largest subscription television service with...