Business » Asia

Tuesday, 12 April 2016

Mystery deepens over billions 1MDB sent to BVI entity

2016-04-12 THE mystery over who controlled a British Virgin Islands-registered company that received US$3.5 billion from Malaysia’s scandal-tainted state fund 1MDB deepened yesterday when a company in the Middle East with an almost identical name said the BVI...

Philippines must include casinos in dirty money law: WB

2016-04-12 THE Philippines must make sure casinos are covered by anti-money laundering legislation, the World Bank said yesterday, joining calls for the government to better regulate its gambling industry after stolen millions from Bangladesh found their way...

Managing wealth of billionaires

2016-04-12 SCANNING a bank statement into a computer may not sound particularly high-tech, but it’s unsettling some of Asia’s private bankers.By aggregating all the monthly statements mailed to high net worth individuals on the multiple accounts they hold at...

Indonesia may cut corporate tax to boost competitiveness

2016-04-12 INDONESIA plans to cut tax rates on corporate profits in an upcoming revision of the income tax law, possibly bringing down the rate for companies by five percentage points, the finance minister told lawmakers yesterday.The move is aimed at...

Monday, 11 April 2016

‘G20 pact does not rule out Japan intervention’

2016-04-11 JAPAN’S top government spokesman said the Group of 20’s agreement to avoid competitive currency devaluation does not mean Japan cannot intervene in response to one-sided currency moves. The Bank of Japan and the government are tensely watching...

Saturday, 9 April 2016

Malaysia extends bauxite mining ban by three months

2016-04-09 MALAYSIA will extend its ban on bauxite mining by another three months, effective April 15, in order to clear stockpiles and remove the risk of the aluminium-making ingredient contaminating the country’s rivers, the environment minister said...

Indonesia crude output up on Exxon’s Cepu field boost

2016-04-09 INDONESIA’S average daily crude output climbed in the first quarter to about 835,000 barrels per day (bpd), an energy ministry official said yesterday, as a result of a long-awaited production increase at Exxon Mobil Corp’s Cepu block. Throughout...

Clothing giant Uniqlo: Face of Japan’s deflating economy

2016-04-09 WHEN Japan’s cheap-and-cheerful clothing brand Uniqlo raised its prices in 2014, it was an endorsement of Prime Minister Shinzo Abe’s efforts to stimulate a lacklustre economy: with confidence high, even purveyors of affordable jumpers became price...

Friday, 8 April 2016

1MDB board offers to resign

2016-04-08 HEAVILY indebted Malaysian state investment fund 1MDB said yesterday its entire board of directors has offered to resign after a parliamentary inquiry found a massive unexplained payment and called for a police probe of the fund’s former head. In...

How Hong Kong helps outflow of Chinese cash

2016-04-08 THE Panama Papers leak has put the spotlight on Hong Kong as a hub for setting up offshore firms, with much of the money flowing through the city coming from mainland China. Revelations yesterday that more than 16,300 of Panamanian law firm Mossack...

7-Eleven CEO quits after boardroom row

2016-04-08 A JAPANESE executive credited for the global success of 7-Eleven convenience stores said yesterday he would quit the company after losing a boardroom battle that critics said was aimed at putting his son in charge.The high-profile spat saw 83-year-...

China aims to cut corn planting in farming belt by a third

2016-04-08 CHINA aims to reduce corn planting in parts of its farming belts by around a third over five years, representing an area larger than Belgium, and switch to crops such as soybeans or potatoes after ending policies to support corn prices.China...

Thursday, 7 April 2016

Samsung regains smartphone share in India with new phones

2016-04-07 SAMSUNG Electronics Co Ltd is regaining smartphone share in India with a revamped line-up packed with special features including a safety mode for motorcyclists, as rival Apple Inc readies a renewed push into the world’s fastest-growing market....

Malaysia’s Feb exports rebound

2016-04-07 MALAYSIA”S exports in February rose faster than forecast due to stronger palm oil demand and a jump in tech shipments to the United States.Exports in February grew 6.7 per cent from a year earlier, government data showed on Wednesday, more than...

Japan’s Abe rules out currency intervention

2016-04-07 JAPANESE Prime Minister Shinzo Abe has ruled out intervening in currency markets to halt a surge in the yen, despite the unit sitting near a year-and-a-half high against the US dollar yesterday. Huge volatility on equity markets driven by worries...

Wednesday, 6 April 2016

Korea’s cafe market nearly saturated

2016-04-06 SOUTH Korea’s coffee shop craze is frothing over. In fashionable retail and commercial districts of southern Seoul, nearly one in every two buildings boasts a coffee shop - evidence of a boom that has delivered dizzying growth for the likes of...

Leaked papers reveal tax secrets of Asia’s elite

2016-04-06 AN UNPRECEDENTED leak of tax documents has cast the spotlight on hidden financial dealings of relatives and aides of Asia’s ruling elite, including Chinese President Xi Jinping, Pakistani Prime Minister Nawaz Sharif and Malaysian Premier Najib...

Tuesday, 5 April 2016

India’s Iran oil imports set to surge to 7-yr high

2016-04-05 INDIA is set to import at least 400,000 barrels per day (bpd) of Iranian oil in the year from April 1, with refiners looking to ramp up purchases after the sanctions targeting Tehran ended in January, industry sources familiar with the matter said...

South Korea economy shows signs of rebound

2016-04-05 SOUTH Korea has shown signs of a rebound from February onward, but a clear upward trend has still to emerge and there are increasing downside risks, the country’s vice finance minister said on Monday. “We saw a sluggish first quarter as the...

Myanmar FDI grows to record US$9b

2016-04-05 FOREIGN direct investment (FDI) in Myanmar in the fiscal year ending in March grew to nearly US$9 billion, a government official said on Monday, after a rush of last-minute approvals before the handover of power to Aung San Suu Kyi’s administration...

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