Asia Business & Economics
Improved career guidance for former inmates re-entering job market
High Court rules in case that claimed an investment was in fact an illegal loan
Bank of India has recovered Rs 7000 crore worth SLOCs from other banks
New Boeing jet to accelerate services shake-up
March 13: Ringgit higher against US dollar on mild buying
Bank Negara cautions the public against Coinzer
Asia shares rally as U.S. job data revive risk appetite
Opposition's proposals would see national debt hitting RM1 trillion
2018-04-19 07:47:32 BATU PAHAT: Pakatan Harapan's proposal to abolish tolls, the Goods and Services Tax (GST) and PTPTN student loans would see the national debt ballooning to more than RM1 trillion and the economy collapsing, claimed Prime Minister Datuk Seri Najib Tun Razak (pic). "If they abolish tolls, GST and PTPTN as stated in Pakatan's manifesto, the nation's debt would increase by RM430bil, with the total going up to more than RM1 trillion based on a study done by the Ministry of Finance," he said   Read More ...
Improved career guidance for former inmates re-entering job market
2018-04-19 07:45:21 SINGAPORE - For many workers, the fast-changing labour market is a great concern. For prisoners re-entering society after years out of the job market, it poses an even greater challenge. In an effort to improve their chances of finding work, the Singapore Corporation of Rehabilitative Enterprises (SCORE) has enhanced its career guidance for inmates. A series of "rehabilitative-focused" initiatives will be carried out through programmes such as job profiling - which matches prisoners to industries they are interested in - and performance coaching   Read More ...
Public, private sectors aim to vitalize vacant house market
2018-04-19 05:48:18 According to the Internal Affairs and Communications Ministry, there were about 8.2 million vacant houses as of 2013 across the nation. The number has been rising steadily, partly because Japanese people have a deep-rooted tendency to prefer newly built houses. It also stems from the decreasing population and an increase in cases of property inheritance. The number of vacant houses increased about 20 percent over the past decade   Read More ...
Sri Lanka contributes to Commonwealth Small States Trade Finance Facility
2018-04-19 05:03:35 In order to help the Small States get access to global markets, Sri Lanka pledged a financial contribution to set up the Small States Trade Financial Facility. Finance Minister Mangala Samaraweera signed this agreement on behalf of Sri Lanka in London. Initiated at the CHOGM 2013 Summit in Colombo, the Commonwealth recognised the importance of trade finance for the development of Small States and introduced this innovative blended finance support totalling $ 5 million   Read More ...
Abe, Trump agree to start new trade, investment talks
2018-04-19 04:54:16 PALM BEACH, Florida (Kyodo) -- Japanese Prime Minister Shinzo Abe and U.S. President Donald Trump agreed Wednesday to start a new dialogue on trade and investment as Washington remains reluctant to return to a multilateral deal like the Trans-Pacific Partnership. Trump stressed he prefers a bilateral trade deal with Japan over the TPP while the United States runs "massive" trade deficits with Japan   Read More ...
Asia Tech Earnings Will Rebound. But That May Not Last: Gadfly
2018-04-16 00:45:57 Asian technology earnings are in a bit of a funk right now, and that’s reflected in the very lackadaisical performance of the MSCI Asia Pacific Information Technology Index. Investors who shorted Tencent Holdings Ltd. a month ago would have done well, as I predicted even when the company’s most-recent set of earnings beat estimates. Largan Precision Co., a supplier of camera modules to Apple Inc   Read More ...
Bogus shopping sites getting slicker
2018-04-15 20:57:03 The Yomiuri ShimbunFake websites disguised as genuine online shopping sites to swindle visitors out of their money have become more sophisticated. Fraudulent websites previously tended to show suspicious signs such as offering extremely low prices. But with such signs becoming less evident, an increasing number of fake sites look like legitimate online retailers. That has prompted relevant entities to take measures such as setting up hotlines for customers to report scams   Read More ...
8 out of 14 public-private investment funds vastly underused
2018-04-15 20:56:53 over, four investment schemes set up using that fund have been liquidated without results — meaning the actual investments conducted by the fund are even lower than ¥6.5 billion. Although about ¥280.5 billion in total has been allotted to those eight public-private investment funds, they have only used about 23.6 percent — about ¥66.1 billion — of it for investments. Because the money in the public-private investment funds is to be ultimately collected by the central government, the hurdles for acquiring relevant budgets were lower than usual   Read More ...
Inflation likely to near 2% target as economy strengthens: BOJ chief
2018-04-12 16:46:58 TOKYO (Kyodo) -- Bank of Japan Governor Haruhiko Kuroda said Thursday nationwide inflation is likely to pick up toward the central bank's 2 percent target as economic conditions continue to improve. At his first meeting with the bank's regional branch managers since beginning his second five-year term this week, Kuroda reaffirmed his commitment to keeping monetary easing steps in place until the price goal is reached   Read More ...
Sri Lanka raises $ 2.5 billion in international market
2018-04-12 15:05:31 Central Bank says it raised 2.5 billion dollars in the international market through a sovereign bond issuance. It marked Sri Lanka’s return to the US dollar bond markets. The funds were raised from $ 1.25 billion 5-year and $ 1.25 billion 10-year Senior Unsecured Fixed Rate Notes with maturity dates of 18th of April 2023 and 18th of April 2028 respectively   Read More ...
PA Resources to raise RM15.5 million via private placement
2018-04-12 15:01:59 PETALING JAYA: PA Resources Bhd proposes to undertake a private placement to raise up to RM15.5 million to fund capital expenditure. This comes after the completion of its rights issue with warrants in December 2017. PA Resources told the stock exchange that the placement shares represent up to 10% of its total number of issued shares. Based on an indicative issue price of 6   Read More ...
Trio impersonate cops, rob victim and clean out his bank account - Nation
2018-04-12 13:11:13 KUALA LUMPUR: Two men and a woman impersonated police personnel to gain entry in to a man's house before beating him up, robbing him and cleaning out his bank account with his stolen bank card. The trio had shown up at the victim's house along Jalan Ismail Ghani, Kampung Kasipillay here at around 3am on March 15 and flashed "police badges", accusing him of hiding drugs to gain entry   Read More ...
Abe, OECD chief affirm need for multilateral fix to trade disputes
2018-04-12 12:54:19 TOKYO (Kyodo) -- The secretary general of the Organization for Economic Cooperation and Development, Angel Gurria, said Thursday he and Prime Minister Shinzo Abe affirmed the importance of using multilateral mechanisms to tackle steel overproduction and other trade issues. "Tariffs are the manifestation of the (trade friction), but the global forum is the only way in which you can deal with the substance of the problem, and if you do not deal with the substance, you're going to have a recurrence of the issue   Read More ...
Singapore, China strengthen partnership with new deal
2018-04-09 10:01:09 Singapore and China have inked a deal that paves the way for closer partnerships between their companies in other countries involved in the Belt and Road Initiative (BRI). Under the agreement, Singapore's Ministry of Trade and Industry (MTI), China's top economic planning body, the National Development and Reform Commission (NDRC), and Enterprise Singapore will identify sectors and markets of mutual interest and organise activities to promote cooperation between companies from both sides   Read More ...
Manufacturers rank in RM52.1m sales under DFTZ SME Onboarding Programme
2018-04-09 09:00:47 SEPANG: About 70 SME manufacturers participating in the Digital Free Trade Zone (DFTZ) SME Onboarding Programme under eTrade have generated total sales of RM52.1 million with exports amounting to RM18.1 million since November 2017.   Read More ...
Virtual currency industry changing / Major firms from other sectors stake their claims
2018-04-09 08:00:43 The reason behind the high expectations for Coincheck, which suffered the massive loss of virtual currency, is the company’s high profitability. According to documents released on Friday by Monex, the final profit of Coincheck for the business year ended in March 2017 stood at ¥471 million. It is expected that the company recorded more profit for the year ended in March this year due to expansion of virtual currency trading   Read More ...
3 firms to offer trade insurance in Vietnam
2018-04-09 07:45:56 The Yomiuri ShimbunThree major Japanese nonlife insurance companies will introduce new trade insurance to support Japanese companies’ advancement to Vietnam, with help from 100 percent state-owned Nippon Export and Investment Insurance (NEXI). With an eye on the Trans-Pacific Partnership signed by 11 countries including Japan and Australia coming into effect, the move aims to strengthen the support system in cooperation of the Japanese private and public sectors in Vietnam, which is expected to become a new manufacturing base   Read More ...
Central Industries shares up on news of bonus issue
2018-04-09 07:01:20 PETALING JAYA: Central Industrial Corp Bhd's (CICB) share price rose one sen or 1.01% this morning, after it proposed to undertake a bonus issue of 40 million bonus shares to reward its existing shareholders. The bonus issue is on the basis of four bonus share for every five existing shares held by shareholders. At 10.50 am, the stock stood at RM1 with 5,000 shares changing hands, bringing its market capitalisation to RM50 million   Read More ...
Ni Hsin shares jump 12.9% on garment firm acquisition
2018-04-09 06:02:06 PETALING JAYA: Ni Hsin Resources Bhd's share price jumped two sen or 12.9% this morning, after announcing that it had acquired 7.26% stake in Caely Holdings Bhd for RM4.6 million cash in the past 12 months. At 10.33 am, the stock stood at 17.5 sen with 1.7 million shares changing hands, giving it a market capitalisation of RM48.6 million. Last Friday, the group told the stock exchange that it believes there is synergy for both companies to leverage on customer base of each other especially in the overseas market segment   Read More ...
Ringgit opens higher against US dollar - Business News
2018-04-09 05:49:13 KUALA LUMPUR: The ringgit opened higher against the US dollar today as the trade dispute between the US and China further pressured the greenback, dealers said. At 9am, the ringgit was quoted at 3.8610/8660 compared with Friday's 3.8650/8680. A dealer said the ringgit is expected to trade between its immediate support level of 3.8602, while the resistance level is capped at 3   Read More ...
Audi Volkswagen Korea resumes sales
2018-04-09 05:15:28 Audi Volkswagen Korea Group Managing Director Rene Koneberg speaks during the company's press conference at the Grand Hyatt Seoul Hotel, Friday. The Volkswagen sales unit said it will release 40 new cars in the next three years and invest 10 billion won in its corporate social responsibility programs to regain trust among consumers here following recent scandals. / Korea Times photo by Shim Hyun-chul   Read More ...
SKT eyes new business through acquisition of ADT Caps
2018-04-09 05:15:09 SK Telecom (SKT) is seeking to expand its business to security through its acquisition of security platform provider ADT Caps amid deepening saturation in the telecom market. SKT is currently in the process of taking over ADT Caps after forming a consortium with Macquarie Infrastructure and Assets, hoping it can find a new cash cow by creating new services and business models through connecting its advanced technologies to the security business   Read More ...
SGX trades in March see 4.3% improvement over year-ago levels
2018-04-09 05:02:59 An average of $1.32 billion of trades took place each session last month on the Singapore Exchange (SGX) securities market, a 4.3 per cent improvement over year-ago levels, according to data released by the market operator last Friday. For the first quarter, securities increased 16.7 per cent to $1.45 billion. Total turnover last month was 4.8 per cent lower year on year at $27   Read More ...
Financial regulator denies concerns about Elliott
2018-04-06 00:21:48 Elliott's announcement on Hyundai Motor Group's governance reform differs from the U.S.-based firm's previous interference in a merger of Samsung C&T with Cheil Industries, the chief of the nation's financial regulator said Thursday. "The market does not need to be too concerned about the recent move by Elliott," Financial Services Commission Chairman Choi Jong-ku said during a launch event for the Kosdaq Venture Fund in Seoul   Read More ...
Chaebol-affiliated financial firms to face tighter scrutiny
2018-04-06 00:21:19 Ninety-seven financial firms affiliated with large business groups will face tighter scrutiny over inter-subsidiary dealings and other transactions, the financial regulator said Tuesday. The Financial Services Commission (FSC) said it will force insurers, brokerages and other financial units of conglomerates to ease intra-affiliate transactions and bolster their capital. They could also be ordered to dispose of shares in their subsidiaries. Aiming to prevent the nation's chaebol from exploiting their financial affiliates to secure cash injections, the FSC is drafting a new bill that includes related regulations   Read More ...
Adultery forces out head of state insurer
2018-04-06 00:14:00 The head of a state-run insurer for small businesses offered to resign, Wednesday, following a scandal alleging the former senior financial ministry official had an extramarital affair. According to multiple media reports, Kim allegedly began an extramarital relationship with a woman in 2015. At the time, Kim was serving as vice mayor of economic affairs for the Busan Metropolitan Government   Read More ...
EU Parliament Committee on Intl. Trade urges Sri Lanka to continue reforms
2018-04-06 00:04:50 Members of the European Parliament Committee on International Trade says that the Sri Lankan Government needs to keep the country on the path to reform. Members said the opportunity to address the remaining issues should not be missed, and highlighted the need to make further progress in implementing the international human rights conventions relevant to GSP+ and further improve labour conditions   Read More ...
Online marketplace cuts wastage by offering cheaper food
2018-04-06 00:03:26 A scheme that aims to help shops reduce wastage and offer cheaper food to lower-income families will be put on trial in Little India. Goods like fruit and vegetables that are close to their expiry date can be put up for sale on the website Lasmin. Buyers must go directly to the sellers to collect their food, which will be sold at cheaper than usual prices   Read More ...
STI down on tit-for-tat trade threats
2018-04-06 00:02:13 Singapore shares, along with its regional peers, reeled on escalating fears of a trade war between the world's two largest economies. Analysts cautioned that it might be too early and risky to start buying stocks, given the daily tit-for-tat rhetoric between China and the US. Yesterday, China responded to US President Donald Trump's plans to slap tariffs on 1,300-odd Chinese products, worth some US$50 billion (S$65 billion) annually   Read More ...
Trump says could 'hold up' Korea trade deal for N.Korea issue
2018-04-02 15:11:29 U.S. President Donald Trump threatened Thursday to "hold up" a renegotiated free trade agreement with South Korea until he reaches a deal with North Korea on its nuclear weapons program. Calling the trade deal a "very strong card," Trump hinted it could be used as leverage to get Seoul to do more to denuclearize the North. "I may hold it up 'til after a deal is made with North Korea," he said during a speech on infrastructure in Ohio   Read More ...
Cool Japan public investments decimated by massive losses
2018-04-02 12:59:05 The Yomiuri ShimbunA Japanese public-private investment fund under the jurisdiction of the Economy, Trade and Industry Ministry has suffered almost total losses in a government-backed “Cool Japan” cultural promotion project in which the fund had invested more than ¥2 billion, it has been learned. The fund, the Innovation Network Corporation of Japan (INCJ), has also apparently lost over ¥100 million in some of the related projects   Read More ...
Yinson share price up after reporting 11.6% rise in Q4 earnings
2018-03-30 10:00:54 PETALING JAYA: Yinson Holdings Bhd's share price rose 2.13% this morning after it saw an 11.6% rise in net profit to RM57.14 million for the fourth quarter ended Jan 31, 2018, compared with RM51.2 million in the previous corresponding period, supported by higher contribution from its offshore and marine segment and lower impairment loss on trade and other receivables. At 11   Read More ...
Hiap Teck's share price dips despite stellar performance in Q2
2018-03-30 08:01:01 PETALING JAYA: Hiap Teck Venture Bhd saw its share price fall this morning despite reporting a sevenfold rise in its second quarter net profit. At midday, its share price was 1.19% or half sen lower at 41.5 sen with 6.31 million shares traded. The stock gained 3.70% to close at 42 sen yesterday with a total of 6.91 million shares done   Read More ...
Police nab couple in Forex scam at klia2
2018-03-30 06:00:57 KUALA LUMPUR: A married couple being hunted for allegedly masterminding a foreign exchange investment or forex cheating syndicate were arrested at the KL International Airport 2 (KLIA2) on Monday. Bukit Aman Commercial CID director Datuk Seri Amar Singh Ishar Singh said 56-year-old man and his 55-year-old wife were detained upon their return after leaving for a neighbouring country on Feb 11   Read More ...
Finance Minister Aso slams newspapers for covering Moritomo scandal more than TPP
2018-03-30 05:51:41 Finance Minister Taro Aso has criticized Japanese newspapers for covering the Finance Ministry's document doctoring scandal involving the discounted sale of state land to school operator Moritomo Gakuen more than the recently concluded Trans-Pacific Partnership (TPP) free trade deal. "Japanese newspapers believe that the Moritomo case is more serious than the TPP accord. This shows the Japanese papers' level," Aso, who doubles as deputy prime minister, told a House of Councillors Financial Affairs Committee session on March 29   Read More ...
Concerns grow over forex sovereignty
2018-03-30 05:19:14 After Korea and the United States agreed to improve the transparency of Seoul's foreign exchange market, concern is mounting that the country might lose sovereignty over its exchange policies. The finance ministry stressed that the discussion on foreign exchange policy was not related to revisions of the Korea-U.S. free trade agreement (KORUS FTA). "The foreign exchange rate is a multilateral issue and it should not be dealt with in bilateral talks   Read More ...
Shinsegae to open grocery stores in US
2018-03-30 05:17:41 Shinsegae Vice Chairman Chung Yong-jin said Wednesday the retailer will enter the U.S. market with its supermarket brand in May next year, as well as revealing a plan to build a massive facility to control the group's online shopping business. "We are seeking to open a PK Market store in the U.S. in May of next year," Chung told reporters during the group's job fair at COEX convention center in Samseong-dong, Seoul   Read More ...
Central Bank takes a decision on willfully defaced currency notes
2018-03-30 05:03:49 Central Bank says considering the immense requests made and the difficulties faced by the general public in exchanging willfully defaced currency notes after March 31 in 2018 that it has decided to continue the service of exchange of willfully mutilated, altered and defaced currency notes from CBSL until further notice. Accordingly, the general public is informed to submit such currency notes to the CBSL Head Office or Regional Offices located at Anuradhapura, Matale, Matara, Trincomalee, Nuwara Eliya, Kilinochchi or send the same by registered post to the CBSL together with the duly completed application form   Read More ...
Cryptocurrencies to be available at 6,000 outlets in Korea
2018-03-27 00:18:31 South Korea's leading crypto exchange and a mobile payment service provider will work together to make virtual currencies available at thousands of outlets here. The partnership was made on Monday between crypto exchange Bithumb and Korea Pay's Service, operator of mobile payment service Pay's. About 200 franchise brands will allow customers to use the service to pay at 6,000 outlets across the country   Read More ...
Sales of groceries at convenience stores on rise
2018-03-27 00:17:41 Sales of groceries at convenience stores increased sharply in the first quarter of this year from a year earlier, local store franchise chain CU said Sunday, apparently as more customers opted to shop at accessible outlets that are open at all times. According to the data compiled by the chain, the sales of groceries, including vegetables, grains, eggs, and frozen pork, shot up 21   Read More ...