One of the reasons global business likes Hong Kong so much is that it has a reputation as a place where the rule of law prevails. So it?s unfortunate when the city even appears to fall short of that principle, as it seemed to recently. Business takes note, though not quite the way the rest of the world might. Hong Kong hit the headlines when authorities there, saying paperwork ...
London ranks first for multimillionaires Singapore HK charging fast report
London is the home to more multimillionaires, 4,296, than anywhere else in the world, but is facing tough competition from Hong Kong, 2,560, and Singapore, 3,154, to keep that title, according to a new study. The WealthInsight Intelligence centre Database, which tracks wealth and liquidity events, found Singapore and Hong Kong have the fastest growth rate for multimillionaires and could ...
Filipino president urged to work to normalise ties with Taiwan
Roy Seneres Jr., chair of the OFW Family Club, urged Philippine President Benigno Aquino III on Friday to act to resume normal ties with Taiwan for the benefit of Filipino citizens, especially those who want to work in Taiwan. Seneres, who will be sworn in as a member of the Philippine House of Representatives on July 8, made the call while meeting with nearly 100 Filipinos who were hurt when ...
N Korea?s Charm Offensive Starts Showing Results
North and South Korea have again agreed to return to talks, this time aimed at reopening the Kaesong Industrial Complex, a joint development industrial park. On Saturday, government officials from Seoul and Pyongyang plan to meet at an administrative building near the 38th Parallel to resume talks over opening Kaesong, which North Korea ordered shut this spring. The jointly-run park was the ...
Korea Lifts Ban on US Wheat
South Korea on Friday lifted a ban on US wheat imports after the local food safety regulator found no unapproved genetically-modified grain in recent US A South Korean examiner demonstrates the process of analysing a genetically modified wheat sample in Seoul in May. The Korea Flour Mills Industrial Association said in a statement it decided to resume purchasing US wheat after a suspension ...
?Substantial? differences with N Korea over nuclear talks Russia
Russia said on Friday it still had ';a number of substantial'; differences with North Korea concerning efforts to resume stalled six-party negotiations on the Stalinist state?s nuclear weapons drive. Deputy prime minister Igor Morgulov?s comments after his talks Thursday with Pyongyang?s main nuclear negotiator Kim Kye-Gwan suggest that no breakthrough was achieved ...
Kim Jong Un?s N Korea stuck in the past forever
The death of Kim Jong Il and the rise of his youngest son, Kim Jong Un, to power in North Korea served as a pretext for the outbreak of struggle for power in North Korea. Recently, the conflict between the successors of Kim Il Sung has flared up again. The reason for the crisis was the dismissal of Kim Ok, the widow of Kim Jong-Il, from the post of the Secretary of the Committee of Art of the ...
HSBC to Exit Korea?s Retail Banking Market
HSBC Holdings HSBA.LN +0.15 percent Plc said Friday that it plans to exit retail banking and wealth management in South Korea, the bank?s latest move to rid itself of inefficient businesses. HSBC will eliminate around 230 jobs as it winds down those operations but will continue to run its more-profitable investment banking business in South Korea, a spokeswoman said. KDB Financial ...
Growth Investors Take Heed China?s Slump is Getting Worse
Hardly a week goes by in China without economic trouble rearing its head these days. Chinese manufacturing was the victim this week, with the country?s purchasing managers? index falling into contraction territory, according to a study from HSBC and Markit. The reading hit the Hang Seng (HSIINDICES: ^HSI ) hard, but the index recovered well, to end the week up 1.5%. That?s not ...
Canada Loses Luster as Destination for Corrupt Chinese Cash
Chinese fugitives who touched down in Vancouver or Toronto with suitcases of illicit cash might find it harder to keep their fortunes. Bloomberg News Canada may soon become a harder place to park illicit cash. Canada became the first country to reach a deal with China to share forfeited assets in an effort to target international organised crime, according to the official Xinhua News ...
China investigating Fonterra pricing
Chinese regulators have launched an investigation into Fonterra and the pricing of baby formula feed, the Wall Street Journal reports. Fonterra was said to be cooperating./p> WSJ says the Chinese National Development and Reform Commission had begun reviewing a wide range of consumer businesses in the Chinese dairy industry and that Fonterra wasn?t being singled out. Fonterra ...
China probes Tetra Pak for ?abusing? market role
China is investigating global packaging giant Tetra Pak for ';abusing'; its dominant market role, an official said Friday, the latest in a series of probes aimed at foreign companies. The head of the State Administration for Industry and Commerce gave no specific details of the inquiry, but said it covered 20 provinces and cities. ';The administration has filed a case against ...
As Shipbuilders Suffer Globally China?s Rongsheng Seeks government Help
A major Chinese company is experiencing a rare cash crunch, in a potential test of Beijing?s willingness to sacrifice a big employer in order to streamline a bloated industry, in this case shipbuilding. China Rongsheng Heavy 1101.HK -16.04 percent Industries Group Holdings said Friday that it is struggling to pay its employees and is seeking financial help from the government to see the ...
Snowden revelations imperil cyber hacking talks with China
Revelations of US spying on Chinese universities and businesses risk undermining cybersecurity talks with China scheduled for next week. The Obama administration had hoped to press China on the issue during the fifth round of the US-China Strategic & Economic Dialogue. Instead, it finds itself on the defensive amid former contractor Edward Snowden?s allegations that the National ...
EU and Japan gun for 100Gbps fiber optic internet speeds via new research projects
The European Commission and Japan have just announced a series of research projects to help speed up replacement of their soon-to-be-antiquated internet backbones. One of them, the STRAUSS project, will be shooting for 100Gbps fiber optic speeds ? a whopping 5,000-fold gain over current euro data rates. It?d do so by combining new optical packet switching technology, optical ...
Abe?s diplomacy dogged by history territorial disputes
Despite six months of active foreign diplomacy, prime minister Shinzo Abe faces an uncertain path to improving ties with China and South Korea as territorial disputes and disagreements on wartime history continue. Whether Abe and his top Cabinet ministers opt to visit war-linked Yasukuni Shrine in Tokyo on the August 15 anniversary of Japan?s World War II surrender or during the ...
Japan Uzbekistan to conduct joint uranium exploration
Japan and Uzbekistan will conduct joint uranium exploration in the Central Asian country ? a move that may secure a stable supply for Japan?s potential restart of nuclear reactors, industry ministry officials said Friday. A deal will be struck Monday between the Japanese government-run Japan Oil, Gas and Metals National Corp. and Uzbekistan?s Navoi Mining and Metallurgical ...
Japan in a Bind on Planned Tax Fears Are It Will Hurt Rebound
When prime minister Shinzo Abe enters the next phase of his ambitious plan to revive Japan?s economy this autumn, he will have to answer a tricky question he has been able to sidestep so far: how to deal with a painful tax increase without wiping out the progress already made. As the initial excitement over the dramatic policy shift seen under Abe subsides, economists and lawmakers are ...
Japan?s Softbank Cleared to Buy Sprint Nextel
Japan?s SoftBank on Friday received the final approval it needed from US regulators for its $21.6 billion bid to take control of Sprint Nextel, the No. 3 USwireless provider. All three members of the Federal Communications Commission voted in favour of the merger as well as Sprint?s related plan to buy out the portion of wireless company Clearwire that it does not already own. ...
Japan utilities seek to re-embrace nuclear power
Japanese electric utilities are to request permission to operate 10 nuclear reactors under new post-Fukushima safety rules to be introduced next week, part of a tentative but growing re-embrace of atomic power endorsed by the government of prime minister Shinzo Abe. But in a sign of the difficulties facing the industry two years after the accident at Fukushima Daiichi power station, Tokyo ...
Singaporeans among fastest to get rich
More than half (51 percent) of high-net-worth individuals (HNWIs) in Singapore became rich in less than 10 years, making them the world?s fastest group to accumulate wealth, according to a report from Barclays. Singapore also had the highest percentage of respondents (at 14 percent) who accumulated wealth in less than five years, cementing the city-state?s position as the top ...
Electoral reform in Japan
THE curved roofs and pear orchards continue as you cross from Tottori prefecture on the west coast of Japan?s main island into neighbouring Hyogo just to the east. But something unseen changes. A voter on the Hyogo side has just a fraction of a Tottori resident?s political clout. Decades of post-war urban migration have left wide disparities in voting weights across Japan. After the ...
Source: http://www.bruneinews.net/index.php/sid/215681716/scat/bf053b50c46383e0
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