The Prime Minister of the Kingdom of Thailand on Friday paid his respects to Filipino national hero, Dr. Jose P. Rizal, by laying a wreath at his monument at the Rizal Park in Manila. Thai Prime Minister General Prayut Chan-o-cha is in Manila for a two-day official visit from August 27 to 28 at the invitation of President Benigno S. Aquino III. This is his first visit to the Philippines since assuming office in August 2014. The Department of Foreign Affairs (DFA) said the visit aims to further strengthen Philippine-Thailand relations. Prime Minister Prayut arrived at the Rizal Park for…
Author: Michael Chen
Michael Chen
Based in Hong Kong, Michael Chen is expert in financial reporting, having worked for a business wire agency for at least five years. He currently works full time as Business News Asia’s Hong Kong / China correspondent.
Read More
Japan’s industrial production contracted to a worse-than-expected 3.4% in February, the first fall in three months, according to official data released on Monday. The figures released by Japan’s Ministry of Economy showed that Japan’s economy continues to struggle to survive after it fell into a short recession last year. Japan’s latest factory production data also missed economists’ median forecast of a 1.8% decline. The ministry’s data showed that industrial output, covering everything from cosmetics and computers to semiconductor and construction cranes, slid 3.4% from the previous month. The ministry, however, remained optimistic on its factory production, saying industrial production shows…
A total of 59,000 jobs in top European and US banks were axed in 2014, bringing the total job cuts to 160,000 across 24 banks in the past two years, authorities said. Eighteen of Europe’s biggest banks trimmed jobs by about 21,500 while US banks cut a total of 37,500 jobs in 2014. The cuts, however, were fewer than the 56,100 jobs cut by European banks and 45,700 jobs axed by US banks in 2013. Analysts said western banks had to cut thousands of jobs as banks aim to improve profitability by restructuring and cutting costs. The job cuts were…
The National Football League (NFL), the professional American football league, announced plans for a massive global expansion that could see games being played in China and other countries. In a statement, the league said hosting games elsewhere is part of a massive expansion in the sport and China, Germany and Mexico are among the top targets. NFL executive vice president, international, Mark Waller said London remains the priority for the league but the NFL is now looking at how it can expand in China, Mexico and Canada. Waller also announced plans to expand in Germany and Brazil. “The work we’re…
A four-year-old boy was among the survivors in the deadly Florida Highway crash that killed eight people on board a church van, the Florida Highway Patrol said. Eight people were killed while 10 others were injured when a church van crashed on State Road 78 and US027 in Glades County, Florida, authorities said The fatalities include the van driver and eight of the van’s passengers, authorities said, in what can be considered as one of the most deadly single-vehicle accident in the county. A preliminary investigation revealed that the van, carrying a total of 18 occupants, passed through a stop sign…
Nine Indonesians were killed after drinking alcohol mixed with energy drinks and mosquito repellent in Kota Prabumulih on Sumatra Island, Indonesia. What started as a gathering of friends who decided to have a little fun with alcohol turned fatal when the liquor they consumed made them ill and killed them a few days later. Authorities said a 10th man of the group survived the incident. Local police spokesman Djarod Padakova said the group had a drinking binge on Thursday was later rushed to the hospital after falling ill. “Some of the men started vomiting while the others fainted. We had…
The renminbi (RMB) has become a topic of debate in more than a fifth (22%) of company boardrooms around the world, just five years after China began to liberalise its currency, a new survey from HSBC Commercial Banking shows. Outside Greater China about a quarter of senior management teams in Singapore, Malaysia, Germany and the UAE have discussed the RMB as a business enabler, according to the poll of more than 1,600 decision-makers in 14 countries and territories. Just under a fifth have done so in the Anglophone nations of Australia, Canada, the UK and the US. “Corporate use of…
Brazilian multi-billion dollar global investment firm 3G Capital is reportedly in advances talks to acquire American grocery manufacturing and processing conglomerate Kraft Foods. Sources said the size of the deal would likely transform the industry and could be valued at more than USD40 billion. The deal could be announced soon. The standing of the talks have not been revealed yet and analysts could not firmly say that a deal could be reached soon. There is also a possibilitt that the deal will not push through. The price that the two sides are negotiating has not also been disclosed although analysts…
British department store group House of Fraser is opening three news stores in China next year, a move seen as the group’s attempt to crack the Chinese market. The three stores will be opened in the second-tier cities of Nanjing, Xuzhou and Chongqing. The cities might be less well known than China’s bigger cities but they have a combined population of 46.6 million that House of Fraser can target. The Nanjing store will open in March of next year while the Chongqing store will open later in 2016. The Xuzhou store will open in 2017. The group said the three…
A recent report released by Frost & Sullivan Asia Pacific showed that the volume of foreign direct investments in the Asia-Pacific region contributes about 20-25% of the overall global deal volumes. Investments in the Asia-Pacific region since 2010 were focused on the materials sector, which included diversified metals and mining, the report said. Globally, investments in the ICT, energy and healthcare sectors topped the list during the period. Asia-Pacific, however, counts as key sector for growth the Internet-linked businesses, media, semiconductors, telecom, media, technologies, among others. Sanjay Singh, Frost & Sullivan Asia Pacific vice president for business and financial services,…
Foreign exchange market committees of the developed world’s major central banks have agreed to issue new rules that will provide global FX market code of conduct, Reuters reported on Tuesday. The 8-page document signed by representatives of the world’s major central banks will sit as a global guide, on top of existing codes, on what traders can say or not say about the world’s biggest financial market. “FX market participants are advised to apply the global ‘high-level principles’ set out in this document to the FX market as it evolves, including with respect to new FX products, processes and technologies,”…
Taiwan’s Financial Supervisory Commission (FSC) announced that it will no longer bail out troubled insurance companies in the country after it has spent millions of dollars to operate two troubled insurance firms placed under government receivership. The FSC refers to the Global Life Insurance Co and Singfor Life Insurance Co, which were placed in government receivership last year due to insolvency and mismanagement. FSC Chairman Tseng Ming-chung said the two firms will be the last firms that the commission will bail out because the FSC will start assessing early-intervention measures on insurance companies. The FSC issued the statement after Cathay…