Banking industry
The Monopolies and Restrictive Trade Practices Commission (MRTPC) has launched an inquiry into HDFC Bank's practices, issuing a notice to the bank for allegedly allowing direct selling agents to make false promises to credit card customers. A preliminary report by the MRTPC's investigative arm, the Directorate
Banking industry
As the country continues to implement its fiscal reforms, the government is optimistic that these efforts will lead to improved economic conditions, higher credit ratings, and increased access to international credit opportunities. The recent upgrade of the Philippines' credit outlook by financial research and analysis firm Moody's
Economic conditions
President Gloria Macapagal-Arroyo stated that the latest sovereign credit rating upgrade of the Philippines by Moody's Investors Service is a significant vote of confidence in the economic reforms she has undertaken since taking office in 2001. The upgrade reflects progress in reining in fiscal deficit and reduced dependence
Banking industry
Citigroup, the world's largest bank, has emerged victorious in its bid to acquire a stake in China's Guangdong Development Bank (GDB) after a prolonged battle with French bank Societe Generale and Chinese insurer Ping An Group. The US-based financial giant has been granted approval by the
Economic conditions
The Philippine Chamber of Commerce and Industry (PCCI) has expressed full support for the implementation of the Japan-Philippines Economic Partnership Agreement (JPEPA). According to PCCI president Donald Dee, the Philippines has a solid legal framework to address concerns over the entry of toxic substances and hazardous wastes, including municipal wastes,
Economic conditions
Philippine administration Senator Juan Ponce Enrile has appealed to his colleagues in Congress to expedite the passage of Senate Bill No. 1197, which aims to increase personal and additional exemptions from individual income tax. Enrile's bill proposes to raise the basic personal exemption from P20,000 to P48,
Economic conditions
The China Financial Futures Exchange has recently published four documents outlining the trading rules and regulations for its new stock index futures contract. The exchange, which focuses on financial derivatives trade, has introduced a new contract for the Shanghai and Shenzhen 300 Stock Index Futures. The contract will have a
Banking industry
South Korea's Bank of Korea (BOK) retained its key interest rate at 4.5 per cent in October, despite rising concerns over North Korea's first nuclear test. The decision was widely anticipated by local analysts, with 16 out of 16 surveyed by Yonhap Infomax predicting a
Economic conditions
South Korea's Bank of Korea (BOK) retained its key interest rate at 4.5 per cent in October, despite economic growth concerns and North Korea's announcement of a first nuclear test. Analysts had unanimously predicted the rate freeze, citing the potential impact of the nuclear test
Economic conditions
Thailand's newly formed cabinet has called for urgent action to address concerns about the country's image among foreign tourists and investors, following a series of glitches in the baggage handling system at Suvarnabhumi Airport, including a major incident on October 7 that left 6,700 bags
Banking industry
The Indian IT industry is embroiled in a controversy over allegations of information theft made by a UK-based TV channel, Channel 4. The National Association of Software and Service Companies (Nasscom) has sought a police probe into the matter, despite the channel refusing to share details of the alleged date
Economic conditions
Companies in Vietnam are speeding up the listing process on the stock market to take advantage of a tax incentive that will expire at the end of the year. The Ministry of Finance has announced that the tax break, which provides a 50% reduction in corporate income tax for two
