Economic conditions
A group of US senators has sent a letter to South Korean President Roh Moo-hyun, urging him to resume imports of US beef, warning that failure to do so may lead to the abandonment of a proposed free trade agreement between the two countries. The senators argue that other Asian
Economic conditions
The Asian Development Bank (ADB) has urged Bangladesh to reassess its fuel price policy to reduce its dependence on public borrowing, which exacerbates inflation. At a press briefing, ADB country director Hua Du highlighted the steep margin between wholesale and retail prices of essential goods, causing immense hardship for ordinary
Economic conditions
Malaysia has announced that from November, all foreign workers registered in the country will be required to carry workers' cards embedded with security features, including biometric fingerprint systems that cannot be forged. The new cards will be color-coded according to employment sectors, enabling workers to move around freely while
Economic conditions
Beijing plans to reduce tax rebates on exports of resource-intensive and environmentally-harmful products, reflecting the government's drive to shift the nation away from low-value-added exports. The decision comes despite strong protests from domestic companies and traders. The move is aimed at promoting a trade balance and reducing the
Economic conditions
China's government aims to reduce its tax rebates on high-energy consuming, resource-intensive, and environmentally-harmful products by an average of 2% to encourage domestic consumption and reduce trade surpluses. According to officials, the new policy reflects the government's efforts to shift emphasis away from low-value-added exports and
Economic conditions
The world is getting hotter and using more fossil fuels as people get richer and the population surges towards the 6.5 billion mark. According to the Worldwatch Institute's Vital Signs publication, the amount of greenhouse gases working their way into the atmosphere is at an all-time high,
Economic conditions
Chinese enterprises saw a 25.5% increase in profits in the first five months of 2006, but the majority of this growth was concentrated in the five major sectors of oil, electric power, coal, and nonferrous metals. The top five sectors in growth were nonferrous metals, electric power, machine building,
Banking industry
The Asian Development Bank (ADB) has announced a $600,000 technical assistance grant to support small and medium enterprise (SME) development in Viet Nam. The grant will be used to design an ADB investment project to develop the leasing industry and support the implementation of an ongoing ADB program. The
Economic conditions
China's top trade union official, Wang Zhaoguo, has proposed an amendment to the Trade Union Law, making it compulsory for foreign-funded companies to unionize. This move aims to counter obstinate refusals by foreign companies, including the world's leading retailer Wal-Mart, to recognize trade unions for employees
Banking industry
Bank Indonesia Deputy Governor Aslim Tadjuddin has expressed a confident stance on the country's economic resilience in the face of the US Federal Reserve's interest rate hike. According to Tadjuddin, the market's anticipation of the rate increase and the signal of a potential shift
Economic conditions
The fate of the Doha round of trade talks hangs in the balance, with Prime Minister John Howard stating that the talks are "on the brink of collapse" due to Europe's failure to compromise on protectionist farm policy. Despite the US offering to phase out agricultural
Banking industry
China's state auditor general, Li Jinhua, has exposed massive misappropriation of funds meant for road construction, amounting to 1.64 billion yuan (US$205 million). The misappropriated funds were used for administration, official bonuses, and other construction projects. Li's annual state audit report to the legislature
