Banking industry
Hyundai Motor Chairman Chung Mong-koo, 68, has been granted bail by a Seoul court and released from prison after two months of detention. The decision was made due to his deteriorating health and the potential impact on the conglomerate and national economy. Chung was arrested on April 28 on embezzlement
Economic conditions
The Philippine Department of Labor and Employment (DOLE) has introduced a simplified application process for the alien employment permit (AEP) to encourage foreign workers to invest and create jobs in the country. The new department order reduces the processing time from five days to one and simplifies the required documents.
Economic conditions
China's senior bankers, including Guo Shuqing, chairman of the China Construction Bank Corporation, and Wu Xiaoling, vice-governor of the People's Bank of China, have called on the US government to create a favorable environment for Chinese investors to deepen economic ties. They argue that the imbalance
Economic conditions
Despite increasing internet usage, companies in Vietnam are not fully leveraging e-commerce to sell their products and services, according to the Ministry of Trade. The infrastructure and personnel needed to support e-commerce are in place, but most companies have not integrated the web into their long-term business plans. However, businesses
Economic conditions
The World Bank has approved a $111.5 million credit to support the government's program to develop an accountable local governance system in Bangladesh. The credit will strengthen Union Parishads' (UPs) ability to respond to community needs and deliver services through a transparent fiscal transfer system. The
Economic conditions
The World Bank has expressed its determination to tackle corruption in Bangladesh's power sector, particularly in projects funded by the bank. World Bank Vice President Praful Patel emphasized the need to reduce leakage and corruption in the sector, citing a significant cost to the country's development.
Economic conditions
China's State Administration of Taxation has announced plans to slash export tax rebates for resource-intensive products, aiming to curb the country's rapidly increasing exports and narrow its foreign trade surplus. The move targets energy-consuming industries, which have been detrimental to the environment, and is expected to
Economic conditions
The Philippine Congress has ended its second regular session without approving a budget for 2006, instead opting to reenact the 2005 budget of P907.6 billion (US$17.1 billion). The failure to pass a new budget has been attributed to a lack of agreement between the bicameral committee conference
Economic conditions
China's Vice Premier Zeng Peiyan expressed the country's commitment to fostering a fair and favorable environment for foreign investors, emphasizing the government's support for Chinese enterprises to collaborate with international partners. Zeng made this statement during a meeting with Samuel J. Palmisano, chairman and
Economic conditions
As Vietnam prepares to join the World Trade Organisation (WTO), the country's telecommunications sector is optimistic about the challenges and opportunities that lie ahead. With eight domestic companies providing a range of services, including postal services, internet, and telecom services, the sector is gearing up to compete with
Banking industry
Australia's Reserve Bank is under pressure to review its credit card reforms introduced three years ago, as consumers continue to feel the pinch of higher fees, surcharges, and reduced reward scheme benefits. The reforms were designed to reduce credit card costs for retailers, which was expected to be
Banking industry
Police officials from the Asia-Pacific region have embarked on establishing close coordination to combat cyber crime, a growing security threat in the region. At a news conference to kickstart an Interpol meeting in Manila, security officials vowed to stop the use of the internet for illicit activities such as sex
