Archive for ' Business & Finance'

GSK says China execs may have broken Chinese law

GSK says China execs may have broken Chinese law

GlaxoSmithKline, under a probe in China for alleged bribery, has admitted wrongdoing by some of its senior executives. Abbas Hussain, GSK’s president of international operations, said that senior China-based executives “appear to have acted outside of our processes and controls, [...]

July 23, 2013
GlaxoSmithKline executive banned from leaving China

GlaxoSmithKline executive banned from leaving China

A senior British executive at GlaxoSmithKline in China has been banned from leaving the country amid a probe into the UK drugmaker over allegations of bribery. GSK confirmed that Steve Nechelput, its finance director, has not been able to leave [...]

July 18, 2013
ADB cuts Asia growth forecasts on China slowdown

ADB cuts Asia growth forecasts on China slowdown

Asia’s economic growth will slow to a crawl this year amid weaker expansion in China, the Asian Development Bank said Tuesday. ADB trimmed the growth outlook for developing Asia to 6.3% this year from 6.6% as China’s slowing economic growth [...]

July 17, 2013
Japanese husbands’ spending slumps to 30-year low

Japanese husbands’ spending slumps to 30-year low

The average monthly allowance of Japanese husbands slumped to 38,457 yen ($418), the lowest level since 1982 at the start of the country’s financial year. Salarymen’s spending money plunged 3% from last year to less than half the 1990 peak, [...]

July 03, 2013
Panasonic under US bribery probe

Panasonic under US bribery probe

Panasonic Corp. has come under US scrutiny over allegations that a unit of the Japanese electronics giant paid bribes to ease business deals. US regulators are probing Panasonic Avionics Corporation (PAC), a subsidiary based in Lake Forest, California, which manufactures [...]

April 02, 2013
Japanese automakers shift to Mexico to export vehicles

Japanese automakers shift to Mexico to export vehicles

More Japanese automakers have shifted their manufacturing to Mexico, driving the Central American country towards becoming one of the largest vehicle export bases in the world. Mexico’s vehicle production in 2012 was 2.88 million units, up 12.8% from the previous [...]

February 26, 2013
Chinese firms race to expand investments in Southeast Asia

Chinese firms race to expand investments in Southeast Asia

Conglomerates led by ethnic Chinese are racing to Southeast Asia to tap brisk demand in the region following the Asian currency crisis, driving foreign investment in countries such as Indonesia and the Philippines. The automotive and retail industry in heavily [...]

February 25, 2013
Southeast Asian nations beef up tax rules for foreign firms

Southeast Asian nations beef up tax rules for foreign firms

Southeast Asian countries are beefing up tax rules for foreign firms to curb them from diverting income overseas amid rapid growth in the region’s economies. Vietnam, the Philippines and other Southeast Asian nations are seeking more tax income from foreign [...]

February 25, 2013
Diamond heist sends ripples from Brussels to India

Diamond heist sends ripples from Brussels to India

India will face a temporary shortage of rough diamonds following a heist at Brussels airport Tuesday, a senior Indian trade executive said Wednesday. A consignment of rough diamonds worth around $50 million was apparently on its way to India when thieves, reportedly disguised as [...]

February 20, 2013
Southeast Asian firms targeting overseas acquisitions

Southeast Asian firms targeting overseas acquisitions

Southeast Asian companies are scrambling to buy businesses in other markets as they emerge as global competitors. A growing number of firms from Southeast Asia – once the target of acquisition deals – have expanded by acquiring firms in other [...]

February 19, 2013