J. P. Morgan Chase & Co. has reportedly ended its involvement from a $1 billion Hong Kong listing of Chinese chemicals giant Tianhe because of ongoing probe into its controversial "sons and daughters" hiring program.
The American lender allegedly hired the adult children of high-ranking and influential Chinese officials to win business in the country. The U. S. Securities & Exchange Commission (SEC) and the Department of Justice (DoJ) launched a probe into the bank's hiring practices last year.
Singapore's Acting Minister for Manpower Tan Chuan-Jin has denied widespread abuse of foreign workers in the country, but he admitted the situation of foreign workers is not perfect.
On Monday, Tan told Parliament that his ministry last year helped thousands of foreign workers with difficulties, adding that he was therefore puzzled to listen that there was widespread and systemic abuse of the foreign workforce, which was the cause of the recent riot.
Chinese economy last year grew at the lowest rate in fourteen years as the country continued to suffer because of "complex and severe situation" at home and overseas.
The National Bureau of Statistics (NBS) on Monday released the country's economic data showing a growth of 7.7 per cent for 2013. The figure marked the economy's slowest growth since 1999, when the economy had grown 7.6 per cent.
Hong Kong's real estate investor Li Ka-Shing grabbed the top spot on the latest Bloomberg Billionaires Index, while gambling mogul Lui Che-Woo maintained his position as Asia's second-richest person.
With a fortune of $29.5 billion, Li continued to be the region's richest person; while Lui trailed grabbed the second spot with a fortune of $23.7 billion.
Li has been the richest person of Asia since April 9, 2012, when his fortune surpassed that of Indian billionaire Mukesh Ambani, the chairman of Reliance Industries Limited.
The Asia Cup will take place as scheduled even if any team decides not to take part in it, Asian Cricket Council (ACC) chief executive Ashraful Huq declared on Thursday.
Commenting on reports that Pakistan might withdraw from the tournament, which is scheduled to take place between February 25 and March 8 in Bangladesh, Huq also said that those who believe that the tournament would be shifted elsewhere were living in a fool's paradise.
East Asia is now more prone to be hit by powerful tropical cyclones than three decades back, a study by researcher at Seoul National University of South Korea has warned.
The researchers led by Chang-Hoi Ho analyzed five separate data sets that documented the development of tropical cyclones across the north-west Pacific between 1977 and 2010, and found that East Asian countries like China, Korea and Japan have experienced increasingly powerful cyclones.
Sony Computer Entertainment (SCE) has expressed its intentions to achieve a greater level of expansion in Asian markets.
Hiroshi Kawano, the president of SCE Japan and Asia, said that the company had always been looking at Asia and would continue to seek growth there as region was a promising market for the company.