Asia Pacific

Headlines

South Korea: Making up for lost time

After the impeachment of South Korea’s former president, Park Geun-hye, amid a far-reaching corruption scandal, the country was ready for change. South Korea’s new liberal president, Moon Jae-in, appears set to take on that challenge. Campaigning on a policy platform of job creation, corporate governance and labour market reforms, as well as promises...

Alibaba acquires majority stake In Indian ticketing startup TicketNew

Alibaba Pictures, the entertainment unit of China’s ecommerce major Alibaba Group, has acquired a majority stake in Chennai-based TicketNew for an undisclosed amount. Post-acquisition, Alibaba will have four representatives on TicketNew’s board and the firm’s promoters will have two of their representatives. TicketNew founder and CEO Ramkumar...

NIO unveils production vehicle for China Market

NIO unveiled new production vehicle, the NIO ES8, a 7-seater high-performance electric SUV for the China market - NIO ES8’s official launch will take place at the end of this year, with deliveries expected to begin next year - NIO to begin taking pre-orders of its flagship supercar, the NIO EP9, priced at 1.48 million USD - 11 Cars: NIO showcased...

X-ELIO closes the financing process for two new photovoltaic plants in Japan

The group achieves the necessary funds for the start-up of two new solar parks in Japan: Tsurusu and Shiroishi.Both PV power stations will be located at Miyagi Prefecture. Tsurusu Park will have a capacity of 38 MW and Shiroishi will reach 28 MW.The plants are expected to start producing energy in the second half of 2018.With both parks, the X-ELIO...

Hindalco raises ₹3,350 crore via QIP

Hindalco Industries, an Aditya Birla group company, has raised ₹3,350 crore through issue of shares under qualified institutional placement, largely to pay back high-cost debt and invest in value-added aluminium and copper products. The capital-raising committee of the company’s board met here on Thursday and approved the proposal to allot 17.68...

Finance

The government of the Maldives is struggling to stay afloat

THE resorts for which the Maldives are famous may be havens of tranquillity, but Malé, the country’s capital city, is a chaotic place. In addition to the extreme density of the population and the frenzy of the traffic, Maldivian politics have become especially turbulent. As MPs from the ruling party defected to the opposition, the government...

The unfinished Partition of India and Pakistan

EVERY year in mid-August India and Pakistan celebrate their independence in much the same way. School kids sing anthems; politicians make speeches; soldiers rattle sabres. The two countries share a quieter, more introspective ritual too: memories are hauled out and dusted off and then, after a great deal of tut-tutting and head-shaking over the...

A massive blackout prompts questions about Taiwan’s energy policy

The blackout cast long shadows LARGE parts of Taiwan went black: roads were lit only by the headlights of the cars driving along them, and even the capital’s landmark skyscraper, Taipei 101, was in darkness. The emergency services were inundated with calls, many from people trapped in lifts. The giant power cut on August 15th saw nearly half of...

A dual-citizenship row rattles the Australian government

WHEN two Australian Greens senators left parliament last month after learning that they were dual citizens, and thus in breach of the constitution, Malcolm Turnbull, the prime minister, condemned their “incredible sloppiness”. But on August 14th Barnaby Joyce, the deputy prime minister, revealed that he, too, was a citizen of two countries:...

The Philippine president’s zany ideas have not hurt the economy

IN MATTERS of economics, as in other realms, Rodrigo Duterte, the president of the Philippines, is more than capable of flamboyant, populist gestures. Earlier this month, to the consternation of much of his cabinet, he signed a law abolishing tuition fees for students in state universities. When asked how the government would pay for this, he replied,...

Legal

China updates New Industry Catalogue

PRC reduces regulatory procedures for foreign investments following its 2016 reforms. China creates a nationally applicable “negative list” for foreign investment, which opens up more industries for multi-national companies.Foreign Investments Filing Administrative Rules will be updated and published soon by the Ministry of Commerce to clarify...

Proposals to make free movement of data a principle of EU law expected this autumn

Ansip said proposed new EU legislation to tackle unnecessary restrictions on where data can be stored are likely to be published this autumn.The proposals will also look to make it easier for businesses to move their data between rival cloud providers and ensure that public sector bodies can access data held by authorities in another EU country to help...

New advertising standards in the UK to take tougher stance on gender stereotypes

The new standards will be drawn up by the Committee of Advertising Practice (CAP), according to a new report on gender stereotypes in advertising (64-page / 5.4MB PDF) published by the Advertising Standards Authority (ASA), the watchdog that oversees compliance with UK advertising rules.The CAP will also look to "clarify standards that reflect the ASA‘s...

BREXIT: Scottish government calls for protection of devolved powers

Minister for negotiations on Scotland’s place in Europe Michael Russell wrote to all MSPs asking them for full backing of the Scottish government's position. The move comes after the UK government published the European Union (Withdrawal) Bill on Thursday last week.Russell said the Scottish government had “serious concerns about the bill in a number...

UK government urged to avoid data transfers 'cliff edge' at point of Brexit

In a new report, a House of Lords committee warned that trade and security could be impacted if the flow of data is disrupted at the point of Brexit.To enable data to flow between the UK and EU post-Brexit, the EU Home Affairs Sub-Committee urged the UK government to seek a so-called 'adequacy' decision from the European Commission, which would recognise...

Deals

Mourant Ozannes advises LSE-listed The Prospect Japan Fund Limited on US$147 million takeover

Mourant Ozannes has advised long-standing LSE listed client, The Prospect Japan Fund Limited (TPJF), on its recommended takeover by Japanese-based Prospect Co., Ltd (Prospect). The offer was an all-share offer of Japanese listed shares – believed to be the first of its kind in the UK – and it was completed via a Guernsey scheme of arrangement. The...

Galaxy Group expands global start-up service network with US$ 30 million investment in IP Group

Beijing Galaxy World Group (Galaxy Group) announced a US$ 30 million strategic investment in IP Group (LSE: IPO), a well-known British developer of intellectual property-based business. The payment and settlement of relevant shares will be completed no later than 18 August 2017. Henceforth Galaxy Group will look to cooperate with IP Group in various...

Four of the five largest private equity funds are in Asia

At a time when a record number of private equity (PE) funds are seeking capital from investors around the world, Asia is emerging as a hotbed of PE activity, and this is reflected from the fact that three of the five largest funds on the road to raise capital at the end of first quarter this year focus on this continent.Again, of the five largest...

Japan dominates Asia-Pacific outbound M&A for Q1

Japan’s continued hunt for growth pushed it to the top of the Asia-Pacific region for outbound deal value during the first quarter of 2017, knocking China from its top spot as Chinese buyers face their own regulatory and political challenges, experts say. The first quarter of the year saw Japanese buyers ink $14.72 billion in transaction value...

Chinese capital constraints send shock through global M&A

Outbound deals hit lowest level since 2014 after cash clampdown For months, Chinese conglomerate Fujian Thai Hot has been on the cusp of completing a $1.4bn buyout of a Hong Kong-based life insurer.There has been just one problem: the cash needed to pay for the deal has been stuck inside China, awaiting a final regulatory sign-off from the country’s...

Acq Lite

Elisabeth Moss answers fan question about Scientology

Aug. 19 (UPI) --Mad Men and The Haidmaid's Tale actress Elisabeth Moss has answered on Instagram a fan's question about her membership in the Church Scientology.Moss shared a photo of herself this week with the caption: "Last Handmaids Tale season 1 event until the Emmys! Thank you for coming out everyone last night, your love and support of the show...

'Conjuring' franchise crosses the $1B milestone at the worldwide box office

Aug. 19 (UPI) --The Conjuring universe of supernatural horror films has crossed the $1 billion mark at the worldwide box office.The release of the latest installment -- Annabelle: Creation, which has thus far earned more than $110 million globally -- helped the franchise achieve the milestone.Sue Kroll, president of worldwide marketing and distribution...

Steve Burton officially returns to the 'General Hospital' set

Aug. 19 (UPI) -- Steve Burton has returned to the set of General Hospital after a five-year hiatus."Hey, guys! Steve Burton here. At home. At General Hospital. I just wrapped my first day. It was amazing. It was really great seeing everybody and I really have to say that this story is going to be so kick beep that you are not going to want to miss it....

President Trump and first lady Melania won't attend Kennedy Center Honors

Aug. 19 (UPI) -- U.S. President Donald Trump and his wife Melania will not attend as planned the upcoming Kennedy Center Honors."The President and First Lady have decided not to participate in this year's activities to allow the honorees to celebrate without any political distraction," White House press secretary Sarah Huckabee Sanders said in a statement...

Famous birthdays for Aug. 19: Kyra Sedgwick, Bill Clinton

Aug. 19 (UPI) -- Those born on this date are under the sign of Leo.They include:-- Aviation pioneer Orville Wright in 1871-- French fashion designer Coco Chanel in 1883-- Humorist Ogden Nash in 1902-- Publisher Malcolm Forbes in 1919-- Star Trek creator Gene Roddenberry in 1921-- Writer Frank McCourt in 1930-- Actor Diana Muldaur in 1938 (age 79)--...