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South and Southeast Asia

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  • MANILA, Philippines— The Philippines' top trade official on Saturday called for support for the integration of micro, small and medium enterprises in global trade, which he said would help reduce poverty and inequality in the Asia-Pacific region. Manila is pushing for greater support for the integration into the global trade and value chain of MSMEs, which...

  • *No discount if oil prices average $60/ bbl in June qtr. NEW DELHI, May 22- India plans to reform rules governing the level of discounts upstream state oil firms including ONGC offer to retailers, a senior finance ministry official said on Friday, a move that could expedite the sale of a stake in the company. Currently ONGC, Oil India and GAIL sell crude and fuels like...

  • May 22- EU Medicines Agency:. *EU Medicines Agency recommendations for May 2015. *Recommends approval of cholesterol drug Repatha from Amgen Inc.

  • SINGAPORE, May 22- China is likely to hold a 25-30 percent stake in the new Asian Infrastructure Investment Bank while India will be the second-biggest shareholder, delegates said on Friday after a three-day meeting of the bank's founding member-nations. No details of the ownership structure were disclosed, but delegates told Reuters that China would likely...

  • BEIJING— All-expenses-paid trips to reward top salespeople aren't unusual, but direct marketing companies that are the Chinese versions of Amway, Avon and Herbalife are taking it to an extreme by sending thousands abroad on package tours. One company is sending 12,700 salespeople to Thailand on a tour that continues until next week. vice-chairman Xu Guowei...

  • SINGAPORE/ NEW DELHI, May 22- China-backed Asia Infrastructure Investment Bank on Friday set an ambitious target to become operational by the end of the year after a three-day meeting of prospective founding member nations in Singapore. Delegates told Reuters that China would likely take a 25-30 percent stake in the bank, and India was likely to be the...

  • Tuk-tuk taxi maker aims to make inroads in US Friday, 22 May 2015 | 2:24 AM ET

    DENVER— They're ubiquitous in Asia, swarming the bustling streets of Bangkok, New Delhi and Beijing. The Tuk Tuk Factory, based in Amsterdam, has signed a licensing agreement with Denver- based eTuk USA to allow the company to manufacture and sell an electric version of the vehicle. The three partners' other company, eTuk Denver, launched a call-and-demand shuttle...

  • May 22- China will likely take a 25-30 percent stake in the Asian Infrastructure Investment Bank and India is likely to be the second-largest shareholder, delegates attending a meeting of the bank's founding members said on Friday. China's share in the $100 billion lender will be less than 30 percent, an Asian delegate attending the meeting in Singapore told...

  • WASHINGTON, May 21- The United States on Thursday imposed sanctions on two firms based in Iraq and in the United Arab Emirates for helping Iran purchase second-hand civilian aircraft. Treasury said the sanctions applied to Iraq- based Al-Naser Airlines as well as UAE- based Sky Blue Bird Aviation for providing support to Iranian airline Mahan Air.

  • NEW DELHI, May 21- India's central bank is working to liberalize its foreign exchange rules to make it easier to do business with Asia's third-largest economy, Deputy Governor H.R. Khan said on Thursday, a step that could support flagging exports. "We have got a positive response from the RBI and it could soon issue directions to banks," said S.C. Ralhan, president of...

  • May 21- The Kuala Lumpur- based Islamic Financial Services Board is preparing guidelines for Islamic capital market products, retakaful and stress testing, as the industry body tightens oversight of market practices. IFSB guidelines allow national financial regulators to have the final say on how they apply standards, but its prescriptive approach is...

  • But move would be good for rice exporters Thailand, Vietnam. JAKARTA, May 21- Indonesia's president could be forced to backtrack on promises to curb rice imports, with analysts saying the country may ship in as much as 1.6 million tonnes of the staple grain this year due to soaring prices at home and the threat of a strong El Nino. "Sometimes Indonesia's policy isn't...

  • MUMBAI, May 20- India's Tata Steel Ltd said it expected a rebound in steel demand in its home market and modest growth in Europe this year, after reporting a $889 million quarterly loss inflated by a hefty impairment on its UK business. The consolidated fourth quarter loss from Tata Steel, Europe's second-largest steelmaker, compares with a net profit of 10.36...

  • India's gold monetisation plan lacks lustre - industry Wednesday, 20 May 2015 | 9:24 AM ET

    *Banks worry over operational costs. SINGAPORE/ MUMBAI, May 20- A proposal in India to attract thousands of tonnes of gold owned by households into a bank deposit scheme will likely fail in its current form as it does not address some key concerns for banks and consumers. Deposit schemes, similar to the one proposed on Tuesday by the Narendra Modi- led government, have...

  • New rules no fix for Indonesia's dollar fixation Tuesday, 19 May 2015 | 5:00 PM ET

    JAKARTA, May 20- As Indonesia prepares to ban domestic use of the dollar to build faith in its own currency, it might succeed in taking the greenback out of local hands, but much of the benefit of the reform will be lost as local heads still calculate in dollars. Many businesses say they will still effectively be hostage to gyrations in Indonesia's volatile rupiah...

  • KARACHI, Pakistan— Pakistani federal investigators on Tuesday raided multiple offices of a software company after a report in The New York Times said it made millions of dollars marketing fake degrees worldwide, officials said. Shahid Hayat, director of the Federal Investigation Agency, confirmed that an investigation has been launched into the company.

  • "Automakers have to be aware that India works at different levels and segments, and they have to keep up," R.C. Bhargava, chairman of Maruti Suzuki said by telephone. With that awareness comes investment in new, or upgraded production lines to produce the compact vehicles that will account for one in every four vehicles sold in India in 2019, up from a 17 percent share...

  • HANOI, Vietnam— Police in central Vietnam detained two South Korean managers for the Samsung Group on Tuesday over a scaffolding collapse in March that killed 13 workers and injured dozens. Phan Ke Hien, a spokesman for Ha Tinh provincial police, said Lee Jae- myeong and Kim Jong- wook are accused of violating labor safety regulations, which carries a penalty of up...

  • That could change soon: "There's a lot of interest from Chinese buyers for long-term LNG volume, especially for 2020 onwards," said Nicolas Zanen, Vice President for Asia at Cheniere Marketing Pte Ltd, a wholly owned subsidiary of Cheniere Energy Inc.. And not necessarily small buyers, big buyers as well, "said Zanen on the sidelines of the Asia Oil and Gas Conference...

  • --Clyde Russell is a Reuters columnist. The $70 billion buyout of BG Plc by larger rival Royal Dutch Shell is generally viewed by investors and analysts as the first big deal in a likely series of major mergers and acquisitions in the resource sector. Ryan Lance, the chief executive of ConocoPhillips, was adamant that he didn't expect a "big M&A wave any time soon."