China’s state-owned enterprises will face more mergers and bankruptcies as the government overhauls the lumbering state sector, the head of the country’s state asset regulator told Reuters.In a rare interview with a foreign news outlet, Xiao Yaqing, chairman of the State-owned Assets Supervision and Administration Commission (SASAC), stressed Beijing’s commitment to streamline its bloated and debt-ridden state-owned sector and create conglomerates capable of competing globally.China embarked on a revamp of its state-owned enterprises (SOEs) in 2015 to tackle rising corporate debt and also to make them more profitable and responsive to market forces.It has claimed progress in its SOE restructuring through mergers, reductions in excess capacity, the relocation of workers, closure of “zombie” firms, and implementing a controversial scheme under which debt is converted into equity.“Our wish is for them to be bigger, stronger and more efficient. And this … [Read more...] about China’s state-owned firms to face more mergers, bankruptcies
Facing future
Singapore must accept slower labour growth, face tax question as it ages: Ravi Menon
Slower rates of labour force growth in Singapore are unavoidable, the city-state’s central bank head said on Monday, and any attempt to completely offset it by increasing foreign workers is not viable.Singapore faces a problem common to many developed societies, that of an ageing resident population, but has tightened restrictions on foreign workers in recent years.“We must accept a slower rate of labour force growth,” said Ravi Menon, managing director of the Monetary Authority of Singapore, in a speech on the impact of Singapore’s ageing population on its economy.“The underlying demographic slowdown is so severe that it is neither feasible nor desirable to try to offset it completely through immigration of foreign workers.”Menon noted that gross domestic product growth is basically the sum of productivity growth and labour force growth, and added that increasing productivity will be vital for Singapore’s economy going forward.He added, … [Read more...] about Singapore must accept slower labour growth, face tax question as it ages: Ravi Menon
Buriram, Chiang Rai face off as VAR makes debut
Thai League 1 champions Buriram United and FA Cup winners Chiang Rai United will square off in the Thailand Champions Cup today. The match, which is a curtain raiser for the domestic football season, will use the Video Assistant Referee (VAR) system for the first time in Thai football.The game, at Supachalasai stadium, kicks off at 7pm and will be broadcast live on True4U.Sasalak Haiprakon will miss the game for the Thunder Castle due to an injury but all the other players are available, according to team manager Tatthep Pitakpoolsin."This is our second match of the pre-season and the players are slowly regaining their fitness. Only Sasalak is not available due to an injury while others are raring to play."We are confident that we will win the Thailand Champions Cup and the players will give their best tomorrow," he added.Chiang Rai team manager Chidtawan Chinanuwat added, "It is an honour for our team to play in this match. We haven't done that well during the pre-season. But this is … [Read more...] about Buriram, Chiang Rai face off as VAR makes debut
May reshuffle to help UK face Brexit
LONDON: British Prime Minister Theresa May named a new head of the ruling Conservatives on Monday in a reshuffle aimed at handing her government a new start after months of divisions over Brexit, scandals and an ill-judged election. May, weakened by the loss of the Conservatives' majority in June's election gamble, moved to make changes to her team of top ministers after ending last year with a deal to shift talks with the European Union to a second phase.She kept her team's 'big beasts' - the finance, Brexit, foreign and interior ministers - but is promoting women, black and younger lawmakers to challenge critics who call her party "male, pale and stale".Appointing immigration minister Brandon Lewis and lawmaker James Cleverly to become the chairman and deputy chair of the Conservatives was part of her strategy to reassert her authority over the party and to try to broaden its reach.May is also keen to strengthen her hand in talks with the EU to unravel more than 40 years of union and … [Read more...] about May reshuffle to help UK face Brexit
Future belongs to Asians, predicts India’s Jeev
Asia is ready to take on the world and the future will see a lot of golfers from the continent winning major championships, said Jeev Milkha Singh. The Indian golfer, the son of the legendary Milkha Singh, the amiable, self-deprecatory athlete who used to call a spade a spade, gave the prescient warning just like South African legend Gary Player, who made a bold prediction that Chinese would dominate the game very soon.Jeev is one of a kind. They don't come often these days. In this age when relationships are made for a reason and would not even last a season, he was here in Bangkok to meet and celebrate the New Year with his friends from Bishop Cotton School in India."We thought we can catch up with lot of Cottoners for old times sake. It is good to see all my school friends doing very well in Thailand. My school gave us good values and got us ready to face the world," he said.The man with 22 wins worldwide said the future of Asian golf is very bright."Asia is the only region that is … [Read more...] about Future belongs to Asians, predicts India’s Jeev