Asia Business

China eases monopoly on credit card processing

By Thu, Oct 30, 2014 12:05PM UTC Pic: AP.

BEIJING (AP) — China’s Cabinet says it will ease restrictions on credit card processing in a move that might help to resolve a lengthy dispute with the United States over access for Visa, Mastercard and other foreign competitors.

Samsung profit sinks 49 percent on slowing mobile

By Thu, Oct 30, 2014 9:56AM UTC Pic: AP.

SEOUL, South Korea (AP) — Samsung Electronics Co. says its third-quarter income has plunged 49 percent to the lowest level in nearly three years as its handset business slows down.

VW recalls 270,000 cars in China to fix airbags

By Wed, Oct 29, 2014 7:30PM UTC Volkswagen Touareg V8 is displayed at the Guangzhou Auto Show in Guangzhou, China. Pic: AP.

BEIJING (AP) — A joint venture between Volkswagen and a Chinese partner is recalling 270,000 cars in China to repair a software problem that might prevent airbags from activating properly.

World Bank: China needs reform, not growth targets

By Wed, Oct 29, 2014 2:19PM UTC Pic: AP.

BEIJING (AP) — The World Bank says China’s economic growth could decline to close to 7 percent next year but Beijing should focus on pushing ahead with market-oriented reforms instead of trying to stick to official growth targets.

Tough justice: new Jakarta governor to settle on controversial minimum wage

By Wed, Oct 29, 2014 11:06AM UTC Vendors sort spices at a market in Jakarta, Indonesia. Pic: AP.

At a time when much of Indonesia’s media remains fixated on president Joko Widodo’s cabinet selection, a separate drama of much more immediate import to Jakarta’s poor has been quietly unfolding elsewhere in the capital. Last week a tripartite forum of trade union leaders, employers’ associations and bureaucrats from the Jakarta city administration gathered to negotiate a new provincial minimum wage for 2015. The talks proved to be a baptism of fire for the newly empowered, straight-talking governor Basuki ‘Ahok’ Tjahaja Purnama who angrily rejected workers’ demands for a 22.9% wage hike from Rp 2.4m ($197) to Rp 3m ($247) per month.

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