■ Labor issues
China's women slave away
It is all work and no play for China's growing army of female entrepreneurs as they try to build successful careers in a male-dominated society, state media reported yesterday. Only 1.6 percent work less than eight hours a day, 83.5 percent work eight- to twelve-hour days and 14.9 percent work more than 12 hours, Xinhua news agency said, citing a survey from the China Association of Women Entrepreneurs. The predictable result is that they are left with little time to care for their children, do housework or even sleep, according to the agency. But in return for the hard work, they can pride themselves with having left a mark on the economy as they run more than 40 percent of China's private companies, Xinhua said.
■ Investment
US MNC earnings fall
US multinational corporations in Singapore, South Korea and the Philippines saw their earnings fall last year while overall US investments in the Asia-Pacific region jumped, official figures showed yesterday. Investments in Malaysia garnered the best returns at 25.6 percent and the worst in the Philippines at 2.7 percent, according to the U.S. Department of Commerce data. Cumulative investments in the region increased to US$293.5 billion last year, up from US$267.1 billion the previous year. Multinationals saw their income from investments in Singapore drop nearly 20 percent to US$6.9 billion from US$8.6 billion. Japan accounted for the single biggest portion of US investments in the region at 25 percent.
■ Top Executives
EBay's Whitman tops list
EBay Inc. President and Chief Executive Meg Whitman was named the most powerful woman in business by Fortune Magazine, unseating Hewlett-Packard Co Chief Executive Carly Fiorina, who topped the list for six years. Fiorina slipped to No. 2 on the list, falling from spot she held since the survey began in 1998, Fortune said in a statement. Avon Products Chief Executive Andrea Jung, Xerox Corp. Chief Executive Anne Mulcahy and Citigroup Inc. Global Consumer Group Chief Executive Marjorie Magner were named No. 3, No. 4 and No. 5 on the list, Fortune said. The rankings, to be published in Fortune's Oct. 18 issue, are based on the size and importance of the woman's business, her clout in the company, her career trajectory and her cultural and social impact.
■ Banking
Watchdog eyes Citigroup
South Korea's financial watchdog said yesterday it would launch a regular inspection of US financial giant Citigroup's private banking operations there by the end of this year. Citigroup was last month ordered by Japanese regulators to close its private banking operations for violating banking laws. The bank was also banned from taking part in Japanese government bond auctions. The Financial Supervisory Service, however, said its probe is not "directly linked" to Japanese sanctions. "It's a regular probe in line with inspection schedules drawn up earlier this year," a spokesman said. Citigroup has expanded all of its operations in South Korea since it acquired KorAm Bank, the country's sixth largest lender, in April.
NO HUMAN ERROR: After the incident, the Coast Guard Administration said it would obtain uncrewed aerial vehicles and vessels to boost its detection capacity Authorities would improve border control to prevent unlawful entry into Taiwan’s waters and safeguard national security, the Mainland Affairs Council (MAC) said yesterday after a Chinese man reached the nation’s coast on an inflatable boat, saying he “defected to freedom.” The man was found on a rubber boat when he was about to set foot on Taiwan at the estuary of Houkeng River (後坑溪) near Taiping Borough (太平) in New Taipei City’s Linkou District (林口), authorities said. The Coast Guard Administration’s (CGA) northern branch said it received a report at 6:30am yesterday morning from the New Taipei City Fire Department about a
IN BEIJING’S FAVOR: A China Coast Guard spokesperson said that the Chinese maritime police would continue to carry out law enforcement activities in waters it claims The Philippines withdrew its coast guard vessel from a South China Sea shoal that has recently been at the center of tensions with Beijing. BRP Teresa Magbanua “was compelled to return to port” from Sabina Shoal (Xianbin Shoal, 仙濱暗沙) due to bad weather, depleted supplies and the need to evacuate personnel requiring medical care, the Philippine Coast Guard (PCG) spokesman Jay Tarriela said yesterday in a post on X. The Philippine vessel “will be in tiptop shape to resume her mission” after it has been resupplied and repaired, Philippine Executive Secretary Lucas Bersamin, who heads the nation’s maritime council, said
CHINA POLICY: At the seventh US-EU Dialogue on China, the two sides issued strong support for Taiwan and condemned China’s actions in the South China Sea The US and EU issued a joint statement on Wednesday supporting Taiwan’s international participation, notably omitting the “one China” policy in a departure from previous similar statements, following high-level talks on China and the Indo-Pacific region. The statement also urged China to show restraint in the Taiwan Strait. US Deputy Secretary of State Kurt Campbell and European External Action Service Secretary-General Stefano Sannino cochaired the seventh US-EU Dialogue on China and the sixth US-EU Indo-Pacific Consultations from Monday to Tuesday. Since the Indo-Pacific consultations were launched in 2021, references to the “one China” policy have appeared in every statement apart from the
More than 500 people on Saturday marched in New York in support of Taiwan’s entry to the UN, significantly more people than previous years. The march, coinciding with the ongoing 79th session of the UN General Assembly, comes close on the heels of growing international discourse regarding the meaning of UN Resolution 2758. Resolution 2758, adopted by the UN General Assembly in 1971, recognizes the People’s Republic of China (PRC) as the “only lawful representative of China.” It resulted in the Republic of China (ROC) losing its seat at the UN to the PRC. Taiwan has since been excluded from