■ 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-LIMITS PARTNERSHIP: ‘The bottom line’ is that if the US were to have a conflict with China or Russia it would likely open up a second front with the other, a US senator said Beijing and Moscow could cooperate in a conflict over Taiwan, the top US intelligence chief told the US Senate this week. “We see China and Russia, for the first time, exercising together in relation to Taiwan and recognizing that this is a place where China definitely wants Russia to be working with them, and we see no reason why they wouldn’t,” US Director of National Intelligence Avril Haines told a US Senate Committee on Armed Services hearing on Thursday. US Senator Mike Rounds asked Haines about such a potential scenario. He also asked US Defense Intelligence Agency Director Lieutenant General Jeffrey Kruse
INSPIRING: Taiwan has been a model in the Asia-Pacific region with its democratic transition, free and fair elections and open society, the vice president-elect said Taiwan can play a leadership role in the Asia-Pacific region, vice president-elect Hsiao Bi-khim (蕭美琴) told a forum in Taipei yesterday, highlighting the nation’s resilience in the face of geopolitical challenges. “Not only can Taiwan help, but Taiwan can lead ... not only can Taiwan play a leadership role, but Taiwan’s leadership is important to the world,” Hsiao told the annual forum hosted by the Center for Asia-Pacific Resilience and Innovation think tank. Hsiao thanked Taiwan’s international friends for their long-term support, citing the example of US President Joe Biden last month signing into law a bill to provide aid to Taiwan,
China’s intrusive and territorial claims in the Indo-Pacific region are “illegal, coercive, aggressive and deceptive,” new US Indo-Pacific Commander Admiral Samuel Paparo said on Friday, adding that he would continue working with allies and partners to keep the area free and open. Paparo made the remarks at a change-of-command ceremony at Joint Base Pearl Harbor-Hickam in Hawaii, where he took over the command from Admiral John Aquilino. “Our world faces a complex problem set in the troubling actions of the People’s Republic of China [PRC] and its rapid buildup of forces. We must be ready to answer the PRC’s increasingly intrusive and
STATE OF THE NATION: The legislature should invite the president to deliver an address every year, the TPP said, adding that Lai should also have to answer legislators’ questions The Chinese Nationalist Party (KMT) yesterday proposed inviting president-elect William Lai (賴清德) to make a historic first state of the nation address at the legislature following his inauguration on May 20. Lai is expected to face many domestic and international challenges, and should clarify his intended policies with the public’s representatives, KMT caucus secretary-general Hung Meng-kai (洪孟楷) said when making the proposal at a meeting of the legislature’s Procedure Committee. The committee voted to add the item to the agenda for Friday, along with another similar proposal put forward by the Taiwan People’s Party (TPP). The invitation is in line with Article 15-2