The leaders of five emerging market powers said at a summit Tuesday that they gave final agreement to creating their own development bank worth $100 billion that will have its headquarters in China.
Fed up with U.S. dominance of the global financial system, five emerging market powers this week will launch their own versions of the World Bank and the International Monetary Fund.
By Miguel R. Camus
Businessman Enrique Razon Jr.’s International Container Terminal Services Inc. (ICTSI) is ending a port-management deal in Tamil Nadu, India, that it bagged in 2011, saying the contract “isolated” it from day-to-day operations, hindering the growth of the business.
Asia’s biggest budget carrier AirAsia is set to make its maiden Indian flight this week, fuelling a cut-throat fare war in a sector already reeling from losses.
By Queena N. Lee-Chua
Only 7.9 percent of family businesses in China have hired professionals in key positions like president or general manager, says the first Chinese Family Business Development Report in 2011, published in “People’s Daily Online.”