World Business News

A round up of the latest news for those doing business internationally

Asia Pacific round-up

Zone(s): Asia Pacific Region ¦ Sector(s): Trade, Economy, Law

[20 June 2014, Public Finance International] This article provides a round-up of public finance news stories from Asia Pacific you might have missed this week.

  • China’s audit office reveals crucial role in anti-graft crackdown: As Xi Jinping’s anti-graft crackdown enters its second year, media attention has recently turned to one of the campaign’s powerful – but silent – allies: the audit office. While it is common knowledge that audits have given important leads for anti-corruption officials, the National Audit Office has mostly worked behind the scenes, as it keeps its inner workings confidential. (South China Morning Post)
  • BOJ becomes top holder of Japan government bonds: The Bank of Japan has become the biggest holder of the country’s sovereign debt for the first time, showing how the central bank’s aggressive monetary easing has transformed the debt market. (Wall Street Journal)
  • Indonesian government minister targeted in graft inquiry: Indonesia’s powerful anti-corruption agency has named the religious affairs minister a suspect in a graft case involving state funds allocated for the hajj pilgrimage undertaken by Muslims. (The Guardian)
  • 10% relief in salaries and pensions in Punjab Budget: The Punjab government on Friday announced a 10% increase in salaries of public servants and pensions of retired employees in the budget for fiscal year 2014-15 while the monthly minimum wages of labourers has been increased to 12,000.  (Pakistan Tribune)
  • Families of shipwrecked immigrants sue Australia: Relatives of dozens of asylum seekers who were killed in a shipwreck off Christmas Island in 2010 have launched a legal case against Australia. (BBC)
  • China’s SAFE is biggest public sector holder of equities: Central banks worldwide have become major players in global equity markets, with a recent report showing that China’s State Administration of Foreign Exchange (SAFE) is the largest public sector holder of equities, according to Shanghai’s China Business News. (Want China Times)