Chinese Billionaires Dominate Asia’s Wealthiest Under 40 List
The latest list released by Wealth-X showed that six young Chinese billionaires are in the top 10 of Asia’s wealthiest entrepreneurs under the age of 40. While the list is topped by India’s Arun Pudur, the 37-year-old owner and president of software firm Celframe, young Chinese billionaires occupied the second to fifth spots as well as the ninth and 10th places. The three other spots in the top 10 list are taken by Japanese billionaires under 40. The top 10 list is dominated by self-made billionaires who amassed their wealth from the technology sector.
HDBank of Vietnam Inks Deal with South Kora’s Hana Bank
Vietnam’s HDBank has signed a cooperation agreement with South Korea’s HanaBank, one of the largest bank holding company in Korea, paving the way for information and consultancy services exchange that will benefit clients. Under the deal, HDBank and Hana Bank pledged to to assist clients and provide them with information and consultancy about the business and investment environment in Vietnam and the country’s laws on foreign investment in finance and banking sectors, Vietnamnet reported.
Indonesia To Gradually Lower Corporate Tax Rate
The Indonesian government is set to trim the country’s corporate tax rate from the current 25 percent to about 17.8 percent as President Joko Widodo seeks to keep companies from moving into lower-tax countries. Widodo’s chief of staff Luhut Panjaitan told Bloomberg that the Indonesian government will gradually cut the rate as ordered by the President. The move is part of Widodo’s efforts to discourage companies from booking profits in other countries that offer lower taxes, such as Singapore. Widodo vowed to provide tax breaks and full government support to companies who will invest in his country.
Cambodia’s Export to Thailand Up In Q1
Cambodian exports to neighboring country Thailand almost doubled for the first quarter this year, compared to the same period in 2014, achieving US$261 million in exports on the back of improving economic ties between the two countries. According to the latest data from the trade office at the Thai embassy in Phnom Penh, total exports from the Kingdom was up 96 per cent at the end of March this year, a jump up from the $134 million accomplished during the same period last year.
Asian Shares Up; China Leads Gains
The MSCIA Asia ex Japan gained 0.36 percent on Monday but continues to fall -1.54 percent on month. The MSCI China led Monday’s gains with 1.15 percent after China’s central bank trimmed its key rates on Sunday. Japan and Australia were flat while emerging markets gained 0.18 percent. – BusinessNewsAsia.com