Biden's EV subsidy plan draws ire of Japan and European automakers
NEW YORK/WASHINGTON -- Japanese and European automakers have cried foul over Washington's plans to subsidize electric vehicles made by union labor, declaring that the treatment would amount to a two-tiered system favoring a select group of manufacturers.
The Biden administration and Democratic lawmakers look to finalize a scheme that would grant a $4,500 tax credit for EVs assembled in union plants. It will be part of the proposed $1.75 trillion Build Back Better spending bill.
Toyota Motor aired its grievances
China's tutoring crackdown puts over 3 million jobs at risk
DALIAN, China -- China's drive to tighten restrictions on the private education industry this year could affect more than 3 million jobs, or over 30% of those in the sector, one analysis shows.
About 10 million people are employed in the country's education industry, according to a report from institutions including Beijing Normal University.
About a third "will be affected by the new regulations," whether they are "laid off, forced to change jobs or transferred to other departments," said
Japanese social entrepreneurs defy the pandemic
TOKYO -- Japanese entrepreneurs who address social issues through business in developing countries are adapting to defy the fallout from the pandemic.
Riho Kawaguchi is the CEO and designer of Cherie Coco, a Yokohama-based company that employs single mothers in Benin to make clothing for sale in Japan.
In early October, Agognon Emilienne, who works at a sewing studio in the village of Adjohoun -- some 13,000 kilometers from Japan, was getting online instructions from Kawaguchi on operating a pedal sewing machine to make skirts
World's financial institutions must weigh risk of expanding in China
Financial institutions from across the globe are competing to expand in mainland China, eager to tap a massive economy that they regard as essential to their growth. Their zeal contrasts sharply with manufacturing and IT companies, which have begun rethinking their businesses in the world's No. 2 economy amid concerns about information security and other issues.
However, with China's political and economic future becoming increasingly uncertain, banks, securities companies and asset management businesses should carefully weigh the risks to avoid planting the seeds of future losses in their
With patrons missing, 20% of Tokyo restaurants keep shorter hours
TOKYO -- Despite the lifting of pandemic-related business restrictions, nearly a fifth of restaurants in Tokyo have maintained shorter operating hours due to uncertainty over the return of customers.
The Japanese capital stopped asking restaurants to cut operating hours last Monday as coronavirus cases continued to decline. But a visual survey of 500 eateries conducted by Nikkei reporters the next day revealed that 21%, or 105 locations, have not returned to normal operating times.
Working from home has become commonplace due to the coronavirus pandemic
China opposes U.S. revocation of license for China Telecom
SHANGHAI (Reuters) -- China "resolutely opposes" Washington's revocation of China Telecom Corp Inc's license to operate in the United States, the information ministry said on Wednesday, urging a reversal of the move.
The U.S. decision, made public a day earlier, means the U.S. subsidiary, China Telecom Americas, must discontinue services in the United States within 60 days.
"In recent years, the United States has repeatedly sanctioned Chinese companies on the grounds of national security
Facing stubborn hurdles, fewer Japanese women win elections
TOKYO -- The number of women running for seats in Japan's lower house election on Sunday failed to rise despite it being the first parliamentary election held under a 2018 law that urges political parties to even up the number of male and female candidates.
While women made up 17.7% of all candidates, the ratio of those to successful candidates of all seats came to 9.7%, down from 10.1% in the previous election. The number of female candidates failed
Boston elects Taiwanese American Michelle Wu as mayor
BOSTON (AP) -- Boston voters for the first time elected a woman and an Asian American as mayor, tapping City Councilor Michelle Wu to serve in the city's top political office.
Throughout its long history, Boston had previously only elected white men as mayor.
Wu defeated fellow Boston City Councilor Annissa Essaibi George on Tuesday. The two Democrats faced off against each other after defeating several other mayoral hopefuls in a September preliminary election.
The election of Wu, whose parents immigrated to the U.S. from
Singapore's high tide of tech startups surf digitalization boom
SINGAPORE -- There has been a wave of startups in Singapore that hope to emulate the successes of Sea, a global internet consumer company with a market capitalization of more than $200 billion, and Grab Holdings with its food delivery and digital payments app.
Singapore offers many advantages beyond its central location and easy access to other Asian markets and English-speaking economies. Government efforts to lure foreign capital -- including tax breaks -- have made the island-state a haven for tech startups.
TDCX provides business
RCEP mega trade deal to take effect in January, Australia says
SYDNEY -- The Regional Comprehensive Economic Partnership, a major trade deal including Japan, China, ASEAN, Australia and other members, is set to take effect on Jan. 1, the Australian government has announced.
Australia and New Zealand have recently completed their procedures to participate.
RCEP comes into force 60 days after six of 10 ASEAN nations and three of five other countries submit depositions to ASEAN, which is serving as the wider trade bloc's secretariat.
Australian Foreign Affairs Minister Marise Payne said in a statement