TAIPEI -- China's top contract chipmaker Semiconductor Manufacturing International Co. on Thursday said its second quarter net profit jumped nearly 400% on the year, a stronger than expected result given the company's access to American technologies has been restricted since last year.

SMIC's revenue for the April-June period grew more than 43% on the year to $1.34 billion, while net profit surged 398.5% to $687.8 million. Gross

HONG KONG -- The anti-graft agency in Hong Kong dropped corruption charges against pop singer Anthony Wong Yiu-ming on Thursday, contingent upon an 18-month arrangement under which the star must "maintain good behavior."

A prosecutor representing the Independent Commission Against Corruption (ICAC) told the city's Eastern Court that it had agreed to settle the case with a "bind-over" surety of 2,000 Hong Kong dollars ($257), given the "minor nature

TOKYO -- The Tokyo Olympics are well underway after a long journey filled with controversy and an unprecedented one-year postponement because of the COVID-19 pandemic.

The proceedings officially began with the opening ceremony at the National Stadium , a mostly subdued affair mixed with joyous moments like a high-tech drone show, and capped by tennis star Naomi Osaka lighting the Olympic cauldron.

We're tracking the latest medal count .

Read our breakdown of the events to watch .

Here are the latest developments:

Thursday, Aug

TOKYO -- The number of Japanese college students studying abroad has plummeted over the past two decades, with the steep cost of higher education in the U.S. being a chief reason.

Japan is no longer home to the most international students studying in the U.S., as there are now fewer Japanese students than those hailing from China, India, South Korea and Vietnam.

As the COVID-19 pandemic threatens to accelerate the downward spiral, Japanese officials are moving to reverse the trend. Education Minister

SYDNEY/LONDON -- After its recent arrival in the Philippine Sea, the U.K.'s largest aircraft carrier and its strike group are set to join the U.S., Japan, Australia and New Zealand, along with fellow European power France, in exercises close to the South China Sea.

"It's rare for a British aircraft carrier to participate" in such events, a source in Japan's Defense Ministry said, highlighting the importance of the drills.

The foray by the HMS

BANGKOK/TOKYO -- Coronavirus outbreaks across Southeast Asia fueled by the delta variant are squeezing business activities in the region and disrupting global supply chains.

Toyota was forced to suspend operations at all three of its factories in Thailand in phases starting July 20. The decision followed surges in COVID-19 cases among suppliers, leaving the Japanese automaker unable to procure parts. A timeline for a restart remains uncertain.

"Thailand's epidemic is more serious than I anticipated," said Noriaki Yamashita, president of Toyota Motor

William Pesek is an award-winning Tokyo-based journalist and author of "Japanization: What the World Can Learn from Japan's Lost Decades."

Japanese prime ministers tend not to last long after the nation hosts the Olympics.

Within five months of hosting the 1998 Nagano Winter Olympics, Ryutaro Hashimoto was stepping down. Nearly five months after the 1972 Winter Games in Sapporo, Eisaku Sato bowed out.

In 1964, Hayato Ikeda's government was done much quicker.

TEHRAN/WASHINGTON -- Thursday's inauguration of conservative hard-liner Ebrahim Raisi as Iran's new president has clouded prospects for restoring a nuclear deal between the Mideast nation and the U.S.

"I will protect our nation and the people," Raisi declared after he was sworn in. "I'll do everything in my power to have [U.S.] sanctions lifted," he added, signaling he would drive a hard bargain at the negotiating table.

Officials from more than 7

TOKYO/HO CHI MINH CITY -- For Vietnamese fintech startup MoMo, the key to winning the battle against Grab, Sea and other rivals for the country's 100 million consumers may be a simple cup of coffee.

Before Vietnam’s latest COVID lockdown, the Ho Chi Minh City-based company ran promotions with some of the country's biggest coffee chains, including Highlands Coffee, a fast-growing brand with more than 300 outlets. MoMo users got a discount for using the app