China gains on US in competitiveness ranking as Taiwan joins top 10
SINGAPORE -- China made up ground on the U.S. in IMD's latest ranking of global competitiveness, while Taiwan cracked the top 10 for the first time.
On the other hand, Singapore slipped well out of the top spot and fellow Asian finance hub Hong Kong also fell, the Swiss business school revealed on Thursday.
The annual assessment of the world's major economies put European countries on top, while Asia mostly lagged behind Western counterparts. Switzerland, Sweden, Denmark and the Netherlands took the

US-Cambodia tensions grow as USAID cuts forest protection project
PHNOM PENH -- The U.S. announced on Thursday it would prematurely end its flagship $21 million forest protection program in Cambodia.
In a statement, the embassy in the Southeast Asian nation said the USAID agency would stop funding the Greening Prey Lang project because Cambodia's government was not doing enough to stop deforestation in protected areas. Instead, the situation was "getting worse," the embassy said.
Prey Lang, the largest contiguous area of lowland dry evergreen and semievergreen forest left in mainland Southeast Asia
Deal reached after South Korean delivery drivers protest overwork
SEOUL -- As the hot summer sun rose over a park in the center of Seoul's financial district, thousands of delivery drivers clad in vests emblazoned with the slogan "No more deaths by overwork" sought shade under the trees. White-collar professionals toting briefcases and iced coffees passed by on their morning commutes.
As part of a nationwide strike, the drivers had spent the night on the concrete ground in the center of Yeouido Park to call attention to the harsh working conditions they endure.
Organizers of the protest
Philippine Airlines' financial woes mount as restructuring looms
MANILA -- Financial woes continue to mount for Philippine Airlines even as the flag carrier's parent says it is in the "final stages" of a plan to restructure its debt.
PAL Holdings on Thursday reported a net loss of 8.6 billion pesos ($178 million) for the three months through March, while its capital deficit -- the difference between assets and liabilities -- worsened by nearly 10 billion pesos to 83.9 billion pesos over the three months.
The company said
Myanmar coup latest: Junta eyes proportional representation for election
YANGON/BANGKOK -- Myanmar's military on Feb. 1 detained State Counselor Aung San Suu Kyi and President Win Myint in the country's first coup since 1988, bringing an end to a decade of civilian rule.
The Suu Kyi-led National League for Democracy had won a landslide in a general election in November . But the military has claimed the election was marred by fraud.
For all our coverage, visit our Myanmar Coup page.
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Myanmar soccer goalie seeks asylum after match in Japan
TOKYO -- The Japanese government will take "appropriate measures" for a Myanmar national team soccer player who is seeking refuge in the country, the chief cabinet secretary told reporters on Thursday.
Pyae Lyan Aung, 27, said Thursday that he will seek refugee status in Japan after refusing to return home on Wednesday night, fearing persecution in his home country. He was scheduled to depart from Japan from Kansai International Airport but left the team and met with legal advisers, local reports say.
Chief Cabinet Secretary Katsunobu Kato on
Myanmar general's visit to Russia keeps arms flowing to junta
BANGKOK -- When Moscow rolled out the welcome mat for Myanmar's air force commander, Gen. Maung Maung Kyaw, it was a cue to the junta that Russian-made arms will flow to the Southeast Asian nation even as much of the international community views it as a pariah after the February coup.
The journey by the air force chief to Moscow last month included a visit to HeliRussia, the country's top helicopter exhibition, and discussions with Russian officials for planned procurement of military hardware, according to Myanmar
Thailand to open borders early, taking calculated risk
BANGKOK -- Thailand has given up achieving herd immunity as it races toward fully reopening its borders to vaccinated globe-trotters, and as Prime Minister Prayuth Chan-ocha weighs economic imperatives against risks to public health.
Prayuth on Wednesday launched an ambitious plan to start accepting visitors to all parts of Thailand in 120 days, but ongoing vaccine shortages have evoked skepticism among Thai citizens.
"I know this decision comes with some risk because, when we open the country, there will be an increase in infections, no

Japan to take 'appropriate' steps on Myanmar athlete asylum request
TOKYO -- The Japanese government will take "appropriate measures" for a Myanmar national team soccer player who is seeking refuge in the country, the chief cabinet secretary told reporters on Thursday.
Pyae Lyan Aung, 27, said Thursday that he will seek refugee status in Japan after refusing to return home on Wednesday night, fearing persecution in his home country. He was scheduled to depart from Japan from Kansai International Airport but left the team and met with legal advisers, local reports say.
Chief Cabinet Secretary Katsunobu Kato on

Asian currencies and stocks feel impact of Fed rate rise signal
TOKYO/HONG KONG -- Asian stock markets were broadly lower on Thursday after the U.S. Federal Reserve indicated that it expected to make its first post-pandemic interest rate increase in 2023, prompting investors to dump high-flying tech stocks.
In Japan, the blue-chip Nikkei Stock Average at one point dropped over 400 points, or 1.4%, while the broader Topix benchmark slipped 0.7%. The startup-concentrated Mothers index was hit the hardest,