Over the past decade, car-repair shop owner Benny Chan has seen more than 70 percent of his small-business peers disappear as his Hong Kong neighborhood fills up with high-end Western bars and Japanese restaurants.
Asian oil refiners outside Japan will fare better than their global peers this year even amid weaker processing margins as they produce more diesel and supply more fuel to China, according to Moody’s Investors Service.
PT Bumi Resources, the Indonesian coal producer at the heart of a London probe amid claims of irregularities, may struggle to refinance debt in the next year, Standard & Poor’s and Moody’s Investors Service said.
Philippine economic growth accelerated more than forecast in the first quarter, putting pressure on the central bank to raise interest rates even amid concern the European debt crisis will derail the global recovery.
Japan is likely to see a rebound in the second half of this year after a blow that will be determined by the magnitude of electricity disruptions caused by the earthquake and tsunami, a survey of economists showed.