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Economy

Philippines seeks China reset as sea clashes overshadow ASEAN talks

Incidents in South China Sea fuel tensions as U.S., Australia criticize Beijing Philippine President Ferdinand Marcos Jr., second from right, meets with Chinese Ambassador Jing Quan, second from left, at the Malacanang Presidential Palace in Manila on July 21. (Photo by Presidential Communications Office of Philippines/Anadolu/Getty Images) MANILA -- Philippine President Ferdinand Marcos Jr. has announced that he wants to reset his country's increasingly strained relationship with China, as a series of confrontations in the contested South China Sea this week cast a pall over the ASEAN foreign ministers meetings in Manila.

July 24, 2026

Economy

India’s ‘cockroach’ protest escalates, squeezing Modi government

Prime Minister vows action in exam scandal case as opposition sides with Gen Z Students in a growing protest movement that has emerged from the satirical Cockroach Janta Party are talking about making one more demand, calling for the resignation of Indian Prime Minister Narendra Modi. (Photos by Reuters) NEW DELHI -- Thousands of student protesters are camping out in India's capital as they pressure the education minister to resign, winning assurance from Prime Minister Narendra Modi to take action on the issue of alleged exam paper leaks and drawing solidarity from opposition parties.

July 24, 2026

Economy

Japan to boost immigration workforce in crackdown on visa overstayers

Over 200 enforcement, inspection officers to be hired in rare emergency staffing The Tokyo bureau of the Japan Immigration Services Agency: The government said on July 24 that it will increase staffing by more than 200 people to tighten immigration enforcement. (Photo by Rie Ishii) TOKYO -- Japan's Immigration Services Agency will add more than 200 employees this fiscal year in an emergency staffing increase, as it ramps up enforcement against visa overstayers and strengthens the country's border controls, the government said Friday. Such a midyear staffing expansion is highly unusual for the agency.

July 24, 2026

Economy

ASEAN flexes ‘convening power’ on South China Sea and other issues

Bloc's stature as global player grows despite persistent internal weaknesses Philippine Foreign Secretary Maria Theresa Lazaro -- the current ASEAN chair and host of the bloc's foreign ministers meetings this week in Manila -- poses with some of her European counterparts after a session on July 24. © Reuters MANILA -- When ASEAN's foreign ministers met with counterparts from around the world in Manila this week, a swath of geopolitical flashpoints dominated the agenda.

July 24, 2026

Economy

Ex-wife of SK chief wins South Korean record $643m divorce settlement

Judgment comes as memory-chip gains send group's value soaring Chey Tae-won and Roh Soh-yeong were married for 37 years. © Yonhap via Kyodo SEOUL -- A South Korean appeals court on Friday ruled that SK chairman Chey Tae-won must pay 944.4 billion won ($643.9 million) to his former wife, Roh Soh-yeong, in a record divorce settlement, putting financial pressure on the tycoon who controls leading global memory chipmaker SK Hynix.

July 24, 2026

Economy

World Bank moves to phase out China loans by 2031

Beijing's rise from aid recipient to development financier reshapes global landscape The World Bank will cap its lending to China at less than $2 billion through 2031. (Photo by Manami Yamada) WASHINGTON -- The World Bank decided Thursday to phase out lending to China by 2031 in light of the country's economic development.

July 24, 2026

Economy

South Korea confronts ‘growth without jobs’ as chip profits surge

Lee Jae Myung's administration planning permanent fund to share gains from AI boom South Korean President Lee Jae Myung is going with the chairmen of Samsung Electronics and SK Hynix to San Francisco on July 24 for meetings with global tech leaders. (Nikkei montage/Source photos by Reuters) SEOUL -- South Korean President Lee Jae Myung will head to San Francisco on Friday in a bid to turn the global AI investment boom into broader economic gains at home, as surging chip profits produce few new jobs.

July 24, 2026

Economy

Japan approves plan to create second capital outside Tokyo

Osaka emerges as front-runner despite decades of corporate outflow Tourists crowd around Ebisubashi bridge in Osaka as they pose for photos on June 1. (Photo by Toshiki Sasazu) TOKYO -- Japan's parliament on Friday approved a plan to create a "second capital" capable of keeping the country running if disaster strikes Tokyo, launching an ambitious attempt to loosen the political and economic grip of the nation's dominant metropolis.

July 24, 2026

Economy

China targets Rheinmetall, Lafert and other EU firms in retaliation

Move follows latest package against businesses accused of aiding Moscow China is striking back at European companies with export curbs in the wake of EU sanctions. © Reuters HONG KONG -- China on Friday imposed fresh trade curbs on more than a dozen European industrial companies in retaliation against the European Union's recent decision to sanction Chinese firms over their alleged role in supporting Russia's war effort.

July 24, 2026

Economy

Asian economies question basis for Trump’s ‘forced labor’ tariffs

Duties tied to US standards, not the legal framework in each targeted economy The latest tariffs are another example of U.S. President Donald Trump's administration injecting uncertainty into the global trade order. (Nikkei montage/Source photos by Reuters) NEW DELHI/SEOUL/SINGAPORE -- Asian governments and analysts on Friday greeted the White House's announcement of tariffs ranging from 10% to 12.5% on 60 economies with disappointment and skepticism.

July 24, 2026

Economy

Australia’s PM grapples with push for tax hike on gas exporters

Labor's triennial conference also sees adoption of gambling reform motion Prime Minister Anthony Albanese, left, incoming Labor President Kate Ellis and Australian Labor Party National Secretary Paul Erickson appear at the 50th Australian Labor Party (ALP) national convention in Adelaide, Australia, on July 23. (AAP Image/Mick Tsikas) ADELAIDE, Australia -- Senior figures in Australia's ruling Labor Party have moved to head off pressure to hike taxes on Australia's liquefied natural gas (LNG) exporters, as the party confronts a push from members during its national conference.

July 24, 2026

Economy

Bank of Japan to keep key rate unchanged at next week’s policy meeting: sources

Central bank weighs upward revision of economic growth for fiscal 2026 The Bank of Japan plans to monitor the impact of the previous rate hike in June, amid Middle East tensions and inflation risks stemming from elevated oil prices. (Photo by Nanami Sato) TOKYO -- The Bank of Japan is set to hold the interest rate steady at 1% in its policy meeting scheduled for July 30 and 31, Nikkei learned on Friday.

July 24, 2026