Home to the burgeoning Chinese and Indian markets, the Asia-Pacific region now dominates global business travel spending, according to the latest findings by the Global Business Travel Association.
Global business travel is largely concentrated in three regions – Asia-Pacific, North America and Western Europe. In total, the three regions accounted for 89 percent of the world’s business spending last year. In 2013, business travel spending in Asia-Pacific accounted for 38 percent of the world’s total, more than the 21 percent for North America and 24 percent for Western Europe, the report found.
Business travel expenditure in Asia-Pacific more than doubled from 2000 to USD$392 billion last year, after growing 7.5 percent annually for more than a decade. The report expects spending to continue growing at a 10.2 percent annual pace over the next five years. Continue reading
SINGAPORE – Regulatory compliance issues and a lack of secure business communication processes are among the key challenges in corporate governance faced by companies operating in Asia-Pacific, according to the latest results of the Thomson Reuters and EY 2014 Governance Survey.
The Reuters’ report surveyed employees from the governance teams of a wide range of companies across the Asia-Pacific region, half of which are multinationals with more than five offices worldwide.
Regulatory compliance and disclosure was the most significant challenge facing governance teams from both regional head offices and subsidiary offices, reflecting the gravity of the potential consequences – including financial, legal or reputational damages – in the occasion of a regulatory breach. Continue reading
Consumers in Asia-Pacific are the most socially conscious shoppers in the world, according to a new Nielsen report.
The Nielsen Global Survey of Corporate Social Responsibility polled more than 30,000 consumers in 60 countries around the world in February and March this year in order to understand which consumers are the most supportive of socially responsible actions, which social issues are concerning these consumers the most and how sustainable practices influence consumers regarding purchasing decisions. Continue reading
DELHI – Even before PM Modi arrived in Brazil for the BRICS (Brazil, Russia, India, China, South Africa) Summit on Monday, the highly anticipated launch of the BRICS “New Development Bank” was making headlines across the developing world.
Intended to facilitate greater financial cooperation between emerging markets, the BRICS bank will seek to check the influence of the IMF, Asian Development Bank (ADB) and World Bank by offering lower cost loans with fewer conditions to developing countries as soon as 2016. Continue reading
Asia stands to reap large economic rewards with investment into smart-climate practices, according to the World Bank and the ClimateWorks Foundation.
In a new report, “Climate-Smart Development: Adding Up the Benefits of Actions that Help Build Prosperity, End Poverty and Combat Climate Change,” analysts assessed the potential economic, environmental and health impacts of three government policies across six world regions. Continue reading
Asia is fast on its way to becoming the largest e-commerce market in the world. Internet penetration is growing by leaps and bounds, and the region’s youth population increasingly prefers to interact with companies and retailers over the internet rather than with more traditional forms of physical shopping and communication. Alongside these developments, Asia’s fast-growing middle class has fostered the evolution of a strong online consumer culture that cannot be ignored by companies seeking long-term success in the region.
Op-Ed Commentary: Chris Devonshire-Ellis
As wage increases in China continue to rise – along with the comparatively high national welfare costs – increasing comment is being made as to the legitimacy of the “China Plus One” scenario. Coined some years ago, this theory – in reality, more of a shrewd observation – suggests that future manufacturing capacity will be placed both in China and externally in another location by the same manufacturer.
In fact, this has been going on for years, most notably between China and Vietnam. The recent anti-Chinese riots there have even prompted Hong Kong Shippers’ Council chairman Willy Lin Sun-mo to state that Hong Kong manufacturers based in the Pearl River Delta are running out of alternative, low-cost factory locations with ample labour following recent instability in their two preferred destinations, Vietnam and Thailand. I wrote about the Vietnam and Thai issues – along with a risk analysis for doing business in the rest of Asia – and China, earlier this week here, in this article “Anti-China Vietnam Riots a Passing Phase,” and Willy Lin’s comments can also be construed as a mild political point to Beijing that placing oil rigs in disputed waters hurts Hong Kong manufacturers. Continue reading
2point6billion.com is a commentary and news forum specifically dedicated to the impact trade, development, investment, politics, and the emerging markets of Asia are having on the global business community.