China’s conglomerate puzzle: Fosun’s billionaire Chairman Guo Guangchang, self-styled disciple of Warren Buffet, just announced a 28% jump in net profit for the financial services-to-healthcare-to-entertainment and leisure conglomerate he helped found 25 years ago. So why, asks Ben Richardson, was there a major shakeup of management on the same day the group announced its impressive earnings?
Asia’s economic crossroad: Myanmar is in the middle of many grand connective schemes, including China’s One Belt One Road, Japan’s East-West Economic Corridor, the ASEAN Free Trade Area, India’s opening of its remote ‘seven sisters’ northeast region as well as the multilateral Great Asian Highway Network. Christopher Briggs examines how this infrastructural integration can be the economic key to unlock Myanmar’s many untapped consumer markets, abundant natural resources and underlying trade potential.
Bankruptcy for Westinghouse: Toshiba has approved a Chapter 11 filing for its US nuclear unit Westinghouse, allowing for a renegotiation or break in current construction contracts, although project owners are likely to seek damages. Nikkei Business Daily reports that Washington provided the utility a US$8.3 billion guaranteed credit facility to construct two reactors in the southern US and there are also ongoing Westinghouse nuclear projects in India, the United Kingdom and China.
South Korean shipbuilding: Ailing shipyard, Daewoo Shipbuilding & Engineering, is capitalizing on demand for tankers that can ply melting Arctic seas by launching the world’s first ice-breaking liquefied natural gas tanker, reports Asia Times. The US$320 million vessel is one of 15 on order from Saint Petersburg-based shipper Sovcomflot and will operate from Russia’s second largest LNG plant at Sabetta, on the Yamal Peninsula in northwest Siberia.