South Korea business law overhaul plans will scrap prison terms for most non-malicious corporate violations and significantly raise fines for serious misconduct, under reforms covering 331 economic statutes, the government said. The South Korea business law overhaul shifts enforcement away from a punishment-first model toward corrective orders and financial sanctions to speed up resolution. Under proposed changes, the Fair Trade Act’s cap on fixed fines for abuse of market do

Philippines tax audit reform is drawing support from business groups after the Federation of Filipino-Chinese Chambers of Commerce and Industry endorsed moves to tighten Bureau of Internal Revenue audit controls. The Philippines tax audit reform includes limiting which BIR offices can issue Letters of Authority and building a central digital platform to verify their authenticity, following a November suspension of field audits. FFCCCII president Victor Lim said the changes se

Hong Kong accounting firms hiring plans are set to continue into 2026 as major firms expand headcount while accelerating the use of artificial intelligence. KPMG China’s Andrew Wong said the firm has not cut recruitment and sees AI as complementary to staff, improving audit quality and enabling new roles. Deloitte China said it plans to hire about 1,000 people in Hong Kong and invest HKD500m (USD64m) over four years in fintech, capital-markets operations and AI capabilities.

Hong Kong offshore renminbi funding capacity has increased after the Hong Kong Monetary Authority doubled the quota of its yuan business facility to CNY100bn (USD14bn) and expanded participation to 40 banks. Phase two of the scheme, launched on Dec 1, allows banks to draw yuan funding within assigned quotas to lend to local and overseas corporates, with allocations based on existing business pipelines and overseas networks. HKMA chief executive Eddie Yue said authorities, wit

South Korea corporate reform is entering what the Korea Enterprises Federation chairman Sohn Kyung-shik described as a “golden time” for economic transformation, as he urged policymakers to push structural changes to revive innovation and risk-taking. In a New Year address, Sohn called for easing rigid labour regulations, arguing that inflexible rules undermine productivity and slow adaptation to industrial change. He said labour-market reform could also help address debates

Hong Kong economic outlook 2025 has strengthened after Financial Secretary Paul Chan raised the city’s growth forecast to 3.2%, saying momentum should carry into 2026 even as risks from global uncertainty persist. Writing in a blog post, Chan cited resilient exports, solid fixed-asset investment and a recovery in consumption, adding that expected US rate cuts would also support activity. He said Hong Kong’s stock and property markets have improved, with the Hang Seng Index up

Southeast Asia equity inflows picked up in December as global funds bought about USD337m of regional stocks, marking the largest monthly inflow since September 2024, according to Bloomberg-compiled data cited by local media. Indonesia and Thailand led the rebound, though net outflows for 2025 still total around USD15bn. Strategists said the region’s relatively low exposure to artificial intelligence-linked stocks has weighed on performance but also makes Southeast Asia an alt

Hong Kong insolvency surge 2025 risks are expected to intensify, with the city forecast to post the world’s largest year-on-year increase in business failures, rising 44%, according to an Allianz Trade outlook. The report said elevated insolvency levels remain widespread, with its headline indicator showing global insolvencies up 6% year to date in the third quarter of 2025. Around two-thirds of countries, representing about 70% of global GDP, are expected to see failures ris

Thailand virtual banks 2026 are expected to begin operations by mid-year, with three approved consortiums preparing to roll out services by June 2026, and potentially earlier if ready, a Bank of Thailand assistant governor said. The central bank requires successful applicants to start business within one year of finance ministry approval granted on June 19, 2025. The winning groups include ACM Holding and Ascend Money’s TrueMoney backed by CP Group; a Krungthai Bank-led conso

Japan government bond issuance 2026 plans call for about JPY29.6tr (USD189.6bn) of new debt to fund a record JPY122.3tr fiscal budget, according to a draft seen by Reuters, underscoring Prime Minister Sanae Takaichi’s expansionary fiscal stance. The planned Japan government bond issuance 2026 would exceed this year’s JPY28.6tr and confirms an earlier NHK report. Tax revenue is forecast to rise to a record JPY83.7tr but remain insufficient as spending on social welfare, defenc

South Korea economic security reforms are set to accelerate as the Ministry of Trade, Industry and Resources undertakes its biggest reorganisation in 12 years, creating a new Industry Resources Security Office to act as a control tower for supply-chain and trade security. The Cabinet-approved plan adds one office-level unit, a director-level post, four divisions and 36 staff, the ministry said. South Korea economic security initiatives will also include appointing an industr

Japan M&A boom momentum is prompting Citigroup to expand its investment banking team in the country by 30% by the first half of 2026, aiming to capture deal activity involving Japanese companies that has reached about USD350bn this year, the highest since records began in 1998. Japan vice-chair Masuo Fukuda said governance reforms have made corporate boards more shareholder-focused, driving divestments of non-core assets and overseas expansion, while hostile bids, private equ

Indonesia tax audits of wealthy families are intensifying as the government seeks additional revenue with the budget deficit outlook moving closer to the legal cap of 3% of GDP, according to people familiar with the matter. Officials have stepped up reviews of high-wealth taxpayers, including summoning individuals to discuss returns, while several tycoon-run firms have been asked to make extra payments. In some cases, Indonesia tax audits of wealthy families have involved req

South Korea financial consumer protection is set to be strengthened as the Financial Supervisory Service plans organisational changes, including creating a new division reporting directly to the governor. The regulator said the existing consumer protection office will be upgraded with broader supervisory powers over product design, approval and sales practices across financial sectors, reinforcing South Korea financial consumer protection standards. The FSS will also establis

Thailand growth outlook could approach 3% in 2026 if a stable government emerges after the next election and channels spending toward productivity-enhancing investment, according to Deloitte Thailand. Under its base-case scenario, Deloitte forecasts growth of around 2% next year amid external headwinds, including elevated global trade tensions and renewed tariff risks. Country managing partner Metinee Jongsaliswang said public investment and foreign direct investment remain t

Hong Kong consumer income outlook remains broadly resilient, with about 87% of residents expecting their income to rise or stay stable over the next 12 months despite ongoing labour market pressures, according to a TransUnion survey. The findings were based on an online poll of 979 adults conducted between Sept.25 and Oct.6, 2025. While unemployment climbed to a three-year high by end-Q3 and youth joblessness reached 8%, 55% of respondents said their income was unchanged over

Hong Kong wealth boom momentum is lifting bank profits and drawing global firms back to the city, as wealth and investment management income grows at double-digit rates, industry executives said. HSBC reported a 50% jump in deposits in its latest quarterly results, with about 70% of the increase coming from non-residents, while the Hang Seng Index is up more than 30% year to date. Peter Stein, chief executive of the Asia Securities Industry and Financial Markets Association,

The Philippines has moved closer to reforming its bank secrecy regime after lawmakers approved on second reading amendments to the Philippines bank secrecy law granting the Bangko Sentral ng Pilipinas broader investigative powers. House Bill No.6707 would allow the central bank to examine bank deposits of officers and employees suspected of fraud, tax evasion, money laundering or other financial crimes once the Monetary Board determines reasonable grounds. The bill also exten

Deglobalisation 2026 is expected to accelerate, with nearly 60% of global chief executives and investors anticipating the trend will gather pace as protectionism and national security priorities reshape supply chains, according to Teneo’s Vision 2026 survey. Respondents in Asia-Pacific and the Middle East said the shift appears slower than in Latin America, where executives cited near-shoring and energy-transition investment as making the change feel sharper. The United State

Hong Kong is likely to see more restructurings and liquidations in 2026 across sectors including real estate, restaurants and retail as a weak economy and shifting consumer habits continue to squeeze firms, veteran liquidator Derek Lai said. Known as the “King of Liquidation”, Lai recently left Deloitte after 36 years to join EY as senior partner and Asia-Pacific turnaround and restructuring leader, with plans to expand EY’s team to 130 from 80 next year. Companies Registry d