Workers from over 120 garment factories in Cambodia on Wednesday held a nationwide strike to demand a higher minimum wage. Cambodia's government initially approved an increase in the industry's minimum wage to $95 a month, well short of the workers' demand for $160.
Asia/Pacific
Fortress Investment Group plans to secure $1.9B for Japan's first infrastructure fund-sources
US-based Fortress Investment Group intends to raise $1.9 billion to form the first infrastructure fund in Japan called Fortress Japan Income Fund, sources told Reuters.
Chinese taxi app Didi expected to close $100M in Series C from Tencent
Shenzhen, China-based taxi app Didi Dache is reportedly raising $100 million in a Series C funding round from investors Citic and Tencent for the integration of a payment platform into the app.
Development Bank of Japan to buy 24.95% stake in offshore wind project in England
The Development Bank of Japan will acquire a 24.95% stake in the Gunfleet Sands Facility, a 172-megawatt offshore wind project located in England. DBJ will buy the stake from Marubeni Corp., which bought its holding originally for $329 million.
Abenomics fuel record returns for Japanese hedge funds
Bloomberg Businessweek reported that Japanese hedge funds posted record returns this year as investors bet that Abenomics will bring the world's third-largest economy back on its feet.
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Singapore-based startup Elephanti has closed $4.5 million in a seed funding round led by LMJ Holdings to develop its app that helps brick and mortar stores connect with shoppers online.
China's urbanization rate is expected to hit 60 percent by 2018, according to a prominent government think tank report, two years ahead of previous official expectations, bringing a potential economic boost to the world's second largest economy.
Yasushi Ando, a Liberal Democratic Party adviser on pensions, said that Japan's Government Pension Investment Fund should invest $95 billion in private equity and venture capital over a decade. GPIF is the world's largest pension fund with ¥124 trillion under management.
Local buyout funds like MBK Partners and Vogo Fund are now leading the domestic buyout market in South Korea just nearly a decade after its first private equity fund was established in the country, the Financial Times reported.
China Investment Corporation, an investment fund owned by the Chinese government, is backing a Chinese food company that is considering bidding for Australia's Warrnambool Cheese and Butter Holdings Co, the Business Spectator reported on Friday, without citing any sources or naming the company.
Gogolook chief executive officer Jeff Kuo confirmed to TechCrunch about the company's merger with Korean Internet company and LINE app owner Naver, which was worth TW$529 million or $17.6 million, according to a state report.
A total of 11 companies, including a subsidiary of online retail giant Alibaba obtained approval from Chinese authorities to be able to purchase mobile services from major providers and repackage them to offer to end users, the Ministry of Industry and Information Technology (MIIT) said on Thursday.
Mizuho Financial Group Inc will be seeing its chairman, Takashi Tsukamoto, leaving its post after its lending unit received penalties the second time within a three-month period due to loans it extended to crime groups.
South Korean-based private equity firm Hahn & Co will pay $283 million to buy a 76% stake in Hanjin Shipping Co's bulk carrier business, Bloomberg reported.
