European officials gather in Brussels for a critical meeting as they attempt to resolve the crisis and finalize the $171 billion Greek bailout. Japan and China have promised to help the Eurozone solve the crisis through the IMF. Shares worldwide rallied temporarily on the hopes of a resolution to the Greek crisis. Meanwhile, oil prices have surged to an eight-month high on the back of geopolitical tensions surrounding Iran.
A framework for harmonized global accounting standards received a boost when a senior American regulator said he was “optimistic” of the US adopting the International Accounting Standards Board (IASB) accounting rules. US adoption could trigger a chain reaction and force other countries like Japan to join the model. This would allow investors to compare cross-border companies from around the world and improve transparency. Read more at Reuters.
Last Friday (17th Feb), Singapore announced its budget for 2012. Labelled as a ‘budget for the future’, the budget introduced several measure to help entrepreneurs and small medium enterprises. Key highlights include increased cash payouts to SMEs and more staff training. These measures should ensure that Singapore remains as one of the easiest places to do businesses in the world. For a more comprehensive analysis of the budget and its implications for entrepreneurs, click here. Singapore already has a reputation for providing the ideal environment for start-ups and continues to attract headlines such as this article on the BBC website. For more information about Singapore company formation, visit our business website or contact us with your questions.
Hong Kong continued to stake its claim as Asia’s leading financial center with the introduction of Asia’s first volatility Index futures. While China’s aims to diversify its financial markets through the increased Yuan hedging tools.
Elsewhere in Asia, Thailand’s economy shrunk by 9% in 2011 after floods crippled large parts of the industrial north. Look at Thailand company registration to enter one of the opportunity markets in SE Asia for entrepreneurs due to lower operating costs and government goals of attracting foreign investment.