Business News Asia

Summary of latest news from around Asia:

CHINA LOOK TO CHANGE LABOUR LAWS

China aims to ensure workers hired through labour contracting agents get the same treatment as directly hired employees, according to a draft bill considered by lawmakers Monday.

The draft amendment to the Labour Contract Law is undergoing a second reading at a five-day bimonthly session of the National People's Congress Standing Committee, or the legislature. In China, some organizations employ a number of leased employees via labor leasing agents, but do not sign contracts with these workers or give them fair pay and welfare, even though they have been working with them for a number of years.

Pudong, Shanghai

SHANGHAI’S NEW UNIVERSITY

Officials in Shanghai have held a cornerstone-laying ceremony for the city's ShanghaiTech University project, being built in the Pudong Science and Technology Park of the Chinese Academy of Sciences.

Yin Jie, deputy director of the Shanghai Education Committee, said: "The university will act as a dynamic hub where research, education and innovation will meet to provide a multi-disciplinary approach to learning about, and solving problems facing society," said Yin.

Yin said the university, covering an area of about 84 hectares, is designed to be small with its four colleges expecting to have 800 professional teachers from overseas institutions and CAS providing courses on material, life, information and management sciences.

SINGAPORE COFFEE OUTLET TO EXPAND

Klassno is expanding its retail outreach in Bahrain through partnership with local distributor Babasons.

Singapore owned Klassno, which is one of the holding's leading coffee brands, is currently available across over 110 stores in the country.

The brand is keen to redefine the concept of coffee making and drinking in the Middle East as it expands across Bahrain, said Food Empire Middle East country manager Abhishek Gupta. "We have experienced a great demand for our products from coffee lovers from across the country," he said.

TOKYO STAR BANK IN TAKEOVER TALKS

Taiwan's Chinatrust Commercial Bank is in talks to buy the regional Tokyo Star Bank for about ¥50 billion in what would be the first acquisition of a Japanese bank by a foreign lender.

Aiming to expand financial transactions in Japan, Taipei-based Chinatrust hopes to acquire nearly all of the common shares of Tokyo Star from its shareholders, including U.S. private equity group Lone Star, Japanese lender Shinsei Bank and French financial giant Credit Agricole, informed sources said.

Sources: China Daily, Japan Times, Gulf Daily News