The DailyBrief

Wednesday May 10, 2017

Seoul welcomes Moon: South Korea’s new president Moon Jae-in, a human rights lawyer and son of North Korean refugees once jailed for political activism, promises reform. Asia Times reports more immediately he must handle pressing issues that include rising tensions over North Korea, a China angry with Seoul over missiles and the risk of a rift with the US.

Japan’s corporate challenge: The head of Japan’s Financial Services Agency told investors he doesn’t expect to see another Toshiba-type accounting and financial disaster in the country. Yuriy Humber writes that as Japan’s unique corporate culture doesn’t typically pressure management to improve governance or motivate staff to report irregularities, it could easily happen again.

Beijing blows cold: China’s factory level inflation has cooled more than expected in April, writes Steve Wang and Lin Wanxia. It is yet another factor in a now long list of economic indicators that suggest the world’s most populous country is facing a stiff ascent ahead, following a blockbuster first quarter which generated nominal growth nearing 12%.

India summons Mallya: The Supreme Court of India on Tuesday ordered businessman Vijay Mallya to appear before it following a petition filed by a consortium of banks in the failed Kingfisher Airlines US$1.4 billion loan default case. Asia Times reports that Mallya is currently in the UK and a London court will hear an Indian government extradition case on May 17.

Race for AI: Artificial Intelligence is expected to have a bigger impact than bombs or missiles on the future of global heavyweights such as the United States, China and Japan, writes Doug Tsuruoka. Asian and US companies are racing to develop AI technology, which promises to revolutionize every aspect of humanity, from business to space exploration.