THE EU has led the world in collecting VAT on all online sales, adopting a mechanism which is now part of the OECD’s Base Erosion Profit Sharing (BEPS) project. The OECD’s Raffaele Russo explains how regulators are moving to capture profits hidden in borderless trade . . .
THE last decade was the golden decade for e-commerce – the next decade will be the diamond decade for cross-border e-commerce, says Maggie Zhou, Director of the International B2C Division of Alibaba.
The group has just announced plans to invest US$1 billion in cloud computing globally . . .
The US retail chain Walmart Stores, Inc the world’s largest company by revenue, has maneouvred into the driver’s seat of China’s burgeoning e-commerce market.
Walmart now owns one of China’s three largest e-commerce portals, Yihaodian.com (YHD.com), which enjoys annual double-digit growth, and in 2014, turned over US$1.9 billion.
Walmart first invested in YHD.com in 2011 after it decided to abandon its own plan to run a website in China. The US retail giant lifted its stake in YHD.com to 51 per cent in 2012, and in July this year acquired the remaining 49 per cent from Ping An Insurance and the founders of the website — former Chairman, Yu Gang, and former CEO, Liu Junling.
GLOBALLY, the value of e-commerce reached US$15.2 trillion in 2012-13, and countries need to adopt laws to facilitate this, at a domestic,
regional and international level, says UNCTAD’s Head of ICT analysis, Torbjorn Fredrikssen. Currently, he says, there is no answer to such issues as data protection involving the use of cloud services . . .
THE changes wrought by ICT and the way the global economy works have not been properly captured by official data on GDP and inflation, says economist Stephen Jen . . .
ISSUES arising from the shift to a fully-digitised world affect all levels of Government and are beyond the jurisdiction of a single Government department, says the OECD’s Anne Carblanc. “We believe the cross-Government approach is absolutely necessary,” she told ATI ...
IN A TOXIC internet environment, valuable services are being forced behind castles and fortresses – it is no longer an open Internet because, suddenly, the entry price is the price of the fortress, says leading scientist Geoff Huston . . .
MORE supply chains are moving from Southern China into Vietnam in a trend that seems likely to increase. The World Bank says Vietnam also stands to benefit from the Trans-Pacific Partnership TPP), which could add eight per cent to its GDP . . .
FORMER Prime Minister Thaksin’s economic czar, Somkid Jatusripitak, has been recalled. His task — to change Thailand’s economic fundamentals. But will the Generals give him enough time?
THREE candidates have officially declared for the Presidency as the good-governance-is-good-economics policy pursued over six years by Benigno Aquino draws to a close. With much at stake, Filipinos won’t want to leave anything to chance in 2016 . . .
THE WORLD will watch as Japan takes a lead in confronting the dilemma of an ageing (and shrinking) population. Studies show lower birth rates in major cities, so Japan has embarked on a programme to encourage young people to opt for rural living . . .
WILL BEIJING punish Taiwan if it abandons the more ‘China-friendly’ Kuomintang in the coming Presidential election? Or will the Opposition DPP be able to manage the cross-strait relationship?
ASEAN member States now rank alongside China as the world’s leading destination for FDI as countries like Japan and South Korea hunt for growth. A new study identifies ASEAN as Australia’s third sphere of
future prosperity, after China and India . . .
HOLDING the world’s fourth-largest reserves of iron ore, India wants to develop its domestic steel industry. But its continuing economic growth has made it a target for steelmakers wanting to dump surplus production as China’s expansion slows. Narenda Singh Tomar, India’s Minister for Steel and Mines, explains . . .
SRI LANKA is set to launch a global campaign to promote the quality and diversity of its premium export teas to a consumer market which is increasingly health-conscious and adopting tea as part of modern lifestyle . . .
SIXTY PER CENT of the world’s young people live in Asia, where unemployment is already high and rising. In the poorer countries, one in four who should be enrolled in the lowest level of education are not enrolled. And while new jobs are emerging in the digital age, many youngsters do not have the digital skills required . . .