WASHINGTON - THE US government will set a salary cap of US$500,000 (S$751,709) for top executives at companies receiving federal economic bailout funds, an administration official said on Wednesday.
President Barack Obama and Treasury Secretary Timothy Geithner were expected to make the announcement on Wednesday at the White House, the official said privately.
KUALA LUMPUR - MALAYSIA'S ruling coalition claimed it wrested control of a key state from the opposition on Wednesday after three lawmakers deserted the alliance that ruled the state.
But the opposition alliance demanded new elections for the northern Perak state legislature, saying it had decided to dissolve the 59-member assembly before the defections.
TOKYO - JAPAN'S Panasonic Corp said on Wednesday it was cutting up to 15,000 jobs and closing 27 plants worldwide as it braces to fall deep in the red due to the global economic crisis.
Panasonic expects a net loss of 380 billion yen (S$6.3 billion) in this financial year to March as recessions in major economies from Japan to Europe and the United States prompt consumers to cut their spending.
SHANGHAI - CHINA'S manufacturing activity showed signs of recovering in January, data indicated on Wednesday, in a rare piece of optimistic news for the world's third-largest economy.
Some economists said the data could signal that China's manufacturers had overcome the worst of the economic crisis, with companies exhausting their old stock and placing new orders.
