Asia-Pacific news from the last 24 hours, AI-curated by PiQ Markets

Hong Kong is proposing a tax break on fund manager performance bonuses to bolster its status as a global wealth hub, with the bill set for legislative review on June 24. This move aims to attract international talent and investment vehicles. Meanwhile, India has exempted foreign investors from a 12.5% capital gains tax to draw in foreign capital amid economic uncertainties. In other Hong Kong news, the government saved HK$69 million in the first month after revamping its public transport subsidy scheme, which discouraged long-haul travel for short trips. Additionally, a new travel permit is simplifying weekend trips to mainland China for non-Chinese residents, though some immigration staff are not yet recognizing it.

South Korea is set to overhaul its election process following ballot shortages during recent local elections that sparked public outcry and damaged the nation's democratic image. President Lee Jae Myung has ordered a comprehensive investigation into the incident, directing the prosecution and police to conduct the probe, while expressing regret over the National Election Commission's initial response. The head of the National Election Commission has resigned amid the fallout. In separate news, thousands attended Seoul's annual LGBTQ Pride parade, with a counter-rally held nearby by a conservative Christian group.

Japanese pharmaceutical firms are intensifying their investments in China, aiming to tap into the country's growing drug discovery expertise. This strategic move is driven by the desire to uncover novel drug candidates and adapt to changing international regulatory requirements. Concurrently, a German pharmaceutical executive highlighted China's commitment to innovation, which is fostering increased opportunities for global clinical development and research programs within the nation, ultimately benefiting its citizens.

South Korean stocks are exhibiting caution as market gains concentrate in AI chip leaders like Samsung Electronics and SK Hynix. Investors are trimming positions, seeking diversification further down the AI supply chain amid concerns about potential market corrections and rising interest rates. In a related development, SK Hynix is reportedly planning a U.S. listing on the Nasdaq as early as August to enhance its global profile and leverage strong demand for its AI-related memory chips.

Taiwan's opposition leader Cheng Li-wun is in Washington seeking to allay U.S. concerns about her party's stance on China. She indicated that peace with Beijing is achievable if Taiwan permanently removes secession from its options. Meanwhile, Beijing is hosting the 18th Straits Forum, with top official Wang Huning emphasizing a "joint answer" for Taiwan Strait peace and stability. The ruling DPP has banned its officials from attending the forum.

India and Nepal have launched cross-border digital payment services and jointly handed over 84 development projects, including 72 health facilities and 12 cultural heritage sites reconstructed with Indian aid. The virtual handover ceremony was attended by Indian External Affairs Minister S. Jaishankar. This initiative follows Nepal's Foreign Minister Shishir Khanal's visit to New Delhi, where he called India their 'most important partner' and expressed a desire for enhanced cooperation in energy, connectivity, and digital sectors.

South Korea's inflation rate rose to 3.14% in May, driven by increased transport costs, with core inflation also climbing to 2.53%. Meanwhile, Brazil's economy showed accelerated growth in the first quarter of 2026, with Gross Domestic Product (GDP) expanding by 1.1% quarter-over-quarter, up from a revised 0.3% in the previous quarter. The annual growth rate held steady at 1.8%, supported by private consumption, though investments saw a decline.

Hundreds of Indonesian students protested in Jakarta against the government's economic policies and spending priorities, with some calling the nation's direction "Heading to Bankrupt Indonesia." Meanwhile, May Day demonstrations highlighted divisions within the labor movement. One large rally welcomed President Prabowo Subianto, while another group of 10,000 explicitly rejected government influence and co-option.

The Philippines' merchandise trade deficit expanded by 49.8% in April to $4.08 billion, fueled by a 22.4% surge in imports that outpaced a modest 6.3% growth in exports. In contrast, Pakistan's trade deficit narrowed by 13.7% in May to $2.58 billion, as imports fell 6.6% and exports grew 1.3%. This divergence highlights differing economic pressures and import/export dynamics in the two South Asian nations.

India's agri and water tech startups are experiencing increased commercialization, with a recent event in New Delhi focusing on connecting these companies with investors, policymakers, and industry leaders to address deployment hurdles. Concurrently, Indian companies are actively seeking partnerships and showcasing products at a major tech trade event in Taiwan, signaling growing technological cooperation between the two nations. Organizers anticipate greater Indian involvement in future Taiwanese tech events.

Demand for electric vehicles (EVs) in India is experiencing a significant surge, resulting in delivery wait times of up to three months for popular models. This trend is largely attributed to rising fuel prices, intensified by the ongoing Iran conflict, which is pushing consumers towards EVs. Major automotive manufacturers, including Maruti, Mercedes-Benz, and BMW, are struggling to keep pace with this escalating demand, leading to production and delivery challenges.

The Biden administration has imposed new tariffs on a range of Chinese imports, including electric vehicles, batteries, and solar cells. This action is intended to address China's industrial overcapacity and safeguard American manufacturing industries. The tariffs are a significant step in the ongoing trade relations between the two economic powers.

India has begun its long-delayed decennial census, aiming to count its estimated 1.4 billion citizens. The extensive process, which has started in five states and three federal territories, will deploy over 3 million officials to visit every household. Data collection will incorporate a mobile app and an online portal, and the census will also include a caste count.

China's securities regulator has approved the IPO registration for memory chip maker ChangXin Memory Technologies Inc. This listing is poised to be the largest ever on Shanghai's STAR Market. The approval signals Beijing's ongoing commitment to funding domestic semiconductor companies amidst a broader trend of technology IPOs.

China is prioritizing cruise tourism to spur economic growth, ease congestion at tourist destinations, and invigorate its shipbuilding industry. The sector is experiencing a resurgence, with Shanghai's ports managing substantial passenger volumes. A key development is the domestically constructed Adora Magic City ship, which has now transported one million passengers, marking a significant milestone in China's efforts to develop its domestic cruise market.

Foreign investor interest is driving record trading volumes through the Stock Connect program, with average daily northbound trading reaching approximately 390 billion yuan ($57 billion) in 2026. Hong Kong Exchanges and Clearing CEO Bonnie Chan highlighted this surge, attributing it to heightened foreign demand. The program facilitates investment between mainland China and Hong Kong, and the current figures represent a significant increase, underscoring growing international participation in China's equity markets.

China's top securities regulator, Wu Qing, has called on the nation's $13 trillion fund industry to prioritize investment in domestic innovation and emerging sectors. Wu Qing warned against speculative trading and chasing trends, advocating instead for sustained support of hard-technology startups. The regulator also indicated a move towards stricter oversight of program trading activities within the market.

India's Gen Z is increasingly mobilizing for change, driven by frustration over low wages and job scarcity. A recent controversial remark by a judge, referring to young people as 'cockroaches,' has become a rallying cry for this burgeoning youth movement. The movement aims to secure better economic opportunities and greater political representation for India's young population.

Quick commerce company Zepto is preparing for its Initial Public Offering (IPO) in July, with plans to file an updated Draft Red Herring Prospectus (DRHP) next week. This move follows a significant financial milestone, as the company surpassed Rs 10,000 crore in net order value (NOV) during the recent quarter. Zepto's IPO aims to capitalize on its recent growth and market position in the fast-paced online grocery delivery sector.

Ladakh experienced a historic surge in tourist arrivals in May, with a 121% increase compared to the previous year. The region welcomed 72,834 visitors during May. From January to May 2026, the total number of tourists reached 117,546, a notable rise from 81,827 recorded in the same five-month period of 2025. This significant growth indicates a strong rebound in tourism for the Ladakh region.