Posts tagged ‘Singapore’

22/10/2014

India’s Modi Ends Fuel Subsidies, Showing He Is a Reformer – Businessweek

Narendra Modi has proven once again how important it is to be lucky in politics. In the spring, he was India’s opposition leader, running for prime minister by focusing on the government’s mismanagement of the economy. He had plenty of ammunition: The coalition led by the Congress Party had presided over years of corruption scandals and stalled reforms—and also had to contend with a growing budget deficit fueled by soaring prices for oil and other imported commodities.

In India, Falling Oil Prices Make Modi's Job Much Easier

During the campaign, Modi said he wanted to cut back on the costly subsidies the government offered millions of Indians to cushion the blow of those soaring prices. Petroleum subsidies account for one-quarter of India’s 2.6 trillion rupee ($42.4 billion) subsidies bill. But after he won in a landslide, Modi’s first budget (which his finance minister announced in July), was a modest plan that left the subsidies untouched.

That left observers unsure as to whether Modi was backing away from the politically difficult task of making the cuts. “We can either trust that the government will deliver price hikes as the year progresses,” Mirza Baig, head of foreign exchange and interest rate strategy at BNP Paribas in Singapore, wrote in a report after the budget announcement in July. “Or we can be more cynical and suggest that the Modi administration intends to continue the practice of rolling forward subsidy expenditure to next year.”

via India’s Modi Ends Fuel Subsidies, Showing He Is a Reformer – Businessweek.

19/10/2014

China’s Jet Set Spends Overseas While Luxury Sales Rise in U.S. – Businessweek

For the first time since Boston consultancy Bain & Co. began tracking the global luxury market, overall sales of luxury goods declined in mainland China over the first eight months of 2014. The dip was small—sales dropped 1 percent—but significant because of the outsize hopes brands from Prada (1913:HK) to Rolls-Royce (RL/:LN) have placed on wooing China’s socially ambitious spenders.

The fully-booked Nanatsuboshi (Seven Stars) luxury sleeper cruise train in Kagoshima, Japan

In the past year, the number of billionaires in China jumped by more than a fifth (from 157 to 190), according to Switzerland’s UBS (UBSN:VX) and Singapore research firm Wealth-X. But spending on luxury goods within mainland China has been squeezed by two significant trends: the continuing austerity and anticorruption drive led by President Xi Jinping and the growing preference for China’s jet set to snatch up expensive handbags and watches while on overseas trips (in part to avoid pricey import taxes at home).

Bain forecasts that overall global luxury sales will rise 5 percent in 2014, with the largest increases expected in the U.S. and Japan (at 5 percent and 10 percent, respectively). Some portion of that spending comes from Chinese tourists in New York, Los Angeles, and Tokyo, but the report doesn’t attempt to estimate how much. Bloomberg Businessweek has previously reported on the growing market for luxury train service in Japan, where household wealth is rising more quickly than at any time in the past five years and seniors want to enjoy their golden years.

via China’s Jet Set Spends Overseas While Luxury Sales Rise in U.S. – Businessweek.

02/08/2014

With End of China’s One-Child Policy, There Hasn’t Been a Baby Boom – Businessweek

Last November, China announced the loosening of its restrictive one-child population policy: Couples would soon be permitted to have two children so long as one parent was an only child. Government planners predicted that roughly half of China’s 11 million eligible couples would chose to have a second child within five years, and investors predicted a boom in sales of diapers, baby formula, and educational toys in China.

Why China's Second-Baby Boom Might Not Happen

The policy change has been rolled out in 29 of China’s 33 provinces and regions, yet by the end of May only 271,000 applications for permission to have a second child had been submitted. Many came from older mothers concerned not to lose their chance. At an agency in Beijing’s Tuanjiehu neighborhood that connects parents with maternity nannies, staff said that the majority of requests pertaining to second children came from women in their late 30s.

Six months into the new policy is still too early to judge the ultimate impact. But experts now express more modest expectations. “Every metric thus far indicates the loosening isn’t leading to a baby boom,” says Mei Fong, author of a forthcoming book on China’s population policies. With rising costs of urban living, Chinese couples are deliberately limiting family size for reasons similar to those depressing fertility in Taiwan, Japan, Korea, Singapore, and Western countries.

via With End of China’s One-Child Policy, There Hasn’t Been a Baby Boom – Businessweek.

30/06/2014

Indian Rocket Launches Five Foreign Satellites Into Space – India Real Time – WSJ

The Indian Space Research Organization launched five foreign satellites into space on Monday morning. The shot’s main cargo was Spot-7, a high-resolution earth-observation satellite belonging to Airbus Defence & Space Co. of Europe. It also carried four other smaller satellites: AISAT from the German Aerospace Center; NLS7.1 and NLS7.2 from Canada’s University of Toronto Institute for Aerospace Studies’ Space Flight Laboratory; and VELOX-1 from Nangyang Technological University, Singapore.

It follows the November launch of a spacecraft to Mars, the first such attempt at interplanetary exploration by an Asian country.

The cost of launching the five satellites wasn’t revealed. India’s Mars satellite, dubbed Mangalyaan, or Mars craft, in Hindi, cost $73 million. Speaking at Monday’s launch, India’s Prime Minister Narendra Modi noted that amount is less than what it took to produce “Gravity,” the blockbuster Hollywood movie about space. “Gravity” cost about $100 million to make.

via Watch: Indian Rocket Launches Five Foreign Satellites Into Space – India Real Time – WSJ.

19/06/2014

China, ASEAN to have South China Sea talks – Xinhua | English.news.cn

China is willing to work with the Association of Southeast Asian Nations (ASEAN) to promote a code of conduct (CoC) in the South China Sea, Foreign Ministry spokeswoman Hua Chunying said on Thursday.

Map of the South China Sea

Map of the South China Sea (Photo credit: Wikipedia)

Hua’s comment came ahead of the 11th joint working group meeting between China and ASEAN on the implementation of the Declaration on the Conduct (DoC) of Parties in the South China Sea. The meeting will be held from next Tuesday to Wednesday in Bali, Indonesia. “China is ready to work with the ASEAN for comprehensive and effective implementation of the declaration and steadily push forward consultations on a CoC,” Hua said. Maritime cooperation on navigation security and joint search and rescue will be discussed during the meeting, Hua said. She called for favorable conditions for the implementation of the DoC and formulation of a CoC to maintain peace and stability in the South China Sea. China and ASEAN officials met in March in Singapore for the 10th joint working group meeting on the implementation of the DoC. via China, ASEAN to have South China Sea talks – Xinhua | English.news.cn.

08/04/2014

Singapore Airlines to Start First-Ever A380 Superjumbo Flights into India – India Real Time – WSJ

Singapore Airlines Ltd.C6L.SG +0.68% will be the first commercial carrier to operate Airbus A380 superjumbos into India next month, after authorities there lifted a years-long ban on the world’s biggest jetliner.

The first A380 delivered to Singapore Airlines arrives at the Airbus Delivery Centre in Toulouse Blagnac, southern France, in this file picture taken October 15, 2007. Reuters

Singapore’s flag carrier says starting from May 30 it will deploy the double-decker A380, which seats up to 471 passengers, on daily flights to New Delhi and Mumbai, India’s two largest aviation hubs.

Those flights will replace two existing daily services currently flown by smaller Boeing 777 aircraft that are timed about 90 minutes apart, helping boost cost efficiencies for the airline. Another daily 777 service to both cities will remain unchanged, according to the airline.

Major airlines have been lobbying to fly the A380 into India since the aircraft’s commercial launch more than six years ago. Analysts say it will help alleviate worsening congestion at India’s major international gateways, particularly since the number of passengers is expected to rise in the coming years.

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India prevented the A380’s entry for years because the government feared that foreign carriers would gobble up passenger traffic from state-owned Air India and other domestic carriers using the large planes. None of India’s carriers operate the jumbo jet.

India’s civil-aviation ministry finally lifted the unofficial ban in January, permitting A380 flights to and from New Delhi, Mumbai, Hyderabad and Bangalore as part of efforts to liberalize the aviation sector and revive growth.

Nine of the 10 airlines that currently operate A380s have scheduled flights into India, with at least five having expressed interest in flying the large jet into the country.

via Singapore Airlines to Start First-Ever A380 Superjumbo Flights into India – India Real Time – WSJ.

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07/03/2014

China, ASEAN to have talks on South China Sea – Xinhua | English.news.cn

China is willing to work with the Association of Southeast Asian Nations (ASEAN) to formulate a code of conduct (COC) for the South China Sea, Foreign Ministry spokesman Qin Gang said on Friday.

Flag of ASEAN

Flag of ASEAN (Photo credit: Wikipedia)

Qin’s comment came ahead of the 10th joint working group meeting between China and ASEAN on the implementation of the declaration on the conduct (DOC) of parties in the South China Sea. The meeting will be held on March 18 in Singapore.

“China is ready to work with ASEAN for comprehensive and effective implementation of DOC and steadily push forward consultations on COC,” Qin said.

Practical maritime cooperation will also be touched upon during the meeting, Qin said.

Qin called for favorable conditions for the implementation of DOC and formulation of COC to maintain peace and stability on the South China Sea.

China and ASEAN officials met last September in Suzhou, in east China’s Jiangsu Province, for the 6th China-ASEAN senior officials’ meeting and the 9th joint working group meeting on the implementation of DOC.

via China, ASEAN to have talks on South China Sea – Xinhua | English.news.cn.

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05/03/2014

India Gets Record Port Investment After Tariff Is Deregulated – Businessweek

India has secured a record 207 billion rupees ($3.4 billion) of investment in port projects after it deregulated tariffs.

The nation has awarded bids for thirty ports in the year ending March 31, Shipping Secretary Vishwapati Trivedi said in an interview. The value is more than three times greater than projects awarded in fiscal 2013, he said. The projects will add 217.6 million metric tons of annual cargo-handling capacity, according to the Ministry of Shipping.

The bids will ease congestion at Indian ports where the average turnaround time for ships was about three days in 2013, compared with about one day in Singapore and Shanghai, according to a report by Anand Rathi Shares and Stock Brokers Ltd. They will also help India meet a 2020 target of more than doubling its port capacity to 3,200 million metric tons at an investment of 2.87 trillion rupees.

via India Gets Record Port Investment After Tariff Is Deregulated – Businessweek.

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11/02/2014

Boeing to Raise India Plane Demand Forecast Amid Surge in Travel – Businessweek

Boeing Co. (BA:US) is set to raise its India market forecast as the planemaker expects surging travel demand in the world’s second-most populous nation to withstand a slowdown in economic growth and a fall in rupee.

Jet Airways Boeing 737

Boeing will increase its prediction for India plane demand in the next couple of months, Dinesh Keskar, a senior vice president at the Chicago-based company, said in an interview to Bloomberg Television’s Haslinda Amin in Singapore today.

The planemaker in 2012 raised its 20-year India market forecast by 9.8 percent, at least the third increase in a row. Carriers in the Asian nation will need 1,450 new aircraft, worth $175 billion over the next two decades, it said last year.

via Boeing to Raise India Plane Demand Forecast Amid Surge in Travel – Businessweek.

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19/08/2013

The Indosphere: Made outside India

The Economist: “INDIA’S diaspora of 25m people is something to behold. In colonial times Indian labourers and traders spread across the world, from Fiji to the Caribbean. A second wave of Indians left between the 1970s and mid-1990s, when the economy was in a semi-socialist rut. Migrant workers rushed to the Persian Gulf and South-East Asia, then booming. Educated folk and entrepreneurs fled to the rich world. Plenty struck gold, including engineers in Silicon Valley and Lakshmi Mittal, boss of ArcelorMittal, a giant steel firm. Often they now have little to do with India beyond sending cash to relatives and groaning as the once-vaunted economic miracle fades.

Yet alongside this distant diaspora, a network of people and places is more directly engaged with India’s economy. Its most conspicuous element is the plutocrat who owns firms in India, but like his Russian and Chinese peers shops in Paris, educates his children in America and Britain and sometimes has foreign citizenship: Cyrus Mistry, the boss of Tata Sons, India’s biggest firm, has an Irish passport. At the network’s core, however, is not the gilded elite but offshore hubs, including Dubai and Singapore, often with sizeable Indian populations and with their own economic strengths.

The idea that some things are better done abroad is hardly new. Hong Kong was a gateway to imperial and then Red China. In 1985 Yash Chopra, an Indian film-maker, led a trend of shooting Bollywood “dream sequences”—in which the hero and heroine sing amid meadows and snowy crags—in Switzerland. The Alps were easier, cheaper and safer than the more familiar location of Kashmir.

Film buffs now view Swiss dream-sequences as cheesy, but India’s big offshore hubs are more in fashion than ever. They present a mirror image of India’s red tape, weak infrastructure and graft. Dubai is a prime example. For long-haul flights Indians prefer its airline, Emirates, to their own. More than 40% of long-haul journeys from India go via a non-Indian hub, often in the Gulf. Indian airports no longer make grown men cry (Delhi’s is first rate), but few foreign airlines want to make them their base. Indian planes are usually serviced in Dubai, Malaysia and Singapore, reflecting a history of penal taxes in India and high customs duties on imported spare parts.

via The Indosphere: Made outside India | The Economist.

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