Posts tagged ‘United States’

24/11/2014

China’s rich want to send children abroad for education – China – Chinadaily.com.cn

An overwhelming majority of China’s richest people are likely to send their children abroad for education, the United States and the United Kingdom being their first choices, according to a Hurun Report on education.

China's rich want to send children abroad for education

A Chinese student at the 2014 International Education Exhibition in Beijing on October 25, 2014. [Photo/IC]

The report said that some 80 percent of the country’s rich people have plans to send children abroad, the highest ratio in the world. By contrast, Japan has less than 1 percent and Germany has less than 10 percent of its rich people having such plans, said the report.

The rich people are most likely to send their children to the United States and the United Kingdom while other countries such as Australia, Canada, Switzerland, New Zealand, Singapore, France and Germany attract most of the rest.

The report also found that the students tend to get younger. The average age of the millionaires’ children is 16 years old when they were sent abroad.

Rupert Hoogewerf, publisher of the report, said ten years ago, Chinese rich people could only send their children to Canada and Australia because large number of Chinese people there. “Now, the Chinese rich people have a much broader social network, as a result of which they can find trusted people anywhere in the world and can rest assured sending children to any country.”

“Long time overseas study of these students can definitely do good to the globalization of China’s economy,” said Rupert.

via China’s rich want to send children abroad for education – China – Chinadaily.com.cn.

22/11/2014

So What Does Obama’s Immigration Reform Mean For India’s High-Skilled Workers? – India Real Time – WSJ

President Barack Obama’s immigration reforms unveiled Thursday in the United States bring little sunshine for those in India’s technology outsourcing industry who are waiting for him to boost the number of skilled-work visas or H-1Bs.

The president’s reform plan bypassed Congress to protect millions of illegal immigrants from deportation.

To be sure, the reform measures also contained minor benefits for businesses with workers from overseas. “We will make it easier and faster for high-skilled immigrants, graduates, and entrepreneurs to stay and contribute to our economy, as so many business leaders have proposed,” said Mr. Obama in a prime-time address in the U.S.

But that means very little for India’s outsourcing firms that have long been lobbying to increase the number of H-1B visas so they can send more Indian programmers and engineers to their clients in the U.S.

Indian software exporters such as Tata Consultancy Services 532540.BY +0.35%, Infosys and Wipro send thousands of skilled Indian workers to the U.S. every year to cater to the technology needs of their clients.

The immigration reforms bill, introduced last year, sought to triple the number of H-1B visas available to 180,000 a year but was pulled after many lawmakers argued that the changes would result in an influx of illegal immigrants. It is still uncertain when the reform bill will be considered again.

As a result, industry and market watchers weren’t expecting the president to make any path-breaking changes to increase the number of skilled-worker visas issued annually. In fact, most of the changes announced are on expected lines.

via So What Does Obama’s Immigration Reform Mean For India’s High-Skilled Workers? – India Real Time – WSJ.

21/11/2014

China Stocks Up on Oil While It’s Cheap; Tanker Companies Profit – Businessweek

With oil prices off about 30 percent since June, China is importing record amounts of crude to build up a strategic reserve. Cheap fuel is giving tanker companies their best profits in years.

via China Stocks Up on Oil While It’s Cheap; Tanker Companies Profit – Businessweek.

21/11/2014

How Indians and Chinese Study in the U.S. Shows Degrees of Development – China Real Time Report – WSJ

A record number of international students—close to 900,000 scholars–studied at U.S. colleges and universities last year and more than four out of ten of them were from India or China.

How the best and brightest from China and India choose their expensive American degrees demonstrates the differing levels of development between the world’s only billion-person economies.

Chinese students tend to choose undergraduate courses focused on business, while Indians opt for short graduate programs in more technical subjects like science and math.

A report from the Institute of International Education published this week has the figures. China continued to be the biggest exporter of students to the United States by far. It had more than 274,000 students stateside, which was a 17% increase from the previous year.

India was a distant second but still had more than 102,000 college and university students to America. That was a 6% increase from the year before, and the first rise in the number of students from the subcontinent in five years.

Back in the school year which ended in June 2010, China passed India as the biggest source of foreign freshman in the U.S.—a title India had held for years. China has been adding to that lead ever since.

China’s rise to the top—it had 200,000 more students last year to the U.S. than it did just eight years earlier—reflects the growing incomes and increasing globalization of the country’s citizens, analysts say.

Chinese students were much more likely to go to the states for undergraduate studies than Indian students. Only around 12% of Indians that study in the U.S. were there for undergraduate studies during the past school year, compared to 40% of Chinese students, the IIE study showed.

It makes sense, said Akhil Daswani, chief operating officer of OnCourse Vantage, an education consulting company in India, an undergraduate degree is a luxury few Indians can afford.

“If you are going to spend $250,000 over four years you have to have a considerable amount of disposable income,” Mr. Daswani said. “Undergraduate schools are marketing heavily (in China). It is the first place they want to go because they are getting so much business.”

When they go for an international degree, Indians prefer to get more bang for their rupee, they tend to go for two-year graduate courses that lead to high-paying jobs.

Close to 80% of Indian students in the U.S. last year were aiming to get technical degrees in science, technology, engineering or math, the study showed. That figure for China was 42%. Chinese students, meanwhile, leaned more towards business degrees. Around 28% of Chinese students were studying business compared to 12% of Indian students.

via How Indians and Chinese Study in the U.S. Shows Degrees of Development – China Real Time Report – WSJ.

20/11/2014

India Worst Slave Country, Says Global Slavery Index – India Real Time – WSJ

More than 14 million people in India are estimated to live in modern slavery, according to a new index on global slavery that ranks the country first out of 167 countries based on the number of people subject to abuse such as forced labor, servitude or sexual exploitation.

The other countries with the highest numbers of people in modern slavery are China, Pakistan, Uzbekistan, Russia, Nigeria, the Democratic Republic of the Congo, Indonesia, Bangladesh and Thailand. Together with India they account for 71% of the estimated 35.8 million people in modern slavery, says the 2014 Global Slavery Index, a report produced by global human rights organization the Walk Free Foundation. It defines modern slavery as “one person possessing or controlling another person in such a way as to significantly deprive that person of their individual liberty.”

Modern slavery in Asia, particularly in countries such as India and Pakistan, often includes entire families who are enslaved through bonded labor in construction, agriculture, brick making, garment factories and manufacturing.

In India, lower castes and tribes, religious minorities, and migrant workers are disproportionately affected by modern slavery the Indian section of the report says.

In 2014, the Ministry of Home Affairs launched the ‘anti-trafficking portal’, which includes  information on criminal justice statistics, anti-trafficking police units, government and law enforcement training, the anti-trafficking legislation, and reporting mechanisms, including the ChildLine hotline number.

India has also improved law enforcement efforts by establishing 215 anti-human trafficking units across the country to investigate human trafficking cases.

Legislation on its own though is not enough to ensure success of a criminal justice response to modern slavery, according to the report.

via India Worst Slave Country, Says Global Slavery Index – India Real Time – WSJ.

19/11/2014

Why India is doing better than most emerging markets | The Economist

INVESTORS have fallen out of love with emerging markets. Since the start of last year emerging-market stocks have trailed their rich-world peers. Currencies are falling. Worst-hit is the Russian rouble, which has fallen by 30% against the dollar this year. The currencies of other biggish emerging markets, such as Brazil, Turkey and South Africa, have also weakened. For such economies growth is harder to come by. The IMF recently cut its forecasts for emerging markets by more than for rich countries. But India is a notable exception to the general pessimism. Its stockmarket has touched new highs. The rupee is stable. And the IMF nudged up its 2014 growth forecast for India to 5.8%. That figure is still quite low: growth rates of 8-9% have been more typical. But in comparison with others it is almost a boom. Why is India doing better than most emerging markets?

In part optimism about India owes to its newish government. In May Narendra Modi’s Baratiya Janata Party (BJP) won a thumping victory in elections on a pro-growth platform. Since then the BJP has strengthened its position in some key states. So far reform has been piecemeal. Procedures for government approvals have been streamlined. The powers of labour inspectors have been curbed. Civil servants now work harder. That has been enough to sustain hopes of further and bigger reforms. Yet much of the continued enthusiasm about India is down to luck. The currents that sway the global economy presently—the dollar’s strength; slowdown in China; aggressive money-printing in Japan; stagnation in the euro zone and falling oil prices—are less harmful to India than to most emerging markets.

Start with the dollar, which has been buoyed by a resilient American economy and the prospect of interest-rate increases by the Federal Reserve. Past episodes of rising interest rates and dollar strength (for instance in the early 1980s or mid-1990s) have not been kind to emerging markets. Bond yields rise and currencies fall as capital is drawn back to America. India has a bit less to fear from such a rush to the exits; its bond markets are tricky for foreigners to enter in the first place. India is also less harmed by slowdown in China, as only around 5% of its exports go there. It is not part of China’s supply-chain, which takes in much of South-East Asia. Nor is it a big exporter of industrial commodities, as Brazil is. And a weaker yen in response to quantitative easing by the Bank of Japan hurts Asia’s manufacturing exporters more than service-intensive India. The misery in the euro zone is of greater concern to Europe’s trading partners in Turkey and Russia than to faraway India. And the fall in crude-oil prices that hurts oil exporters, such as Russia and Nigeria, is a boon to a big oil importer like India. Indeed the deflation that is stalking large parts of the world is helpful to India, which has suffered from high inflation.

India is not impervious to bad news. Some of its recent economic data have looked a little soggy. Exports slumped in October. Car sales have fallen for two consecutive months and there is little sign yet of a meaningful recovery in business investment. This explains, in part, why there have been growing calls (including from the finance minister) for the central bank to cut interest rates soon in response to a drop in consumer-price inflation. The troubles in other emerging markets ought to counsel caution. Any sign that policymakers might be ditching discipline in favour of quick fixes might see India fall from investors’ favour. But for the time being, it is riding high.

via The Economist explains: Why India is doing better than most emerging markets | The Economist.

19/11/2014

Summitry: The Chinese order | The Economist

FOR the past week China’s state media have conveyed an almost imperial choreography playing out in the Great Hall of the People, in Zhongnanhai, the Chinese leaders’ compound next to the Forbidden City in Beijing, and at Yanqi Lake just outside the capital. Every day, on television and in newspapers, President Xi Jinping (above, right) is portrayed receiving lines of grateful world leaders. And every day he is seen arranging prosperity, ordering peace or, in an agreement with Barack Obama, America’s president, (above, left) on carbon emissions, even saving the planet. It escaped no visitor that not since Mao Zedong has a Chinese leader conducted foreign affairs with such eye-catching aplomb. Yet this was not only Mr Xi’s moment, but also China’s—a diplomatic coming-out party of sorts.

On several fronts, a country known for a somewhat reactive diplomacy has made the running. China was host this week to the Asia-Pacific Economic Co-operation—APEC, a regional trade gathering that rarely makes waves. Yet in quick succession China declared free-trade agreements with South Korea and Australia, two sizeable Asian economies, all but signed. It announced a breakthrough with America by promising at last to eliminate tariffs on information-technology products. And to the delight of Asian leaders and of Vladimir Putin, president of Russia (reviled in the West but made welcome in Beijing), Mr Xi announced $40 billion in investments to cement a new commercial “Silk Road” that will run overland through Central Asia and Russia eventually to Europe and by sea through South-East Asia to the Middle East and Africa.

Most strikingly, on November 11th Mr Xi urged APEC’s 21 members to move towards a Free Trade Area of the Asia-Pacific (FTAAP). The commitment to “study” the idea over the next two years is in effect to launch it, and for all that an eventual FTAAP is unlikely to be notable for its high standards, the announcement was intended to stand in contrast to the predicament of the 12-nation Trans-Pacific Partnership, sponsored by America, which remains bogged down in negotiations between America and Japan despite earlier hopes of a breakthrough announcement at APEC.

On security matters, Mr Xi appeared to be making the running, too. There had been a “meeting of minds”, according to Benigno Aquino, president of the Philippines, over disputed reefs in the South China Sea. Most striking, though, was an agreement for China to resume high-level contacts with Japan. China has rationed these, and in 2012 began actively challenging Japan’s control of the Senkaku islands (known as the Diaoyu islands to China) in the East China Sea; ties had been frozen entirely since Japan’s prime minister, Shinzo Abe, visited Tokyo’s Yasukuni shrine last December. The shrine, honouring Japan’s war dead, has militarist overtones.

Yet on November 7th China and Japan announced a four-point agreement to reduce tensions (see article). The signal agreement was later sealed when Mr Xi met Mr Abe for the first time as president. Admittedly, the withering handshake and puckery expression he offered Mr Abe lent the impression of a dog owner obliged to pick up another pooch’s turd.

That breakthrough was downplayed in state media, perhaps because Chinese ultranationalists might perceive in it a climbdown from China’s hard line over the islands, and towards Japan in general. But given much more prominence was the summit between the Chinese and American presidents, their second full one after that at Sunnylands in California in 2013. Again, there were welcome breakthroughs in co-operation. One was the agreement on information technology, which should now clear the way for a World Trade Organisation pact on IT products. Another was that both sides agreed to find common confidence-building and other measures to help avoid misunderstandings or accidental military confrontations on or above the East China Sea and South China Sea, where the United States shadows China’s increasingly assertive military presence.

But the biggest surprise was the agreement on greenhouse gases. China and America are the two biggest polluters, together accounting for 44% of global carbon emissions. Without their commitment to cut emissions, any global target is meaningless. On November 12th Mr Obama announced a “historic” agreement in which America will cut emissions by 26-28% by 2025, compared with 2005 levels, while China promises its emissions will peak around 2030. It gives a big boost to getting a global deal on carbon emissions at a crucial gathering in Paris next year. For China, a huge guzzler of coal, setting a date for emissions to peak is a first, even though it is five years later than the Americans would have liked. To bring down emissions after 2030, it aims for a big growth in nuclear power and for a fifth of its electricity to come from non-fossil fuels.

via Summitry: The Chinese order | The Economist.

19/11/2014

‘Exceptionally Low’ Female Labor Participation Holding Back India’s Economy – India Real Time – WSJ

Women’s empowerment hasn’t featured prominently so far in Indian Prime Minister Narendra Modi’s program for economic revival. It probably should, according to the latest overview of the Indian economy by the Organization for Economic Cooperation and Development.

The report, released Wednesday by the Paris-based club of rich nations, suggests that enlarging economic opportunities for women could be a new “growth engine” for India, accelerating GDP growth by around two percentage points each year. India has narrowed the gender gap in health and education, the report says. But Indian women still lag far behind men when it comes to participation in both the formal and informal economies.

Just a third of working-age women in India were employed or looking for a job in 2010, a lower share by some distance than in Brazil (around 65%), China (75%), Indonesia (55%) or South Africa (45%). The figure for Indian men was over 80%.

More strikingly, female labor participation in India has actually fallen over the last decade: According to Indian-government data, the working-age populations of both men and women increased by around 100 million between 2000 and 2012. But the number of women employed or seeking employment only grew by 7 million over that period, whereas the number of men in those categories expanded by 70 million. Just a quarter of the increase in the number of women outside the labor force was accounted for by more women staying in school.

Indian women who do work don’t have great jobs, the OECD report shows. More than a third are unpaid helpers, as opposed to just 11% of working men. Women are also overrepresented in low-productivity agriculture and traditional, small-scale manufacturing. Only 6% of employed women get formal benefits like pensions or maternity leave. There aren’t many female entrepreneurs. (The report notes, though, that there aren’t many entrepreneurs in India, period, relative to other countries at the same stage of development.)

Illiterate women are more likely to be in the labor force than better-educated women, though participation is higher among high-school graduates. The relationship between female participation and income is similar: The richer a woman’s household is, the less likely she is to work.

Those patterns suggest “exceptionally low” female labor participation isn’t fully explained by simple measures of worker productivity.

On a 2012 OECD index of social obstacles to gender equality, India scores poorly relative to other large developing countries. Families’ preference for sons is stronger. Violence against women is more common. Women’s access to credit, land and property is more restricted. Marriage and inheritance laws favor men more.

Other social norms matter, too. As men’s incomes have risen over the last decade, their wives may prefer housework to a low-paying job, the report suggests. One study cited by the report finds that a family’s social status is considered higher if the woman stays at home.

via ‘Exceptionally Low’ Female Labor Participation Holding Back India’s Economy – India Real Time – WSJ.

13/11/2014

US, India end impasse that threatened WTO pact – Businessweek

The United States and India said Thursday they reached agreement on stockpiling of food by governments, clearing a major stumbling block to a deal to boost world trade.

India had insisted on its right to subsidize grains under a national policy to feed its many poor, while the U.S. and others in the World Trade Organization were more focused on liberalizing agricultural trade.

The two countries did not announce details of their new deal, which will be reviewed by the WTO’s general council.

Both countries said, however, their agreement should clear the way for immediate implementation of a global deal that’s designed to increase trade by reducing customs red tape.

“We are extremely happy that India and the U.S. have successfully resolved their differences related to the issue of public stockholding for food security purposes,” the Indian Ministry of Commerce and Industry said in a statement.

The WTO has said the Trade Facilitation Agreement could boost global trade by $1 trillion, but the possibility of failure in the negotiations had threatened to render the WTO irrelevant as a forum for negotiations after a decade of inertia in trade talks.

via US, India end impasse that threatened WTO pact – Businessweek.

13/11/2014

China, U.S. agree limits on emissions, but experts see little new | Reuters

China and the United States agreed on Wednesday to new limits on carbon emissions starting in 2025, but the pledge by the world’s two biggest polluters appears to be more politically significant than substantive.

U.S. (L) and Chinese national flags flutter on a light post at the Tiananmen Square ahead of a welcoming ceremony for U.S. President Barack Obama, in Beijing, November 12, 2014. REUTERS/Petar Kujundzic

As China’s President Xi Jinping agreed to a date for peak CO2 emissions for the first time and also promised to raise the share of zero-carbon energy to 20 percent of the country’s total, President Barack Obama said the United States would cut its own emissions by more than a quarter by 2025.

via China, U.S. agree limits on emissions, but experts see little new | Reuters.

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