Archive for ‘Economics’

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24/04/2014

China to Get the World’s Fastest Elevators: 95 Floors in 43 Seconds – Businessweek

It’s a country of superlatives: home to the world’s longest wall, largest population, and fastest-growing major economy. Soon, China will have the fastest elevators.

A rendering of the Guangzhou CTF Finance Centre

Earlier this week, Hitachi (6501:JP) announced plans to deliver two of the world’s quickest-ascending elevators to a skyscraper now under construction in the southern city of Guangzhou, Guangdong. The 530-meter-high Guangzhou CTF Finance Center will be home to a hotel, offices, and residential space when it opens in 2016.

The ultra-high-speed elevators will travel at a pace of 1,200 meters per minute (44.7 miles per hour) up a 440-meter shaft, reaching the 95th floor in about 43 seconds. “Technologies to prevent lateral vibration and to reduce the sensation of ear blockage caused by air pressure differences,” and “brake equipment using braking materials with outstanding heat resistance to safely stop the elevator car ” will be used in the system, Hitachi said in an April 21 press release.

via China to Get the World’s Fastest Elevators: 95 Floors in 43 Seconds – Businessweek.

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24/04/2014

Mumbai Shop Owners: Cut Taxes and Tame Corruption, Please – India Real Time – WSJ

As Mumbai’s traders hit the polls Thursday, many said they voted in favor of lower taxes and against corruption. High income and sales tax, import duty and rising prices have made it tougher to do business, many shop owners said.

Chetan Pishtoi at his plywood store, Sagar Ply, in South Mumbai. Shanoor Seervai/The Wall Street Journal

“In the past, I voted for the Congress,” says Chetan Pishtoi, a plywood-shop owner at Colaba market in South Mumbai, referring to the political party that currently leads India’s national government. “But now my eyes have opened. I see what [Narendra] Modi has done in Gujarat. If he wins, maybe he will do the same for India,” says Mr. Pishtoi, 30 years old.

Mr. Modi, the prime ministerial candidate of the rival Bharatiya Janata Party, is campaigning on the economic strength of the western state of Gujarat, where he is chief minister.

Mr. Pishtoi says food prices rose so much in recent years that he had to give his employees raises. “The public in Mumbai are sleeping hungry and the government hasn’t done anything about it,” Mr. Pishtoi says. Tomatoes and onions, he says, are priced beyond the reach of many.

Raju Lalwani at his men’s clothing store in Mumbai. Shanoor Seervai/The Wall Street Journal

Raju Lalwani, who runs a men’s clothes store, is also concerned about inflation. “Cloth has become so expensive, and even the tailors charge too much for stitching,” Mr. Lalwani says. “If the political party changes, maybe business will improve.”

His shop, Lovely Silk Stores, has been a family-run business for three generations. But the 58-year-old says his children won’t inherit the business. His son is studying to be an accountant, and his daughter is in grade 12.

via Mumbai Shop Owners: Cut Taxes and Tame Corruption, Please – India Real Time – WSJ.

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24/04/2014

Chinese Travelers Breathe New Life Into Australian Tourism – China Real Time Report – WSJ

Chinese investors, done splurging on Australia’s once-booming mining industry, are sniffing around the country’s tourism market in search of bargains.

As Ross Kelly and Rebecca Thurlow report:

Their arrival promises to give a new lease of life to dilapidated resorts and properties stretching from Queensland state on the eastern coast to rural Western Australia.

Many investors are betting on an explosion in tourism Down Under, particularly from China—where people from the country’s expanding middle class are increasingly choosing to spend their holidays in countries that are considered exotic. Although Australia remains a relatively expensive destination, more Chinese are attracted each year to the country’s sunny beaches and unusual wildlife.

Sensing an opportunity, Chinese investors have begun snapping up hotels across the country at an unprecedented rate. They’re also weighing into casinos, a popular hangout for Chinese travelers, as well as experimenting with more offbeat attractions such as a China-themed amusement park.

…

Tourist arrivals in Australia surged by 10% in the 12 months through February, helped in part by a sudden pullback in the Australian dollar last year from historic highs. The number of Chinese traveling to Australia touched a record 748,000 people in the same period—up 16% from a year earlier, according to government figures.

If the current pace of growth in tourism continues, China may soon surpass neighbor New Zealand as Australia’s primary source of visitors, brokerage Commonwealth Securities predicts. Chinese visitors are already spending more in Australia than travelers from any other country, government data show.

via Chinese Travelers Breathe New Life Into Australian Tourism – China Real Time Report – WSJ.

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24/04/2014

Japan’s Mitsui pays China to release seized ship-court | Reuters

Japan’s Mitsui O.S.K. Lines Ltd paid about $29 million for the release of a ship seized by China over a dispute that dates back to the 1930s war between the countries, China’s Supreme Court said on Thursday.

The Baosteel Emotion, a 226,434 deadweight-ton ore carrier owned by Mitsui O.S.K. Lines, is docked at the port of Maji Island, south of Shanghai April 22, 2014. REUTERS/Carlos Barria

The Chinese government has described the case as a simple business dispute unrelated to wartime compensation claims, but it has become a cause célèbre for activists in China seeking redress from Japan.

Mitsui paid about 2.92 billion yen ($28.5 million) in leasing fees, including interest and damages, China’s Supreme Court said in a statement on its official microblog. Mitsui also paid 2.4 million yuan ($385,000) in legal fees, the court said.

via Japan’s Mitsui pays China to release seized ship-court | Reuters.

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23/04/2014

Energy-Hungry China Plans to Accelerate Approvals for New Nuclear Reactors – Businessweek

China slowed down the approval process for new nuclear power plants in the wake of Japan’s 2011 Fukushima disaster. Now it intends to speed things up again.

The construction site of the No. 2 reactor at the Changjiang Nuclear Power Plant on Hainan Island, China, on Sept. 25, 2012

On Friday, China’s State Energy Commission met in Beijing to review energy forecasts and discuss safety considerations regarding nuclear power. According to a statement released on the commission’s website on Sunday, it now intends to expedite the approval process for new reactors in China.

In 2013, China approved the construction of just two new nuclear reactors, with a combined generating capacity of 2.1 gigawatts. This year, it intends to green-light another 8.6 GW of nuclear energy, according to an article in Monday’s state-run China Daily newspaper.

via Energy-Hungry China Plans to Accelerate Approvals for New Nuclear Reactors – Businessweek.

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23/04/2014

Xi’s Corruption Crackdown Hits China’s Restaurants – Businessweek

Dirty officials aren’t the only ones getting slammed as Xi Jinping continues his crackdown on corruption and waste. China’s restaurant industry grew 9 percent, to 2.56 trillion yuan ($411 billion), last year, its slowest growth in more than two decades, according to a report released by the China Cuisine Association on April 19.

Xi's Corruption Crackdown Hits China's Restaurants

Restaurants, particularly the pricier ones, have long been popular venues for China’s bureaucrats and the businessmen wanting to curry favor with them. “This is a sign that the central government’s antigraft campaign against waste and extravagance has been well implemented,” said Feng Enyuan, deputy chairman of the CCA, reported the China Daily on April 21.

Midrange and high-end restaurants have been particularly hard hit, according to the association. China Chuanjude Group, the 150-year-old state-owned roast duck chain, saw its revenue fall 2.13 percent, to 1.9 billion yuan, while net profit dropped 27.6 percent last year, to 110 million yuan. In response, the chain has tried to lure more families and friends, in part by adding more affordable dishes to its menu.

via Xi’s Corruption Crackdown Hits China’s Restaurants – Businessweek.

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21/04/2014

On the Fence: Will Indians Actually Vote Against Corruption, or Not? – India Real Time – WSJ

A report in today’s Wall Street Journal probes an important contradiction in the Indian electorate: People say they are fed up with corruption — but will they say it at the ballot box?

Political corruption is a defining issue in the national vote, which runs all month. The only issue that tops it is economic growth, according to a survey sponsored by the Lok Foundation. Indians rank political parties as the most corrupt institutions in the country, Transparency International says.

The Journal traveled to Karnataka to look at the parliamentary race in Shimoga, where B.S. Yeddyurappa — a seasoned politician who faces corruption allegations — is representing the Bharatiya Janata Party. Mr. Yeddyurappa, who is considered a front-runner in the race, denies the allegations.

From interviews with voters in and around Shimoga, two things are clear: Pretty much everyone knows about the allegations against Mr. Yeddyurappa. And pretty much everyone thinks all politicians are corrupt. As a result, many people said they will simply vote for the person who they feel will help him or her the most.

“Corruption needs to be eradicated,” said Manjula H.N., a young woman who lives in a village about a half-hour drive into the countryside.  But, she said, she is more worried about unemployment.

Bottom line: She was leaning toward voting for the BJP. “Yeddyurappa has done more good works” for locals than the other candidates, she said.

via On the Fence: Will Indians Actually Vote Against Corruption, or Not? – India Real Time – WSJ.

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19/04/2014

India’s Mobile Marketers Try Phone Calls to Reach Rural Consumers – Businessweek

In many parts of the world, businesses relentlessly market to customers via their Web-connected smartphones, slipping pitches into everything from interactive games to graphics-laden productivity apps. Not so in rural India: To better reach the country’s 833 million villagers, Unilever (UL) is delivering free Bollywood music to their basic cell phones via old-fashioned phone calls.

In India, Mobile Ads Mean Phone Calls

Between the popular tunes and cheesy jokes presented during the 15-minute recorded programs served up by Unilever’s mobile phone music service, users listen to four product ads. Consumers are biting: In March, at least 2 million people subscribed to the free service available in two states, says Anaheeta Goenka, executive director of Lowe Lintas & Partners, the agency handling the campaign for the world’s second-biggest consumer company. The service expanded to Uttar Pradesh, India’s most populous state, on March 31.

Companies from Unilever to PepsiCo (PEP) to Mondelēz International (MDLZ) are turning to mobile campaigns to win over consumers who live in locales where cable television or even newspapers may have limited reach. In a country where most people don’t live in big cities and 88 percent of phones aren’t smart, the tuneful approach makes sense because rural spending growth now exceeds that of India’s urban centers. And mobile phone ads cost less and are more targeted than mass media campaigns on the subcontinent.

via India’s Mobile Marketers Try Phone Calls to Reach Rural Consumers – Businessweek.

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19/04/2014

India struggles with rebel threats during election – Businessweek

Indians cast ballots Thursday on the biggest day of voting in the country’s weekslong general election, streaming into polling stations even in areas where leftist rebels threatened violence over the plight of India’s marginalized and poor.

Nationwide voting began April 7 and runs through May 12, with results for the 543-seat lower house of Parliament to be announced four days later. Among the 13 key states voting Thursday was Chhattisgarh, now the center of a four-decade Maoist insurgency that has affected more than a dozen of India’s 28 states.

With roadside bombings, jungle ambushes and hit-and-run raids, the rebels aim for nothing short of sparking a full-blown peasant revolt as they accuse the government and corporations of plundering resources and stomping on the rights of the poor.

via India struggles with rebel threats during election – Businessweek.

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19/04/2014

In His First Year, China’s Xi Puts Unprecedented Focus on Africa – Businessweek

A little over a year ago, Xi Jinping embarked on his first foreign trip as China’s president, making stops in Russia and Africa. Over the past 13 months, his administration has focused unprecedented attention on strengthening economic and political ties in Africa, according to a new policy briefing by Brookings Institution scholar Yun Sun.

Chinese President Xi Jinping shakes hands with Namibian Prime Minister Hage Geingob on April 8 in Beijing

While China’s People’s Liberation Army has long maintained what Sun calls a “tacit operating principle of ‘no troops on foreign soil,’” last spring Beijing sent 170 combat troops from the PLA Special Force to accompany the United Nations peacekeeping mission in Mali. In the past, only Chinese engineers and medical personnel had ever been dispatched to foreign soils under a UN mandate.

“China’s choosing Africa to dispatch combat troops for the first time does suggest Beijing’s rising interests,” writes Sun, as well “enhanced commitment and [a] direct role in maintaining [the] peace and security of Africa.” China has also “dispatched a total of 16 fleets and escorted more than 5,300 ships and vessels” around the Gulf of Aden, in effect taking responsibility for maintaining the security of key shipping lanes.

via In His First Year, China’s Xi Puts Unprecedented Focus on Africa – Businessweek.

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