Archive for ‘Economics’

13/02/2014

* China spends billions on rural education – Xinhua | English.news.cn

The Chinese central government has invested 61.8 billion yuan (10.1 bln U.S. dollars) improving schoolhouses and educational facilities in rural areas over the past four years.

Since 2010, 39.9 billion yuan from the central budget has been used in schoolhouse renovation and 21.9 billion yuan in educational equipment, said Liu Limin, deputy minister of education, at a press conference on Thursday.

Money was also used to build cafeterias at schools in 699 “poor” counties, after media reports exposed that some students in remote villages have to cook for themselves during study time, according to Liu.

The deputy minister revealed that the ministries of education and finance and the National Development and Reform Commission jointly worked out a plan on improving the level of education in poor areas at the end of last year.

The plan aims at completing six major tasks in three to five years, including improving basic school facilities like teaching equipment, sports grounds and toilets, promoting digital teaching methods and improving the quality of teaching staff, according to Liu.

He also said that the ministry will try to ensure better compulsory education and care for 23 million rural left-behind children at school age, who stayed alone or with their relatives while their parents go to cities to make a living.

via China spends billions on rural education – Xinhua | English.news.cn.

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13/02/2014

* India Approves Paying $54-a-Ton Subsidy for Raw Sugar Exports – Businessweek

India, the world’s biggest sugar producer after Brazil, will introduce a subsidy on raw sweetener exports to boost shipments amid a domestic glut, a government official said.

The cabinet approved a 3,333 rupees ($54) a metric ton subsidy for exports in February and March and will review the amount in April, the official, who asked not to be named because the person isn’t authorized to speak to the media, said in New Delhi yesterday after the cabinet meeting. That’s 67 percent more than the 2,000 rupees previously proposed by the Food Ministry. India will subsidize as much as 4 million tons in the next two years, the official said.

Bajaj Hindusthan Ltd., Balrampur Chini Mills Ltd. (BRCM) and other mills are counting on government support to increase shipments and trim record losses as cane costs climb and prices drop. The subsidy will help spur exports from India and help the country compete with supplies from Thailand, Michael McDougall, a senior vice president at Newedge Group in New York, said by phone yesterday. Refineries including Dubai-based Al Khaleej Sugar Co. will benefit from Indian supplies, he said.

via India Approves Paying $54-a-Ton Subsidy for Raw Sugar Exports – Businessweek.

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13/02/2014

* Rice Exports From India Climbing to Record on Mideast Demand – Businessweek

Rice shipments from India, the world’s largest producer after China, will probably expand to a record as buyers from Iran to Saudi Arabia boost purchases of aromatic basmati grain used in biryani and pilaf dishes.

Exports are set to increase 7.8 percent to 11 million metric tons in the 12 months through March from a year earlier, said M.P. Jindal, president of the All India Rice Exporters Association. Sales of basmati may jump 14 percent to 4 million tons as cargoes of non-basmati varieties advance 4 percent to 7 million tons, he said in a phone interview.

Shipments are increasing from India as Thailand, once the world’s biggest supplier, is also set to boost exports. The Southeast Asian country has built record stockpiles big enough to meet about a third of global import demand under a buying program that started in 2011. Farmers are demanding the government sell the reserves to pay for their crop.

via Rice Exports From India Climbing to Record on Mideast Demand – Businessweek.

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13/02/2014

Labor Issues Prompt Inquiry into Tata’s Tea – India Real Time – WSJ

Nearly a year after human-rights groups complained about working and living conditions on tea plantations run by Amalgamated Plantations Private Ltd., the World Bank has ordered an inquiry.

APPL, a joint venture of Tata Global Beverages Ltd.500800.BY -1.67% and the International Finance Corp., the private-sector lending arm of the bank, employs around 30,000 people on 20 plantations in the northeastern state of Assam.

Tata Global Beverages owns the Tetley Tea brand.

Rights groups, including People’s Action for Development and Nazdeek, told the bank’s Compliance Advisor Ombudsman that the plantations weren’t adhering to Indian laws.

Many tea workers earn less than $2 a day and it “is impossible to properly feed themselves and their family with this amount of money,” the complaint said. “As a result, many workers suffer from malnutrition.”

Ashoke Bordoloi, chief financial officer of APPL said, “We look after our workers and are compliant with the law.” He said the company would extend “full cooperation” to World Bank auditors.

In 2009, Tata Global Beverages received an investment of $8 million from the IFC to address issues concerning workplace and community health and safety.

But civil rights groups allege that the money hasn’t been used.

“Facilities like living quarters, safe drinking water and toilet facilities and proper education for them, have not yet been provided by the management,” Barnabas Kindo, social activist working with PAJHRA, a group working for improving living conditions of tribal people in the northeast told India Real Time Wednesday.

via Labor Issues Prompt Inquiry into Tata’s Tea – India Real Time – WSJ.

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13/02/2014

Iran asks India for $1.5 bln in oil payments under nuclear deal -sources | Reuters

Iran has asked India for $1.5 billion in back oil payments under the nuclear deal that provides Tehran some relief from Western sanctions, Indian sources with direct knowledge of the matter said on Thursday.

If the payments are approved, this could make India the third of Iran’s major buyers, after Japan and South Korea, to start processing frozen back payments. The payments are contingent on Iran holding to its agreement to start curbing its nuclear programme.

Indian refiners are holding about $3 billion in payments due the Middle Eastern crude producer, one of the sources said.

Other funds owed to Tehran are held in a rupee-denominated account at India’s UCO Bank.

Under the Nov. 24 agreement with six major powers, Iran won access to $4.2 billion of its oil revenues frozen abroad. The fund will be paid out in eight money transfers on a schedule that started with a $550 million payment by Japan on Feb. 1.

via Iran asks India for $1.5 bln in oil payments under nuclear deal -sources | Reuters.

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12/02/2014

* H&M to open first store in India in 2014 | Reuters

Hennes & Mauritz will open its first store in India this year, it said on Wednesday, as the world’s second-biggest fashion retailer becomes the latest to take advantage of the opening of Asia’s third-largest economy to foreign operators.

H&M, which said last year it plans to spend around 100 million euros ($137 million) on an initial 50 stores in India, received final approval in December from the Indian government to invest in the country.

“We are very excited to open our first store in India. It is one of the most exciting countries in the world right now, with so much potential,” H&M CEO Karl-Johan Persson said in a statement.

via H&M to open first store in India in 2014 | Reuters.

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12/02/2014

IBM’s CEO visits China for trust-building talks with govt leaders: sources | Reuters

A slide in IBM Corp’s (IBM.N) sales in China amid a broad backlash against claims of U.S. government spying has triggered a rare visit to Beijing by Chief Executive Officer Ginni Rometty.

Visitors walk past the IBM booth at the 9th China International Software Product & Information Service Expo in Nanjing, Jiangsu province September 6, 2013.REUTERS/China Daily

The head of the world’s biggest technology services company arrives in China’s capital on Wednesday for three days of meetings with government leaders, according to people familiar with her visit. The visit comes as U.S. firms like IBM and Cisco Systems Inc (CSCO.O) seek to restore trust with Chinese regulators and reverse slumping sales.

Beijing has encouraged state-owned companies to buy China-branded products since last year’s revelations by former National Security Agency contractor Edward Snowden of spying. That has undercut business at some U.S.-based multinationals operating in the world’s second-biggest economy.

via IBM’s CEO visits China for trust-building talks with govt leaders: sources | Reuters.

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12/02/2014

China to crack down on fake data ‘corruption’: statistics chief | Reuters

The accuracy of economic statistics in general in China has come under the spotlight in recent years as some growth-obsessed local governments published false economic data.

Waiters from a hotel cross a road in Beijing's Central Business District, September 3, 2010. REUTERS/Jason Lee

“In the area of statistics, falsification can be considered as the biggest form of corruption,” Ma Jiantang, head of the National Bureau of Statistics told a meeting, in a reference to the Chinese government’s broader crackdown on corruption.

“We must seriously investigate and punish such corruption cases,” Ma was quoted as saying in a statement on the agency’s website, http://www.stats.gov.cn

via China to crack down on fake data ‘corruption’: statistics chief | Reuters.

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12/02/2014

Electric private hire cars (made in China) launched in London | Fleet News

Private hire chauffeur operator Thriev has launched a fleet of 20 zero-emission, fully-electric BYD e6 cars in London.

Thriev is the first company to offer low-cost, zero-emission, chauffeured vehicles to corporate and private users in London. The BYD e6 is ideally suited for private hire operations, providing a range of up to 186 miles and the 20 private hire cars will be able to be recharged both at the depot and on the road thanks to British Gas.

The new fleet is the result of a shared ‘green city solution’ vision, to bring reliable, emission-free transport to London’s roads, replacing petrol and diesel powered vehicles with electric ones. The 20 BYD e6 vehicles operated by Thriev join two fully-electric BYD buses that are already in service with Go-Ahead Group on two central Transport for London routes.

The Thriev service will be supported by a brand new city-wide charging network installed by British Gas in addition to its own rapid charging stations. British Gas has been leading the delivery of the UK’s charging infrastructure for electric vehicles since 2010. The first rapid chargers, made by BYD and capable of charging an e6 to 80% in just 30 minutes, have already been installed at Thriev’s Edgware Road facility. As the service expands across the UK, creating one of the largest of its kind, it will eventually see each unit of electricity matched with a unit of 100% British renewable electricity.

via Electric private hire cars launched in London | Fleet News.

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12/02/2014

Xiaomi is the world’s third most innovative company; “Made in China” now a compliment – Yahoo News Singapore

For the longest time, China has been known as a manufacturing powerhouse and because of that, its quality of goods has a notorious reputation. Consumers shun away and give products a smirk whenever there is a “Made in China” label on it.

American consumers associate Chinese manufacturing with the terms “mass produced,” “cheap” and “poor safety standards” more than anything else.

However, that is now changing.

“Made in China” is now a compliment as the emphasis on quality is returning.

Fast Company just announced their own list of the World’s 50 Most Innovative Companies. Other than tech giants from the west such as Google, Apple, Tesla, Dropbox and a handful of others, several Chinese companies rose to the list, raising the eyebrows of industry watchers.

In particular, Xiaomi, emerged as the third most innovative company just behind Google and Bloomberg, beating several other companies including Apple and Nike. Xiaomi is reinventing the smartphone business, a segment that is exploding around the world now.

via Xiaomi is the world’s third most innovative company; “Made in China” now a compliment – Yahoo News Singapore.

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