Archive for ‘Economics’

10/02/2014

Chinese Startup Oppo Ropes In Bollywood Stars for India Launch – India Real Time – WSJ

As competition intensifies in the global smartphone market, major players including Samsung Electronics and Apple have been spending heavily to market their latest devices through ads and celebrity endorsements. Now, even some startups in China are getting in on the action.

After enlisting famous Hollywood actor Leonardo DiCaprio to star in television commercials to promote its smartphones in China, Oppo is trying to expand in India by using a similar tactic. It is featuring Bollywood actors Hrithik Roshan and Sonam Kapoor in its latest TV commercial as it tries to expand in the fast-growing country.

Oppo started as a manufacturer of MP3 players, Blu-Ray players and feature phones in Dongguan, southern China in 2005. It released its first smartphone in 2011, selling mainly in China, but it is now trying to expand in emerging markets such as India, Indonesia and Vietnam that have a young population and rising purchasing power.

via Chinese Startup Oppo Ropes In Bollywood Stars for India Launch – India Real Time – WSJ.

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10/02/2014

UAE-led group expects to sign $2 bln India power deal soon -sources | Reuters

TAQA, majority-owned by the Abu Dhabi government, is buying two hydropower plants owned by Jaiprakash Power Ventures in the northern Indian state of Himachal Pradesh.

The plants have a total capacity of 1,300 megawatts. TAQA plans to take a majority stake in the plants while India’s IDFC Alternatives and PSP Investments, a Canadian pension fund manager, will hold minority stakes, the sources said.

“They are working to finalise it before the end of this quarter, reinforcing TAQA’s confidence in the Indian market to complement its existing power generation business there,” an Abu Dhabi source familiar with the matter said.

“The deal value is estimated to be slightly over $2 billion. The consortium is likely to take over the debts of the seller,” a second source said.

via UAE-led group expects to sign $2 bln India power deal soon -sources | Reuters.

10/02/2014

China considers new powers for pollution watchdog as part of government shakeup | Reuters

China could grant its undersized environment ministry new powers over resources, possibly allowing it to veto future projects, and more muscle to punish polluters as part of a government shake-up to tackle decades of unchecked growth.

Sources with ties to the leadership told Reuters that the government was considering a sweeping reorganization of cabinet ministries next month that will dissolve the Ministry of Land and Resources and transfer some powers to the Ministry of Environmental Protection (MEP), long regarded as too weak to punish law-breaking polluters.

Amendments to China’s 1989 environmental law, likely to be rubber-stamped at the annual session of the country’s legislature next month, are expected to also give the environment ministry the powers to impose unlimited penalties on firms that fail to rectify problems and allow regulators to suspend or shut down persistent offenders.

A nationwide monitoring system will be established to force industries to disclose exactly how much pollution they cause, and it will become a criminal offence to misuse or switch off pollution control technology and misreport emission levels.

via China considers new powers for pollution watchdog as part of government shakeup | Reuters.

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09/02/2014

India may produce record 263.2 MT foodgrains this year: Pawar – The Hindu

Foodgrain production is likely to touch a record 263.2 million tonnes (mt) this year, beating the previous high of 259 mt achieved two years ago, Agriculture Minister Sharad Pawar said on Sunday.

Union Agriculture Minister Sharad Pawar. File photo

“The country is likely to achieve record 263.2 mt foodgrain production this year. This would be about 4 mt higher than the record of 259 million tonnes achieved two years ago,” Mr. Pawar said at an agricultural exposition here.

The foodgrain production fell marginally to 255.36 mt in the last crop year (July-June) due to drought in some parts of the country.

A good monsoon along with improved sowing of both kharif (summer) and rabi (winter) crops have improved prospects of a better foodgrain production this year.

India has now emerged as the world’s top rice exporter and second-top exporter of wheat and cotton. The country is also the top producer of milk and horticultural crops, Mr. Pawar said highlighting progress made in the farm sector.

via India may produce record 263.2 MT foodgrains this year: Pawar – The Hindu.

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08/02/2014

* China increasing coverage of serious illness insurance – Xinhua | English.news.cn

China will expand a program that enables people with serious illnesses to get more compensation from medical insurance schemes to all the country’s regions in 2014.

According to a statement issued by the State Council medical reform office on Saturday, pilots of such programs should be launched in all the country’s provincial-level regions by the end of June this year.

The new move is aimed at reducing the number of cases in which people are reduced to poverty by the burden of medical fees, the statement said.

Six Chinese authorities issued a circular in 2012 on the program, stating that part of the funds collected in the current basic medicare insurance schemes for urban and rural residents could be used to purchase commercial medical insurance, so that a greater proportion of the medical fees of people with serious diseases will be covered.

A latest circular issued by the medical reform office said that local finance, human resources and social security, civil affairs, health and insurance authorities should collaborate for the expansion of the program, according to Saturday’s statement.

There should be more efforts to raise public awareness of the program so as to make the benefits easier for people to secure, it said.

The statement added that the quality and the expenditure of medical services should also be scrutinized to curb unreasonable medical treatments and fees.

via China increasing coverage of serious illness insurance – Xinhua | English.news.cn.

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08/02/2014

Hindustan Powerprojects to Build Three North India Solar Plants – Businessweek

Hindustan Powerprojects Pvt., formerly known as Moser Baer Projects Pvt., has signed power-sale contracts for three solar plants in northern India.

The company will build two photovoltaic projects of 15 megawatts each in Punjab state and a 20-megawatt plant in Uttar Pradesh, it said in an e-mailed statement today.

Hindustan Powerprojects didn’t provide details describing the terms under which it would sell the electricity to the local state governments.

via Hindustan Powerprojects to Build Three North India Solar Plants – Businessweek.

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08/02/2014

India Predicts Climb From Decade-Low GDP Growth Amid Risks (1) – Businessweek

India forecast a faster acceleration in economic growth than analysts had estimated, a prediction facing risks from interest-rate increases to quell inflation and expenditure curbs by the government.

Gross domestic product will rise 4.9 percent in the 12 months through March 31, compared with the decade-low 4.5 percent in the previous fiscal year, the Statistics Ministry said in New Delhi yesterday. The median of 24 estimates in a Bloomberg News survey had been 4.7 percent. The projection may be revised upward later and the final growth rate is unlikely to be less than 5 percent, Finance Minister Palaniappan Chidambaram said in a statement e-mailed today.

India last month joined nations from Brazil to Turkey in raising interest rates, striving to stem the fastest inflation in Asia and shield the rupee from a reduction in U.S. monetary stimulus that’s hurt emerging-market assets. Opinion polls signaling that the general election due by May could lead to an unstable coalition government are adding to risks.

via India Predicts Climb From Decade-Low GDP Growth Amid Risks (1) – Businessweek.

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08/02/2014

Trade groups seek more U.S. pressure on India over patent protection | Reuters

The U.S. Chamber of Commerce on Friday called on the government to ratchet up pressure on India over intellectual property rights, in a move that could help prevent Indian companies from producing cheap generic versions of medicines still under patent protection.

A patient holds free medicine in Chennai July 12, 2012. REUTERS/Babu

In a submission to the Office of U.S. Trade Representative (USTR), the Chamber of Commerce requested that India be classified as a Priority Foreign Country, a tag given to the worst offenders when it comes to protecting intellectual property and one that could trigger trade sanctions.

Other trade groups, including those representing the pharmaceutical and manufacturing industries, echoed the call for a tougher stance on India.

The recommendations, which were due by Friday, were for a document known as a Special 301 Report prepared annually by the Office of the United States Trade Representative.

India is on the U.S. government‘s Priority Watch List for countries whose practices on protecting intellectual property Washington believes should be monitored closely.

via Trade groups seek more U.S. pressure on India over patent protection | Reuters.

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07/02/2014

* China to build unified pension system – Xinhua | English.news.cn

China will integrate the basic old-age insurance systems for rural and urban residents to allow people to have equal access to the pension scheme, according to an executive meeting of the State Council on Friday.

China’s separate systems for rural residents and retired company employees in urban areas have basically included everyone in the country, according to the meeting.

China will integrate the two systems and build a unified pension system covering both urban and rural residents, said the meeting.

The meeting, presided over by Premier Li Keqiang, said the move will facilitate population movement and build stable expectations for livelihood improvement.

It will also boost consumption and encourage more business start-ups, said the meeting.

via China to build unified pension system – Xinhua | English.news.cn.

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07/02/2014

* China’s environment: A small breath of fresh air | The Economist

The government gives its Davids a sling to use against polluting Goliaths

Feb 8th 2014 | From the print edition

WHEN, in 2008, the American embassy in Beijing started publishing a measure of the fetid smog enveloping the capital, China’s government protested and ordered the publication to stop. Its instinct was to sweep unwelcome facts about the nauseating level of pollution in the country under the carpet. Now that seems to be changing. New rules on pollution say that official data, formerly held secretly, should be published. It is an important step, not just for China’s environment, but also because it gives new power to the large and growing movement of citizen activists who have been lobbying for the government to clean up.

China is now emitting almost twice as much carbon dioxide as the next-biggest polluter, America. At current rates, it will produce 500 billion tonnes of carbon dioxide between 1990 and 2050—as much as the whole world produced between the start of the Industrial Revolution and 1970. Pollutants in the air in Beijing have hit 40 times the level decreed safe by the World Health Organisation. Yet China did not have a ministry devoted to environmental protection until 2008, and the government has done its best to keep information about the levels of filth in the air and water under wraps. Even now, the state is keeping secret a nationwide survey of soil pollution.

The new rules that have just come into effect signal the beginning of a move towards openness. They require 15,000 enterprises, including some of the biggest state-owned ones, to make public in real time details of their air pollution, waste water and heavy-metals discharges (see article). In the past, polluters gave the data on their emissions only to the government. In future NGOs such as the Institute of Public and Environmental Affairs, run by Ma Jun, a former investigative journalist who has been badgering the government on green issues for years, will get these data to analyse and publicise as they wish. Things are opening up at a local level, too. In 2012 only a few cities, including Beijing, published statistics on air quality. Now 179 do. And more firms are volunteering information about pollution—especially those that need foreign investors.

via China’s environment: A small breath of fresh air | The Economist.

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