Asia | CHINDIA ALERT: You'll be living in their world, very soon

27/01/2014

India Gold Import Curbs Review Seen in March on Deficit Control – Businessweek

India can review gold import curbs by the end of March if Asia’s third-largest economy controls the current-account deficit, said Finance Minister Palaniappan Chidambaram.

“We can revisit curbs on gold imports by end of the year but let me hasten to add that it will happen only after we get a firm grip on the current-account deficit,” Chidambaram said in New Delhi today. Shipments rose in December from a month earlier, Revenue Secretary Sumit Bose said at the same event, and confirmed that the minister was referring to the financial year ending March 31.

The rupee has rebounded about 9 percent from a record low against the dollar in August after the government raised the tax on imports three times in 2013 and linked purchases to re-exports. The government is seeking to trim imports to 800 metric tons in the financial year ending March from 845 tons a year earlier and the restrictions helped cut the deficit in the quarter ended September to the lowest level since 2010.

via India Gold Import Curbs Review Seen in March on Deficit Control – Businessweek.

Posted in Economics, India alert | Leave a Comment »

Tags: Asia, Chidambaram, Current account, current account deficit, finance minister, Fiscal year, gold imports, import curbs, India, New Delhi, p chidambaram, Sumit Bose

25/01/2014

* Shinzo Abe’s visit a signal to China, others – The Times of India

With economics as the bedrock of a growing partnership, India and Japan are ready to move to the next level. When Japanese Premier Shinzo Abe meets Prime Minister Manmohan Singh on Saturday, the two sides are likely to kick off a top-level political-security dialogue between the two national security advisers, Shivshankar Menon and Shotaro Yachi.

Coming on the heels of the visit of the Japanese Emperor and Empress in December, the Abe visit will send a whole new set of signals to many in Asia and beyond – particularly the elephant in the room, China. Abe will not only be the first Japanese prime minister to be India\’s Republic Day chief guest, his presence at India\’s annual civil-military parade, an integral part of Indian life, will signal that the a pacifist Japan can be comfortable with a show of military strength.

The two sides are expected to announce more maritime exercises even though there will be no agreement on civil nuclear energy. Discussions on that have been stuck on non-proliferation commitments, finding a happy medium between the Japanese and Indian positions. India and Japan have started negotiations for the purchase of Japan\’s amphibian aircraft, US-2, which Japan plans to sell to India as a civilian aircraft, though it has military uses as well. The first set of discussions took place in the end of December, a second meeting is scheduled in the coming weeks.

The stepping up of defence and security cooperation between India and Japan has increased even as Japan\’s relationship with China and South Korea has plummeted in recent months. In what is being seen as an unprecedented war of words, Chinese and Japanese envoys around the world are waging a battle on the op-ed columns of newspapers regarding bilateral tensions on the Senkaku/Diaoyu islands.

via Shinzo Abe’s visit a signal to China, others – The Times of India.

Posted in Economics, GeoPolitics, India alert, Politics | Leave a Comment »

Tags: Asia, China, India, Japan, manmohan singh, Prime Minister of Japan, Shinzō Abe, South Korea

24/01/2014

UPDATE 1-Japan’s Chubu nears deal with India’s GAIL to buy LNG jointly | Reuters

Japan\’s Chubu Electric Power Co said on Friday it will sign a preliminary deal with India\’s GAIL as soon as possible to buy liquefied natural gas (LNG) together, the latest move by Asian buyers looking to cut prices for the fuel.

Liquefied natural gas (LNG) tanker, section view from side. (Photo credit: Wikipedia)

Rising demand for LNG in Asia, already the top destination for the fuel, has helped push its price to near-record levels and now buyers such as India and Japan are trying to find ways to cut their soaring gas import bills.

India, Japan and other Asian countries that together import 70 percent of the world\’s LNG met in December to discuss forming a buyers\’ club to get a better deal from suppliers.

Asian prices LNG-AS are now more than four times the cost of natural gas in the United States, where a boom in shale oil and gas has sharply reduced prices.

Apart from joint purchases of LNG, Chubu and GAIL aim to explore cooperation in other areas such as shipping, Chubu President Akihisa Mizuno told reporters on Friday.

Japanese Prime Minister Shinzo Abe is set to visit India on Saturday.

via UPDATE 1-Japan’s Chubu nears deal with India’s GAIL to buy LNG jointly | Reuters.

Posted in Economics, India alert | Leave a Comment »

Tags: Asia, Chubu Electric Power, GAIL, India, Japan, Liquefied natural gas, LNG, United States

22/01/2014

Syrian Conflict Leads to Cumin Boom in India – India Real Time – WSJ

A recent The Wall Street Journal article examined the boom in India’s cumin exports as a result of the conflict in Syria. A reporter’s photo diary from one of Asia’s largest spice markets Unjha in the western Indian state of Gujarat where cumin sales have seen an uptick in recent months.

As of Jan. 13, the acreage of cumin fields in Gujarat, which accounts for 75% to 80% of India’s cumin crop, was up 36% from a year earlier to 1.12 million acres, according to the Gujarat agriculture department. India’s exports of cumin surged 93% between last April, the start of the fiscal year, and September, to 67,500 tons, according to the Spices Board of India.

Syria was India’s biggest rival in exports of the yellow-brown spice, which is a crucial ingredient in Middle Eastern, Asian and Mediterranean cuisines and adds a dash of flavor for kitchens in the West.

Besides adding flavor to food, cumin is also used as medicine. It was even used in preserving corpses as mummies in ancient Egypt.

via Syrian Conflict Leads to Cumin Boom in India – India Real Time – WSJ.

Posted in Economics, India alert | Leave a Comment »

Tags: Asia, Gujarat, India, middle-east, Spices Board of India, Syria, Unjha

17/01/2014

* China’s Tech Firms Now Challenging the Likes of Samsung, Apple – China Real Time Report – WSJ

Chinese tech firms, once mostly known for their manufacturing prowess, are now challenging market leaders and setting trends in telecoms, mobile devices and online services. As Juro Osawa and Paul Mozur report:

Keeping better-known global competitors at bay in their massive home market, Chinese tech companies are hiring Silicon Valley executives and expanding overseas with aggressive marketing campaigns featuring international sports stars and celebrities.

They still face a perception problem among consumers in many parts of the world that their products aren’t as high-quality or reliable as others. Some foreign competitors have alleged that Beijing gives unfair advantages through subsidies, cheap financing and control over the currency market.

But, many executives at Chinese and Western companies contend, China’s technology sector is reaching a critical mass of expertise, talent and financial firepower that could realign the power structure of the global technology industry in the years ahead.

via China’s Tech Firms Now Challenging the Likes of Samsung, Apple – China Real Time Report – WSJ.

Posted in China alert, Economics, innovation, Technology | Leave a Comment »

Tags: Apple, Asia, Beijing, China, Chinese, Chinese language, Chinese tech firms, mobile devices, Samsung, Silicon Valley, Silicon Valley executives

16/01/2014

China confirms hypersonic missile carrier test | Reuters

China has flight-tested a hypersonic missile delivery vehicle in a move that was scientific in nature and not targeted at any country, the Defence Ministry said on Wednesday.

A Chinese military build-up has raised regional jitters. Many countries in Asia have welcomed a stated U.S. intention to shift more attention and military assets back to the region. They are beefing up military spending and ties with Washington.

\”Our planned scientific research tests conducted in our territory are normal,\” the Beijing Defence Ministry said in a faxed response to Reuters. \”These tests are not targeted at any country and at any specific goals.\”

The statement confirmed a report by the online Washington Free Beacon newspaper that the hypersonic glide vehicle (HGV) was detected flying at 10 times the speed of sound over China last week.

A spokesman for the Pentagon said it was aware of the test.

\”We routinely monitor foreign defence activities and we are aware of this test,\” said Lieutenant Colonel Jeffrey Pool, a Pentagon spokesman:

via China confirms hypersonic missile carrier test | Reuters.

Posted in Aerospace, China alert, Military, Politics, superpower, Technology | 1 Comment »

Tags: Asia, China, Hypersonic speed, Pentagon, People's Liberation Army, United States, Washington Free Beacon

15/01/2014

Villagers in SW China share the wealth[1]- Chinadaily.com.cn

Jianshe village in Liangshan Yi autonomous prefecture, Sichuan province, shared about 13.11 million yuan ($2.17 million) in bonuses with the 340 households in the village, on Jan 14, 2013. The village became rich after piloting a land circulation project, which introduced a new farming company and an investment company. One household received 314,000 yuan.

via Villagers in SW China share the wealth[1]- Chinadaily.com.cn.

Posted in China alert, Economics, Good news, land transfer, Social & cultural | Leave a Comment »

Tags: Asia, China, Liangshan Yi autonomous prefecture, Sichuan, sichuan province, Southwest China, SW China share the wealth, Villagers

13/01/2014

* The Year Lokpal Comes of Age – India Real Time – WSJ

This post is a commentary.

In 1965, L.M. Singhvi addressed India’s lower house of parliament and told parliamentarians that the need for an anticorruption ombudsman was overdue.

“It is for the sake of securing justice and for cleansing the public life of the Augean stable of corruption, real and imaginary, that such an institution must be brought into existence,” he told lawmakers at the time.

Almost half a century later, on Jan. 1, the Lokpal and Lokayuktas Act, to create a corruption watchdog, became the first law made in 2014.

It gives Lokpal, or the “caretaker of the people”, jurisdiction to investigate allegations of corruption made against government officials up to the rank of prime minister. Even nongovernmental organizations with foreign donations above one million rupees ($16,252) annually will fall within its purview.

The new anti-corruption machinery involves the services of federal investigators — the Central Bureau of Investigation — and the Central Vigilance Commission, which have both been made more robust and independent for the purpose.

via Inside Law: The Year Lokpal Comes of Age – India Real Time – WSJ.

Posted in corruption, Good news, India alert, Politics | Leave a Comment »

Tags: Asia, Central Bureau of Investigation, Central Vigilance Commission, corruption, India, Lok Sabha, Lokayukta, Lokpal, Lower house

11/01/2014

China parents count cost of sending children to overseas universities – FT.com

Jack Ma, one of China’s best-known entrepreneurs, thinks business success in China has nothing to do with prestigious foreign degrees: “When you want to judge whether a person . . . is excellent or not don’t look at whether they went to Harvard or Stanford,” he is famous for saying.

More and more Chinese parents apparently disagree with the co-founder of internet company Alibaba: they are increasingly spending three or four years’ annual family income to send their only child for foreign study. Some are now asking whether it is worth the investment.

The number of Chinese studying overseas has more than tripled in the past decade and continues to shoot up. The rise has been particularly dramatic among lower-middle-class families: according to a report from the Chinese Academy of Social Sciences, up to the end of 2009 students from such families made up only 2 per cent of all those who studied overseas, but by the end of 2010 the proportion had risen to 34 per cent.

For many Chinese families with children overseas, money is no object. But many lower middle-class and working-class families are counting on their only child to support them in their old age.

Foreign universities also increasingly rely on fees from Chinese students to boost their income. But is it worth spending Rmb1m-2m ($165,000-$330,00) on preparing for and completing an overseas degree, only to return to a job market where seven million graduates cannot find jobs?

According to Chinese recruitment agencies and human resources professionals, people who have studied overseas – known as “haigui”, or sea turtles, because they have one foot on land and one in the sea – command little if any salary premium when they start entry-level jobs back in China.

via China parents count cost of sending children to overseas universities – FT.com.

Posted in Affluence, China alert, Economics, education, overseas university, Social & cultural | 1 Comment »

Tags: Alibaba, Asia, China, Chinese, Chinese Academy of Social Sciences, Chinese students, Jack Ma, Overseas Chinese, United States

31/12/2013

Review: Indian IT in 2013 – Times Of India

The resilient $270-billion plus Indian IT industry returned to the higher growth trajectory in 2013 and is hoping to gain momentum in the ensuing year for a greater share of the global multi-billion dollar outsourcing market.

Putting behind a turbulent 2012, the industry consolidated its presence in the software services sector, with its top four IT bellwethers – TCS, Infosys, Wipro and HCL – posting better results to register a healthy 12-14% growth thus far as against 10% last fiscal (2012-13).

via Review: Indian IT in 2013 – Times Of India.

Posted in Economics, India alert, IT, Technology | Leave a Comment »

Tags: Asia, HCL, HCL Technologies, India, Indian IT industry, Information technology in India, Infosys, outsourcing market, Wipro

CHINDIA ALERT: You'll be living in their world, very soon

Chindia Alert: You’ll be Living in their World Very Soon

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India Gold Import Curbs Review Seen in March on Deficit Control – Businessweek

* Shinzo Abe’s visit a signal to China, others – The Times of India

UPDATE 1-Japan’s Chubu nears deal with India’s GAIL to buy LNG jointly | Reuters

Syrian Conflict Leads to Cumin Boom in India – India Real Time – WSJ

* China’s Tech Firms Now Challenging the Likes of Samsung, Apple – China Real Time Report – WSJ

China confirms hypersonic missile carrier test | Reuters

* The Year Lokpal Comes of Age – India Real Time – WSJ

Review: Indian IT in 2013 – Times Of India

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