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

27/03/2012

* Major Chinese industrial companies profits drop 5.2 pct

Xinhua: “Profits for Chinese chemical producers, automakers and other major industrial companies fell 5.2 percent in the first two months of 2012 from the same period a year earlier, China’s statistical authority said Tuesday.

Total profits for the largest industrial companies, or those with annual revenues above 20 million yuan 3.17 million U.S. dollars, stood at 606 billion yuan during the first two months, the National Bureau of Statistics said in a statement on its website.The data highlighted the impact of the sluggish global economic recovery on Chinese companies, especially state-owned enterprises, as exports have slowed due to waning external demand.

The data also represents a significant drop from a 34.3-percent increase registered in the first two months of 2011.”

via Major Chinese industrial companies profits drop 5.2 pct – Xinhua | English.news.cn.

Is China’s economy heading for a hard landing? If so, it will exacerbate the recession in developed nations.

Posted in China alert, Economics, Recession | Leave a Comment »

Tags: China, Chindia, Chindiapedia, Government-owned corporation

26/03/2012

* Indian Govt orders probe into allegation of bribe by Army chief

Times of India: “The government on Monday ordered a CBI inquiry into the allegation made by Army chief Gen V K Singh that he was offered a Rs 14 crore bribe by a lobbyist. A CBI probe was ordered by defence minister A K Antony in the wake of the Army

chiefs allegation, defence ministry officials said.

Earlier, both houses of Parliament were adjourned till 2pm after the opposition MPs created a ruckus over the disclosures made by the Army chief. Terming Gen Singhs allegations as “serious”, Antony told reporters outside Parliament, “We have to handle it…I have taken action.” When asked if the Army chief had informed him about the bribe offer, he said, “Parliament is in session.”

In an interview to a newspaper, the Army chief alleged that an equipment lobbyist offered him a bribe of Rs 14 crore, which he had reported to the Defence Minister. He said the lobbyist offered him the bribe in order to have a tranche of 600 sub-standard vehicles of a particular make cleared for purchase. “Just imagine, one of these men had the gumption to walk up to me and tell me that if I cleared the tranche, he would give me Rs 14 crore. He was offering a bribe to me, to the Army chief. He told me that people had taken money before me and they will take money after me,” Gen Singh said.”

via Govt orders CBI probe into allegation of bribe by Army chief – The Times of India.

Wow, bribery at the highest levels!

Posted in corruption, India alert | Leave a Comment »

Tags: Bribery, Central Bureau of Investigation, Chindia, Chindiapedia, defence minister, India

24/03/2012

* Anna Hazare demands withdrawal of UPAs Lokpal Bill

The Hindu: “Even as the political parties failed to arrive at a consensus on the Lokpal Bill at a meeting convened by Prime

Minister Manmohan Singh here on Friday, social activist Anna Hazare urged the government to withdraw, what he said “was a useless Bill that was too weak to effectively tackle corruption.”

Indicating his intention to launch a bigger anti-corruption agitation than last year if the government did not bring in a strong Lokpal Bill, Mr. Hazare said: “Today, there was an all-party meeting, but no decision was taken because of the failure of the parties to arrive at a consensus. Now, we think whether the government brings Jan Lokpal [formulated by India Against Corruption] or not, we will go to the people’s Parliament.”

Charging the government with “betrayal,” Mr. Hazare said the United Progressive Alliance (UPA) government had gone back on several assurances. He added that the proper thing would have been to discuss all versions of the Bill, including a comprehensive and effective Jan Lokpal in the all-party meeting.”

via The Hindu : News / National : Anna Hazare demands withdrawal of UPAs Lokpal Bill.

Posted in corruption, India alert | 2 Comments »

Tags: Activism, Anna Hazare, Chindia, Chindiapedia, India Against Corruption, Jan Lokpal Bill, Lokpal Bill, manmohan singh

24/03/2012

* Indian govt mediators suspend talks after Maoists kidnap BJD MLA

Times of India: “The Odisha government and Maoist-named interlocutors suspended their talks on Saturday after the extremists abducted Laxmipur legislator Jhina Hikaka late Friday night. Chief minister Naveen Patnaik also sent revenue minister Surya Narayan Patro and SC and ST development minister Lal Bihari Himirika to Koraput from where Hikaka, a 37-year-old tribal MLA of the ruling BJD, was abducted while returning home along with his driver Ugrasen Jambeka and personal security officer PSO Gokula Kandhapan. The ministers will explore back channel possibilities to release Hikaka, official sources said.”

via Govt, mediators suspend talks after Maoists kidnap BJD MLA – The Times of India.

* India kidnapping: Maoist rebels extend deadline (chindia-alert.org)
https://chindia-alert.org/china-2011-roundup/india-2011-roundup/

Posted in India alert, Insurgency | Leave a Comment »

Tags: Chindia, Chindiapedia, India, Maoism, Maoist

23/03/2012

* Indian government committed to an effective Lokpal: Manmohan Singh

Times of India: “Prime Minister Manmohan Singh on Friday said that the United Progressive Alliance UPA government is committed to an effective Lokpal to check corruption. “Our government stands committed to an effective Lokpal legislation,” Manmohan Singh said at an all-party meeting on the Lokpal bill with Rajya Sabha members. “We look forward to benefiting from the wisdom and guidance of all leaders present here in the task that we have set for ourselves,” he said.

The Lokpal bill could not be passed in the Rajya Sabha during the winter session last year due to opposition moving a number of amendments and the government insisting that it needed time to study them. The bill could not be put to vote even after hours of debate on the last day of the winter session.

The opposition had charged the government with shying away from a vote.”

via Government committed to an effective Lokpal: Manmohan Singh – The Times of India.

The Lokpal (People’s Ombudsman) is the embodiment of the efforts of anti-corruption activist Shri Anna. Its protracted delay is causing not only the opposition but the person in the street to doubt the sincerity of the government in enacting the bill.

Posted in corruption, India alert | 1 Comment »

Tags: Chindia, Chindiapedia, India, india prime minister, Jan Lokpal Bill, Lok Sabha, Lokpal, manmohan singh, Rajya Sabha

23/03/2012

* China arrests 300 over contract frauds

Xinhua: “Chinese police in the cities of Hefei, Wuhan and Chengdu have arrested more than 300 suspects for a number of contract fraud cases involving over 10 million yuan (1.59 million U.S. dollars), the Ministry of Public Security announced on

Friday. Police in the three cities busted 13 groups and over 40 companies suspected of contract fraud crimes, and closed 90 illegal sites for such crimes in the past few weeks, the ministry said in a statement.

The actions are part a campaign that police launched at the start of March to crack down on economic crime. Contract fraud involves intentional misrepresentation to deceive the victims into entering into contracts. In most of the cases, the suspects persuaded the victims to become their franchised outlets or producing contractors, took the victim’s money as “equipment fees” or “training fees” and refused to repurchase the products as they previously promised.”

via China arrests 300 over contract frauds – Xinhua | English.news.cn.

The fight against corruption carries on.

Posted in China alert, corruption | 1 Comment »

Tags: China, Chindia, Chindiapedia, Fraud, fraud crimes, Law

22/03/2012

* China factory activity falters, markets take fright

Reuters: “China’s economic momentum slowed in March as factory activity shrank for a fifth straight month, leaving investors fretting about the risks to global growth and anticipating fresh policy support from Beijing. The HSBC flash purchasing managers index, the earliest indicator of Chinas industrial activity, fell back to 48.1 from February’s four-month high of 49.6. New orders sank to a four-month low, an expected rebound in export orders failed to emerge and new hiring slumped to a two-year low.

“With new export orders sluggish and domestic demand still softening, China’s slow down has yet to finish. This calls for further easing to come from Beijing,” HSBC chief China economist, Qu Hongbin, said in a statement. …

Broad-based weakness in the five key components that generate the headline index level surprised analysts, particularly those who had anticipated a clear cut rebound in factory activity in March after the Lunar New Year disrupted output in the first two months and distorted the data. “This data suggests there’s something more profound at work, that it’s not just a Lunar New Year problem and that it’s not just affecting exports, but domestic demand,” Tim Condon, chief economist and head of Asian research at ING in Singapore, said. …”

via China factory activity falters, markets take fright | Reuters.

China’s Recession Begins (247wallst.com)

Posted in Economics | Leave a Comment »

Tags: Business, China, Chindia, Chindiapedia, economy, HSBC, purchasing managers index

22/03/2012

* Outrage over report that India lost $210bn in coal scam

BBC News: “There was outrage in India’s parliament after a draft report by government auditors estimated India lost $210bn by selling coalfields too cheaply. Opposition politicians accused the government of “looting the country” by selling coalfields to companies without competitive bidding. Private and state companies benefited from the allocations between 2004 and 2010, says a Times of India report. …

… the Times of India, quoting the CAG draft, says the $210bn (£133bn) figure is a “conservative estimate, since it takes into account prices for the lowest grade of coal and not the median grade”.

India is one of the largest producers of coal in the world.

This is just the latest in a series of financial scandals to hit the Congress-led government and the revelations caused such anger among opposition politicians that both houses of parliament had to be temporarily adjourned.”

via BBC News – Outrage over report that India lost $210bn in coal scam.

Nation full of scams: Why it is possible to loot Rs10.67 lakh crore worth of coal? (requestingtruth.wordpress.com)

Posted in corruption, Economics, India alert | Leave a Comment »

Tags: Business, Chindia, Chindiapedia, Coal, economy, Government, India, politics, Procurement

22/03/2012

* Fair trade? Diageo to buy top ‘baijiu’ producer; Jaguar Land Rover agrees jv with Chery in China

FT.com: “When it comes to selling things that take years to mature – like premium cognacs or Scotch whiskies – it pays to take the long view. Diageo is taking a very long view on the future of baijiu, otherwise known as Chinese firewater. As a purveyor of Scottish firewater – also known as Johnnie Walker – Paul Walsh, Diageo’s CEO, says he can foresee a day when Chinese white spirit will have as broad a global footprint as Scotch whisky.

To prepare for that day, Diageo said on Tuesday it would shortly launch a mandatory tender offer to spend as much as $1bn buying all remaining shares of Sichuan Shuijingfang, the baijiu company it took control of last year.”

via Diageo: the long view on baijiu | beyondbrics | News and views on emerging markets from the Financial Times – FT.com.

Chery Automobile (Photo credit: Wikipedia)

BBC News: “Jaguar Land Rover JLR and Chery Automobile have agreed a joint venture that should pave the way for production of Jaguar and Land Rover cars in China.”

via BBC News – Jaguar Land Rover agrees joint venture with Chery in China.

Posted in China alert, Economics | Leave a Comment »

Tags: Chery Automobile, China, Chindia, Chindiapedia, Diageo, global brands, Jaguar Land Rover, Johnnie Walker, Land Rover, land rover cars

21/03/2012

* UN unites on Syria – including China and Russia

President Bashar al-Assad of Syria . Original background. (Photo credit: Wikipedia)

Reuters: “The UN Security Council, including Russia and China, threw its weight on Wednesday behind

In a statement approved by all its 15 members, the council threatened Syria with unspecified “further steps” if it failed to comply with Annans peace plan, which calls for a ceasefire and demands swift access for aid agencies.

Although the original statement was diluted at Russias demand, editing out any specific ultimatums, the fact that all world powers signed up to the proposal dealt a serious blow to President Bashar al-Assad as he battles a popular uprising.

via U.N. unites on Syria, sanctions set for Assads wife | Reuters.

Posted in GeoPolitics | Leave a Comment »

Tags: Bashar al-Assad, China, Chindia, Chindiapedia, Kofi Annan, Russia, Syria, syria sanctions, United Nations, United Nations Security Council

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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* Major Chinese industrial companies profits drop 5.2 pct

* Indian Govt orders probe into allegation of bribe by Army chief

* Anna Hazare demands withdrawal of UPAs Lokpal Bill

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* Indian govt mediators suspend talks after Maoists kidnap BJD MLA

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* Indian government committed to an effective Lokpal: Manmohan Singh

* China arrests 300 over contract frauds

* China factory activity falters, markets take fright

* Outrage over report that India lost $210bn in coal scam

* Fair trade? Diageo to buy top ‘baijiu’ producer; Jaguar Land Rover agrees jv with Chery in China

* UN unites on Syria – including China and Russia

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