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U.S media brings glitz to increasingly urbane Mongolia

“Mongolians are avid readers and the country’s literacy rate is over 97 percent, a legacy of the Soviet-era education system which saw village boarding schools set up for nomads’ children. Even in the vast nation’s distant grasslands herdsmen are to be found reading crumpled two-week-old newspapers inside their felt-covered yurts. With its economy roaring on the back of a mining boom that fuelled 11 percent growth last year publishers now see opportunities from targeting newly wealthy Mongolians with premium-priced, Western-linked products.” Continue reading →

Obama to demand gun control measures while surrounded by children

“Barack Obama is to step up pressure on Congress to act on gun violence by surrounding himself with schoolchildren from across the country when he unveils his proposals on Wednesday. While Obama can take implement some measures almost immediately through executive action, these are limited in scope. The wide-ranging proposals he is looking for require legislation but he faces opposition from Congress. By bringing schoolchildren to the White House press conference, Obama can tap into some of the emotion aroused by the Connecticut massacre in December that left 20 children and seven adults dead.” Continue reading →

Obama to demand gun control measures while surrounded by children

New York passes tough new gun control laws

“The NY Secure Ammunition and Firearms Enforcement Act, or NY SAFE, includes a full ban on sales of military-style rifles. It reduces the maximum magazine size from 10 rounds to seven and extends the requirement for background checks to all sales, including private deals. An existing law allowing judges to order mentally ill people to get treatment was strengthened. Opponents questioned whether focusing on assault rifles was wise, given that handguns are used far more frequently in crimes. They also accused Cuomo and his allies of violating the US constitution’s guarantee of the right to bear arms.” Continue reading →

New York passes tough new gun control laws

Watchdog: U.S. postal service in desperate need of rescue from Congress

“The postal service has reached its $15bn credit limit with the US Treasury, and has in effect run out of money. ‘This is the year that they borrowed so much that they can’t borrow any more,’ Williams said. Asked whether the USPS will need a bailout this year, Williams replied: ‘Yes. The choices are that it would cease to exist or it would need a bailout.’ Williams said he did not expect the USPS to require taxpayer dollars, but instead that it would require congressional intervention, perhaps to reduce the pension payments.” Continue reading →

Study: Companies from emerging markets will shape global economy in next decade

“The top 100 fast-globalising companies from rapidly developing economies are outpacing their rivals from developed economies in terms of expansion, job creation and productivity, said the Boston Consulting Group (BCG) study. These companies, which it called global challengers, grew at an annual average of 16 percent from 2008 through 2011, four times the rate of their competitors in developed countries. Their average revenue hit $26.5 billion (20 billion euros) in 2011, compared to $21 billion for the non-financial companies listed on the S&P 500 stock index.” Continue reading →

China may cut U.S. debt holdings

“China’s sovereign wealth fund, which has more than $480 billion in assets, could cut holdings of US Treasury Bonds as they are becoming a less attractive investment, state media said Tuesday. The Shanghai Securities News quoted Lou Jiwei, chairman of sovereign wealth fund manager China Investment Corp (CIC), as telling a conference in Hong Kong on Monday that the US economic recovery had made other investments appealing. China has the world’s largest foreign exchange reserves and according to US government figures is the largest foreign holder of US Treasuries with $1.16 trillion at the end of October last year, the latest available statistic.” Continue reading →