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Pops In China’s Construction Bubble (But It’s Not Going To End)

“‘Government and banking industry sources familiar with the situation’ who ‘declined to be named due to the highly sensitive nature of the matter,’ have been spilling the beans to the South China Morning Post. The central government, they said, is considering an ‘unofficial economic stimulus’ to prop up key economies like Shanghai. On the quiet! For that purpose, Agricultural Bank of China, one of the state-owned megabanks, inked a deal to lend the city of Shanghai 250 billion yuan (about $41 billion) for a number of big construction projects, the sources said. The loan would amount to 12.5% of Shanghai’s 2012 GDP.” Continue reading →

Top Chinese official warn of ‘empty cities’ emerging in China

“In a grim warning against rapid urbanisation in China, a top development official has said that reckless expansion of cities has turned many of them into ghost towns with no occupants in sight. Qiao Runling, deputy director of the China Centre for Urban Development, said local governments had relied on quick urbanisation to stimulate economic growth and generate fiscal revenue. State-run broad cater CCTV recently carried a report showing two such ‘ghost cities’ with massive apartment and commercial complexes with no occupants, leaving local governments in deep debts.” Continue reading →

Venezuela struggles to attract tourists

“After neglecting the tourism sector for years, in favor of the lucrative oil industry — Venezuela has the world’s largest proven reserves — the government in Caracas is now working hard to attract visitors. However, the country suffers from outdated infrastructure — hotels, highways and domestic flights are all lacking — and wary foreigners who choose different destinations after seeing Venezuela’s high crime rates. Colombia welcomed 2.1 million visitors last year, 4.5 million people flocked to the Dominican Republic and its famous resorts and Brazil had 5.6 million visitors. In 2011, Cuba opened its doors to 2.6 million tourists.” Continue reading →

Offshore Jurisdiction Review: Malta

“Malta is attractive to entrepreneurs, workers, and retirees alike. The government has special programs for high net worth retirees. There are several tax advantages to living in Malta. Only income remitted into Malta is subject to taxation, meaning you can own offshore investments and not pay a dime in tax. Furthermore, remittance of capital gains into Malta is tax free. Malta has no inheritance tax, wealth tax, or annual property tax. Put together low taxation, low cost of living, and year-round sunshine, and it becomes clear why Malta is very attractive to live and work in. EU nationals do not need any residence permit.” Continue reading →

India state moves to ban black magic after anti-superstition activist gunned down

“An Indian state government Wednesday approved legislation banning superstition and black magic, an official said, a day after a prominent champion of the bill was shot dead.
‘An ordinance will be promulgated in the next two days,’ the official said, declining to be named. Details were not yet available but an earlier draft proposed bans on beating a person to exorcise ghosts and on raising money by claiming to work miracles. Dabholkar, who founded the Committee for the Eradication of Blind Faith two decades ago, encountered opposition over the bill from Hindu nationalists who feared it could be used to curb religious freedoms.” Continue reading →

Thanks shallot! Indian police foil onion heist

“Indian police have foiled a bid by robbers to make off with a truck laden with onions, in an unusual crime apparently motivated by rocketing prices of the staple food. The humble root vegetable, an essential ingredient in Indian cooking, has a surprisingly weighty track record of political influence. In 1980, Indira Gandhi exploited rising onion prices to storm back to power, appearing at campaign rallies waving huge strings of them with the message that a government that can not control onion costs has no right to govern. And in 1998, a six-fold surge in the cost of onions was held partly responsible for the electoral defeat of the ruling Delhi state government.” Continue reading →

Schoolgirl virginity tests prompt outrage in Indonesia

“The tests would affect students seeking to enter senior high school. The proposal triggered immediate anger, with Education Minister Mohammad Nuh leading the condemnation: ‘If you want to protect your children from negative influence, there are others ways. This is not wise.’ ‘A virginity test is a form of sexual violence against women,’ added Masruchah, the deputy head of the national commission on violence against woman, who like many Indonesians goes by one name.” Continue reading →

White House: ‘Difficult to imagine’ authorities demanding destruction of hard drives

“Alan Rusbridger, the Guardian editor, said that two GCHQ security experts oversaw the destruction of hard drives on 20 July in what he described as a ‘peculiarly pointless piece of symbolism’. Rusbridger had told the authorities that the action would not prevent the Guardian reporting on the leaked US documents because Glenn Greenwald, the reporter who first broke the story, had a copy in Brazil, and a further copy was held in the US. White House spokesman, Josh Earnest, said: ‘That’s very difficult to imagine a scenario in which that would be appropriate.'” Continue reading →