Asia

Caroline Kennedy discloses possible $500 million fortune

"Five years after Caroline Kennedy refused to release financial information during her bid to take over Hillary Clinton’s US Senate seat, newly filed documents reveal a personal fortune that could be as high as $500 million. Very private Kennedy declined to release the data in 2008. She subsequently withdrew her request for then-Gov. David Paterson to appoint her to Clinton’s seat. (If she had been running for office, Kennedy would’ve been required to report assets, credit card debt, mortgages and income from sources that total more than $5,000.) But now, Kennedy has had to file documents for her nominated role as Ambassador to Japan." Continue reading →

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Jim Rogers: Why I’m shorting India

"Hedge fund manager Jim Rogers, who moved to Singapore in 2007 because he thought the centre of the world is shifting to Asia, says India is set to miss out on the Asian century. The chairman of Rogers Holdings says that if there is one country an individual must visit, it has to be India for its 'spectacular sensory feast, beautiful, food, colour and religions', but it is also the worst country to do business in. Rogers also slammed the Indian government’s recent curbs on gold imports, saying Indian citizens had no choice but to buy the metal because they had very little faith in investing in other sectors of its economy." Continue reading →

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What Happens When You Tell Indians to Stop Buying Gold

"India’s culture is very different from that of many Western countries. I’ve been to many Indian weddings and have witnessed this special and unique celebration as well as a very tight bond among families. However, the record gold buying we are seeing today isn’t only out of love. I believe Indians are also buying out of fear due to its infamously poor and corrupt government policies. Good policies can drive economic growth and markets respond positively. Bad policies can have the opposite effect. At the same time Indians buy gold out of love for their family and close friends, they are also buying gold out of protection." Continue reading →

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India’s Worst Economic Crisis Since 1991 When It Had To Airlift 67 Tons Of Its Gold

"At the time, the country had secured a $2.2bn loan, backed by 67 tons of gold reserves. To satisfy the IMF's concerns about access to the collateral, the RBI had to airlift 47 tons of gold to be deposited offshore with the Bank of England and 20 tons of gold with UBS. While such action is unlikely this time around, if the crisis continues to escalate, Asia's third largest economy will struggle to grow. Even though economists still do not expect a contraction, it is now a real possibility. Some weakening of the rupee may have been desirable for exporters, but losing control of the exchange rate was not what the RBI had in mind." Continue reading →

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Fukushima scientists brace for riskiest nuclear fuel clean-up yet

"The operation, to remove 400 tons of highly irradiated spent fuel beneath the plant’s damaged Reactor No. 4, could set off a catastrophe greater than any we have ever seen, independent experts warn. An operation of this scale, says plant operator Tokyo Electric Power Company, has never been attempted before. An uncontrolled leak of nuclear fuel could cause more radiation than the March 2011 disaster or the 1986 Chernobyl catastrophe. Here’s what needs to be done: more than 1,300 used fuel rod assemblies, packing radiation 14,000 times the equivalent of the Hiroshima nuclear bomb, need to carefully be removed from their cooling pool." Continue reading →

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A Nation Unhinged: The Grim Realities of “The Real American War”

"Turse’s book reminds us that the primary 'tragedy of Vietnam' was not that America somehow 'lost its way' in fighting an ill-advised war but rather that the war itself was a series of criminal acts perpetrated by the US government on the Vietnamese people. My characterization may sound strident to many today. Most Americans at the time certainly would have disagreed with it. Yet as the war dragged on, the number who recognized the war’s criminality grew inexorably. If you don’t already know the reason, Kill Anything That Moves will show you. And if you already do, this book will remind you why we must never forget what our country did to Vietnam." Continue reading →

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Gold & silver sales jump during Ramadan and Eid in India

"Mohammed Kazi said the past week had seen a big rush of customers. 'Though we serve a large number of people regularly at this time of the year, a silver tinge has been added on to the gift giving this year,' said Kazi. Silver bars and notes with a print of 786, the holy number, with photos of the religious Mecca and Medina, and silver artifacts of Mecca and Medina, silver sandals and silver armbands are doing the rounds as gifting articles across households, said Kazi. Gold and silver sales tend to surge during Ramadan and Eid due to the purchase of gifts. For the devout, mass prayers end with greeting their brethren and handing over small gifts." Continue reading →

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Gold Smuggling to Climb in India on Tax Increase, Festivals

"The third increase in import taxes on gold this year by India, the world’s biggest user, is set to boost smuggling ahead of the festival and wedding seasons as official imports halt on central bank curbs, a trade group said. Poor Indian laborers working in the Middle East are acting as couriers for organized gangs in return for a ticket home and a few thousand rupees, according to Rishi Yadav, assistant commissioner at the Mumbai customs department’s Air Intelligence Unit. The gangs seek to benefit by selling that smuggled bullion to traders and mom-and-pop jewelry stores, who benefit from cheaper supplies." Continue reading →

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9 things you should know about Bitcoins

"There are a number of places where you can spend Bitcoins. If you're a user of Wordpress or popular websites like Reddit, 4Chan, The Pirate Bay, EZTV and The Internet Archive, you can use Bitcoins to make donations. If you're into online storage, you can upgrade the 50GB free storage that Kim Dotcom's Mega.co.nz offers with Bitcoins. If you like trying your luck, you can try Bitcoin gambling at places like www.satoshibet.com and www.bc-casino. com. And just a little bit of digging will even throw up shopping websites like www.somethinggeeky.com that accept Bitcoin payments." Continue reading →

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Reserve Bank of India won’t regulate virtual currency Bitcoin, yet

"India's central bank is 'watching' Bitcoin, the virtual currency that is gaining popularity among Net users, but has no intention of regulating it right now. The Reserve Bank of India, which has its hands full trying to arrest the slump in the value of the rupee, will first seek to understand Bitcoins before seeking to bring it under its purview. 'As of now we are watching and learning about the developments in Bitcoins but are not regulating it,' an RBI spokeswoman wrote in an e-mailed response. In a note published in June, the central bank acknowledged that virtual currencies 'pose challenges in the form of regulatory, legal and operational risks.'" Continue reading →

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