Asia

A Central Banker with Austrian Instincts

"Raghu Rajan is a very good neoclassical economist who has made important contributions to banking, finance, the theory of the firm, corporate governance, economic development, and other fields. He is also taking over as head of India’s central bank. Rajan is no Austrian, but he has a quasi-Austrian take on the financial crisis, and far greater appreciation for free markets in general than any of the key US or European policymakers. As I tweeted this morning, Rajan is about 1,000,000 times better than either Summers or Yellen. I’d gladly trade him for any US central banker." Continue reading →

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Turkish prime minister joins trial run through rail tunnel under Bosphorus

"Turkey has successfully completed a trial run of a rail tunnel connecting Istanbul's European and Asian sides, the first of several planned mega-projects in the country's largest city. The 13.6km (8.5-mile) tunnel, including a 1.4km immersed tube – the deepest of its kind in the world at 56 metres – passes under the Bosphorus strait, the busy shipping channel linking the Marmara Sea to the Black Sea. A Japanese-Turkish consortium began constructing the tunnel in 2004, with funding coming from the Japan Bank for International Co-operation and the European Investment Bank." Continue reading →

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Golden trail: Dubai to Chennai via Delhi

"Directorate of Revenue Intelligence (DRI) sleuths on the trail of 16kg gold boarded the Delhi-Chennai Rajdhani Express when it neared the outskirts of the city and followed the smugglers all the way to city before seizing the contraband and arresting four people, including two Sri Lankans, on Friday. Investigators intercepted the train when it reached Gummidipoondi railway station and boarded it. They identified the smugglers and tailed them to a house at Kodambakkam where they delivered the consignment. This is the second major seizure since March when DRI caught a senior diplomat from the UAE for allegedly smuggling 37kg gold jewellery." Continue reading →

Continue ReadingGolden trail: Dubai to Chennai via Delhi

Japan calls on U.S. to suspend military chopper operations in Okinawa

"Japan’s prime minister on Tuesday called on the US military to suspend helicopter operations in the country’s southern Okinawa island chain after a fatal crash. An American HH-60 helicopter with four personnel on board crashed at the Camp Hansen Marine base on Monday. The base is located on Okinawa, which is home to tens of thousands of US military personnel, with the latest incident stoking renewed concerns among many residents about the vast American presence there. Okinawans have mounted protests against both the US military and its deployment of the controversial Osprey aircraft on the island." Continue reading →

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Japan sends talking ‘companion’ robot to the International Space Station

"When the Japanese astronaut Koichi Wakata arrives at the International Space Station in November, a companion will be waiting for him whose eyes will light up in recognition – literally. Kirobo, the world’s first talking humanoid space robot, has already taken off – in the nattiest red Wellingtons since Paddington Bear – and should arrive at the space station by 9 August to await Wakata’s arrival. It knows he is coming: it has been programmed to recognise his face, and greet him warmly in Japanese." Continue reading →

Continue ReadingJapan sends talking ‘companion’ robot to the International Space Station

U.S. military helicopter crashes in Japan’s Okinawa

"A U.S. military helicopter crashed on Japan’s southern island of Okinawa on Monday, U.S. Forces in Japan said, an incident which may stoke anger over the concentration of U.S. military bases on the island. Prime Minister Shinzo Abe wants to move the U.S. Marines’ Futenma airbase to a less crowded part of the island, but stiff opposition from Okinawa residents is stalling the plan. Residents of Okinawa, host to the bulk of U.S. military forces in Japan, have long resented bearing what many feel is an unfair share of the burden for the U.S.-Japan military alliance. Many associate the U.S. bases with accidents, crime and pollution." Continue reading →

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Japan nuclear body says radioactive water at Fukushima an ‘emergency’

"Highly radioactive water seeping into the ocean from Japan’s crippled Fukushima nuclear plant is creating an 'emergency' that the operator is struggling to contain, an official from the country’s nuclear watchdog said on Monday. This contaminated groundwater has breached an underground barrier, is rising toward the surface and is exceeding legal limits of radioactive discharge, he told Reuters. Countermeasures planned by Tokyo Electric Power Co are only a temporary solution, he said. Tepco’s 'sense of crisis is weak,' Kinjo said. 'This is why you can’t just leave it up to Tepco alone' to grapple with the ongoing disaster." Continue reading →

Continue ReadingJapan nuclear body says radioactive water at Fukushima an ‘emergency’

Gold imports jump 102% in Pakistan; ban imposed

"Following the Indian government’s decision to discourage gold import by imposing 8% duties, buyers have reportedly shifted to Pakistan where the precious metal is allowed to be imported duty free since 2001. An official handout by Pakistan's Economic Coordination Committee (ECC) of the Cabinet, headed by Finance Minister Ishaq Dar, has noted that there have been serious apprehensions that the duty free import of gold is being abused by unscrupulous elements." Continue reading →

Continue ReadingGold imports jump 102% in Pakistan; ban imposed