Asia

Silver Vault for 200 Tons Starts in Singapore as Wealthy Buy

"The new facility is 30 percent booked at the opening, said Joshua Rotbart, precious-metals general manager at owner Malca-Amit Global Ltd. The storage will add to the firm’s five vaults at the Singapore FreePort, which are fully reserved for gold, he said in an interview. The repository can hold $128 million of silver at today’s prices. The number of individuals with $1 million or more in investible assets climbed to 3.68 million in the Asia-Pacific region in 2012. The Singapore government has been promoting the country as a bullion-trading hub, removing a 7 percent sales tax on investment-grade precious metals in 2012. " Continue reading →

Continue ReadingSilver Vault for 200 Tons Starts in Singapore as Wealthy Buy

Heart Surgery in India for $1,583 Costs $106,385 in U.S.

"Devi Shetty is obsessed with making heart surgery affordable for millions of Indians. On his office desk are photographs of two of his heroes: Mother Teresa and Mahatma Gandhi. Shetty is not a public health official motivated by charity. He’s a heart surgeon turned businessman who has started a chain of 21 medical centers around India. By trimming costs with such measures as buying cheaper scrubs and spurning air-conditioning, he has cut the price of artery-clearing coronary bypass surgery to 95,000 rupees ($1,583), half of what it was 20 years ago, and wants to get the price down to $800 within a decade." Continue reading →

Continue ReadingHeart Surgery in India for $1,583 Costs $106,385 in U.S.

Taiwanese gang caught smuggling $3m worth of gold into South Korea

"South Korean custom officials caught Wednesday nine Taiwanese nationals who were allegedly smuggling 134 pounds (60.75 kilograms) worth of gold, hidden in their rectal cavities. According to China Post, the suspects are accused of transforming US$3 million worth of gold bars into small beads and smuggling them into South Korea 11 times since May last year. The group allegedly entered the country through Gimpo International Airport in western Seoul as Korea’s main gateway, the Incheon International Airport, has recently tighten controls." Continue reading →

Continue ReadingTaiwanese gang caught smuggling $3m worth of gold into South Korea

Ex-President Jimmy Carter plans to visit North Korea to negotiate prisoner’s release

"Former U.S. President Jimmy Carter is planning to visit North Korea soon to try to win the release of a U.S. citizen held for committing crimes against the reclusive state. Carter has made contact with the North to arrange for the visit, and he is likely to make the trip in a personal capacity to secure the release of Kenneth Bae, the U.S. citizen, a source in Washington was quoted as saying. Carter has made trips to the North on diplomatic missions and in 2010 helped earn the release of another American, Aijalon Mahli Gomes, a Boston native who had been sentenced to eight years hard labor for illegally entering the country." Continue reading →

Continue ReadingEx-President Jimmy Carter plans to visit North Korea to negotiate prisoner’s release

Bitcoin trading suspended in Thailand due to central bank advisement

"Senior members of the Foreign Exchange Administration and Policy Department advised that due to lack of existing applicable laws, capital controls and the fact that Bitcoin straddles multiple financial facets the following Bitcoin activities are illegal in Thailand: Buying Bitcoins; Selling Bitcoins; Buying any goods or services in exchange for Bitcoins; Selling any goods or services for Bitcoins; Sending Bitcoins to anyone located outside of Thailand; Receiving Bitcoins from anyone located outside of Thailand." Continue reading →

Continue ReadingBitcoin trading suspended in Thailand due to central bank advisement

Bitcoin trading suspended in Thailand due to central bank advisement

"Senior members of the Foreign Exchange Administration and Policy Department advised that due to lack of existing applicable laws, capital controls and the fact that Bitcoin straddles multiple financial facets the following Bitcoin activities are illegal in Thailand: Buying Bitcoins; Selling Bitcoins; Buying any goods or services in exchange for Bitcoins; Selling any goods or services for Bitcoins; Sending Bitcoins to anyone located outside of Thailand; Receiving Bitcoins from anyone located outside of Thailand." Continue reading →

Continue ReadingBitcoin trading suspended in Thailand due to central bank advisement

Woman sues Japan’s biggest yakuza boss, seeking refund of ‘protection money’

"She is demanding around 17 million yen ($170,000) in compensation and reimbursement for payments she was forced to make to protect her bar in the central city of Nagoya, the broadcaster said, citing her legal representatives. The woman says she paid 30,000-100,000 yen per month between 1998 and 2010 to a member of Inabaji Ikka, a local yakuza group connected to the Yamaguchi-gumi, Kyodo News said. On one occasion in 2008 when she tried to refuse to pay, she was warned that her bar could be burned down, Kyodo said." Continue reading →

Continue ReadingWoman sues Japan’s biggest yakuza boss, seeking refund of ‘protection money’

Obama cheers ‘victory’ in Korean War on 60th anniversary

"The United States was by far the biggest contributor to the multinational United Nations force that poured into South Korea to roll back a Chinese-supported invasion from the North. Nearly 1.8 million US servicemen and women served in Korea, of whom 33,739 died in combat and more than 100,000 were wounded, according to the US Department of Veterans Affairs. It was also the first war in which US forces were not racially segregated. The conflict ended with a ceasefire, which was never cemented with a treaty, leaving the two Koreas still technically at war." Continue reading →

Continue ReadingObama cheers ‘victory’ in Korean War on 60th anniversary

Why Buffett Bailed on India

"Buffett isn’t alone in voting with his feet. Wal-Mart Stores Inc., ArcelorMittal (MT) SA and Posco are pulling back on investments in India that they had announced with great fanfare. What’s scaring foreigners away? A rampant political dysfunction that has stopped India’s progress cold. Headwinds from New Delhi are contributing to the slowest growth rates in a decade, a record current-account deficit and a 7.9 percent plunge in the rupee this year. Fiscal neglect has bond traders demanding higher yields for government debt than India wants to pay. Foreign-direct investment slid about 21 percent last fiscal year, and this one doesn’t look promising." Continue reading →

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Walmart tells India it can’t buy enough local products for new supermarket

"Walmart has told India that it is unable to meet local sourcing requirements for foreign supermarket groups wanting to open stores in the country, a report said Wednesday. Under rules introduced when the government opened up the sector in 2012, foreign supermarkets are required to buy 30 percent of their products from local small-scale industries. India’s left-leaning government has opened up or proposed opening the banking and insurance, airline, energy and media sectors to foreign investors but has imposed conditions in each case." Continue reading →

Continue ReadingWalmart tells India it can’t buy enough local products for new supermarket