Asia

India seizure of smuggled gold zooms 365% in Q1

"After a two-decade lull, gold smugglers seem to be back in business in India, thanks to recent hikes in import duty on gold — from about one per cent to eight per cent in 18 months. In the April-June quarter of this financial year, seizure of smuggled gold hit Rs 59.82 crore — an increase of 365 per cent over Rs 12.86 crore in the same period a year ago. In volume terms, the increase would be even higher, because the average gold price in the quarter came down 6.6 per cent from that in the same quarter last year. According to rough estimates, only 5-10 per cent of smuggled gold is caught by authorities, while the rest manages to get into the country unnoticed." Continue reading →

Continue ReadingIndia seizure of smuggled gold zooms 365% in Q1

Eric Margolis: Japan Must Face Up To China

"The 1960 US-Japan Security Treaty laid the foundation of relations between Washington and Tokyo. [...] The key to the treaty was the establishment of permanent US air, land, and sea bases in Japan. They remain, half a century later. Japan thus became a giant US aircraft carrier from which it dominates highly strategic North Asia. In exchange, Japanese industry was given open access to the US market, thus laying the base of Japan’s economic upsurge of the 1960’s. South Korea enjoyed a similar deal. This cozy arrangement is now being challenged by the rapid rise of China’s military and economic power." Continue reading →

Continue ReadingEric Margolis: Japan Must Face Up To China

Paul Craig Roberts: The Two Faux Democracies Threaten Life On Earth

"The Pentagon’s 'AirSea Battle' and Lieber and Press’ article in Foreign Affairs have informed China and Russia that Washington is contemplating pre-emptive nuclear attack on both countries. To ensure Russia’s inability to retaliate, Washington is placing anti-ballistic missiles on Russia’s borders in violation of the US-USSR agreement. Because the American press is a corrupt government propaganda ministry, the American people have no idea that neoconized Washington is planning nuclear war, or of former President Jimmy Carter’s recent statement, reported only in Germany, that the United States no longer has a functioning democracy." Continue reading →

Continue ReadingPaul Craig Roberts: The Two Faux Democracies Threaten Life On Earth

Japan: Fukushima clean-up will cost $58 billion

"The clean-up after the Fukushima nuclear disaster could cost five times more than estimated, far more than the 1 trillion yen the government has so far allocated, as Tokyo Electric Power said on Wednesday that steam had been seen again in a reactor building. Earlier this month, the utility had reported spiking levels of possibly cancer-causing materials in soil from underneath the plant, but maintained that toxic groundwater was likely contained. On Monday it admitted its own study, completed days earlier, revealed the groundwater was leaking into the ocean, prompting criticism over the delay." Continue reading →

Continue ReadingJapan: Fukushima clean-up will cost $58 billion

Bitcoin exchange opens in Hong Kong

"Anti-money laundering and know-your-customer compliance is easier for banking and financial institutions when they deal with virtual currency exchanges rather than cash, says the founder of what may be Hong Kong’s first licensed Bitcoin exchange. Aurélien Menant, a former investment banker at Société Générale and now chief executive and founder of Gate Digital Services, said Bitcoin’s traceability feature would help institutions with compliance and risk management." Continue reading →

Continue ReadingBitcoin exchange opens in Hong Kong

Japanese companies using ‘banishment rooms’ to push employees to resign

"While business circles are trying to make it smoother and easier for companies to let go of employees (with full benefits of course) they feel lack initiative and drive and are not a good fit, it’s having a reverse effect on employers. Those who want to fire certain workers but cannot bring themselves to do so are using 'banishment rooms' to indirectly force them to resign on their own. Basically, banishment rooms are departments where companies transfer surplus employees and give them menial or useless tasks or even nothing to do until they become depressed or disheartened enough to quit on their own, thus not getting full benefits, unlike if they were actually let go." Continue reading →

Continue ReadingJapanese companies using ‘banishment rooms’ to push employees to resign

Doctor returns Viet Cong soldier’s bone 40 years after amputation

"The arm was handed back to ex-soldier Nguyen Quang Hung, who now plans to use it to claim a war veteran’s pension. 'After some research, it turns out that you can take bones in your suitcase,' said US doctor Sam Axelrad, adding that he packed the arm into his luggage — not his carry-on — 'and it went all the way through with no problems.' 'You can’t send a body without authorisation, but bones, yes,' he added. Some three million Vietnamese civilians and soldiers died during the war, which also claimed the lives of almost 60,000 American soldiers before ending in 1975 with Vietnam’s reunification." Continue reading →

Continue ReadingDoctor returns Viet Cong soldier’s bone 40 years after amputation

80% dip in India gold imports linked to rampant smuggling

"Customs officials recently apprehended a gold consignment at Delhi's IGI Airport coming from Dubai where the smuggler had converted gold bars into staple pins with silver coating. These pins were stapled on the boxes of TVs he was legally importing. In another case, DRI officials apprehended a consignment where capacitors of picture tubes of TV sets were made of gold. 'Unless you have specific information you can't catch such consignments. Who would break open a TV and look at the capacitor of its picture tube for smuggled gold. Though we have had good success, we believe a lot of consignments are finding their way into the country,' said the officer." Continue reading →

Continue Reading80% dip in India gold imports linked to rampant smuggling

India witnesses spurt in Gold smuggling

"Customs officials foiled the attempt by a passenger hailing from Koyilandy to smuggle 3.99 kg of gold concealed in his baggage. The gold, in the form of gold bars, was hidden in a metal box in the rear side of a TV. The gold bars were detected during the X-ray scan. Assistant commissioner Rohit Kumar led the search and seizure operation. Meanwhile, some of the airports have upgraded the scanners and x-ray machines to detect gold smuggling which has risen following the increase in import duty to 8% and differential in gold prices in India and abroad, market analysts said." Continue reading →

Continue ReadingIndia witnesses spurt in Gold smuggling

Central bank further restricts gold imports in India

"In a late evening development, the Reserve Bank of India has once again tightened gold imports in the country mandating that 20%, or one fifth, of every lot of imported gold has to be used for the purpose of export. Exporters will henceforth be required to retain 20% of the imported quantity in the customs bonded warehouses, and would be permitted to undertake fresh imports of gold only after the exports have taken place to the extent of at least 75% of the gold remaining in the customs bonded warehouse. Any import of gold into the country would henceforth have to follow the 20/80 principle set out by the apex bank." Continue reading →

Continue ReadingCentral bank further restricts gold imports in India