Asia

Jim Rogers: Why Gold Broke Its Bull Run

"As Rogers notes, India is the largest buyer of gold in the world, giving them a fair amount of influence over the price of the metal. As gold continued to skyrocket in price, so too did India’s trade deficit, the largest drivers of which are gold and oil. As Rogers states, the nation can’t do much about oil prices, so that leaves gold to take the fall. As such, India has taken a number of measures to slow the import of gold including a ban on installment credit card purchases. The first half of May saw India purchase $135 million in the first two weeks of the month, but only $36 million the latter two weeks of the month." Continue reading →

Continue ReadingJim Rogers: Why Gold Broke Its Bull Run

India takes drastic steps to defend rupee as global Fed shock deepens

"The country’s central bank raised a key funding rate 200 basis points to 10.25pc and took steps to drain money from India’s financial system, even though the economy is stalling and risks a hard landing. Foreign funds have been selling India debt at a record pace since late May, causing a 7pc fall in the rupee. Brazil and Indonesia have both had to tighten policy after a sharp slide in their currencies. Turkey signalled this week that it can longer afford to keep burning foreign reserves to protect the lira, and may have to raise interest rates instead. Nomura said India’s clamp-down is comparable to the funding squeeze last month by China’s central bank." Continue reading →

Continue ReadingIndia takes drastic steps to defend rupee as global Fed shock deepens

Still strong Indian demand for gold loans keeping banks interested

"Despite the recent imposition of new restrictions by the Reserve Bank of India on the provision of gold loans, banks and non-banking financial corporations, report continued growth in the sector. And, citizen demand for such loans has two institutions cozying up afresh, by filing applications to open up new centres. India's largest pure play gold mortgage player Muthoot Finance has applied for a banking licence and maintains it can easily launch a commercial lending business with over 2,000 branches. While Muthoot Finance aims to cater to the small towns and villages, IndusInd bank will instead focus on the metros and will cater to self employed individuals." Continue reading →

Continue ReadingStill strong Indian demand for gold loans keeping banks interested

Indian government again urges Indians not to buy gold

"India's Finance Minister P Chidambaram has appealed to the people, once again, to moderate their demand for gold. While insisting that the government would not rule out a complete ban on gold imports, as has been discussed in some quarters, he pointed out the precious metal has cost the nation $50 billion in foreign exchange. Stating that there is a long time attachment to gold in India, the minister asked, '... can we for sometime moderate the demand for gold?' Asking investors to cut down on their purchases as a starting point, Chidambaram suggested buying 10 grams of gold if one was inclined to buy 20 grams of gold." Continue reading →

Continue ReadingIndian government again urges Indians not to buy gold

Fearful Indian schoolchildren refuse free school meals after 22 die, dozens sickened

"India’s state governments run the world’s largest school feeding programme involving 120 million children. Bihar is one of India’s most populated and poorest states. Educators see the scheme as a way to increase school attendance, in a country where almost half of all young children are undernourished. But children often suffer from food poisoning due to poor hygiene in kitchens and occasionally sub-standard food. Authorities have instructed all teachers and cooks in the state to first taste the free lunch before serving to the children. 'We will have to make parents believe that mid-day meals provide nutrition and are not meant to kill students,' said Lakshmanan." Continue reading →

Continue ReadingFearful Indian schoolchildren refuse free school meals after 22 die, dozens sickened

Riot in India as ‘poisonous’ school lunch kills 21 children

"Twenty-one children have died after eating a free lunch feared to contain poisonous chemicals at a school in eastern India, officials said Wednesday, sparking angry protests as mobs ran riot. Another 30 children remained ill in hospital after consuming the meal of lentils, vegetables and rice. Free lunches are offered to poorer students in state-run schools as part of government welfare measures in many of India’s 29 states. Educators see the midday meal scheme as a way to increase school attendance. But children often suffer from food poisoning due to poor hygiene in kitchens and occasionally sub-standard food." Continue reading →

Continue ReadingRiot in India as ‘poisonous’ school lunch kills 21 children

India to settle oil trade dues with Iran in rupees

"India will settle all oil trade including USD 1.53 billion in dues with Iran entirely in rupees after the US-engineered illegal sanctions against Tehran blocked all other payment routes. In June, India along with China, Malaysia, South Korea, Singapore, South Africa, Sri Lanka, Turkey, and Taiwan won a 180-day waiver from the US sanctions against Iran's energy sector. Indian Ambassador to Iran D. P. Srivastava said on Wednesday that New Delhi is determined to continue cooperation with Tehran despite the illegal US-engineered sanctions against the Islamic Republic." Continue reading →

Continue ReadingIndia to settle oil trade dues with Iran in rupees

India finance minister to countrymen: Contain ‘uncontrolled passion’ for gold

"Finance Minister P Chidambaram today asked countrymen to contain their 'uncontrolled passion' for gold and instead save in financial instruments. 'Have faith in our financial sector. Unfortunately, we have difficulty shedding our old habits and put our money in gold,' he said while speaking at an event to mark the platinum anniversary celebrations of state-run Dena Bank. 'The uncontrolled passion for gold must be contained,' Chidambaram said. People should rather switch to financial products to funnel their savings, the Minister said and added the soon to be launched inflation indexed bonds is a very lucrative option." Continue reading →

Continue ReadingIndia finance minister to countrymen: Contain ‘uncontrolled passion’ for gold

Granny’s Gold Bars Are Key to Vietnam Push to Boost Dong

"The target of Vietnam’s campaign to stabilize its currency is in the locked bedroom wardrobe of retired civil servant Vu Thi Huong: gold bars. Huong is among millions of Vietnamese who hold an estimated 300 tons to 400 tons of bullion to store their wealth -- valued at as much as $19 billion at domestic prices and equal to official U.K. holdings -- a legacy of more than a century of war, revolution and economic turbulence. The central bank wants to convert the hoard, much of it smuggled in, into dong deposits to strengthen the currency, which has slid 21 percent against the dollar in five years." Continue reading →

Continue ReadingGranny’s Gold Bars Are Key to Vietnam Push to Boost Dong

Sword hunt – Wikipedia

"Several times in Japanese history, the new ruler sought to ensure his position by calling a Sword hunt (刀狩 katanagari). Armies would scour the entire country, confiscating the weapons of the enemies of the new regime. In this manner, the new ruler sought to ensure that no one could take the country by force as he had just done. The most famous sword hunt was ordered by Toyotomi Hideyoshi in 1588." Continue reading →

Continue ReadingSword hunt – Wikipedia