Asia

India launches first of seven navigation satellites

"India launched the first of seven satellites for its domestic satellite navigation network in the first step to creating a scaled down version of the US Global Positioning System. The United States’ GPS is the most widely used network by consumers with 24 satellites, but other countries including Russia, the European Union and most recently China have developed rival positioning systems. China’s Beidou, or Compass, navigation system is expected to offer global coverage by 2020. India has a well-established space programme, but its cost has attracted criticism as the government struggles to tackle poverty and child malnutrition." Continue reading →

Continue ReadingIndia launches first of seven navigation satellites

North and South Korea prepare to negotiate directly after years of mistrust

"North and South Korea will sit down to their first talks for years on Sunday, confronting decades of mutual distrust in an apparent search for some positive end to months of soaring military tensions. The working-level discussions in the border truce village of Panmunjom are intended to pave the way for ministerial-level talks in Seoul on Wednesday. The talks came about after an unexpected reversal on Thursday from North Korea which suddenly dropped its default tone of high-decibel belligerence and proposed opening a dialogue." Continue reading →

Continue ReadingNorth and South Korea prepare to negotiate directly after years of mistrust

China media warns Philippines of ‘counterstrike’ in South China Sea

"China's state media warned that a 'counterstrike' against the Philippines was inevitable if it continues to provoke Beijing in the South China Sea, potentially Asia's biggest military troublespot. A front-page commentary said that the Philippines had committed 'seven sins' in the South China Sea. These include the 'illegal occupation' of the Spratly Islands, inviting foreign capital to engage in oil and gas development in the disputed waters and promoting the 'internationalization' of the waters, said the commentary. The Philippines has called on the United States to act as a 'patron', while ASEAN has become an 'accomplice,' said the commentary." Continue reading →

Continue ReadingChina media warns Philippines of ‘counterstrike’ in South China Sea

China, Russia Begin Naval Drills In Sea Of Japan

"Six weeks after South Korea and the US flexed their naval muscles in a joint naval exercise, a mere month after China protested over joint Japan-US naval drills, and amid growing US tensions with the Russians, a Chinese fleet consisting of seven naval vessels departed Qingdao to join in Sino-Russian naval drills scheduled to begin this weekend. The eight-day exercise is expected to be conducted at the sea area and airspace of the Peter the Great Gulf in the Sea of Japan with the Chinese fleet. A total of 18 vessels, one submarine, three fixed-wing planes, five carrier-based helicopters and two teams of special forces from the two countries will participate." Continue reading →

Continue ReadingChina, Russia Begin Naval Drills In Sea Of Japan

You’re Not That Important

"Americans like to think that they’re the world’s most-important consumers. While that’s true now, our reign is coming to an end. Here’s the news: By 2015, Asia will have more consumers than all of the West combined, reclaiming its spot as #1 for the first time in 300 years, largely thanks to the emergence of China and its rapidly rising middle class. With anemic economic growth in the U.S. and many developed euro zone countries now slipping back into recession, multinational retailers have been angling for expansion elsewhere — and they are now targeting increasing numbers of consumers from emerging and frontier markets." Continue reading →

Continue ReadingYou’re Not That Important

UBS starts Singapore gold-vault service amid bullion rout

"Switzerland’s biggest bank started storing gold for wealth-management clients at a facility in Singapore. The leased vault in the Singapore FreePort is available for clients in the city-state and Hong Kong. UBS joins Deutsche Bank AG and JPMorgan Chase & Co. in offering storage services in Asia. The Singapore government has been promoting the country as a bullion-trading hub, removing a 7 percent sales tax from investment-grade precious metals last year. Millionaires in Asia outside Japan [are projected to] create $7 trillion in new wealth by 2016, boosting the share of global riches from emerging markets to about 37 percent from 24 percent in 2008." Continue reading →

Continue ReadingUBS starts Singapore gold-vault service amid bullion rout

Pro-democracy protest in Hong Kong draws tens of thousands

"Younger activists have become increasingly politicized. Surveys show they identify themselves more as Hong Kong citizens than Chinese nationals – a trend that alarms Beijing, which is eager for the city to show more 'patriotism' to the motherland. Despite China’s pledge to allow a direct poll for the city’s leader in 2017, recent signs from senior Chinese officials have raised concern Beijing may somehow try to rig the rules to screen out opposition candidates from taking part. The former British colony returned to Chinese rule on July 1, 1997, with the promise of universal suffrage as an 'ultimate aim' in its mini-constitution." Continue reading →

Continue ReadingPro-democracy protest in Hong Kong draws tens of thousands

U.S. withdraws Bangladesh trade ‘privileges’ over worker safety

"The United States withdrew trade privileges from Bangladesh Thursday, citing dangerous conditions for workers in the wake of a factory building collapse that killed over 1,100 people. Multiple recent tragedies in the country’s huge garment sector 'have served to highlight some of the serious shortcomings in worker rights and workplace safety standards in Bangladesh,' said US Trade Representative Michael Froman." Continue reading →

Continue ReadingU.S. withdraws Bangladesh trade ‘privileges’ over worker safety

Gold rush as Lao prices drop

"The recent drop in gold prices on the Lao market has brought buyers out in droves to purchase gold jewellery while it remains cheap. According to gold shops in Vientiane, sale prices yesterday were at 5,060,000 kip (US$655) per baht-weight for gold jewellery - down about 500,000 kip per baht-weight on previous months. According to gold traders, large numbers of buyers have visited gold shops in Vientiane to purchase gold jewellery and bars as an investment. Some shops at the Talatsao Mall were stripped bare of all of their wares as a result of the gold rush." Continue reading →

Continue ReadingGold rush as Lao prices drop

Silver Demand Surges In India While Gold Premiums at $35/oz In China

"Attempts to prevent Indians from buying gold are contributing to them buying poor man’s gold, or silver. There has been a massive increase in silver demand in India in recent months and the government's meddling and controls in the gold market will likely led to even more demand for silver. While India imported 1,900 tonnes of silver in 2012, in the first five months of 2013 alone, imports have touched 2,400 tonnes. According to industry estimates, silver imports during the January-March quarter stood at 760 tonnes. Imports shot up 720 tonnes in April alone, and in May, they further swelled by 920 tonnes." Continue reading →

Continue ReadingSilver Demand Surges In India While Gold Premiums at $35/oz In China