Asia

India central bank red flags ‘virtual currency’

"The Reserve Bank of India has expressed concern over the rise of 'virtual currencies' which are the likes of bitcoin. Virtual currencies or crypto currencies have also come under the focus of the police. In its financial stability report, RBI has for the first time raised the issue of virtual currency in India. 'The unregulated link between virtual currency (if permitted), and traditional currency with a legal tender status poses challenges as the complete control over the differently denominated virtual currency is given to its issuer, who governs the scheme and manages the supply of money at will,' RBI said." Continue reading →

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Envoy says U.S. loses trust in Hong Kong after Snowden

"The top U.S. diplomat in Hong Kong warned on Thursday of a 'big struggle' ahead to repair Washington’s trust in the semi-autonomous Chinese territory. Speaking publicly for the first time since Snowden flew from Hong Kong to Moscow on Sunday despite a U.S. request to hold him to face charges of espionage, Consul General Stephen Young told Reuters that Washington’s confidence was 'shaken'. Young did not specify how any deterioration in ties would play out but added: 'I’ll say specifically in law enforcement co-operation – where we have a whole series of agreements, and protocols and practices – our confidence has been shaken.'" Continue reading →

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U.S. boss held captive by angry Chinese employees, released

"Chinese factory workers on Thursday released their U.S. boss, held captive for a week, after a compensation dispute was resolved. Chip Starnes, president of Specialty Medical Supplies, in the Beijing suburb of Huairou, was allowed to leave the factory and was resting in a hotel, the company official said. The workers had demanded severance packages identical to those offered to 30 employees who were recently laid off, even though the firm planned no further layoffs. The workers’ demands followed rumors that the entire plant was being closed after the company’s plastic injection molding division began a move to India to lower production costs." Continue reading →

Continue ReadingU.S. boss held captive by angry Chinese employees, released

A million engineers in India struggling to get placed in an extremely challenging market

"Somewhere between a fifth to a third of the million students graduating out of India's engineering colleges run the risk of being unemployed. Others will take jobs well below their technical qualifications in a market where there are few jobs for India's overflowing technical talent pool. India trains around 1.5 million engineers, which is more than the US and China combined. However, two key industries hiring these engineers -- information technology and manufacturing -- are actually hiring fewer people than before. Frustrated engineers are taking jobs for which they are overqualified and, therefore, underpaid. A few exceptions have even turned to crime." Continue reading →

Continue ReadingA million engineers in India struggling to get placed in an extremely challenging market

The Rush to Tap Myanmar’s Energy Promise

"Myanmar, also known as Burma, has largely been shunned by the West for most of five decades of military rule that ended last year. Now open for business and shedding sanctions, the cash economy badly needs a working banking system. The population of more than 60 million wants mobile phones, newer cars, and Coca-Colas. But no one sector is as critical to Myanmar’s growth prospects as energy. The country has 7.8 trillion cubic feet of proven natural gas reserves, worth about $75 billion at current U.K. benchmark prices. It now has 16 energy multinationals working on 17 onshore exploration blocks and 15 exploring or producing in 20 offshore blocks." Continue reading →

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Jim Rogers on investing in Malaysia, the century of Asia, & frontier markets

"Malaysia has a few things going for it now. It has a government that understands how the world is supposed to work and it is trying to open up so that if people accomplish something they can see the fruits of their labor. They have lots of natural resources, are right in the middle of the region, and speak multiple languages, so Malaysia has a lot going for it. I have had criticisms of Malaysia in the past, but at the moment, I have investments in Malaysia for the first time in a long time. This is a government that understands economics better than some governments, has big reserves, and has a very large agricultural component of their economy." Continue reading →

Continue ReadingJim Rogers on investing in Malaysia, the century of Asia, & frontier markets

New Gold Import Tax In Sri Lanka

"Sri Lanka has announced a 10 per cent tax on gold imports in what observers said was a bid to curb smuggling to India as global markets trading in the precious metal reported sharp price drops to 2010 levels. Earlier this week India — the world’s largest consumer of gold — hiked import duty on the precious metal to eight per cent to stem surging demand and reduce the country’s ballooning current account deficit, as consumers sought to exploit the fall in prices. Local industry watchers say the new tax in Sri Lanka would push up local prices and claimed the government move was aimed at curbing local traders who smuggle gold into India." Continue reading →

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Hong Kong says Snowden has left the country despite U.S. extradition request

"Hong Kong said in a statement that it allowed Snowden to leave despite an extradition request from the U.S. because documents provided by the U.S. government did not 'fully comply with the legal requirements under Hong Kong law.' It said there was no legal basis to stop Snowden from leaving, and the U.S. had been informed of his departure. Hong Kong also said it had asked the U.S. to clarify reports, based on interviews with Snowden, that the NSA had hacked into computers in Hong Kong and would follow up on the matter 'to protect the legal rights of the people of Hong Kong.'" Continue reading →

Continue ReadingHong Kong says Snowden has left the country despite U.S. extradition request

Snowden spy squabble deepens as U.S. is accused of hacking China

"Within hours of news breaking that the US had filed charges against Snowden, the South China Morning Post reported that the whistleblower had handed over a series of documents to the paper detailing how the US had targeted Chinese phone companies as part of a widespread attempt to get its hands on a mass of data. Text messaging is the most popular form of communication in mainland China where more than 900bn SMS messages were exchanged in 2012. As Snowden made his latest disclosures, he appeared to be gaining support from politicians in Hong Kong who said China should support him against any extradition application from the US." Continue reading →

Continue ReadingSnowden spy squabble deepens as U.S. is accused of hacking China

Edward Snowden charged with espionage; arrest warrant issued

"Former NSA contractor Edward Snowden was charged with espionage, theft and conversion of government property by federal prosecutors. Snowden has been in hiding in Hong Kong since leaking details about the NSA’s surveillance activities over U.S. citizens’ phone and Internet usage. He told a Chinese newspaper on June 12 that the NSA’s activities also extended into Hong Kong and mainland China. Attorneys representing Wikileaks founder Julian Assange have reportedly reached out to Snowden’s lawyers to help him find asylum in Iceland. U.S. prosecutors also filed a 'provisional arrest warrant' asking Hong Kong police to arrest Snowden." Continue reading →

Continue ReadingEdward Snowden charged with espionage; arrest warrant issued