Asia

LAPD takes aim at wave of Asian ‘maternity tourists’

"Something is happening in the suburbs of Los Angeles. Nearby, a string of so-called 'maternity hotels,' where Asian women — often Chinese and Taiwanese — come to give birth to babies who will automatically acquire a US passport — has recently drawn the attention of authorities. There is nothing illegal about foreign women giving birth in the United States. But federal officials are investigating possible related crimes, while local officials say planning regulations may have been violated." Continue reading →

Continue ReadingLAPD takes aim at wave of Asian ‘maternity tourists’

LAPD takes aim at wave of Asian ‘maternity tourists’

"Something is happening in the suburbs of Los Angeles. Nearby, a string of so-called 'maternity hotels,' where Asian women — often Chinese and Taiwanese — come to give birth to babies who will automatically acquire a US passport — has recently drawn the attention of authorities. There is nothing illegal about foreign women giving birth in the United States. But federal officials are investigating possible related crimes, while local officials say planning regulations may have been violated." Continue reading →

Continue ReadingLAPD takes aim at wave of Asian ‘maternity tourists’

India Warns Kashmiris to Prepare for Nuclear War

"Indian officials are advising residents of strife-tornKashmir to prepare for a possible nuclear war by building bombproof basements and stockpiling food and water, adding to tensions between India and Pakistan, both nuclear powers, after deadly cross-border skirmishes in recent weeks. India, heavily Hindu, controls the bulk of the predominantly Muslim region of Kashmir, which has been at the heart of disputes between the two nations since they won independence from Britain in 1947. The land along the cease-fire Line of Control is one of the most heavily militarized areas in the world." Continue reading →

Continue ReadingIndia Warns Kashmiris to Prepare for Nuclear War

Pacific Group to Convert 1/3 of Hedge-Fund Assets to Gold

"The Pacific Group Ltd., founded by a former PaineWebber Inc. trader, is converting one-third of its hedge-fund assets into physical gold, betting that prices will go up as governments print more money to pay off debt. The Hong Kong-based asset manager plans to take delivery of $35 million worth of gold bars that can be traded on the London Bullion Market Association and other international markets, William Kaye, its founder and chief investment officer, said in a telephone interview on Jan. 18. It has secured vault space at Hong Kong International Airport to store the gold, he said." Continue reading →

Continue ReadingPacific Group to Convert 1/3 of Hedge-Fund Assets to Gold

India hikes import tax on gold by 50%

"India raised the import tax on gold to 6% from 4%, a senior finance ministry official said, as the world's top gold buyer aimed to curb purchases and rein in its ballooning current account deficit. India's passion for gold, seen by many as a hedge against persistently high inflation, has contributed to a rise in its current account deficit, which reached an all-time high of 5.4 percent of GDP in the July-September quarter. The shortfall has increased India's need for foreign capital inflows and evoked memories of the 1991 balance of payments crisis, when the central bank sent 47 tonnes of gold to Europe as collateral for a loan to avert a sovereign default." Continue reading →

Continue ReadingIndia hikes import tax on gold by 50%

Colonial flags fly in Hong Kong as anger grows over Chinese rule

"Sixteen years after Hong Kong returned to Chinese rule, public discontent with Beijing is swelling and protesters have been rallying around an unexpected symbol — the British colonial flag. Tens of thousands have taken to the streets in recent months in marches against Chief Executive Leung Chun-ying, who took over from Donald Tsang last July after being elected by a 1,200-strong pro-Beijing committee. On several occasions the old blue flag, which incorporates the Union Flag, has been flown by protesters on the streets of what is becoming an increasingly divided Hong Kong, both embarrassing and infuriating Beijing." Continue reading →

Continue ReadingColonial flags fly in Hong Kong as anger grows over Chinese rule

Liberty Is Making the World Richer. You’re Included.

"In China and India, the pain has been minimal. That is because the economic effects of the earlier systems created such devastation. Think of the phrase, 'I've been down so long, it looks like up to me.' Think of China today and China in 1973 under Mao. The positive change has been greater than any seen in recorded history, and on a scale that was inconceivable in 1980. Every month, urban living space sufficient to house the population of Philadelphia gets built: 1.5 million people. When we are talking China and India, we are talking something in the range of 35% of the world's population moving out of either Communism or Fabian Socialism." Continue reading →

Continue ReadingLiberty Is Making the World Richer. You’re Included.

China’s Smaller Cities Are Home to Growing Middle Class

"51 per cent of China's population, or 691 million people, are currently living in urban areas. Research suggests that by 2020, some 824 million people will be living in cities, an increase of 188 million. That's one and a half million new urban residents every month for the rest of this decade. By 2030, according to our analysis, there will be around 270 million more new urban residents in China. By our calculations, a company had to be in 60 cities to reach 80 percent of the country's middle class in 2005. Today, they have to be in 340 of them. And by 2020, they will need to be in 550 urban locations to reach that same percentage of the middle class population." Continue reading →

Continue ReadingChina’s Smaller Cities Are Home to Growing Middle Class

Tripling in Chinese Debt to $1.7 Trillion Drags on Economy

"Chinese companies are spending more than ever to service debt after their borrowing almost tripled over five years, prompting strategists to warn of rising default risk and a threat to economic growth. Total short- and long-term borrowing by 3,895 publicly traded non-financial companies rose to almost $1.7 trillion in their latest filings, from $604 billion at the end of 2007, data compiled by Bloomberg show. Financing costs, including interest, on all forms of debt climbed to the highest level as a percentage of gross domestic product last year, according to Sanford C. Bernstein & Co." Continue reading →

Continue ReadingTripling in Chinese Debt to $1.7 Trillion Drags on Economy

Japan welfare payments to be slashed ¥74 billion to root out the comfortably poor

"Welfare benefits will be slashed by ¥74 billion over a three-year period starting from fiscal 2013, after a government panel found that some people are making more on the dole than the average low-income person who is not spends on living costs, it was learned Sunday. The decision to lower standard benefit payments by 6.5 percent was made by welfare minister Norihisa Tamura and Finance Minister Taro Aso. The reduction will hit in August." Continue reading →

Continue ReadingJapan welfare payments to be slashed ¥74 billion to root out the comfortably poor