Asia

China may cut U.S. debt holdings

"China’s sovereign wealth fund, which has more than $480 billion in assets, could cut holdings of US Treasury Bonds as they are becoming a less attractive investment, state media said Tuesday. The Shanghai Securities News quoted Lou Jiwei, chairman of sovereign wealth fund manager China Investment Corp (CIC), as telling a conference in Hong Kong on Monday that the US economic recovery had made other investments appealing. China has the world’s largest foreign exchange reserves and according to US government figures is the largest foreign holder of US Treasuries with $1.16 trillion at the end of October last year, the latest available statistic." Continue reading →

Continue ReadingChina may cut U.S. debt holdings

Chinese Internet users hit 564 million in 2012

"Tuesday’s figures showed that the number of people accessing the Internet via mobile devices in 2012 increased 18.1 percent to 420 million. The use of micro-blogging services — similar to Twitter — also surged, the report said, with the total number of users increasing by 58.73 million to 309 million. Internet use has steadily increased despite strict censorship via what is known as The Great Firewall — the country’s system of online limits and restrictions. Online shoppers in the world’s second largest economy, meanwhile, rose 24.8 percent to 242 million." Continue reading →

Continue ReadingChinese Internet users hit 564 million in 2012

GM says 2012 sales in China hit record highs

"US auto giant General Motors said that its sales in China, the world’s biggest car market, hit a record 2.84 million vehicles last year, despite the country’s slowing economy. GM’s China sales grew 11.3 percent in 2012 from 2011, which recorded the previous record of around 2.55 million vehicles, the company said in a statement. GM’s sales growth outpaced China as a whole. A Chinese industry group said Friday that China’s auto sales rose only 4.3 percent year-on-year to 19.31 million vehicles in 2012." Continue reading →

Continue ReadingGM says 2012 sales in China hit record highs

China Overtakes Sluggish Europe in Car Sales

"It's no secret that Europe's automobile industry isn't exactly booming. Several carmakers on the Continent are struggling as demand has fallen off during the euro crisis, particularly in southern European countries, where austerity programs have taken a bite out of prosperity. In China, however, more and more cars are flying off the lots. And in 2012, for the first time ever, Chinese consumers purchased more automobiles than did buyers in Europe, according to the dailySüddeutsche Zeitung, citing an unpublished report by Germany's VDA automobile industry association." Continue reading →

Continue ReadingChina Overtakes Sluggish Europe in Car Sales

India’s Gold Mania

"Less than 1% of the world’s gold is mined in India. The rest comes from somewhere else. Still, India can’t get enough. It is the largest consumer of gold in the world, buying nearly a third of production in recent years. Some estimates say that 10% of all gold is held in India. Indians save roughly 30% of their income, as opposed Americans, who save 5%. Plus, Indians are getting richer all the time. Once a very poor country, the rich and middle classes now outnumber the poor in this nation of 1.2 billion. The country has the sixth-largest economy in the world." Continue reading →

Continue ReadingIndia’s Gold Mania

Indian man buys $230,000 solid gold shirt as investment

"More than two dozen goldsmiths toiled for 15 days for lender Datta Phuge, who custom ordered the seven-pound top to wear for New Year's festivities, according to the Pune Mirror. The shirt is crafted from 14,000 22-karat gold rings linked together and comes with six Swarovski crystal buttons and a belt also made of gold. Phuge said he considers the shirt 'an investment which will keep appreciating.'" Continue reading →

Continue ReadingIndian man buys $230,000 solid gold shirt as investment

Japan approves £73bn stimulus package

"The government will spend the funds on public works, incentives for corporate investment and financial aid for small firms to help the economy emerge from a mild recession triggered by falling exports last year. It expects the stimulus to raise real economic growth by 2 percentage points and create 600,000 jobs. The government will sell around 5 trillion yen more bonds than originally planned for the current fiscal year to fund the stimulus, a government official said. Mr Abe is gambling that a shift to a more expansionary fiscal policy and more monetary easing from the central bank can end years of stop-start growth." Continue reading →

Continue ReadingJapan approves £73bn stimulus package

Japan and China step up drone race as tension builds over disputed islands

"Drones have taken centre stage in an escalating arms race between China and Japan as they struggle to assert their dominance over disputed islands in the East China Sea. China is rapidly expanding its nascent drone programme, while Japan has begun preparations to purchase an advanced model from the US. Both sides claim the drones will be used for surveillance, but experts warn the possibility of future drone skirmishes in the region's airspace is 'very high'." Continue reading →

Continue ReadingJapan and China step up drone race as tension builds over disputed islands

North Korea Enlists German Help to Prepare Economic Opening

"Pyongyang may be preparing to open up its economy. A report in a prominent newspaper claims the regime has enlisted the aid of German economic and legal experts to lay the groundwork for foreign investment in North Korean companies. The move could be made as soon as this year. Still, even as there are many in the country's leadership who are in favor of opening up the country to investments from Japanese, South Korean and Western companies, the professor the paper cites notes that it is far from a done deal. 'The military in North Korea,' he told the paper, 'will not want to give up power.'" Continue reading →

Continue ReadingNorth Korea Enlists German Help to Prepare Economic Opening

Google chief Eric Schmidt urges North Korean leaders to adopt Internet freedom

"Schmidt said he told North Korean officials they should open up the country’s Internet 'or they will remain behind'. 'As the world becomes increasingly connected, their decision to be virtually isolated is very much going to affect their physical world, their economic growth and so forth, and it will make it harder for them to catch up economically,' he said. 'Once the Internet starts, citizens in a country can certainly build on top of it. The government has to do something. It has to make it possible for people to use the Internet which the government in North Korea has not yet done.'" Continue reading →

Continue ReadingGoogle chief Eric Schmidt urges North Korean leaders to adopt Internet freedom