Asia

In Gold’s Own Country

"With only 3% of India’s population, Kerala gobbles up 20% of the country’s gold every year, and the World Gold Council estimates that India, the largest consumer of gold in the world, consumes 30% of the global supply. 200,000 people are employed in the gold industry in this tiny state. Such is the love of gold in Kerala that there may be no household without some gold, tucked away as savings, either to be given away as wedding gifts for daughters or to raise cash by way of gold loans or outright sale. Muthoot, the largest lender, prides itself in completing a transaction within three minutes, and its branches can be seen on every corner in Kerala." Continue reading →

Continue ReadingIn Gold’s Own Country

‘Yak insurance’ plan saving Nepal’s endangered snow leopard

"Four years ago Sherpa, 48, founded with other locals an insurance plan for livestock that conservationists say is deterring herders from killing snow leopards that attack their animals. In doing so the scheme has given hope for the endangered cat, whose numbers across the mountains of 12 countries in south and central Asia are thought to have declined by 20 percent over the past 16 years. Under the scheme, herders pay in 55 rupees ($1.50) a year for each of their hairy yaks, the vital pack animal that is also kept for milk and meat, and are paid 2,500 rupees for any animal killed by the endangered cat." Continue reading →

Continue Reading‘Yak insurance’ plan saving Nepal’s endangered snow leopard

Asian economies turn to yuan

"A 'renminbi bloc' has been formed in East Asia, as nations in the region abandon the US dollar and peg their currency to the Chinese yuan — a major signal of China's successful bid to internationalize its currency, a research report has said. Seven out of 10 economies in the region — including South Korea, Indonesia, Malaysia, Singapore and Thailand — track the renminbi more closely than they do the US dollar. Only three economies in the group — Hong Kong, Vietnam, and Mongolia — still have currencies following the dollar more closely than the renminbi, said the report, posted on the institute's website." Continue reading →

Continue ReadingAsian economies turn to yuan

Kyle Bass at AC2012: The Engtanglement

"Kyle Bass is the managing director and principal of Hayman Advisors LP’s, general partnership which was formed in December 2005. Kyle Bass is also a mortgage credit portfolio advisor to few asset management companies and manages or advises over $4 billion of investments in the residential mortgage-backed securities market. Mr. Bass is also a Director of the Asset Backed Securities at Credit Derivatives Users Association. He is also a member of the Serengeti Asset Management Advisory Board and is a member of the endowment’s board of the University of Texas Investment Management Co which bought $1 billion Gold bars in 2011." Continue reading →

Continue ReadingKyle Bass at AC2012: The Engtanglement

U.S. to open military ties soon with Myanmar: official

"Relations between the two countries have undergone a sea change since Myanmar’s ruling military ceded power last year. US President Barack Obama’s historic visit last month to Yangon underscored the transformation, as both Washington and Myanmar see benefits to bolstering diplomatic and security ties. The Obama administration, seeking a strategic shift to the Asia-Pacific to counter Beijing’s role, is keen to expand its influence in a country where China has had almost unchallenged dominance. Officials said in October that the United States was willing to allow Myanmar to participate as an observer in major joint exercises in Thailand in 2013." Continue reading →

Continue ReadingU.S. to open military ties soon with Myanmar: official

Going for gold? Don’t forget the vault

"Investors in Asia are increasingly dealing with a seemingly anachronistic problem: finding a place to stash their bars of gold. Gold is a popular choice for those seeking to diversify their holdings and spread risk but it isn't the most mobile of assets. Still, gold has been moving east, and that has created opportunities for security companies in Singapore, Hong Kong, and Shanghai -- financial hubs where the metal's popularity is soaring. Security companies are busy ordering two-ton steel doors and sophisticated monitoring systems, and hiring more armed guards as they expand their high-security vault capacity in Asia." Continue reading →

Continue ReadingGoing for gold? Don’t forget the vault

Robert Parker’s wine ‘bible’ moving to Singapore

"Influential US wine critic Robert Parker is moving the headquarters of his newsletter to Singapore after selling a major stake to investors based in the city-state, a report said. Parker told the Wall Street Journal he intends to step down as editor-in-chief of The Wine Advocate and phase out its print edition, giving oversight to his Singapore-based Asia correspondent, Lisa Perrotti-Brown. 'The Asian market has come of age in the last decade or so, and it would be unrealistic not to expect to be part of it,' he said. He declined to name his new investors but described them as 'young visionaries' in financial services and information technology based in Singapore." Continue reading →

Continue ReadingRobert Parker’s wine ‘bible’ moving to Singapore

Chinese buyers lead foreign investment in US housing market

"Non-American buyers accounted for $82 billion in home sales last year. More than $7 billion of that is by the Chinese, who are now the second largest foreign home purchasers after Canadians. They're buying high-end, multimillion-dollar homes from California to New York and paying cash. While some of the Chinese buyers live in the U.S. full or part-time, realtors estimate about 40 percent of the homes are for investments. They're snapping up houses in states hit hard by foreclosures such as Nevada and Florida. Some are buying two or three homes at a time. Buyers from China also invested almost $2 billion in commercial property in 2011." Continue reading →

Continue ReadingChinese buyers lead foreign investment in US housing market

Asia, not North America, now has most millionaires

"Millionaire wealth in the United States and Canada in 2011 fell 2.3 percent to $11.4 trillion - still the wealthiest region by this measure - though it had 1.1 percent fewer millionaires, slipping by about 39,000 to a total of 3.35 million. Strong economic growth in China and other markets increased the ranks of millionaires across the Asia-Pacific region by 1.6 percent to a total of 3.37 million, as Asia vaulted past North America as home to the most millionaires." Continue reading →

Continue ReadingAsia, not North America, now has most millionaires

Japan’s Shinzo Abe prepares to print money for the whole world

"Mr Abe’s Liberal Democratic Party (LDP) won a landslide victory on Sunday, securing a two-thirds 'super-majority' in the Diet with allies that can override senate vetoes. Mr Abe said he would 'set a policy accord' with the Bank of Japan for a mandatory inflation target of 2pc, backed by 'unlimited' monetary stimulus. 'It's very rare for monetary policy to be the focus of an election. We campaigned on the need to beat deflation, and our argument has won strong support. I hope the Bank of Japan accepts the results and takes an appropriate decision,' he said. He has already threatened to change the Bank of Japan’s governing law if it refuses to comply." Continue reading →

Continue ReadingJapan’s Shinzo Abe prepares to print money for the whole world