china

Chinese demand for robots increases as labor costs rise

"China’s growing affluence and family planning laws have had dramatic effects on its workforce. Improved medical care has enabled older generations to live longer, and the one-child policy has effectively capped the younger generation’s size. In 2000 there were six working-age citizens for each Chinese person aged 60 and up; 20 years from now, population experts predict, there will be only two. Young Chinese have no choice but to seek skilled, high-paying work to support their parents. They’re better educated than their forebears, and less interested in menial assembly-line labour. Robots may fill the jobs they’ve left behind." Continue reading →

Continue ReadingChinese demand for robots increases as labor costs rise

EU suspends aircraft emissions trading rules

"The European Union has agreed to suspend its rules that require airlines flying to and from airports in the EU to pay for their carbon emissions. The rules had been unpopular with countries outside Europe such as the US, China and India. Climate commissioner Connie Hedegaard said she had proposed 'stopping the clock for one year'. The EU brought in the Emissions Trading Scheme on 1 January. India and China have been among the most vocal opponents of the ETS, with India banning its airlines from complying with it in April." Continue reading →

Continue ReadingEU suspends aircraft emissions trading rules

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. Now 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." Continue reading →

Continue ReadingAsian economies turn to yuan

Cash-strapped Cyprus plots Russian exit from austerity

"The Russians, quite correctly, view Cyprus as a convenient backdoor to the European Union – and they are not alone. The Chinese have also started arriving, encouraged by what they regard as an incredibly low bar to immigration. Forget all those tricky visa forms, for anyone prepared to spend €300,000 on a property in Cyprus there is the bonus of eligibility for permanent residency. Once this is achieved, the owner is entitled to move anywhere within the EU. For the price of a shoebox in Shanghai, Cyprus is offering a gold-card travel pass and much more besides." Continue reading →

Continue ReadingCash-strapped Cyprus plots Russian exit from austerity

Reverse brain drain: Economic shifts lure migrants home

"The financial crisis that began in 2008 has tested middle-class America's sense of stability and the European right to social welfare. It has also caused many to question whether the developed world is still the only land of opportunity worth migrating to. Emerging economies not only are faring better than most of the developed world in the current recession, they also continue to grow, drawing back their expatriates and, in some cases, even luring new high-skilled citizens of the US and Europe. Those countries losing their allure could also lose their competitive edge." Continue reading →

Continue ReadingReverse brain drain: Economic shifts lure migrants home

Switzerland: The Other Currency Manipulator

"Switzerland is manipulating its currency for the exact same reason China does: to help exporters gain a price advantage. And Switzerland is a big net exporter, with a current account surplus (exports minus imports) of 12 percent of GDP, compared to just 3 percent for China. Why aren’t we freaking out about Swiss currency manipulation? Probably because Switzerland’s small scale helps us understand what a manipulated currency really means: cheaper Swiss goods for U.S. consumers. With China, we somehow get this backwards." Continue reading →

Continue ReadingSwitzerland: The Other Currency Manipulator

Counterfeit Perth Mint gold sold in China

"An Australian mint has called in the Federal Police after being shown evidence by Seven News that its gold bars are being counterfeited. An Australian mint has called in the Federal Police after being shown evidence by Seven News that its gold bars are being counterfeited. The investigation uncovered Chinese 'forgery factories' that will churn out fake bullion and even Australian coins, for a fraction of their face value." Continue reading →

Continue ReadingCounterfeit Perth Mint gold sold in China

South Korean Activists Send Leaflets to North Korea

"South Korean activists floated balloons carrying tens of thousands of anti-Pyongyang leaflets into North Korea on Monday, eluding police who had disrupted an earlier launch attempt due to threats from North Korea. North Korea's military warned last week that it would strike if the South Korean activists carried through with their plan to fly balloons carrying the propaganda leaflets across the border. South Korean police, citing security concerns, had sent hundreds of officers Monday to seal off roads and prevent the activists and other people from gathering at an announced launch site near the border." Continue reading →

Continue ReadingSouth Korean Activists Send Leaflets to North Korea

China and Russia blast US for not taking Tea Party debt plan

Well, that’s what the headline should read. Russia last week, China this week; China, the largest foreign investor in U.S. government securities, joined Russia in criticizing American policy makers for failing to ensure borrowing is reined in after a stopgap deal to raise the nation’s debt limit. Note they were not impressed by the bi-partisanship, [...]

Continue ReadingChina and Russia blast US for not taking Tea Party debt plan