Monthly Archives: September 2014

Bill Bonner: A Secret Only a Tiny Number of Investors Understand

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“‘The last century was America’s century,’ says our Chinese colleague. ‘This is China’s century.’  ‘You know why America was such a success,’ he continued. ‘Because it was a fairly free market with massive domestic demand. Companies could scale up in the highly competitive US market. That would make them larger and more advanced than their foreign competitors. They could then enter foreign markets and easily beat the locals. China is full of new companies. Everything is new. And the internal market is fairly free compared to America. Talk about scale. These companies have massive domestic growth and learning capacity before they have to compete on the world markets.”

http://bonnerandpartners.com/secret-tiny-number-investors-understand/

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Google launches $105 Android One; eyes India smartphone boom

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“Google Inc launched in India on Monday a $105 smartphone, the first device from its ‘Android One’ initiative which is aimed at boosting sales in key emerging markets through cheaper prices and better quality software.  The Mountain View-Based company tied up with Indian handset makers Micromax, Karbonn and Spice Mobiles to launch the 6,399 rupees phone, which is powered by Google’s operating system and targets the booming low-cost segment of the world’s fastest growing smartphone market.  After launching in India, Google said it plans to expand Android One to Indonesia, Philippines and other South Asian countries by the end of 2014 and in more countries in 2015.”

http://in.reuters.com/article/2014/09/15/google-india-smartphone-idINKBN0HA0E520140915

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India ATMs stop sucking in cash after exploit by scammers [2012]

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“RBI in the past one year has come across banks reporting several instances of frauds pertaining to mis-use of cash retraction facility at the ATMs.  The typical modus operandi has been to hold on to a few pieces of notes in ATM machines that have cash retraction system, while allowing one or two pieces of notes to be retracted and then claiming non-receipt of cash.  Since retracted transactions are credited back to the customer’s account, the balance in the fraudster’s account remains unaffected even after collecting bulk of the delivered cash.  The ATMs do not have the capability to count the pieces of retracted notes, thus leaving a loophole for committing such frauds.”

http://businesstoday.intoday.in/story/bank-atms-stop-sucking-in-cash-after-rbi-direction/1/188335.html

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India says not considering immediate gold import duty cut

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“India is not considering an immediate cut in gold import duties, Trade Minister Nirmala Sitharaman said on Wednesday, extending a policy that has helped narrow the country’s trade deficit but is believed to have led to an increase in smuggling.  India’s trade and current account deficits have narrowed sharply since New Delhi raised the duty on gold imports to 10 percent from 2 percent through a series of steps last year, helping revive confidence in the country’s economy.  But the duties have also fuelled a belief that smuggling has surged, causing some suspicions about distorted data and raising expectations the government will ease some of its restrictions.”

http://in.reuters.com/article/2014/09/10/india-gold-imports-idINKBN0H50MC20140910

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Japan’s economy shrinks after sales tax hike

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“Japan’s economy contracted by an annualised 6.8% in the second quarter of the year, the biggest fall since 2011 when it was devastated by an earthquake and tsunami.  The official gross domestic product (GDP) figure though was smaller than the 7.1% drop economists expected.  The shrinkage was largely in response to a government sales tax, which held back consumer spending.  Japan’s sales tax rose from 5% to 8% in April.  On a quarterly basis, the economy contracted 1.7% in the second quarter after a 1.5% rise in the first three months. Private consumption, which makes up 60% of economic activity, was 5% down on the previous quarter.”

http://www.bbc.com/news/business-28767708

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Abe’s party loses local vote after Japan’s security policy shift

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“The election in the western prefecture of Shiga was the first high-profile poll since Mr Abe’s cabinet adopted a resolution ending the ban on exercising ‘collective self-defence’, or aiding a friendly country under attack – the most dramatic change in Japanese security policy in decades.  Mr Abe has argued the change is needed to cope with a tough security environment, but the move has stirred angst among many voters wary of entanglement in foreign wars and worried that Japan’s post-war pacifist constitution is being gutted. Tokyo and Beijing have long been at odds over territorial claims and Japan’s military record before the end of the World War II.”

http://www.smh.com.au/world/abes-party-loses-local-vote-after-japans-security-policy-shift-20140714-zt6k1.html

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Teddy Roosevelt and the Road to Pearl Harbor [2009]

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“Historian James Bradley had a fascinating op-ed in yesterday’s New York Times tracing the origins of Japan’s attack on Pearl Harbor back to the foreign policy of President Theodore Roosevelt, who famously intervened in the Russo-Japanese War in 1905 and earned himself a Nobel Peace Prize for his efforts. Yet as Bradley notes, Roosevelt was secretly acting on Japan’s behalf, or as he wrote to his son, ‘not merely with her approval but with her expressed desire.’ Following that, Roosevelt actively encouraged Japan to emulate America’s recent imperial expansion, though the results would prove disastrous in the long-term.”

http://reason.com/blog/2009/12/07/teddy-roosevelt-and-the-road-t

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Ex-U.S. officials hail Japan’s decision on collective self-defense

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“Former U.S. policymakers on Monday welcomed a July 1 decision by the Cabinet of Prime Minister Shinzo Abe to allow Japan to exercise the right to collective self-defense, saying it will invigorate the Japan-U.S. alliance and create firmer deterrence against China’s military buildup and territorial ambitions. ‘Together, the United States and Japan present a partnership that can prevent China from achieving its territorial ambitions through military force,’ it says.  The report calls for integrating China into ‘a rule-based Asia Pacific community’ so as to achieve a more peaceful and prosperous Asia-Pacific region.”

http://www.globalpost.com/dispatch/news/kyodo-news-international/140714/ex-us-officials-hail-japans-decision-collective-self-d

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Bank of China New York opens Queens branch

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“Bank of China opened its newest New York branch in Flushing, Queens, home to the second-biggest Chinese and Chinese American population in New York City, relocating its Chinatown branch from Manhattan.  Bank of China opened its first US branch in New York in 1981 and has four American branches, two in New York, one in Chicago and one in Los Angeles.  At the opening ceremony on Friday were Sun Guoxiang, consul general of the People’s Republic of China in New York, Zhu Shumin, executive vice-president of Bank of China, Grace Meng, US congresswoman, and Peter Koo, New York City councilman.”

http://usa.chinadaily.com.cn/2014-06/30/content_17620960.htm

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China Banks Boost Precious Metals Hoard Amid Lease Demand

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“The value of precious metals held by China’s biggest lenders surged 66 percent from a year ago as banks lease more gold to customers because tighter borrowing rules make it harder to lend funds.  The growth since last year outpaced the gain in benchmark bullion prices, which rose 7.5 percent over the same period.  China is seeking to rein in credit by raising borrowing costs and cutting off lending to sectors considered at risk of default amid a property slump and rising number of bad loans. That’s prompting banks to hold more precious metals as they expand their gold-leasing business because it’s not subject to loan caps and is considered off-balance sheet lending, according to Industrial Bank Co.”

http://www.bloomberg.com/news/2014-09-01/china-banks-boost-precious-metals-hoard-amid-lease-demand.html

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