Tag Archives: Asia

Sky’s the limit: New towers targeting rich Asians soar in New York

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“These mansion-size apartments with 30-mile views will go unoccupied much or most of the time. These towers are shaped by their clientele: a transnational nouveau riche looking for a second (or third or fourth) home. Having made fortunes in nations less regulated economically and less stable politically than the USA, these buyers want a safe investment as much as, or more than, shelter.  Could this boom be a bubble? Richard Wallgren, 432 Park’s marketing director, says that it’s hard to overbuild in Manhattan.  One57 says that more than half of its buyers come from outside the USA, including 15% from China.  One57 will receive tens of millions in tax breaks to encourage construction.”

http://www.usatoday.com/story/news/nation/2013/12/12/new-york-high-rise-boom/4005289/

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Bitcoin traders settle class actions over failed Mt. Gox exchange

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“Once the world’s biggest bitcoin exchange, Mt. Gox is slated to be liquidated after the Tokyo District Court granted the company’s request to abandon plans to revive its business.  In return for settling separate class actions, the U.S. and Canadian customers will share in a 16.5 percent stake after Mt. Gox is sold to Sunlot, a firm backed by child actor-turned entrepreneur Brock Pierce and venture capitalist William Quigley.  In addition, the customers will split the 200,000 bitcoins that Mt. Gox said it found after seeking bankruptcy protection, and will also split up to $20 million in fiat currency held by the administrator for Mt. Gox.”

http://www.reuters.com/article/2014/04/29/us-bitcoin-mtgox-settlement-idUSBREA3S02W20140429

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U.S. would welcome Modi as India leader despite past visa ban

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“Modi was shunned by Western nations for years after the bloodshed in Gujarat, where he has been chief minister since 2001. He was denied a U.S. visa in 2005 under the terms of a 1998 U.S. law which bars entry to foreigners who have committed ‘particularly severe violations of religious freedom.’  Modi’s rise on the national stage, however, and the importance of relations with India, which the United States sees as a key counterbalance to China in Asia, have forced a rethink.  The State Department described the Indian elections as ‘an inspiring example of the power of the democratic process in action’ and stressed their peaceful nature – in spite of the killing of 41 Muslims in the state of Assam.”

 

http://www.reuters.com/article/2014/05/12/us-india-election-usa-idUSBREA4B0Y120140512

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New Drums of War

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“The story begins 25 years ago, in 1989.  That was the pivotal year for the most dramatic peaceful transformation of modern history.   The transition to market-based economies created massive opportunities for investors. We saw a huge increase in cross-border trade and foreign direct investment. Almost simultaneously, the emergence of the digital revolution brought a decrease in international transaction costs. The Asian tigers and the BRIC countries — Brazil, Russia, India, and China — grew exponentially.  In this environment, the mere thought of regional conflict seemed absurd. And anyone talking about global conflict would inevitably be invited to check in to the nearest insane asylum.”

http://www.moneyandmarkets.com/new-drums-of-war-61239

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Anti-China riots in Vietnam ease after 1,400 protesters arrested

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“Anti-China protests in Vietnam eased yesterday after the arrest of more than 1,400 demonstrators.  There were no reports of fresh violence following the deadly wave of unrest that swept through 22 of Vietnam’s 63 provinces from Tuesday.  It was triggered by China’s deployment of an oil rig in the disputed Paracel Islands in the South China Sea.  More than 400 factories were damaged by mobs and the Chinese foreign ministry confirmed yesterday that two Chinese nationals had been killed.  Many Chinese in Vietnam were still fearful for their safety yesterday as speculation mounted about another demonstration tomorrow.”

http://www.scmp.com/news/asia/article/1513906/anti-china-riots-vietnam-ease-after-1400-protesters-arrested

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John Kerry calls Beijing ‘provocative’ in South China Sea disputes

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“China and the United States exchanged heated words yesterday over the recent tensions between Beijing and its neighbours about disputed territory in the South China Sea.  ‘[John Kerry] said China’s introduction of an oil rig and numerous government vessels in waters disputed with Vietnam was provocative,’ US State Department spokeswoman Jen Psaki said, referring to a telephone call between the US secretary of state and Foreign Minister Wang Yi.  Wang called on the US to be objective and urged it to ‘stick to its promises, and act and speak cautiously’, according to a statement on the Foreign Ministry’s website.”

http://www.scmp.com/news/china/article/1511267/kerry-says-china-action-south-china-sea-dispute-provocative

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Vietnamese Take to Streets to Protest China Oil Rig

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“Vietnam’s communist government allowed thousands of citizens to protest in the nation’s biggest cities to denounce a Chinese oil rig placed in contested waters that has led to clashes between ships from the two countries.  Vietnam said Chinese boats rammed its vessels, fired water cannons and used low-flying aircraft in a confrontation over the rig close to the Paracel Islands that both countries claim. China the next day accused Vietnamese ships of provoking the clash by crashing into its boats.  The U.S. has criticized China for taking ‘provocative’ and ‘unilateral’ actions. Spokeswoman Jen Psaki said that China had engaged in ‘dangerous conduct and intimidation.'”

http://www.bloomberg.com/news/2014-05-11/vietnamese-take-to-streets-to-protest-china-oil-rig.html

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H.K. issues Vietnam travel warning after mobs torch Chinese factories

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“The Hong Kong government issued an amber travel warning for Vietnam after protesters there vandalised hundreds of foreign-owned factories and torched at least 15 of them.  The riots followed a large protest by workers on Tuesday against China’s recent placement of an oil rig in disputed waters around the Paracel Islands in the South China Sea.  The rioting in Binh Duong province followed protests by up to 20,000 workers at industrial parks near Ho Chi Minh City. Smaller groups of men attacked factories they believed were mainland Chinese-run, but many were Taiwanese or South Korean, the provincial government said.”

http://www.scmp.com/news/asia/article/1511834/factories-set-ablaze-during-anti-china-protests-vietnam

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Faber Long China Via Hong Kong; Vietnam Also Attractive

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“In Hong Kong, you have reasonably good corporate governance, you have very-well-managed companies, which are owned largely by families. So the families are ready to be conservative in their dealings. They have low leverage. So if you believe that China is bottoming out and going up, I would own some Hong Kong shares, as I do.  Another recovery play—a market that has a similarly poor performance to China over the last few years—is Vietnam, which is very cheap, which has deleverage and improving fundamentals in terms of growing trade surplus, rising exports and so on. So I think Vietnam is better than China itself, if you believe in the Chinese recovery.”

http://www.etf.com/sections/features/21845-faber-long-china-via-hong-kong-premium.html?fullart=1&start=2

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Myanmar’s Yangon Stock Exchange (YSE) On Track For 2015 Launch

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“Japan’s Tokyo Stock Exchange (TSE) and Daiwa Securities Group are tasked with establishing the nation’s first equities bourse since the Southeast Asian country was taken over by a military regime in 1962.  The citizens of Myanmar traditionally traded in gold, U.S. dollars, real estate and used cars, but the YSE will be able to provide an alternative as the country’s economy continues to expand rapidly.  But trading would be difficult without better communication, as the majority of the population of the impoverished country is without electricity, let alone access to a phone or the Internet.  The foreign firms Telenor and Ooredoo have finally received official telecom licenses.”

http://www.ibtimes.com/myanmars-yangon-stock-exchange-yse-track-2015-launch-1563209

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