Tag Archives: Asia

Indian rupee falls further amid Fed stimulus concerns

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“The Indian rupee has fallen to a new all-time low against the US dollar, amid concerns the Federal Reserve will soon scale back its stimulus measures.  Foreign investors have been pulling money out of India, as the economy has slowed and the cost of borrowing in dollars has risen.  The Reserve Bank of India (RBI) is rumoured to have intervened to stem the slide in the currency.  The Indian rupee has declined by nearly 16% against the US dollar since May and is Asia’s worst performing currency so far this year. Its further decline on Tuesday was mirrored by falls in markets across other developing markets, particularly in Asia.”

http://www.bbc.co.uk/news/business-23766267

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The Impending Collapse of the Global “Bernanke Bubble”

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“In the past few months, the Turkish lira has depreciated by 4.5% against the dollar, while its dollar-denominated debt stands at $172 billion or 22% of its GDP. Goldman Sachs forecasts a further 15% fall in the Turkish lira, spurring a financial crisis as it becomes more and more expensive to buy dollars to service these loans, most of which are short term. Furthermore, ‘some of the biggest beneficiaries of the Fed’s largess were . . . among the politically connected elite in emerging nations like Turkey, where vanity towers, glitzy shopping malls and even grander projects to come have become representative of the nation’s new dynamism.'”

http://bastiat.mises.org/2013/08/the-impending-collapse-of-the-global-bernanke-bubble/

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Schoolgirl virginity tests prompt outrage in Indonesia

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“The tests would affect students seeking to enter senior high school. The proposal triggered immediate anger, with Education Minister Mohammad Nuh leading the condemnation: ‘If you want to protect your children from negative influence, there are others ways. This is not wise.’ ‘A virginity test is a form of sexual violence against women,’ added Masruchah, the deputy head of the national commission on violence against woman, who like many Indonesians goes by one name.”

http://www.rawstory.com/rs/2013/08/21/schoolgirl-virginity-tests-prompt-outrage-in-indonesia/

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300 tonnes of radioactive water is worst leak yet at Japan’s Fukushima

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“Some 300 tonnes of radioactive water is believed to have leaked from a tank at Japan’s crippled nuclear plant, the worst such leak since the crisis began, the operator said Tuesday. Tokyo Electric Power Company (TEPCO) said the leak was believed to be continuing Tuesday at Fukushima and it had not yet pinpointed the source of it. The company later said it had identified which tank was faulty but had yet to find the spot from where it was leaking.  TEPCO admitted the toxic water might contaminate groundwater and flow into the Pacific Ocean ‘in the longer term’, but said it was working to avoid such a situation.”

http://www.rawstory.com/rs/2013/08/20/300-tonnes-of-radioactive-water-is-worst-leak-yet-at-japans-fukushima/

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Export stats confirm massive outflow of Western gold to Asia, maybe ETF gold

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“The London Bullion Market Association said that the daily cleared trading volume on the London market by its members hit a 12-year high of 900 tonnes — worth $39 billion — in June on the back of ‘strong physical demand particularly from China and India.’ At the same time Swiss gold refiners, such as Metalor, Pamp, Valcambi, and Argor-Heraeus, have enjoyed a boom, melting down large 400-ounce bars from London vaults and reprocessing them into smaller products that are preferred by Asian buyers. ‘The Swiss are running three or four shifts to keep the refineries going non-stop. They’re throwing bodies at it,’ said one senior gold trader.”

http://www.gata.org/node/12938

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India’s war on gold fails to protect the rupee, which keeps plunging

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“The fresh currency falls also increased pressure on the debt markets. Yields on India’s 10-year debt spiked above 9 per cent for the first time since late 2011, while Jakarta’s cost of borrowing jumped 18 basis points to the highest level since March 2011. Over the weekend a range of senior figures including Prime Minister Manmohan Singh tried to calm investor fears that the country’s mixture of weakening growth and an unsustainable current account gap was pushing India’s economy towards a crisis point. Notably, officials ruled out capital controls on foreign investors.”

http://www.gata.org/node/12935

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Fear of Fed Retreat Roils India

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“After a growth spurt from 2006 to 2011, the country lapsed back into a plodding pace as economic reforms lost steam.  India’s government, in an effort to narrow the current-account gap, has tried to curb gold imports and announced a plan to buy more of the country’s oil from Iran through what is effectively a barter mechanism. On Wednesday, the country reduced the amount of money residents and companies can send abroad, sparking fears of more-draconian measures. The government says these moves aren’t a prelude to capital controls and that it doesn’t plan to impose restrictions on companies repatriating profits.”

http://online.wsj.com/article/SB10001424127887324747104579022561743516666.html

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Indian Food Inflation Is Getting Out Of Control

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“Vegetable prices in India spiked  46.59% in July year over year, another ugly bullet point in the country’s persistent struggle with massive food inflation. In particular, the onion — a staple vegetable whose rising prices have dogged ruling parties in the past — saw a particularly dramatic jump. India has already lost hundreds of billions of dollars due to inflation in the past few years. Of course, the country’s poor population, which spends the lion’s share of income on food, has been hit hardest. India’s central bank has cut interest rates three times this year, but lowering it further could further crush the rupee and drive inflation higher, the Journal reported.”

http://www.businessinsider.com/indias-food-inflation-2013-8

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A Summer of Troubles Saps India’s Sense of Confidence

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“The Indian government recently loosened restrictions on direct foreign investment, expecting a number of major retailers like Walmart and other companies to come rushing in. The companies have instead stayed away, worried not only by the government’s constant policy changes but also by the widespread and endemic corruption in Indian society. Wednesday night, the government announced measures to restrict the amounts that individuals and local companies could invest overseas without seeking approval. It was an astonishing move in a country where a growing number of companies have global operations and ambitions.”

http://www.nytimes.com/2013/08/19/business/global/a-summer-of-troubles-saps-indias-confidence.html?emc=eta1&_r=0

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India to launch Save Gold Campaign to convince consumers to deposit gold

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“India’s bullion industry is set to revive its gold deposit scheme in a bid to mobilise gold coins and bars lying idle. The Save Gold Campaign (Swarna Bachao Abhiyan) is hoped will mop up some of the gold currently lying fallow with individuals, banks, high networth individuals, charitable trusts and even temple trusts, that is estimated to be as much as 25,000 tonnes. The consumer would take sealed gold and authenticity certificate to the bank, which would issue a deposit certificate for a valid period, ranging from one and a half to three years. After the said period, the depositor would get the gold back with interest as promised by the bank.”

http://www.mineweb.com/mineweb/content/en/mineweb-whats-new?oid=201507&sn=Detail

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