Tag Archives: Asia

5,000 Chinese factory workers strike over Indian takeover of American firm

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“Cooper Tire and Rubber announced last month that it would be taken over by Apollo Tyres of India, making the combined group the seventh-largest such firm in the world. But thousands of staff at Cooper Chengshan, a joint venture in the eastern Chinese province of Shandong, have walked out in protest, the Xinhua news agency said late Tuesday.  It is the latest incident to hit a foreign joint venture after Chinese workers held an American factory executive hostage for nearly a week in late June over a plan by his US-based medical supply company to lay off 30 workers.”

http://www.rawstory.com/rs/2013/07/31/5000-chinese-factory-workers-strike-over-indian-takeover-of-american-firm/

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Countering rupee devaluation: Pakistani govt slaps temporary ban on gold imports

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“In an attempt to address steep devaluation of the rupee against the dollar, Pakistan on Tuesday temporarily banned import of gold to save the precious foreign currency reserves. The Economic Coordination Committee of the Cabinet, headed by Finance Minister Ishaq Dar, took the decision to ban the import of the yellow metal for one month with immediate effect. After the Indian government’s decision to discourage gold import by imposing 8% duties, the buyers had shifted to Pakistan where the commodity was allowed to be imported duty free since 2001.”

http://tribune.com.pk/story/584352/countering-devaluation-govt-slaps-temporary-ban-on-gold-import/

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Japan now reconsidering sales-tax hike

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“Japan’s Prime Minister Shinzo Abe may ditch a long-planned hike in the national sales tax, a senior official said Sunday, according to Kyodo News. Abe had intended to help shore up Japan’s finances by raising the 5% national consumption tax to 10% in two steps, slated for April 2014 and October 2015. But Kyodo quoted Chief Cabinet Secretary Yoshihide Suga as saying in a television interview that Abe would reconsider the issue ‘after revised data are released in September on preliminary figures for April-June gross domestic product, and before a fall extraordinary Diet session.'”

http://www.marketwatch.com/story/japan-now-reconsidering-sales-tax-hike-report-2013-07-28

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Silver Vault for 200 Tons Starts in Singapore as Wealthy Buy

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“The new facility is 30 percent booked at the opening, said Joshua Rotbart, precious-metals general manager at owner Malca-Amit Global Ltd. The storage will add to the firm’s five vaults at the Singapore FreePort, which are fully reserved for gold, he said in an interview. The repository can hold $128 million of silver at today’s prices. The number of individuals with $1 million or more in investible assets climbed to 3.68 million in the Asia-Pacific region in 2012. The Singapore government has been promoting the country as a bullion-trading hub, removing a 7 percent sales tax on investment-grade precious metals in 2012. ”

http://www.bloomberg.com/news/2013-07-28/silver-vault-for-200-tons-starts-in-singapore-as-wealthy-buy.html

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Heart Surgery in India for $1,583 Costs $106,385 in U.S.

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“Devi Shetty is obsessed with making heart surgery affordable for millions of Indians. On his office desk are photographs of two of his heroes: Mother Teresa and Mahatma Gandhi.  Shetty is not a public health official motivated by charity. He’s a heart surgeon turned businessman who has started a chain of 21 medical centers around India. By trimming costs with such measures as buying cheaper scrubs and spurning air-conditioning, he has cut the price of artery-clearing coronary bypass surgery to 95,000 rupees ($1,583), half of what it was 20 years ago, and wants to get the price down to $800 within a decade.”

http://www.bloomberg.com/news/2013-07-28/heart-surgery-in-india-for-1-583-costs-106-385-in-u-s-.html

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Taiwanese gang caught smuggling $3m worth of gold into South Korea

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“South Korean custom officials caught Wednesday nine Taiwanese nationals who were allegedly smuggling 134 pounds (60.75 kilograms) worth of gold, hidden in their rectal cavities. According to China Post, the suspects are accused of transforming US$3 million worth of gold bars into small beads and smuggling them into South Korea 11 times since May last year. The group allegedly entered the country through Gimpo International Airport in western Seoul as Korea’s main gateway, the Incheon International Airport, has recently tighten controls.”

http://www.mining.com/taiwanese-band-caught-smuggling-3m-worth-of-gold-into-s-korea-69871/

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Ex-President Jimmy Carter plans to visit North Korea to negotiate prisoner’s release

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“Former U.S. President Jimmy Carter is planning to visit North Korea soon to try to win the release of a U.S. citizen held for committing crimes against the reclusive state. Carter has made contact with the North to arrange for the visit, and he is likely to make the trip in a personal capacity to secure the release of Kenneth Bae, the U.S. citizen, a source in Washington was quoted as saying.  Carter has made trips to the North on diplomatic missions and in 2010 helped earn the release of another American, Aijalon Mahli Gomes, a Boston native who had been sentenced to eight years hard labor for illegally entering the country.”

http://www.rawstory.com/rs/2013/07/29/ex-president-jimmy-carter-plans-to-visit-north-korea-report/

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Bitcoin trading suspended in Thailand due to central bank advisement

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“Senior members of the Foreign Exchange Administration and Policy Department advised that due to lack of existing applicable laws, capital controls and the fact that Bitcoin straddles multiple financial facets the following Bitcoin activities are illegal in Thailand:  Buying Bitcoins;  Selling Bitcoins; Buying any goods or services in exchange for Bitcoins;  Selling any goods or services for Bitcoins;  Sending Bitcoins to anyone located outside of Thailand;  Receiving Bitcoins from anyone located outside of Thailand.”

https://bitcoin.co.th/trading-suspended-due-to-bank-of-thailand-advisement/?bettertitle

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Woman sues Japan’s biggest yakuza boss, seeking refund of ‘protection money’

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“She is demanding around 17 million yen ($170,000) in compensation and reimbursement for payments she was forced to make to protect her bar in the central city of Nagoya, the broadcaster said, citing her legal representatives. The woman says she paid 30,000-100,000 yen per month between 1998 and 2010 to a member of Inabaji Ikka, a local yakuza group connected to the Yamaguchi-gumi, Kyodo News said. On one occasion in 2008 when she tried to refuse to pay, she was warned that her bar could be burned down, Kyodo said.”

http://www.rawstory.com/rs/2013/07/17/woman-sues-japans-biggest-yakuza-boss-seeking-refund-of-protection-money/

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Obama cheers ‘victory’ in Korean War on 60th anniversary

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“The United States was by far the biggest contributor to the multinational United Nations force that poured into South Korea to roll back a Chinese-supported invasion from the North. Nearly 1.8 million US servicemen and women served in Korea, of whom 33,739 died in combat and more than 100,000 were wounded, according to the US Department of Veterans Affairs. It was also the first war in which US forces were not racially segregated. The conflict ended with a ceasefire, which was never cemented with a treaty, leaving the two Koreas still technically at war.”

http://www.rawstory.com/rs/2013/07/28/obama-cheers-victory-in-korean-war-on-60th-anniversary/

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