Tag Archives: Asia

The Rush to Tap Myanmar’s Energy Promise

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“Myanmar, also known as Burma, has largely been shunned by the West for most of five decades of military rule that ended last year. Now open for business and shedding sanctions, the cash economy badly needs a working banking system. The population of more than 60 million wants mobile phones, newer cars, and Coca-Colas.  But no one sector is as critical to Myanmar’s growth prospects as energy. The country has 7.8 trillion cubic feet of proven natural gas reserves, worth about $75 billion at current U.K. benchmark prices.  It now has 16 energy multinationals working on 17 onshore exploration blocks and 15 exploring or producing in 20 offshore blocks.”

http://www.businessweek.com/articles/2013-06-07/the-rush-to-tap-myanmars-energy-promise

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Jim Rogers on investing in Malaysia, the century of Asia, & frontier markets

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“Malaysia has a few things going for it now. It has a government that understands how the world is supposed to work and it is trying to open up so that if people accomplish something they can see the fruits of their labor. They have lots of natural resources, are right in the middle of the region, and speak multiple languages, so Malaysia has a lot going for it. I have had criticisms of Malaysia in the past, but at the moment, I have investments in Malaysia for the first time in a long time.  This is a government that understands economics better than some governments, has big reserves, and has a very large agricultural component of their economy.”

http://www.theprospectgroup.com/executivefocus/profile/jim-rogers-on-investing-in-malaysia-the-century-of-asia-frontier-markets/81407/

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New Gold Import Tax In Sri Lanka

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“Sri Lanka has announced a 10 per cent tax on gold imports in what observers said was a bid to curb smuggling to India as global markets trading in the precious metal reported sharp price drops to 2010 levels.  Earlier this week India — the world’s largest consumer of gold — hiked import duty on the precious metal to eight per cent to stem surging demand and reduce the country’s ballooning current account deficit, as consumers sought to exploit the fall in prices. Local industry watchers say the new tax in Sri Lanka would push up local prices and claimed the government move was aimed at curbing local traders who smuggle gold into India.”

http://dawn.com/news/1020139/gold-import-tax-in-sri-lanka

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Hong Kong says Snowden has left the country despite U.S. extradition request

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“Hong Kong said in a statement that it allowed Snowden to leave despite an extradition request from the U.S. because documents provided by the U.S. government did not ‘fully comply with the legal requirements under Hong Kong law.’  It said there was no legal basis to stop Snowden from leaving, and the U.S. had been informed of his departure. Hong Kong also said it had asked the U.S. to clarify reports, based on interviews with Snowden, that the NSA had hacked into computers in Hong Kong and would follow up on the matter ‘to protect the legal rights of the people of Hong Kong.'”

http://www.usatoday.com/story/news/nation/2013/06/23/snowden-extradition-nsa-hong-kong/2449879/

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Snowden spy squabble deepens as U.S. is accused of hacking China

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“Within hours of news breaking that the US had filed charges against Snowden, the South China Morning Post reported that the whistleblower had handed over a series of documents to the paper detailing how the US had targeted Chinese phone companies as part of a widespread attempt to get its hands on a mass of data. Text messaging is the most popular form of communication in mainland China where more than 900bn SMS messages were exchanged in 2012.  As Snowden made his latest disclosures, he appeared to be gaining support from politicians in Hong Kong who said China should support him against any extradition application from the US.”

http://www.rawstory.com/rs/2013/06/22/snowden-spy-squabble-grows-as-u-s-is-accused-of-hacking-china/

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Edward Snowden charged with espionage; arrest warrant issued

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“Former NSA contractor Edward Snowden was charged with espionage, theft and conversion of government property by federal prosecutors.  Snowden has been in hiding in Hong Kong since leaking details about the NSA’s surveillance activities over U.S. citizens’ phone and Internet usage. He told a Chinese newspaper on June 12 that the NSA’s activities also extended into Hong Kong and mainland China.  Attorneys representing Wikileaks founder Julian Assange have reportedly reached out to Snowden’s lawyers to help him find asylum in Iceland. U.S. prosecutors also filed a ‘provisional arrest warrant’ asking Hong Kong police to arrest Snowden.”

http://www.rawstory.com/rs/2013/06/21/edward-snowden-charged-with-espionage-reports/

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Jim Rogers: “Thank Goodness” For Gold’s Correction

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Jim Rogers: “Thank Goodness” For Gold’s Correction

“Kitco News asks Jim Rogers his take of current events like Deutsche Bank’s new gold depository in Singapore and the two new Chinese ETPs. Rogers also talks about how India’s Finance Minister Chidambaram repeatedly urges the public to stop buying gold, stating heavy gold imports hurt the Indian economy. Finally, Rogers says that the gold correction in April was necessary for gold to avoid an even worse crash. Despite the April selloff, Rogers is still purchasing gold, silver, platinum and palladium. In regards to Roubini’s bearish comments on gold earlier this month, Rogers says he’ll ignore those predictions. Kitco News, June 17, 2013.”

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Now India Joins The Western Snoops

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“India has launched a wide-ranging surveillance program that will give its security agencies and even income tax officials the ability to tap directly into e-mails and phone calls without oversight by courts or parliament, several sources said. The expanded surveillance in the world’s most populousdemocracy, which the government says will help safeguard national security, has alarmed privacy advocates at a time when allegations of massive U.S. digital snooping beyond American shores has set off a global furor.”

http://www.thedailybell.com/29276/Is-Indias-New-Snooping-a-Good-Idea

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India: Emerging from Poverty or Stuck in the Past?

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“India’s problems are a result of the country’s collectivist system, which detaches people from the consequences of their actions. Economic feedback in India is warped – costs are socialized, while benefits are not. Trickery and heavy-handedness are the norm in India, and they work. Real wealth creation feels unnecessary. From an individual’s point of view, time and capital are better spent making political connections and offering bribes, both of which are more lucrative and efficient than making an honest living. India has been like this for forever. There has been nothing to shake India from its philosophical slumber and force its citizens to re-evaluate outdated precepts.”

http://www.caseyresearch.com/cdd/india-emerging-from-poverty-or-stuck-in-the-past

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Japan to adopt ‘bail-ins,’ force bank losses on investors if needed, Nikkei says

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“Japan’s Financial Services Agency will enact new rules that will forced failed bank losses on investors, if needed, via a mechanism known as a ‘bail-in,’ according to The Nikkei. Mitsubishi UFJ (MTU), Mizuho Financial (MFG) and Sumitomo Mitsui (SMFG) are among those proposing amendments to allow them to issue the types of preferred shares or subordinated bonds that would be used in such cases, the report noted.”

http://finance.yahoo.com/news/japan-adopt-bail-ins-force-181947896.html

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