May 15 – India is expected to overtake China as the world’s largest rice exporter this year as the Indian harvest has had a major boost from both the weather and the government, pushing prices to record highs. This means India is likely to overtake not just China, but also Vietnam and Thailand as the biggest shippers, with exports anticipated to rise to 7 million tons in the year to August. That would be more than double the amount shipped over the previous 12 month period, according to the International Rice Research Institute and the U.S. Department of Agriculture. Continue Reading

Move will boost ability for businesses to buy and sell

May 15 – Myanmar will lift its existing restrictions concerning international payments and transfers by the end of this year, according to the International Monetary Fund, making it easier for businesses to trade in and with the country.

The government is expected to finalize the unification of the existing system of multiple exchange rates also by this time, following the Central Bank’s decision to scrap the 35-year-old fixed exchange rate last month. The fixed rate had created a huge black market for U.S. dollars within a country with barely any financial infrastructure. Continue Reading

May 14 – The United Nations Economic and Social Survey of Asia and the Pacific (ESCAP) launched the 2012 edition of the Economic and Social Survey of Asia and the Pacific on May 10, the oldest and most comprehensive annual review of economic and social development in the region. The survey scales down the economic growth of the region to 6.5 percent in 2012, with China and India expanding their economy by 8.6 percent and 7.5 percent, respectively.

Similar to the statement made in the Asia-Pacific Regional Outlook by the IMF, ESCAP sees Asia as the world’s fastest growing region and an anchor for global economic stability. According to ESCAP, the growth rate of the region’s developing economies is projected to slow down to 6.5 percent in 2012 compared to 7 percent in 2011 and 8.9 percent in 2010. However, the slowdown is expected to lower the inflation rate in the region from 6.1 percent in 2011 to 4.8 percent in 2012. Continue Reading

By Nicholas Clement

May 10 – The South China Sea (SCS) continues to act as a regional flashpoint in the Asia Pacific, recently exemplified by the ongoing naval standoff between China and the Philippines. The current standoff began at the beginning of April when the Filipino navy intercepted Chinese fishing vessels in Scarborough Shoal, who they claimed were illegally operating inside of its 200-nautical mile exclusive economic zone (EEZ). Before the fishermen were arrested, however, China sent vessels from its maritime surveillance unit who placed themselves between the Filipino navy and Chinese fishing vessels – thus starting the standoff. Continue Reading

Second-Tier City Beat – From Hangzhou to Pune

Olaf Griese has spent six years with Dezan Shira & Associates in Shanghai and has just recently relocated to Delhi. In this series of articles, he will detail the differences, as well as the pros and cons, of living in both China and India.

May 4 – Going from Hangzhou to Pune seems a long way, but it isn’t if you know a shortcut! Indeed, the point of departure for each is the corresponding country’s main commercial city: Shanghai or Mumbai. Numerous comparisons have been put forward comparing the latter two, and both cities are glittery, fantastic and have their own beat which sometimes doesn’t follow the same rhythm as the rest of the nation. Personally, I don’t think you can compare both cities. However, few comparisons have been made about the neighboring cities of Shanghai and Mumbai or, as we like to refer to them in business terms, “second-tier cities.” Continue Reading

May 3 – The International Monetary Fund released its new Regional Economic Outlook for Asia-Pacific in April, projecting 6 percent regional growth in 2012 and 6.5 percent in 2013. However, by remaining the fastest growing region in the world, Asia-Pacific shares both the upside and downside risks of the global environment. The report cautions on potential challenges and provides possible solutions for Asian countries to gain momentum in economic growth over the course of 2012.

A slowing but promising Asian economy
Sluggish economic performances in the Eurozone and the United States are having a significant effect on the Asian market, since many countries in the region have export-oriented economies relying heavily on external demand.

However, there are signs of stabilization in the Asia Pacific region even while the global environment remains uncertain. Continue Reading

May 2 – The latest issue of DPRK Business Monthly is now available as a complimentary PDF download on the Asia Briefing Bookstore. The regular magazine looks at current international, domestic, and peninsular affairs concerning North Korea while also offering commentary and tourism information on the country.

In recent international news, KCNA reported that a regular Rajin-Khassan cargo train service will run from October this year.

The railway project was highlighted in the historic DPRK-Russia Moscow Declaration, which was signed in August 2001, according to Kim Chang Sik, a department director of the DPRK Ministry of Railways. Continue Reading