Mar. 31 – China could see its demand for gold double over the next 10 years if it maintains its current pace, according to a report released on Monday by the World Gold Council.
“Now one of the world’s largest economies, China has already rapidly become a prominent gold market. However, our analysis confirms that significant untapped growth potential exists in the Chinese gold market,” said WGC Managing Director Marcus Grubb. “In China, if gold demand continues to accelerate and becomes more comparable with other major markets, WGC expects it to double in tonnage terms within the next decade, which would represent annual gold demand of approximately US$29 billion at year end 2009 average prices.” Continue reading
Mar. 31 – Credit Suisse Group announced that it had gained informal approval for a commercial business license from the Reserve Bank of India on Monday, which will allow the bank to set up its first Indian branch office within the country’s financial capital of Mumbai.
The Swiss financial services company said that the license and the establishment of their Mumbai branch will allow the bank to broaden its financial services in the country, enabling the bank to accept deposits and provide financing and loans to clients. They will also allow be able to trade in India’s government securities, foreign exchange and fixed-income products. Continue reading
Mar. 30 – Now available for download at the Asia Briefing Bookstore, the Greater Tumen Initiative’s Economic Outlook of the Northeast Asia Region provides a revealing look into the economy of the geographical area that encompasses the countries of the People’s Republic of China, the Republic of Korea, the Russian Federation, Mongolia, and the Democratic People’s Republic of Korea.
The guide includes a collection of statistical data featuring the area’s key economic indicators, export and import volume, as well as inward and outward foreign direct investment. Furthermore, each of the five countries is examined based on the following three dimensions: economic overview, trade, and foreign direct investment. Continue reading
Mar. 30 – China executed more people than the rest of the world combined last year, according to a recent report by Amnesty International which numbers the country’s executions in the thousands. The report cited “evidence from previous years and current sources” as the basis for their high estimate.
Although Beijing has said that it executes fewer people now than it has in the past, the official number is unclear because the government maintains that the details of national court rulings and punishments are a state secret. This lack of transparency is one of the major points of contention the human rights group takes with the Chinese government. Continue reading
By Peter Higgins
Mar. 30 – Once known as the “Wall Street of Asia,” Shanghai’s famous riverfront promenade, the Bund, finally reopened Sunday, March 28 after undergoing almost three years of extensive renovations. Costing an estimated US$732 million, the restoration project which began in April 2007 was aimed at making the famed section of Shanghai more pedestrian friendly. Continue reading
Mar. 29 – After analyzing more than five million email messages sent from over one million IP addresses since the beginning of 2010, Panda Security came out last week with a ranking of the world’s top spammers by country and city. India was ranked second as a country, with New Delhi and Mumbai ranking among the world’s top 10 spam origins by city.
The top five countries were Brazil, India, South Korea, Vietnam, and the United States, with China coming in at number 11. The top five cities were Seoul, Hanoi, New Delhi, Bogotá, and São Paulo, with Mumbai coming in at 6th and Beijing ranking 14th. Continue reading
Mar. 29 – Chinese car maker Zhejiang Geely finalized a US$1.8 billion agreement with Ford yesterday to purchase Volvo Motors in the largest overseas acquisition by a Chinese car manufacturer.
Geely’s Chairman Li Shufu and Ford’s Executive Vice-President Lewis Booth met at Volvo’s headquarters in Gothenburg, Sweden over the weekend to sign the deal and clear up any loose ends. Volvo will continue to be based in Sweden.
“Today represents a milestone for Geely,” Li Shufu said in a statement. “China, the largest car market in the world, will become Volvo’s second home market. Volvo will be uniquely positioned as a world leading premium brand, tapping into the opportunities in the fast-growing China market.”