Jul. 29 – Government authorities in Beijing have ordered public places – such as restaurants, bars, hotels and book stores – offering free Wi-Fi access to install expensive monitoring software, state media has said.
“Public places with wireless internet access shall implement security protection measures in accordance with Laws,” the Beijing Security Bureau in Dongcheng District said in an announcement in June. Continue reading
By Vivian Ni
Jul. 28 – The boom in India’s electronic commerce market, together with the recent relaxation in investment regulations for foreign retailers, has tempted the world’s largest retailer Amazon to enter the populous market. Currently in the process of staff recruitment and partnership negotiations, the Seattle-based company may start operations in India as early as the first quarter of next year, says a report by the Times of India (ToI).
It is reported that Amazon has already hired several key figures for its Indian team and its human resource representative also posted recruitment advertisements on Twitter last month. It may be looking to build a team of over 200 people, and the hiring will be conducted mainly in the southern Indian cities of Chennai, Bangalore and Hyderabad. Continue reading
By Julia Gu
Jul. 28 – The remodeling of a former Soviet aircraft carrier is nearing completion in the northeastern Chinese city of Dalian, where it will soon depart on its first “experimental voyage.” The massive navy vessel will be used for scientific research and training, the spokesman for China’s Defense Ministry, Senior Colonel Geng Yansheng, told reporters on Wednesday at a press conference.
“At the moment, China is engaged in remaking the platform of the old aircraft carrier,” Geng stated. “The warship is still seaworthy, as it has been docked at sea for some time. The time for its first sea trial will depend on the refitting schedule. It has nothing to do with the situation in the disputed regions of South China Sea.” Continue reading
Jul. 27 – An agreement for peaceful cooperation in the use of nuclear energy was signed between India and South Korea in the latter’s capital city of Seoul on Monday, laying the legal foundation for South Korea to enter the Indian energy market, South Korean officials have said.
Secretary of India’s Department of Atomic Energy Srikumar Banerjee and the South Korean Minister for Foreign Affairs and Trade Kim Sung-Hwan signed the agreement after a meeting at the office of the South Korean President Lee Myung in Cheong Wa Dae. On July 24, Indian President Pratibha Patil arrived in Seoul to meet with President Lee to discuss the agreement. Continue reading
By Vivian Ni
Jul. 27 – The fatal train collision on July 23, which so far has killed at least 39 people, may also hurt China’s rail suppliers, who have helped build the country’s massive bullet train network and aspire to sell more rail equipment overseas, according to a Bloomberg report.
While China’s train makers have already established a presence in the African market and are making attempts to sell trains to other parts of the world, the recent crash may weaken their export push and lower their sales pitches. Edwin Merner, president of Atlantis Investment Research Corp. in Tokyo, made the bold prediction that China’s chances of selling high-speed trains are now “zero,” saying “I don’t think they can ever get confidence back.” Continue reading
Jul. 26 – India’s central bank, the Reserve Bank of India (RBI), surprised investors earlier today with an interest rate increase of 50 basis points – double most predictions of a 25 point rise – according to media reports.
Despite the fact that such an interest rate hike could cause a slide in the stock market, the RBI made the decision in order to fight against the high inflation that has been plaguing India’s economy. It was the 11th increase since March 2010. The RBI raised its pro rate from 7.5 percent to 8 percent. Continue reading
Jul. 25 – The China Banking Regulatory Commission (CBRC), the country’s top banking regulator, announced yesterday that it has approved the establishment of the first regional bank in the western China’s Tibet Autonomous Region.
With an initial upfront capital of RMB1.5 billion, the Lhasa-based bank will be funded by 15 institutions including the regional government, domestic banking institutions, and several leading enterprises, the CBRC said in a statement on its web site. It will be the first joint-stock commercial bank and the first corporate lender in the region. Continue reading