Dec. 29 – 54 officials, including the former railway minister Liu Zhijun and the ministry’s deputy chief engineer Zhang Shuguang, will be punished for the deadly train crash in July, according to the report released by the State Council Wednesday.
“Serious design flaws” and bad management caused the tragedy, which led to public rage against the authorities, the long-awaited report stated. After the accident Chinese citizens accused the government of putting development and profit ahead of its people’s lives. Continue reading
By Julia Gu
Dec. 28 – India’s central government issued a notification on December 26, stating that it has extended its prohibition on the import of milk and milk products from China until June 24, 2012.
According to the notification by India’s Directorate General of Foreign Trade (DGFT), the prohibited milk products from China include chocolates and chocolate products, candies, confectionary, any other kind of food that contains milk or milk solids. Continue reading
By Julia Gu
Dec. 27 – Following identical moves adopted by other major cities including Beijing, Guangzhou, Tianjin and Shenzhen, Shanghai is going to require users of Weibo, a twitter-like microblogging service, to register under their real names starting Monday, state media reported.
Authorities explained that the new rules aim to protect web users’ interests and improve credibility of the websites as well as to “foster a healthy Internet culture.” According to the report, netizens may use their screen names for tweeting, but for registration real names would be required. The guidelines will include both private and corporate users. Continue reading
Dec. 26 – Iron ore exports from India to China are declining sharply, according to statistics by the Indian Ports Association. In an attempt to supply the domestic market, China is likely to search for new sources, Indian media reported.
In November, India’s major state-owned ports exported 480 million tons of iron ore, falling 35.4 percent year-on-year. Iron ore shipments through Paradip, one of the largest ports on India’s east coast in Orissa, dropped to 148.6 million tons, down 88.4 percent. Visakhapatnam port’s iron ore exports plunged to 93.3 million tons with a decrease of 35.7 percent. Iron ore exports account for 80-90 percent of India’s export capacity, of which about 70 percent is reportedly exported to China. Continue reading
Dec. 23 – Global diamond market, driven by China and India, will grow more than 6 per cent per year through 2020, more than doubling the expected 2.8 percent annual supply growth, Bain & Company, a management consultancy headquartered in Boston, Massachusetts of the United States, forecasted in its new report released earlier this month. In addition, the firm predicted that by the end of the decade annual production of diamond will hit 175 million carats, surpassing the peak 2007 pre-crisis production levels.
“A doubling in the ranks of the Chinese and Indian middle classes by 2020 will drive much of the demand surge, with their combined market share projected to reach 30 per cent by the end of the decade, up nearly half from its current levels and nearly equal to the share of the US,” read the 2011 Global Diamond Industry Report, which was prepared by Bain and commissioned by the Antwerp World Diamond Centre (AWDC), a Belgium-based bank that specializes exclusively in diamond sector. Continue reading
Dec. 22 – The global credit rating agency Moody’s upgraded India’s government bonds from speculative to investment grade on Wednesday, a move that may attract foreign institutional investors (FIIs) to consider investment into the Indian bond market.
Moody’s upgraded the rating of local currency-denominated long-term government bonds from Ba1 to Baa3, and the rating of short-term bonds from NP to P-3. The move takes classes of both bonds from speculative to investment grade. The upgrade – which marked the first time Moody’s raised the credit rating of long-term Indian sovereign debts since 2004 – came shortly after a meeting between Moody’s representatives and India’s Ministry of Finance (MoF) officials last month. Continue reading