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Jul. 27 – India’s Defense Research and Development Organization successfully shot down a modified Prithvi rocket with a supersonic interceptor missile 15 kilometers over the Bay of Bengal on Monday in the country’s fifth such test of the last four years.
The recent tests come as India prepares to launch the first phase of its Ballistic Missile Defense shield in 2012. The two-tier system is designed to track and destroy incoming enemy missiles both inside and outside of the earth’s atmosphere with a range of up to 5,000 kilometers. » Read rest of the article
Jul. 26 – As many as 8,000 workers, 1,200 fishing boats, 41 oil-skimming vessels, 23 tons of oil-eating bacteria and an untold number of volunteers have all helped to clear the more than 150,000 tons of crude oil that spilled into the ocean and spread over 946 square kilometers (588 square mile) after two pipeline explosions lit up Dalian’s skyline 10 days ago.
“By 6 p.m. yesterday, the oil spill has been all removed and the slick has basically been cleaned…the contamination has not spread to international waters or the Bohai Sea,” Chinese government officials said on Monday, according to the Dalian Daily. » Read rest of the article
 Jul. 26 – The leader of Myanmar’s military junta, Senior General Than Shwe, arrived at Gaya Airport in India’s eastern state of Bihar on Sunday morning to begin a controversial five-day scheduled tour of the country.
Despite Myanmar’s authoritarian government, deplorable human rights record, and refusal to adopt any kind of democratic reform, the country has won over the Chinese and Indian governments recently by using its geographic location to play one country against the other. » Read rest of the article
Jul. 23 – There has been more intra-regional investment happening in Asia due to a decline in in foreign direct investment from developed countries, says the United Nations Conference on Trade and Development (UNCTAD) during the release of its World Investment Report 2010 yesterday.
“FDI in South Asia, East Asia and Southeast Asia has already started to rebound and is likely to pick up speed as the region plays a leading role in the global economy recovery,” said the UNCTAD report. It cited that intra-regional FDI accounted for as much as half of the region’s inward FDI activity. » Read rest of the article
Jul. 22 – India has expressed an interest in purchasing BP’s energy assets in Vietnam as the country looks to satiate its growing appetite for energy resources and the British energy giant seeks to liquidate investments as it deals with the oil spill crisis in the Gulf of Mexico.
It has been reported that BP is prepared to sell all of its assets in Vietnam and Pakistan, with the exception of its lubricants business, in an attempt to raise US$10 billion for cleanup costs and compensation claims in the Gulf region. According to UBS, BP’s Vietnam assets are valued at US$966 million and its Pakistan assets at US$690 million. » Read rest of the article
Jul. 22 – Second quarter profits for China’s internet search giant Baidu more than doubled last year’s figures as the company reeled in close to US$126 million, according to a report released by Baidu on Wednesday.
Figures for the April-June quarter were strong across the board and several surpassed the expectations of leading analysts. Total revenue for the period reached US$282.3 million compared with the US$160.7 million received over the same quarter last year. The US$126 million in profits was also a huge increase over the US$56.1 earned over the same period last year. On average, leading analysts had underestimated that the internet company would pull in around US$276.6 million in quarterly revenue and roughly US$104.4 in quarterly profits. » Read rest of the article
 Jul. 21 – U.S.-based manufacturing conglomerate Honeywell has already won three contracts for Commercial Aircraft Corp. of China’s upcoming C919 civil aircraft program and hopes to win several more by the end of 2010, according to the company’s head of Europe, Middle East, and Africa.
“We have submitted proposals for several mechanical and avionic parts,” Honeywell’s EMEA Chief Paolo Carmassi said in an interview with Reuters on Monday at the Farnborough Air Show. “Final decisions should be made in the weeks to come.” » Read rest of the article
Jul. 21 – Speaking at a meeting on growth strategy with other financial policymakers on Tuesday, Cabinet Secretary K.M. Chandrasekhar said that India’s achieving double-digit economic growth is “largely contingent” on the country’s farming sector expanding by 4 percent per annum.
“The economic crisis taught us a lesson and the way ahead is through inclusive growth. We cannot afford to exclude the rural population,” Chandrasekhar said. “Ultimately it was the rural sector that helped India sustain growth through the economic meltdown.” » Read rest of the article
Jul. 20 – Exports in India increased over 30 percent year-on-year for the fifth straight month with a 30.4 percent jump to US$17.75 billion this June, Commerce Secretary Rahul Khullar said during a press conference on Monday.
Although the staggering numbers are set against a dismal base year when exports contracted 5 percent due to the economic recession, the high growth rate indicates that export levels are returning to pre-crisis levels. India’s April-June quarter saw exports rise 32.25 percent to US$50.8 billion while imports grew 24 percent to US$83 billion over the same period. » Read rest of the article
Jul. 20 – China overtook the United States last year as the world’s largest energy consuming nation, according to new data released from the International Energy Agency. China’s energy consumption was half the size of the United States just 10 years ago.
According to the IEA report, China used 2,252 million tons of oil equivalent last year – 4 percent more than the 2,170 million tons consumed by the United States. Oil equivalent is a term used by the IEA to consolidate all forms of energy under one encompassing name, including coal, crude oil, natural gas, nuclear, and renewable sources like hydro, wind and solar power. » Read rest of the article
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