Arable land (%)
China
15
India
49
The Credit Crisis spills over to Asia
October 9th, 2008 - by Nazia Vasi
Emerging Asia faces weaker economic growth prospects in the coming year amid slowing demand and financial turmoil in Western economies, the International Monetary Fund said on Wednesday.
‘More weakness is expected ahead in response to slowing demand from advanced economies and growing strains in regional financial markets,’ the IMF said in its twice-yearly World Economic Outlook report.
‘The main concern is that a buildup of stress in the global financial system and a sharper-than-anticipated global slowdown could further weigh on activity,’ it said.
Regional locomotives China and India will also experience slower growth on weaker exports, but should continue to be supported by solid private consumption, it said.
Growth in China is likely to come in at 9.7 percent this year, and 9.3 percent in 2009 — compared to 11.9 percent in 2007, the IMF said. India will grow 7.9 percent this year and 6.9 percent in 2009, off from 9.3 percent in 2007, Forbes said.
China-Pakistan relations are all weather
October 8th, 2008 - by Nazia Vasi
Mr. Mahmood Akhtar Mahmood, Vice Consul at the Consulate General of Pakistan Shanghai, sat down with 2point6billion.com, to discuss China-Pakistan relations - their impact on the rest of Asia and in a changing socio-political environment the road ahead. Mr Mahmood a student of ACCA, also holds two masters degrees in History and Economics. He studied Mandarin in Beijing since the past two years and has written several research papers some of which cover the historical understandings of Mahayana Buddhism, Evolutionary Changes in Chinese Society, the Secrets of Prophet hood etc.
2point6billion.com: How are the improved relations between Pakistan and China changing / impacting the Asian region?
Mahmood: Pakistan and China relations are all weather and this relation is based upon norms of international law and respect for sovereignty of the states. Pakistan is going to be the corridor of trade and energy from China to Central Asia. In the future the geo-strategic position of Pakistan will play a pivotal role in increased linkages and trade between different regions of Asia.
Emerging Asia’s current account surpluses rise, as Europe’s falls
October 7th, 2008 - by Nazia Vasi
A recent International Monetary Fund report revels that in emerging Asia, current accounts—the most important part of which is balance of trade—averaged a surplus of about 5 percent of GDP in 2007, while in emerging Europe current accounts reached on average a deficit of 10 percent of GDP in 2007.
The IMF attributes the divergent current account patterns to the connection between economic development and capital flows. Virtually all the emerging economies have achieved high growth during the past decade, with very different current account positions.
The fund explains that although different Asian economies added varied amounts to their current accounts at different times, under different circumstances in general, the region has seen their current account kitty bulging due to two main reasons.
First, high growth and the resulting profitable investment opportunities should make the country attractive to foreign capital. Second, if individuals want to smooth their consumption over time, prospects of continued high growth should lead to higher consumption today because income and consumption can be expected to rise further in the future, the IMF reported.
Asian films nominated to the Oscars
October 6th, 2008 - by Nazia Vasi
Every year since the award was created in 1956, The Academy of Motion Picture Arts and Sciences has invited the film industries of various countries to submit their best film for the Academy Award for Best Foreign Language Film. The award is handed out annually by the Academy to a feature-length motion picture produced outside the United States that contains primarily non-English dialogue.
The 81st Academy Awards, have invited 96 countries to submit films for the Academy Award for Best Foreign Language Film. Only one film is accepted from each country, and the deadline by which copies of all submitted films must be sent to the Academy has been set to 1 October 2008. Nominations will be announced on 22 January 2009, and the winner will be revealed during the awards ceremony that will be held on 22 February 2009.
Films submitted from Asia include:
Art speculators abstain from buying as markets remain low
October 3rd, 2008 - by Nazia Vasi
When a financial crisis hits, its the peripherals that go first - advertising, additional human capital, fringe benefits and speculative investments. American’s witnessed this first hand during the last few weeks as markets plunged and art speculators shied away from Asian art auctions.
When Asian auctions opened the week beginning September 15 in New York, around the same time as Wall Street crashed, art connoisseurs picked up well researched collectors pieces from India, China, Japan, Korea and Taiwan. Those who didn’t know their art and would have otherwise picked up paintings and sculptures purely for their decorative value, preferred to abstain from making high value payments, as a result, many collectibles were auctioned off well below their estimated price
The only difference with the summer auctions, the international herald tribune said was that silly showoff buying has stopped. The uninformed newcomers of yore unconcerned with art and on the lookout for expensive fun are gone. This was made crystal clear at Christie’s and Sotheby’s Chinese sales of Sept. 16 and 17, and was further borne out in the auction of Japanese and Korean art held at Christie’s on Sept. 18, just as the financial crisis was reaching an apex.
Made in Asia
October 2nd, 2008 - by Nazia Vasi
Asia has always been the birthplace of thought and innovation, the cradle of knowledge and invention. Some of the most basic inventions created in Asia such as the modern number system, silk, toothbrushes and gunpowder are still very much in use today.
Lets take a look down memory lane to see the inventions that originated from various Asian nations.
Silk, gunpowder, ink, the toothbrush, the kite, abacus, toilet paper, porcelain, the magnetic compass and the circulation of paper currency all came from China. While enough has been chronicled about China’s silk, gunpowder, abacus and porcelain, lets take a look at some of its more unconventional inventions. Toothbrushes initially made from bamboo and pig bristles placed at right angles were invented in the middle kingdom in 1498, they came to Europe only only 150-200 years later. The Chinese also claim they invented toilet paper way back in 589 A.D., atleast the first reference to the practice comes from Chinese court official Yan Zhitui in 589 A.D..
The importance of the Shanghai Cooperation Organisation
October 1st, 2008 - by Nazia Vasi
With the rise of Asia and the emergence of Central Asia in global economics and politics the role of the Shanghai Cooperation Organisation is growing in importance. Founded in 2001 in Shanghai, by the leaders of China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan, the SCO was originally formed due to growing security concerns in the region, but its role has been extended to encompass economic benefits to member countries as well. India, Iran, Mongolia and Pakistan remain observers to the SCO. The United States applied for observer status but was denied in 2005.
SCO countries (full members and observers) comprise a hefty 25 percent of Earth’s land area. Although the declaration on the establishment of the Shanghai Cooperation Organisation contained a statement that it “is not an alliance directed against other states and regions and it adheres to the principle of openness”, many observers believe that one of the original purposes of the SCO was to serve as a counterbalance to NATO and the United States and in particular to avoid conflicts that would allow the United States to intervene in areas near both Russia and China
Is it just milk powder or is all our food contaminated?
September 30th, 2008 - by Nazia Vasi
If you think China’s powder milk scandal is the only food poisoning us, think again. Almost all food that mankind consumes today has some degree of chemical. Depending on where your food comes from, it could have varying levels and different kinds of chemicals. Both harmful and harmless chemicals creep into foods in a multitude of ways, while some are sprayed on food to keep insects and pests away, others seep in through the soil, yet others are pumped into fruits and vegetables making carrots oranger, apples rounder and redder and peaches bigger.
Modern science luckily, has allowed us to calculate and determine for ourselves the right amount of chemicals we can ingest before its fatal, the publicity of which gives rise to going back to the basics or a more marketable term - Organic foods.
Various governments around the world have identified several chemicals which when they reside in your body for long periods of time can create defects, abnormalities and/or death. The following are a list of chemicals found in our everyday foods, and the effects they have on humans.
What are the prime suspects?
South Korea woos Russia for Oil
September 29th, 2008 - by Nazia Vasi
South Korea’s growing economy is hungry for oil and is actively competing with China for oil and natural gas from Russia, its closest oil rich nation. South Korea is interested in getting a spur of the Asian pipeline being built by Russian pipeline monopoly Transneft, the company’s vice president, Mikhail Barkov, told Reuters.
A source close to the South Korean embassy in Moscow confirmed to Reuters on Wednesday that South Korea is interested in the pipeline project and in importing Russian oil, which would allow the country to diversify imports away from the Middle East.
In the past South Korea has evinced interest in importing oil through the Eastern Siberia-Pacific Ocean oil pipeline (ESPO). Korean National Oil Company (KNOC) representatives are also believed to be in talks with the Russian oil company Transneft over the construction of a branch of the ESPO pipeline that would stretch through North Korea to South Korea. The oil pipeline is projected to run alongside a gas pipeline.
Raise your jugs to Asian brew!
September 26th, 2008 - by Nazia Vasi
Its a Friday and we’ve read weeks of depressing Asian news - the food crisis isn’t over yet, the monsoon has left death and destruction in its path, inflation has hit a 2-3 year high and now to top it all, Asia seems to be buckling under the Wall Street crash. At a time when nothing seems to going right in the world, we turn to alcohol, more refreshingly Beer.
Beer is not just a thirst quencher in Asia, its not just guzzled after work in dark bars by brawny men, instead its a fine accompaniment to Asian cuisine, its a flavorful drink to sip while rafting down the Mekong, listening to monks drone their scriptures.
Most Asian countries have their indigenous beers. Voted as Time magazine’s best Asian beer in 2004, BeerLao, with it’s an arrestingly crisp brew, tops the list for many Asian beer connoisseurs. However, Singha from Thailand, Kingfisher from India, Tsingtao from China, Kirin and Sapporo from Japan, Taiwan beer from Taiwan, 333 and Bia Saigon from Cambodia, Angkor from Laos, San Miguel from the Philippines and Tiger from Singapore too have a large patronage. Read the rest of this entry »
