According to Huffington Post’s Chris Brummitt, Jakarta, Indonesia — Months behind schedule, the construction crew racing to finish a highway encircling Indonesia‘s traffic-choked capital is being blocked by a determined group of locals and the ramshackle cemetery that is home to their ancestors.
Talks on a new location have yet to reach an agreement accepted by all the relatives of the some 500 people buried there. That has not stopped authorities digging a new cemetery a short distance from the old one – pointlessly according to Yaman, the neighborhood chief.
“There is no way we can agree to that,” said Yaman, pointing to workers hacking through the thick red earth during a midafternoon rain shower. “It will be too noisy. How are we supposed to pray for our ancestors there?”
Indonesia‘s economy is booming. But to sustain and deepen its growth, it badly needs new roads, bridges, power stations and ports. Land disputes such as this one in west Jakarta, and a host of other difficulties from corruption to budget-draining populism, make building such infrastructure a long and costly process. That is preventing the country from attaining the kind of transformational development experienced in a generation by countries such as South Korea and more recently China.
Last week, floods engulfed around 30 percent of Jakarta, including its central business district, dramatically exposing decades of underinvestment in the drainage and flood defenses of the city of 14 million people.
To be sure, beleaguered economies in the West would envy Indonesia‘s current growth rate of more than 6 percent. Coupled with political and social stability, it represents a dramatic change from the Indonesia of 12 years ago, when political crisis, separatist violence and economic meltdown led to fears the massive island nation could break apart.
Posted by cbasdeo09 on January 23, 2013
According to Bloomberg’s News Anuchit Nguyen and Victoria Stilwell, Emerging-market stocks dropped, led by industrial companies, as the International Monetary Fund cut its global growth forecasts and a leading index for China’s economy rose at a slower pace in December.
LG Household & Health Care Ltd. (051900), a South Korean maker of cleaning and personal care products, tumbled the most since 2008 after its profit forecast missed estimates. Hindustan Unilever Ltd. (HUVR) plunged in Mumbai after Credit Suisse Group AG, CLSA Asia- Pacific Markets and Nomura Holdings Inc. cut their recommendations. China Merchants Holdings International Co. (144) sank the most in 11 weeks in Hong Kong. Brazilian paper maker Klabin SA (KLBN4) surged toward a record high.
The MSCI Emerging Markets Index of developing-nation stocks retreated 0.2 percent to 1,076.51 by 1:08 p.m. in New York, while its 100-day volatility dropped to the lowest level since October 2005. The world’s economy will expand 3.5 percent this year, less than the 3.6 percent forecast in October, the IMF said today as it also reduced outlooks for Brazil and India. A gauge for China’s economy gained 0.4 percent in December, compared with a 1.1 percent increase in the previous month.
Posted by cbasdeo09 on January 23, 2013
North Korean leader Kim Jong Un
(Reuters) – North Korea needs to make it far easier to invest in its destitute economy if it is to have much hope of tempting in Chinese money, South Korea’s central bank said on Thursday.
The isolated North’s new leadership has been signaling in recent weeks plans to repair an economy brought to its knees by decades of mismanagement and international sanctions, but will rely heavily on neighboring ally China to do so.
A study released by the Bank of Korea, one of the few sources of information on the North’s economy, said that if successful, manufacturing investment from China could help transform a country whose national output in real terms is estimated by the United Nations to be smaller than it was some 20 years ago.
But the report warned that the North still had a long way to go to emulate the legal reforms undertaken by China in modernizing its centrally planned economy, something that Chinese premier Wen Jiabao raised with the North’s effective second-in-command on a recent visit to Beijing.
Posted by byu2012 on August 30, 2012
Apple and Samsung both face sales bans in South Korea following a ruling from a panel of judges in Seoul that the electronics companies have infringed on each other’s patents.
The ruling, according to the Associated Press, doesn’t affect the latest smartphone from either company introduced after the case was filed — the iPhone 4S and Galaxy S III, respectively — but does require that older phones and tablets be pulled from shelves in South Korea. According to PCWorld, the iPhone 3GS, iPhone 4 and the first and second generations of iPad tablets can no longer be sold, along with the Samsung Galaxy S, SII, Galaxy Tab or Galaxy Tab 10.1.
The decision comes as both companies await a ruling in their U.S. patent dispute, now in the hands of a jury in San Jose, Calif. Apple and Samsung have also sued each other in European courts and in Australia in a worldwide battle over patent infringement.
The judges found that Samsung had infringed on an Apple patent that covers how the touchscreen behaves while scrolling, but also that Apple had infringed on Samsung wireless technology patents, the report said. The decision only affects South Korea but is notable because it affirmed Samsung’s claims regarding its mobile technology patents — in other courts, judges had found the patents were for industry-standard technology that had to be licensed to competitors.
Posted by gngn0 on August 27, 2012
SEOUL, Aug. 17 (Yonhap) — A series of diplomatic flare-ups between South Korea and China and Japan could deal a setback to the country’s economy that is heavily dependent on trade with its two neighbors, analysts said Friday.
South Korea’s relations with Beijing and Tokyo have boomed in recent years, but they have often been strained by historical and territorial disputes in the region.
The latest diplomatic feud with Japan came after President Lee Myung-bak paid an unprecedented trip to South Korea’s easternmost islets of Dokdo last week.
Japan, which has repeatedly claimed its sovereignty to the resource-rich rocky outcroppings, has recalled its ambassador to South Korea and informed Seoul that it will take the matter to the International Court of Justice.
Posted by byu2012 on August 19, 2012
WSJ-DANIEL INMAN Reported that: Asian markets fell Wednesday on concerns over Europe’s debt crisis and as disappointing Apple AAPL +1.71% earnings in the U.S. pushed down technology manufacturers in Asia.
Sentiment was damaged by news of uninspiring corporate earnings in the U.S. overnight. At the forefront was Apple, which delivered disappointing numbers after the session in New York finished.
Below-expectation earnings from one of the world’s most famous consumer-electronics companies had knock-on effects on electronics companies in Asia, which was felt hardest in technology-heavy markets such as South Korea and Japan.
The Nikkei ended the day 1.4% down at 8365.90, putting the market back into negative territory for the year, as Japan was hindered by a stronger currency and a broad selloff in technology companies following the Apple results. The Japanese benchmark sank to a seven-week low, with bellwether electronics companies Sony SNE +4.24% andPanasonic 6752.TO +5.66% slumping 5.2% and 5.5% respectively.
Posted by Admin on July 27, 2012