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Mar. 12 – While 2009 may have been a tough year for the average citizen of the world, it was undeniably an amazing year for Asia’s billionaires who, according to the latest Forbes rich list, more than doubled their net worth.
The continent’s billionaires boasted a combined wealth of US$729 billion last year, up from 2008’s US$357, as they welcomed 104 new members into their ranks – now numbering 234.
China and India, in particular, lead the trend, with China now claiming the second most billionaires in the world after the United States. Chinese billionaires went from 28 in 2008 to 64 last year, while India’s numbers increased from 24 to 49, according to the annual report by Forbes. » Read rest of the article
 Mar. 12 – The governments of India and China plan to loan more than US$400 million to develop infrastructure on the South Asian island of Sri Lanka in separate deals inked over the past week.
Sri Lanka’s government signed a US$290 million deal with China to construct the Mattala Airport and upgrade the Sri Lankan Railway in the country’s Southern Province. Upon completion, the airport will become one of only two operational international airports in the country. The Chinese lending arm, Export-Import Bank, is also helping to construct a modern sea port in Hambantota. » Read rest of the article
Mar. 12 – India’s industrial production grew by a robust 16.7 percent in January compared to just one percent in the same month a year ago, led by strong performance from the manufacturing sector.
That sector, which has around 80 percent weight in the Index of Industrial Production –a measure of factory output in the country — rose by 17.9 percent during the month against one percent a year ago. » Read rest of the article
 Mar. 11 – The China-ASEAN Free Trade Area officially went into effect January 1st this year and has been heralded in China as a “great opportunity” and a “win-win regional co-op,” but a few experiences since the accord’s original signing in 2002 have left Southeast Asian countries a bit skeptical.
The agreement links up 7,000 duty-free goods between China and ASEAN members Brunei, Indonesia, Malaysia, the Philippines, Thailand, and Singapore, with the other group members – Vietnam, Cambodia, Laos, and Myanmar – planning to be included in the deal by 2015. » Read rest of the article
 Mar. 11 – Russian Prime Minister Vladimir Putin arrives in New Delhi today with an ambitious agenda scheduled for his two-day trip – expecting to authorize as many as 14 agreements worth more than US$10 billion.
The agreements will largely focus on defensive deals, including the completion of the Russian-made aircraft carrier Admiral Gorshkov and 29 MiG-29 fighter jets. Russia and India have enjoyed a longstanding partnership as they rank among the world’s largest arms exporters and importers, respectively. » Read rest of the article
 Mar. 10 – Ford India officially launched its first made-for-India model in New Delhi yesterday, hoping to target the small car market which accounts for 70 percent of the country’s automobile sales.
The Figo, priced aggressively at US$7690, is set to compete against already established models like Hyundai’s i10, General Motor’s Beat, Chevrolet’s Spark, Volkswagen AG’s Polo, and Maruti Suzuki’s Ritz and Swift. Renault, Nissan, Toyota, and Honda also have plans to introduce models into the market within the next few years. » Read rest of the article
 By Christian Fleming
Mar. 10 – Top environmental and climate negotiators for China and India instructed the United Nations Framework Convention on Climate Change (UNFCCC) on Tuesday to include them amongst the nearly 200 countries listed at the top of the Copenhagen Accord.
The accord, a three-page nonbinding statement, was the only thing to come out of the failed attempt at world government that was the Copenhagen Summit this past December.
The deal underlines climate change as one of the great challenges of our time and calls for limiting the rise in global temperature to below two degrees Celsius. It also asks developed countries to raise funds of US$30 billion for new and additional resources by 2012 and for the world to raise US$100 billion a year by 2020 to help developing countries mitigate carbon emissions. » Read rest of the article
 Mar. 9 – The value of trading on stock exchanges in Asia has overtaken that of Europe for the first time, according to recent data released for 2009.
According to the World Federation of Exchanges, about US$18.6 trillion was traded on the 16 Asian bourses that are members of the WFE, while Europe’s 26 members achieved US$13 trillion. The European figures also include exchanges in the Middle East and Africa. The WFE has said that this trend has continued during 2010. IPO finance raised by China and Hong Kong last year was also double that of the United States. » Read rest of the article
 Mar. 9 – China has gained a directly controlled foothold in the Sea of Japan for the first time in over a century as North Korea has agreed to lease its Rajin Port for the next ten years.
The port, which is on North Korea’s east coast next to the city of Rason, gives China easier access to South Korean and Japanese markets, and opens up Jilin Province to easier Northeast Asian exports.
North Korea gave Rason free trade zone status two years ago, and it was the first city to host an economic zone – Rajin-Sonbong. Since then, China has been exporting coal through the port. The new lease agreement, though, means China can choose what facilities it wishes to utilize and where to build them as it sees fit. The port may also be used for tourism, with Chinese tourists holding special visas being permitted to land and board onward cruises to Russia, Japan and South Korea. » Read rest of the article
Mar. 9 – China and India are ranked among the top three investment destinations for private equity (PE) firms in the world, according to a report by consulting firm Bain & Company.
The United States topped the list despite being among the worst hit by the Global Financial Crisis. In contrast, China and India recovered sharply ahead of most other economies from the slowdown that hit markets in 2008. The report pointed out that India is emerging as an attractive investment market for PE firms as an increasing number of family-owned businesses are turning to outside investors to raise funds. » Read rest of the article
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