Feb. 13 (Bloomberg) -- Japan’s 10-year bonds completed a weekly gain on speculation chronic deflation will encourage the Bank of Japan to keep its benchmark interest rate near zero when policy makers meet next week.
Benchmarkyields stayed near the lowest level in two weeks before a report on Feb. 15 that economists said will show prices fell at a faster pace in the final quarter of 2009 even as economic growth quickened. Bond futures dropped yesterday as stocks advanced for second day after European Union leaders pledged to help Greece tackle it swelling budget deficit.
“A quickening expansion won’t dispel strong deflationary pressure immediately,” said Takeshi Minami, chief economist at Norinchukin Research Institute Ltd. in Tokyo. “The Bank of Japan is still far away from exiting credit easing, which will continue to support the debt market.”
Ten-year yields fell 2.5 basis points this week to 1.33 percent in Tokyo at Japan Bond Trading Co., the nation’s largest interdealer debt broker. They slid to 1.325 percent on Feb. 10, the lowest level since Feb. 1.
Benchmark yields rose half a basis point yesterday and 10- year bond futures for March delivery slipped 0.06 to 139.37 at the close of the Tokyo Stock Exchange.
The gross domestic product deflator declined 2.3 percent in the fourth quarter from a year earlier, according to a Bloomberg News survey. The deflator is used to calculate real GDP, or economic growth adjusted for price changes.
The economy grew an annual 3.5 percent last quarter, after expanding 1.3 percent in prior three months, according to a separate Bloomberg survey.
‘Stave off’ Recession
“Japan may be able to stave off a double-dip recession,” said Takahide Kiuchi, chief economist at Nomura Securities Co. in Tokyo. “Still, it’s questionable whether a recovery in domestic demand without stimulus is possible. The economy is still highly dependent on overseas demand, underscoring the fragility of the recovery.”
The Bank of Japan will keep its overnight call rate at 0.1 percent throughout 2010, according to Bloomberg News survey. BOJ Governor Masaaki Shirakawa and fellow board members will start a two-day policy meeting on Feb. 17.
Central bank board members this month affirmed their forecasts for Japan’s economy to keep expanding while consumer prices will fall through the year ending March 2012, a third- year of declines.
Stocks Bounce
Bond futures snapped a four-day gain yesterday as Asian stocks extended a worldwide equity rally, limiting demand for the relative safety of government debt.
“Easing concerns over Greece support demand for riskier securities,” said Masahide Tanaka, a senior strategist in Tokyo at Mizuho Trust & Banking Co., a unit of Japan’s second-largest banking group. “The recent trend of buying flight-to-safety assets will weaken.”
The Nikkei 225 Stock Average advanced 1.3 percent yesterday. Benchmark 10-year yields had a correlation of 0.6 with the Nikkei 225 this month, according to Bloomberg data. A value of 1 would mean the two moved in lockstep.
European leaders promised “determined” action to staunch the worst crisis in the euro’s 11-year history. The agreement reached on Feb. 11 called for closer monitoring of the Greek economy and stopped short of offering concrete steps to help Greece handle a debt load exceeding annual economic output.
“It’s a political message that we wanted to send out,” European Union President Herman Van Rompuy told reporters in Brussels on Feb. 11. “The Greek government will take the responsibility for cleaning up its public finances.”
Friday, February 12, 2010
Asia Currencies Have Best Week in a Month on Growth, Greece Aid
Feb. 13 (Bloomberg) -- Asian currencies completed the best week in more than a month as a pledge by European leaders to defend Greece boosted investor confidence in emerging-market assets and data added to evidence of a regional recovery.
The Bloomberg-JPMorgan Asia Dollar Index climbed this week for the first time since the period ended Jan. 8, while the MSCI Asia-Pacific Index of shares rallied 1.5 percent. The European Union promised “determined and coordinated action” for Greece, without providing specifics before they meet again on Feb. 15. Reports showed Taiwan exports rose by the most in more than 30 years and Malaysia’s factory output posted the biggest increase in 22 months.
“On the surface, what they want to do is to calm the markets,” said Roland Avante, treasurer at Sterling Bank of Asia in Manila. “The statement should start sparing emerging markets from the effects of the sovereign crisis happening in Europe.”
South Korea’s won led gains among Asian currencies, strengthening 1.5 percent to 1,151.40 per dollar at the 3 p.m. close in Seoul, and Indonesia’s rupiah appreciated 1.1 percent to 9,340, according to data compiled by Bloomberg. Malaysia’s ringgit rose 0.8 percent to 3.4185 and Singapore’s dollar advanced 0.8 percent to S$1.4120.
The European Union pledged to defend Greece from speculative attack and was looking at establishing a lending facility for the country following a summit in Brussels on Feb. 11. Officials said they “fully” support Greece’s efforts to rein in its budget deficit, the largest in the 27-member grouping.
Euro Loss
The statements failed to convince some investors, sending the euro lower against the dollar and yen, while funds pulled money out of equity funds in developing nations.
The euro declined to $1.3632 in New York yesterday. The currency dropped to $1.3596 on Feb. 11, the lowest level since Feb. 5.
Outflows from emerging-market equity funds reached $2.9 billion in the week to Feb. 10, the highest amount since the period ended July 9, 2008, according to data from Cambridge, Massachusetts-based research firm EPFR Global.
Economic reports in the week helped bolster demand for Asian currencies ahead of Lunar New Year holidays next week.
“Export demand in Asia is holding up very well and regional currencies should continue to strengthen,” said Gan Kok Kim, head of treasury at OCBC Bank (Malaysia) Bhd. in Kuala Lumpur.
Export Data
Taiwan’s overseas sales climbed 75.8 percent in January from a year earlier, beating the median estimate in a Bloomberg News survey for a 62.9 percent increase. Shipments out of China gained 21 percent, a second monthly rise, and Philippine exports advanced 23.6 percent. Malaysia’s industrial production was up 8.9 percent in December.
India’s rupee strengthened 0.5 percent in the week to 46.5 per dollar. A government report yesterday showed output at factories, utilities and mines increased 16.8 percent in December from a year earlier, the most since at least 1994. It beat analysts’ expectations of a 12.4 percent increase.
China’s yuan completed its biggest weekly decline in more than one year on speculation importers bought dollar before the weeklong Chinese New Year holidays.
The currency depreciated 0.09 percent in the week to 6.8330 per dollar, the biggest loss since the five days ended Jan. 9, 2009, according to China Foreign Exchange Trade System.
“The wider moves are probably due to the pre-holiday demand for the dollar,” said Chen Yue, a foreign exchange trader at China Merchants Bank China Merchants Bank Co., the nation’s fifth-largest lender by market value. “It’s hard to say if flexibility will increase.”
The central bank yesterday said it will raise banks’ reserve requirement ratio by 50 basis points effective Feb. 25, according to a statement on its Web site. The markets will close next week for the holiday.
Dong Devaluation
Vietnam’s dong weakened to a record low for a second day after the central bank on Feb. 11 devalued the currency to reduce the trade deficit and the gap with black market rates.
The dong fell as much as 2 percent to 19,100 per dollar, trading at the upper limit of the 3 percent band from the daily fixing, according to data compiled by Bloomberg. It dropped 2.3 percent for the week, the biggest loss since the period ended Nov. 27, when the central bank last devalued the currency.
Vietnam, China and Taiwan are closed all next week for the New Year holidays, while markets in Singapore, Hong Kong and Malaysia are shut Feb. 15-16. South Korea closes Monday and reopens on Feb. 16.
Elsewhere in Asian trading this week, the Philippine peso appreciated 0.6 percent to 46.245 versus the greenback and Taiwan’s dollar advanced 0.3 percent to NT$32.10.
--Judy Chen, Karl Lester M. Yap. With assistance from Lilian Karunungan and David Yong in Singapore. Editor: Simon Harvey, Shanthy Nambiar
The Bloomberg-JPMorgan Asia Dollar Index climbed this week for the first time since the period ended Jan. 8, while the MSCI Asia-Pacific Index of shares rallied 1.5 percent. The European Union promised “determined and coordinated action” for Greece, without providing specifics before they meet again on Feb. 15. Reports showed Taiwan exports rose by the most in more than 30 years and Malaysia’s factory output posted the biggest increase in 22 months.
“On the surface, what they want to do is to calm the markets,” said Roland Avante, treasurer at Sterling Bank of Asia in Manila. “The statement should start sparing emerging markets from the effects of the sovereign crisis happening in Europe.”
South Korea’s won led gains among Asian currencies, strengthening 1.5 percent to 1,151.40 per dollar at the 3 p.m. close in Seoul, and Indonesia’s rupiah appreciated 1.1 percent to 9,340, according to data compiled by Bloomberg. Malaysia’s ringgit rose 0.8 percent to 3.4185 and Singapore’s dollar advanced 0.8 percent to S$1.4120.
The European Union pledged to defend Greece from speculative attack and was looking at establishing a lending facility for the country following a summit in Brussels on Feb. 11. Officials said they “fully” support Greece’s efforts to rein in its budget deficit, the largest in the 27-member grouping.
Euro Loss
The statements failed to convince some investors, sending the euro lower against the dollar and yen, while funds pulled money out of equity funds in developing nations.
The euro declined to $1.3632 in New York yesterday. The currency dropped to $1.3596 on Feb. 11, the lowest level since Feb. 5.
Outflows from emerging-market equity funds reached $2.9 billion in the week to Feb. 10, the highest amount since the period ended July 9, 2008, according to data from Cambridge, Massachusetts-based research firm EPFR Global.
Economic reports in the week helped bolster demand for Asian currencies ahead of Lunar New Year holidays next week.
“Export demand in Asia is holding up very well and regional currencies should continue to strengthen,” said Gan Kok Kim, head of treasury at OCBC Bank (Malaysia) Bhd. in Kuala Lumpur.
Export Data
Taiwan’s overseas sales climbed 75.8 percent in January from a year earlier, beating the median estimate in a Bloomberg News survey for a 62.9 percent increase. Shipments out of China gained 21 percent, a second monthly rise, and Philippine exports advanced 23.6 percent. Malaysia’s industrial production was up 8.9 percent in December.
India’s rupee strengthened 0.5 percent in the week to 46.5 per dollar. A government report yesterday showed output at factories, utilities and mines increased 16.8 percent in December from a year earlier, the most since at least 1994. It beat analysts’ expectations of a 12.4 percent increase.
China’s yuan completed its biggest weekly decline in more than one year on speculation importers bought dollar before the weeklong Chinese New Year holidays.
The currency depreciated 0.09 percent in the week to 6.8330 per dollar, the biggest loss since the five days ended Jan. 9, 2009, according to China Foreign Exchange Trade System.
“The wider moves are probably due to the pre-holiday demand for the dollar,” said Chen Yue, a foreign exchange trader at China Merchants Bank China Merchants Bank Co., the nation’s fifth-largest lender by market value. “It’s hard to say if flexibility will increase.”
The central bank yesterday said it will raise banks’ reserve requirement ratio by 50 basis points effective Feb. 25, according to a statement on its Web site. The markets will close next week for the holiday.
Dong Devaluation
Vietnam’s dong weakened to a record low for a second day after the central bank on Feb. 11 devalued the currency to reduce the trade deficit and the gap with black market rates.
The dong fell as much as 2 percent to 19,100 per dollar, trading at the upper limit of the 3 percent band from the daily fixing, according to data compiled by Bloomberg. It dropped 2.3 percent for the week, the biggest loss since the period ended Nov. 27, when the central bank last devalued the currency.
Vietnam, China and Taiwan are closed all next week for the New Year holidays, while markets in Singapore, Hong Kong and Malaysia are shut Feb. 15-16. South Korea closes Monday and reopens on Feb. 16.
Elsewhere in Asian trading this week, the Philippine peso appreciated 0.6 percent to 46.245 versus the greenback and Taiwan’s dollar advanced 0.3 percent to NT$32.10.
--Judy Chen, Karl Lester M. Yap. With assistance from Lilian Karunungan and David Yong in Singapore. Editor: Simon Harvey, Shanthy Nambiar
Thursday, February 11, 2010
Taliban strikes target police in north Pakistan
Pakistan Taliban militants on Thursday launched an audacious bomb and armed attack on two police compounds in the northern city of Bannu in North West Frontier Province, prompting fresh warnings that Islamic militants have the capability to strike at supposedly well protected targets.
A doctor at Bannu’s main hospital told Reuters new agency that 15 people had been killed and about 20 wounded people had been brought in. ”Seven police are among the dead,” said a Bannu police officer. The town’s police chief was among the wounded, police added.
EDITOR’S CHOICE
In depth: Pakistan - Nov-20
Suicide bomb attack kills 17 in Pakistan - Feb-10
Twin blasts kill at least 25 in Karachi - Feb-05
US soldiers killed in Pakistan blast - Feb-03
Pakistan confident of insurgent death - Feb-02
Interactive graphic: Taliban attacks in Pakistan - Feb-05
A senior Pakistani intelligence officer said the attack appeared to be in retaliation for last month’s reported killing of Taliban militant leader Hakimullah Mehsud. “The Taliban are determined to seek revenge from innocent people for the death of their leader,” he said.
Thursday’s attacks came just a day after a suicide car bomber attacked a group of paramilitary soldiers in the northwestern Khyber region just outside Peshawar on Wednesday, killing at least 19 people including 11 policeman.
Thursday’s attack came on the day when James Jones, US national security adviser, met President Asif Ali Zardari. Though no details of the meeting were publicly given, a senior Pakistan foreign ministry official said part of the discussion involved the matter of Pakistan’s potential support to bridge differences between Taliban militants in Afghanistan and the regime of Afghan president Hamid Karzai backed by the US and its NATO allies.
“We are obviously well placed to facilitate a dialogue which eventually helps bring an end to this conflict” he said.
However, western diplomats in Islamabad warned, the Taliban operating on Pakistani soil were likely to become increasingly ferocious in carrying out their attacks after a year of increasingly bloody confrontation with the country’s military. In recent weeks, some western officials have privately criticised Pakistan’s security forces for not taking their fighter deeper inside the tribal region beyond areas which were targeted till the end of last year.
The Pakistani Taliban, allies of the Afghan Taliban, have lost much ground in military offensives over the past year but they have responded with numerous bomb attacks, many of them aimed at the security forces.
There has been speculation over the Taliban leader’s fate since January 14 when security officials said a missile-firing US drone had targeted him. A drone was believed to have attacked him again three days later, officials said.
The government had ”credible information” that Mehsud was dead, Interior Minister Rehman Malik said on Wednesday.
A Taliban spokesman has denied that Mehsud was dead. Militants also denied for weeks the death in August of their previous leader, who was killed by a US drone.
A doctor at Bannu’s main hospital told Reuters new agency that 15 people had been killed and about 20 wounded people had been brought in. ”Seven police are among the dead,” said a Bannu police officer. The town’s police chief was among the wounded, police added.
EDITOR’S CHOICE
In depth: Pakistan - Nov-20
Suicide bomb attack kills 17 in Pakistan - Feb-10
Twin blasts kill at least 25 in Karachi - Feb-05
US soldiers killed in Pakistan blast - Feb-03
Pakistan confident of insurgent death - Feb-02
Interactive graphic: Taliban attacks in Pakistan - Feb-05
A senior Pakistani intelligence officer said the attack appeared to be in retaliation for last month’s reported killing of Taliban militant leader Hakimullah Mehsud. “The Taliban are determined to seek revenge from innocent people for the death of their leader,” he said.
Thursday’s attacks came just a day after a suicide car bomber attacked a group of paramilitary soldiers in the northwestern Khyber region just outside Peshawar on Wednesday, killing at least 19 people including 11 policeman.
Thursday’s attack came on the day when James Jones, US national security adviser, met President Asif Ali Zardari. Though no details of the meeting were publicly given, a senior Pakistan foreign ministry official said part of the discussion involved the matter of Pakistan’s potential support to bridge differences between Taliban militants in Afghanistan and the regime of Afghan president Hamid Karzai backed by the US and its NATO allies.
“We are obviously well placed to facilitate a dialogue which eventually helps bring an end to this conflict” he said.
However, western diplomats in Islamabad warned, the Taliban operating on Pakistani soil were likely to become increasingly ferocious in carrying out their attacks after a year of increasingly bloody confrontation with the country’s military. In recent weeks, some western officials have privately criticised Pakistan’s security forces for not taking their fighter deeper inside the tribal region beyond areas which were targeted till the end of last year.
The Pakistani Taliban, allies of the Afghan Taliban, have lost much ground in military offensives over the past year but they have responded with numerous bomb attacks, many of them aimed at the security forces.
There has been speculation over the Taliban leader’s fate since January 14 when security officials said a missile-firing US drone had targeted him. A drone was believed to have attacked him again three days later, officials said.
The government had ”credible information” that Mehsud was dead, Interior Minister Rehman Malik said on Wednesday.
A Taliban spokesman has denied that Mehsud was dead. Militants also denied for weeks the death in August of their previous leader, who was killed by a US drone.
India’s Visa Rules ‘Out of Line’ for Companies Seeking Expats
Feb. 12 (Bloomberg) -- T.V. Mohandas Pai says he wants to hire more expatriates for Infosys Technologies Ltd., India’s second-largest software exporter, as the global economic recovery boosts sales. Stricter visa rules prompted by unskilled Chinese workers are holding him back.
Infosys has about 20 foreign workers and needs “many more” to help it expand abroad, said Pai, who runs the Bangalore-based company’s human resources department. Companies in Asia’s third-biggest economy are using annual growth averaging 8.7 percent in fiscal years 2006-2009 to reverse a decades-long “brain drain” to the U.S. and Europe.
The government toughened regulations for foreign workers last year after discovering that about 40,000 Chinese building power plants used business visas instead of employment visas, skirting taxes and taking jobs from locals. The crackdown restricted employment visas to skilled people in senior jobs and limited foreigners to 1 percent of a project’s workforce.
“We need to get expats to help us understand the complexity of businesses,” Pai said. “But instead of helping, the government has tightened the visa rules. The problem in India is policymakers are totally out of line with reality.”
Building Power Plants
India is attracting foreign workers facing jobless rates of 9.7 percent in the U.S. and 10 percent in the 16-nation euro region. India doesn’t regularly release unemployment data.
Little attention was paid to visas in the past decade as the government sought investments from abroad. The number of registered foreign nationals more than doubled to 351,999 in 2007 from 137,474 the year before, according to the latest data from the Ministry of Home Affairs Web site.
Three power plants being built by billionaire Anil Ambani’sReliance Power Ltd. placed orders with Shanghai Electric Group Co. Lanco Infratech Ltd. awarded a contract for its 1,015- megawatt plant to Deyang, China-based Dongfang Electric Corp.
“It has come to the notice of the government that a large number of foreign nationals, including Chinese, were coming for execution of projects/contracts in India on Business Visas instead of the Employment Visas,” Harish Rawat, junior minister for labor, said Dec. 16 in a written response to lawmakers.
Foreign workers without employment visas aren’t paying taxes, said Amitabh Singh, a partner at Ernst & Young Pvt. in New Delhi.
7.2 Percent Growth
The government forecasts economic growth will reach 7.2 percent in the year ending March. India recorded the highest average pay increase in the Asia-Pacific region in 2009 at 6.3 percent, Lincolnshire, Illinois-based Hewitt Associates Inc. said in October.
“It has become a hot destination,” said Jeffrey Joerres, chief executive officer of staffing company Manpower Inc. “India and China are on the front end of the recovery.”
Infosys is benefiting from a strong rebound in the financial services industry, Chief Executive Officer S. Gopalakrishnan said Jan. 28. The company on Jan. 12 reported profit that beat analysts’ estimates and raised its annual revenue forecast.
Sales may rise as much as 2 percent to $4.76 billion in the year ending March 31, compared with an earlier prediction of a 1.3 percent drop.
‘Hard Work, Sacrifice’
Matthew Barney, 40, left Wisconsin a year ago and moved his family near Bangalore to become head of leadership development for Infosys.
“Indian culture today is similar to the original cultural values that drove the U.S.,” said Barney, whose wife is Indian. “Both value hard work and sacrifice today for the next generation to have a better standard of living.”
India’s travel and tourism economy is expected to grow 7.7 percent a year in real terms from 2010 to 2019, according to a 2009 report by the World Travel & Tourism Council. Gurgaon-based Air Works India Engineering Pvt. hired American Todd Hattaway as president of airline maintenance last year.
“Aviation is developing so fast and to be a major part of that will definitely enhance my career,” Hattaway said.
Deepak Gupta, country head and managing director of executive-search firm Korn/Ferry International, said the new rules may dim India’s attractiveness to foreign workers.
“The visa system has to be made more friendly,” Gupta said. “It’s not going to help make India a global employment destination.”
Favoring Indians
The government said Nov. 25 that employment visas would only be granted to professionals including technical experts, senior executives and managers. The visas “will not be granted for jobs for which a large number of qualified Indians are available,” M. Ramachandran, a Home Affairs junior minister, said in a written statement to parliament.
The Ministry of Labour and Employment said foreign nationals cannot total more than 1 percent of a workforce, with between five and 20 allowed on a project.
The Chinese government received numerous complaints from companies and said, “We hope India will be considerate of the circumstances of Chinese firms there,” state-run China Daily reported Nov. 3.
In December, India amended the rules to allow up to 40 foreigners on power and steel projects through June. Companies seeking more overseas workers need labor ministry approval.
Pai said limiting foreigners will do more harm than good.
“We need substantial relaxation in work permit policies,” he said. “India needs to get many, many more expats.”
Infosys has about 20 foreign workers and needs “many more” to help it expand abroad, said Pai, who runs the Bangalore-based company’s human resources department. Companies in Asia’s third-biggest economy are using annual growth averaging 8.7 percent in fiscal years 2006-2009 to reverse a decades-long “brain drain” to the U.S. and Europe.
The government toughened regulations for foreign workers last year after discovering that about 40,000 Chinese building power plants used business visas instead of employment visas, skirting taxes and taking jobs from locals. The crackdown restricted employment visas to skilled people in senior jobs and limited foreigners to 1 percent of a project’s workforce.
“We need to get expats to help us understand the complexity of businesses,” Pai said. “But instead of helping, the government has tightened the visa rules. The problem in India is policymakers are totally out of line with reality.”
Building Power Plants
India is attracting foreign workers facing jobless rates of 9.7 percent in the U.S. and 10 percent in the 16-nation euro region. India doesn’t regularly release unemployment data.
Little attention was paid to visas in the past decade as the government sought investments from abroad. The number of registered foreign nationals more than doubled to 351,999 in 2007 from 137,474 the year before, according to the latest data from the Ministry of Home Affairs Web site.
Three power plants being built by billionaire Anil Ambani’sReliance Power Ltd. placed orders with Shanghai Electric Group Co. Lanco Infratech Ltd. awarded a contract for its 1,015- megawatt plant to Deyang, China-based Dongfang Electric Corp.
“It has come to the notice of the government that a large number of foreign nationals, including Chinese, were coming for execution of projects/contracts in India on Business Visas instead of the Employment Visas,” Harish Rawat, junior minister for labor, said Dec. 16 in a written response to lawmakers.
Foreign workers without employment visas aren’t paying taxes, said Amitabh Singh, a partner at Ernst & Young Pvt. in New Delhi.
7.2 Percent Growth
The government forecasts economic growth will reach 7.2 percent in the year ending March. India recorded the highest average pay increase in the Asia-Pacific region in 2009 at 6.3 percent, Lincolnshire, Illinois-based Hewitt Associates Inc. said in October.
“It has become a hot destination,” said Jeffrey Joerres, chief executive officer of staffing company Manpower Inc. “India and China are on the front end of the recovery.”
Infosys is benefiting from a strong rebound in the financial services industry, Chief Executive Officer S. Gopalakrishnan said Jan. 28. The company on Jan. 12 reported profit that beat analysts’ estimates and raised its annual revenue forecast.
Sales may rise as much as 2 percent to $4.76 billion in the year ending March 31, compared with an earlier prediction of a 1.3 percent drop.
‘Hard Work, Sacrifice’
Matthew Barney, 40, left Wisconsin a year ago and moved his family near Bangalore to become head of leadership development for Infosys.
“Indian culture today is similar to the original cultural values that drove the U.S.,” said Barney, whose wife is Indian. “Both value hard work and sacrifice today for the next generation to have a better standard of living.”
India’s travel and tourism economy is expected to grow 7.7 percent a year in real terms from 2010 to 2019, according to a 2009 report by the World Travel & Tourism Council. Gurgaon-based Air Works India Engineering Pvt. hired American Todd Hattaway as president of airline maintenance last year.
“Aviation is developing so fast and to be a major part of that will definitely enhance my career,” Hattaway said.
Deepak Gupta, country head and managing director of executive-search firm Korn/Ferry International, said the new rules may dim India’s attractiveness to foreign workers.
“The visa system has to be made more friendly,” Gupta said. “It’s not going to help make India a global employment destination.”
Favoring Indians
The government said Nov. 25 that employment visas would only be granted to professionals including technical experts, senior executives and managers. The visas “will not be granted for jobs for which a large number of qualified Indians are available,” M. Ramachandran, a Home Affairs junior minister, said in a written statement to parliament.
The Ministry of Labour and Employment said foreign nationals cannot total more than 1 percent of a workforce, with between five and 20 allowed on a project.
The Chinese government received numerous complaints from companies and said, “We hope India will be considerate of the circumstances of Chinese firms there,” state-run China Daily reported Nov. 3.
In December, India amended the rules to allow up to 40 foreigners on power and steel projects through June. Companies seeking more overseas workers need labor ministry approval.
Pai said limiting foreigners will do more harm than good.
“We need substantial relaxation in work permit policies,” he said. “India needs to get many, many more expats.”
Poll Finds Edge for Obama Over G.O.P. Among the Public
WASHINGTON — At a time of deepening political disaffection and intensified distress about the economy, President Obama enjoys an edge over Republicans in the battle for public support, according to the latest New York Times/CBS News poll.
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While the president is showing signs of vulnerability on his handling of the economy — a majority of respondents say he has yet to offer a clear plan for creating jobs — Americans blame former President George W. Bush, Wall Street and Congress much more than they do Mr. Obama for the nation’s economic problems and the budget deficit, the poll found.
They credit Mr. Obama more than Republicans with making an effort at bipartisanship, and they back the White House’s policies on a variety of disputed issues, including allowing gay men and lesbians to serve openly in the military and repealing the Bush tax cuts for the wealthy.
The poll suggests that both parties face a toxic environment as they prepare for the elections in November. Public disapproval of Congress is at a historic high, and huge numbers of Americans think Congress is beholden to special interests. Fewer than 1 in 10 Americans say members of Congress deserve re-election.
As the party in power, Democrats face a particular risk from any wave of voter discontent; unfavorable views of the Democratic Party are as high as they have been since the Republican takeover of Congress in 1994, though Republicans continue to register an even worse showing. The percentage of Americans who approve of Mr. Obama’s job performance, 46 percent, is as low as it has been since he took office.
Still, the poll suggests that Mr. Obama and his party have an opportunity to deflect the anger and anxiety if they can frame the election not as a referendum on the president and his party, but as a choice between them and a Republican approach that yielded results under Mr. Bush that much of the nation still blames for the country’s woes. That is what the White House has been trying to do since the beginning of the year.
For all the erosion in support for Mr. Obama, Americans say he better understands their needs and problems and has made more of an effort to be bipartisan than Congressional Republicans, the poll found.
“It feels like an attempt to sabotage the majority and to regain control of power rather than working on a compromise,” John Smith, a Republican from Greenville, S.C., said of his party after participating in the poll.
Americans say that Mr. Obama is far less likely to favor special interests over the American people than Congress. Mr. Obama and his party continue to have an edge over Republicans on which party would do better in dealing with health care and job creation. But Republicans have gained an edge on handling of the economy.
The public has lost much of its enthusiasm for a health care overhaul, and how Mr. Obama has managed it. He gets low marks for his handling of the deficit and the economy. And the fact that 56 percent of respondents of think that Mr. Obama does not have a plan to create jobs is a distressing bit of news for a White House that in recent weeks had made an intensive effort to present Mr. Obama as concerned with the economy.
But the public backs other elements of Mr. Obama’s agenda. By a two-to-one ratio, Americans support an end to tax cuts for the wealthy, and Americans favor allowing gay men and lesbians to serve openly in the military.
The Tea Party movement, which has grown out of the strain of discontent, so far commands relatively little public support; 18 percent of respondents said they considered themselves supporters of the movement, while 55 percent said they had heard little or nothing about it.
The level of dissatisfaction with both political parties — and the fact that 56 percent of Americans in the poll want a smaller government — suggests that the Tea Party movement has an opportunity to draw more support. The poll found that 51 percent of Americans now view the Democratic Party unfavorably, nearly matching the highest in the history of the Times/CBS News poll. At the same time, 57 percent have an unfavorable view of the Republican Party.
The nationwide telephone poll of 1,084 adults was taken from Feb. 5 through 10 and has a margin of sampling error of plus or minus three percentage points for all adults.
The poll found substantial pessimism: 62 percent of respondents said the country was heading in the wrong direction. And 70 percent of those polled said they thought it was going to take two years or longer for the effects of the recession that technically ended last year to fade away.
Three-quarters of the public disapproves of Congress, matching the highest level measured by the New York Times/CBS News Poll since it began asking the question in 1977. Four out of five voters thought Congress was more interested in serving special interests than voters.
“I think Congress and the Senate need to be completely revamped,” said Michael Wish, 30, a Democrat from Medina, Ohio. He added, “The old way of doing things is no longer working.”
Americans appear hungry for an end to partisan infighting in Washington, so much so that half of respondents said the Senate should change the filibuster rules that Republicans have used to block Mr. Obama’s agenda. Almost 60 percent said both Mr. Obama and Congressional Republicans should compromise in the interest of consensus.
But Mr. Obama is seen as making more of an effort to do that: 62 percent said Mr. Obama was trying to work with Congressional Republicans, while the same percentage said that Republicans were not trying to work with Mr. Obama.
“Obama is certainly trying,” said Bonnie Ewasiuk, 60, of Woodbridge, Va. “I’m a Republican so I don’t like to go against the party, but Obama has reached out and had meetings and I don’t think the Republicans are going to be responsive. All you see from them is negativity.”
More than half of respondents said that Mr. Obama had not spent enough time trying to fix the economy, and nearly half said he had spent too much time trying to pass a health care bill.
He scored better on other measures, particularly in comparison with Republicans; 60 percent said the president understood their problems, compared with 42 percent who said the same thing about Congressional Democrats and 35 percent for Congressional Republicans.
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Backstory: Adam Nagourney on the Latest Poll Numbers
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How the Poll Was Conducted (February 12, 2010)
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While the president is showing signs of vulnerability on his handling of the economy — a majority of respondents say he has yet to offer a clear plan for creating jobs — Americans blame former President George W. Bush, Wall Street and Congress much more than they do Mr. Obama for the nation’s economic problems and the budget deficit, the poll found.
They credit Mr. Obama more than Republicans with making an effort at bipartisanship, and they back the White House’s policies on a variety of disputed issues, including allowing gay men and lesbians to serve openly in the military and repealing the Bush tax cuts for the wealthy.
The poll suggests that both parties face a toxic environment as they prepare for the elections in November. Public disapproval of Congress is at a historic high, and huge numbers of Americans think Congress is beholden to special interests. Fewer than 1 in 10 Americans say members of Congress deserve re-election.
As the party in power, Democrats face a particular risk from any wave of voter discontent; unfavorable views of the Democratic Party are as high as they have been since the Republican takeover of Congress in 1994, though Republicans continue to register an even worse showing. The percentage of Americans who approve of Mr. Obama’s job performance, 46 percent, is as low as it has been since he took office.
Still, the poll suggests that Mr. Obama and his party have an opportunity to deflect the anger and anxiety if they can frame the election not as a referendum on the president and his party, but as a choice between them and a Republican approach that yielded results under Mr. Bush that much of the nation still blames for the country’s woes. That is what the White House has been trying to do since the beginning of the year.
For all the erosion in support for Mr. Obama, Americans say he better understands their needs and problems and has made more of an effort to be bipartisan than Congressional Republicans, the poll found.
“It feels like an attempt to sabotage the majority and to regain control of power rather than working on a compromise,” John Smith, a Republican from Greenville, S.C., said of his party after participating in the poll.
Americans say that Mr. Obama is far less likely to favor special interests over the American people than Congress. Mr. Obama and his party continue to have an edge over Republicans on which party would do better in dealing with health care and job creation. But Republicans have gained an edge on handling of the economy.
The public has lost much of its enthusiasm for a health care overhaul, and how Mr. Obama has managed it. He gets low marks for his handling of the deficit and the economy. And the fact that 56 percent of respondents of think that Mr. Obama does not have a plan to create jobs is a distressing bit of news for a White House that in recent weeks had made an intensive effort to present Mr. Obama as concerned with the economy.
But the public backs other elements of Mr. Obama’s agenda. By a two-to-one ratio, Americans support an end to tax cuts for the wealthy, and Americans favor allowing gay men and lesbians to serve openly in the military.
The Tea Party movement, which has grown out of the strain of discontent, so far commands relatively little public support; 18 percent of respondents said they considered themselves supporters of the movement, while 55 percent said they had heard little or nothing about it.
The level of dissatisfaction with both political parties — and the fact that 56 percent of Americans in the poll want a smaller government — suggests that the Tea Party movement has an opportunity to draw more support. The poll found that 51 percent of Americans now view the Democratic Party unfavorably, nearly matching the highest in the history of the Times/CBS News poll. At the same time, 57 percent have an unfavorable view of the Republican Party.
The nationwide telephone poll of 1,084 adults was taken from Feb. 5 through 10 and has a margin of sampling error of plus or minus three percentage points for all adults.
The poll found substantial pessimism: 62 percent of respondents said the country was heading in the wrong direction. And 70 percent of those polled said they thought it was going to take two years or longer for the effects of the recession that technically ended last year to fade away.
Three-quarters of the public disapproves of Congress, matching the highest level measured by the New York Times/CBS News Poll since it began asking the question in 1977. Four out of five voters thought Congress was more interested in serving special interests than voters.
“I think Congress and the Senate need to be completely revamped,” said Michael Wish, 30, a Democrat from Medina, Ohio. He added, “The old way of doing things is no longer working.”
Americans appear hungry for an end to partisan infighting in Washington, so much so that half of respondents said the Senate should change the filibuster rules that Republicans have used to block Mr. Obama’s agenda. Almost 60 percent said both Mr. Obama and Congressional Republicans should compromise in the interest of consensus.
But Mr. Obama is seen as making more of an effort to do that: 62 percent said Mr. Obama was trying to work with Congressional Republicans, while the same percentage said that Republicans were not trying to work with Mr. Obama.
“Obama is certainly trying,” said Bonnie Ewasiuk, 60, of Woodbridge, Va. “I’m a Republican so I don’t like to go against the party, but Obama has reached out and had meetings and I don’t think the Republicans are going to be responsive. All you see from them is negativity.”
More than half of respondents said that Mr. Obama had not spent enough time trying to fix the economy, and nearly half said he had spent too much time trying to pass a health care bill.
He scored better on other measures, particularly in comparison with Republicans; 60 percent said the president understood their problems, compared with 42 percent who said the same thing about Congressional Democrats and 35 percent for Congressional Republicans.
India to launch trade talks with Israel
India is to launch negotiations to strike a bilateral trade agreement with Israel in what is one of the most tangible symbols of the fast-warming relations between the two countries.
Rahul Khullar, India’s commerce secretary, said that India was prioritising a deal with Israel from among a list of about 20 countries lined up seeking improved bilateral trade ties with one of the world’s fastest growing large economies.
EDITOR’S CHOICE
New Delhi offers to suspend mine deals - Feb-09
India fine-tunes fight against Maoists - Feb-09
Call for ‘green revolution’ in India - Feb-09
In depth: India - Jul-20
“I’ve just had authorisation to open up negotiations with Israel and New Zealand,” Mr Khullar told the Financial Times.
India, which has traditionally taken a leadership position in the Non-Aligned Movement and held deep sympathies with the Palestinian cause, only opened formal diplomatic relations with Israel in 1992.
Bilateral trade between India and Israel has risen quickly to an estimated $4.1bn in 2008, excluding a growing defence trade. A more formal agreement would give India’s manufacturing industries greater access to Israel’s high technology sector, while Israel would benefit from better trade and investment prospects in India’s large, fast growing domestic market of 1.2bn people.
An Israeli official said an agreement had been “under discussion for quite some time” but said that Tel Aviv was yet to receive official notification of New Delhi's intentions to advance negotiations. He predicted that bilateral trade could rise to $12bn within five years once a pact was in place. Among other areas, Israel has agricultural technology that would assist Indian farmers in boosting their productivity and has strong ties with India's diamond industry.
Trade negotiations with India are a big step for Israel, which has pushed for high profile official recognition from India, the world’s largest democracy. Israel already has FTAs with the US, European Union, Canada and Jordan.
India, Asia’s third largest economy, has signed two similar agreements, with the Association of South-East Asian Nations regional grouping and South Korea. New Delhi is currently negotiating trade deals with the EU and Japan. Indian officials have surprised trade negotiators by putting ambitious timetables to achieve notoriously complicated and prolonged arrangements.
“Japan and Europe are next,” said Mr Khullar. “My guess is Europe will come first and Japan a little later. Both are clear prospects for this year. [Negotiations with] Canada will kick off by summer”.
New Zealand confirmed that talks with India will begin shortly. Coal is the dominant product in the two country’s NZ$1bn annual trade.
The European Commission has urged New Delhi to get into the details of “a give and take process”, saying the political will to strike a deal after seven rounds of talks was now in place. Negotiations were dragging over disagreements surrounding intellectual property.
Mr Khullar, however, expressed frustration that New Delhi did not have the resources to engage in multiple negotiations with trading partners, saying that the staff headcount in the commerce department had been “frozen” for 30 years.
“We are latecomers to this bilateral type of race,” he said. “We just don’t have the resources to commit - the manpower resources.”
The decision to proceed with more bilateral trade agreements comes in the absence of progress towards concluding the World Trade Organisation’s Doha round of talks and fears of rising protectionism in the US as the Obama administration pursues job creation.
It also comes as New Delhi feels increasingly confident about the strength of the Indian economy when markets in the west remain depressed. Official figures estimate economic growth of 7.2 per cent this year.
Rahul Khullar, India’s commerce secretary, said that India was prioritising a deal with Israel from among a list of about 20 countries lined up seeking improved bilateral trade ties with one of the world’s fastest growing large economies.
EDITOR’S CHOICE
New Delhi offers to suspend mine deals - Feb-09
India fine-tunes fight against Maoists - Feb-09
Call for ‘green revolution’ in India - Feb-09
In depth: India - Jul-20
“I’ve just had authorisation to open up negotiations with Israel and New Zealand,” Mr Khullar told the Financial Times.
India, which has traditionally taken a leadership position in the Non-Aligned Movement and held deep sympathies with the Palestinian cause, only opened formal diplomatic relations with Israel in 1992.
Bilateral trade between India and Israel has risen quickly to an estimated $4.1bn in 2008, excluding a growing defence trade. A more formal agreement would give India’s manufacturing industries greater access to Israel’s high technology sector, while Israel would benefit from better trade and investment prospects in India’s large, fast growing domestic market of 1.2bn people.
An Israeli official said an agreement had been “under discussion for quite some time” but said that Tel Aviv was yet to receive official notification of New Delhi's intentions to advance negotiations. He predicted that bilateral trade could rise to $12bn within five years once a pact was in place. Among other areas, Israel has agricultural technology that would assist Indian farmers in boosting their productivity and has strong ties with India's diamond industry.
Trade negotiations with India are a big step for Israel, which has pushed for high profile official recognition from India, the world’s largest democracy. Israel already has FTAs with the US, European Union, Canada and Jordan.
India, Asia’s third largest economy, has signed two similar agreements, with the Association of South-East Asian Nations regional grouping and South Korea. New Delhi is currently negotiating trade deals with the EU and Japan. Indian officials have surprised trade negotiators by putting ambitious timetables to achieve notoriously complicated and prolonged arrangements.
“Japan and Europe are next,” said Mr Khullar. “My guess is Europe will come first and Japan a little later. Both are clear prospects for this year. [Negotiations with] Canada will kick off by summer”.
New Zealand confirmed that talks with India will begin shortly. Coal is the dominant product in the two country’s NZ$1bn annual trade.
The European Commission has urged New Delhi to get into the details of “a give and take process”, saying the political will to strike a deal after seven rounds of talks was now in place. Negotiations were dragging over disagreements surrounding intellectual property.
Mr Khullar, however, expressed frustration that New Delhi did not have the resources to engage in multiple negotiations with trading partners, saying that the staff headcount in the commerce department had been “frozen” for 30 years.
“We are latecomers to this bilateral type of race,” he said. “We just don’t have the resources to commit - the manpower resources.”
The decision to proceed with more bilateral trade agreements comes in the absence of progress towards concluding the World Trade Organisation’s Doha round of talks and fears of rising protectionism in the US as the Obama administration pursues job creation.
It also comes as New Delhi feels increasingly confident about the strength of the Indian economy when markets in the west remain depressed. Official figures estimate economic growth of 7.2 per cent this year.
Wednesday, February 10, 2010
Stocks, Commodities Climb on Jobs, Greece, China Inflation
Feb. 11 (Bloomberg) -- Asian stocks advanced for a third day, while commodities and higher-yielding currencies rallied, as Australian unemployment fell, European leaders meet on an aid package for Greece and Chinese inflation unexpectedly slowed.
More than three shares rose for each that fell today on the MSCI Asia Pacific excluding Japan Index which was up 2.8 percent this week by 11:18 a.m. Singapore time. The Australian dollar strengthened against all 16 of the most-traded currencies. Copper advanced as much as 3.7 percent and oil 0.5 percent. Standard & Poor’s 500 Index futures were up 0.5 percent.
Investor sentiment improved after Australian employers added the most workers in more than three years in January, the fifth straight monthly increase, according to the statistics bureau in Sydney. European Union leaders may lay the groundwork today for a precedent-setting aid package for Greece, while China’s inflation gained 1.5 percent in January, slower than a 1.9 percent increase in December.
“People are more optimistic for the time being and a bit happier the way the world is panning out,” said Tim Schroeders, who helps manage $1.1 billion at Pengana Capital Ltd. in Melbourne. The employment data “exceeded expectations. We still need confirmation that a plan to save Greece is going to take place in the next 24 to 48 hours.”
The MSCI Asia Pacific excluding Japan Index advanced 1.4 percent to 386.99. Hong Kong’s Hang Seng Index climbed 1.4 percent and the Shanghai Composite Index added 0.3 percent after China’s gain in consumer prices was less than the median forecast for a 2.1 percent increase in a Bloomberg News survey of economists.
Australia, Korea
The Kospi Index increased 1.4 percent in South Korea, where the central bank left its key interest rate unchanged today. Japan and Taiwan are closed.
Australia’s S&P/ASX 200 Index was up 0.8 percent as Woodside Petroleum Ltd., Australia’s No. 2 oil producer, rose 3.5 percent to A$43.10. Santos Ltd., Australia’s No. 3 oil producer, climbed 2.5 percent to A$13.36. Crude oil for March delivery rose 1 percent to $74.52 a barrel in New York yesterday and added 0.4 percent today, the fourth-consecutive advance.
James Hardie Industries NV, the biggest seller of home siding in the U.S., advanced 0.9 percent to A$7.74. The company said operating profit rose 66 percent in the third quarter and it expects full-year operating profit to be close to the top range of analyst estimates.
Phone stocks were among the biggest drags on the index as Telstra Corp. slumped 3.8 percent to A$3.26 after cutting its annual revenue forecast for a second time in two months. Telstra also said first-half profit fell 3.3 percent.
Australia Dollar, Bonds
The Australian dollar gained 1.2 percent to 88.58 U.S. cents and the yield on Australia’s benchmark 10-year note increased nine basis points to 5.54 percent after the statistics bureau said the country added 52,700 workers in January, three times as many jobs as economists forecast.
The Australian dollar, like the New Zealand dollar and South African rand, also strengthened as copper jumped to $6,778 a metric ton and zinc was up 2.1 percent. The New Zealand currency rose 0.5 percent to 69.64 cents and the rand climbed 0.4 percent to 7.7115 per dollar.
“A big boost for the Aussie on the back of that labor force number,” said Amber Rabinov, an economist in Melbourne at Australia & New Zealand Banking Group Ltd. “The numbers put more emphasis behind the feeling that the unemployment rate has peaked and we’re now seeing it steadily head lower.”
The euro gained against the dollar and yen on optimism European Union leaders meeting in Brussels today will put together an aid package to help Greece counter its widening budget deficit. The euro advanced to 124.01 yen from 123.56, and appreciated to $1.3777 from $1.3737.
Greece Summit
Germany and France are working on options such as loan guarantees for Greece as long as Prime Minister George Papandreou overcomes street protests and makes deeper cuts to the EU’s biggest budget deficit.
U.S. Treasuries fell yesterday after demand declined at an auction of 10-year notes and Federal Reserve Chairman Ben. S. Bernanke said policy makers may raise the discount rate “before long” as the economy improves. The Treasury will sell $16 billion of 30-year bonds today. Trading of Treasury bills, notes and bonds was closed in Japan today.
More than three shares rose for each that fell today on the MSCI Asia Pacific excluding Japan Index which was up 2.8 percent this week by 11:18 a.m. Singapore time. The Australian dollar strengthened against all 16 of the most-traded currencies. Copper advanced as much as 3.7 percent and oil 0.5 percent. Standard & Poor’s 500 Index futures were up 0.5 percent.
Investor sentiment improved after Australian employers added the most workers in more than three years in January, the fifth straight monthly increase, according to the statistics bureau in Sydney. European Union leaders may lay the groundwork today for a precedent-setting aid package for Greece, while China’s inflation gained 1.5 percent in January, slower than a 1.9 percent increase in December.
“People are more optimistic for the time being and a bit happier the way the world is panning out,” said Tim Schroeders, who helps manage $1.1 billion at Pengana Capital Ltd. in Melbourne. The employment data “exceeded expectations. We still need confirmation that a plan to save Greece is going to take place in the next 24 to 48 hours.”
The MSCI Asia Pacific excluding Japan Index advanced 1.4 percent to 386.99. Hong Kong’s Hang Seng Index climbed 1.4 percent and the Shanghai Composite Index added 0.3 percent after China’s gain in consumer prices was less than the median forecast for a 2.1 percent increase in a Bloomberg News survey of economists.
Australia, Korea
The Kospi Index increased 1.4 percent in South Korea, where the central bank left its key interest rate unchanged today. Japan and Taiwan are closed.
Australia’s S&P/ASX 200 Index was up 0.8 percent as Woodside Petroleum Ltd., Australia’s No. 2 oil producer, rose 3.5 percent to A$43.10. Santos Ltd., Australia’s No. 3 oil producer, climbed 2.5 percent to A$13.36. Crude oil for March delivery rose 1 percent to $74.52 a barrel in New York yesterday and added 0.4 percent today, the fourth-consecutive advance.
James Hardie Industries NV, the biggest seller of home siding in the U.S., advanced 0.9 percent to A$7.74. The company said operating profit rose 66 percent in the third quarter and it expects full-year operating profit to be close to the top range of analyst estimates.
Phone stocks were among the biggest drags on the index as Telstra Corp. slumped 3.8 percent to A$3.26 after cutting its annual revenue forecast for a second time in two months. Telstra also said first-half profit fell 3.3 percent.
Australia Dollar, Bonds
The Australian dollar gained 1.2 percent to 88.58 U.S. cents and the yield on Australia’s benchmark 10-year note increased nine basis points to 5.54 percent after the statistics bureau said the country added 52,700 workers in January, three times as many jobs as economists forecast.
The Australian dollar, like the New Zealand dollar and South African rand, also strengthened as copper jumped to $6,778 a metric ton and zinc was up 2.1 percent. The New Zealand currency rose 0.5 percent to 69.64 cents and the rand climbed 0.4 percent to 7.7115 per dollar.
“A big boost for the Aussie on the back of that labor force number,” said Amber Rabinov, an economist in Melbourne at Australia & New Zealand Banking Group Ltd. “The numbers put more emphasis behind the feeling that the unemployment rate has peaked and we’re now seeing it steadily head lower.”
The euro gained against the dollar and yen on optimism European Union leaders meeting in Brussels today will put together an aid package to help Greece counter its widening budget deficit. The euro advanced to 124.01 yen from 123.56, and appreciated to $1.3777 from $1.3737.
Greece Summit
Germany and France are working on options such as loan guarantees for Greece as long as Prime Minister George Papandreou overcomes street protests and makes deeper cuts to the EU’s biggest budget deficit.
U.S. Treasuries fell yesterday after demand declined at an auction of 10-year notes and Federal Reserve Chairman Ben. S. Bernanke said policy makers may raise the discount rate “before long” as the economy improves. The Treasury will sell $16 billion of 30-year bonds today. Trading of Treasury bills, notes and bonds was closed in Japan today.
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