Category: News Desk

Most High Net Worth Individuals from Asia-Pacific: Survey


The number of high net worth individuals, or multi-millionaires, in Asia Pacific outnumbered those in North America for the first time last year, boosted by a sharp increase in wealth in China, Japan, Thailand, Malaysia and Indonesia.

The World Wealth Report published yesterday by Capgemini and RBC Wealth Management showed that the number of individuals in Asia-Pacific with at least $1 million in investable assets jumped 1.6 percent to 3.37 million in 2011, while the number of millionaires in North America declined by 1.1 percent to 3.35 million.

Uruguay To Become First Government In The World To Sell Marijuana To Citizens


Marijuana smokers in Uruguay will soon be able to purchase the drug directly from their government, reported the Associated Press on Wednesday, with authorities set to pass a bill that will register and track drug users across the country.

Japan Overcomes Ban on Iranian Oil


 

The Japanese parliament has passed a bill that would allow government guarantees on Iranian oil imports, effectively bypassing EU-led sanctions aimed at forcing Tehran to abandon its nuclear enrichment programme.

According to a source who spoke to Reuters on the condition of anonymity, the new law will take effect in seven days and will allow Japan to provide insurance coverage of up to $7.6 billion for Iranian oil exports bound for Japan.

Afghanistan Requires $7bn in Aid Each Year


Torn apart by a decade of war and destruction, Afghanistan is appealing for $7 billion in foreign aid each year over the next decade to grow its economy.

In an interview with Reuters, Afghanistan’s central bank governor Noorullah Delawari said the withdrawal of Western troops and foreign aid will cripple Kabul’s already fragile economy and pose a serious threat to its national security.

Lithium Prices Triple With Demand From iPads, Hybrid Vehicles


The price of lithium, the lightest conductive metal on the periodic table, has tripled since 2000, said Bloomberg News on Wednesday, with the lithium market now worth approximately $1 billion a year, following increased demand of its use in electronic appliances such as the iPad and in hybrid vehicles.

India & China To Cooperate On Overseas Oil Exploration


The largest state-owned oil companies in India and China have renewed their pact to jointly explore for oil and natural gas worldwide, reported The Wall Street Journal on Tuesday, after an initial agreement signed by both nations in 2006 had failed to bear any significant results.

Mexico Invited to Join Trans-Pacific Partnership Trade Discussions


Mexico has received an invitation to join the Trans-Pacific Partnership negotiations aimed at setting up a multilateral Asia-Pacific free trade area. The nine countries currently negotiating the pact are the United States, Australia, New Zealand, Peru, Chile, Singapore, Malaysia, Vietnam and Brunei.

The announcement was made yesterday by US President Barack Obama and Mexican President Felipe Calderon at the G20 Summit in Los Cabos.

IMF Receives $456 Billion Funding Boost


The International Monetary Fund has raised $456 billion in new firepower after major emerging economies pledged new funds to shore up the global financial system.

IMF chief Christine Lagarde revealed yesterday that 37 member states had pledged to contribute to the Fund – a commitment that ensures the IMF “has access to adequate resources to carry out its mandate in the interest of global financial stability.”

Speaking at the sidelines of the G20 summit, she said:

Infographic: Will Robots Take Over Our Education?


The use of robotics today has begun to spread into many facets of our daily lives. While the most commonly sought-after robots today are still meant for industrial purposes such as carrying, loading, assembling and welding, countries such as South Korea have already begun utilising robots in education, fire-fighting, sewage repairs and manufacturing.

A new project at the Korea Institute of Science and Technology is also using $100 million in grants and over 300 researchers to build and deploy an army of robots to deliver English instruction to South Korean school children.

Brazil Offers Free Plane Rides For Poor Countries To Boost Rio+20 Attendance


Political leaders from less-developed nations in Africa and the Caribbean will take sponsored flights to attend the upcoming Rio+20 Earth Summit in Brazil, reported Bloomberg News on Monday, after the Brazilian government offered to provide free airlifts to poorer nations in order to boost attendance at the event.