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  • Naysayers, feel the Asiaphoria | Business Spectator
    Lance Pritchett argue that the correct growth story is reversion to the mean economies might have a purple patch where they grow faster than normal but just as a gambler can have a lucky streak before reverting to the mean over time growth rates will revert to the mean too Moreover this is not the mean of their own past growth which might make intuitive sense and would leave the convergence story intact but the global growth mean Why are these dissenters so gloomy There were earlier episodes of Asiaphoria which ended badly Japan before the lost decades the rest of Asia until the 1997 crisis What s more the mature economies got rich slowly but steadily while the fast growing emerging countries stumble more frequently And the institutions economic and political in emerging countries are much more fragile But the dissenters evidence is tailored to fit their story Their statistical analysis shows that for all countries taken together one decade s growth is not closely correlated with growth during earlier decades suggesting fast growing Asian economies could find themselves growing more slowly later But this is the aggregate story and no one said every country is on a convergence path Their data analysis also shows that one year s growth rate is not a good predictor of growth over the following 20 years But this just confirms that fast growth tends to be variable a combination of some fast growth and some average growth will still leave the country ahead of the pack More generally if reversion to the mean is the rule how did so many countries come so far along the catch up path The dissenters are also unimpressed by China s 30 years of almost 10 per cent annual growth in per capita income pointing out that this is an outlier This is a stand out performance although South Korea and Taiwan come close Moreover they note 70 episodes where per capita income has grown one standard deviation faster than the average 4 per cent instead of less than 2 per cent during a period of at least eight years The dissenters don t bother to note that this growth differential is the difference between doubling income in 35 years or doubling in just 18 years The counter evidence is compelling It begins with the four Asian tigers Taiwan South Korea Hong Kong and Singapore Then came a raft of other countries which started later and didn t do quite as well but easily outpaced the advanced economies Indonesia averaged 7 per cent per year growth for 30 years under Soeharto and Thailand and Malaysia did just as well The post 1960 history also shows plenty of poor countries that didn t get on the convergence path India was so slow getting its act together that the term Hindu growth rate was coined Others got onto the path only to fall off By the 1970s Brazil was identified as the country of the future it then

    Original URL path: http://www.businessspectator.com.au/article/2013/11/20/asian-economy/naysayers-feel-asiaphoria (2014-01-12)
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  • Robb talks up Indian ties: report | Business Spectator
    to compete Will Twitter s founder strike social gold twice Biz Stone is looking to tap into the selflessness of others with his latest venture Jelly Enterprises But the just launched app will have to quickly shift into something of real value if it s to become a mainstream success Climate Carbon markets Energy markets Renewable energy Resources Solar energy Wind power CleanTech Science Environment Green Deals Policy Politics Smart Energy Latest stories Marking the milestones of 2013 Australia s transition to a clean energy economy took some political blows in 2013 but progress on the ground was heartening with energy efficiency solar and wind all providing tangible proof of their future potential A fifth year of declining power consumption Power consumption fell again in 2013 dipping 2 8 per cent across the National Electricity Market as scheduled renewables rose to 12 per cent of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Robb talks up Indian ties report 12 Nov 2013 7 59 AM Economy Australian News Global News Asian Economy Trade minister backs regional partnership Julie Bishop to visit within 2 weeks You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password Federal trade and investment minister Andrew Robb plans to visit India early next year and says foreign minister Julie Bishop will visit within two weeks as the government ramps up ties with the nation The Australian Financial Review reports According to the newspaper Mr Robb also endorsed the Regional Comprehensive Economic Partnership of which both Australia and India are members as an important emerging opportunity for strengthening business ties Addressing the largest official gathering of the Indian diaspora in the South Pacific Mr Robb said the recent flow of Indian investment into the country was a positive example of globalisation and that the two countries shared close cultural connections including cricket and the English language the AFR reports Also speaking at the event several Indian investors in Australia s mining industry said that high costs of doing business in the country had been challenging but had forced them to make significant productivity improvements according to the newspaper Print this page Related articles 07 Jan The international economy in 2014 27 Dec Japanese inflation at 5 year high

    Original URL path: http://www.businessspectator.com.au/news/2013/11/12/asian-economy/robb-talks-indian-ties-report (2014-01-12)
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  • India's credit rating at risk: S&P | Business Spectator
    value if it s to become a mainstream success Climate Carbon markets Energy markets Renewable energy Resources Solar energy Wind power CleanTech Science Environment Green Deals Policy Politics Smart Energy Latest stories Marking the milestones of 2013 Australia s transition to a clean energy economy took some political blows in 2013 but progress on the ground was heartening with energy efficiency solar and wind all providing tangible proof of their future potential A fifth year of declining power consumption Power consumption fell again in 2013 dipping 2 8 per cent across the National Electricity Market as scheduled renewables rose to 12 per cent of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu India s credit rating at risk S amp P 8 Nov 2013 12 33 AM Economy Global News Asian Economy Ratings agency says India s credit rating could be downgraded to junk status You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password AAP Global ratings agency Standard Poor s has warned it may cut India s sovereign rating to junk status if the next government can t turn around the weak economy S P s statement raises the stakes for the general elections due by next May amid speculation about a fractured outcome which could lead to an unwieldy coalition including many small regional parties India s economic growth has fallen to a decade low amid political gridlock and a string of corruption scandals that have made the Congress led government deeply unpopular The ratings agency said it was maintaining India s investment grade rating due to its institutional strengths and high international financial reserves but noted a marked slowdown in economic growth S P said its ratings outlook remained negative indicating we may lower the rating to speculative grade next year if the government that takes office after the election does not appear capable of reversing India s low economic growth The election will pit secular Congress hopeful Rahul Gandhi scion of the Gandhi Nehru dynasty against the charismatic but divisive Hindu nationalist Bharatiya Janata Party leader Narendra Modi While opinion polls suggest the political wind is behind Modi liked by business for his investment friendly policies analysts say regional parties will have greater leverage than ever

    Original URL path: http://www.businessspectator.com.au/news/2013/11/8/asian-economy/indias-credit-rating-risk-sp (2014-01-12)
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  • Ex-BOJ head plays down deflation: report | Business Spectator
    Facebook must go further to mine precious user insights if it wants to compete Will Twitter s founder strike social gold twice Biz Stone is looking to tap into the selflessness of others with his latest venture Jelly Enterprises But the just launched app will have to quickly shift into something of real value if it s to become a mainstream success Climate Carbon markets Energy markets Renewable energy Resources Solar energy Wind power CleanTech Science Environment Green Deals Policy Politics Smart Energy Latest stories Marking the milestones of 2013 Australia s transition to a clean energy economy took some political blows in 2013 but progress on the ground was heartening with energy efficiency solar and wind all providing tangible proof of their future potential A fifth year of declining power consumption Power consumption fell again in 2013 dipping 2 8 per cent across the National Electricity Market as scheduled renewables rose to 12 per cent of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Ex BOJ head plays down deflation report 5 Nov 2013 12 00 PM Economy Global News Asian Economy Prof Shirakawa says Japan s labour participation productivity more important You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password Former Bank of Japan governor Masaki Shirakawa has played down his country s deflation issues in a keynote speech to the Australian National University The Australian Financial Review reports According to the newspaper Professor Shirakawa told the Japan Update conference that a declining and aging population labour force participation and poor productivity were the main causes of the country s economic problems He said Japan s long term deflation had been overstated given the country s post war recovery and that it reflected a social preference for maintaining jobs rather that cutting them during tough times the AFR reports Recent economic data suggests that Japanese prime minister Shinzo Abe s unprecedented stimulus measures that followed Professor Shirakawa s departure from the central bank in March have reversed the country s deflation woes according to the newspaper Print this page Related articles 07 Jan The international economy in 2014 27 Dec Japanese inflation at 5 year high 24 Dec Japan drops deflation from report 12 Dec Japan approves 60bn

    Original URL path: http://www.businessspectator.com.au/news/2013/11/5/asian-economy/ex-boj-head-plays-down-deflation-report (2014-01-12)
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  • Indonesia swings to trade deficit | Business Spectator
    some political blows in 2013 but progress on the ground was heartening with energy efficiency solar and wind all providing tangible proof of their future potential A fifth year of declining power consumption Power consumption fell again in 2013 dipping 2 8 per cent across the National Electricity Market as scheduled renewables rose to 12 per cent of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Indonesia swings to trade deficit 2 Nov 2013 12 02 AM Economy Global News Asian Economy Indonesia s trade balance unexpectedly moves back into deficit You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password AAP Indonesia s trade balance has unexpectedly swung back into deficit in September in a setback for Southeast Asia s beleaguered top economy which recently showed signs of recovery The news of the US657 2 million A696 81 million deficit followed a small surplus in August and a string of other positive indicators including easing inflation and an uptick in the manufacturing sector Indonesian stocks and the currency plummeted earlier this year as investors fled on fears that the US Federal Reserve was poised to bring an end to its huge stimulus program The economy has stabilised in recent weeks due to the positive indicators and the Fed s unexpected decision to keep in place its full 85 billion a month bond buying program But economists said the September deficit would heap further pressure on the ailing rupiah and widen the current account deficit which has been a key factor in the country s economic woes Credit Suisse said the market was expecting a trade surplus and that Friday s data was disappointing noting that the deficit is not yet even stabilising This is disappointing and obviously poses risks for the currency Credit Suisse economist Robert Prior Wandesforde said in a note Trade had plummeted to a record 2 31 billion deficit in July but the August surplus marked a strong rebound The rupiah has been one of Asia s worst performing currencies this year and slipped to 11 360 from 11 350 to the dollar after the trade figures were announced Dow Jones Newswires reported However there was some good news Friday as inflation slowed slightly from 8 40

    Original URL path: http://www.businessspectator.com.au/news/2013/11/2/asian-economy/indonesia-swings-trade-deficit (2014-01-12)
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  • Korea, Aust near trade deal: report | Business Spectator
    Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password Australia and South Korea are exceedingly close to sealing a free trade agreement after the Abbott government removed a key hurdle according to The Australian South Korea s lead free trade negotiator Young Moo Kim said the breakthrough came when the Abbott government ceded to Korean demands for an international arbitration clause by saying it would deal with issues on a case by base basis The previous Labor government s unwillingness to give ground on the issue was said to have delayed talks The new government is taking a different approach Mr Kim told The Australian so the hurdle is being removed Prime Minister Tony Abbott has set a goal of completing free trade agreements with South Korea Japan and China within a year of taking office Print this page Related articles 13 Jan Iran nuke deal to take effect 13 Jan Govt interest bills surging report 13 Jan Abbott to pursue red tape cuts 13 Jan Palmer wants to repeal Newman laws 12 Jan Israel s Sharon dead at 85 More from Business Spectator Technology Adapt or die Commercial The Future of Energy Family Business Alan Kohler s Family Business China China Spectator Please log in or register to post comments Comments on this article Comments Policy R Ambrose Raven Fri 2013 11 01 09 39 Selling us down the river is always easy for grubby politicians to do But then Abbott is The Hun for good reason Robb will undoubtedly also have been working hard to sell out to transnational capitalism as Martin Ferguson and Gary Gray did For all their faults Rudd and Gillard stood against them Labor manages principle sometimes such as Shorten notwithstanding In its trade policy statement the Gillard government emphasised that it wouldn t accept provisions that limit its capacity to put health warnings or plain packaging requirements on tobacco products or its ability to continue the Pharmaceutical Benefits Scheme Yet Abbott the Hun has Indeed New Zealand has indicated a desire to follow Australia s lead in implementing plain packaging for tobacco products As Philip Morris International stated in a briefing note for the US Trade Representative i e transnational corporate lobbyist regarding the Trans Pacific Partnership the availability of an investor state dispute settlement mechanism is a vital aspect of protecting its foreign investments Four of the thirty paragraphs in that briefing note complained about Australia s plain packaging law After losing a High Court challenge to the plain cigarette packaging legislation here Philip Morris moved its Australian headquarters to Hong Kong to continue its legal battle using the terms of a 20 year old Australia Hong Kong investment treaty which includes an investor state dispute provision Smoking related diseases killed 14 900 Australians in 2004 05 Obviously the more that so die the better will be Philip Morris International s profits given the obvious correlation

    Original URL path: http://www.businessspectator.com.au/news/2013/11/1/politics/korea-aust-near-trade-deal-report (2014-01-12)
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  • Japan can counter China: Abe | Business Spectator
    an attempt to pull Japan out of a two decade long slump and plotted a more active diplomacy for a country whose global leadership has been crimped by a rapid turnover of weak prime ministers In the interview Mr Abe made a direct link between his quest for a prosperous Japan and a country wielding greater influence in the region and the world Japan shrank too much in the last 15 years the leader said explaining how people have become inward looking with students shunning opportunities to study abroad and the public increasingly becoming critical of Tokyo providing aid to other countries By regaining a strong economy Japan will regain confidence as well and we d like to contribute more to making the world a better place Mr Abe s views expressed in the interview reflect his broader longstanding nationalistic vision of a more assertive Japan one he has argued should break free of constraints imposed on Japan s military by a postwar pacifist constitution written by the US and that has also been hampered by economic decline Mr Abe made clear that one important way that Japan would contribute would be countering China in Asia There are concerns that China is attempting to change the status quo by force rather than by rule of law But if China opts to take that path then it won t be able to emerge peacefully Mr Abe said So it shouldn t take that path and many nations expect Japan to strongly express that view And they hope that as a result China will take responsible action in the international community China s foreign ministry did not immediately respond to requests for comment on Mr Abe s assertions In the past the Chinese government has said that Mr Abe s government was in danger of leading Japan toward a revival of right wing militarism Mr Abe s comments come amid a period of heightened tensions between the two Asian giants as high level diplomatic contact has virtually dried up amid a territorial dispute in the East China Sea While the conflict preceded Mr Abe becoming prime minister last December Beijing has accused him of aggravating relations with assertive rhetoric defending Japan s claims and ramping up Coast Guard defence over the chain of islands known as the Senkakus in Japan and Diaoyu in China His remarks also follow months of active diplomacy that has taken him to summit meetings with heads of state in virtually every country in the region with the notable exceptions of China and South Korea which also has its own strained ties with Tokyo In December he intends to host in Japan the leaders of the 10 members of Association of Southeast Asian Nations The event is intended to mark 40 years of Japan s ties with the bloc that includes countries from Thailand to Indonesia to the Philippines to Myanmar but also to further elevate Japan s role as a leader in a region where China has

    Original URL path: http://www.businessspectator.com.au/news/2013/10/26/asia/japan-can-counter-china-abe (2014-01-12)
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  • Nippon exec criticises Woodside | Business Spectator
    power CleanTech Science Environment Green Deals Policy Politics Smart Energy Latest stories Marking the milestones of 2013 Australia s transition to a clean energy economy took some political blows in 2013 but progress on the ground was heartening with energy efficiency solar and wind all providing tangible proof of their future potential A fifth year of declining power consumption Power consumption fell again in 2013 dipping 2 8 per cent across the National Electricity Market as scheduled renewables rose to 12 per cent of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Nippon exec criticises Woodside 24 Oct 2013 4 54 AM Industries Resources and Energy Economy Global News Asian Economy Woodside takes heat for criticism of Japanese govt s LNG policies You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password The chairman of Nippon Steel who is also the co chair of the primary Japan Australia business body has harshly criticised Woodside Petroleum Ltd for its critique of the Japanese government s role in the liquefied natural gas LNG sector according to The Australian Akio Mimura criticised Woodside s Mark Hanna for his comments accusing the Japanese government of forcing losses on Japanese power companies and jeopardising future LNG projects by making firms reluctant to invest in long term capital intensive projects Mr Mimura said the Japanese government s openness about its desire to end oil linked pricing of natural gas and imposing price caps on gas buyers does not constitute intervening in the LNG market I think this kind of policy measure is naturally taken for any government Mr Mimura told a press conference following the conclusion of the Japan Australia Joint Business Conference in Tokyo according to The Australian The government policy as I see it is not in any way a direct intervention to the pricing of LNG I think the government policy is about doing it in an indirect way to create an environment that will enable a more affordable price for LNG buyers He added that the Japanese government s policies are a natural response to the country s rising reliance on LNG imports which have soared in the wake of the Fukushima earthquake and nuclear disaster We are seeing an environment now where

    Original URL path: http://www.businessspectator.com.au/news/2013/10/24/resources-and-energy/nippon-exec-criticises-woodside (2014-01-12)
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