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Saturday, March 1, 2014

JAPAN: Bitcoin exchange Mt. Gox files for bankruptcy

Tokyo-based exchange Mt. Gox announced on Friday that it was filing for bankruptcy protection, following a security breach that allowed hackers to defraud the company's customers of more than 700,000 coins. The company admitted such a software flaw existed several weeks ago. “There were weaknesses in the system,” exchange executive Mark Karpeles said. “I’m truly sorry to have caused inconvenience.”

http://dealbook.nytimes.com/2014/02/28/mt-gox-files-for-bankruptcy/?_php=true&_type=blogs&_php=true&_type=blogs&smid=tw-nytimes&_r=1





Friday, February 28, 2014

CHINA: 'Let's spend the night together' in Macau

Casino companies in Macau are diversifying their businesses into music and martial arts to reduce the territory’s reliance on gambling

http://feedly.com/e/86F7sPIE

Friday Asia Update: Top Five Stories for the Week of February 28, 2014



1. Hong Kong editor attacked. Kevin Lau, former chief editor of Ming Pao Daily News, was slashed three times in his back and legs by an attacker and accomplice on a motorbike. The attack on Mr. Lau sparked protests and an offer of a one million Hong Kong dollar reward from Ming Pao for any information leading to the arrest of the attacker. Mr. Lau was the center of controversy last month when removed from his editorial role. Hong Kong journalist associations are concerned that Mr. Lau’s removal, alongside the firing of a radio talk show host, are encroachments upon press freedom. While threats and attacks against outspoken Hong Kong journalists are hardly new, the attack on Mr. Lau comes amid increasing fears of mainland China’s widening political and cultural influence over Hong Kong.

2. North Korea test-fires short-range missiles. On February 27, North Korea fired missiles with a range of less than 200 meters off the east coast of North Korea. North Korea has provided no information on the test’s purpose, but such tests are not unusual for North Korea, especially following joint U.S.-South Korea exercises.  The U.S.-Republica of Korea Key Resolve and Foal Eagle drills began February 24 and will continue until April 18. One South Korean analyst believes the missile tests are mainly to send a message about the U.S.-South Korea drills as well as being an angered over recent UN Commission of Inquiry report on North Korean human rights abuses. A U.S. State Department spokesperson has urged Pyongyang to “exercise restraint and take steps to improve its relations with its neighbors.” Observers do not believe these tests will trigger a rise in tensions.

3. Thai prime minister faces corruption charges related to rice subsidy; strife continues. Thai prime minister Yingluck Shinawatra is facing charges of negligence over an allegedly corrupt rice subsidy scheme; if convicted, she could be removed from office and face a five-year ban from politics. Under the rice subsidies, instated by the prime minister when she came to power in 2011, the government pledged to buy rice from Thai farmers at 40 to 50 percent above market value. This has pushed Thai rice prices to uncompetitive levels and cost the government $4 billion per year; the government has also been unable to pay farmers back, causing mass protests. Pro-government supporters surrounded the office of the  National Anti-Corruption Commission, forcing the hearing to move elsewhere. At the same time, clashes have continued between pro- and anti-government protesters; at least twenty people have died since the protests began in November 2013.

4. Japan announces draft of Basic Energy Plan, includes push to restart reactors. On February 25, the Abe administration unveiled a draft of the Basic Energy Plan, the first national energy policy since the March 2011 disaster at the Fukushima Daiichi nuclear power plant. While the plan calls for reducing Japan’s dependence on nuclear energy, it does not specify what mix of nuclear/renewables/fossil fuels Japan should rely on for its future energy needs. The plan also urges Japan’s government to push to restart reactors that meet new safety standards. All fifty of Japan’s operable reactors are currently idle, and only two reactors have been restarted since March 2011, though they were shut down again in September 2013 for routine maintenance. Cabinet approval of the draft Basic Energy Plan is expected in March.

Bonus: Yorkies are the newest attraction at Pyongyang’s zoo. A pack of miniature Yorkshire terrier dogs are the newest addition to the Capital Zoo in North Korea. The country’s official media agency has already announced that the pups have been taught “several feats.” Lonely Planet published an damning account of the zoo last year, saying the animals “look pretty forlorn.”

http://feedly.com/e/Q7wO3Boj

JAPAN: J. Crew in Talks to Sell to Japan's Fast Retailing

J. Crew Group is in talks to sell the clothing retailer to Japan’s Fast Retailing for as much as $5 billion.

Fast Retailing, which owns the Uniqlo apparel chain, this week approached J. Crew’s management about potentially buying the private-equity-owned business. J. Crew is seeking upward of $5 billion for the business. It remained unclear whether Fast Retailing would pay that much and whether the two sides have yet discussed a price.







NORTH KOREA responds to U.S. drills with Scud tests

North Korea fired short-range scud missiles into the sea on Thursday. It was the first time the isolated communist regime had fired that kind of weapon since 2009. Security experts interpreted the move as a protest against annual joint military exercises the U.S. and South Korea began on Monday. North Korea called the drills a rehearsal for an invasion, but South Korea didn't expect tensions to escalate over the exercises.


http://edition.cnn.com/2014/02/27/world/asia/north-korea-missiles/

Why THAILAND's political instability will become more violent

Clashes in Thailand between anti-government protestors and security forces have intensified. Over the past weekend, unidentified gunmen sprayed bullets at anti-government protestors in eastern Thailand, killing a five-year-old girl, and someone apparently launched two grenade attacks in Bangkok. Since the current round of demonstrations started last November, 21 people have been killed and hundreds injured in Thailand. The country has basically functioned without an effective government for months, the once-teflon economy is sputtering, and Thais are preparing for the violence to get worse. The leader of the demonstrations has vowed to hunt down Prime Minister Yingluck Shinawatra, the protestors have been electrified by the turn of events in Ukraine, and all sides appear to be taking more confrontational positions.

http://www.businessweek.com/articles/2014-02-26/get-ready-for-a-bloody-end-game-in-thailand





THAILAND: Government Rejects Debate With Opposition Leader

Thailand's labor minister, who oversees a state of emergency imposed last month, rejected a proposal for televised debate between the opposition leader and the prime minister, as protestors rallied in Bangkok to call on the prime minister to step down.


CHINA: Preferences shift to virtual forms of payment

CHINA: A centuries-old habit of paying bills with cash is being broken in China as preferences shift to virtual forms of payment faster than any other country.


Thursday, February 27, 2014

SOUTH KOREAN politics: Spying trouble

AS PARK GEUN-HYE marked her first year in office on February 25th, her approval rating, at around 56%, was higher than when she came to power: a first for a South Korean president. Polls show that the public is chiefly impressed with her policy towards North Korea. She ended her first year on a high with reunions of families separated for decades. She was also boosted by the reopening last September of the Kaesong industrial complex, where South Korean companies employ North Koreans. For Ms Park and her supporters this is all vindication of her signature approach towards the North: “trustpolitik”, a fuzzy term that doles out carrots and wields sticks according to behaviour. Ms Park has enjoyed other foreign-policy kudos. She held successful summits in America in May and China in June. And talking tough at Japan, as ...

CHINA'A Role in HONG KONG Under Spotlight

A senior Chinese official on Thursday condemned the daylight stabbing of an influential newspaper editor that has exposed deep-rooted anxieties about possible interference by Beijing in the financial hub's affairs.   Police have made no arrests nor established any motive for the stabbing of Kevin Lau, a former chief editor of the Ming Pao newspaper, by two men, that left him fighting for his life.   Suspicions have spread, however, that powerful individuals from mainland...

BRUNEI Sultan Issues Warning to Sharia Critics

The ruling sultan of oil-rich Brunei has issued a stern warning to citizens who’ve expressed criticism of a plan to introduce harsh Islamic criminal laws – stop the insults.

CHINA, JAPAN Must Ease Tensions in Disputed Sea

Just days before stepping down as U.S. ambassador to China, Gary Locke urged China and Japan to ease tensions in the disputed East China Sea to avoid severe "unintended consequences”.


SOUTH KOREAN Missionary 'Confesses' to Spying in Pyongyang

A South Korean Christian missionary confessed Thursday to trying to overthrow the North Korean government at the behest of Seoul. Kim Jung Wook is at least the third Christian evangelist being detained by North Korea, which views unauthorized religious workers as spies. His comments came during a news conference in Pyongyang, where he said he was arrested in October with Bibles and other religious material. "I was thinking of turning North Korea into a religious country, and...


Wednesday, February 26, 2014

SOUTH KOREA: First Korean Restaurant Joins Prestigious 'Best in Asia' List

Jungsik in Sinsa-dong, Seoul ranked 20th in S. Pellegrino Asia's 50 Best Restaurants list, which was announced on Monday in Singapore.

MALAYSIA Goes Thirsty as Dry Spell Drags On

A prolonged dry spell in Malaysia has depleted water reserves in several states, forcing authorities to ration water to thousands of households.

VIETNAM dissident and wife beaten ahead of diplomat meeting

A Vietnamese dissident said on Wednesday that suspected government agents assaulted him and his wife this week as they were heading to a meeting with an Australian diplomat to talk about the human rights situation in the country.

SINGAPORE Aims to Become Silicon Valley East

Singapore is pulling out all the stops to build its own version of Silicon Valley as it attempts to create a startup hub for Southeast Asia.



http://feedly.com/e/wZnDopKr

CHINA: In Final Speech, US Ambassador Slams China on Rights

Outgoing U.S. Ambassador to China Gary Locke used his final speech in office Wednesday to urge Beijing to strengthen its rule of law and provide greater freedom of expression.Speaking to a group of Chinese university students in Beijing, Locke said in many cases China would need only to adhere to its existing laws in order to protect fundamental human rights."China has a great future ahead of it. But reaching its full potential will depend on a neutral and respected judiciary, an active...

SOUTH KOREA: Asiana is fined for failing crash victims' families

The Department of Transportation on Tuesday fined Asiana Airlines $500,000 for failing to give adequate support to the families of passengers who were on Asiana flight 214 when it crashed in San Francisco in July. It was the first fine ever under a 1997 law requiring airlines to follow a "family assistance plan" after crashes. The South Korean carrier said some of the shortcomings weren't its fault. 


RUSSIA: Navalny Gets 7 Days in Jail for Unsanctioned Manezh Rally

RUSSIA: A Moscow court sentenced three opposition leaders, including Alexei Navalny, to jail for up to ten days for participating in an unauthorized protest near the Kremlin on Monday.


JAPAN: MtGox, once the largest bitcoin exchange, has disappeared from the Internet

JAPAN: MtGox, once the largest bitcoin exchange, has disappeared from the Internet after it revealed a theft of almost 750,000 bitcoins that went unnoticed for years.


CHINA Plans New Holidays that May Rankle JAPAN

China is considering two new national days to mark the Nanjing Massacre and Japan's defeat in World War II, a move that may further escalate tensions after Japanese prime minister Shinzo Abe's December visit to a controversial shrine honoring Japan's dead.


Tuesday, February 25, 2014

HONG KONG Editor Whose Ouster Stirred Protests Is Reported Stabbed

Kevin Lau, the former editor of Ming Pao newspaper whose departure stirred new concerns about press freedom in Hong Kong, was stabbed Wednesday morning as he was going to his car, according to local media reports.

JAPAN: Watch a Clip From Hayao Miyazaki's 'The Wind Rises' (English Version)

The English-language version of Japanese animator-director Hayao Miyazaki's "The Wind Rises" will be released nationwide on Friday, and Speakeasy has an exclusive clip.


NORTH KOREA Cloaked in Darkness

A new nighttime photo released by NASA shows the stark contrast between North Korea's darkness and the bright lights across South Korea and China.

The State of the International Order

In our State of the International Order report, we examine a number of common assumptions in recent years about the state of the world perpetuated by analysts, politicians, and talking heads: the emerging markets are overtaking the West; trade is making the world more pacific; the United States and Europe have begun their inevitable decline.

We ask you to use the interactive tool below to take a look at a snapshot of the international order, six ‘Rorschach tests’ that show that the assumptions we hold about the current state of the international order are not as clear cut as we might think. The state of the world can look very different depending on which set of data you use to interpret it.

Monday, February 24, 2014

ASIA'S best restaurant 2014 is ...

Bangkok takes two of the top three spots in the 2014 Asia's 50 Best Restaurants Awards, and Japan takes 10 of the 50. Is your favorite on the list?

RUSSIA: The Closing Ceremony of the Winter Olympics

RUSSIA, CHINA, AUSTRALIA & JAPAN: Cold medallists

Some countries excel at summer sports while slipping up on snow



THE Russian home team won the most medals at the Sochi winter Olympics, which closed on February 23rd. America was the runner-up in terms of its total medal haul (it came fourth if one counts only the golds, as the official ranking does). Both countries also did well at the latest summer games, in 2012. But as our chart shows, some countries excel at summer sports while slipping up on snow, and vice-versa. China, always near the top of the summer rankings, won only 3% of the medals at Sochi. Norway, a country of 5m people, managed to come third in the Sochi medal table (or second if one counts only golds), but won only a handful of medals in the latest summer games. Not surprisingly, the countries that did well at Sochi tended to be those that have a decent supply of snow at home. But some countries buck the trend: the Netherlands, distinctly short on ski resorts, did well because of a national passion for ice skating. And although Australia and Japan both have some decent slopes, they are weak on winter sports.

http://feedly.com/e/9mXtGEgM

JAPAN's Crown Prince Naruhito defends anti-war constitution

Crown Prince Naruhito, first in line to Japan's Chrysanthemum Throne, has used a press conference to send a thinly disguised message to the government about the importance of the nation's pacifist constitution.