Japan, China summon envoys over air defense zone

A war of words between Japan and China over a territorial dispute escalated Monday, with each country summoning the other's ambassador and Japanese Prime Minister Shinzo Abe calling a newly declared Chinese maritime air defense zone dangerous and unenforceable.

Abe told a parliamentary session that the zone alters the state of affairs in the East China Sea and escalates a tense situation.

"The measures by the Chinese side have no validity whatsoever for Japan, and we demand China revoke any measures that could infringe upon the freedom of flight in international airspace," Abe said. "It can invite an unexpected occurrence and it is a very dangerous thing as well."

On Saturday, Beijing issued a map of the zone and a set of rules that say all aircraft must notify Chinese authorities and are subject to emergency military measures if they do not identify themselves or obey Beijing's orders.

Abe said the measures one-sidedly impose rules set by the Chinese military on all flights in the zone, and violate the freedom to fly above open sea, a general principle under international law. He also slammed China for showing the disputed islands, called Senkaku in Japanese and Diaoyu in Chinese, as Chinese territory in the zone.

Source: NewsOnJapan

China and Europe to increase cooperation amid economic globalization

Relations between China and European countries are becoming closer in face of economic globalization, with exchange of high-level visits increasing, economic and trade cooperation broadening, and people-to-people exchanges continually making headway. Last Thursday, Chinese Premier Li Keqiang and leaders of the European Union (EU) kicked off the 16th China-EU summit in Beijing to work out a blueprint for bilateral ties in the coming years. Five days later, Li will attend a China-Central and Eastern Europe (CEE) leaders' meeting in the Romanian capital of Bucharest to enhance mutual understanding and cooperation. The two summits, held within a week, showed that China and European countries continue to broaden and deepen their relations. During a meeting with European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso prior to the summit in Beijing, President Xi Jinping said China and the EU are two major forces in maintaining world peace, two important markets to promote common development, and two civilizations to advance the cause of human progress. China and the EU need to bear in mind the trend of changes in the global situation, grasp opportunities, accurately position the comprehensive strategic partnership amid a multipolar world and economic globalization, and blaze new trails for the development of China-EU cooperation amid global changes in industry so as to benefit the peoples of both sides and the world, said the Chinese president. Europe, especially developed nations in the west of the continent, is an important partner of economic cooperation for China due to high economic complementarity between them and China. Moreover, China could also learn from Europe's experiences during its course of comprehensively deepening reforms. Statistics showed that two-way trade between China and the EU exceeded 546 billion U.S. dollars in 2012, with the EU becoming the largest trade partner of China and China the second largest of the 28-member bloc. Despite the debt crisis in some so-called "peripheral countries" in Europe, European nations are still an important export market and source of investment and technology for China. While establishing the comprehensive strategic partnership with Western European nations, China is also promoting cooperation with CEE countries, which are called "New Europe" by Western media and analysts. CEE countries, mainly emerging economies that have similar GDP per capita with China, are also at a crucial stage of transition to market economy, and their social and economic development is in urgent need for advanced technology and funds. As China and those countries share broad interests, they have enjoyed good prospects for mutually-beneficial and win-win cooperation in such fields as infrastructure, finance and green economy. Out of concerns about geopolitical and security issues and a possible impact on European integration, Western European countries, or the so-called "Old Europe," may be worried about cooperation between China and "New Europe." However, it should be noted that pragmatic cooperation between China and CEE nations in the economic field is not only transparent, but also inclusive. China and Western European countries have given play to their respective advantages and coordinated with each other in pushing forward CEE nations's development. Just as international analysts put it, broadening cooperation between China and CEE nations will help boost cooperation between the Asian country and the whole continent and accelerate all-around, balanced development of China-Europe ties. China has always supported European integration, and a powerful, united Europe is in the interests of not only the continent, but also the Asian nation.

9 types of entrepreneurs in Asia

Since we had a chance to interview and follow so many entrepreneurs in Asia, we thought it would be fun to classify them based on their characteristics.

You may or may not find your type here because some of you are probably a mix. Some of our categories don’t read as great as others, but you shouldn’t feel offended should you fall under them. Just let your product speak for you! Here’s our list on 9 types of entrepreneurs in Asia:

(1) The greenhorn: Young, daring, and naive.

The posers are people who think being an entrepreneurs is cool. Deep down, they know that they aren’t cut out to be entrepreneurs but still want to live that dream. Sad.

(7) The bullshitters: I can’t be an entrepreneur but I can talk.

The bullshitter is an upgraded version of the poser. These people usually can’t build a decent business. They also know that they can’t be entrepreneurs. Instead of spending time running their own business, they spend time sharing their thoughts about entrepreneurship, lean startup model, raising money, etc, etc. The bullshitters are detrimental to the greenhorn entrepreneurs who unfortunately might take their words seriously.

(8) The octopi: Building multiple startups is cool.

The octopi usually have multiple companies under their command. Sure, they work hard but they are also spending limited time on each of the companies that they have founded. They enjoy wearing different hats and working on very diverse products, which is what keeps them running.

(9) The valley dudes: Silicon Valley is king.

Silicon Valley entrepreneur type you find in Asia are well versed with what’s happening in the US and are usually expats. They keep comparing Silicon Valley to Asia. The more they do, the more depressed they get. The smart ones can identify similar trends and hop onto the wave to create an uber-successful company in Asia. But the foolish ones just keep sulking about why Asia isn’t anything like Silicon Valley and unfortunately end up not putting their knowledge to good use.

Hedge Funds most popular long Holdings

Picks from Goldman's Hedge Fund Monitor 

• Apple , Google , and are the most popular (long) holdings of hedge funds according to Goldman's latest hedge fund monitor, which analyzed the positions of 783 hedge funds with $1.7T of gross assets. Hedge fund holdings of AIG, however, account for 14 of the company's float compared to negligible amounts for Apple and Google.
• The 20 most concentrated hedge fund holdings as defined by the percent of equity cap owned by the funds has consistently been a significant outperformer, according to Goldman. In order: AN,STZ,JCP,FDO,THC,HRB,BEAM,MU,NWSA,VRSN,CBG,NFLX,GT,TSO,ETFC,MSI,WPX,WYN,HES,CCI. 
• Overall, the studied hedge funds' performance leaves a bit to be desired, with average return of 6% YTD. Fewer than 5% outperformed the S&P 500, and 20% of funds posted an absolute loss.

        Source:  SeekingAlpha

Free cash flow is King for Gold Producers

$1,200 key level for gold miners 

• "Free cash flow is king,"write Credit Suisse's Anita Soni and Robert Reynolds in their gold company outlook, and those miners who have more of it  will see the best stock performance. Top picks are Agnico-Eagle , Kincross , and Osisko .
• The current price of gold near $1,200 is key, and if the metal stays near that level in 2014, expect Newmont Mining  to consider a dividend cut, and Eldorado  and New Gold  to defer capital-spending plans. Agnico too would have to consider more cost cuts or a dividend trim to avoid drawing on its credit line.
• Iamgold would have to convince its JV partner to shut down Sadiola or consider exiting the partnership.

     Source: SeekingAlpha

Spain's Repsol has initial deal with Argentina on YPF

Repsol and Argentina reached a preliminary deal on Monday for the Spanish oil major to get paid for the 51 percent stake in the South American's country's main energy company YPF YPF.PA that the Argentine government seized in 2012.

If the deal is approved by Repsol at a board meeting scheduled for Wednesday in Madrid, it could spark a wave of international investment in Argentina's vast Vaca Muerta shale oil and gas formation.

Spain's government was proposing Repsol receive $5 billion in compensation and that both Repsol and YPF each name investment banks to advise on the valuation of the stake seized, said one source.

After the 2012 expropriation of YPF, Repsol lodged a complaint with the World Bank arbitration tribunal, the International Centre for Settlement of Investment Disputes and has threatened to sue any company that partners with YPF.

The chairman of La Caixa bank , Isidro Faine, and Emilio Lozoya, the chief executive of Mexican oil company Pemex, joined Spanish minister Jose Manuel Soria for the talks with the Argentine government of Cristina Fernandez and Miguel Galuccio, the chairman of YPF, sources told Reuters.

The Argentina government said in a statement it had struck an initial compensation deal with the Spanish firm including liquid assets. In return, Repsol would drop its complaint to the World Bank, it said.

Source: Reuters

Wal-Mart veteran McMillon to replace Duke as CEO next year

Wal-Mart Stores Inc  has named company veteran Doug McMillon to be its next chief executive, in a bet that his experience running its international unit will bolster growth at the retailer, the world's largest.

He will take the reins at a time sales growth in the United States is tepid and the company is trying to improve profitability at its international stores.

McMillon, 47, who has spent his whole career at Wal-Mart, was widely considered by Wall Street investors to be the front runner to succeed CEO Mike Duke, 63.

Since January 2009, he has headed Walmart International, the company's second-largest operating unit. Prior to that, he was CEO of the company's retail warehouse chain, Sam's Club.

McMillon, who has also worked at Walmart U.S., the company's biggest division, has long been believed to have the support of the Walton family, which controls almost half of the company's shares, according to Cowen & Co analyst Faye Landes.

Source: Reuters

Teenagers say goodbye to Facebook, adding street cred to WeChat

We’ve heard about how Facebook is losing its street cred  and its teenage audience as more and more baby boomers (their parents) join the platform. Where are all the teenagers going to, then? The answer is WeChat.

Chinese messaging app WeChat is the fastest growing social app used by youths worldwide, according to a study by Global Web Index . The latest study was conducted based on the feedback from teenagers aged 16 to 19 globally, excluding China. WeChat saw a 1,021 percent increase in usage among youths between Q1 and Q3 2013. The second-fastest growing is Vine at a rate of 639 percent, followed by Flickr (254 percent).

WeChat doubled the number of registered users from May to August. It now has over 100 million registered users in international markets outside of China.

Poshu Yeung is the vice president of the international business group at Tencent, the company behind WeChat. He commented:

The global trend shows that more and more users are turning to the mobile social platform to consume content, communicate, and keep in touch with people they care about. We believe this is an opportunity for WeChat to further strengthen its presence in the global marketplace.

Although the survey excludes teenagers in China, it doesn’t change the fact that Facebook is losing its cool factor. The world’s most famous platform is blocked in mainland China. If China were included, we might see even more Asian apps making the list. 

Source: TECHINASIA

WSJ: Apple buys PrimeSense,paying US$ 350 million

Apple's confirmation that it has bought the Israeli company which provided the technology for the first Kinect sensors - at $350m - gives many clues to its importance.

That Apple is paying  US$350 million for PrimeSense, the Israeli technology company, suggests that the Israeli company's systems will be a key technology for the company. It really wants it for something - and fast.

The amount paid is comparable with the $356m that Apple laid out in July 2012 to buy the fingerprint recognition company Authentec - whose scanning technology was incorporated into the iPhone 5S, released in September 2013 - and the $390m paid in December 2011 for Anobit, another Israeli company, which specialises in flash memory technologies.

The Authentec technology must have been built into the phone rapidly, because the typical lead time for a phone design is at least a year, and the incorporation of fingerprint scanning would have required extensive testing. Apple was almost certainly working with Authentec ahead of the acquisition, but seems to have seen its technology as so important it had to own everything about it.

Similarly, Anobit's specialism, of making flash memory (used in almost every Apple product, including its computers) function better, seems to have triggered a decision by the Cupertino company to snap it up. The results aren't as visible as a fingerprint scanner, but it seems a certainty that the expertise that Anobit had is being applied across the product range.

Source: the Wall Street JOurnal

China’s flirty Momo app quickly doubles user-base, now chats up 80 million people

The China-made find-and-flirt app Momo has reached 80 million registered users. It’s another big milestone for the app since it launche in September 2011. That number has doubled in the past four months.

Momo founder Tang Yan also revealed on his Weibo page that the app now has 39 million monthly active users, and 13 million who are active daily. That’s a fairly standard proportion of active users considering its 80 million registered user-base. The flirting app sees half a billion messages sent per day (including group chats), and it now has 1.4 million groups. Those groups stem from its local listings and check-in feature, when the app first broadened its horizons  from being simply about dating.

Last week,Momo unveiled social gaming integration so that its users can play mobile games against one another. Tang Yan says that the first game to work with that new system has already been downloaded two million times.Momo got US$40 million in funding in August 2012, with much of that rumored to be from e-commerce titan Alibaba.
Source: TECHINASIA

China to auction off illegally built official buildings - state media

 China will seize and auction off government and Communist Party offices that are illegally built, state media reported on Monday, as part of a crackdown on extravagance and pervasive corruption.

"All official building projects that have not had inspections carried out according to regulations and where construction has started without permission must halt construction and be handed over for confiscation," the Xinhua news agency report.

"All official building projects that exceed (the regulated) size, violate standards, or are over budget should have the area that exceeds standards vacated and handed over within a limited time or be entirely confiscated and auctioned off," the agency said, citing new regulations to control spending and combat waste in Party and government organisations.

Source: reuters

China says Islamist's holy war message proves terror threat

An Islamist militant group's speech claiming responsibility for a deadly car crash in Beijing's Tiananmen Square should silence sceptics regarding the threat of terror within China's borders, the country's Foreign Ministry said on Monday.

A group calling itself the Turkestan Islamic Party (TIP) has released a Uighur-language audio speech by its leader, Abdullah Mansour, in which he said the incident carried out by its mujahideen, or holy warriors, was only the beginning of attacks on Chinese authorities.

China blamed the East Turkestan Islamic Movement (ETIM) for the attack on October 28, when a vehicle ploughed through bystanders on the square and burst into flames, killing the three people in the car and two bystanders.

Authorities arrested five people they said were radical Islamists planning a holy war.

Foreign Ministry spokesman Qin Gang said ETIM and the organisation that released the speech are the same group, which had revealed its true terror intent.

"This lays bare the terrorist essence of this organisation and it also allows those people who recently suspected the nature of the incident to clearly see the truth," Qin told a regular press briefing.

Source: reuters

China reaffirms ban on housing sales on rural land-media

China has reinforced a ban on selling property built by villages or farmers on rural land, state media reported on Monday, dashing hopes for a quick policy change after a top-level party meeting.

The Ministry of Land and Resources and the Ministry of Housing and Urban-Rural Development have jointly issued an urgent circular ordering a halt to sales of "small-property-rights housing", which is built on rural land without going through state planning, the Economic Information Daily said.

Expectations that the government may relax controls on sales of such property rose after the party meeting this month pledged to allow rural construction land to be traded in a unified urban-rural market, enjoying the same rights and prices as state-owned land.

Chinese urban citizens have been prohibited from buying rural houses with limited property rights, with the government warning that such purchases do not enjoy legal protection. But sky-high property prices in cities have driven many urban dwellers to buy such low-cost homes.

Source: Reuters

Nasdaq tops 4,000 as stocks rise at open

U.S. stocks pushed higher toward new records on Monday, with the Nasdaq Composite topping 4,000, as a deal with Iran boosted investors' appetite for risk and weighed on oil prices. Iran and six global powers reached an agreement over the weekend that's expected to curb Tehran's nuclear program and ease certain trade sanctions.

Source: Markewatch

Historic deal with Iran is driving down the prices of oil and gold and giving another push to buoyant stock markets

The historic deal over Iran's nuclear programme agreed yesterday is driving down the price of oil and gold, and giving another nudge to already buoyant stock markets.

The price of a barrel of Brent crude slipped by over 2.5% already today, currently down $2.3 at $108.77/barrel. It follows the news that the tense negotiations in Geneva had delivered an agreement to restrict Tehran's nuclear work –which some analysts believe could be the most important breakthrough in the region in years.

Hopes that tensions in the Middle East will be diminished by the deal are proving costly to gold bugs too.The bullion price shedding 1% to $1,229 per ounce, its lowest level since July.

The dollar has strengthened, pushing down the Japanese yen -- cheering news for the Tokyo stock market where the Nikkei surged 1.5% to almost its highest level of 2013. 

Stan Shamu of IG said the Iranian deal could have added to the "risk mood" in Asia today. 

If sustained, lower oil prices could give the global economic recovery a helping hand, by lowering fuel costs for consumers and firms.

In Europe, the major stock markets have all opened a little higher - up around 0.5% in early trading.

Source: theguardian

Post-Iranian deal optimism

Dax hits another high
Another day, another record high on the German stock market.

The wave of post-Iranian deal optimism pushed shares higher in Frankfurt, with the DAX index up 0.7%, or 62 points, to an all-time high of 9281.

Other markets are also gaining, as Monday gets off to an upbeat start.

Encouraging risk taking in global markets

Airline shares are leading the charge -- they're an obvious benefactor from the lower oil price.

IAG, parent company of British Airways and Iberia, are up more than 3%, with Easyjet close behind.

Energy firms, though, are leading the fallers with oil exploration firm BG Group down 1%. Randgold's down almost 2%, tracking the drop in the gold price overnight.

FTSE 100: up 29 points at 6703, +0.44%

French CAC: up 18 points at 4297, +0.43%

Spanish IBEX: up 30 points at 9,707, + 0.3%

Italian FTSE MIB: flat

Source: theguardian

Counting the cost of currency risk in emerging bond markets

 Reuters excerpts.

"Once a source of rich returns for yield-hungry investors, emerging markets are hammering home a long-ignored truism: banking on currency strength to enhance returns on stocks and bonds is not a one-way ticket to profits''.

"Currencies such as the rupiah and lira have slumped 10-20 percent this year as a seismic shift in global capital flows rattles even relatively robust markets, exacerbating international investors' losses on the underlying assets.

And as a long-term dollar uptrend gains momentum, fund managers are being forced to rethink their decade-long view of emerging currencies as an obviously strong bet.

That means having to start actively managing exchange rate risk - and the cost of hedging may well make the underlying investment look far less attractive".

"We'll take currency exposure where we think there's upside potential. But equally we have the flexibility to own the bond without owning the currency, or even being short the currency," Goldman Sachs Asset Management's EMEA CEO Andrew Wilson said.

Source: Reuters

Wal-Mart CEO Duke to Retire: ‘Leadership Change Comes at a Time of Strength’

  According to a report from the Wall Street Journal,"Wal-Mart Stores Inc. said CEO Mike Duke will retire early next year and will be replaced by company veteran Doug McMillon".

The Monday morning announcement from the world’s largest retailer comes just days before Thanksgiving and Black Friday, the biggest holiday shopping day of the year.

Mr. McMillon, president and CEO of Walmart International, was named to Wal-Mart’s board, effective immediately. Mr. McMillon, 47, will become CEO on Feb. 1. Mr. Duke, 63, will remain as chairman of the board and will stay as an adviser to Mr. McMillon for one year.

Wal-Mart shares recently rose 0.4% to $80.15 in premarket 

trading. The stock is up 17% this year through Friday’s close.

“Mike put in place the building blocks for the next generation Walmart and today the company is stronger, more global and more unified across all our stores, mobile and online,” said Walton.  “He also reinvigorated the productivity loop and delivered strong financial performance. During his tenure the company made critical investments in talent and technology to expand Walmart to even more customers globally and stepped up its progress on social and environmental issues.  Mike also has a strong commitment to diversity, and has been especially engaged in advancing women throughout organization. He set a tone at the top to never be satisfied, to always accelerate and do better, while remaining true to the culture that has been core to the company’s success.”

“This is a great company and it has been an honor to help advance Sam Walton’s vision of giving people around the world a better life,” said Duke. “Our associates make it all possible and I’ve learned so much from them. No matter where I traveled, our associates continued to inspire me with their commitment to living our values, serving our customers and taking care of each other.”

Duke will continue serving as chairman of the executive committee of the board and, in the tradition of his predecessors, stay on as an advisor to McMillon for one year. 

 Rob Walton, chairman of Walmart’s board of directors said:

“Mike put in place the building blocks for the next generation Walmart and today the company is stronger, more global and more unified across all our stores, mobile and online,” said Walton.  “He also reinvigorated the productivity loop and delivered strong financial performance. During his tenure the company made critical investments in talent and technology to expand Walmart to even more customers globally and stepped up its progress on social and environmental issues.  Mike also has a strong commitment to diversity, and has been especially engaged in advancing women throughout organization. He set a tone at the top to never be satisfied, to always accelerate and do better, while remaining true to the culture that has been core to the company’s success.”

“This is a great company and it has been an honor to help advance Sam Walton’s vision of giving people around the world a better life,” said Duke. “Our associates make it all possible and I’ve learned so much from them. No matter where I traveled, our associates continued to inspire me with their commitment to living our values, serving our customers and taking care of each other.”

Duke will continue serving as chairman of the executive committee of the board and, in the tradition of his predecessors, stay on as an advisor to McMillon for one year. 

European shares rise early after Iran deal

European shares rose in early trade on Monday, with investor sentiment boosted by a deal between Iran and six world powers aimed at curbing Tehran's nuclear programme in exchange for a partial lift in sanctions.

At 0809 GMT, the FTSEurofirst 300 index of top European shares was up 0.4 percent at 1,301.97 points, while the euro zone's blue-chip Euro STOXX 50 index was up 0.4 percent at 3,067.83 points.

The German DAX hit a fresh record high.

French car makers PSA Peugeot Citroen and Renault , which had a significant exposure to the Iranian car market before the sanctions against Tehran were toughened, gained 3 percent and 1.2 percent respectively.

Peugeot was also boosted by reports that the struggling automaker was interviewing candidates to replace Chief Executive Philippe Varin.

However, the deal with Iran weighed on shares in European oil and gas groups such as BP, Total and Royal Dutch Shell, down 0.5-0.6 percent, as the agreement sent Brent Crude down nearly $3 a barrel on Monday, to $108.31, as concerns over supply eased.

Source: Reuters

WSJ : Private Equity Returns to Spain, Italy

   According to a report from the Wall Street Journal,"Spain and Italy, two countries the private-equity industry had forgotten, could soon become a deal playground for European and U.S. buyout firms''.

''At least 15 private-equity groups focused on the countries are looking to raise funds with a combined value of more than €4 billion ($5.4 billion), according to several people familiar with the matter and Preqin, a data provider. That is way more than the €1 billion raised since the start of 2010.

The Spanish and Italian markets enjoyed popularity with private-equity firms between 2005 and 2008 but activity died down during the financial crisis. It has been further hit by the euro zone's troubles.

There were 294 buyouts worth a total of $34.9 billion in Italy and Spain between January 2010 and Nov. 13 this year, a 45% drop in activity and a 46% drop in value compared with the boom-era period between January 2005 and December 2008, according to Dealogic, a data provider.

Milan's Clessidra SGR SpA, the largest buyout firm in southern Europe by funds raised in the past 10 years, plans to return to the market next year to raise as much as €1 billion for an Italy-focused fund, said two people familiar with the situation.

In February, Blackstone Group  LP hired former Magnum Capital partner Inaki Echave to find deals in Spain and Portugal. In October 2012, Bain Capital LLC agreed to its first deal in Spain, buying the Atento call center division of Telefónica SA for €1.05 billion.

"We continue to look at opportunities in Italy and Spain because the fundamentals are improving, and many companies are refocusing their balance sheets by disposing of noncore assets that have good growth prospects in their own right, said Dwight Poler, a managing director at Bain Capital, citing Atento and Italian data company Cerved''.

Iran deal saps oil prices, cheers Asia shares

Oil prices hit the skids on Monday after Iran and six world powers sealed a deal curbing its nuclear program, a fillip for global economic growth that found expression in heartier share prices from Tokyo to Seoul.

The agreement gives Iran some relief from crippling sanctions and is considered a big step toward a more lasting treaty. While Iran will not be allowed to increase its oil sales for six months, any easing of Middle East tensions tends to lead to lower crude prices.

Brent Crude oil shed $2.89 to $108.16 a barrel, its biggest daily drop in a month. U.S. oil lost $1.37 to $93.47 a barrel. 

If sustained, the drop would be a net plus for spending power globally given high petrol prices essentially act like a tax on consumers.

Source: Reuters

China autumn auction ends on high note

 China's first mainland auction house ended its 2013 autumn auction on Wednesday in Beijing. The event has paid tribute to the 20th anniversary of the auction house and has been a positive indicator of the Chinese auction market.

This purple clay stoneware auction is one of the last to be held at the autumn auction. Purple clay teapots are said to alter the taste of tea and create a more complex flavour. Buyers are willing to pay big prices for these unique and delicate works.

But the crowning achievement happened last Saturday, when the painting "Tajik Bride" became the most expensive oil painting ever auctioned by China Guardian, fetching almost 14 million U.S. dollars.

Items by private collector Wang Shixiang have also been a major highlight. 560 pieces collected by Wang have gone under the hammer, including premium furniture and ceramics.

"We've seen a fair increase in total revenue compared to last year. Last year the total revenue of the autumn winter auction was almost 290 million USD and this year we expect it to be around 400 million USD. And these come from revenues across the board, be it furniture, tea pot porcelain or calligraphy. We’ve seen great deals in almost all of our categories," said Hu Yanyan, vice president of China Guardian.

"This is a good way to wrap up the season and I think this will boost the confidence of the market. The market had some fluctuation in 2012 but I think this is a sign of a major resurgence."

This is the first ever deal at China Guardian in 1994. It was also the first auction deal in the mainland after the founding of the People’s Republic of China.

China’s auction industry has come a long way since then. The mainland now has almost 6,000 auction companies and 60,000 people working in the field. The prices of the items auctioned here are among the highest in the world, making China one of the most important markets globally.

But for many, purchasing items remains a method of investment rather than pure appreciation of art, so China still needs a larger number of genuine collectors for a fully thriving market.

However, analysts believe that with more comprehensive legislation, professional management and international cooperation, China could lead the tide in the near future.

Source: Xinhua

Asian airlines to give flight plans to China after airspace zone created

"Asian aviation officials said airlines would have to inform China of flight plans before entering airspace over waters disputed with Japan, forcing carriers to acknowledge China's authority over a newly declared "Air Defence Identification Zone".

"China published coordinates for the zone on the weekend. The area, about two-thirds the size of the United Kingdom, covers most of the East China Sea and the skies over a group of uninhabited islands at the centre of a bitter row between Beijing and Tokyo''.

''Japan and its close ally, the United States, sharply criticised the move, which experts said was aimed at chipping away at Tokyo's claim to administrative control over the area including the tiny uninhabited islands known as the Senkaku in Japan and the Diaoyu in China''.

''While China said the new rules would not affect "normal operations" for international flights, it added that it would take "defensive emergency measures" against aircraft that failed to identify themselves properly.

China's latest move could help spread the view that Japan was losing administrative control of the area, said Hiroko Maeda, research fellow at Japanese think-tank the PHP Institute.

An official at the Japan Civil Aviation Bureau said Japanese airlines flying through the region to non-mainland Chinese destinations would likely need to inform China of their plans. "Airlines have been advised to take greater care in the area," said another bureau official''.

"It's a unilateral step, changing the status quo in the East China Sea," Abe said in parliament on Monday, keeping up the chorus of criticism from Tokyo.

"It escalates the situation and could lead to an unexpected occurrence of accidents in the airspace. It is an extremely dangerous measure and our government has strongly expressed its concerns about it."

Source: Reuters

China, Japan, and India represent strongly in latest top 500 supercomputers list

"Asian countries have not yet matched the development levels of the West, but when it comes to supercomputers it’s a different story. Nations like China, Japan, India, and Korea have world-leading supercomputers alongside the US, Germany, and France. Who tops the list? It’s China.

China’s Intel-powered Tianhe-2 retains the top slot ahead of America’s Titan. Aside from China’s speediest Tianhe-2 supercomputer, the nation is the strongest in Asia with 65 supercomputers, followed by Japan and India with 30 and 15 each, respectively.

All this new data comes from the 42nd worldwide edition of the Top 500 supercomputers list.

The Tianhe-2 is developed by China’s National University of Defense Technology and can compute at 33.86 petaflops (quadrillions of calculations per second) on the  LINPACK Benchmark.

Indian number-crunching

Interestingly, 12 supercomputers ranked in the top 500 list are based in India. These have excelled specifically in the areas of weather forecasting and seismic analysis.

These 12 Indian supercomputers in India areIntel HPC-powered. The country’s count has doubled in the last year.

Japan’s K computer – a Fujitsu system based at the RIKEN Advance Institute for Computational Science (AICS) – holds the fourth spot in the global top 10.

Among the top 10 supercomputers in the world, half of them are IBM-made''.

Source: TECHINASIA

New high-speed railway link to open in N China

A new high-speed railway link that connects the cities including Tianjin and Qinhuangdao in north China will be put into operation on Dec. 1, railway authorities said on Sunday.

The link, with a total length of 287 km, is designed with a maximum speed of 350 km per hour and set with nine stops. The maximum speed will be set at 300 km per hour during the link's initial stage in operation, according to the country's railway authorities.

Travel time between the departure stop of Tianjin West and the terminal stop of Qinhuangdao is expected to be reduced to one hour and 11 minutes from almost 2.5 hours previously.

Construction of the link started on Nov. 8, 2008 and running tests began in early November this year.

Source:  Xinhua