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The Huffington Post the de facto “Internet newspaper.”

Since its inception in 2005, the Huffington Post has grown to be the most visited news site in the U.S. Their story of rapid growth proves to be a classic success story in entrepreneurship and business development. In an era when anyone can call themselves a reporter, the Huffington Post has managed to develop a distinctive voice. Powered by social media and the ever-increasing number of blogs (over 180 million at the end of 2011), they successfully established themselves as the de facto “Internet newspaper.”

Source: Student Reporter

Japan:Keidanren to call for wage hike

Japan's largest business organization is calling for wage hikes in the upcoming labor negotiations. It's the first time in 6 years the group will make a strong appeal for higher wages.

The Japan Business Federation, or Keidanren, announced its basic policy for the annual negotiations on Wednesday.

The group says Prime Minister Shinzo Abe's economic policies have helped improve the corporate business climate. It's calling on companies with brisk performance to not only focus on raising capital investment, but also on increasing jobs and wages.

The business leaders are also calling on employers to consider various options to raise wages. This suggests their approval for a basic pay increase.

Source: NewsOnJapan

Bird flu epidemic overshadows Chinese New Year

As millions of Chinese prepare to return to their hometowns for Spring Festival, the challenges of containing the latest H7N9 bird flu epidemic have come sharply into focus.

Health authorities are deeply concerned by the resurgent epidemic, with about twenty new cases reported in the first two weeks of 2014, mostly in eastern costal regions. About 150 cases of H7N9 bird flu have been confirmed in China since the first case in March last year.

The virus is more active in winter and spring, and high density transportation in coaches, trains and aircraft could create "favorable circumstances" for the epidemic to spread, according to Li Lanjuan of the Chinese Academy of Engineering.

Li is China's leading researcher on bird flu and a member of the H7N9 prevention and control group. She warns that the virus might be spread by migrants returning to their, mainly rural, homes from developed eastern regions.

TRAVEL RUSH

During the world' s biggest annual human migration in the 40 days around Spring Festival, about 3.62 billion trips will be made this year, according to Tuesday's National Development and Reform Commission press release.

This year, the highlight of Spring Festival, Chinese Lunar New Year, falls on Jan. 31. It is the most important Chinese occasion for family reunions.

"We are worried about the risk brought by massive numbers of people gathering together in confined spaces," said Dr. Liang Weifeng of the medical college at Zhejiang University.

In Zhejiang, new H7N9 cases have been reported for six consecutive days. As of Tuesday, the eastern province had reported a total of eleven, including some fatalities. Zhejiang was also the site of China's first confirmed human-to-human transmission last November, when a man was infected while caring for his father-in-law.

More alarming still, Guizhou Province in the remote southwest of the country confirmed its first H7N9 fatality on Saturday; that of a migrant worker who returned from Zhejiang on Jan.4.

NEW H7N9 SCIENTIFIC RESULTS

Results of research by a Chinese team published in the Lancet, have established that variation of an amino acid on the H7 gene has made the H7N9 strain more infectious to mammals.

"On the PB2 gene, we have found another variation in a key amino acid. One more variation of a specified amino acid, and human-to-human transmission will become much more likely," said Liang, indicating his extremely high concern over the possibility.

The team recently identified a new partial variation in the virus, demonstrating its capacity to adapt to its environment.

"It has increased the risk of human-to-human transmission and brought more difficulty in treatment," Liang added.

Besides the travel rush, another problem facing health authorities is that Spring Festival is also the peak season for poultry sales and consumption.

The Chinese have a long tradition of eating fresh ingredients especially at important feasts and family reunions. Chinese people, especially those in eastern regions, like to buy live chicken and duck and slaughter them at home for freshness and a festival atmosphere. Despite a government ban, live poultry markets are reemerging in some regions.

At an open-air market in Zhejiang, Cai, a local senior, and his wife selected several live birds for the city's speciality, Hangzhou Roast Duck. "Dishes of chicken and duck are a must on New Year's Eve. We can hardly change tradition," said Cai.

"There is no problem after cooking, and the duck and chicken sold here have been quarantined," said Zhu Linying, a housewife at Xianlinyuan market in Hangzhou.

Zhejiang and other provinces are cranking up H7N9 control with more inspections and tougher quarantine measures wherever live birds are sold.

Poultry are easily infected by H7N9, and the risk cannot be contained simply by closing live poultry markets, said Li Lanjuan.

"Some deaths were caused by delays in seeking medical advice, as the virus quickly attacks the lungs," said Li, alerting people to mind their health during the holiday and go to hospital if they have fever or a cough.

Source: Xinhua

Chinese travel and shopping in 2013

 97 million Chinese travelled abroad in 2013 , beating the 2012 mark by roughly 14 million, according to the China National Tourism Administration. The China Tourism Academy estimated that 65% of the travel budgets of outbound Chinese tourists were for shooping. Here are some of the most popular shopping festivals in different countries and regions, which, we hope will help you arrange your shopping agenda.  
Chinese overseas tourist spending in 2013 was 117.6 billion dollars.
 Preferred local and international destinations were as follows:



Source: ChinaDaily

Secrets of China told in shopping bill

Staff members of Tmall cheer for rising orders in several chinese cities

If people were amazed but confused by the 35 billion yuan ($5.75 billion) the Chinese spent in a one-day online shopping spree last year, a new report from Alibaba can decode the mystery behind China's consumption and, possibly, tell more.

Alipay, China's leading independent online payment platform and subsidiary to the e-commerce giant Alibaba, on Monday released its "2013 National Shopping Bill," in which it took stock of Chinese consumer spending last year. It is the second time Alipay has published such a report.

Apart from the report, Alipay users received their personalized annual shopping bills via the company's mobile app, Alipay Wallet.

What these bills tell us goes far beyond money, analysts said.

Secrets of China

Chinese shoppers spent a record 35 billion yuan on November 11, China's "Singles Day."

Headline-making events were Alibaba's online retailer Taobao.com selling 1.6 million bras in one hour and a woman placing an order for a 13.3-carat diamond ring priced at over 20 million yuan.

Details of Alipay's national shopping bill sheds light on China's consumption landscape.

"The shopping bill is a window to observe the Chinese economy in the Internet and mobile spheres, people's social life and the transformation of Chinese shopping habits," said Fang Yingzhi, an analyst with the China e-Business Research Center.

Average online expenditure per person in 2013 exceeded 10,000 yuan, Alipay's report said.

Though it may be unsurprising that Alipay's top spenders in 2013 were affluent economic powerhouses of Guangdong, Zhejiang, Beijing, Shanghai and Jiangsu, the report showed that remote outposts in Qinghai, Tibet and Inner Mongolia made the top ten where mobile paymentwas most used.

The popularity of mobile payment in western China can be partly attributed to the relatively weak Internet infrastructure there, Fang said.

In the past year the Chinese made more than 500 million transactions through Alipay Wallet for purposes ranging from money transfers to topping up mobile phones. This was most common among people in Shanghai, Beijing and Guangzhou, the report showed.

The Chinese not only love spending but have exhibited an interest in managing their wealth for more gains, according to the report.

A recognized rival to traditional banks in competing for deposits, Alibaba's Yu'E Bao (Left-over Treasure) attracted more than 40 million users and led to nation-wide enthusiasm for wealth management, a service big banks only reserve for the wealthy and blessed few.

The average age of Yu'E Bao users is 28 and there are more users (2 million) aged 23 than in any other other age bracket. Senior citizens could be its next target as only 2 percent of users are over the age of 50, the Alipay report said.

Yu'E Bao is most popular in Jiangsu, Guangdong and Zhejiang, provinces famed in China for entrepreneurship. 

Devil in details

While the Alipay report is useful to know more about China, individuals will also find it handy to reflect on themselves.

As many as 37 million people sleep late, the report said. Many payments were made through Alipay between midnight and 5:00 am.

These "panda people," a nickname with reference to the black circles around their eyes after a poor night's sleep like that on a panda, are easily found in Shanghai, the report said.

Men whose zodiac sign is Aquarius have a soft spot for shopping, Alipay said, citing an average annual spend of 18,558 yuan. Their counterparts are Scorpio women who spent an average of 16,713 last year.

Virgo men and women are the most frugal, the report said, calling the public to stop labeling virgos "fussy" and give them credit for their healthy restraints in shopping.

Source: ChinaDaily

China seeks to calm US fears over missile

The Ministry of National Defense issued a statement on Wednesday dismissing media reports that China's recent ultrahigh-speed missile test flight was aimed at delivering warheads through the missile defenses of the United States.

"It is normal for China to conduct scientific experiments within its borders according to its plans. The tests were not aimed at any nation nor any specific target," the ministry said in a written reply to China Daily.

Western media have been playing up the significance of the hypersonic missile delivery vehicle test since The Washington Free Beacon news website quoted an anonymous Pentagon official as saying that the test was conducted with the aim of sending warheads through US missile defenses.

In an article on the test, the website reported that the new hypersonic missile was detected traveling at extremely high speeds over China.

US Pentagon spokesman Jeffrey Pool told the website, "We routinely monitor foreign defense activities and we are aware of this test."

Observers said reports that play up competition on military capabilities indicate a lack of mutual understanding on the part of the militaries of China and the US, but the misperceptions can be resolved through talks.

Lack of mutual strategic trust between the two nations is the reason why the US is worried about China's military development, said Fan Jishe, an expert on US studies at the Chinese Academy of Social Sciences.

"Washington is afraid that China's growing power will reduce its influence in the region, and threaten the interests of its allies, such as Japan and the Philippines. ... The US still enjoys the leading position in military ability, both strategic weapons and conventional armaments," Fan said.

"The US has been devoted to high-tech weapons research for a long time, and China is still rather backward in this field," he said.

China has been sufficiently transparent on developments in its military technologies to allow for the development of mutual trust with other nations, he added.

Li Qingkong, deputy secretary-general of the China Council for National Security Policy Studies, said, "There is no need for the US or any other country to worry about the development of the Chinese military, given that China's military expenditure is much lower than that of the US."

Such weapons use cutting-edge technology for flying and maneuvering at ultrahigh speeds in space and within the Earth's atmosphere.

The advantages of hypersonic craft include precise targeting, very rapid delivery of weapons, and greater survivability against missile and space defenses.

The Washington Free Beacon said the US, Russia, and China are all engaged in research on hypersonic weapons, while India is also developing a hypersonic variant of its BrahMos cruise missile.

Source: Chinadaily

China-Japan trade outlook remains grim

Trade between China and Japan is expected to continue its lackluster trend in 2014 owing to prolonged political tensions and structural change in East Asia, experts said.

Last year, trade between the world's second-and third- largest economies declined despite the depreciation of the Japanese yen and China's achievement of becoming the world's largest goods trader.

"Political tensions were primarily responsible for the trade slide last year. Economic factors were a secondary reason. The islands dispute and the war shrine visit of Japan's Prime Minister Shinzo Abe in late December have frozen bilateral ties. This could never have avoided affecting trade relations," said Zhang Jifeng, a researcher from the Institute of Japan Studies at the Chinese Academy of Social Sciences, a top government think tank.

He added that trade prospects were improving before the end of last year with shipments increasing between the two economies after declines in the past two years. The China-Japan trade slide in 2013 was "not normal" in that the economies of the two countries registered satisfactory growth, and both countries' trade growth accelerated from the previous year amid a world economic recovery.China-Japan trade outlook remains grim

"I was optimistic had it not been for Abe's shrine visit. But now it's very hard to predict the bilateral trade prospects. I'm really not confident this year. There is a high possibility of another slowdown because no signs suggest improving ties between the two countries," Zhang said.

Li Jian, a researcher from the Chinese Academy of International Trade and Economic Cooperation, a think tank under the Ministry of Commerce, said China-Japan trade is likely to remain sluggish in 2014 and the improvement, "if there is one, will be very small compared with China's trade growth with other partners".

In 2013, Japan was China's fifth-largest trade partner. Bilateral trade declined 5.1 percent year-on-year to 312.55 billion U.S. dollars, accounting for 7.5 percent of China's total trade value, according to the General Administration of Customs. China's exports to Japan went down 0.9 percent to 150.28 billion U.S. dollars while Japan's exports to China declined 8.7 percent to 162.27 billion U.S. dollars, leaving China with a trade deficit of 11.99 billion U.S. dollars.

Bilateral trade in 2012 decreased 3.9 percent year-on-year to 329.45 billion U.S. dollars, about 8.5 percent of China's total, according to China's Administration of Customs.

"As for the bilateral trade slowdown in 2013, the reason is sophisticated. Part of the reason is known to everyone and needs no explanation. But I still hope for a steady development of bilateral trade in 2014," Zheng Yuesheng, spokesman of the customs administration, told a news briefing on Jan 10.

"On the economic front, the change in trade structure in East Asia and the weakening of Japan's export competitiveness also accounted for its trade slide with China in 2013," Li said. "Japan's technological advantage is narrowing compared with South Korea and Southeast Asian economies. Chinese buyers are shifting their orders for mechanical equipment and key components from Japan to other economies in the region."

A survey before Abe's shrine visit, jointly conducted by the Nikkei in Japan, the Maeil Business Newspaper in South Korea and China's Global Times newspaper with hundreds of companies across the three nations, showed that up to 60 percent of China's corporate leaders were unwilling to do business with Japanese firms while 60 percent of corporate leaders in South Korea also voiced concern at conducting business with Japanese firms.

China and South Korea are the leading trade partners of Japan while China is heading to become the world's largest goods trader.

However, two-thirds of Japanese executives named Southeast Asia as their most promising market, suggesting an anticipated shift toward the region despite local tensions continuing.

Zhang, from the Chinese Academy of Social Sciences, said slowing Japanese investment in China also reduced purchases from Japan.

Japan's non-financial investment in China reached 6.76 billion U.S. dollars, up 2.29 percent from a year earlier in the January-November period.

Source:China Daily

China: As the Spring Festival comes closer,getting a ticket for a train travel is a hassle.

As the world's largest annual human migration gathers steam the rush for train tickets is in full swing. The 40-day travel period during Spring Festival will see more than 100 million people travel home, and most will take the train. China's railway ministry says as of Sunday its online ticketing platform has sold 154 million tickets in little over a month. Despite the massive effort to get people home, it often takes some creative travel planning to get there.

2,400 kilometres. That's how far 25-year-old Lin Yangyang has to travel to get from Shanghai where he works to his hometown in Xining, Qinghai Province. It’s not the distance that bothers him. Getting a ticket is his biggest hassle.

"It says there are tickets online. But it takes too long to load the page. By the time I get to click on it, the tickets are all gone." Lin said.

Lin finally figured out how to get back to his family. He’ll hopscotch his way home by taking seven different trains.

From Shanghai he’ll change trains in Nanjing, Bengbu, Xuzhou, Zhengzhou, Xi’an and Lanzhou, before arriving Xining. His convoluted itinerary means he had to buy 7 different trains tickets.

Lin is happy enough he’s found a way to get home at a time when tens of millions of people are trying to do the same thing.

"I understand the situation. It’s quite hard to build the official online ticket sales system for so many people. I’m sure it’ll improve in the future." Lin said.

If all goes well and Lin doesn’t miss a train, his journey will take him 30 hours ... only 6 hours longer than the direct train from Shanghai to Xining. It’ll cost half as much as a flight.

Lin is actually one of the lucky ones; he can manipulate the system on his computer. For millions of migrant workers who know little about buying tickets online the frustrations are far greater.

"There needs to be more information, especially for migrant workers. They need help with alternative routes home." Shanghai passenger said.

That’s exactly what railway authorities in Shanghai are attempting to do.

"If the tickets for direct routes are sold out, passengers can come to the station or dial 12306. Staff will help them get tickets to other cities where they can transfer to other trains." Shanghai station master Liu Jingke said.

Despite the numerous frustration stories, most reports show the railway’s online ticketing platform is much improved since its disaster debut three years ago. This travel season an average of 3 point 5 million tickets have been sold online every day, with a peak of more than five million tickets sold on January 9th. 

Toyota likely the world's top seller again in 2013

Toyota Motor appears to have grabbed the Number 1 spot among global carmakers for the second straight year.

The Japanese automaker estimates that it sold 9.96-million vehicles worldwide last year. US automaker General Motors announced on Tuesday that it sold 9.71 million units in 2013, up 4 percent from the previous year. Germany's Volkswagen says it sold about 9.5 million, up almost 5 percent.

Company officials predict sales will top 10 million vehicles this year, setting a record.

Source: NHK

China: Frank, honest attitude important to China-US investment treaty talks

China’s Commerce Minister Gao Hucheng told CCTV that the talks are now focusing on substantive details of the treaty. He said the trade volume between the two countries has reached 500 billion US dollars, and divergence and contradictions are COMMON with such a volume of economic exchange. Gao said that’s why a frank, earnest attitude is important to the talks.
 
"We stand for negotiation in earnest. For those sectors we’ve reached common ground on, we can make joint efforts to promote further cooperation and strengthen China-US trade relations. For those sectors we are in divergence on, we can exchange ideas. If we find the divergence can be overcome, we will try to meet each other halfway and address the common concerns. If we find the divergence cannot be overcome, we can put the differences aside and find a way forward in the future," Gao Hucheng said. 

Source: CCTV

Japan's electrifying election

Two big news items out of Japan this week have captured global attention. Osaka-based Suntory on Monday announced it will buy Beam Inc., BEAM +0.26% producer of Jim Beam, Maker's Mark and Knob Creek bourbons. Then a historically wide trade deficit sent stocks in Tokyo into a nosedive on Tuesday. But investors might have missed what could prove to be a far more consequential development: the start of a local election campaign that threatens to upend national energy policy.

Former Prime Minister Morihiro Hosokawa on Tuesday threw his hat into the ring for Tokyo metropolitan governor. The election, precipitated by the resignation of the incumbent last month in a campaign-finance scandal, is due on February 9. Mr. Hosokawa says he is running "because I have a sense of crisis that Japan faces various problems, especially nuclear power that could imperil the fate of the country."Lest anyone doubt that Mr. Hosokawa intends to turn the election into a referendum on nuclear power, he has enlisted another former prime minister, reformist Junichiro Koizumi, as his No. 1 supporter. Mr. Koizumi in recent months has become a high-profile anti-nuclear campaigner. "The biggest reason why I support Mr. Hosokawa is his view that Japan can prosper without nuclear power," Mr. Koizumi said Tuesday. Voters seem likely to support Mr. Hosokawa, too. He has instantly become the candidate to beat.
This sets the stage for a political battle about the future of an industry that touches every company and household in Japan. It's about time. Japanese pay some of the highest electricity rates in the world, and for a supply that in recent years has grown less reliable.

Source: Wall Street Journal

Piet Mondrian A Journey through Modern Art, by Robes Bear

U.S. Economy had a mostly moderate Growth in December

The Wall Street Journal Reports,"the beige book, which describes conditions across the central bank's 12 districts, said growth was "moderate" in nine regions and "modest" in two others. The Kansas City district said conditions "held steady" in December".

The last such survey, released in December, showed seven districts growing moderately and four districts growing modestly. One other district only said economic activity was expanding.

In Fed reports, the word "modest" has been used at times to indicate an expansion that is slightly slower than "moderate" growth.

The new report generally tracks recent economic data on the U.S. economy, including steady retail sales, rising exports and strong growth in the gross domestic product.

Wednesday's survey provides a snapshot of the economy based on information gathered by the regional banks in late November and December. It was released two weeks before the Fed's policy committee is scheduled to meet Jan. 28-29. The Fed must decide at the meeting how to proceed with winding down its bond-buying program, which seeks to boost the economy by lowering borrowing costs.

Two-thirds of the 12 districts reported increased hiring in late 2013. The Labor Department estimated last week the economy added a disappointing 74,000 nonfarm jobs in December. The unemployment rate dropped to 6.7%, largely because people left the workforce.

The Fed survey found retail spending was "modestly to moderately higher" in most areas compared with a year earlier. But the Richmond Fed district reported slowing retail spending and the Kansas City district said holiday sales were lower than expected.

WSJ: IMF Chief Christine Lagarde Warns on Rising Risks of Deflation

"With inflation running below many central banks' targets, we see rising risks of deflation, which could prove disastrous for the recovery," IMF Managing Director Christine Lagarde said in a speech at the National Press Club.

"If inflation is the genie, then deflation is the ogre that must be fought decisively," she said.

"The IMF is planning to upgrade its forecast for global growth in its latest economic assessment due out next week.

But despite an acceleration in U.S. growth and euro zone output turning positive after two years of contraction, Ms. Lagarde said global growth "is still stuck in low gear" and below its 4% potential rate".

That means it's critical that the Fed avoids "premature withdrawal of monetary support," she said. The Fed plans to start exiting its $85 billion monthly bond purchases in January, and many economists expect a full end to the program by the end of the year. 

For the euro area, the ECB could do more to spur growth, including through targeted lending, the IMF chief said.

"Central banks should return to more conventional monetary policies only when robust growth is firmly rooted," Ms. Lagarde added.

As the Fed exits its QE, emerging markets must be wary of asset bubbles and rising debt in their economies.

There are still rough waters ahead.

PBI del Perú creció 4.89% en noviembre

En el onceavo mes del año, la actividad productiva se incrementó 4.89%, resultado ligeramente menor al 5% anticipado tan solo el lunes por el ministro de Economía y Finanzas, Luis Castilla, según cifras difundidas esta mañana por el Instituto Nacional de Estadística e Informática (INEI).

De esta forma, entre enero y noviembre la economía acumula una expansión de 4.92%. Para el ente estadístico, se tendría crecer por encima de este promedio en diciembre, para que se logre la meta anual del Gobierno de 5.1%.

El INEI detalló que en noviembre los sectores Comercio y Transportes avanzaron 6.73% y 5.70%, respectivamente. En tanto, Construcción solo se expandió 2.27% y la Manufactura cayó 1.14%.

Los rubros que mostraron una importante recuperación fueron Minería e Hidrocarburos y Pesca. El primero creció 7.80% y el segundo, 75.31%. Este último despegó impulsado por la captura de un millón 40 mil toneladas métricas de anchoveta en noviembre.

Fuente: INEI

EIA Summary Weekly Petroleum Data for week ending January 10th 2014

Summary of Weekly Petroleum Data for the Week Ending January 10, 2014

U.S. crude oil refinery inputs averaged 15.7 million barrels per day during the week
ending January 10, 2014, 403 thousand barrels per day lower than the previous week’s
average. Refineries operated at 90.0% of their operable capacity last week. Gasoline
production decreased last week, averaging over 8.3 million barrels per day. Distillate fuel
production decreased last week, averaging 4.7 million barrels per day.

U.S. crude oil imports averaged 6.9 million barrels per day last week, down by 1.1
million barrels per day from the previous week. Over the last four weeks, crude oil
imports averaged 7.4 million barrels per day, 5.3% below the same four-week period last
year. Total motor gasoline imports (including both finished gasoline and gasoline
blending components) last week averaged 405 thousand barrels per day. Distillate fuel
imports averaged 208 thousand barrels per day last week.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum
Reserve) decreased by 7.7 million barrels from the previous week. At 350.2 million
barrels, U.S. crude oil inventories are near the upper limit of the average range for this
time of year. Total motor gasoline inventories increased by 6.2 million barrels last week,
and are in the middle of the average range. Finished gasoline inventories decreased last
week while blending components inventories increased last week. Distillate fuel
inventories decreased by 1.0 million barrels last week and are below the lower limit of
the average range for this time of year. Propane/propylene inventories fell 3.8 million
barrels last week and are well below the lower limit of the average range. Total
commercial petroleum inventories decreased by 10.3 million barrels last week.

Total products supplied over the last four-week period averaged 19.1 million barrels per
day, up by 4.2% from the same period last year. Over the last four weeks, motor gasoline
product supplied averaged 8.6 million barrels per day, up by 2.7% from the same period
last year. Distillate fuel product supplied averaged 3.6 million barrels per day over the
last four weeks, up by 5.4% from the same period last year. Jet fuel product supplied is
up 11.9% compared to the same four-week period last year.

World Bank Global Economic Prospects 2014: East Asia And Pacific Region

"2013 marked another year of weakening growth in the East Asia and Pacific region. Growth moderated to 7.2 percent in 2013 from 7.4 percent in 2012 with growth in China unchanged from the 7.7 percent recorded in 2012. A one percentage point slowdown in growth in the rest of the region reflects a moderation of economic activity in Indonesia, Malaysia, and Thailand where weak commodity revenues and policy tightening to address economic imbalances accumulated during the years of above-potential growth cut into activity. Toward the end of 2012, authorities in the region began to tighten policies to unwind imbalances, contributing to sharp declines in economic activity in the first quarter of 2013 when external demand was still weak. The impact of domestic adjustment was also exacerbated by a tightening of international financial conditions in the second quarter of 2013. Despite the mid-year financial turbulence, growth in the region has been strengthening since 2013Q1, supported by improved external demand, lower imports, and policy stimulus in China. Since August 2013, capital inflows to the region have also rebounded, although pressures on regional assets and currencies, especially in Indonesia and Thailand, continued throughout 2013. Sentiment has turned up and both industrial production and exports have started to firm, but performance remains uneven across the region. In China, quarterly GDP growth picked up to a 9.3 percent annualized rate in the third quarter. Quarterly GDP growth in the rest of the region also accelerated to an annualized rate of 5.2 percent in Q3, mainly because of better net exports resulting from lower imports.
Economic prospects for the region reflect several counterbalancing factors, including the impact of normalization of long-term interest rates, which is projected to weigh on prospects for several middle-income countries (Indonesia, Malaysia, and Thailand). At the same time, the recovery in import demand from high-income countries should spur acceleration in global trade and regional exports. Declining commodity prices are, however, projected to weigh on outturn for commodity exporters (Indonesia, Malaysia, Mongolia, and Papua New Guinea).
Aligning growth with the potential growth rate in several major middle-income economies in 2014 will help alleviate domestic vulnerabilities generated during the years of expansionary policies. Full-year growth for China is expected to remain at around 7.7 percent in 2014, but the quarterly pace should slow somewhat toward the second half of the year, with growth projected to stabilize at around 7.5 percent in 2015 and 2016. Growth in the rest of the region should also be broadly stable in 2014"

World Bank Growth Prospects

Marc Faber on current valuation of markets and future risks

  Answers to questions on Bloomberg interview
"We are in a gigantic financial asset bubble".
  "The massive quantative easing took the US 10 years bond to a yield of 1.43%, when the FED started to
talk about the tapering of its bond program, the U.S. 10 year bond yield rose to 3%".
 " Mr Faber said the problem will come when the tapering follows and the U.S.10 year bond yield goes
from 3 to 4%,and the US 30 year bond yield goes to 5%, and mortgage rates go to 6%.
  That will hit the economy very hard".

U.S. Strong Increase of NY manufacturing Index

Empire State Mfg Survey

Released On 1/15/2014 8:30:00 AM For Jan, 2014 Prior Prior Revised Consensus Consensus Range Actual General Business Conditions Index - Level 0.98  2.22  3.30  -1.00  to 7.00  12.51

Highlights New York manufacturing had been lagging other regions of the US, that is until this month with the index jumping to 12.51 from December's revised 2.22 to indicate significant month-to-month improvement in general business conditions. And the improvement includes new orders which are at 10.98 from December's minus 1.69. The gain here points to upcoming strength for shipments and other readings including employment. Employment is already on the rise, opening the year with a big jump to 12.20 from zero in December. Other readings include a big jump in prices paid, to 36.59 from 15.66 to indicate a significant increase in input costs. The beginning of the year is when manufacturers typically raise prices and the gain suggests that price traction may finally be appearing. This is a very positive report and points to solid strength for tomorrow's Philly Fed report, a report that, unlike this report, had already been showing solid strength going into year end.

Source: Bloomberg

World Bank revised global growth forecast to 3.2% in 2014

The World Bank revised its forecasts for global growth this year higher though it stressed it has concerns regarding rising interest rates and singled out the withdrawal of stimulus by the US Federal Reserve as a specific worry.

The organization now forecasts growth in global gross domestic product (GDP) to firm from 2.4% in 2013 to 3.2% this year. This compares to its June forecast of 3%.
Even so, the World Bank remained cautious. "Growth appears to be strengthening in both high-income and developing countries, but downside risks continue to threaten the global economic recovery," said group President Jim Yong Kim. 

"Growth prospects remain vulnerable to headwinds from rising global interest rates and potential volatility in capital flows, as the US Federal Reserve Bank begins withdrawing its massive monetary stimulus," the World Bank specified in its report

The World Bank forecast developing country growth to rise above 5% in 2014, with some countries "doing considerably better", with Angola at 8%, China 7.7%, and India at 6.2%.