Asian shares down as US faces shutdown

Asian markets have slumped as the US government edged towards a shutdown over a budget battle.

The face-off in Washington also sent the US dollar lower, while the euro suffered selling pressure from a crisis in Italy that has left the country's five-month-old government on the brink of collapse.

Tokyo on Monday fell 2.06 per cent, or 304.27 points, to 14,455.80, Sydney shed 1.66 per cent, or 88.2 points, to end at 5,218.9 and Seoul eased 0.74 per cent, or 14.84 points, to 1,996.96. Hong Kong shed 1.50 per cent, or 347.18 points, to close at 22,859.86.

But Shanghai rose 0.68 per cent, or 14.64 points, to close at 2,174.67 after a survey by banking giant HSBC showed Chinese manufacturing expanded further in September.

Traders have been spooked by the latest row on Capitol Hill, with the US government on the brink of shutting down after the House of Representatives approved a Republican bill seeking to delay President Barack Obama's health care law.

Legislators now have until midnight on Monday to reach an agreement to keep the government open, but analysts say the chances of a breakthrough are slim.

Obama has threatened to veto any bill that undercuts his sweeping health overhaul, while Democratic Senate Majority Leader Harry Reid says his chamber will reject the bill.

Adding to the crisis is a deadline to raise the country's borrowing limit, which comes up in mid-October. With Republicans determined not to raise the debt ceiling unless Obama gives way on the health bill, there are fears that Washington will run out of cash and default on its repayments.

'Things are far from the 'panic stage', but they don't have to be for investors to be spooked by the apparent intractability of the US political deadlock,' said Tachibana Securities market analyst Kenichi Hirano.

The impasse weighed on the US dollar on Monday, with the unit weakening to Y97.87 from Y98.24 in New York on Friday.

The euro fell to $US1.3500 and Y132.16 compared with $US1.3519 and Y132.88.

The single currency suffered selling pressure after Italian Prime Minister Enrico Letta called a vote of confidence in his left-right government, as former premier Silvio Berlusconi pulled his party's ministers out of the coalition.

President Giorgio Napolitano will have to mediate to find a way out of the latest political impasse, and has said he would dissolve parliament, triggering new elections, only 'if there are no other solutions'.

On oil markets New York's main contract, West Texas Intermediate for delivery in November, fell $US1.35 to $US101.52 in afternoon trade. Brent North Sea crude for November was down 95 US cents to $US107.68.

Gold cost $US1,340.86 at 1805 AEST, compared with $US1,324.60 on Friday.

In other markets:

- Taipei fell 0.69 per cent, or 56.81 points, to 8,173.87.

Taiwan Semiconductor Manufacturing Co shed 2.43 per cent to $Tw100.5 while Hon Hai Precision was 0.52 per cent lower at $Tw75.9.

- Wellington eased 0.97 per cent, or 46.29 points, to 4,736.39.

Telecom fell 1.9 per cent to $NZ2.33 and Warehouse Group was off 2.92 per cent at $NZ3.66, while Air New Zealand rose 0.33 per cent to $NZ1.52.

- Manila slipped 2.95 per cent, or 188.01 points, to 6,191.80.

Alliance Global Group fell six per cent to 23.50 pesos while SM Investments dropped 4.41 per cent to 7.80 pesos.

source: bigpondnews.com

Asian stocks mostly higher on US rally

Asian markets have mostly edged up, with a rally on Wall Street and an upbeat global economic outlook helped by receding fears of a US-led strike on Syria.

However, profit-taking on Wednesday capped gains after the previous two days' advances, while firms linked to Apple dipped in a lacklustre response to its latest range of iPhones.

Tokyo ended flat owing to a late sell-off as dealers cashed in after a four per cent gain since the weekend that was fuelled by Japan's successful bid to host the 2020 Olympics and stronger than expected growth data.

The Nikkei ended 1.71 points higher at 14,425.07, while Sydney added 0.64 per cent, or 33.2 points, to 5,234.4 -- a 2013 high. Seoul closed 0.49 per cent higher, advancing 9.79 points to 2,003.85.

Shanghai rose 0.15 per cent, adding 3.28 points to end at 2,241.27, after another round of Chinese indicators that suggest the world's number two economy is picking up after a slowdown this year. However, Hong Kong was 0.32 per cent down in the afternoon following four straight sessions of gains.

US President Barack Obama vowed in a national address in Washington on Tuesday to give diplomacy a chance before launching a military attack on Syria for using chemical weapons on its own people last month.

The Assad regime earlier in the day agreed to a proposal by Russia to 'place the chemical weapons under international control and then have them destroyed'.

The news soothed tensions on global markets, which slumped last month as traders bet on an attack by the US and its allies, which they feared could spark a wider conflict in the Middle East.

Improving confidence among investors helped the dollar up against the yen, which is considered a safer bet in times of uncertainty.

In the afternoon the greenback bought 100.43 yen, compared with 100.40 yen late New York and well up from the 99.60 yen in Asia on Tuesday.

The euro fetched 132.91 yen and $US1.3253 against 132.48 yen and $US1.3251.

Regional markets were given a positive lead by Wall Street on the back of the Syria developments and the economic data out of China and Japan that suggest a healthy pick-up in the global economy. The Dow rose 0.85 per cent, the SP 500 added 0.73 per cent and the Nasdaq advanced 0.62 per cent.

Oil prices were mixed as easing Syria woes reduced concern about supply from the Middle East. New York's main contract, West Texas Intermediate for delivery in October, eased 30 cents to $US107.09 a barrel in afternoon trade, while Brent North Sea crude for October gained 18 cents at $US111.43.

Both contracts had hit multi-month peaks in August, at the height of the Syrian crisis.

Apple-linked firms were broadly lower, with investors less than enthusiastic about the US firm's latest iPhones, which it unveiled on Tuesday. There was also disappointment that a trumpeted low-cost phone was not as cheap as had been hoped for.

Taiwanese assembler Hon Hai fell 1.3 per cent to Tw$76.00 and camera-lens supplier Largan shed 6.4 per cent to Tw$945.00, while in Tokyo parts supplier Murata Manufacturing Co. fell 2.6 per cent.

Gold cost $US1,367.60 an ounce at 0705 GMT compared with $US1,372.04 late Tuesday.

source: bigpondnews.com

Pinays Rank 3rd In Achieving Economic Parity With Men – Mastercard

Women in the Philippines ranked third in achieving economic parity with men in the Asia-Pacific region, with New Zealand ranked first followed by Australia.

The MasterCard’s latest index of women’s advancement survey showed that much more can be done to achieve gender parity.

MasterCard’s research also revealed that while more women have access to job opportunities and tertiary education in Asia-Pacific, there are still barriers preventing them from taking top positions in the government or private sector.

At 91.2, New Zealand tops the region for workforce participation and regular employment with over 90 women for every 100 men in the regular workforce.

New Zealand women also lead the region for top jobs in the private sector and government withan overall leadership score of 51.6.

In seven Asia/Pacific markets – China, Hong Kong, Malaysia, New Zealand, Philippines, Thailand and Vietnam – women are on par or better represented in secondary and tertiary institutions than their male counterparts.

However, their representation in leadership roles in business and government are still low across the region.

All but one market – New Zealand – had fewer than 50 women business-government leaders for every 100 male business/government leaders, according to the scores of the latest index.

Across the 14 Asia-Pacific markets, only Australia (49.7) and the Philippines (45.6) came close to gender parit.

Markets that scored especially low in this category include India (15.9) Japan (14.8), Korea (17.5) and Thailand (18.6).

Georgette Tan, group head of communications for Asia-Pacific, Middle East & Africa, said: “There is still a lot to be done in our region to enhance the role of women across all aspects of society; there are still too few women leaders in government and business, and not enough women-owned and run businesses.”

“There are standout markets which have repeatedly improved in terms of advancing opportunities and access for women, but more needs to be done,” she added.

When asked what would help improve women’s societal standing, MasterCard’s latest survey on Consumer Purchasing Priorities – Education found that women in Asia-Pacific view affirmative action (17.1%) and more seats in parliament (13.7%) as policies that would advance women’s role in society.

Parental childcare entitlement tops the list of key policy areas Australian, Japanese and South Korean women see as crucial for advancing women’s role in society.
In China, Malaysia and Taiwan, however, women see SME opportunities as the most pressing need to achieve gender parity in their societies.

source: mb.com.ph

ASIA Cancels Tour

Dates throughout UK written off due to band member's illness.
 
ASIA, featuring the original line-up of Geoff Downes (keyboards),Steve Howe (guitar), Carl Palmer (drums) and John Wetton(Lead Vocal, bass), has been forced to cancel the 30th Anniversary UK Tour due to drummer Carl Palmer coming down with a severe case of E. coli. 





Tickets are refundable from the point of purchase.


A list of the cancelled dates are as follows:


Tavistock The Wharf (Dec 15)

Holmfirth Picturedrome (Dec 16)


Edinburgh Queen’s Hall (Dec 17)


Salisbury City Hall (Dec 19) 


Birmingham Town Hall (Dec 20) 


Manchester Royal Northern College of Music (Dec 21) 


London O2 Shepherds Bush Empire (Dec 22)

source: planetrock.com

Superstition, especially during Hungry Ghost Festival, thrives in modern Singapore

SINGAPORE - Whenever Christina Tang is overseas and returns to her hotel room, she always knocks on the door before entering even if she is the only occupant.

The 25-year-old Singaporean marketing executive said knocking on the door is meant to seek permission from the "good brothers" -- spirits that might have taken over her room while she was away -- for her to stay over for the night.

"It's just like visiting a friend. You would definitely not barge in without the courtesy of a doorbell or a knock on the door, right? To me, it's just respect."

Singapore might be one of Asia's wealthiest and most well-educated societies, but quirky superstitions are part of daily life in the predominantly ethnic Chinese city-state.

Superstition comes to the fore during the month-long Hungry Ghost Festival, which began on Friday.

Chinese superstition holds that the gates of hell are opened for spirits to wander across the mortal realm before they return to the underworld.

During the month, property sales fall because it is considered inauspicious to make major purchases, and people refrain from staying out too late to avoid otherworldly encounters.

Noisy streetside shows called "getai" featuring professional singers are staged to entertain the visiting spirits -- but don't sit on the empty front seats because they're reserved for the invisible guests.

Traffic jams are typically caused not only by crumpled cars obstructing traffic but also by drivers slowing down to take note of the license plate numbers so that they can bet on them in the hugely popular four-digit lottery.

Having bird droppings land on your head is also seen as a good omen for gamblers because it's so rare for one to be hit in the concrete jungle.

A tree in a western suburb has attracted a following due to the likeness of a monkey on its bark, which believers say resembles that of a deity from Chinese mythology.

The "Monkey Tree" drew so much attention at one point that authorities had to explain to a local newspaper that the visage was a" natural" response by the tree to various "minor accidents over the years."

The "advantage" of superstition"

Even national icons are not immune to superstition.

Operators of the bayside Singapore Flyer, said to be the world's largest ferris wheel, reversed its spinning direction in 2008 so that it revolves towards the financial district and not the sea.

Masters of feng shui -- the ancient practice of balancing energies in any given space to attract good fortune -- advised them that the wheel's revolution should bring fortune into Singapore, not suck the good luck away.

Superstitious practices are often mistakenly associated with religion in Singapore, where many Chinese are followers of Buddhism or Taoism, said Chung Kwang Tong, a high priest with the local Taoist Federation.

"The religion itself does not have such practices," he told AFP. "A lot of them will just try because to them there is no harm in trying."

Ang Swee Hoon, a sociologist at the National University of Singapore, said even well-educated people resort to superstitious practices because of the highly competitive environment in Singapore.

"Hence, to get a leg up, Singaporeans engage in more activities that will give them an advantage. Superstitious behaviors seemingly offer that," Ang said. "So, instead of superstitions being irrational, it may be perceived as rational."

Ang said the opening of two massive casinos in 2010 further boosted superstitious practices in gambling-mad Singapore, which already has horse racing, sweepstakes, numbers games, and sports betting operations.

Red underwear is seen as sexy in many countries, but to Singaporean gamblers, it's just another way of attracting good fortune because red is regarded as a lucky colour among Chinese.

Gamblers and financial traders often wear red undergaments before placing a bet or playing the stock market.

"Gamblers are generally a more superstitious lot," Ang said.

source: interaksyon.com