Monday, November 18, 2013

Asia This Day:Chinese Reforms Spur Stocks;Indian Gold Sales Strong;Inbee Park

The Beijing leaders are promising sweeping reforms in China in the wake of the Communist Party plenum.They will allow more private investment in state-owned enterprises;relax the one-chuild policy;expand the land rights of farmers;allow local governments to issue debt;rate officials on borrowing levels and other metrics.In response,most Asian markets rose in early Monday trading.The MSCI Asia Pacific Index gained 0.9% by early afternoon,with all 10 industry groups up.*
Indian families continue to bedeck their daughters with gold jewelry for their weddings,in spite of government efforts to reduce the purchase of imported gold.Gold bangles,necklaces,rings,tiaras and earrings are all in great demand this year.
Gold represents the status of the Indian family,the pride they take in themselves.Indian brides wear as much gold as their families can afford.A few hundred grams of gold would be a moderate purchase in one father's opinion.That's about thirty-two ounces.
The government raised import taxes three times this year in an attempt to reduce the current accounts deficit.According to the World Gold Council,however,Indian families continue to buy gold at a brisk pace.Demand will be up from 864.2 tonnes last year to 900-1,000 tonnes in 2013.*
South Korean Inbee Park won the LPGA Tour Rolex Player of the Year award Sunday-the overall season championship-after placing fourth at the Lorena Ochoa Invitational Presented by Banamex in Guadalajara,Mexico.Park is the first Korean ever to win the award.She's scored 6 victories this season-including 3 majors,giving her the most overall points.
American teenager Lexi Thompson won the tournament.

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