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Monday Newsline:Change in India,Thailand;Adam Scott Wins

India's Nifty Fifty Index was up Monday on optimism over the swearing in of new Prime Minister Narendra Modi,63,who is seen as business-friendly.On Tuesday,Mr.Modi will have bilateral meetings with foreign leaders who are attending the ceremony,most notably with Pakistani Prime Minister Nawaz Sharif,whose presence at the event is unprecedented.Relations between the neighbouring countries have traditionally been tense.*
The MSCI Asia-Pacific index rose 0.29% in early Monday trading.US markets are closed for Memorial Day,which is considered the first of the summer holidays.Shanghai copper gained on declining stockpiles of the metal.*
Thailand's military coup received the approval of King Bhumibol.The army will name an interim premier today.At least hundreds of protestors demonstrated against the regime in the streets of Bangkok.*
In sport,Australia's Adam Scott won the Crowne Plaza Invitational at The Colonial in Fort Worth,Texas.The World Number One shot a nine under par 66 and beat American Jason Dufner in a playoff.He is the first person to win the Texas grand slam-all four PGA tournaments played in Texas.Scott is playing in The Memorial Tournament in Dublin,Ohio this week.
At the Formula One Monaco Grand Prix,AMG Petronas Mercedes continued its sweep of the series as teammates Nico Rosberg of Germany and Great Britain's Lewis Hamilton took first and second,respectively.Red Bull Racing's Daniel Ricciardo of Australia won the third spot in the royal box,while his teammate,the reigning World Champion Sebastian Vettel,retired with mechanical problems.

Monday Newsline:Hit Shows Canceled by China;Indian Elections End

Gold miner stocks fell in Asia today along with the price of gold on a perceived lessening of tension in Ukraine.Unofficial voting on independence for Eastern Ukraine went ahead,although clashes with Ukrainian troops were reported.There were some long lines at the polls,but voters were seen voting twice.The provisional government in Kiev and Western countries reject the vote as illegitimate and illegal.
The separatists are claiming the voters showed massive support for independence.*
The MSCI Asia Pacific index was down 0.30%.Basic materials declined 1.0% in Australia,with industrial metals falling 2.17%.Basic materials also fell in the Hang Seng Index.*
Four popular American TV shows on webcaster Sohu have been canceled by the Chinese authorities,including "Big Bang Theory." No specific reason was given.China is in transition,said Sohu founder and CEO Charles Zhang.China is in reform.It's very hard to define what is legal and what is illegal.We fight piracy and we get American TV shows into China.Look at how far we've come along,so I am still satisfied,Mr.Charles explained.China is currently drafting rules for streaming video.*
India's month-long national elections are ending today.The fiscal challenges such as inflation must be met after the euphoria of the elections,said Radhika Rao of DBS.The fiscal budget has to be tabled before July.The budget must be based on realistic expectations.
Inflation will be a risk,fueled by unfavourable weather.Rates will be hard to cut with inflation.There are also stalled infrastructure projects and the current accounts deficit.To maintain momentum,the new government must be formed and tackle the issues pretty soon,Ms.Rao pointed out.*
In sport,Lewis Hamilton of Great Britain won the Formula One Spanish Grand Prix in Barcelona Sunday,increasing his lead in the overall standings.It was his fourth straight victory.His teammate Nico Rosberg of Germany came in second,and Australia's Daniel Ricciardo took third on the podium.
Another German,golfer Martin Kaymer,won The Players Championship at TPC Sawgrass in Ponte Vedra Beach,Florida.It was the second biggest win for Kaymer,who has also won the PGA Championship,a major.American Jim Furyk came in second,and Sergio Garcia of Spain took third place on the leader board.

Asia This Day:Fed's Fisher in Sydney;China Services;Shanghai Golf

A top central banker,Richard W. Fisher,who is President of the Federal Reserve Bank of Dallas,has bitterly criticised the U.S. Government for the inept handling of the federal budget,thus hindering the Federal Reserve's efforts to help the economy recover.Mr.Fisher thus echoed the frustration of the American people with the recent government shutdown and sequestration.
I am not a proponent of increasing government spending without restraint,Fisher,whose father was born in the Australian state of Queensland,said in a Sydney speech to business economists.The excessively over-indebted US Government has been hog-tied,prevented from providing stimulus.It has thus provided a counter-cyclical,suppressive role.The inablity of our government to get its act together has countered the pro-cyclical role of the Federal Reserve.We have a government that hasn't been able to agree on a budget in 5 years;that has historically,under both Republican and Democrat presidents and Congresses,spent money and committed itself to fund long-term programs without devising revenue streams to cover current costs or fund future liabilities.
One could say that GDP would have risen at 3.2 percent had government expediture increased at the same rate as private expenditure.Or,more modestly,if government had just been held constant,instead of contracting,GDP would have grown at an annual rate of 2.6 percent.
Under these circumstances,it is no small wonder American businesses are not expanding and growing jobs at the pace we at the Fed would like to see.It is no small wonder that our economy is growing at a substandard pace compared to previous recoveries.It is no small wonder that the most expansive monetary policy the Fed Open Market Committee has ever engineered has been hampered from accomplishing what it set out to do,Mr Fisher complained.*
China's services sector grew the most in thirteen months in October,a report from the National Bureau of Statistics shows.The services PMI rose to 56.3 in October from 55.4 in September.*
Most Asian markets fell in early Monday trading,with Japan's Nikkei index down 0.88%,perhaps disconcerted by Mr.Fisher's remarks.*
In golf,American Dustin Johnson won the PGA Tour's World Golf Chmapionships-HSBC Champions in Shanghai in a memorable tussle with England's Ian Poulter and Graeme McDowell of Scotland.Johnson said it was the most important win of his career,given the field and the tournament.It was his eigth PGA Tour victory.He praised HSBC for their excellent work on the tournament.
Johnson,Poulter and McDowell spurred each other on with an exhibition of accurate ball-striking.China's WC Liang also played well,tying for fifteenth with his eleven under par 66.Poulter and McDowell will go on to the Turkish Open this week in the European Tour's Race to Dubai.

Asia This Day:Pakistan-US Relations;Indian Grand Prix

Pakistani Prime Minister Nawaz Sharif concluded several days of dialogue in Washington when he met with President Barack Obama on Wednesday.Mr.Sharif,63,had begun his unprecedented third term as Prime Minister on June 5,2013 following a smooth democratic process.A noted businessman,he owns the industrial conglomerate Ittefaq Group.
Speaking at the White House,the two Leaders assessed their talks for the news media in a serious yet relaxed atmosphere.To see a peaceful transition was an enormous milestone for Pakistan and a testament to the Pakistani people's desire for democracy,the President said.The United States considers Pakistan to be an important strategic partner.
We discussed how the United States could potentially be helpful on energy projects and infrastructure projects.The Prime Minister emphasized how trade can be a powerful engine for growth as well.
We talked about security.We agreed we need to find constructive ways to partner together,in ways that respect both countries.Both the Pakistani people and the American people have suffered from terrorism in the past.It can be a source of strength for our two countries to work together in this way.I pledged to fully brief the Prime Minister and his government as we make progress not only for the Afghan elections,but to long term progress in the region.
The resources India and Pakistan are spending on arms would be better spent on social programs,for the good of the world.We want want to be fully supportive of continued progress in Pakistan.As a young man,I had the opportunity to visit Pakistan,the President recalled warmly.
Despite occasional misunderstanding and tensions,the fundamental good will between the American and Pakistani people will be reflected in our governmental relations,President Obama said.*
I have just had a most cordial exchange of views with the President,Prime Minister Sharif said.Over the past 65 years,our two nations have traveled together.I advised him of our domestic and foreign policy priorities:the economy;education;and combating extremism.We both agreed focusing on these areas is indispensable.
Pakistan and the United States have a strong ongoing counterterrorism cooperation.I raised the issue of drones and the need to end these strikes.Let there be no doubt about our commitment for a peaceful and stable Afghanistan.I told President Obama about my sincere commitment to build a peaceful relationship with India.I also assured the President as a responsible nuclear state,Pakistan would continue to act with restraint.
I look forward to welcoming you and Mrs.Obama to Pakistan,Mr.Sharif concluded.*
In sport,Red Bull Racing scored their fourth straight double victory at the Formula One Indian Grand Prix in New Delhi Sunday,taking both the constructor's title and the world driving championship with Sebastian Vettel,who seemed to be quite the fan favourite in India.It was Vettel's tenth win of the season,and his sixth straight,as he enters the upper echelon of drivers in the history of the sport.
Vettel,26,was beside himself with joy,ignoring his instructions to follow the staid post-race protocol of F1.Instead,he made several donuts with his car to the delight of the fans,then got out of the car and made prostrations to the crowd.Their were no boos such as he faced in Europe as he mounted the podium;only chants of approval from his legion of Indian followers.
For me to join people like Prost,Fangio and Michael(Shumacher) is unbelievable,Vettel said.So many people I have to thank that have been teaching me a lot.I don't feel old.Maybe in 10 years' time I'm a little bit better at understanding what we have done this far,the German driver reflected.At his age,the great Alain Prost had yet to achieve his first Grand Prix win.*
In golf,the CIMB Classic at Kuala Lumpur Golf and Country Club,Malaysia,the historic first ever PGA Tour event in Asia,was won by American Ryan Moore,30,in a playoff with his compatriot Gary Woodland.It was Moore's third career victory and his second in twelve months.He has played on the PGA Tour for nine years.
Next weekend,the PGA Tour moves on to Shanghai for its second and final Asian stop of the 2013-14 season.It is generally recognised as being the pre-eminent tour in professional golf.*