YOKOHAMA, Japan (Reuters) – Asia-Pacific ministers on Thursday agreed to extend a freeze on trade barriers and pledged to work toward creating a vast free trade area in the world’s fastest growing region.
But a Group of 20 (G20) summit of major economies in neighboring South Korea — beset by deep divisions over currencies, monetary policy and global trade imbalances — is towering over the meeting of the 21-member Asia-Pacific Economic Cooperation (APEC) forum in Yokohama, south of Tokyo.
YOKOHAMA, Japan (Reuters) – Free trade is the big issue in Yokohama this week, 150 years after U.S. Commodore Matthew Perry’s “black ships” arrived in the port city and forced Japan to open up to the rest of the world.
Foreign and trade ministers from the 21-member Asia-Pacific Economic Cooperation forum begin talks on Wednesday about taking steps toward creating a vast, and even legally binding, free trade area.
One of the most closely guarded secrets at the APEC summit in Japan’s port city of Yokohama this weekend is not what the Asia-Pacific leaders might say about currencies and global imbalances. No, that’s all going to be thrashed out at the G20 meeting Thursday and Friday in Seoul. The big topic of speculation here at the Pacifico Yokohama Convention Center is what the leaders will wear when they gather for the annual class photo that concludes the meetings.
U.S. President George W. Bush (L) and his Russian counterpart Vladimir Putin wear Chilean ponchos at APEC meeting in Santiago in 2004. REUTERS
Reuters trade correspondent in Washington Doug Palmer had an unusual assignment: buy a fake Louis Vuitton handbag on the Internet, and take it to a LVMH store for a comparison test, before handing it over to U.S. authorities.
What was startling was how easy it was to find websites selling a dazzling array of stuff online. This is the new face of
piracy and its costing businesses billions. No need to skulk around back alleys or some pirate’s rental van to browse through footwear, watches, DVDs and whatnot. Just pick out your LV shoulder tote from a virtual catalog on a website based in China. It looks and feels like the real thing at a fraction of the price.
In Mongolia’s South Gobi desert lies Oyu Tolgoi, touted as having the world’s largest untapped copper and gold deposits. Little wonder then that this “El Dorado” has become a boardroom battleground between the relatively unknown Ivanhoe Mines and its biggest shareholder, the giant Australian mining company, Rio Tinto.
Our attempts to get near this mine or elicit any comment from Ivanhoe were about as fruitless as the Spanish conquistadors attempts to find the legendary “El Dorado”, or “Lost City of Gold” in the 16th century. Twice Ivanhoe stopped our reporters from visiting the mine with delegations from the investment community, saying reporters were not allowed to mingle with bankers on visits to the mine. We don’t know why that would be. We mingle with them pretty often in other contexts and usually find each other’s company amusing and mutually informative.
Some assignments are tough in this business. Getting embedded in a U.S. tank in an Iraqi desert. Gulping tear gas during a riot. Spending hours at an APEC conference desperately seeking news in the snooze-fest.
This one was fairly enjoyable to tell you the truth. Reuters Singapore Bureau Chief Raju Gopalkrishnan set out to tell the tale of how Singapore, the Southeast Asian city better known for things like banning chewing gum and canning juveniles, has been undergoing something of a transformation of late. From “nanny state” to Singapore swing.
SINGAPORE/PARIS, July 26 (Reuters) – Investors in Asia took
some reassurance that European banks had passed “stress tests”
on their ability to deal with a debt crisis, which has been a
cloud over the global economic recovery.
But scepticism remained about the credibility of the tests
because they showed a combined capital shortfall of the 91
banks put under the microscope that was much smaller than
(Thai firefighters douse the Central World shopping mall building that was set on fire by anti-government “red shirt” protesters in Bangkok May 19, 2010. REUTERS/Yannis Behrakis)
We were walking down Sukhumvit road in downtown Bangkok just after the 9 p.m. curfew – down the MIDDLE of a road that on any other Friday night would have been filled with honking vehicles, hawkers, tourists and touts. We were escorting a colleague home from the temporary newsroom in that Reuters had set up at the Westin Hotel after we were chased out of our office near the red shirt encampment in central Bangkok. Not a creature was stirring. But what was that sound we kept hearing? Squeak, squeak, squeak.Then we saw them. Rats. Thousands of them. Scurrying along in packs on the sidewalks, the streets, the closed-down Skytrain overhead, at the entrances to shuttered shops, around piles of garbage that had mounted in the Thai capital since the May 19th riots. It was like a movie about an urban apocalyptic event where humans are wiped out and the vermin are triumphant.
It was 2 a.m. on a Friday morning and we were stuck in the Reuters office on the 35th floor of the U Chu Liang Building. Thai anti-government protesters had begun rioting after their military strategist, a flamboyant major-general known as “Commander Red” was shot in the head as he was being interviewed by the New York Times at the “red shirt” protest encampment that occupies a huge chunk of expensive real estate in the Thai capital.
The protesters had swarmed into our parking lot, troops hot on their heels. One red shirt was shot dead, taking a bullet through his eye, outside our office. Our managers had ordered us to evacuate, but we had to wait until the violence died down outside. I strapped on a 10 kg flak jacket and helmet emblazoned with “press stickers”, took a ride down the cargo elevator in a building under emergency power, and stepped carefully into the parking lot, looking around to see if it was safe for the remaining people in the newsroom to leave. It was quiet, as I crept around the parking lot, dodging from car to car, feeling slightly ridiculous. A taxi was parked just outside. I was beginning to understand what gonzo journalist Hunter S. Thompson meant when he said in his book Fear and Loathing in Las Vegas: ”When the going gets weird, the weird turn pro.”