AsiaCast

Asia Cast for Thursday 30th October

In this Bulletin…

- Chinese regime admits corrupt officials involved in safety lapses;
- China’s export-dependent economy suffers during global slowdown; and
- Pakistan earthquake kills at least 160 people.

But first, here’s our SOH focus on China
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The hidden cost of China’s coal industry amounts to US$250 billion annually in terms of damage to health and the environment, according to a recent report.

The Chinese report said mines polluted the water, land and air and that burning coal led to emissions of mercury and acid rain. In 2007 mining accidents killed nearly 3,800 people and injured many more.

Two thirds of China’s power is generated from coal. A recent policy paper admitted climate change is a problem in China, but that little can be done to reduce the nation’s dependence on coal and control greenhouse gases.

“Recognising the true cost of coal would create incentives to developing cleaner, sustainable energy sources,” said Yang Ailun, climate and energy campaign manager at Greenpeace.

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Complaints over frequent safety lapses in China have prompted the authorities to admit collusion between businesses and regime cadres has occurred, says The Epoch Times.

Huang Yi from the State Administration for Coal Mine Safety, told state-controlled media there were four main causes for ten of this year’s serious disasters.

These were; illegal production, ignoring regulations, lack of monitoring by the state and collusion between officials and businesses.

Over 25 recent accidents at coal mines are believed to be the result of collusion between local officials and mine operators sacrificing safety for quick profits.

Mounting public pressure meant the regime could not evade this issue any longer and has had to admit such collusion was happening, something it would not have considered doing in the past.

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And now for the rest of today’s Asia Cast
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Global financial woes are taking their toll on China’s export-dependent economy, reports NTDTV.

For the first time since 2005, quarterly growth in China slipped into the single digits for the third quarter of 2008.

Earlier this year the Federation of Hong Kong Industries said 10 per cent of factories in China’s Pearl River Delta manufacturing hub would close by the end of 2008.

Factory closures are another blow to Chinese workers, who have had to deal with rising inflation and a string of natural disasters.

Earlier this month, a large-scale protest outside a factory in Guangdong Province that closed, laying off its workforce, made headlines around the world.

With more closures imminent the worst could be yet to come for Chinese workers.

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The world’s estimated 200 million migrants should not be forgotten during the global economic crisis, the UN chief has warned.

Ban Ki-moon warned that migrant workers in construction and tourism industries were already being badly hit, with a knock-on effect on global remittances.

Speaking to a conference on migration in the Philippines, Mr Ban highlighted growing public hostility to migrants in industrialised countries as the crisis develops.

According to a study published last year, migrants sent home US$301 billion in remittances in 2006. This huge sum of money exceeds foreign direct investment and aid combined.

The study suggested such revenues are of great importance to Asia, Latin America and the Caribbean.

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You’re listening to Asia Cast on the SOH Radio Network
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Officials in Pakistan say at least 160 people have been killed after a magnitude 6.4 earthquake of struck Balochistan Province in the country’s southwest.

The death toll is expected to rise.

Many houses collapsed during the quake and some were destroyed in landslides that followed it, officials said.

Reports say teams of army and paramilitary Frontier Corps troops are in the area, helping to rescue the injured and retrieve bodies.

A senior army official said the area remained accessible for convoys carrying relief material.

The poor local infrastructure in the mountainous region is making it difficult to get a clear picture of the casualties.

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The U.S. Federal Reserve has cut a key interest rate by half-a-percentage point to 1 per cent in an effort to spur economic activity.

Wednesday’s cut put the central bank’s federal funds rate at 1 percent, which matches its lowest ever level.

The rate is used to set rates for a wide variety of consumer loans, including credit cards, and many business loans.

Eight of 10 major Asian and Pacific stock markets closed higher Wednesday, a day after Wall Street posted its second largest single-day point gain ever.