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Asian shares mixed

HONG KONG: Asian shares were mixed on Thursday as fears about Europe’s debt crisis deepened after Germany, considered the pillar of the eurozone, failed to sell all its bonds in an auction.
While some markets managed to eke out small gains thanks to bargain-buying, the ongoing woes in Europe as well as the slowing global economy pushed investors to the sidelines.
Tokyo fell 1.38 percent by the break as it played catch-up with regional losses on Wednesday, when it was closed for a public holiday.

Hong Kong lost 0.44 percent and Shanghai gave up 0.68 percent. But Seoul rose 0.22 percent and Sydney was 0.41 percent higher.

A German government bond auction Wednesday drew some of the weakest demand since the introduction of the euro, signalling diminishing investor appetite even for the safest eurozone assets.

Berlin only managed to draw bids of 3.9 billion euros for its six billion euro 10-year bond auction, indicating that investors are now sceptical about even the safest assets in the eurozone.

The failure comes days after Moody’s warned that France’s weak growth and exposure to European debt could see it lose its cherished AAA debt rating, which would send its borrowing costs soaring. (AFP)

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Asian markets down on European discord

 Asian markets down on European discord

HONG KONG: Asian markets mostly fell on Friday as a meeting between the eurozone’s three biggest economies highlighted their differences on finding a solution to the region’s debt crisis.

Traders remained nervous at the end of a week that saw fears over Europe deepen as the yields on Italian and Spanish bonds sat dangerously high and even Germany — the bloc’s pillar — failed to sell all its bonds at auction.

Tokyo was flat, edging down 5.17 points to end at 8,160.01, while Sydney shed 1.48 percent, or 59.90 points, to end at 3,984.3 and Seoul closed 1.04 percent, or 18.66 points, lower at 1,776.40.

Shanghai was 0.60 percent off and Hong Kong fell 1.21 percent in the afternoon.

The leaders of Germany, France and Italy on Thursday met to discuss plans to address the two-year-old debt crisis in a bid to sooth markets, which have been hammered over fears of a collapse of the eurozone and another global downturn. (AFP)

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China denies India envoy mistreated in Yiwu court row

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 China has denied that an Indian diplomat was mistreated during an angry court hearing in the city of Yiwu.Delhi complained after S Balachandran was reportedly denied medication when trying to secure the release of two Indians held hostage by local traders for allegedly failing to pay debts.China said media reports were “not factually accurate”.Indian media report that the two Indians are now being moved from a hotel in Yiwu to Shanghai.The two Indians had earlier told Indian television they were being treated “like animals”.On Tuesday, India warned its businessmen they were not safe to trade in Yiwu.

‘Ruled by laws’

At a press briefing China’s foreign ministry spokesman Hong Lei said: “Relevant media reports that the Indian consular official from Shanghai was forbidden from eating or taking his medication while in Yiwu and was surrounded and attacked do not accord with the facts.

“China is a country ruled by laws, which pays great attention to relations with India,” he said.

However, Mr Hong gave no specific account of what China believed had happened.

He said the two Indians had been put under police protection in a hotel and that five people had been arrested for “illegal detention”.

“China hopes that India treats this matter objectively and fairly,” he said.

China’s ambassador to India, Zhang Yan, met foreign affairs officials in Delhi on Wednesday and assured them that “serious attention” was being given to the plight of the two traders.

Later India’s NDTV channel quoted External Affairs Minister SM Krishna as saying the pair were being escorted by Indian consulate officials to Shanghai.

The businessmen, Deepak Raheja and Shyamsunder Agrawal, had pleaded for help in an earlier interview with NDTV.

Mr Agrawal said: “Please save us… get together and help us. They have stripped us, thrown things at us, beaten us, tortured us. We are being treated worse than animals.”

Their hotel had reportedly been surrounded by a large crowd of locals.

The pair had been held hostage by local traders for two weeks for non-payment of dues by their company, whose owner has allegedly fled the country.

On Tuesday, an advisory on India’s Beijing embassy website said businessmen could be “mistreated” in Yiwu and had “no guarantee of legal remedies”.

The strongly worded statement on the embassy website said that “Indian businessmen are cautioned to stay away from Yiwu”.

It added: “In case of disputes arising, experience suggests that there is inadequate protection for safety of persons.”

Delhi believes Mr Balachandran was denied medicine and collapsed in the courtroom in Yiwu on 31 December.

Mr Balachandran is a diabetic. He was taken to hospital in a semi-conscious state and later transferred to Shanghai, where he has improved.

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