Recently in Asia Category

Grabbing a propane-run taxi is nothing unusual in Tokyo, but you need to be lucky to catch a hybrid taxi. Soon, you may have a much better chance of grabbing hybrids anywhere in Tokyo, and other major cities in Japan.

Recently, I was one of the fortunate few to catch a ride in Toyota's best-selling hybrid, the Prius. My driver excitedly told me about his three-month long experience with the new vehicle. Hybrid cars are no longer part of tomorrow's world here, and they are already helping slash demand for gasoline across Japan.

A mix of jubilation and fear is in the air in Tokyo today. Yukio Hatoyama has been sworn in as the country's 93rd prime minister. In the few hours since he was approved by parliament, he has promised everything from straight talk with the Americans on beef and war, to slashing emissions by 25% in just ten years. 

Japan has turfed out the Liberal Democratic Party, dominant since 1955, and ushered in a new party with a new leader. The Japanese are certainly enjoying an Obama moment. And just like America back on January 20, the sight of a new leader promising sweeping change is bringing as much terror to Japan's vested interests as it is bringing euphoria to those who felt on the short end of Japan's decades-long deflation.

Fear is especially powerful for the Sogo Shosha, the middle-aged warrior class that feeds -- and feeds off -- Japan's giant $5 trillion-a-year economy. The Japanese insist, above all, that Hatoyama must finally fix the economy. And he's expected to take aim at the kind of cronyism that is their life-blood.

The Indian airline industry received yet another blow September 8, when about 360 Jet Airways pilots went on an illegal strike in Mumbai to protest the dismissal of two union employees in August.

Global independent oil trader Vitol announced August 19 that it signed an agreement with Malaysian shipping group MISC Berhad to set up a new joint venture to own a planned oil storage terminal at Tanjung Bin in southern Malaysia.

Just another oil terminal project in Asia, some would say. Or is it? Start tracing back the headlines and you begin to see a trend -- Malaysia is pouring billions of dollars to grow its oil industry. 

Japan is getting serious about diversifying into biofuels and non-hydrocarbon sources of power generation. The country's parliament, the Diet, on July 1 passed a legislation that provides for imposing fines of up to Yen 1 million or $10,500 on companies failing to meet the minimum government requirements of non-fossil fuel consumption.

The new regulation, expected to come into force within two years, leaves out smaller players, who might not have the financial capability to make the necessary changes. The government is set to kick off a series of panel discussions August 3 to fill in the details in the broad framework that has been agreed and define the legal obligations of the companies that will be covered by the regulation.

India is preparing to bite the bullet on domestic oil pricing reforms after a year that saw its fuel subsidy bill rocket to more than $20 billion. The government needs to get its act together quickly, because the window of opportunity might be small.

Benchmark crude prices, which spiked from a low of $30s/barrel in February to more than $73/b at the end of June, have since slipped back to around $60/b, but could start spiraling up again at the first signs of a global economic recovery.