Thursday, June 27, 2013

US boss Chip Starnes released from China factory

US businessman Chip Starnes is freed soon after currently being detained by workers in his factory in China for just about a week in excess of a dispute.

Mr Starnes
along with a union official explained an agreement had been reached overnight.

Mr Starnes, co-owner of US
enterprise Speciality Healthcare Supplies, mentioned employees had "barricaded" him in just after demanding severance pay.However the workers stated the dispute was above pay out arrears, and that some had not been paid for two months.

There
are already various labour disputes in China's factories lately, the place workers are not often completely protected.
'Profits and pitfalls'

The incident
during the factory in Huairou, Beijing, reportedly began on Friday.

Mr Starnes
stated staff blocked all exits and, when he experimented with to rest, banged on doors and windows.They had demanded severance packages whilst not all of them had been laid off, he stated.

The
practical experience was "humiliating" and "embarrassing", he additional.However, staff mentioned they had not been paid for two months, some thing Mr Starnes denied.

The
employees feared the plant was closing and remaining personnel might be left with no severance payments, regional labour official Chu Lixiang explained in an earlier interview.

On Thursday, she
explained the dispute had "been resolved to just about every side's satisfaction", including that the deal was not finalised right up until the early hrs of morning.Area police did not intervene, saying the matter was a civil dispute for that two sides to resolve themselves, the BBC's China Correspondent Damian Grammaticas reviews.

The incident
is definitely an illustration in the way executing organization in China might be successful but in addition stuffed with pitfalls, our correspondent adds.
 source:http://www.bbc.co.uk/news/world-asia-china-23063829

Wednesday, June 26, 2013

Canada Confident Keystone XL Will Be Approved

Canada's natural resources minister said Tuesday he's confident the proposed Keystone XL oil pipeline project from Canada to Texas will be approved because it meets President Barack Obama's requirement that it not lead to a significant increase in greenhouse gas emissions.
Joe Oliver responded to Obama's comments earlier Tuesday that the pipeline should be approved only if it does "not significantly exacerbate the problem of carbon pollution."
Oliver pointed to "Obama's very own State Department" which he said concluded in a report this year "that there would be no increase in greenhouse gas emissions."
The long-delayed project carrying oil from Alberta's oil sands requires approval from the State Department because the project crosses the border. Republicans, and business and labor groups, have urged the Obama administration to approve the pipeline as a source of jobs and a step toward North American energy independence.
But environmental groups have been pressuring Obama to reject the pipeline, saying it would carry "dirty oil" that contributes to global warming. They also worry about a spill.
Canada has said the project would be a welcome economic boost, and Alberta's premier has warned that its rejection would mar relations with the U.S. The northern Alberta region has the world's third largest oil reserves, with 170 billion barrels of proven reserves.
Canada needs infrastructure in place to export its growing production. The country relies on the U.S. for 97 percent of its energy exports.
A State Department report on the pipeline this year acknowledged that development of the oil sands in Alberta would create greenhouse gases, but it also made clear that other methods to transport the oil — including rail, trucks and barges — also pose a risk to the environment. For instance, a scenario that would move the oil on trains to mostly existing pipelines would release 8 percent more greenhouse gases than Keystone XL, the report said.
"This pipeline has been the most studied pipeline in the history of the world," Oliver said.
A lack of pipelines and a bottleneck of oil in the U.S. Midwest have reduced the price of Canadian crude, costing oil producers and the federal and Alberta governments billions in revenue. Obama's initial rejection of the pipeline last year went over badly in Canada.
Oliver said "we're comfortable the project will be approved" if the facts and science are taken into account.
TransCanada, the Calgary-based company that has proposed the pipeline, said in a statement it was pleased with Obama's comments setting out criteria for pipeline approval.
"The almost five-year review of the project has already repeatedly found that these criteria are satisfied," said Russ Girling, TransCanada's president and chief executive.
The pipeline would carry 800,000 barrels of oil a day across six U.S. states to refineries along the Gulf Coast. A southern leg from Oklahoma to ports near Houston already has been approved, and construction is proceeding.
Greenpeace Canada spokesman Mike Hudema said industry and the Canadian government have said "that the Keystone pipeline is key to accelerate tar sands expansion plans, which would lead to more carbon pollution."

source:http://abcnews.go.com/International/wireStory/canada-confident-keystone-xl-approved-19487489#.UcqX8djxrcc

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Monday, June 17, 2013

China’s Stocks Decline, Led by Property, Material Companies

China's stocks fell for your ninth time in 10 days, dragged down by house developers and materials producers, following Beijing tightened guidelines for genuine estate projects to incorporate a rebound in house costs.

China Vanke Co., the nation's
biggest developer, slumped 3.4 % on speculation stricter residence curbs will hurt earnings. Anhui Conch Cement Co., the largest producer of your constructing materials, declined to a nine-month minimal. Tasly Pharmaceutical Group Co., a standard medicine business, led drugmakers for the largest get amid field groups.
China Health-Care, Renewable
Power Stocks Favored4:41

June 17 (Bloomberg) -- Catherine Yeung, Hong Kong-based investment director at Fidelity Investment Management Ltd., talks about China and Japan stocks, and investment
technique. Yeung also discusses Federal Reserve monetary policy. She speaks from Singapore with Rishaad Salamat on Bloomberg Television's "On the Move." (Source: Bloomberg)

The Shanghai Composite Index (SHCOMP) slipped 0.
3 percent to two,156.22 with the shut, with trading volumes 24 percent lower compared to the 30-day regular. The index fell final week immediately after reviews showed industrial manufacturing and exports trailed estimates and higher money-market costs stoked concern about tighter liquidity. The CSI 300 Index dropped 0.5 % to 2,403.84. The Hang Seng China Enterprises Index (HSCEI) acquired 1.1 percent, snapping 12 days of losses.

Investors are
nevertheless digesting news about negative financial data and tight liquidity, explained Mao Sheng, an analyst for Huaxi Securities Co. in Chengdu. The lack of flows from the market may well persist right up until early July. People are staying away from corporations such as home developers because of the financial concern. We may see occasional technical rebounds, but any gains are going to be short-term.
Beijing Curbs

The Shanghai measure has fallen
11 % from this year's higher on Feb. six. The index trades at eight.9 occasions 12-month estimated earnings, in contrast with all the three-year regular of 10.eight, data compiled by Bloomberg showed. Its 30-day volatility was at 15.9, in contrast with this year's average of 19.1, the data showed.

The government
might release foreign investment data as early as today, though May well housing rates are scheduled for tomorrow. China's house charges rose 10.7 % inside the to start with quarter of 2013 through the earlier 3 months, the biggest achieve amid fifty five global real-estate markets, according to Knight Frank.

A gauge of
property stocks within the Shanghai index declined 0.7 %, the most amongst 5 business groups. China Vanke dropped 3.4 % to ten.33 yuan. Poly True Estate, the second-biggest developer, fell 0.9 % to ten.97 yuan, when Gemdale Corp. misplaced 1.9 % to 6.64 yuan.

Anhui Conch paced declines for
material producers, dropping 1.eight percent to 14.20 yuan. Jiangxi Copper Co., the largest Chinese copper producer, slid 1.eight percent to 18.93 yuan.
Tightening Outlook

Beijing will
require non-residential projects and residential developments larger than an normal 140 square meters (1,506 square feet) to meet prerequisites on building progress in advance of applying for presale permits, the regional housing bureau stated June 14. China necessitates developers to obtain presale permits from regional housing authorities ahead of they are able to sell apartments beneath construction.
 
Beijing's new pre-sales measures imply housing policies may well turn into additional localized, Credit score Suisse Group AG analyst Jinsong Du wrote within a note dated yesterday. Although this new measure should really not have close to phrase impact on Beijing's housing supply, some may possibly see it as a sign of additional tightening measures to come.

A gauge of drugmakers
inside the CSI 300 rose 1.9 %, essentially the most between ten sector groups. Yunnan Baiyao Group Co. surged five.1 percent to 88.20 yuan. Tasly climbed two.5 % to 41.31 yuan. Tasly is optimistic more than the next few years about its products Tasly Danshen Plus Capsule, which recorded two billion yuan in income in 2012, Fortune CLSA Securities Ltd. wrote inside a report dated nowadays, citing meetings with corporation officials.
Tackle Pollution

In China
especially, we like health-care names as a consequence of the reforms the government is placing in location, Catherine Yeung, director at Fidelity Investment Management Ltd., stated in the Bloomberg Tv interview in Singapore now. Over the weekend the State Council came up with ten measures with regards to strengthening air good quality.

China's cabinet adopted a 10-point
plan to tackle pollution on June 14. The efforts include expanding levies around the discharge of pollutants, controlling large energy-consuming and polluting industries and improving handle of airborne particles measuring less than 2.five microns in dimension, called PM2.5.

The
package is the very first milestone within the country's anti-pollution campaign which could last for 18 years, Ma Jun, Deutsche Banks chief economist for Greater China in Hong Kong, wrote in the note. In the next number of many years, dozens of much more particular policy measures might be necessary.These may well involve limits on coal consumption for important areas and greater subsidies for shale gas, wind and solar, he stated.

China
might introduce policies on solar electrical power subsidies as early as June, the China Securities Journal reported today, citing unidentified folks. Hareon Solar Technological innovation Co. surged 2 percent to six.71 yuan.
Bearish
Options
Choices traders are paying out the most in two months to protect towards drops inside the greatest Chinese exchange-traded fund inside the U.S. on concern a community money-market money crunch will deepen a slump in Asia's most significant economy.The expense of three-month puts to the iShares FTSE China 25 Index Fund (FXI) soared towards the highest considering that September final week, option data compiled by Bloomberg showed. The 4.3-point premium of puts over calls was the widest due to the fact April 17. The Bloomberg China-US Equity Index slumped essentially the most in 4 months final week, led by a sixteen % drop in Yanzhou Coal Mining Co.The planet Financial institution, Morgan Stanley and UBS AG all cut 2013 gross domestic solution estimates for China last week. China can handle to determine a rebound in development in case the government conducts needed reforms like opening up some areas to private traders ranging from high-speed railways to water provide, Li Daokui, a former academic adviser for the People's Bank of China, explained at a forum in Beijing on June 15. 
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Thursday, June 13, 2013

NSA hacks China, leaker Snowden claims

Hong Kong (CNN) -- U.S. intelligence agents have been hacking computer networks around the world for years, apparently targeting fat data pipes that push immense amounts of data around the Internet, NSA leaker Edward Snowden told the South China Morning Post on Wednesday.
Among some 61,000 reported targets of the National Security Agency, Snowden said, are thousands of computers in China -- which U.S. officials have increasingly criticized as the source of thousands of attacks on U.S. military and commercial networks. China has denied such attacks.
The Morning Post said it had seen documents provided by Snowden but was unable to verify their authenticity. The English-language news agency, which operates in Hong Kong, also said it was unable to independently verify allegations of U.S. hacking of networks in Hong Kong and mainland China since 2009.

Snowden told the paper that some of the targets included the Chinese University of Hong Kong, public officials and students. The documents also "point to hacking activity by the NSA against mainland targets," the newspaper reported.
The claims came just days after U.S. President Barack Obama pressed Chinese President Xi Jinping to address cyberattacks emanating from China that Obama described as "direct theft of United States property."
Snowden's allegations appear to give weight to claims by some Chinese government officials that the country has been a victim of similar hacking efforts coming from the United States.
His claims came as Gen. Keith Alexander, the National Security Agency chief, testified at a U.S. Senate hearing that the country's cyberinfrastructure, including telephones and computer networks, is somewhat vulnerable to attack.
On a scale of one to 10, "our critical infrastructure's preparedness to withstand a destructive cyberattack is about a three, based on my experience," he said.
In the Morning Post interview -- published one week after the British newspaper The Guardian revealed the first leaks attributed to Snowden -- he claimed the agency he once worked for as a contractor typically targets high-bandwidth data lines that connect Internet nodes located around the world.
"We hack network backbones -- like huge Internet routers, basically -- that give us access to the communications of hundreds of thousands of computers without having to hack every single one," the newspaper quoted him as saying.
A "backbone" is part of the inner workings of a computer network that links different parts of that network. It is used to deliver data from one part of the network to another and, as such, could expose data from multiple computers if hacked.
'Trying to bully'
Snowden, 29, worked for the Booz Allen Hamilton computer consulting firm until Monday, when he was fired after documents he provided to journalists revealed the existence of secret programs to collect records of domestic telephone calls in the United States and the Internet activity of overseas residents.
While he has not been charged, the FBI is conducting an investigation into the leaks, and he has told The Guardian that he expects the United States will try to prosecute him.

Snowden told the Morning Post that he felt U.S. officials were pressuring his family and also accused them of "trying to bully" Hong Kong into extraditing him to prevent the release of more damaging information.
He vowed to resist extradition efforts if it comes to that, saying he "would rather stay and fight the United States government in the courts, because I have faith in Hong Kong's rule of law."
"My intention is to ask the courts and people of Hong Kong to decide my fate," the South China Morning Post quoted Snowden as saying. "I have been given no reason to doubt your system.''
But Hong Kong lawmaker Regina Ip, a former secretary of security for the territory, said Tuesday that while any extradition process could take months, Snowden isn't necessarily beyond the reach of the United States.
"If he thought there was a legal vacuum in Hong Kong which renders him safe from U.S. jurisdiction, that is unlikely to be the case," she said.
The newspaper said Snowden has been hiding in undisclosed locations inside the semi-autonomous Chinese territory since checking out of his hotel room Monday -- a day after he revealed his identity in an interview with The Guardian.
Snowden told the Morning Post he is not trying to evade U.S. authorities.
"People who think I made a mistake in picking Hong Kong as a location misunderstand my intentions," the newspaper quoted him as saying. "I am not here to hide from justice; I am here to reveal criminality."
The NSA and the National Intelligence director did not immediately respond to a CNN request for comment.
Asked during a media briefing on Wednesday for comment on Snowden's latest claims, U.S. State Department spokeswoman Jennifer Psaki declined. She said she had not seen the latest Morning Post report.
On the defensive
The revelations have renewed debate over surveillance in the United States and overseas in the name of fighting terrorism, with supporters saying the programs revealed by Snowden are legal and have helped stop terror plots. Civil liberties advocates, however, call the measures dangerous and unacceptable intrusions.
Such criticisms have put Obama and his allies on the issue -- both Democrats and Republicans -- on the defensive against mounting criticisms from a similarly bipartisan group of critics demanding changes to rein in the programs.
There also is a sharp division among Americans over the issue.
A Gallup poll released Wednesday found that 44% of Americans believe Snowden did the right thing by releasing details about the classified surveillance programs, while 42% said it was wrong and 14% said they were unsure.
The poll for that question had a 6% margin of error.
It also found that more Americans disapprove than approve of the government's surveillance programs, 53% to 37%. Ten percent had no opinion.
The poll for that question had a 4% margin of error.
Those differences were on display Wednesday when Alexander, the director of the National Security Agency, testified at a hearing into cybersecurity technology and civil liberties.
Officials have been unable to explain controversial data mining programs because they have been classified, Alexander testified.
But Alexander rejected the Snowden's claim that the NSA could tap into any American's phone or computer.
"I know of no way to do that," Alexander said.
But he testified that phone records obtained by the government helped prevent "dozens" of terrorist events.
He would not discuss disrupted plots broadly, saying they were classified. But he did say federal data mining appeared to play a role in helping to disrupt a plot in recent years to attack the New York subway system.
Alexander said information developed overseas was passed along to the FBI, which he said was able to identify eventual suspect Najibullah Zazi in Colorado and ultimately uncover a plot. Zazi pleaded guilty to terror-related charges in 2010.
While not on the roster for Wednesday's hearing, another administration official in the spotlight is Director of National Intelligence James Clapper, whom Democratic Sen. Ron Wyden has singled out for how he answered questions about the telephone surveillance program in March.
In March, Wyden asked Clapper whether the NSA collects "any type of data at all on millions or hundreds of millions of Americans?"
"No sir," Clapper said.
On Saturday, Clapper told NBC News that he answered in the "most truthful or least most untruthful manner" possible.
Clapper told NBC that he had interpreted "collection" to mean actually examining the materials gathered by the NSA.
He previously told the National Journal he had meant that "the NSA does not voyeuristically pore through U.S. citizens' e-mails," but he did not mention e-mails at the hearing.

EU questions
Fallout over revelations about the NSA's intelligence-gathering has reached the European Union's governing body, where Vice President Viviane Reding raised concerns that the United States may have targeted some of its citizens.
Reding said she plans to raise the issue during a meeting Friday with U.S. Attorney General Eric Holder.
"The respect for fundamental rights and the rule of law are the foundations of the EU-U.S. relationship. This common understanding has been, and must remain, the basis of cooperation between us in the area of Justice," Reding, the EU commissioner for justice, said Wednesday.
"Trust that the rule of law will be respected is also essential to the stability and growth of the digital economy, including transatlantic business. This is of paramount importance for individuals and companies alike."

source:http://edition.cnn.com/2013/06/12/politics/nsa-leak/index.html?hpt=hp_t2
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Friday, June 7, 2013

Europe denies wine product subsidies to China

Following Europe's provisional anti-dumping duties on Chinese solar panel makers, China also launched anti-dumping and anti-subsidy investigations into European wine. Even though lots of analysts feel trade tensions are mounting concerning China and Europe, the European Commission believes the two sides are nonetheless far far from a trade war.

On Wednesday China's Commerce Ministry announced
it will launch an investigation into no matter if European winemakers are getting improper subsidies in exporting their items to China. The European Commission denied such allegations and expressed willingness to cooperate with China on its inspections. If evidence of dumping is located, France, Italy and Spain, are 3 big wine-making countries that could be impacted.

The European Commission says it
doesn't think the probe is in direct relation with the provisional tariff imposed by Europe on Chinese solar solutions. It also doesn't believe the two sides are about the verge of a tit-for-tat trade war.

China's Commerce Ministry announced
it really is opening the investigation into European wine imports in response to obtaining complaints from domestic wine makers last 12 months. China's wine makers allege that unfair government subsidies from Europe is damaging China's domestic wine sector.

Wine
sales from Europe to China quintupled in the past 5 years, from 140 million euros to recent product sales of 760 million euros.
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